# EDGAR Filing Document

**Accession Number:** 0001592900
**File Stem:** 0001592900-25-001507
**Filing Date:** 2025-6
**Character Count:** 862200
**Document Hash:** 7ee88f8c98f661ea44fda24233ed1a5b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001592900-25-001507.hdr.sgml**: 20250609

**ACCESSION NUMBER**: 0001592900-25-001507

**CONFORMED SUBMISSION TYPE**: 485BPOS

**PUBLIC DOCUMENT COUNT**: 36

**FILED AS OF DATE**: 20250609

**DATE AS OF CHANGE**: 20250609

**EFFECTIVENESS DATE**: 20250609

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** EA Series Trust
- **CENTRAL INDEX KEY:** 0001592900

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** 485BPOS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22961
- **FILM NUMBER:** 251033609

**BUSINESS ADDRESS:**
- **STREET 1:** 19 E EAGLE ROAD
- **CITY:** HAVERTOWN
- **STATE:** PA
- **ZIP:** 19083
- **BUSINESS PHONE:** 1.215.882.9983

**MAIL ADDRESS:**
- **STREET 1:** 19 E EAGLE ROAD
- **CITY:** HAVERTOWN
- **STATE:** PA
- **ZIP:** 19083

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Alpha Architect ETF Trust
- **DATE OF NAME CHANGE:** 20140428

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Empowered Funds ETF Trust
- **DATE OF NAME CHANGE:** 20131125
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** EA Series Trust
- **CENTRAL INDEX KEY:** 0001592900

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** 485BPOS
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-195493
- **FILM NUMBER:** 251033608

**BUSINESS ADDRESS:**
- **STREET 1:** 19 E EAGLE ROAD
- **CITY:** HAVERTOWN
- **STATE:** PA
- **ZIP:** 19083
- **BUSINESS PHONE:** 1.215.882.9983

**MAIL ADDRESS:**
- **STREET 1:** 19 E EAGLE ROAD
- **CITY:** HAVERTOWN
- **STATE:** PA
- **ZIP:** 19083

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Alpha Architect ETF Trust
- **DATE OF NAME CHANGE:** 20140428

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Empowered Funds ETF Trust
- **DATE OF NAME CHANGE:** 20131125

## Series and Classes Contracts Data

### Castellan Targeted Equity ETF (Series ID: S000093132)

| Class ID   | Class Name                    | Ticker Symbol   |
|:---|:---|:---|
| C000261240 | Castellan Targeted Equity ETF | CTEF            |

### Castellan Targeted Income ETF (Series ID: S000093133)

| Class ID   | Class Name                    | Ticker Symbol   |
|:---|:---|:---|
| C000261241 | Castellan Targeted Income ETF | CTIF            |

?xml version='1.0' encoding='ASCII'? ck0001592900-20250609

As filed with the U.S. Securities and Exchange Commission on June 9, 2025

File No. 333-195493

File No. 811-22961

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-1A**

---

| | | |
|:---|:---|:---|
| REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 |  | [X] |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pre-Effective Amendment No. |  | [ ] |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Post-Effective Amendment No. | 501 | [X] |
|  | and |  |
| REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 |  | [X] |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amendment No. | 504 | [X] |

---

**<u>EA Series Trust</u>**

(Exact Name of Registrant as Specified in Charter)

19 East Eagle Road

Havertown, Pennsylvania 19083

(Address of Principal Executive Offices, Zip Code)

(215) 330-4476

(Registrant's Telephone Number, including Area Code)

Michael D. Barolsky

19 East Eagle Road

Havertown, Pennsylvania 19083

(Name and Address of Agent for Service)

Copy to:

Karen Aspinall, Esq.

Practus, LLP

11300 Tomahawk Creek Parkway, Suite 310

Leawood, Kansas 66211

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

It is proposed that this filing will become effective

[X] immediately upon filing pursuant to paragraph (b)

[ ] on ________________ pursuant to paragraph (b)

[ ] 60 days after filing pursuant to paragraph (a)(1)

[ ] on ________________ pursuant to paragraph (a)(1)

[ ] 75 days after filing pursuant to paragraph (a)(2)

[ ] on ________________ pursuant to paragraph (a)(2) of Rule 485.

If appropriate, check the following box

[ ] this post-effective amendment designates a new effective date for a previously filed post-effective amendment.

------

**Prospectus**

June 9, 2025

---

| | |
|:---|:---|
| **Castellan Targeted Equity ETF** | Ticker Symbol: CTEF |
| **Castellan Targeted Income ETF** | Ticker Symbol: CTIF |

---

*each of the above listed on Cboe BZX Exchange, Inc.*

*These securities have not been approved or disapproved by the Securities and Exchange Commission nor has the Securities and Exchange Commission passed upon the accuracy or adequacy of this Prospectus. Any representation to the contrary is a criminal offense.*

------

**Table of Contents**

---

| | |
|:---|:---|
| <u>CASTELLAN TARGETED EQUITY ETF</u> | [1](#iabb68e2bbf9049ef94e0463beab5dc58_7) |
| <u>CASTELLAN TARGETED INCOME ETF</u> | [6](#iabb68e2bbf9049ef94e0463beab5dc58_10) |
| <u>[ADDITIONAL INFORMATION ABOUT THE FUNDS' INVESTMENT OBJECTIVES AND STRATEGIES](#iabb68e2bbf9049ef94e0463beab5dc58_25)</u> | [10](#iabb68e2bbf9049ef94e0463beab5dc58_25) |
| <u>[ADDITIONAL INFORMATION ABOUT THE FUNDS' PRINCIPAL RISKS](#iabb68e2bbf9049ef94e0463beab5dc58_25)</u> | [10](#iabb68e2bbf9049ef94e0463beab5dc58_28) |
| <u>[FUND MANAGEMENT](#iabb68e2bbf9049ef94e0463beab5dc58_28)</u> | [13](#iabb68e2bbf9049ef94e0463beab5dc58_31) |
| <u>[APPROVAL OF ADVISORY AGREEMENT](#iabb68e2bbf9049ef94e0463beab5dc58_34) & INVESTMENT SUB-ADVISORY AGREEMENT</u> | [15](#iabb68e2bbf9049ef94e0463beab5dc58_34) |
| <u>[PORTFOLIO MANAGERS](#iabb68e2bbf9049ef94e0463beab5dc58_37)</u> | [15](#iabb68e2bbf9049ef94e0463beab5dc58_37) |
| <u>[OTHER SERVICE PROVIDERS](#iabb68e2bbf9049ef94e0463beab5dc58_40)</u> | [16](#iabb68e2bbf9049ef94e0463beab5dc58_40) |
| <u>[THE EXCHANGE](#iabb68e2bbf9049ef94e0463beab5dc58_43)</u> | [16](#iabb68e2bbf9049ef94e0463beab5dc58_43) |
| <u>[BUYING AND SELLING FUND SHARES](#iabb68e2bbf9049ef94e0463beab5dc58_46)</u> | [16](#iabb68e2bbf9049ef94e0463beab5dc58_46) |
| <u>[BUYING AND SELLING SHARES ON THE SECONDARY MARKET](#iabb68e2bbf9049ef94e0463beab5dc58_49)</u> | [16](#iabb68e2bbf9049ef94e0463beab5dc58_49) |
| <u>[ACTIVE INVESTORS AND MARKET TIMING](#iabb68e2bbf9049ef94e0463beab5dc58_49)</u> | [17](#iabb68e2bbf9049ef94e0463beab5dc58_52) |
| <u>[DISTRIBUTION AND SERVICE PLAN](#iabb68e2bbf9049ef94e0463beab5dc58_55)</u> | [18](#iabb68e2bbf9049ef94e0463beab5dc58_55) |
| <u>[NET ASSET VALUE](#iabb68e2bbf9049ef94e0463beab5dc58_55)</u> | [18](#iabb68e2bbf9049ef94e0463beab5dc58_58) |
| <u>[FUND WEBSITE AND DISCLOSURE OF PORTFOLIO HOLDINGS](#iabb68e2bbf9049ef94e0463beab5dc58_58)</u> | [18](#iabb68e2bbf9049ef94e0463beab5dc58_61) |
| <u>[INVESTMENTS BY OTHER INVESTMENT COMPANIES](#iabb68e2bbf9049ef94e0463beab5dc58_64)</u> | [19](#iabb68e2bbf9049ef94e0463beab5dc58_64) |
| <u>[DIVIDENDS, DISTRIBUTIONS, AND TAXES](#iabb68e2bbf9049ef94e0463beab5dc58_67)</u> | [19](#iabb68e2bbf9049ef94e0463beab5dc58_67) |
| <u>[FINANCIAL HIGHLIGHTS](#iabb68e2bbf9049ef94e0463beab5dc58_70)</u> | [20](#iabb68e2bbf9049ef94e0463beab5dc58_70) |

---

------

**CASTELLAN TARGETED EQUITY ETF**

Fund Summary

**INVESTMENT OBJECTIVE**

The Castellan Targeted Equity ETF (the "Fund") seeks to achieve capital appreciation.

**FEES AND EXPENSES**

This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund ("Shares"). **You may also pay brokerage commissions on the purchase and sale of Shares, which are not reflected in the table or example.**

---

| | |
|:---|:---|
| **Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)** | **Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)** |
| Management Fee | 0.45% |
| Distribution and/or Service (12b-1) Fees |  |
| Other Expenses<sup>1</sup> | 0.00% |
| Total Annual Fund Operating Expenses | 0.45% |

---

<sup>1</sup> Other Expenses are estimated for the current fiscal year.

**EXAMPLE**

The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 for the time periods indicated and then hold or sell all of your Shares at the end of those periods. The example also assumes that the Fund provides a return of 5% a year and that operating expenses remain the same. You may also pay brokerage commissions on the purchase and sale of Shares, which are not reflected in the example. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | |
|:---|:---|
| **One Year:** | **Three Years:** |
| $46 | $144 |

---

**PORTFOLIO TURNOVER**

The Fund may pay transaction costs, including commissions when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. As of the date of this Prospectus, the Fund has not yet commenced operations and portfolio turnover data therefore is not available.

**PRINCIPAL INVESTMENT STRATEGIES**

The Fund is an actively managed exchange-traded fund ("ETF") that seeks to provide capital appreciation by investing in a select group of equity securities. The central premise of the Fund's investment style is "growth at a reasonable price" or "GARP." The Fund's portfolio will consist of an equity sleeve and an options sleeve, which are each described below. Castellan Group, LLC ("Castellan"), serves as a sub-adviser to the Fund and is responsible for determining the Fund's investments. Castellan has developed a proprietary methodology for selecting investments that blends both quantitative and qualitative analysis.

Under normal circumstances, at least 80% of the Fund' net assets (plus the amount of any borrowings for investment purposes) will be invested in equity securities and derivatives based on those securities. The Fund defines "equity securities" to mean common and preferred stocks, rights, warrants, and depositary receipts. For purposes of determining compliance with the Fund's 80% investment policy, derivatives generally will be valued based on their notional value.

*Equity Sleeve*

In selecting equity securities for the Fund, Castellan will first apply a rules-based quantitative screening process that scores U.S.-listed stocks and American Depositary Receipts (ADRs) based on a variety of factors, including but not limited to, a company's profitability metrics (e.g., gross margin, operating margin, return on investment, and debt-to-equity ratio), market capitalization, analyst coverage (i.e., what are the analysts saying about the company), recent price momentum, and earnings estimates to establish a score for each company. Companies that score well relative to these factors are considered "buy" candidates. "Buy" candidates may include small-, mid-, and large-capitalization companies.

Castellan next reviews each "buy" candidate to screen out any companies that may be facing company and/or industry specific headwinds, such as, but not limited to, an upcoming corporate action (e.g., merger or acquisition), a pending change in its management team, or an accounting or regulatory issue. Castellan's qualitative review process is designed to identify issues that may not be captured by the quantitative process. By looking for these types of issues, Castellan is attempting to identify and avoid investing in potential "value traps". A value trap is defined as a company that is considered inexpensive based on current valuation

------

multiples but is likely to have poor price performance over the subsequent year. At the end of this process, Castellan expects to invest the Fund's assets in the equity securities of up to 50 companies.

*Options Sleeve*

Castellan, with the assistance of the Fund's other sub-adviser, Arin Risk Advisors, LLC ("Arin"), will manage the Fund's Options Sleeve. The Fund may elect to buy and/or sell options on equity securities for a number of purposes, including hedging, investment exposure, or speculative purposes. An options contract is an agreement between a buyer and seller that gives the purchaser of the option the right to buy (in the case of a call option), or to sell (in the case of a put option), a particular asset at an agreed upon price (commonly known as the "strike price") at a specified future date. The Fund's option trading will generally involve buying call options and/or selling (writing) put options or combinations of options. Buying call options provides the Fund with the right, but not the obligation, to buy the underlying security at a specified price, while selling (writing) put options will generate premium income for the Fund and require the Fund to buy the stock at predetermined price.

For example, based on instructions from Castellan, Arin may buy call options on a stock that Castellan is bullish about. When buying a call option on a stock, Castellan is looking to increase (leverage) the Fund's exposure to the stock without actually buying the stock. If the stock increases in value above the call option strike price, Castellan may elect to exercise the option and buy the shares at the strike price. Castellan also may elect to sell (write) put options on a stock when it is seeking to own the stock. For example, when a "buy" candidate is selling at a price above what Castellan is willing to pay it may elect to sell a put option on the stock at a (lower) price it is willing to pay. If the stock decreases in value below the strike price, Castellan may elect to exercise the option and buy the shares at the strike price.

*General Portfolio Information*

The Fund is considered to be non-diversified, which means that it may invest more of its assets in the securities of a single issuer or a smaller number of issuers than if it were a diversified fund. The Fund will sell, reduce, or close positions according to changes in Castellan's investment analysis. In addition, Castellan will actively monitor the Fund's sector diversification, looking to maintain no more than 20% of the Fund's assets in any one sector.

**PRINCIPAL INVESTMENT RISKS**

An investment in the Fund involves risk, including those described below. *There is no assurance that the Fund will achieve its investment objective*. An investor may lose money by investing in the Fund. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the FDIC or any government agency. More complete risk descriptions are set forth below under the heading "*Additional Information About the Funds' Principal Investment Risks.*"

**Large-Capitalization Companies Risk.** A large-capitalization companies stock may trail the returns of the overall stock market. Large-capitalization stocks tend to go through cycles of doing better - or worse - than the stock market in general. These periods have, in the past, lasted for as long as several years.

**Mid-Capitalization Companies Risk.** Investing in securities of mid-capitalization companies involves greater risk than customarily is associated with investing in larger, more established companies. These companies' securities may be more volatile and less liquid than those of more established companies. Often mid-capitalization companies and the industries in which they focus are still evolving and, as a result, they may be more sensitive to changing market conditions.

**Small-Capitalization Companies Risk.** Investing in securities of small-capitalization companies involves greater risk than customarily is associated with investing in larger, more established companies. Small-capitalization companies often have less predictable earnings, more limited product lines, markets, distribution channels and financial resources, and the management of such companies may be dependent upon one or few people. Price movements of small-capitalization companies may be more volatile than mid-capitalization and large-capitalization companies.

**Growth Investing Risk.** The Fund invests in growth securities, which may be more volatile than other types of investments, may perform differently than the market as a whole and may underperform when compared to securities with different investment parameters. Under certain market conditions, growth securities have performed better during the later stages of economic recovery (although there is no guarantee that they will continue to do so). Therefore, growth securities may go in and out of favor over time.

**Momentum Style Risk.** Investing in or having exposure to securities with the highest relative momentum entails investing in securities that have had above-average recent returns. These securities may be more volatile than a broad cross- section of securities. Returns on securities that have previously exhibited momentum may be less than returns on other styles of investing or the overall stock market. Momentum can turn quickly and cause significant variation from other types of investments, and stocks that previously exhibited high momentum may not experience continued highest relative momentum. In addition, there may be periods when the momentum style is out of favor, and during which the investment performance of the Fund using a momentum strategy may suffer.

**Investment Risk.** When you sell your Shares, they could be worth less than what you paid for them. The Fund could lose money due to short-term market movements and over longer periods during market downturns. Securities may decline in value due to

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factors affecting securities markets generally or particular asset classes or industries represented in the markets. The value of a security may decline due to general market conditions, economic trends or events that are not specifically related to the issuer of the security. Geopolitical and other risks, including war, terrorism, trade disputes, political or economic dysfunction within some nations, public health crises, and environmental disasters such as earthquakes, fire, and floods, may add to instability in world economies and volatility in markets generally. Changes in trade policies and international trade agreements could affect the economies of many countries in unpredictable ways. The value of a security may also decline due to factors that affect a particular industry or group of industries. During a general downturn in the securities markets, multiple asset classes may be negatively affected. Therefore, you may lose money by investing in the Fund.

**Quantitative Security Selection Risk.** Data for some companies may be less available and/or less current than data for companies in other markets. Castellan uses quantitative analysis, and its processes could be adversely affected if erroneous or outdated data is utilized. In addition, the quantitative investment process relies on proper maintenance of Castellan's computer systems and, if such systems are not properly maintained the investment analysis may be flawed. The securities selected using quantitative analysis could perform differently from the financial markets as a whole as a result of the characteristics used in the analysis, the weight placed on each characteristic and changes in the characteristic's historical trends. In addition, the investment analysis used in making investment decisions may not adequately consider certain factors, or may contain design flaws or faulty assumptions, any of which may result in a decline in the value of an investment in the Fund.

**Non-Diversification Risk.** Because the Fund is non-diversified, it may be more sensitive to economic, business, political or other changes affecting individual issuers or investments than a diversified fund, which may result in greater fluctuation in the value of the Shares and greater risk of loss.

**Equity Investing Risk.** An investment in the Fund involves risks similar to those of investing in any fund holding equity securities, such as market fluctuations, changes in interest rates and perceived trends in stock prices. The values of equity securities could decline generally or could underperform other investments. In addition, securities may decline in value due to factors affecting a specific issuer, market or securities markets generally.

**Options Risk.** If the Fund buys an option, it buys a legal contract giving it the right to buy or sell a specific amount of the underlying instrument, at an agreed-upon price typically in exchange for a premium paid by the Fund. If the Fund sells an option, it sells to another person the right to buy from or sell to the Fund a specific amount of the underlying instrument, at an agreed-upon price during a period of time or on a specified date typically in exchange for a premium received by the Fund. Options, may also be illiquid and the Fund may have difficulty closing out its position. A decision as to whether, when and how to use options involves the exercise of skill and judgment and even a well-conceived option transaction may be unsuccessful because of market behavior or unexpected events. The prices of options, can be highly volatile and the use of options can lower total returns.

**Option Writing Risk.** Writing call options involves the risk that the Fund may be required to sell the underlying security or instrument (or settle in cash an amount of equal value) at a disadvantageous price or below the market price of such underlying security or instrument, at the time the option is exercised. As the writer of a call option, the Fund forgoes, during the option's life, the opportunity to profit from increases in the market value of the underlying security or instrument covering the option above the sum of the premium and the exercise price, but retains the risk of loss should the price of the underlying security or instrument decline. Additionally, the Fund's call option writing strategy may not fully protect it against declines in the value of the market.

**Derivatives.** Derivatives and other similar instruments that create synthetic exposure often are subject to risks similar to those of the underlying asset or instrument, including market risk, and may be subject to additional risks, including imperfect correlation between the value of the derivative and the underlying asset, risks of default by the counterparty to certain transactions, magnification of losses incurred due to changes in the market value of the securities, instruments, indices or interest rates to which the derivative instrument relates, risks that the transactions may not be liquid, risks arising from margin and payment requirements, risks arising from mispricing or valuation complexity and operational and legal risks. Certain derivative transactions may give rise to a form of leverage. Leverage magnifies the potential for gain and the risk of loss.

**ETF Risks.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Authorized Participants, Market Makers and Liquidity Providers Concentration Risk.* The Fund has a limited number of financial institutions that may act as Authorized Participants ("APs"). In particular, the Fund will have a limited pool of APs that are able to transact in standard exchange-listed options, therefore the pool of competitive markets for the Fund will be small. This can result in increased costs to the Fund. In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, Shares may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** *Premium-Discount Risk.* The Shares may trade above or below their net asset value ("NAV"). The market prices of Shares will generally fluctuate in accordance with changes in NAV as well as the relative supply of, and demand for,

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Shares on Cboe BZX Exchange, Inc. (the "Exchange") or other securities exchanges. The trading price of Shares may deviate significantly from NAV during periods of market volatility or limited trading activity in Shares. In addition, you may incur the cost of the "spread," that is, any difference between the bid price and the ask price of the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Cost of Trading Risk.* Investors buying or selling Shares in the secondary market will pay brokerage commissions or other charges imposed by brokers as determined by that broker. Brokerage commissions are often a fixed amount and may be a significant proportional cost for investors seeking to buy or sell relatively small amounts of Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Trading Risk.* Although the Shares are listed on the Exchange, there can be no assurance that an active or liquid trading market for them will develop or be maintained. In addition, trading in Shares on the Exchange may be halted. In stressed market conditions, the liquidity of Shares may begin to mirror the liquidity of its underlying portfolio holdings, which can be less liquid than Shares, potentially causing the market price of Shares to deviate from its NAV. The spread varies over time for Shares of the Fund based on the Fund's trading volume and market liquidity and is generally lower if the Fund has high trading volume and market liquidity, and higher if the Fund has little trading volume and market liquidity (which is often the case for funds that are newly launched or small in size).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Cash Redemption Risk.* The Fund's investment strategy may require it to redeem shares for cash or to otherwise include cash as part of its redemption proceeds. The Fund may be required to sell or unwind portfolio investments to obtain the cash needed to distribute redemption proceeds. This may cause the Fund to recognize a capital gain that it might not have recognized if it had made a redemption in-kind. As a result, the Fund may pay out higher annual capital gain distributions than if the in-kind redemption process was used.

**American Depositary Receipts.** The Fund's investments may be include American Depositary Receipts (ADRs). ADRs are generally subject to the risks of investing directly in foreign securities and, in some cases, there may be less information available about the underlying issuers than would be the case with a direct investment in the foreign issuer. ADRs represent shares of foreign-based corporations. Investment in ADRs may be more or less liquid than the underlying shares in their primary trading market.

**Sector Risk.** To the extent the Fund invests more heavily in one sector or sub-sector of the market, it thereby presents a more concentrated risk and its performance will be especially sensitive to developments that significantly affect those sectors or sub-sectors. In addition, the value of the Fund's shares may change at different rates compared to the value of shares of a fund with investments in a more diversified mix of sectors and industries. An individual sector or sub-sector of the market may have above-average performance during particular periods but may also move up and down more than the broader market. The several industries that constitute a sector may all react in the same way to economic, political or regulatory events. The Fund's performance could also be affected if the sectors or sub-sectors do not perform as expected. Alternatively, the lack of exposure to one or more sectors or sub-sectors may adversely affect performance.

**Management Risk.** The Fund is actively-managed and may not meet its investment objective based on the Adviser's, Sub-Advisers', or portfolio managers' success or failure to implement investment strategies for the Fund. The success of the Fund's investment program depends largely on the investment techniques and risk analyses applied by the Adviser, Sub-Advisers, and the portfolio managers and the skill of the Adviser, Sub-Advisers, and/or portfolio managers in evaluating, selecting, and monitoring the Fund's assets. The Fund could experience losses (realized and unrealized) if the judgment of the Adviser, Sub-Advisers, or portfolio managers about markets or sectors or the attractiveness of particular investments made for the Fund's portfolio prove to be incorrect. It is possible the investment techniques and risk analyses employed on behalf of the Fund will not produce the desired results. Absent unusual circumstances (*e.g.*, the Adviser determines a different security has higher liquidity but offers a similar investment profile as a recommended security), the Adviser will generally follow the Sub-Advisers' investment recommendations to buy, hold, and sell securities and financial instruments.

**Special Tax Risk.** The Fund intends to qualify as a RIC, however, the federal income tax treatment of certain aspects of the proposed operations of the Fund are not entirely clear. This includes the tax aspects of the Fund's options strategy, certain hedging strategies, the possible application of the "straddle" rules, and various loss limitation provisions of the Internal Revenue Code of 1986, as amended. If, in any year, the Fund fails to qualify as a RIC under the applicable tax laws, the Fund would be taxed as an ordinary corporation. Certain options on an ETF may not qualify as "Section 1256 contracts" under Section 1256 of the Code, and disposition of such options will likely result in short-term or long-term capital gains or losses depending on the holding period.

**In-Kind Contribution Risk.** At its launch, the Fund expects to acquire a material amount of assets through one or more in-kind contributions that are intended to qualify as tax-deferred transactions governed by Section 351 of the Internal Revenue Code. If one or more of the in-kind contributions were to fail to qualify for tax-deferred treatment, then the Fund would not take a carryover tax basis in the applicable contributed assets and would not benefit from a tacked holding period in those assets. This could cause the Fund to incorrectly calculate and report to shareholders the amount of gain or loss recognized and/or the character of gain or loss (e.g., as long-term or short-term) on the subsequent disposition of such assets.

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

**PERFORMANCE**

Performance information is not provided below because the Fund has not yet been in operation for one full calendar year. When provided, the information will provide some indication of the risks of investing in the Fund by showing how the Fund's average annual returns compare with a broad measure of market performance. Past performance does not necessarily indicate how the Fund will perform in the future. Updated performance information will be available at https://castellanetf.com.

**INVESTMENT ADVISER & INVESTMENT SUB-ADVISERS**

Investment Adviser: Empowered Funds, LLC dba EA Advisers (the "Adviser") <br> Investment Sub-Advisers: Castellan Group, LLC and Arin Risk Advisors, LLC

**PORTFOLIO MANAGERS**

The Fund's portfolio is managed on a day-to-day basis by R. Kevin Storn and Barry Brauch of Castellan and Lawrence Lempert of Arin. They have served as portfolio managers of the Fund since its inception.

**PURCHASE AND SALE OF SHARES** 

The Fund issues and redeems Shares on a continuous basis only in large blocks of Shares known as "Creation Units," and only APs (typically, broker-dealers) may purchase or redeem Creation Units. Creation Units generally are issued and redeemed 'in-kind' for securities and partially in cash. Individual Shares may only be purchased and sold in secondary market transactions through brokers. Once created, individual Shares generally trade in the secondary market at market prices that change throughout the day. Market prices of Shares may be greater or less than their NAV. **Except when aggregated in Creation Units, the Fund's shares are not redeemable securities.** 

**TAX INFORMATION** 

The Fund's distributions generally are taxable to you as ordinary income, capital gain, or some combination of both, unless your investment is made through an Individual Retirement Account ("IRA") or other tax-advantaged account. However, subsequent withdrawals from such a tax-advantaged account may be subject to U.S. federal income tax. You should consult your own tax advisor about your specific tax situation.

**PURCHASES THROUGH BROKER-DEALERS AND OTHER FINANCIAL INTERMEDIARIES** 

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

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**CASTELLAN TARGETED INCOME ETF**

Fund Summary

**INVESTMENT OBJECTIVE**

The Castellan Targeted Income ETF (the "Fund") seeks to provide current income with an opportunity for capital appreciation.

**FEES AND EXPENSES**

This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund ("Shares"). **You may also pay brokerage commissions on the purchase and sale of Shares, which are not reflected in the table or example.**

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| | |
|:---|:---|
| **Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)** | **Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)** |
| Management Fee | 0.45% |
| Distribution and/or Service (12b-1) Fees |  |
| Other Expenses<sup>1</sup> | 0.00% |
| Total Annual Fund Operating Expenses | 0.45% |

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<sup>1</sup> Other Expenses are estimated for the current fiscal year.

**EXAMPLE**

The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 for the time periods indicated and then hold or sell all of your Shares at the end of those periods. The example also assumes that the Fund provides a return of 5% a year and that operating expenses remain the same. You may also pay brokerage commissions on the purchase and sale of Shares, which are not reflected in the example. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

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| | |
|:---|:---|
| **One Year:** | **Three Years:** |
| $46 | $144 |

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**PORTFOLIO TURNOVER**

The Fund may pay transaction costs, including commissions when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. As of the date of this Prospectus, the Fund has not yet commenced operations and portfolio turnover data therefore is not available.

**PRINCIPAL INVESTMENT STRATEGIES**

The Fund is an actively managed exchange-traded fund ("ETF") that seeks to provide current income with an opportunity for capital appreciation by investing in a select group of companies that have a history of growing their dividends. Castellan Group, LLC's will serve as the Fund's sub-adviser (the "Castellan") and will be responsible for selecting the Fund's investments. Castellan has developed a proprietary methodology for selecting investments that blends both quantitative and qualitative analysis. The Fund's portfolio will consist of an equity sleeve of dividend paying stocks and an options sleeve that may provide additional income. Each sleeve is described below.

*Equity Sleeve*

In selecting equity securities for the Fund, Castellan will first apply a rules-based quantitative screening process that screens U.S.-listed stocks and American Depositary Receipts (ADRs) for companies that have consistently increased their dividends for the last 10 years. Castellan then performs a qualitative review of each company, evaluating a company's balance sheet strength and financial leverage, earnings growth, free cash flows, short- and long-term payout ratios (i.e., the rate at which a company distributes earnings to its shareholders), the cyclicality of earnings, a company's leadership position in its industry, and the prospects for the industry. Castellan generally seeks companies that have demonstrated the ability to grow their free cash flows, earnings, and dividends while maintaining their financial strength. Castellan will also consider the quality and reputation of a company's management team, looking for those teams that have demonstrated the ability to strategically allocate company capital.

The Fund's's investment philosophy is based on the belief that dividend growth is a strong indicator of the quality of the company. Castellan believes that dividends are generally a sign of capital discipline, financial well-being, and business sustainability and that they are the hallmark of a high-quality company. At the end of this process, Castellan expects to invest the Fund's assets in up to 50 mid- and large-capitalization dividend paying companies that satisfy its investment criteria.

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*Covered Call Options Sleeve*

The Fund will also employ an option strategy in which it will opportunistically write (sell) or cover (buy) U.S. exchange-traded covered call options on certain of the equity securities in the Equity Sleeve to seek additional income (in the form of premiums on the options). A call option written (sold) by the Fund will give the holder (buyer) the right to buy a certain equity security at a predetermined strike price from the Fund. A premium is the income received by the writer of the option contract. In selling the covered calls, the Fund effectively sells its ability to participate in gains of the reference security beyond the predetermined strike price in exchange for the premium income received.

The Fund employs an active covered call strategy that seeks to reduce investment risk and enhance total return by tactically selling short-term out-of-the-money covered calls on approximately 20% of the Fund's Equity Sleeve holdings. Castellan, with the assistance of the Fund's other sub-adviser, Arin Risk Advisors, LLC ("Arin"), will actively select the strike prices and expiration dates for the call options based on their judgment and market analysis. This investment strategy is not a systematic covered call strategy which involves a fund following a predetermined set of rules to select the underlying assets, strike prices, and expiration dates for all call options without regard to market conditions. Typically, the Fund will write call options with an expiry of 2 to 5 weeks though this period and the differences between the strike prices and the price of the underlying stock will vary. In addition, there may be times (i.e., during a period of extreme market volatility when premiums do not favor call writing) when Castellan instructs Arin not to write any call options on holdings within the Equity Sleeve.

*General Portfolio Information*

The Fund is considered to be non-diversified, which means that it may invest more of its assets in the securities of a single issuer or a smaller number of issuers than if it were a diversified fund. The Fund will sell, reduce or close positions according to changes in Castellan's investment analysis. In addition, Castellan will actively monitor the Fund's sector diversification, looking to maintain no more than 20% of the Fund's assets in any one sector.

**PRINCIPAL INVESTMENT RISKS**

An investment in the Fund involves risk, including those described below. *There is no assurance that the Fund will achieve its investment objective*. An investor may lose money by investing in the Fund. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the FDIC or any government agency. More complete risk descriptions are set forth below under the heading "*Additional Information About the Fund's Principal Investment Risks.*"

**Large-Capitalization Companies Risk.** A large-capitalization companies stock may trail the returns of the overall stock market. Large-capitalization stocks tend to go through cycles of doing better - or worse - than the stock market in general. These periods have, in the past, lasted for as long as several years.

**Mid-Capitalization Companies Risk.** Investing in securities of mid-capitalization companies involves greater risk than customarily is associated with investing in larger, more established companies. These companies' securities may be more volatile and less liquid than those of more established companies. Often mid-capitalization companies and the industries in which they focus are still evolving and, as a result, they may be more sensitive to changing market conditions.

**Investment Risk.** When you sell your Shares, they could be worth less than what you paid for them. The Fund could lose money due to short-term market movements and over longer periods during market downturns. Securities may decline in value due to factors affecting securities markets generally or particular asset classes or industries represented in the markets. The value of a security may decline due to general market conditions, economic trends or events that are not specifically related to the issuer of the security. Geopolitical and other risks, including war, terrorism, trade disputes, political or economic dysfunction within some nations, public health crises, and environmental disasters such as earthquakes, fire, and floods, may add to instability in world economies and volatility in markets generally. Changes in trade policies and international trade agreements could affect the economies of many countries in unpredictable ways. The value of a security may also decline due to factors that affect a particular industry or group of industries. During a general downturn in the securities markets, multiple asset classes may be negatively affected. Therefore, you may lose money by investing in the Fund.

**Quantitative Security Selection Risk.** Data for some companies may be less available and/or less current than data for companies in other markets. Castellan uses quantitative analysis, and its processes could be adversely affected if erroneous or outdated data is utilized. In addition, the quantitative investment process relies on proper maintenance of Castellan's computer systems and, if such systems are not properly maintained the investment analysis may be flawed. The securities selected using quantitative analysis could perform differently from the financial markets as a whole as a result of the characteristics used in the analysis, the weight placed on each characteristic and changes in the characteristic's historical trends. In addition, the investment analysis used in making investment decisions may not adequately consider certain factors, or may contain design flaws or faulty assumptions, any of which may result in a decline in the value of an investment in the Fund.

**Dividend-Paying Common Equity Security Risk.** Investing in dividend-paying stocks involves the risk that such stocks may fall out of favor with investors and underperform the broader market. Companies that issue dividend-paying stocks are not required to pay or continue paying dividends on such stocks. It is possible that issuers of the stocks held by the Fund will not declare

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dividends in the future or will reduce or eliminate the payment of dividends (including reducing or eliminating anticipated accelerations or increases in the payment of dividends) in the future.

**Growth Investing Risk.** The Fund invests in growth securities, which may be more volatile than other types of investments, may perform differently than the market as a whole and may underperform when compared to securities with different investment parameters. Under certain market conditions, growth securities have performed better during the later stages of economic recovery (although there is no guarantee that they will continue to do so). Therefore, growth securities may go in and out of favor over time.

**Non-Diversification Risk.** Because the Fund is non-diversified, it may be more sensitive to economic, business, political or other changes affecting individual issuers or investments than a diversified fund, which may result in greater fluctuation in the value of the Shares and greater risk of loss.

**Equity Investing Risk.** An investment in the Fund involves risks similar to those of investing in any fund holding equity securities, such as market fluctuations, changes in interest rates and perceived trends in stock prices. The values of equity securities could decline generally or could underperform other investments. In addition, securities may decline in value due to factors affecting a specific issuer, market or securities markets generally.

**Options Risk.** If the Fund buys an option, it buys a legal contract giving it the right to buy or sell a specific amount of the underlying instrument, at an agreed-upon price typically in exchange for a premium paid by the Fund. If the Fund sells an option, it sells to another person the right to buy from or sell to the Fund a specific amount of the underlying instrument, at an agreed-upon price during a period of time or on a specified date typically in exchange for a premium received by the Fund. Options, may also be illiquid and the Fund may have difficulty closing out its position. A decision as to whether, when and how to use options involves the exercise of skill and judgment and even a well-conceived option transaction may be unsuccessful because of market behavior or unexpected events. The prices of options, can be highly volatile and the use of options can lower total returns.

**Option Writing Risk.** Writing call options involves the risk that the Fund may be required to sell the underlying security or instrument (or settle in cash an amount of equal value) at a disadvantageous price or below the market price of such underlying security or instrument, at the time the option is exercised. As the writer of a call option, the Fund forgoes, during the option's life, the opportunity to profit from increases in the market value of the underlying security or instrument covering the option above the sum of the premium and the exercise price, but retains the risk of loss should the price of the underlying security or instrument decline. Additionally, the Fund's call option writing strategy may not fully protect it against declines in the value of the market.

**Derivatives.** Derivatives and other similar instruments that create synthetic exposure often are subject to risks similar to those of the underlying asset or instrument, including market risk, and may be subject to additional risks, including imperfect correlation between the value of the derivative and the underlying asset, risks of default by the counterparty to certain transactions, magnification of losses incurred due to changes in the market value of the securities, instruments, indices or interest rates to which the derivative instrument relates, risks that the transactions may not be liquid, risks arising from margin and payment requirements, risks arising from mispricing or valuation complexity and operational and legal risks. Certain derivative transactions may give rise to a form of leverage. Leverage magnifies the potential for gain and the risk of loss.

**ETF Risks.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Authorized Participants, Market Makers and Liquidity Providers Concentration Risk.* The Fund has a limited number of financial institutions that may act as Authorized Participants ("APs"). In particular, the Fund will have a limited pool of APs that are able to transact in standard exchange-listed options, therefore the pool of competitive markets for the Fund will be small. This can result in increased costs to the Fund. In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, Shares may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** *Premium-Discount Risk.* The Shares may trade above or below their net asset value ("NAV"). The market prices of Shares will generally fluctuate in accordance with changes in NAV as well as the relative supply of, and demand for, Shares on Cboe BZX Exchange, Inc. (the "Exchange") or other securities exchanges. The trading price of Shares may deviate significantly from NAV during periods of market volatility or limited trading activity in Shares. In addition, you may incur the cost of the "spread," that is, any difference between the bid price and the ask price of the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Cost of Trading Risk.* Investors buying or selling Shares in the secondary market will pay brokerage commissions or other charges imposed by brokers as determined by that broker. Brokerage commissions are often a fixed amount and may be a significant proportional cost for investors seeking to buy or sell relatively small amounts of Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Trading Risk.* Although the Shares are listed on the Exchange, there can be no assurance that an active or liquid trading market for them will develop or be maintained. In addition, trading in Shares on the Exchange may be halted. In stressed market conditions, the liquidity of Shares may begin to mirror the liquidity of its underlying portfolio holdings, which

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can be less liquid than Shares, potentially causing the market price of Shares to deviate from its NAV. The spread varies over time for Shares of the Fund based on the Fund's trading volume and market liquidity and is generally lower if the Fund has high trading volume and market liquidity, and higher if the Fund has little trading volume and market liquidity (which is often the case for funds that are newly launched or small in size).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Cash Redemption Risk.* The Fund's investment strategy may require it to redeem shares for cash or to otherwise include cash as part of its redemption proceeds. The Fund may be required to sell or unwind portfolio investments to obtain the cash needed to distribute redemption proceeds. This may cause the Fund to recognize a capital gain that it might not have recognized if it had made a redemption in-kind. As a result, the Fund may pay out higher annual capital gain distributions than if the in-kind redemption process was used.

**Foreign Investment Risk**. Returns on investments in foreign securities could be more volatile than, or trail the returns on, investments in U.S. securities. Investments in or exposures to foreign securities are subject to special risks, including risks associated with foreign securities generally. Those special risks may arise due to differences in information available about issuers of securities and investor protection standards applicable in other jurisdictions; capital controls risks, including the risk of a foreign jurisdiction imposing restrictions on the ability to repatriate or transfer currency or other assets; currency risks; political, diplomatic and economic risks; regulatory risks; and foreign market and trading risks, including the costs of trading and risks of settlement in foreign jurisdictions.

**American Depositary Receipts.** The Fund's investments may be include American Depositary Receipts (ADRs). ADRs are generally subject to the risks of investing directly in foreign securities and, in some cases, there may be less information available about the underlying issuers than would be the case with a direct investment in the foreign issuer. ADRs represent shares of foreign-based corporations. Investment in ADRs may be more or less liquid than the underlying shares in their primary trading market.

**Sector Risk.** To the extent the Fund invests more heavily in one sector or sub-sector of the market, it thereby presents a more concentrated risk and its performance will be especially sensitive to developments that significantly affect those sectors or sub-sectors. In addition, the value of the Fund's shares may change at different rates compared to the value of shares of a fund with investments in a more diversified mix of sectors and industries. An individual sector or sub-sector of the market may have above-average performance during particular periods but may also move up and down more than the broader market. The several industries that constitute a sector may all react in the same way to economic, political or regulatory events. The Fund's performance could also be affected if the sectors or sub-sectors do not perform as expected. Alternatively, the lack of exposure to one or more sectors or sub-sectors may adversely affect performance.

**Management Risk.** The Fund is actively-managed and may not meet its investment objective based on the Adviser's, Sub-Advisers', or portfolio managers' success or failure to implement investment strategies for the Fund. The success of the Fund's investment program depends largely on the investment techniques and risk analyses applied by the Adviser, Sub-Advisers, and the portfolio managers and the skill of the Adviser, Sub-Advisers, and/or portfolio managers in evaluating, selecting, and monitoring the Fund's assets. The Fund could experience losses (realized and unrealized) if the judgment of the Adviser, Sub-Advisers, or portfolio managers about markets or sectors or the attractiveness of particular investments made for the Fund's portfolio prove to be incorrect. It is possible the investment techniques and risk analyses employed on behalf of the Fund will not produce the desired results. Absent unusual circumstances (*e.g.*, the Adviser determines a different security has higher liquidity but offers a similar investment profile as a recommended security), the Adviser will generally follow the Sub-Advisers' investment recommendations to buy, hold, and sell securities and financial instruments.

**In-Kind Contribution Risk.** At its launch, the Fund expects to acquire a material amount of assets through one or more in-kind contributions that are intended to qualify as tax-deferred transactions governed by Section 351 of the Internal Revenue Code. If one or more of the in-kind contributions were to fail to qualify for tax-deferred treatment, then the Fund would not take a carryover tax basis in the applicable contributed assets and would not benefit from a tacked holding period in those assets. This could cause the Fund to incorrectly calculate and report to shareholders the amount of gain or loss recognized and/or the character of gain or loss (e.g., as long-term or short-term) on the subsequent disposition of such assets.

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

**PERFORMANCE**

Performance information is not provided below because the Fund has not yet been in operation for one full calendar year. When provided, the information will provide some indication of the risks of investing in the Fund by showing how the Fund's average annual returns compare with a broad measure of market performance. Past performance does not necessarily indicate how the Fund will perform in the future. Updated performance information will be available at https://castellanetf.com.

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**INVESTMENT ADVISER & INVESTMENT SUB-ADVISERS**

Investment Adviser: Empowered Funds, LLC dba EA Advisers (the "Adviser") <br> Investment Sub-Advisers: Castellan Group, LLC and Arin Risk Advisors, LLC

**PORTFOLIO MANAGERS**

The Fund's portfolio is managed on a day-to-day basis by R. Kevin Storn and Barry Brauch of Castellan and Lawrence Lempert of Arin. They have served as portfolio managers of the Fund since its inception.

**PURCHASE AND SALE OF SHARES** 

The Fund issues and redeems Shares on a continuous basis only in large blocks of Shares known as "Creation Units," and only APs (typically, broker-dealers) may purchase or redeem Creation Units. Creation Units generally are issued and redeemed 'in-kind' for securities and partially in cash. Individual Shares may only be purchased and sold in secondary market transactions through brokers. Once created, individual Shares generally trade in the secondary market at market prices that change throughout the day. Market prices of Shares may be greater or less than their NAV. **Except when aggregated in Creation Units, the Fund's shares are not redeemable securities.** 

**TAX INFORMATION** 

The Fund's distributions generally are taxable to you as ordinary income, capital gain, or some combination of both, unless your investment is made through an Individual Retirement Account ("IRA") or other tax-advantaged account. However, subsequent withdrawals from such a tax-advantaged account may be subject to U.S. federal income tax. You should consult your own tax advisor about your specific tax situation.

**PURCHASES THROUGH BROKER-DEALERS AND OTHER FINANCIAL INTERMEDIARIES** 

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

**ADDITIONAL INFORMATION ABOUT THE FUNDS' INVESTMENT OBJECTIVES AND PRINCIPAL INVESTMENT STRATEGIES** 

Each Fund's investment objective is a non-fundamental investment policy and may be changed without a vote of shareholders upon prior written notice to shareholders.

The Castellan Targeted Equity ETF's 80% policy is non-fundamental and can be changed without shareholder approval. However, Fund shareholders would be given at least 60 days' notice prior to any such change.

**Temporary Defensive Positions.** From time to time, each Fund may take temporary defensive positions that are inconsistent with its principal investment strategies in attempting to respond to adverse market, economic, political, or other conditions. In those instances, a Fund may hold up to 100% of its assets in cash; short-term U.S. government securities and government agency securities; investment grade money market instruments; money market mutual funds; investment grade fixed income securities; repurchase agreements; commercial paper; cash equivalents; and exchange-traded investment vehicles that principally invest in the foregoing instruments. As a result of engaging in these temporary measures, a Fund may not achieve its investment objective.

**ADDITIONAL INFORMATION ABOUT THE FUNDS' PRINCIPAL INVESTMENT RISKS**

The following information is in addition to, and should be read along with, the description of each Fund's principal investment risks in the sections titled "Fund Summary—Principal Investment Risks" above.

**American Depositary Receipts.** The Fund's investments may be include American Depositary Receipts (ADRs). ADRs are generally subject to the risks of investing directly in foreign securities and, in some cases, there may be less information available about the underlying issuers than would be the case with a direct investment in the foreign issuer. ADRs represent shares of foreign-based corporations. Investment in ADRs may be more or less liquid than the underlying shares in their primary trading market.

**Derivatives.** Derivatives and other similar instruments that create synthetic exposure often are subject to risks similar to those of the underlying asset or instrument, including market risk, and may be subject to additional risks, including imperfect correlation between the value of the derivative and the underlying asset, risks of default by the counterparty to certain transactions, magnification of losses incurred due to changes in the market value of the securities, instruments, indices or interest rates to which the derivative instrument relates, risks that the transactions may not be liquid, risks arising from margin and payment requirements, risks arising from mispricing or valuation complexity and operational and legal risks. Certain derivative transactions may give rise to a form of leverage. Leverage magnifies the potential for gain and the risk of loss.

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**Dividend-Paying Common Equity Security Risk** *(applies to Castellan Targeted Income ETF only).* Investing in dividend-paying stocks involves the risk that such stocks may fall out of favor with investors and underperform the broader market. Companies that issue dividend-paying stocks are not required to pay or continue paying dividends on such stocks. It is possible that issuers of the stocks held by the Fund will not declare dividends in the future or will reduce or eliminate the payment of dividends (including reducing or eliminating anticipated accelerations or increases in the payment of dividends) in the future.

**Equity Investing Risk.** An investment in a Fund involves risks similar to those of investing in any fund holding equity securities, such as market fluctuations, changes in interest rates and perceived trends in stock prices. The values of equity securities could decline generally or could underperform other investments. Different types of equity securities tend to go through cycles of outperformance and underperformance in comparison to the general securities markets. In addition, securities may decline in value due to factors affecting a specific issuer, market or securities markets generally. Recent turbulence in financial markets and reduced liquidity in credit and fixed income markets may negatively affect many issuers worldwide, which may have an adverse effect on a Fund.

**ETF Risks.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Authorized Participants, Market Makers and Liquidity Providers Concentration Risk.* Each Fund has a limited number of financial institutions that may act as Authorized Participants ("APs"). In particular, each Fund will have a limited pool of APs that are able to transact in standard exchange-listed options, therefore the pool of competitive markets for a Fund will be small. This can result in increased costs to each Fund. In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, Shares may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Premium-Discount Risk.* The Shares may trade above or below their net asset value ("NAV"). The market prices of Shares will generally fluctuate in accordance with changes in NAV as well as the relative supply of, and demand for, Shares on an Exchange or other securities exchanges. The trading price of Shares may deviate significantly from NAV during periods of market volatility or limited trading activity in Shares. In addition, you may incur the cost of the "spread," that is, any difference between the bid price and the ask price of the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Cost of Trading Risk.* Investors buying or selling Shares in the secondary market will pay brokerage commissions or other charges imposed by brokers as determined by that broker. Brokerage commissions are often a fixed amount and may be a significant proportional cost for investors seeking to buy or sell relatively small amounts of Shares. In addition, secondary market investors will also incur the cost of the difference between the price that an investor is willing to pay for Shares (the "bid" price) and the price at which an investor is willing to sell Shares (the "ask" price). This difference in bid and ask prices is often referred to as the "spread" or "bid/ask spread." The bid/ask spread varies over time for Shares based on trading volume and market liquidity, and is generally lower if Shares have more trading volume and market liquidity and higher if Shares have little trading volume and market liquidity. Further, increased market volatility may cause increased bid/ask spreads.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Trading Risk.* Although the Shares are listed on the Exchange, there can be no assurance that an active or liquid trading market for them will develop or be maintained. In addition, trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable. When markets are stressed, Shares could suffer erratic or unpredictable trading activity, extraordinary volatility or wide bid/ask spreads, which could cause some market makers and APs to reduce their market activity or "step away" from making a market in ETF shares. This could cause a Fund's market price to deviate, materially, from the NAV, and reduce the effectiveness of the ETF arbitrage process. Further, trading in Shares on the Exchange is subject to trading halts caused by extraordinary market volatility pursuant to the "circuit breaker" rules, which temporarily halt trading on the Exchange when a decline in the S&P 500 Index during a single day reaches certain thresholds (*e.g.*, 7%, 13% and 20%). There can be no assurance that the requirements of the Exchange necessary to maintain the listing of each Fund will continue to be met or will remain unchanged. In stressed market conditions, the liquidity of Shares may begin to mirror the liquidity of a Fund's underlying portfolio holdings, which can be significantly less liquid than Shares, and this could lead to differences between the market price of the Shares and the underlying value of those Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Cash Redemption Risk.* Each Fund's investment strategy may require it to redeem shares for cash or to otherwise include cash as part of its redemption proceeds. Each Fund may be required to sell or unwind portfolio investments to obtain the cash needed to distribute redemption proceeds. This may cause a Fund to recognize a capital gain that it might not have recognized if it had made a redemption in-kind. As a result, a Fund may pay out higher annual capital gain distributions than if the in-kind redemption process was used.

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**Foreign Investment Risk**. Returns on investments in foreign securities could be more volatile than, or trail the returns on, investments in U.S. securities. Investments in or exposures to foreign securities are subject to special risks, including risks associated with foreign securities generally. Those special risks may arise due to differences in information available about issuers of securities and investor protection standards applicable in other jurisdictions; capital controls risks, including the risk of a foreign jurisdiction imposing restrictions on the ability to repatriate or transfer currency or other assets; currency risks; political, diplomatic and economic risks; regulatory risks; and foreign market and trading risks, including the costs of trading and risks of settlement in foreign jurisdictions.

**Growth Investing Risk.** Each Fund may invest in growth securities, which may be more volatile than other types of investments, may perform differently than the market as a whole and may underperform when compared to securities with different investment parameters. Under certain market conditions, growth securities have performed better during the later stages of economic recovery (although there is no guarantee that they will continue to do so). Therefore, growth securities may go in and out of favor over time.

**In-Kind Contribution Risk.** At its launch, each Fund expects to acquire a material amount of assets through one or more in-kind contributions that are intended to qualify as tax-deferred transactions governed by Section 351 of the Internal Revenue Code. If one or more of the in-kind contributions were to fail to qualify for tax-deferred treatment, then the Fund would not take a carryover tax basis in the applicable contributed assets and would not benefit from a tacked holding period in those assets. This could cause the Fund to incorrectly calculate and report to shareholders the amount of gain or loss recognized and/or the character of gain or loss (e.g., as long-term or short-term) on the subsequent disposition of such assets.

**Investment Risk.** When you sell your Shares, they could be worth less than what you paid for them. A Fund could lose money due to short-term market movements and over longer periods during market downturns. Securities may decline in value due to factors affecting securities markets generally or particular asset classes or industries represented in the markets. The value of a security may decline due to general market conditions, economic trends or events that are not specifically related to the issuer of the security. Geopolitical and other risks, including war, terrorism, trade disputes, political or economic dysfunction within some nations, public health crises, and environmental disasters such as earthquakes, fire, and floods, may add to instability in world economies and volatility in markets generally. Changes in trade policies and international trade agreements could affect the economies of many countries in unpredictable ways. The value of a security may also decline due to factors that affect a particular industry or group of industries. During a general downturn in the securities markets, multiple asset classes may be negatively affected. Therefore, you may lose money by investing in a Fund.

**Large-Capitalization Companies Risk.** Large-capitalization companies may trail the returns of the overall stock market. Large-capitalization stocks tend to go through cycles of doing better - or worse - than the stock market in general. These periods have, in the past, lasted for as long as several years.

**Management Risk.** Each Fund is actively-managed and may not meet its investment objective based on the Adviser's, Sub-Advisers', or portfolio managers' success or failure to implement investment strategies for the Fund. The success of the Fund's investment program depends largely on the investment techniques and risk analyses applied by the Adviser, Sub-Advisers, and the portfolio managers and the skill of the Adviser, Sub-Advisers, and/or portfolio managers in evaluating, selecting, and monitoring the Fund's assets. The Fund could experience losses (realized and unrealized) if the judgment of the Adviser, Sub-Advisers, or portfolio managers about markets or sectors or the attractiveness of particular investments made for the Fund's portfolio prove to be incorrect. It is possible the investment techniques and risk analyses employed on behalf of the Fund will not produce the desired results. Absent unusual circumstances (*e.g.*, the Adviser determines a different security has higher liquidity but offers a similar investment profile as a recommended security), the Adviser will generally follow the Sub-Advisers' investment recommendations to buy, hold, and sell securities and financial instruments.

**Mid-Capitalization Companies Risk.** The securities of mid-capitalization companies may be more vulnerable to adverse issuer, market, political, or economic developments than securities of larger-capitalization companies. The securities of mid-capitalization companies generally trade in lower volumes and are subject to greater and more unpredictable price changes than larger capitalization stocks or the stock market as a whole. Some of these companies have limited product lines, markets, and financial and managerial resources and tend to concentrate on fewer geographical markets relative to larger capitalization companies.

**Momentum Style Risk** *(applies to Castellan Targeted Equity ETF only).* Investing in or having exposure to securities with the highest relative momentum entails investing in securities that have had above-average recent returns. These securities may be more volatile than a broad cross- section of securities. Returns on securities that have previously exhibited momentum may be less than returns on other styles of investing or the overall stock market. Momentum can turn quickly and cause significant variation from other types of investments, and stocks that previously exhibited high momentum may not experience continued highest relative momentum. In addition, there may be periods when the momentum style is out of favor, and during which the investment performance of the Fund using a momentum strategy may suffer.

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**New Fund Risk.** The Funds are a recently organized management investment company with no operating history. As a result, prospective investors have no track record or history on which to base their investment decision. There can be no assurance that each Fund will grow to or maintain an economically viable size.

**Non-Diversification Risk.** A non-diversified fund may be more sensitive to economic, business, political or other changes affecting individual issuers or investments than a diversified fund, which may result in greater fluctuation in the value of the Shares and greater risk of loss.

**Options Risk.** If the Fund buys an option, it buys a legal contract giving it the right to buy or sell a specific amount of the underlying instrument, at an agreed-upon price typically in exchange for a premium paid by the Fund. If the Fund sells an option, it sells to another person the right to buy from or sell to the Fund a specific amount of the underlying instrument, at an agreed-upon price during a period of time or on a specified date typically in exchange for a premium received by the Fund. Options, may also be illiquid and the Fund may have difficulty closing out its position. A decision as to whether, when and how to use options involves the exercise of skill and judgment and even a well-conceived option transaction may be unsuccessful because of market behavior or unexpected events. The prices of options, can be highly volatile and the use of options can lower total returns.

**Option Writing Risk.** Writing call options involves the risk that the Fund may be required to sell the underlying security or instrument (or settle in cash an amount of equal value) at a disadvantageous price or below the market price of such underlying security or instrument, at the time the option is exercised. As the writer of a call option, the Fund forgoes, during the option's life, the opportunity to profit from increases in the market value of the underlying security or instrument covering the option above the sum of the premium and the exercise price, but retains the risk of loss should the price of the underlying security or instrument decline. Additionally, the Fund's call option writing strategy may not fully protect it against declines in the value of the market.

**Quantitative Security Selection Risk.** Data for some companies may be less available and/or less current than data for companies in other markets. Castellan uses quantitative analysis, and its processes could be adversely affected if erroneous or outdated data is utilized. In addition, the quantitative investment process relies on proper maintenance of Castellan's computer systems and, if such systems are not properly maintained the investment analysis may be flawed. The securities selected using quantitative analysis could perform differently from the financial markets as a whole as a result of the characteristics used in the analysis, the weight placed on each characteristic and changes in the characteristic's historical trends. In addition, the investment analysis used in making investment decisions may not adequately consider certain factors, or may contain design flaws or faulty assumptions, any of which may result in a decline in the value of an investment in the Fund.

**Sector Risk.** To the extent a Fund invests more heavily in one sector or sub-sector of the market, it thereby presents a more concentrated risk and its performance will be especially sensitive to developments that significantly affect those sectors or sub-sectors. In addition, the value of a Fund's shares may change at different rates compared to the value of shares of a fund with investments in a more diversified mix of sectors and industries. An individual sector or sub-sector of the market may have above-average performance during particular periods but may also move up and down more than the broader market. The several industries that constitute a sector may all react in the same way to economic, political or regulatory events. A Fund's performance could also be affected if the sectors or sub-sectors do not perform as expected. Alternatively, the lack of exposure to one or more sectors or sub-sectors may adversely affect performance.

**Small-Capitalization Companies Risk** *(applies to Castellan Targeted Equity ETF only).* Investing in securities of small-capitalization companies involves greater risk than customarily is associated with investing in larger, more established companies. Small-capitalization companies often have less predictable earnings, more limited product lines, markets, distribution channels and financial resources, and the management of such companies may be dependent upon one or few people. Price movements of small-capitalization companies may be more volatile than mid-capitalization and large-capitalization companies.

**Special Tax Risk** *(applies to Castellan Targeted Equity ETF only).* The Fund intends to qualify as a RIC, however, the federal income tax treatment of certain aspects of the proposed operations of the Fund are not entirely clear. This includes the tax aspects of the Fund's options strategy, its hedging strategy, the possible application of the "straddle" rules, and various loss limitation provisions of the Internal Revenue Code of 1986, as amended. If, in any year, the Fund fails to qualify as a RIC under the applicable tax laws, the Fund would be taxed as an ordinary corporation. Certain options on an ETF may not qualify as "Section 1256 contracts" under Section 1256 of the Code, and disposition of such options will likely result in short-term or long-term capital gains or losses depending on the holding period.

**FUND MANAGEMENT** 

**Investment Adviser** 

Empowered Funds, LLC dba EA Advisers serves as the Funds' investment adviser (the "Adviser"). The Adviser is located at 19 East Eagle Road, Havertown, Pennsylvania 19083 and is wholly-owned by Alpha Architect, LLC. The Adviser is registered with the Securities and Exchange Commission ("SEC") under the Investment Advisers Act of 1940 and provides investment advisory services to the Funds other exchange-traded funds, and Alpha Architect, LLC, its parent company. The Adviser was founded in October 2013.

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The Adviser selects the Funds' sub-advisers and oversees each sub-adviser's management of each Fund. The Adviser is responsible for overseeing the management and business affairs of the Funds, and has discretion to purchase and sell securities in accordance with each Fund's objectives, policies and restrictions. The Adviser continuously reviews, supervises and administers each Fund's investment programs pursuant to the terms of investment advisory agreement (the "Advisory Agreement") between the Trust and the Adviser. The Adviser is entitled to an annual advisory fee based on its average daily net assets for the services and facilities it provides payable at the annual rates set forth in the table below:

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| | |
|:---|:---|
| **Fund** | **Advisory Fee** |
| Castellan Targeted Equity ETF | 0.45% |
| Castellan Targeted Income ETF | 0.45% |

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The Adviser (or an affiliate of the Adviser) bears all of the Adviser's own costs associated with providing these advisory services and all expenses of the Funds, except for the fee payment under the Advisory Agreement, payments under the Funds' Rule 12b-1 Distribution and Service Plan (the "Plan"), brokerage expenses, acquired fund fees and expenses (including affiliated funds' fees and expenses), taxes (including tax-related services), interest (including borrowing costs), litigation expenses (including class action-related services) and other non-routine or extraordinary expenses.

The Advisory Agreement for the Funds provides that it may be terminated at any time, without the payment of any penalty, by the Board or, with respect to the Fund, by a majority of the outstanding shares of the Fund, on 60 days' written notice to the Adviser, and by the Adviser upon 60 days' written notice, and that it shall be automatically terminated if it is assigned. The Adviser retains the authority, pursuant to the terms of the investment sub-advisory agreement, to exercise its right to control the overall management of each Fund's assets.

**Investment Sub-Advisers**

<u>Castellan Group, LLC</u>

The Adviser has retained Castellan Group, LLC, an investment adviser registered with the SEC, to provide sub-advisory services for the Funds. The Sub-Adviser is organized as a Delaware limited liability company, with its principal office located at 2011 Lake Point Way, Suite 001, Louisville, Kentucky 40223, and was founded in 2018. The Sub-Adviser offers investment management services to individual and institutional clients, as well as the Funds. The Sub-Adviser is responsible for determining the investments for the Funds, subject to the overall supervision and oversight of the Adviser and the Board.

The Sub-Adviser is not responsible for selecting broker-dealers or placing the Funds' trades. Rather, the Sub-Adviser constructs the overall portfolio and provides trading instructions to the Adviser for the respective Equity Sleeves and Arin for the respective Option Sleeves, and, in turn, the Adviser and Arin are responsible for selecting broker-dealers and placing the Funds' trades.

For its services, the Adviser pays Sub-Adviser a fee, which is calculated daily and paid monthly, at an annual rate based on each Fund's average daily net assets as follows:

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| | |
|:---|:---|
| **Fund** | **Sub-Advisory Fee** |
| Castellan Targeted Equity ETF | 0.23% |
| Castellan Targeted Income ETF | 0.23% |

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<u>Arin Risk Advisors, LLC</u>

The Adviser has retained Arin Risk Advisors, LLC ("Arin"), an investment adviser registered with the SEC, to provide sub-advisory services for the Funds. Arin is located at 1100 East Hector Street, Suite 215, Conshohocken, Pennsylvania 19428. Arin was established in 2009 and is registered as an investment adviser with the SEC under the Advisers Act. Pursuant to a Sub-Advisory Agreement between the Trust, Adviser, Castellan and Arin (the "Arin Sub-Advisory Agreement"), Arin has discretionary authority to select each Fund's options investments and broker-dealers to execute a Fund's transactions upon direction from Castellan.

For its services, the Adviser pays Arin a fee, which is calculated daily and paid monthly, at an annual rate based on each Fund's average daily net assets as follows, subject to a base payment of $50,000 per annum:

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| | |
|:---|:---|
| **Fund** | **Sub-Advisory Fee** |
| Castellan Targeted Equity ETF | 0.02% on assets over $100 million |
| Castellan Targeted Income ETF | 0.02% on assets over $100 million |

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The Arin Sub-Advisory Agreement provides that it may be terminated at any time, without the payment of any penalty, by the Board or by a majority of the outstanding shares of the Fund, on 60 days' written notice to Arin, and by Arin upon 60 days' written notice, and that it shall be automatically terminated if it is assigned.

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**Fund Sponsor** 

The Adviser has entered into a fund sponsorship agreement with Castellan pursuant to which Castellan is also the sponsor of the Funds ("Fund Sponsor"). Under this arrangement, the Fund Sponsor has agreed to provide financial support to the Funds (as described below) and, in turn, the Adviser has agreed to share with the Fund Sponsor a portion of profits, if any, generated by each Fund's Advisory Fee (also as described below). Every month, the Advisory Fee, which is a unitary management fee, is calculated and paid to the Adviser.

If the amount of the unitary management fee exceeds each Fund's operating expenses and the Adviser-retained amount, the Adviser pays the net total to the Fund Sponsor. The amount paid to the Fund Sponsor represents both the sub-advisory fee and any remaining profits from the Advisory Fee. During months where there are no profits or the funds are not sufficient to cover the entire sub-advisory fee, the sub-advisory fee is automatically waived.

If the amount of the unitary management fee is less than each Fund's operating expenses and the Adviser-retained amount, Fund Sponsor is obligated to reimburse the Adviser for the shortfall.

The Adviser-retained amount represents an agreed upon fee arrangement between the Adviser and Fund Sponsor. This arrangement calls for the Fund Sponsor to pay the Adviser a fee and reimburse the Adviser for certain Fund operating expenses it paid pursuant to the Advisory Agreement.

**APPROVAL OF ADVISORY AGREEMENT & INVESTMENT SUB-ADVISORY AGREEMENTS**

A discussion regarding the basis for the Board's approval of the Advisory Agreement and the Sub-Advisory Agreement with respect to the Funds will be available in the each Fund's first Form N-CSR.

**<u>Manager of Managers Structure</u>** 

The Adviser and the Trust have received an exemptive order (the "Order") from the SEC that allows each Fund to operate in a "manager of managers" structure whereby the Adviser can appoint and replace unaffiliated sub-advisers, and enter into, amend and terminate sub-advisory agreements with such sub-advisers, each subject to Board approval, but without obtaining prior shareholder approval ("Manager of Managers Structure"). Each Fund will, however, inform shareholders of the hiring of any new sub-adviser within 90 days after the hiring, to the extent the Fund is relying on the Order. The Order provides each Fund with greater flexibility and efficiency by preventing the Fund from incurring the expense and delays associated with obtaining shareholder approval of such sub-advisory agreements.

To the extent each Fund relies on the Order, a Fund's use of the Manager of Managers Structure is subject to certain conditions that are set forth in the Order. Under the Manager of Managers Structure, the Adviser has the ultimate responsibility, subject to oversight by the Board, to oversee sub-advisers and recommend their hiring, termination and replacement. The Adviser will also, subject to the review and approval of the Board; set each Fund's overall investment strategy; evaluate, select and recommend sub-advisers to manage all or a portion of each Fund's assets; and implement procedures reasonably designed to ensure that each sub-adviser complies with each Fund's investment goal, policies and restrictions. Subject to review by the Board, the Adviser will allocate and, when appropriate, reallocate each Fund's assets among sub-advisers and monitor and evaluate the sub-advisers' performance.

**PORTFOLIO MANAGERS** 

R. Kevin Storn, Barry Brauch and and Lawrence Lempert are co-portfolio managers, and are jointly responsible for the day-to day management of the Funds.

**R. Kevin Storn**

Mr. Storn is the Director of Portfolio Management at Castellan, where he oversees a diverse range of investment strategies, including equity, options-based strategies, and Structured Notes. As a portfolio manager, he is responsible for designing and managing sophisticated investment solutions.

Mr. Storn earned his M.B.A. with a concentration in Finance from the University of Cincinnati and holds a degree in Engineering from the University of Kentucky. Mr. Storn has been with Castellan since 2019 and helped launch the Targeted Income and Targeted Equity strategies as separately managed accounts in January of 2020.

**Barry Brauch**

Mr. Brauch is Managing Director at Castellan. He has over 30 years of experience in financial services, including banking, investment management, and corporate finance. Prior to co-founding Castellan, Mr. Brauch served in various senior leadership roles at Fifth Third Bancorp, including Asset/Liability Manager, Chief Financial Officer of the Consumer Lending division and Chief Financial Officer and Product Manager of the Wealth & Asset Management division. He also led a successful recapitalization, turnaround and sale of a Kentucky-based bank during the 2008 financial crisis. Mr. Brauch began his career as a Certified Public Accountant with Deloitte.

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**Lawrence Lempert** 

Mr. Lempert has been the trading director and chief compliance officer of Arin since 2011. Prior to joining Arin, he founded and managed Bullock Capital, LLC, a proprietary stock/option trading and market making broker dealer and previously served as a Specialist, market maker and index options trader with Susquehanna International Group. Mr. Lempert earned a Bachelor of Science degree in Statistics and Economics from Rutgers College, a Juris Doctor from Villanova University School of Law, and a Master of Laws in Taxation from New York University School of Law.

The SAI provides additional information about the portfolio managers, including other accounts each manages, their ownership in each Fund, and compensation.

**OTHER SERVICE PROVIDERS**

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

U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services, is the administrator, fund accountant, and transfer agent for the Funds.

U.S. Bank National Association is the custodian for the Funds.

Practus, LLP, 11300 Tomahawk Creek Parkway, Suite 310, Leawood, Kansas 66211, serves as legal counsel to the Trust.

Tait, Weller & Baker LLP, 50 South 16th Street, Suite 2900, Philadelphia, Pennsylvania 19102, serves as each Fund's independent registered public accounting firm. The independent registered public accounting firm is responsible for auditing the annual financial statements of each Fund.

**THE EXCHANGE** 

Shares are not sponsored, endorsed or promoted by the Exchange. The Exchange is not responsible for, nor has it participated in, the determination of the timing of, prices of, or quantities of Shares to be issued, nor in the determination or calculation of the equation by which Shares are redeemable. The Exchange has no obligation or liability to owners of Shares in connection with the administration, marketing or trading of Shares. Without limiting any of the foregoing, in no event shall the Exchange have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.

**BUYING AND SELLING FUND SHARES** 

Each Fund issues and redeems Shares at NAV only in large blocks known as "Creation Units," which only APs (typically, broker-dealers) may purchase or redeem. Creation Units are generally issued and redeemed only in-kind for securities although a portion may be in cash.

Shares will trade on the secondary market, however, which is where most retail investors will buy and sell Shares. It is expected that only a limited number of institutional investors, called Authorized Participants or "APs," will purchase and redeem Shares directly from the Funds. APs may acquire Shares directly from the Funds, and APs may tender their Shares for redemption directly to the Funds, at NAV per Share only in large blocks, or Creation Units. Purchases and redemptions directly with each Fund must follow the Fund's procedures, which are described in the SAI.

**Except when aggregated in Creation Units, Shares are not redeemable with each Fund.** 

**BUYING AND SELLING SHARES ON THE SECONDARY MARKET** 

Most investors will buy and sell Shares in secondary market transactions through brokers and, therefore, must have a brokerage account to buy and sell Shares. Shares can be bought or sold through your broker throughout the trading day like shares of any publicly traded issuer. The Trust does not impose any redemption fees or restrictions on redemptions of Shares in the secondary market. When buying or selling Shares through a broker, you will incur customary brokerage commissions and charges, and you may pay some or all of the spread between the bid and the offered prices in the secondary market for Shares. The price at which you buy or sell Shares (*i.e.*, the market price) may be more or less than the NAV of the Shares. Unless imposed by your broker, there is no minimum dollar amount you must invest in the Funds and no minimum number of Shares you must buy.

Shares of each Fund are listed on the Exchange under the following symbol:

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| | |
|:---|:---|
| **Fund** | **Trading Symbol** |
| Castellan Targeted Equity ETF | CTEF |
| Castellan Targeted Income ETF | CTIF |

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The Exchange is generally open Monday through Friday and is closed for weekends and the following holidays: New Year's Day, Martin Luther King, Jr. Day, Washington's Birthday, Good Friday, Memorial Day, Juneteenth National Independence Day, Independence Day, Labor Day, Thanksgiving Day, and Christmas Day.

For information about buying and selling Shares on the Exchange or in the secondary markets, please contact your broker or dealer.

**Book Entry.** Shares are held in book entry form, which means that no stock certificates are issued. The Depository Trust Company ("DTC"), or its nominee, will be the registered owner of all outstanding Shares and is recognized as the owner of all Shares. Participants in DTC include securities brokers and dealers, banks, trust companies, clearing corporations and other institutions that directly or indirectly maintain a custodial relationship with DTC. As a beneficial owner of Shares, you are not entitled to receive physical delivery of stock certificates or to have Shares registered in your name, and you are not considered a registered owner of Shares. Therefore, to exercise any right as an owner of Shares, you must rely on the procedures of DTC and its participants. These procedures are the same as those that apply to any stocks that you hold in book entry or "street name" through your brokerage account. Your account information will be maintained by your broker, which will provide you with account statements, confirmations of your purchases and sales of Shares, and tax information. Your broker also will be responsible for distributing income dividends and capital gain distributions and for ensuring that you receive shareholder reports and other communications from the Funds.

**Share Trading Prices.** The trading prices of Shares may differ from the applicable Fund's daily NAV and can be affected by market forces of supply and demand for Shares, the prices of the applicable Fund's portfolio securities, economic conditions and other factors.

The Exchange through the facilities of the Consolidated Tape Association or another market information provider intends to disseminate the approximate value of each Fund's portfolio every fifteen seconds during regular U.S. trading hours. This approximate value should not be viewed as a "real-time" update of the NAV of the fund because the approximate value may not be calculated in the same manner as the NAV, which is computed once a day. The quotations for certain investments may not be updated during U.S. trading hours if such holdings do not trade in the U.S., except such quotations may be updated to reflect currency fluctuations. Each Fund is not involved in, or responsible for, the calculation or dissemination of the approximate values and makes no warranty as to the accuracy of these values.

**Continuous Offering.** The method by which Creation Units of Shares are created and traded may raise certain issues under applicable securities laws. Because new Creation Units of Shares are issued and sold by the Funds on an ongoing basis, a "distribution," as such term is used in the Securities Act, may occur at any point. Broker-dealers and other persons are cautioned that some activities on their part may, depending on the circumstances, result in their being deemed participants in a distribution in a manner which could render them statutory underwriters and subject them to the prospectus delivery requirements and liability provisions of the Securities Act. For example, a broker-dealer firm or its client may be deemed a statutory underwriter if it takes Creation Units after placing an order with the Distributor, breaks them down into constituent Shares and sells the Shares directly to customers or if it chooses to couple the creation of a supply of new Shares with an active selling effort involving solicitation of secondary market demand for Shares. A determination of whether one is an underwriter for purposes of the Securities Act must take into account all the facts and circumstances pertaining to the activities of the broker-dealer or its client in the particular case, and the examples mentioned above should not be considered a complete description of all the activities that could lead to a characterization as an underwriter.

Broker-dealer firms should also note that dealers who are not "underwriters" but are effecting transactions in Shares, whether or not participating in the distribution of Shares, are generally required to deliver a prospectus. This is because the prospectus delivery exemption in Section 4(a)(3) of the Securities Act is not available in respect of such transactions as a result of Section 24(d) of the Investment Company Act of 1940, as amended (the "Investment Company Act"). As a result, broker-dealer firms should note that dealers who are not "underwriters" but are participating in a distribution (as contrasted with engaging in ordinary secondary market transactions) and thus dealing with the Shares that are part of an overallotment within the meaning of Section 4(a)(3)(C) of the Securities Act, will be unable to take advantage of the prospectus delivery exemption provided by Section 4(a)(3) of the Securities Act. For delivery of prospectuses to exchange members, the prospectus delivery mechanism of Rule 153 under the Securities Act is only available with respect to transactions on a national exchange.

**ACTIVE INVESTORS AND MARKET TIMING** 

The Board has evaluated the risks of market timing activities by the Funds' shareholders. The Board noted that Shares can be purchased and redeemed directly from the Funds only in Creation Units by APs and that the vast majority of trading in Shares occurs on the secondary market. Because the secondary market trades do not directly involve the Funds, it is unlikely those trades would cause the harmful effects of market timing, including dilution, disruption of portfolio management, increases in each Fund's trading costs and the realization of capital gains. With regard to the purchase or redemption of Creation Units directly with the Funds, to the extent effected in-kind (*i.e.*, for securities), the Board noted that those trades do not cause the harmful effects (as previously noted) that may result from frequent cash trades. To the extent trades are effected in whole or in part in cash, the Board

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noted that those trades could result in dilution to the Funds and increased transaction costs, which could negatively impact each Fund's ability to achieve its investment objective, although in certain circumstances (*e.g.*, in conjunction with a reallocation of each Fund's investments), such trades may benefit Fund shareholders by increasing the tax efficiency of the Funds. The Board also noted that direct trading by APs is critical to ensuring that Shares trade at or close to NAV. In addition, the Funds will impose transaction fees on purchases and redemptions of Shares to cover the custodial and other costs incurred by the Funds in effecting trades. Given this structure, the Board determined that it is not necessary to adopt policies and procedures to detect and deter market timing of Shares.

**DISTRIBUTION AND SERVICE PLAN** 

Each Fund has adopted the Plan pursuant to Rule 12b-1 under the Investment Company Act. Under the Plan, each Fund may be authorized to pay distribution fees of up to 0.25% of its average daily net assets each year to the Distributor and other firms that provide distribution and shareholder services ("Service Providers"). As of the date of this Prospectus, the maximum amount payable under the Plan is set at 0% until further action by the Board. In the event 12b-1 fees are charged, over time they would increase the cost of an investment in the Funds because they would be paid on an ongoing basis.

**NET ASSET VALUE** 

The NAV of Shares is calculated each business day as of the close of regular trading on the New York Stock Exchange ("NYSE"), generally 4:00 p.m., Eastern time.

Each Fund calculates its NAV per Share by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Taking the current market value of its total assets,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Subtracting any liabilities, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Dividing that amount by the total number of Shares owned by shareholders.

If you buy or sell Shares on the secondary market, you will pay or receive the market price, which may be higher or lower than NAV. Your transaction will be priced at NAV only if you purchase or redeem your Shares in Creation Units.

Because securities listed on foreign exchanges may trade on weekends or other days when each Fund does not price its Shares, the NAV of the Fund, to the extent it may hold foreign securities, may change on days when shareholders will not be able to purchase or sell Shares. In particular, where all or a portion of each Fund's underlying securities trade in a market that is closed when the market in which the Fund's shares are listed and trading in that market is open, there may be changes between the last quote from its closed foreign market and the value of such security during the Fund's domestic trading day. In addition, please note that this in turn could lead to differences between the market price of each Fund's shares and the underlying value of those shares.

Equity securities that are traded on a national securities exchange, except those listed on the NASDAQ Global Market<sup>®</sup> ("NASDAQ") are valued at the last reported sale price on the exchange on which the security is principally traded. Securities traded on NASDAQ will be valued at the NASDAQ Official Closing Price ("NOCP"). If, on a particular day, an exchange-traded or NASDAQ security does not trade, then the most recent quoted bid for exchange traded or the mean between the most recent quoted bid and ask price for NASDAQ securities will be used. Equity securities that are not traded on a listed exchange are generally valued at the last sale price in the over-the-counter market. If a nonexchange traded security does not trade on a particular day, then the mean between the last quoted closing bid and asked price will be used.

The value of assets denominated in foreign currencies is converted into U.S. dollars using exchange rates deemed appropriate by the Funds.

Redeemable securities issued by open-end investment companies are valued at the investment company's applicable net asset value, with the exception of exchange-traded open-end investment companies which are priced as equity securities.

If a market price is not readily available or is deemed not to reflect market value, the Funds will determine the price of the security held by the Fund based on a determination of the security's fair value pursuant to policies and procedures approved by the Board.

To the extent each Fund holds securities that may trade infrequently, fair valuation may be used more frequently. Fair valuation may have the effect of reducing stale pricing arbitrage opportunities presented by the pricing of Shares. However, when each Fund uses fair valuation to price securities, it may value those securities higher or lower than another fund would have priced the security. Also, the use of fair valuation may cause the Shares' NAV performance to diverge from the Shares' market price and from the performance of various benchmarks used to compare each Fund's performance because benchmarks generally do not use fair valuation techniques. Because of the judgment involved in fair valuation decisions, there can be no assurance that the value ascribed to a particular security is accurate.

**FUND WEBSITE AND DISCLOSURE OF PORTFOLIO HOLDINGS** 

The Trust maintains a website for the Funds at https://castellanetf.com. Among other things, the website includes this Prospectus and the SAI, and will include the Funds' annual and semi-annual reports to shareholders, financial information, holdings, and

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proxy information. The website shows each Fund's daily NAV per share, market price, and premium or discount, each as of the prior business day. The website also shows the extent and frequency of each Fund's premiums and discounts. Further, the website includes each Fund's median bid-ask spread over the most recent thirty calendar days.

Each day a Fund is open for business, the Trust publicly disseminates each Fund's full portfolio holdings as of the close of the previous day through its website at https://castellanetf.com. A description of the Trust's policies and procedures with respect to the disclosure of a Fund's portfolio holdings is available in the SAI.

**INVESTMENTS BY OTHER INVESTMENT COMPANIES** 

For purposes of the Investment Company Act, Shares are issued by a registered investment company and purchases of such Shares by registered investment companies and companies relying on Section 3(c)(1) or 3(c)(7) of the Investment Company Act are subject to the restrictions set forth in Section 12(d)(1) of the Investment Company Act, except as permitted by Rule 6c-11, Rule 12d1-4, or an exemptive order of the SEC.

**DIVIDENDS, DISTRIBUTIONS, AND TAXES**

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Your Fund makes distributions,

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

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

**Dividends and Distributions** 

*Dividends and Distributions.* Each Fund intends to elect and intends to qualify each year as a regulated investment company under the Internal Revenue Code of 1986, as amended. As a regulated investment company, a Fund generally pays no U.S. federal income tax on the income and gains it distributes to you. Each Fund expects to declare and to distribute its net investment income, if any, to shareholders as dividends annually. Each Fund will distribute net realized capital gains, if any, at least annually. A Fund may distribute such income dividends and capital gains more frequently, if necessary, in order to reduce or eliminate U.S. federal excise or income taxes on the Fund. The amount of any distribution will vary, and there is no guarantee a Fund will pay either an income dividend or a capital gains distribution. Distributions may be reinvested automatically in additional whole Shares only if the broker through whom you purchased Shares makes such option available.

*Avoid "Buying a Dividend."* At the time you purchase Shares of a Fund, the Fund's NAV may reflect undistributed income, undistributed capital gains, or net unrealized appreciation in value of portfolio securities held by the Fund. For taxable investors, a subsequent distribution to you of such amounts, although constituting a return of your investment, would be taxable. Buying Shares in a Fund just before it declares an income dividend or capital gains distribution is sometimes known as "buying a dividend."

**Taxes** 

*Tax Considerations.* Each Fund expects, based on its investment objective and strategies, that its distributions, if any, will be taxable as ordinary income, capital gains, or some combination of both. This is true whether you reinvest your distributions in additional Shares or receive them in cash. For U.S. federal income tax purposes, Fund distributions of short-term capital gains are taxable to you as ordinary income. Fund distributions of long-term capital gains are taxable to you as long-term capital gain no matter how long you have owned your Shares. A portion of income dividends reported by a Fund may be qualified dividend income eligible for taxation by certain shareholders at long-term capital gain rates provided certain holding period requirements are met.

*Taxes on Sales of Shares.* A sale or exchange of Shares is a taxable event and, accordingly, a capital gain or loss will generally be recognized. Currently, any capital gain or loss realized upon a sale of Shares generally is treated as long-term capital gain or loss if the Shares have been held for more than one year and as short-term capital gain or loss if the Shares have been held for one year or less. The ability to deduct capital losses may be limited.

*Medicare Tax.* An additional 3.8% Medicare tax is imposed on certain net investment income (including ordinary dividends and capital gain distributions received from a Fund and net gains from redemptions or other taxable dispositions of Shares) of U.S. individuals, estates, and trusts to the extent that such person's "modified adjusted gross income" (in the case of an individual) or "adjusted gross income" (in the case of an estate or trust) exceeds a threshold amount. This Medicare tax, if applicable, is reported by you on, and paid with, your U.S. federal income tax return.

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*Backup Withholding.* By law, if you do not provide a Fund with your proper taxpayer identification number and certain required certifications, you may be subject to backup withholding on any distributions of income, capital gains or proceeds from the sale of your Shares. A Fund also must backup withhold if the Internal Revenue Service ("IRS") instructs it to do so. When backup withholding is required, the amount will be 24% of any distributions or proceeds paid.

*State and Local Taxes.* Fund distributions and gains from the sale or exchange of your Shares generally are subject to applicable state and local taxes.

*Taxes on Purchase and Redemption of Creation Units.* An AP who exchanges equity securities for Creation Units generally will recognize a gain or a loss. The gain or loss will be equal to the difference between the market value of the Creation Units at the time of purchase and the exchanger's aggregate basis in the securities surrendered and the cash amount paid. A person who exchanges Creation Units for equity securities generally will recognize a gain or loss equal to the difference between the exchanger's basis in the Creation Units and the aggregate market value of the securities received and the cash amount received. The IRS, however, may assert that a loss realized upon an exchange of securities for Creation Units cannot be deducted currently under the rules governing "wash sales," or on the basis that there has been no significant change in economic position. Persons exchanging securities should consult their own tax advisor with respect to whether the wash sale rules apply and when a loss might not be deductible.

Under current U.S. federal tax laws, any capital gain or loss realized upon redemption of Creation Units is generally treated as long-term capital gain or loss if the Shares have been held for more than one year and as a short-term capital gain or loss if the Shares have been held for one year or less.

If a Fund redeems Creation Units in cash, it may recognize more capital gains than it will if it redeems Creation Units in-kind.

*Foreign Tax Credits.* If a Fund qualifies to pass through to you the tax benefits from foreign taxes it pays on its investments, and elects to do so, then any foreign taxes it pays on these investments may be passed through to you as a foreign tax credit.

*Non-U.S. Investors.* Non-U.S. investors may be subject to U.S. federal withholding tax at a 30% or lower treaty rate and are subject to special U.S. federal tax certification requirements to avoid backup withholding and claim any treaty benefits. An exemption from U.S. federal withholding tax is provided for capital gain dividends paid by a Fund from long-term capital gains, if any. However, interest-related dividends paid by a Fund from its qualified net interest income from U.S. sources and short-term capital gain dividends may be exempt from U.S. withholding provided the Fund makes certain designations and other requirements are met. Furthermore, notwithstanding such exemptions from U.S. federal withholding at the source, any such dividends and distributions of income and capital gains will be subject to U.S. federal backup withholding at a rate of 24% if you fail to properly certify that you are not a U.S. person. In addition, U.S. estate tax may apply to Shares of a Fund.

*Other Reporting and Withholding Requirements.* Under the Foreign Account Tax Compliance Act (FATCA), each Fund will be required to withhold a 30% tax on (i) income dividends paid by the Fund, and (ii) possibly in the future, certain capital gain distributions and the proceeds arising from the sale of Shares paid by the Fund, to certain foreign entities, referred to as foreign financial institutions or non-financial foreign entities, that fail to comply (or be deemed compliant) with extensive reporting and withholding requirements designed to inform the U.S. Department of the Treasury of U.S.-owned foreign investment accounts. A Fund may disclose the information that it receives from its shareholders to the IRS, non-U.S. taxing authorities or other parties as necessary to comply with FATCA. Withholding also may be required if a foreign entity that is a shareholder of a Fund fails to provide the Fund with appropriate certifications or other documentation concerning its status under FATCA.

*Possible Tax Law Changes.* At the time that this prospectus is being prepared, various administrative and legislative changes to the U.S. federal tax laws are under consideration, but it is not possible at this time to determine whether any of these changes will be made or what the changes might entail.

**This discussion of "Dividends, Distributions and Taxes" is not intended or written to be used as tax advice. Because everyone's tax situation is unique, you should consult your tax professional about U.S. federal, state, local or foreign tax consequences before making an investment in a Fund.** 

**FINANCIAL HIGHLIGHTS**

Each Fund is newly organized and therefore has not yet had any operations as of the date of this Prospectus and does not have financial highlights to present at this time.

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If you would like more information about the Funds and the Trust, the following documents are available free, upon request:

**ANNUAL/SEMI-ANNUAL REPORTS TO SHAREHOLDERS** 

Additional information about each Fund will be in its annual and semi-annual reports to shareholders and in Form N-CSR. The annual report explains the market conditions and investment strategies affecting each Fund's performance during the last fiscal year. In Form N-CSR, you will find the Fund's annual and semi-annual financial statements.

**STATEMENT OF ADDITIONAL INFORMATION** 

The SAI dated June 9, 2025, which contains more details about the Funds, is incorporated by reference in its entirety into this Prospectus, which means that it is legally part of this Prospectus.

To receive a free copy of the latest annual or semi-annual report, or the SAI, or to request additional information about the Funds, please contact us as follows:

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| | |
|:---|:---|
| Call: | (215) 330-4476 |
| Write: | 19 East Eagle Road |
|  | Havertown, PA 19083 |
| Visit: | https://castellanetf.com |

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**INFORMATION PROVIDED BY THE SECURITIES AND EXCHANGE COMMISSION** 

Reports and other information about the Funds are also available:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• For a duplicating fee, by e-mail request to publicinfo@sec.gov.

Investment Company Act File No. 811-22961.

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**EA SERIES TRUST**

**STATEMENT OF ADDITIONAL INFORMATION**

June 9, 2025

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| | |
|:---|:---|
| **Castellan Targeted Equity ETF** | Ticker Symbol: CTEF |
| **Castellan Targeted Income ETF** | Ticker Symbol: CTIF |
| *each of the above listed on Cboe BZX Exchange, Inc.* | *each of the above listed on Cboe BZX Exchange, Inc.* |

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This Statement of Additional Information ("SAI") describes the Castellan Targeted Equity ETF and Castellan Targeted Income ETF (each, a "Fund" and, collectively, the "Funds"), each of which is a series of the EA Series Trust (formerly known as Alpha Architect ETF Trust) (the "Trust"). Shares of each Fund will be listed and traded on the Cboe BZX Exchange, Inc. (the "Exchange"). Empowered Funds, LLC dba EA Advisers (the "Adviser") serves as the investment adviser to the Funds, Castellan Group, LLC ("Castellan") and Arin Risk Advisors, LLC ("Arin") serve as sub-advisers to the Funds. Quasar Distributors, LLC (the "Distributor") serves as the Distributor for the Funds.

**Shares of the Funds are neither guaranteed nor insured by the U.S. Government.** 

This SAI, dated June 9, 2025, as supplemented from time to time, is not a prospectus. It should be read in conjunction with the Funds' Prospectus, dated June 9, 2025, as supplemented from time to time, which incorporates this SAI by reference. Capitalized terms used herein that are not defined have the same meaning as in the Prospectus, unless otherwise noted. A copy of the Prospectus may be obtained without charge by writing to the Distributor, calling (215) 330-4476 or visiting https://castellanetf.com.

When available, a copy of each Fund's annual and semi-annual reports may be obtained without charge by writing to EA Advisers, 19 East Eagle Rd, Havertown PA 19083, calling (215) 330-4476 or visiting https://castellanetf.com.

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**Table of Contents**

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| | |
|:---|:---|
| **<u>[GLOSSARY](#i1f255004d25841b1989fc8542c0f8796_7)</u>** | [1](#i1f255004d25841b1989fc8542c0f8796_7) |
| **<u>[TRUST AND FUND OVERVIEW](#i1f255004d25841b1989fc8542c0f8796_10)</u>** | [2](#i1f255004d25841b1989fc8542c0f8796_10) |
| **<u>[EXCHANGE LISTING AND TRADING](#i1f255004d25841b1989fc8542c0f8796_13)</u>** | [2](#i1f255004d25841b1989fc8542c0f8796_13) |
| **<u>[DISCLOSURE OF PORTFOLIO HOLDINGS](#i1f255004d25841b1989fc8542c0f8796_13)</u>** | [3](#i1f255004d25841b1989fc8542c0f8796_16) |
| **<u>[INVESTMENT POLICIES AND RESTRICTIONS](#i1f255004d25841b1989fc8542c0f8796_19)</u>** | [3](#i1f255004d25841b1989fc8542c0f8796_19) |
| **<u>[INVESTMENT OBJECTIVE, INVESTMENT STRATEGIES AND RISKS](#i1f255004d25841b1989fc8542c0f8796_22)</u>** | [4](#i1f255004d25841b1989fc8542c0f8796_22) |
| **<u>[MANAGEMENT OF THE FUND](#i1f255004d25841b1989fc8542c0f8796_25)</u>** | [15](#i1f255004d25841b1989fc8542c0f8796_25) |
| **<u>[CONTROL PERSONS AND PRINCIPAL HOLDERS OF SECURITIES](#i1f255004d25841b1989fc8542c0f8796_28)</u>** | [19](#i1f255004d25841b1989fc8542c0f8796_28) |
| **<u>[INVESTMENT MANAGEMENT AND OTHER SERVICES](#i1f255004d25841b1989fc8542c0f8796_31)</u>** | [19](#i1f255004d25841b1989fc8542c0f8796_31) |
| **<u>[PORTFOLIO MANAGERS](#i1f255004d25841b1989fc8542c0f8796_34)</u>** | [22](#i1f255004d25841b1989fc8542c0f8796_34) |
| **<u>[PORTFOLIO TRANSACTIONS AND BROKERAGE](#i1f255004d25841b1989fc8542c0f8796_37)</u>** | [23](#i1f255004d25841b1989fc8542c0f8796_37) |
| **<u>[THE DISTRIBUTOR](#i1f255004d25841b1989fc8542c0f8796_40)</u>** | [24](#i1f255004d25841b1989fc8542c0f8796_40) |
| **<u>[ACCOUNTING AND LEGAL SERVICE PROVIDERS](#i1f255004d25841b1989fc8542c0f8796_43)</u>** | [25](#i1f255004d25841b1989fc8542c0f8796_43) |
| **<u>[ADDITIONAL INFORMATION CONCERNING SHARES](#i1f255004d25841b1989fc8542c0f8796_46)</u>** | [25](#i1f255004d25841b1989fc8542c0f8796_46) |
| **<u>[DETERMINATION OF NET ASSET VALUE](#i1f255004d25841b1989fc8542c0f8796_49)</u>** | [34](#i1f255004d25841b1989fc8542c0f8796_49) |
| **<u>[TAXES](#i1f255004d25841b1989fc8542c0f8796_52)</u>** | [35](#i1f255004d25841b1989fc8542c0f8796_52) |
| **<u>[FINANCIAL STATEMENTS](#i1f255004d25841b1989fc8542c0f8796_52)</u>** | [47](#i1f255004d25841b1989fc8542c0f8796_55) |
| **<u>[APPENDIX A - PROXY VOTING POLICIES AND PROCEDURES OF EA Advisors](#i1f255004d25841b1989fc8542c0f8796_58)</u>** | A-[1](#i1f255004d25841b1989fc8542c0f8796_58) |

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**<u>GLOSSARY</u>** 

The following terms are used throughout this SAI, and have the meanings used below (note that various other terms are defined in the text of this SAI):

"***1933 Act***" means the Securities Act of 1933, as amended.

"***1934 Act***" means the Securities Exchange Act of 1934, as amended.

"***Adviser***" means Empowered Funds, LLC dba EA Advisers.

"***Authorized Participant***" means a broker-dealer or other participant in the Continuous Net Settlement System of the National Securities Clearing Corporation (NSCC) or a participant in DTC with access to the DTC system, and who has executed an agreement with the Distributor that governs transactions in the Funds' Creation Units.

"***Balancing Amount***" means an amount equal to the difference between the NAV of a Creation Unit and the market value of the In-Kind Creation (or Redemption) Basket, used to ensure that the NAV of a Fund Deposit (or Redemption) (other than the Transaction Fee), is identical to the NAV of the Creation Unit being purchased.

"***Board***" or "***Trustees***" means the Board of Trustees of the Trust.

"***Business Day***" means any day on which the Trust is open for business.

"***Cash Component***" means an amount of cash consisting of a Balancing Amount calculated in connection with creations.

"***Cash Redemption Amount***" means an amount of cash consisting of a Balancing Amount calculated in connection with redemptions.

"***Code***" means the Internal Revenue Code of 1986, as amended.

"***Creation Unit***" means an aggregation of a specified number of Shares that each Fund issues and redeems on a continuous basis at NAV.

"***Distributor***" means Quasar Distributors, LLC.

"***Dodd-Frank Act***" means the Dodd-Frank Wall Street Reform and Consumer Protection Act.

"***DTC***" means the Depository Trust Company.

"***Exchange***" means the Cboe BZX Exchange, Inc..

"***ETF***" means an exchange-traded fund.

"***FINRA***" means the Financial Industry Regulatory Authority.

***"Fund"*** means a series of the Trust described in this SAI: the Castellan Targeted Equity ETF and the Castellan Targeted Income ETF.

"***Fund Deposit***" means the In-Kind Creation Basket and Cash Component necessary to purchase a Creation Unit from a Fund.

"***Fund Redemption***" means the In-Kind Redemption Basket and Cash Redemption Amount received in connection with the redemption of a Creation Unit.

"***In-Kind Creation Basket***" means the basket of securities to be deposited to purchase Creation Units of a Fund.

"***In-Kind Redemption Basket***" means the basket of securities a shareholder will receive upon redemption of a Creation Unit.

"***Investment Company Act***" or "***1940 Act***" means the Investment Company Act of 1940, as amended.

"***IRS***" means the Internal Revenue Service.

"***NAV***" means the net asset value of a Fund.

"***NSCC***" means the National Securities Clearing Corporation.

"***NYSE***" means the New York Stock Exchange, Inc.

"***Prospectus***" means the Funds' Prospectus, dated June 9, 2025, as amended and supplemented from time to time.

"***SAI***" means this Statement of Additional Information, dated June 9, 2025, as amended and supplemented from time to time.

"***SEC***" means the United States Securities and Exchange Commission.

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"***Shares***" means the shares of a Fund.

***"Sub-Adviser"*** means Castellan Group, LLC and Arin Risk Advisors, LLC (each, a "Sub-Adviser", and together, the "Sub-Advisers").

**"*Transaction Fee***" is a fee that may be imposed to compensate the Trust or its custodian for costs incurred in connection with transactions for Creation Units. The Transaction Fee, when applicable, is comprised of a flat (or standard) fee and may include a variable fee. For the Transaction Fees applicable to the Fund, see "Transaction Fees" in this SAI.

"***Trust***" means the EA Series Trust (formerly known as Alpha Architect ETF Trust), a Delaware statutory trust.

**<u>TRUST AND FUND OVERVIEW</u>** 

The Trust is a Delaware statutory trust formed on October 11, 2013. The Trust is an open-end management investment company registered under the Investment Company Act. The investment objective of the Castellan Targeted Equity ETF is to seek to achieve capital appreciation. The investment objective for the Castellan Targeted Income ETF is to seek to provide current income with an opportunity for capital appreciation. The offering of the Shares is registered under the 1933 Act.

This SAI relates only to the following Funds: Castellan Targeted Equity ETF and Castellan Targeted Income ETF.

**Diversification**

Each Fund is a non-diversified ETF. As a non-diversified fund, each Fund is permitted to invest a larger percentage of its assets in fewer issuers than diversified funds. Thus, a Fund may be more susceptible to adverse developments affecting any single issuer held in its portfolio and may be more susceptible to greater losses because of these developments.

Each Fund offers and issues Shares at NAV only in aggregations of a specified number of Shares, generally in exchange for a basket of securities that comprise its portfolio, together with the deposit of a specified cash payment, or, in certain circumstances, for an all cash payment. Shares of each Fund will be listed and traded on the Exchange. Shares will trade on the Exchange at market prices that may be below, at, or above NAV.

Unlike mutual funds, Shares are not individually redeemable securities. Rather, each Fund issues and redeems Shares on a continuous basis at NAV, only in Creation Units. Shares will not be issued or redeemed except in Creation Units.

In the instance of creations and redemptions, Transaction Fees may be imposed. Such fees are limited in accordance with requirements of the SEC applicable to management investment companies offering redeemable securities. Some of the information contained in this SAI and the Prospectus — such as information about purchasing and redeeming Shares from a Fund and Transaction Fees — is not relevant to most retail investors because it applies only to transactions for Creation Units and most retail investors do not transact for Creation Units.

Once created, Shares generally trade in the secondary market, at market prices that change throughout the day, in amounts less than a Creation Unit. Investors purchasing Shares in the secondary market through a brokerage account or with the assistance of a broker may be subject to brokerage commissions and charges.

**<u>EXCHANGE LISTING AND TRADING</u>**

Shares of each Fund will be listed and traded on the Exchange. Shares trade on the Exchange or in secondary markets at prices that may differ from their NAV, because such prices may be affected by market forces (such as supply and demand for Shares). As is the case of other securities traded on an exchange, when you buy or sell Shares on the Exchange or in the secondary markets your broker will normally charge you a commission or other transaction charges. Further, the Trust reserves the right to adjust the price of Shares in the future to maintain convenient trading ranges for investors (namely, to maintain a price per Share that is attractive to investors) by share splits or reverse share splits, which would have no effect on the NAV.

There can be no assurance that the requirements of the Exchange necessary to maintain the listing of Shares will continue to be met. The Exchange may, but is not required to, remove the Shares of a Fund from listing if: (i) following the initial 12 month period beginning at the commencement of trading of the Fund, there are fewer than 50 beneficial owners of the Shares for 30 or more consecutive trading days, or (ii) such other event shall occur or condition exist that, in the opinion of the Exchange, makes further dealings on the Exchange inadvisable. The Exchange will remove the Shares from listing and trading upon termination of a Fund.

The Funds are not sponsored, endorsed, sold or promoted by the Exchange. The Exchange makes no representation or warranty, express or implied, to the owners of Shares or any member of the public regarding the advisability of investing in securities generally or in the Funds particularly or the ability of the Funds to achieve their objectives. The Exchange has no obligation or liability in connection with the administration, marketing or trading of the Funds.

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**<u>DISCLOSURE OF PORTFOLIO HOLDINGS</u>**

The Board has adopted a policy regarding the disclosure of information about the Funds' portfolio securities. Under the policy, portfolio holdings of the Funds, which will form the basis for the calculation of NAV on a Business Day, are publicly disseminated prior to the opening of trading on the Exchange that Business Day through financial reporting or news services, including the website https://castellanetf.com. In addition, each Business Day a portfolio composition file, which displays the In-Kind Creation Basket and Cash Component, is publicly disseminated prior to the opening of the Exchange via the NSCC.

**<u>INVESTMENT POLICIES AND RESTRICTIONS</u>**

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

The investment policies enumerated in this section may be changed with respect to the Funds only by a vote of the holders of a majority of a Fund's outstanding voting securities, except as noted below:

Each Fund:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. May not borrow money, except to the extent permitted by the Investment Company Act, the rules and regulations thereunder and any applicable exemptive relief.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. May not issue senior securities, except to the extent permitted by the Investment Company Act, the rules and regulations thereunder and any applicable exemptive relief.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. May not engage in the business of underwriting securities except to the extent that the Fund may be considered an underwriter within the meaning of the 1933 Act in the acquisition, disposition or resale of its portfolio securities or in connection with investments in other investment companies, or to the extent otherwise permitted under the Investment Company Act, the rules and regulations thereunder and any applicable exemptive relief.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. May not purchase or sell real estate, except to the extent permitted under the Investment Company Act, the rules and regulations thereunder and any applicable exemptive relief.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. May not purchase or sell physical commodities, unless acquired as a result of ownership of securities or other instruments, and provided that this limitation does not prevent the Fund from (i) purchasing or selling securities of companies that purchase or sell commodities or that invest in commodities; (ii) engaging in any transaction involving currencies, options, forwards, futures contracts, options on futures contracts, swaps, hybrid instruments or other derivatives; or (iii) investing in securities, or transacting in other instruments, that are linked to or secured by physical or other commodities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. May not make loans, except to the extent permitted under the Investment Company Act, the rules and regulations thereunder and any applicable exemptive relief.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Will not concentrate its investments in a particular industry or group of industries, as that term is used in the Investment Company Act.

The following notations are not considered to be part of a Fund's fundamental investment limitation and are subject to change without shareholder approval. If a percentage limitation is satisfied at the time of investment, a later increase or decrease in such percentage resulting from a change in the value of each Fund's investments will not constitute a violation of such limitation. Thus, each Fund may continue to hold a security even though it causes the Fund to exceed a percentage limitation because of fluctuation in the value of the Fund's assets, except that any borrowing by the Fund that exceeds the fundamental investment limitations stated above must be reduced to meet such limitations within the period required by the Investment Company Act or the relevant rules, regulations or interpretations thereunder, as described below.

With respect to the fundamental investment limitation relating to borrowing set forth in (1) above, pursuant to Section 18(f)(1) of the Investment Company Act, each Fund may not issue any class of senior security or sell any senior security of which it is the issuer, except that a Fund shall be permitted to borrow from any bank so long as immediately after such borrowings, there is an asset coverage of at least 300% and that in the event such asset coverage falls below this percentage, the Fund shall reduce the amount of its borrowings, within three days, to an extent that the asset coverage shall be at least 300%.

With respect to the fundamental investment restriction regarding real estate set forth in (4) above, each Fund will not make direct investments in real estate unless acquired as a result of ownership of securities or other instruments. Although each Fund may

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purchase and sell other interests in real estate including securities which are secured by real estate, or securities of companies which make real estate loans or own, or invest or deal in, real estate.

With respect to the fundamental investment limitation relating to lending set forth in (6) above, this means that each Fund may not make loans if, as a result, more than 33 1/3% of its total assets would be lent to other parties. The fundamental investment limitation relating to lending restricts, but does not prevent entirely, each Fund's (i) lending of portfolio securities, (ii) purchase of debt securities, other debt instruments, loan participations and/or engaging in direct corporate loans in accordance with its investment goals and policies, and (iii) use of repurchase agreements to the extent the entry into a repurchase agreement is deemed to be a loan.

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

For purposes of applying the limitation set forth in the concentration policy, each Fund, with respect to its equity holdings, may use the FactSet Revere Business Industry Classification System, Standard Industrial Classification (SIC) Codes, North American Industry Classification System (NAICS) Codes, MSCI Global Industry Classification System, FTSE/Dow Jones Industry Classification Benchmark (ICB) system or any other reasonable industry classification system (including systems developed by the Adviser and/or the Sub-Adviser) to identify each industry. Securities of the U.S. government (including its agencies and instrumentalities), tax-exempt securities of state or municipal governments and their political subdivisions (and repurchase agreements collateralized by government securities) are not considered to be issued by members of any industry, except that each Fund will look through a private activity municipal debt security whose principal and interest payments are derived principally from the assets and revenues of a non-governmental entity in order to determine the industry to which the investments should be allocated when determining a Fund's compliance with its concentration policies. Each Fund's method of applying the limitation set forth in its concentration policy may differ from the methods used by the Trust's other series.

**<u>INVESTMENT OBJECTIVE, INVESTMENT STRATEGIES AND RISKS</u>**

The investment objective, principal strategies of, and risks of investing in each Fund are described in the Prospectus. Unless otherwise indicated in the Prospectus or this SAI, the investment objective and policies of a Fund may be changed without shareholder approval.

**General Investment Risks** 

All investments in securities and other financial instruments involve a risk of financial loss. No assurance can be given that a Fund's investment program will be successful. Investors should carefully review the descriptions of a Fund's principal investments and their risks described in its Prospectus and this SAI.

The Funds or the underlying funds in which a Fund invests may also engage in the following investment strategies or techniques (except where indicated otherwise).

**Equity Securities** 

The equity portion of a Fund's portfolio may be comprised of common stocks traded on domestic securities exchanges or on the over the counter ("OTC") market. In addition to common stocks, the equity portion of the Fund's portfolio may also include preferred stocks, convertible preferred stocks, and convertible bonds and warrants. Prices of equity securities in which a Fund invests (either directly or indirectly through the Fund's investment in shares of other investment companies) may fluctuate in response to many factors, including, but not limited to, the activities of the individual companies whose securities the Fund owns, general market and economic conditions, interest rates, and specific industry changes. Such price fluctuations subject the Fund to potential losses. In addition, regardless of any one company's prospects, a declining stock market may produce a decline in prices for all equity securities, which could also result in losses for the Fund. Market declines may continue for an indefinite period, and investors should understand that during temporary or extended bear markets, the value of equity securities will decline.

Convertible securities entitle the holder to receive interest payments or a dividend preference until the security matures or is redeemed, or the conversion privilege is exercised. As a result of the conversion feature, the interest rate or dividend preference on a convertible security is generally less than would be the case if the securities were issued in non-convertible form. Warrants entitle the holder to purchase equity securities at specific prices for a certain period of time. The prices do not necessarily move parallel to the prices of the underlying securities and the warrants have no voting rights, receive no dividends, and have no rights with respect to the assets of the issuer.

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**Preferred Stocks** 

A Fund may invest in exchange-listed preferred stocks. Preferred stocks include convertible and non-convertible preferred and preference stocks that are senior to common stock. Preferred stocks are equity securities that are senior to common stock with respect to the right to receive dividends and a fixed share of the proceeds resulting from the issuer's liquidation. Some preferred stocks also entitle their holders to receive additional liquidation proceeds on the same basis as holders of the issuer's common stock, and thus represent an ownership interest in the issuer. Depending on the features of the particular security, holders of preferred stock may bear the risks disclosed in the Prospectus or this SAI regarding equity or fixed income securities.

**Securities Lending** 

Each of the Funds may make secured loans of its portfolio securities; however, securities loans will not be made if, as a result, the aggregate amount of all outstanding securities loans by a Fund exceeds 33 1/3% of its total assets (including the market value of collateral received). For purposes of complying with a Fund's investment policies and restrictions, collateral received in connection with securities loans is deemed an asset of the Fund to the extent required by law.

To the extent a Fund engages in securities lending, securities loans will be made to broker-dealers that the Adviser believes to be of relatively high credit standing pursuant to agreements requiring that the loans continuously be collateralized by cash, liquid securities, or shares of other investment companies with a value at least equal to the market value of the loaned securities. As with other extensions of credit, a Fund bears the risk of delay in the recovery of the securities and of loss of rights in the collateral should the borrower fail financially. A Fund also bears the risk that the value of investments made with collateral may decline.

For each loan, the borrower usually must maintain with a Fund's custodian collateral with an initial market value at least equal to 102% of the market value of the domestic securities loaned (or 105% of the market value of foreign securities loaned), including any accrued interest thereon. Such collateral will be marked-to-market daily, and if the coverage falls below 100%, the borrower will be required to deliver additional collateral equal to at least 102% of the market value of the domestic securities loaned (or 105% of the foreign securities loaned).

A Fund retains all or a portion of the interest received on investment of the cash collateral or receives a fee from the borrower. A Fund also continues to receive any distributions paid on the loaned securities. A Fund seeks to maintain the ability to obtain the right to vote or consent on proxy proposals involving material events affecting securities loaned. However, a Fund bears the risk of delay in the return of the security, impairing the Fund's ability to vote on such matters. A Fund may terminate a loan at any time and obtain the return of the securities loaned within the normal settlement period for the security involved.

The Adviser will retain lending agents on behalf of the Funds that are compensated based on a percentage of a Fund's return on its securities lending. A Fund may also pay various fees in connection with securities loans, including shipping fees and custodian fees.

**Risks of Securities Lending** 

Securities lending involves counterparty risk, including the risk that the loaned securities may not be returned or returned in a timely manner and/or a loss of rights in the collateral if the borrower or the lending agent defaults or fails financially. This risk will be increased if a continuation of the current downturn in the economic conditions in the United States and around the world, particularly the recent failures of several major financial services firms, causes further declines in the securities markets and/or causes further financial instability in the borrowers or lending agents. This risk is increased when a Fund's loans are concentrated with a single or limited number of borrowers. There are no limits on the number of borrowers a Fund may use, and the Funds may lend securities to only one or a small group of borrowers. Funds participating in securities lending bear the risk of loss in connection with investments of the cash collateral received from the borrowers, which do not trigger additional collateral requirements from the borrower.

**Real Estate Investment Trusts (REITs)** *(applies to Castellan Targeted Income ETF)*

An equity REIT owns real estate properties directly and generates income from rental and lease payments. Equity REITs also have the potential to generate capital gains as properties are sold at a profit. A mortgage REIT makes construction, development, and long-term mortgage loans to commercial real estate developers and earns interest income on these loans. A hybrid REIT holds both properties and mortgages. To avoid taxation at the corporate level, REITs must distribute most of their earnings to shareholders.

Investments in REITs are subject to many of the same risks as direct investments in real estate. In general, real estate values can be affected by a variety of factors, including, but not limited to, supply and demand for properties, general or local economic conditions, and the strength of specific industries that rent properties. Ultimately, a REIT's performance depends on the types and locations of the properties it owns and on how well the REIT manages its properties. For example, rental income could decline because of extended vacancies, increased competition from nearby properties, tenants' failure to pay rent, regulatory limitations on rents, fluctuations in rental income, variations in market rental rates, or incompetent management. Property values could decrease because of overbuilding

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in the area, environmental liabilities, uninsured damages caused by natural disasters, a general decline in the neighborhood, losses because of casualty or condemnation, increases in property taxes, or changes in zoning laws.

The value of a REIT may also be affected by changes in interest rates. Rising interest rates generally increase the cost of financing for real estate projects, which could cause the value of an equity REIT to decline. During periods of declining interest rates, mortgagors may elect to prepay mortgages held by mortgage REITs, which could lower or diminish the yield on the REIT. REITs are also subject to heavy cash-flow dependency, default by borrowers, and changes in tax and regulatory requirements. In addition, a REIT may fail to meet the requirements for qualification and taxation as a REIT under the Code and/or fail to maintain exemption from the 1940 Act.

**Depositary Receipts** 

The Funds may invest in foreign securities by purchasing depositary receipts, including American Depositary Receipts ("ADRs"), European Depositary Receipts ("EDRs"), and Global Depositary Receipts ("GDRs"). These securities may not necessarily be denominated in the same currency as the securities which they represent. Generally, ADRs, in registered form, are denominated in U.S. dollars and are designed for use in the U.S. securities markets, GDRs, in bearer form, are issued and designed for use outside the United States and EDRs (also referred to as Continental Depositary Receipts ("CDRs")), in bearer form, may be denominated in other currencies and are designed for use in European securities markets. ADRs are receipts typically issued by a U.S. bank or trust company evidencing ownership of the underlying securities. EDRs are European receipts evidencing a similar arrangement. GDRs are receipts typically issued by non-United States banks and trust companies that evidence ownership of either foreign or domestic securities. For purposes of a Fund's investment policies, ADRs, GDRs and EDRs are deemed to have the same classification as the underlying securities they represent. Thus, an ADR, GDR or EDR representing ownership of common stock will be treated as common stock.

**Repurchase Agreements** 

The Funds may enter into repurchase agreements with banks and broker-dealers. A repurchase agreement is an agreement under which securities are acquired by a Fund from a securities dealer or bank subject to resale at an agreed upon price on a later date. The acquiring Fund bears a risk of loss in the event that the other party to a repurchase agreement defaults on its obligations and the Fund is delayed or prevented from exercising its rights to dispose of the collateral securities. Such a default may subject a Fund to expenses, delays, and risks of loss including: (i) possible declines in the value of the underlying security while the Fund seeks to enforce its rights, (ii) possible reduced levels of income and lack of access to income during this period, and (iii) the inability to enforce its rights and the expenses involved in attempted enforcement.

**Debt and Other Fixed Income Securities Generally** 

The Funds may invest in debt securities by purchasing the following: obligations of the U.S. government, its agencies and instrumentalities; corporate debt securities; zero coupon bonds (bonds that are purchased at a discount from their face values and accrue interest at the applicable coupon rate over a period of time); master-demand notes; bank certificates of deposit; time deposits; bankers' acceptances; commercial paper and other notes; and inflation-indexed securities. Each Fund may invest in debt securities that are investment grade. Investment grade securities include securities issued or guaranteed by the U.S. government, its agencies and instrumentalities, as well as securities rated in one of the four highest rating categories by at least two Rating Organizations rating that security, such as Standard & Poor's Ratings Services ("Standard & Poor's") or Moody's Investors Service, Inc. ("Moody's"), or rated in one of the four highest rating categories by one Rating Organization if it is the only Rating Organization rating that security or unrated, if deemed to be of comparable quality by the Adviser and traded publicly on the world market. Securities rated Baa and BBB are the lowest that are considered "investment grade" obligations. Moody's describes securities rated Baa as "subject to moderate credit risk. They are considered medium-grade and as such may possess certain speculative characteristics." Standard & Poor's describes securities rated BBB as "regarded as having adequate protection parameters. However, adverse economic conditions or changing circumstances are more likely to lead to a weakened capacity of the obligor to meet its financial commitment on the obligation." For securities rated BBB, Fitch states that "...expectations of default risk are currently low...capacity for payment of financial commitments is considered adequate, but adverse business or economic conditions are more likely to impair this capacity." Each Fund, at the discretion of the Adviser, may retain a debt security that has been downgraded below the initial investment criteria.

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

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

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

**Money Market Instruments and Cash Items** 

A Fund may temporarily invest a portion of its assets in cash or cash items pending other investments or to maintain liquid assets required in connection with some of the Fund's investments. A Fund may invest in money market instruments including U.S. Government obligations or corporate debt obligations (including those subject to repurchase agreements). Money market instruments also may include banker's acceptances and certificates of deposit of domestic branches of U.S. banks, commercial paper, and variable amount demand master notes ("Master Notes"). Banker's acceptances are time drafts drawn on and "accepted" by a bank. When a bank "accepts" such a time draft, it assumes liability for its payment. When the Fund acquires a banker's acceptance, the bank that "accepted" the time draft is liable for payment of interest and principal when due. The banker's acceptance carries the full faith and credit of such bank. A certificate of deposit ("CD") is an unsecured, interest-bearing debt obligation of a bank. Commercial paper is an unsecured, short-term debt obligation of a bank, corporation, or other borrower. Commercial paper maturity generally ranges from two to 270 days and is usually sold on a discounted basis rather than as an interest-bearing instrument. The Fund will invest in commercial paper only if it is rated in one of the top two rating categories by Moody's Investors Service, Inc., Standard & Poor's Ratings Services, or Fitch Investors Service, Inc., or if not rated, of equivalent quality in the Sub-Adviser's opinion. Commercial paper may include Master Notes of the same quality. Master Notes are unsecured obligations that are redeemable upon demand of the holder and that permit the investment of fluctuating amounts at varying rates of interest. Master Notes will be acquired by the Fund only through the Master Note program of the Fund's custodian bank, acting as administrator thereof. The Sub-Adviser will monitor, on a continuous basis, the earnings power, cash flow, and other liquidity ratios of the issuer of a Master Note held by the Fund. A Fund may invest in investment companies that invest primarily in such cash items and other high quality debt securities.

**U.S. Government Securities** 

U.S. government securities include securities issued or guaranteed by the U.S. government or its authorities, agencies or instrumentalities. Different kinds of U.S. government securities have different kinds of government support. For example, some U.S. government securities (*e.g.*, U.S. Treasury bonds) are supported by the full faith and credit of the U.S. Other U.S. government securities are issued or guaranteed by federal agencies or government-chartered or - sponsored enterprises but are neither guaranteed nor insured by the U.S. government.

It is possible that the availability and the marketability (that is, liquidity) of the securities discussed in this section could be adversely affected by actions of the U.S. government to tighten the availability of credit.

As with other fixed income securities, U.S. government securities expose their holders to market risk because their values typically change as interest rates fluctuate. For example, the value of U.S. government securities may fall during times of rising interest rates. Yields on U.S. government securities tend to be lower than those of corporate securities of comparable maturities.

In addition to investing directly in U.S. government securities, a Fund may purchase certificates of accrual or similar instruments evidencing undivided ownership interests in interest payments and/or principal payments of U.S. government securities. Certificates of accrual and similar instruments may be more volatile than other government securities.

A Fund may invest in i) U.S. Treasury notes, U.S. Treasury bonds, U.S. Treasury bills, and other U.S. Government obligations; (ii) obligations of the Government National Mortgage Association (GNMA) and other U.S. Government sponsored entities that are guaranteed by the U.S. Government; and (iii) obligations of the Federal National Mortgage Association (FNMA), Federal Home Loan Mortgage Corporation (FHLMC), Federal Housing Administration (FHA), Federal Farm Credit Bank (FFCB), Federal Home Loan Bank (FHLB), Student Loan Marketing Association (SLMA), The Tennessee Valley Authority (TVA) and other U.S. Government authorities, agencies, and instrumentalities. While obligations of some U.S. Government sponsored entities are supported by the full faith and credit of the U.S. Government (*e.g.*, GNMA), others are not.

**Foreign Investments** 

*Foreign Market Risk.* Foreign security investment or exposure involves special risks not present in U.S. investments that can increase the chances that a Fund will lose money. In particular, the Funds are subject to the risk that because there are generally fewer investors on foreign exchanges and a smaller number of shares traded each day, it may be difficult for a Fund to buy and sell securities, or

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increase or decrease exposures, on those exchanges. In addition, prices of foreign securities may fluctuate more than prices of securities traded in the U.S.

*Foreign Economy Risk.* The economies of certain foreign markets often do not compare favorably with that of the U.S. with respect to such issues as growth of gross domestic product, reinvestment of capital, resources, and balance of payments positions. Certain foreign economies may rely heavily on particular industries or foreign capital and are more vulnerable to diplomatic developments, the imposition of economic sanctions against a particular country or countries, changes in international trading patterns, trade barriers, and other protectionist or retaliatory measures. Investments in foreign markets may also be adversely affected by governmental actions such as the imposition of capital controls, nationalization of companies or industries, expropriation of assets, or the imposition of punitive taxes. In addition, the governments of certain countries may prohibit or impose substantial restrictions on foreign investing in their capital markets or in certain industries. Any of these actions could severely affect security prices, impair a Fund's ability to purchase or sell foreign securities, or obtain exposure to them, or transfer the Fund's assets back into the U.S., or otherwise adversely affect the Fund's operations. Other foreign market risks include foreign exchange controls, difficulties in pricing securities, defaults on foreign government securities, difficulties in enforcing favorable legal judgments in foreign courts, and political and social instability. Legal remedies available to investors in certain foreign countries may be less extensive than those available to investors in the U.S. or other foreign countries. Foreign corporate governance may not be as robust as in the U.S. As a result, protections for minority investors may not be strong, which could affect security prices.

*Currency Risk and Exchange Risk.* Securities in which the Funds invest, or to which they obtain exposure, may be denominated or quoted in currencies other than the U.S. dollar. Changes in foreign currency exchange rates will affect the value of these securities. Generally, when the U.S. dollar rises in value against a foreign currency, an investment in a security denominated in that currency loses value because the currency is worth fewer U.S. dollars. Similarly, when the U.S. dollar decreases in value against a foreign currency, an investment in, or exposure to, a security denominated in that currency gains value because the currency is worth more U.S. dollars. This risk is generally known as "currency risk," which is the possibility that a stronger U.S. dollar will reduce returns for U.S. investors investing overseas. Foreign currencies also involve the risk that they will be devalued or replaced, adversely affecting the Funds' investments.

*Governmental Supervision and Regulation/Accounting Standards.* Many foreign governments supervise and regulate stock exchanges, brokers and the sale of securities to a lesser extent than the U.S. government. Some countries may not have laws to protect investors the way that the U.S. securities laws do. Accounting standards in other countries are not necessarily the same as in the U.S. If the accounting standards in another country do not require as much disclosure or detail as U.S. accounting standards, it may be harder to completely and accurately determine a company's financial condition.

*Certain Risks of Holding Fund Assets Outside the U.S.* Foreign securities in which the Funds invest, or to which they obtain exposure, are generally held outside the U.S. in foreign banks and securities depositories. The Funds' custodian is the Funds' "foreign custody manager" as provided in Rule 17f-5 under the Investment Company Act. The "foreign custody manager" is responsible for determining that each Fund's directly-held foreign assets will be subject to reasonable care, based on standards applicable to custodians in relevant foreign markets. However, certain foreign banks and securities depositories may be recently organized or new to the foreign custody business. They may also have operations subject to limited or no regulatory oversight. Also, the laws of certain countries may put limits on a Fund's ability to recover its assets if a foreign bank or depository or issuer of a security or an agent of any of the foregoing goes bankrupt. In addition, it likely will be more expensive for a Fund to buy, sell and hold securities, or increase or decrease exposures thereto, in certain foreign markets than it is in the U.S. market due to higher brokerage, transaction, custody and/or other costs. The increased expense of investing in foreign markets reduces the amount a Fund can earn on its investments.

Settlement and clearance procedures in certain foreign markets differ significantly from those in the U.S. Foreign settlement and clearance procedures and trade regulations also may involve certain risks (such as delays in payment for or delivery of securities) not typically involved with the settlement of U.S. investments. Settlements in certain foreign countries at times have not kept pace with the number of securities transactions. The problems may make it difficult for the Funds to carry out transactions. If a Fund cannot settle or is delayed in settling a purchase of securities, the Fund may miss attractive investment opportunities and certain of its assets may be uninvested with no return earned thereon for some period. If a Fund cannot settle or is delayed in settling a sale of securities, directly or indirectly, it may lose money if the value of the security then declines or, if it has contracted to sell the security to another party, the Fund could be liable to that party for any losses incurred.

Dividends and interest on, and proceeds from the sale of, foreign securities a Fund holds, or has exposure to, may be subject to foreign withholding or other taxes, and special U.S. federal income tax considerations may apply.

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**Corporate Debt Securities** 

The rate of interest on a corporate debt security may be fixed, floating or variable, and may vary inversely with respect to a reference rate. Debt securities may be acquired with warrants attached. A Fund may invest in commercial interests, including commercial paper, master notes and other short-term corporate instruments that are denominated in U.S. dollars. Commercial paper consists of short-term promissory notes issued by corporations. Commercial paper may be traded in the secondary market after its issuance. Master notes are demand notes that permit the investment of fluctuating amounts of money at varying rates of interest pursuant to arrangements with issuers who meet the quality criteria of a Fund. The interest rate on a master note may fluctuate based upon changes in specified interest rates, be reset periodically according to a prescribed formula or be a set rate. Although there is no secondary market in master demand notes, if such notes have a demand future, the payee may demand payment of the principal amount of the note upon relatively short notice. Master notes are generally illiquid and therefore subject to a Fund's percentage limitations for investments in illiquid securities.

**Illiquid Securities** 

A Fund may invest in illiquid securities (*i.e.*, securities that are not readily marketable). Illiquid securities include, but are not limited to, restricted securities (securities the disposition of which is restricted under the federal securities laws), securities that may only be resold pursuant to Rule 144A under the Securities Act of 1933, as amended (the "Securities Act"), but that are deemed to be illiquid; and repurchase agreements with maturities in excess of seven days. However, a Fund will not acquire illiquid securities if immediately after the acquisition, such securities would comprise more than 15% of the value of the Fund's net assets. Determinations of liquidity are made pursuant to guidelines contained in the liquidity risk management program of the Trust applicable to the relevant Fund. The Adviser determines and monitors the liquidity of the portfolio securities and reports periodically on its decisions to the Board. In making such liquidity determinations it primarily takes into account the average daily volume of trades. In addition, it may take into account a number of other factors in reaching liquidity decisions, including but not limited to: (1) the number of dealers willing to purchase or sell the security and the number of other potential buyers; (2) the willingness of dealers to undertake to make a market in the security; and (3) the nature of the marketplace trades, including the time needed to dispose of the security, the method of soliciting offers and the mechanics of the transfer. In connection with the implementation of the SEC's liquidity risk management rule and the liquidity risk management program of the Trust applicable to the relevant Fund, the term "illiquid security" is defined as a security that the relevant Fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the security.

An institutional market has developed for certain restricted securities. Accordingly, contractual or legal restrictions on the resale of a security may not be indicative of the liquidity of the security. If such securities are eligible for purchase by institutional buyers in accordance with Rule 144A under the Securities Act or other exemptions, the Adviser may determine that the securities are liquid.

Restricted securities may be sold only in privately negotiated transactions or in a public offering with respect to which a registration statement is in effect under the Securities Act. Where registration is required, a Fund may be obligated to pay all or part of the registration expenses and a considerable period may elapse between the time of the decision to sell and the time the Fund may be permitted to sell a security under an effective registration statement. If, during such a period, adverse market conditions were to develop, a Fund might obtain a less favorable price than that which prevailed when it decided to sell.

Illiquid securities will be priced at fair value as determined in good faith under procedures adopted by the Board. If, through the appreciation of illiquid securities or the depreciation of liquid securities, a Fund should be in a position where more than 15% of the value of its net assets are invested in illiquid securities, including restricted securities which are not readily marketable, the Fund will take such steps as are deemed advisable, if any, to protect liquidity.

**Investments in Other Investment Companies** 

Each Fund may invest in the securities of other investment companies to the extent permitted by the Investment Company Act, SEC rules thereunder and exemptions thereto. Subject to applicable regulatory requirements, a Fund may invest in shares of both open- and closed-end investment companies (including money market funds and ETFs). The market price for ETF and closed-end fund shares may be higher or lower than, respectively, the ETF's and closed-end fund's NAV. Investing in another investment company exposes a Fund to all the risks of that investment company and, in general, subjects it to a pro rata portion of the other investment company's fees and expenses. As a result, an investment by a Fund in an ETF or investment company could cause the Fund's operating expenses to be higher and, in turn, performance to be lower than if the Fund were to invest directly in the securities underlying the ETF or investment company.

Section 12(d)(1) of the Investment Company Act restricts investments by registered investment companies ("Investing Funds") in securities of other registered investment companies, including each Fund. The acquisition of Shares by Investing Funds is subject to the restrictions of Section 12(d)(1) of the Investment Company Act, except as may be permitted by exemptive rules under the

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Investment Company Act such as Rule 12d1-4 under the Investment Company Act, subject to certain terms and conditions, including that the Investing Fund enter into an agreement with the Funds regarding the terms of the investment.

For purposes of the Investment Company Act, Shares are issued by a registered investment company and purchases of such Shares by registered investment companies and companies relying on Section 3(c)(1) or 3(c)(7) of the Act are subject to the restrictions set forth in Section 12(d)(1) of the Act, except as permitted by an exemptive order of the SEC or rule promulgated under the Act.

**Derivative Instruments Risk** 

When a Fund enters into options, futures, and other forms of financial derivatives, such as foreign exchange contracts, the investments involve risks different from direct investments in the underlying securities. While transactions in derivatives may reduce certain risks, these transactions themselves entail certain other risks. For example, unanticipated changes in expected future volatility, interest rates, securities prices, or currency exchange rates may result in a poorer overall performance of a Fund than if they had not entered into any derivatives transactions. Derivatives may magnify a Fund's gains or losses, causing it to make or lose substantially more than it invested. When a Fund invests in options, futures, and other forms of financial derivatives, a Fund will comply with the applicable requirements of the 1940 Act and the guidance of no-action letters issued by the SEC, including Rule 18f-4 under the 1940 Act.

When used for hedging purposes, increases in the value of the securities a Fund holds or intends to acquire may offset any losses incurred with a derivative. Purchasing derivatives for purposes other than hedging could expose a Fund to greater risks.

A Fund's ability to hedge securities through derivatives depends on the degree to which price movements in the underlying index or instrument correlate with price movements in the relevant securities. In the case of poor correlation, the price of the securities a Fund is hedging may not move in the same amount, or even in the same direction as the hedging instrument. A Fund will try to minimize this risk by investing only in those contracts whose behavior it expects to resemble with the portfolio securities it is trying to hedge. However, if a Fund's prediction of interest and currency rates, market value, expected future volatility, or other economic factors is incorrect, a Fund may lose money, or may not make as much money as it expected.

Derivative prices can diverge from the prices of their underlying instruments, even if the characteristics of the underlying instruments are very similar to the derivative. Listed below are some of the factors that may cause such a divergence:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• current and anticipated short-term interest rates, changes in expected future volatility of the underlying instrument, and the time remaining until expiration of the contract;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a difference between the derivatives and securities markets, including different levels of demand, how the instruments are traded, the imposition of daily price fluctuation limits or trading of an instrument stops; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• differences between the derivatives, such as different margin requirements, different liquidity of such markets, and the participation of speculators in such markets.

Derivatives based upon a narrow index of securities may present greater risk than derivatives based on a broad index. Since narrower indices are made up of a smaller number of securities, they may be more susceptible to rapid and extreme price fluctuations because of changes in the value of those securities.

While currency futures and options values are expected to correlate with exchange rates, they may not reflect other factors that affect the value of the investments of a Fund. A currency hedge, for example, should protect a yen-denominated security from a decline in the yen, but will not protect a Fund against a price decline resulting from deterioration in the issuer's creditworthiness. Because the value of a Fund's foreign-denominated investments, if any, changes in response to many factors other than exchange rates, it may not be possible to match the amount of currency options and futures to the value of a Fund's investments precisely over time.

Before a futures contract or option is exercised or expires, a Fund can terminate it only by entering into a closing purchase or sale transaction. Moreover, in some cases, a Fund may close out a futures contract only on the exchange the contract was initially traded. Although a Fund intends to purchase options and futures only where there appears to be an active market, there is no guarantee that such a liquid market will exist. If there is no secondary market for the contract, or the market is illiquid, a Fund may not be able to close out a position. In an illiquid market, a Fund may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• have to sell securities to meet its daily margin requirements at a time when it is disadvantageous to do so;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• have to purchase or sell the instrument underlying the contract;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not be able to hedge its investments; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not be able to realize profits or limit its losses.

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Derivatives may become illiquid (*i.e.*, difficult to sell at a desired time and price) under a variety of market conditions. For example:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an exchange may suspend or limit trading in a particular derivative instrument, an entire category of derivatives, or all derivatives, which sometimes occurs because of increased market volatility;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• unusual or unforeseen circumstances may interrupt normal operations of an exchange;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the facilities of the exchange may not be adequate to handle current trading volume;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• equipment failures, government intervention, insolvency of a brokerage firm or clearing house, or other occurrences may disrupt normal trading activity; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• investors may lose interest in a particular derivative or category of derivatives.

If a Fund incorrectly predicts securities market, expected future volatility or interest rate trends, a Fund may lose money by investing in derivatives. For example, if a Fund were to write a call option based on the expectation that the price of the underlying security would fall, but the price rose instead, a Fund could be required to sell the security upon exercise at a price below the current market price. Similarly, if a Fund were to write a put option based on the expectation that the price of the underlying security would rise, but the price fell instead, a Fund could be required to purchase the security upon exercise at a price higher than the current market price.

Because of the low margin deposits required upon the opening of a derivative position, such transactions may involve an extremely high degree of leverage. Consequently, a relatively small price movement in a derivative may result in an immediate and substantial loss (as well as gain) to a Fund and they may lose more than it originally invested in the derivative.

If the price of a futures contract changes adversely, a Fund may have to sell securities at a time when it is disadvantageous to do so to meet its minimum daily margin requirement. A Fund may lose margin deposits if a broker with whom they have an open futures contract or related option becomes insolvent or declares bankruptcy.

The prices of derivatives are volatile (*i.e.*, they may change rapidly, substantially, and unpredictably) and are influenced by a variety of factors, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• actual and anticipated changes in interest rates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• fiscal and monetary policies; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• national and international political events.

Most exchanges limit the amount by which the price of a derivative can change during a single trading day. Daily trading limits establish the maximum amount that the price of a derivative may vary from the settlement price of that derivative at the end of trading on the previous day. Once the price of a derivative reaches this value, a Fund may not trade that derivative at a price beyond that limit. The daily limit governs only price movements during a given day and does not limit potential gains or losses. Derivative prices have occasionally moved to the daily limit for several consecutive trading days, preventing prompt liquidation of the derivative.

*Government Regulation of Derivatives.* It is possible that government regulation of various types of derivative instruments, including futures and swap agreements, may limit or prevent a Fund from using such instruments as a part of its investment strategy, and could ultimately prevent a Fund from being able to achieve its investment objective. It is impossible to predict fully the effects of legislation and regulation in this area, but the effects could be substantial and adverse.

The futures markets are subject to comprehensive statutes, regulations, and margin requirements. The SEC, the Commodities Futures Trading Commission ("CFTC") and the exchanges are authorized to take extraordinary actions in the event of a market emergency, including, for example, the implementation or reduction of speculative position limits, the implementation of higher margin requirements, the establishment of daily price limits and the suspension of trading.

The regulation of swaps and futures transactions in the U.S., the European Union and other jurisdictions is a rapidly changing area of law and is subject to modification by government and judicial action. There is a possibility of future regulatory changes altering, perhaps to a material extent, the nature of an investment in a Fund or the ability of the Fund to continue to implement its investment strategies.

Under recently adopted rules and regulations, transactions in some types of swaps (including interest rate swaps and credit default swaps on North American and European indices) are required to be centrally cleared, and additional types of swaps may be required to be centrally cleared in the future. In a transaction involving those swaps ("cleared derivatives"), a Fund's counterparty is a clearing house, rather than a bank or broker. Since a Fund is not a member of clearing houses and only clearing members can participate directly in the clearing house, the Fund will hold cleared derivatives through accounts at clearing members. In cleared derivatives

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transactions, a Fund will make payments (including margin payments) to and receive payments from a clearing house through its accounts at clearing members. Clearing members guarantee performance of their clients' obligations to the clearing house.

In addition, U.S. regulators, the European Union, and certain other jurisdictions have adopted minimum margin and capital requirements for uncleared OTC derivatives transactions. It is expected that these regulations will have a material impact on a Fund's use of uncleared derivatives. These rules will impose minimum margin requirements on derivatives transactions between a Fund and its swap counterparties and may increase the amount of margin the Fund is required to provide. They will impose regulatory requirements on the timing of transferring margin, which may accelerate a Fund's current margin process. They will also effectively require changes to typical derivatives margin documentation. Such requirements could increase the amount of margin a Fund needs to provide in connection with uncleared derivatives transactions and, therefore, make such transactions more expensive.

Rule 18f-4 under the Investment Company Act ("Rule 18f-4") imposes requirements and restrictions on a Fund's use of derivatives. Derivatives are defined by Rule 18f-4 to include short sales and forward contracts, such as to-be-announced transactions, as well as transactions traditionally characterized as derivatives, such as futures, options and swaps. Rule 18f-4 also regulates other types of leveraged transactions, such as reverse repurchase transactions and transactions "similar to" reverse repurchase transactions, which include certain securities lending transactions that provide leverage to the Portfolio.

Among other things, Rule 18f-4 treats those derivatives transactions that impose future payment or delivery obligations on a Fund as senior securities within the meaning of Section 18 of the 1940 Act. As a result, a Fund is prohibited from entering into these derivatives transactions except in reliance on the provisions of Rule 18f-4. Rule 18f-4 establishes limits on the derivatives transactions that a Fund may enter into based on the value-at-risk ("VaR") of the Fund inclusive of derivatives. A Fund will generally satisfy the limits under Rule 18f-4 if the VaR of its portfolio (inclusive of derivatives transactions) does not exceed 200% of the VaR of its "designated reference portfolio." The "designated reference portfolio" is a representative unleveraged index or a Fund's own portfolio absent derivatives holdings, as determined by the Fund's derivatives risk manager. This limits test is referred to as the "Relative VaR Test." If a Fund determines that the Relative VaR Test is not appropriate in light of its strategy, subject to specified conditions, the Fund may instead comply with the Absolute VaR Test. A Fund will satisfy the Absolute VaR Test if the VaR of its portfolio does not exceed 20% of the value of the Fund's net assets. In addition, among other requirements, Rule 18f-4 requires a Fund to establish a derivatives risk management program, appoint a derivatives risk manager, and carry out enhanced reporting to the Board, the SEC and the public regarding the Portfolio's derivatives activities.

*Options.* A Fund may purchase and sell/write call and put options on securities. The purchase and writing of options involves certain risks. During the option period, a call writer that holds the underlying security has, in return for the premium on the option, given up the opportunity to profit from a price increase in the underlying securities above the exercise price, but, as long as its obligation as a writer continues, has retained the risk of loss should the price of the underlying security decline. The writer of an option has no control over the time when it may be required to fulfill its obligation as a writer of the option. Once an option writer has received an exercise notice, it cannot effect a closing purchase transaction in order to terminate its obligation under the option and must deliver the underlying securities at the exercise price. If a put or call option purchased by a Fund is not sold when it has remaining value, and if the market price of the underlying security, in the case of a put, remains equal to or greater than the exercise price or, in the case of a call, remains less than or equal to the exercise price, a Fund will lose its entire investment in the option. Also, where a put or call option on a particular security is purchased to hedge against price movements in a related security, the price of the put or call option may move more or less than the price of the related security. There can be no assurance that a liquid market will exist when a Fund seeks to close out an option position. Furthermore, if trading restrictions or suspensions are imposed on the options market, a Fund may be unable to close out a position.

A Fund may write a call or put option only if the option is "covered" by holding a position in the underlying securities or by other means which would permit immediate satisfaction of the Fund's obligation as writer of the option. A written call option creates a potential obligation to sell the underlying security. In order to make sure that this obligation can be met, a Fund could (i) hold the security underlying the written option; (ii) hold an offsetting call option (one with a strike price that is the same or lower than the strike price of the written option); or (iii) segregate cash and liquid securities (which can be cash, U.S. Government securities, and other liquid debt or equity securities) that when added to collateral on deposit equals the market value of the underlying security. A written put option creates a potential obligation to buy the underlying security. In order to make sure that this obligation can be met, a Fund could (i) sell short the underlying security at the same or higher price than the strike price of the written put option; (ii) hold an offsetting put option (one with a strike price that is the same or higher than the strike price of the written option); or (iii) segregate cash and liquid securities that when added to collateral on deposit equals the strike price of the option.

Options offer large amounts of leverage, which will result in a Fund's NAV being more sensitive to changes in the value of the related instrument. A Fund may purchase or write both exchange-traded and OTC options. Exchange-traded options in the United States are issued by a clearing organization affiliated with the exchange on which the option is listed that, in effect, guarantees completion of

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every exchange-traded option transaction. In contrast, OTC options are contracts between a Fund and its counterparty (usually a securities dealer or a bank) with no clearing organization guarantee. Thus, when a Fund purchases an OTC option, it relies on the counterparty from whom it purchased the option to make or take delivery of the underlying investment upon exercise of the option. Failure by the counterparty to do so would result in the loss of any premium paid by a Fund as well as the loss of any expected benefit of the transaction.

A Fund's ability to establish and close out positions in exchange-listed options depends on the existence of a liquid market. However, there can be no assurance that such a market will exist at any particular time. Closing transactions can be made for OTC options only by negotiating directly with the counterparty, or by a transaction in the secondary market if any such market exists. There can be no assurance that a Fund will in fact be able to close out an OTC option position at a favorable price prior to expiration. In the event of insolvency of the counterparty, a Fund might be unable to close out an OTC option position at any time prior to its expiration, if at all.

If a Fund is unable to effect a closing transaction for an option it had purchased, due to the absence of a counterparty or secondary market, the imposition of price limits or otherwise, it would have to exercise the option to realize any profit. The inability to enter into a closing purchase transaction for a covered call option written by a Fund could cause material losses because a Fund would be unable to sell the investment used as cover for the written option until the option expires or is exercised.

Options have varying expiration dates. The exercise price of the options may be below, equal to or above the current market value of the underlying security or instrument. Options purchased by a Fund that expire unexercised have no value, and a Fund will realize a loss in the amount of the premium paid and any transaction costs. If an option written by a Fund expires unexercised, a Fund realizes a gain equal to the premium received at the time the option was written. Transaction costs must be included in these calculations.

*Futures Contracts.* A Fund may enter into futures contracts. A futures contract is a bilateral agreement to buy or sell a security (or deliver a cash settlement price, in the case of a contract relating to an index or otherwise not calling for physical delivery at the end of trading in the contracts) for a set price in the future. Futures contracts are designated by boards of trade that have been designated "contracts markets" by the Commodities Futures Trading Commission (CFTC). No purchase price is paid or received when the contract is entered into. Instead, a Fund, upon entering into a futures contract (and to maintain the Fund's open positions in futures contracts), would be required to deposit with its custodian in a segregated account in the name of the futures broker an amount of cash, U.S. Government securities, suitable money market instruments, or liquid, high-grade debt securities, known as "initial margin." The margin required for a particular futures contract is set by the exchange on which the contract is traded and may be significantly modified from time to time by the exchange during the term of the contract. Futures contracts are customarily purchased and sold on margin that may range upward from less than 5% of the value of the contract being traded. By using futures contracts as a risk management technique, given the greater liquidity in the futures market than in the cash market, it may be possible to accomplish certain results more quickly and with lower transaction costs.

If the price of an open futures contract changes (by increase in the case of a sale or by decrease in the case of a purchase) such that the loss on the futures contract reaches a point at which the margin on deposit does not satisfy margin requirements, the broker will require an increase in the margin. However, if the value of a position increases because of favorable price changes in the futures contract such that the margin deposit exceeds the required margin, the broker will pay the excess to a Fund. These subsequent payments, called "variation margin," to and from the futures broker, are made on a daily basis as the price of the underlying assets fluctuates, making the long and short positions in the futures contract more or less valuable, a process known as "marking to the market." A Fund is expected to earn interest income on initial and variation margin deposits.

A Fund will incur brokerage fees when it purchases and sells futures contracts. Positions taken in the futures markets are not normally held until delivery or cash settlement is required, but are instead liquidated through offsetting transactions that may result in a gain or a loss. While futures positions taken by a Fund will usually be liquidated in this manner, a Fund may instead make or take delivery of underlying securities whenever it appears economically advantageous for the Fund to do so. A clearing organization associated with the exchange on which futures are traded assumes responsibility for closing out transactions and guarantees that as between the clearing members of an exchange, the sale and purchase obligations will be performed with regard to all positions that remain open at the termination of the contract.

*Forward Commitment and When-Issued Securities.* A Fund may purchase securities on a when-issued basis or for settlement at a future date if the Fund holds sufficient assets to meet the purchase price. In such purchase transactions, a Fund will not accrue interest on the purchased security until the actual settlement. Similarly, if a security is sold for a forward date, a Fund will accrue the interest until the settlement of the sale. When-issued security purchases and forward commitments have a higher degree of risk of price movement before settlement due to the extended time period between the execution and settlement of the purchase or sale. As a result, the exposure to the counterparty of the purchase or sale is increased. Although a Fund would generally purchase securities on a forward commitment or when-issued basis with the intention of taking delivery, the Fund may sell such a security prior to the settlement date if the Sub-Adviser feels such action is appropriate. In such a case, the Fund could incur a short-term gain or loss.

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**Borrowing** 

Each Fund may borrow money for investment purposes, which is a form of leveraging. Leveraging investments, by purchasing securities with borrowed money, is a speculative technique that increases investment risk while increasing investment opportunity. Such borrowing may make a Fund's NAV more volatile than funds that do not borrow for investment purposes because leverage magnifies changes in the Fund's NAV and on the Fund's investments. Although the principal of borrowings will be fixed, a Fund's assets may change in value during the time the borrowing is outstanding. Leverage also creates interest expenses for a Fund. To the extent the income derived from securities purchased with borrowed funds exceeds the interest a Fund will have to pay, the Fund's net income will be greater than it would be if leverage were not used. Conversely, if the income from the assets obtained with borrowed funds is not sufficient to cover the cost of leveraging, the net income of a Fund will be less than it would be if leverage were not used, and therefore the amount available for distribution to shareholders as dividends will be reduced. The use of derivatives in connection with leverage creates the potential for significant loss. Any leveraging will comply with the applicable requirements of the 1940 Act and the guidance of no-action letters issued by the SEC.

Each Fund may also borrow money to meet redemptions or for other emergency purposes. Such borrowings may be on a secured or unsecured basis at fixed or variable rates of interest. The 1940 Act requires a Fund to maintain continuous asset coverage of not less than 300% with respect to all borrowings. If such asset coverage should decline to less than 300% due to market fluctuations or other reasons, a Fund will be required to reduce the amount of its borrowings within three days (not including Sundays and holidays), and may be required to dispose of some of its portfolio holdings in order to reduce the Fund's debt and restore the 300% asset coverage, even though it may be disadvantageous from an investment standpoint to dispose of assets at that time.

Each Fund also may be required to maintain minimum average balances in connection with such borrowing or to pay a commitment or other fee to maintain a line of credit. Either of these requirements would increase the cost of borrowing over the stated interest rate.

**Temporary Defensive Positions** 

A Fund may, from time to time, take temporary defensive positions that are inconsistent with the Fund's principal investment strategies in an attempt to respond to adverse market, economic, political, or other conditions. During such an unusual set of circumstances, a Fund may hold up to 100% of its portfolios in cash or cash equivalent positions (*e.g.*, money market securities, U.S. Government securities, and/or similar securities). When a Fund takes a temporary defensive position, the Fund may not be able to achieve its investment objective.

**Portfolio Turnover** 

Because the Funds have not yet commenced operations, they do not have a portfolio turnover rate to provide.

**Cybersecurity Risk** 

Each Fund, like all companies, may be susceptible to operational and information security risks. Cyber security failures or breaches of the Funds or their service providers or the issuers of securities in which the Funds invest have the ability to cause disruptions and impact business operations, potentially resulting in financial losses, the inability of Fund shareholders to transact business, violations of applicable privacy and other laws, regulatory fines, penalties, reputational damage, reimbursement or other compensation costs, and/or additional compliance costs. The Funds and their shareholders could be negatively impacted as a result.

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**<u>MANAGEMENT OF THE FUNDS</u>**

**Trustees and Officers**

The business and affairs of the Trust are managed by its officers under the oversight of its Board. The Board sets broad policies for the Trust and may appoint Trust officers. The Board oversees the performance of the Adviser, the Sub-Adviser, and the Trust's other service providers. Each Trustee serves until his or her successor is duly elected or appointed and qualified.

The Board is comprised of four Trustees. One Trustee and certain of the officers of the Trust are directors, officers or employees of the Adviser. The other Trustees (the "Independent Trustees") are not "interested persons" (as defined in Section 2(a)(19) of the Investment Company Act) of the Trust. The fund complex includes all funds advised by the Adviser ("Fund Complex").

The Trustees, their age, term of office and length of time served, their principal business occupations during the past five years, the number of portfolios in the Fund Complex overseen and other directorships, if any, held by each Trustee, are shown below. The officers, their age, term of office and length of time served and their principal business occupations during the past five years are shown below.

The address of each Trustee and each Officer is: c/o EA Series Trust, 19 East Eagle Road, Havertown, Pennsylvania 19083.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name and Year of Birth** | **Position(s) Held with Trust** | **Term of Office and Length of Time Served** | **Principal Occupation During Past 5 Years** | **Number of Funds in Fund Complex Overseen by Trustee** | **Other Directorships Held by Trustee During Past 5 Years** |
| **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** |
| Daniel Dorn<br>Born: 1975 | Trustee | Indefinite term;<br>Since 2014 | Associate Professor of Finance, Drexel University, LeBow College of Business (2003–present). | 77 |  |
| Michael S. Pagano, Ph.D., CFA®<br>Born: 1962 | Trustee and Audit Committee Chairman | Indefinite term;<br>Since 2014 | The Robert J. and Mary Ellen Darretta Endowed Chair in Finance, Villanova University (1999–present); Founder, Michael S. Pagano, LLC (business consulting firm) (2008–present). | 77 | Citadel Federal Credit Union (pro bono service for non-profit) |
| Chukwuemeka (Emeka) O. Oguh<br>Born: 1983 | Trustee | Indefinite term;<br>Since 2018 | Co-founder and CEO, PeopleJoy (2016–present). | 77 |  |
| **Interested Trustee and Officer\*** | **Interested Trustee and Officer\*** | **Interested Trustee and Officer\*** | **Interested Trustee and Officer\*** | **Interested Trustee and Officer\*** | **Interested Trustee and Officer\*** |
| Wesley R. Gray, Ph.D.<br>Born: 1980 | Trustee, Chairman of the Board, and President | Indefinite term;<br>Trustee and Chairman of the Board (since 2014); President (since 2025) | Founder and Executive Managing Member, EA Advisers (2013–present); Chief Executive Officer, EA Advisers (2024–present); Founder, Chief Executive Officer, and Chief Investment Officer, Alpha Architect, LLC (2014–present); Chief Compliance Officer, Alpha Architect (2023–present). | 77 |  |

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\* Dr. Gray is an "interested person," as defined by the Investment Company Act, because of his employment with and ownership interest in the Adviser.

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**Officers**

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| | | | |
|:---|:---|:---|:---|
| **Name and Year of Birth** | **Position(s) Held with Trust** | **Term of Office and Length of Time Served** | **Principal Occupation During Past 5 Years** |
| Michael D. Barolsky<br>Born: 1981 | Vice President and Secretary | Since 2025; President <br>(2024 – 2025) | Chief Legal Officer, EA Advisers (December 2024–present); Chief Executive Officer, EA Advisers (June 2024–December 2024); Senior Vice President, U.S. Bank Global Fund Services (2019–2024). |
| Joshua J. Hinderliter<br>Born: 1983 | Vice President | Since 2025 | General Counsel, EA Advisers (2025-present); Vice President, U.S. Bancorp Fund Services, LLC (2024-2025); Assistant Vice President, U.S. Bancorp Fund Services, LLC (2022-2024); Managing Associate, Thompson Hine LLP (2016–2022). |
| Sean R. Hegarty, CPA<br>Born: 1993 | Treasurer | Since 2023; Assistant Treasurer (2022 – 2023) | Chief Operating Officer, EA Advisers (2022–present); Assistant Vice President, U.S. Bank Global Fund Services (2018–2022). |
| Jessica D. Leighty<br>Born: 1981 | Chief Compliance Officer | Since 2022 | Chief Compliance Officer, EA Advisers (2021–present); Chief Compliance Officer, Alpha Architect (2021–2023); Chief Compliance Officer, Snow Capital (2015–2021). |
| Brian P. Massaro<br>Born: 1997 | Assistant Treasurer | Since 2023 | Chief Technology Officer, EA Advisers (2023–present); Assistant Operating Officer, EA Advisers (2022–2023); Mutual Funds Administrator, U.S. Bank Global Fund Services (2019–2022). |
| Elizabeth A. Winske<br>Born: 1983 | Assistant Treasurer | Since 2024 | Assistant Operating Officer, EA Advisers (2023–present); Vice President, U.S. Bank Global Fund Services (2020–2023); Assistant Vice President, U.S. Bank Global Fund Services (2016–2020). |

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**Trustee Qualifications**

Information on the Trust's Trustees and Officers appears above including information on the business activities of Trustees during the past five years. In addition to personal qualities, such as integrity, the role of an effective Trustee inherently requires the ability to comprehend, discuss and critically analyze materials and issues presented in exercising judgments and reaching informed conclusions relevant to his duties and fiduciary obligations. The Board believes that the specific background of each Trustee evidences such ability and is appropriate to his serving on the Board. As indicated, Dr. Dorn holds an academic position in the area of finance. Dr. Pagano holds an academic position in the area of finance. Dr. Gray is the Founder and Executive Managing Member of the Adviser and Empirical Finance, LLC d/b/a Alpha Architect. Mr. Oguh is a financial technology entrepreneur, business executive and former mutual fund / ETF analyst.

**Board Structure**

Dr. Gray is considered to be an Interested Trustee and serves as Chairman of the Board. The Chairman's responsibilities include: setting an agenda for each meeting of the Board; presiding at all meetings of the Board and, if present, meetings of the Independent Trustees; and, serving as a liaison between the other Trustees, Trust officers, management personnel and counsel. Dr. Gray also serves as President of the Trust.

The Board believes that having an interested Chairman, who is familiar with the Adviser and its operations, while also having three-fourths of the Board composed of Independent Trustees, strikes an appropriate balance that allows the Board to benefit from the insights and perspective of a representative of management while empowering the Independent Trustees with the ultimate decision-making authority. The Board has not appointed a lead Independent Trustee at this time. The Board does not believe that an independent Chairman or lead Independent Trustee would enhance the Board's effectiveness, as the relatively small size of the Board allows for diverse viewpoints to be shared and for effective communications between and among Independent Trustees and management so that meetings proceed efficiently. Independent Trustees have effective control over the Board's agenda because they form more than a majority of the Board and can request presentations and agenda topics at Board meetings.

The Board intends to hold four regularly scheduled meetings each year, at least two of which shall be in person (or during the current Covid pandemic, virtually, via video conference). The Board may also hold special meetings, as needed, either in person, by telephone, or virtually (if permitted), to address matters arising between regular meetings. The Independent Trustees meet separately at each regularly scheduled in-person (or virtually, if permitted) meeting of the Board; during a portion of each such separate meeting

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management is not present. The Independent Trustees may also hold special meetings, as needed, either in person, by telephone, or virtually (if permitted).

The Board conducts a self-assessment on an annual basis, as part of which it considers whether the structure of the Board and its Committees is appropriate under the circumstances. Based on such self-assessment, among other things, the Board will consider whether its current structure is appropriate. As part of this self-assessment, the Board will consider several factors, including the number of funds overseen by the Board, their investment objectives, and the responsibilities entrusted to the Adviser and other service providers with respect to the oversight of the day-to-day operations of the Trust and the Fund Complex.

The Board sets broad policies for the Trust and may appoint Trust officers. The Board oversees the performance of the Adviser, the Sub-Adviser, and the Trust's other service providers. As part of its oversight function, the Board monitors each of the Adviser's and Sub-Adviser's risk management, including, as applicable, its management of investment, compliance and operational risks, through the receipt of periodic reports and presentations. The Board has not established a standing risk committee. Rather, the Board relies on Trust officers, advisory personnel and service providers to manage applicable risks and report exceptions to the Board in order to enable it to exercise its oversight responsibility. To this end, the Board receives reports from such parties at least quarterly, including, but not limited to, investment and/or performance reports, distribution reports, Rule 12b-1 reports, valuation reports and internal controls reports. Similarly, the Board receives quarterly reports from the Trust's chief compliance officer ("CCO"), including, but not limited to, a report on the Trust's compliance program, and the Independent Trustees have an opportunity to meet separately each quarter with the CCO. The CCO typically provides the Board with updates regarding the Trust's compliance policies and procedures, including any enhancements to them. The Board expects all parties, including, but not limited to, the Adviser, the Sub-Adviser, service providers and the CCO, to inform the Board on an intra-quarter basis if a material issue arises that requires the Board's oversight.

The Board generally exercises its oversight as a whole but has delegated certain oversight functions to an Audit Committee. The function of the Audit Committee is discussed in detail below.

**Committees**

The Board currently has two standing committees: an Audit Committee and a Nominating Committee. Each Independent Trustee serves on each of these committees.

Dr. Pagano serves as the Audit Committee Chairman. The purposes of the Audit Committee are to: (1) oversee generally the Fund Complex's accounting and financial reporting policies and practices, their internal controls and, as appropriate, the internal controls of certain service providers; (2) oversee the quality, integrity and objectivity of the Fund Complex's financial statements and the independent audit thereof; (3) assist the full Board with its oversight of the Trust's compliance with legal and regulatory requirements that relate to the Fund Complex's accounting and financial reporting, internal controls and independent audits; (4) approve, prior to appointment, the engagement of the Trust's independent auditors and, in connection therewith, to review and evaluate the qualifications, independence and performance of the Trust's independent auditors; and (5) act as a liaison between the Trust's independent auditors and the full Board. For the fiscal year ended May 31, 2025, the Audit Committee met eight times.

The purposes of the Nominating Committee are, among other things, to: (1) identify and recommend for nomination candidates to serve as Trustees and/or on Board committees who are not "interested persons" as defined in Section 2(a)(19) of the Investment Company Act ("Interested Persons") of the Trust and who meet any independence requirements of Exchange Rule 5.3(k)(1) or the applicable rule of any other exchange on which shares of the Trust are listed; (2) evaluate and make recommendations to the full Board regarding potential trustee candidates who are Interested Persons of the Trust; and (3) review periodically the workload and capabilities of the Trustees and, as the Committee deems appropriate, to make recommendations to the Board if such a review suggests that changes to the size or composition of the Board and/or its committees are warranted. The Committee will generally not consider potential candidates for nomination identified by shareholders. For the fiscal year ended May 31, 2025, the Nominating Committee did not meet as there were no Board vacancies.

**Compensation of Trustees**

The Trust's officers and any interested Trustees receive no compensation directly from the Trust.

The Independent Trustees determine the amount of compensation that they receive. In determining compensation for the Independent Trustees, the Independent Trustees take into account a variety of factors including, among other things, their collective significant work experience (*e.g*., in business and finance, government or academia). The Independent Trustees also recognize that these individuals' advice and counsel are in demand by other organizations, that these individuals may reject other opportunities because of the time demands of their duties as Independent Trustees, and that they undertake significant legal responsibilities. The Independent Trustees also consider the compensation paid to independent board members of other registered investment company complexes of comparable size.

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Independent Trustees are paid an annual retainer for their services, including attendance at meetings of the Board. All Trustees are reimbursed for their travel expenses and other reasonable out-of-pocket expenses incurred in connection with attending Board meetings. In addition, each Independent Trustee is entitled to reimbursement for reasonable out-of-pocket expenses for educational resources, including attending educational programs to stay informed about industry and regulatory developments. The Trust has no pension or retirement plan.

The table shows the compensation paid to Trustees for the fiscal year ended May 31, 2025 by the Fund Complex.\*

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| | | | |
|:---|:---|:---|:---|
| | **Compensation** | **Compensation**<br>**Deferred** | **Total Compensation<br>from the Fund<br>Complex Paid to Trustee** |
| **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** |
| Emeka O. Oguh | $146958 | $0 | $146958 |
| Daniel Dorn | $157958 | $0 | $157958 |
| Michael S. Pagano\*\* | $159208 | $0 | $159208 |
| **Interested Trustee** | **Interested Trustee** | **Interested Trustee** | **Interested Trustee** |
| Wesley R. Gray\*\*\* | $0 | $0 | $0 |

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\* The Adviser, and not the Fund, is responsible for compensating the Trustees.

\*\* Dr. Pagano receives additional compensation in his role as Audit Committee Chair.

\*\*\* Dr. Gray is an "interested person," as defined by the Investment Company Act, because of his employment with and ownership interest in the Adviser.

**Equity Ownership of Trustees**

The following table sets forth the name and dollar range of equity securities of each Fund owned by Trustees as of December 31, 2024.(The Funds have not yet commenced operations).

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| | | | |
|:---|:---|:---|:---|
| | **Dollar Range of Equity Securities Owned** | **Dollar Range of Equity Securities Owned** | **Dollar Range of Equity Securities Owned** |
| | **Castellan Targeted Equity ETF** | **Castellan Targeted Income ETF** | **Aggregate Dollar Range of Shares (All Funds in the Complex)** |
| **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** |
| Emeka O. Oguh | $0 | $0 | $1-$10000 |
| Daniel Dorn | $0 | $0 | Over $100,000 |
| Michael S. Pagano | $0 | $0 | Over $100,000 |
| **Interested Trustee** | **Interested Trustee** | **Interested Trustee** | **Interested Trustee** |
| Wesley R. Gray | $0 | $0 | Over $100,000 |

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As of the date of this SAI, the Funds have not commenced operations. Therefore, none of the Independent Trustees or their immediate family members beneficially owned any securities in a Fund. Further, as of June 9, 2025, none of the Independent Trustees or their immediate family members beneficially owned any securities in any investment adviser, investment sub-adviser, or principal underwriter of the Trust, or in any person (other than a registered investment company) directly or indirectly controlling, controlled by, or under common control with an investment adviser, investment sub-adviser, or principal underwriter of the Trust..

**Codes of Ethics**

The Board, on behalf of the Trust, has adopted a Code of Ethics pursuant to Rule 17j-1 under the Investment Company Act. In addition, each of the Adviser and Sub-Adviser has adopted a Code of Ethics pursuant to Rule 17j-1. These Codes of Ethics (each a "Code of Ethics" and together the "Codes of Ethics") apply to the personal investing activities of trustees, directors, officers and certain employees ("access persons"). Rule 17j-1 and the Codes of Ethics are designed to prevent unlawful practices in connection with the purchase or sale of securities by access persons. Under each Code of Ethics, access persons are permitted to engage in personal securities transactions, but are required to report their personal securities transactions for monitoring purposes. In addition, certain access persons are required to obtain approval before investing in private placements and are prohibited from investing in initial public offerings ("IPOs"). Copies of the Codes of Ethics are on file with the SEC, and are available to the public.

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Under the Adviser's Code of Ethics, the personnel of the Adviser are permitted to invest in the same securities as held by the Funds. However, the trading of such investments are subject to blackout periods. Copies of the Codes of Ethics are on file with the SEC, and are available to the public. While the Codes of Ethics are reasonably designed to prevent conflicts arising from personal securities transactions by access persons there can be no assurance that these policies and procedures will be effective, however.

Under its Code of Ethics, the personnel of the Sub-Adviser are permitted to invest in the same securities as held by the Fund. However, the trading of such investments is subject to blackout periods. While the Code of Ethics is reasonably designed to prevent conflicts arising from personal securities transactions by access persons there can be no assurance that these policies and procedures will be effective, however.

Under its Code of Ethics, the personnel of Arin are permitted to invest in the same securities as held by the Funds, subject to certain restrictions and pre-approval requirements. In addition, Arin's Code of Ethics requires that portfolio managers and other investment personnel of Arin report their personal securities transactions and holdings, which are reviewed for compliance with the Arin Code of Ethics. While the Code of Ethics is reasonably designed to prevent conflicts arising from personal securities transactions by access persons there can be no assurance that these policies and procedures will be effective.

**Proxy Voting**

The Board has delegated to the Adviser the responsibility to vote proxies related to the securities held in a Fund's portfolios. Under this authority, the Adviser is required by the Board to vote proxies related to portfolio securities in the best interests of a Fund and its shareholders. The Adviser will vote such proxies in accordance with its proxy policies and procedures, which are included in <u>Appendix A</u> to this SAI. The Board will periodically review each Fund's proxy voting record.

The Trust will annually disclose its complete proxy voting record for the year ended June 30 on Form N-PX. The Trust's most recent Form N-PX is available without charge, upon request, by calling (215) 330-4476. The Trust's Form N-PX also is available on the SEC's website at www.sec.gov and on the Funds' website at https://castellanetf.com.

**<u>CONTROL PERSONS AND PRINCIPAL HOLDERS OF SECURITIES</u>**

The Adviser owns all the initial Shares issued by the Funds prior to commencement of investment operations and the public launch of the Fund. The Fund had not commenced operations as of the date of this SAI.

**Management ownership**

The Funds have not commenced operations as of the date of this SAI.

**<u>INVESTMENT MANAGEMENT AND OTHER SERVICES</u>**

**Investment Advisory Agreement**

Under investment advisory agreements between the Trust, on behalf of the Fund, and the Adviser (the "Advisory Agreement"), the Fund pays the Adviser a fee at an annualized rate, which is calculated daily and paid monthly, based on its average daily net assets, set forth in the table below:

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| | |
|:---|:---|
| **Fund** | **Advisory Fee** |
| Castellan Targeted Equity ETF | 0.45% |
| Castellan Targeted Income ETF | 0.45% |

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The Adviser, in turn, compensates the Sub-Adviser from the management fee the Adviser receives. The Funds have not commenced operations prior to the date of this SAI and therefore, the Funds have not yet paid management fees to the Adviser.

The Adviser reviews and supervises the activities of Castellan and Arin with respect to the Funds. Notwithstanding the delegation of discretionary security selection authority to Castellan or the delegation of the selection of brokers and execution of Fund transactions by Arin, subject to the instructions of Castellan, the Adviser retains primary responsibility with respect to all matters relating to the Funds. The Adviser is a registered investment adviser under the Investment Advisers Act of 1940, as amended, and is a limited liability company organized under the laws of Pennsylvania. The address of the Adviser is 19 East Eagle Road, Havertown, Pennsylvania 19083. The Adviser is wholly-owned by Alpha Architect, LLC. The Adviser was founded in October 2013 and provides investment advisory services to the Fund, other exchange-traded funds, and Alpha Architect, LLC, its parent company.

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The following table summarizes the affiliated persons of the Funds who are also affiliated persons of the Adviser.

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| | | |
|:---|:---|:---|
| **NAME** | **AFFILIATION WITH FUNDS** | **AFFILIATION WITH ADVISER** |
| Wesley R. Gray, PhD | Trustee, Chairman of the Board, and President | Executive Managing Member and Chief Executive Officer |
| Michael D. Barolsky | Vice President and Secretary | Chief Legal Officer |
| Joshua J. Hinderliter | Vice President | General Counsel |
| Sean Hegarty | Treasurer | Chief Operating Officer |
| Jessica Leighty | Chief Compliance Officer | Chief Compliance Officer |
| Brian P. Massaro | Assistant Treasurer | Chief Technology Officer |
| Elizabeth Winske | Assistant Treasurer | Assistant Operating Officer |

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Under the Advisory Agreement for each Fund, the Adviser bears all of the costs of each of the Funds, except for the advisory fee, payments under each Fund's Rule 12b-1 Distribution and Service Plan (the "Plan"), brokerage expenses, acquired fund fees and expenses, taxes, interest (including borrowing costs), litigation expenses and other non-routine or extraordinary expenses (including litigation to which the Trust or a Fund may be a party and indemnification of the Trustees and officers with respect thereto).

The Advisory Agreement with respect to a Fund will remain in effect for an initial term of two years from its effective date and thereafter continue in effect for as long as its continuance is specifically approved at least annually, by (1) the vote of the Trustees or by a vote of a majority of the shareholders of such Fund, and (2) by the vote of a majority of the Trustees who are not parties to the Advisory Agreement or Interested Persons of any person thereto, cast in person (or virtually, if permitted) at a meeting called for the purpose of voting on such approval. The Advisory Agreement for each Fund provides that it may be terminated at any time, without the payment of any penalty, by the Board or, with respect to a Fund, by a majority of the outstanding shares of a Fund, on 60 days' written notice to the Adviser, and by the Adviser upon 60 days' written notice, and that it shall be automatically terminated if it is assigned.

**Investment Sub-Adviser: Castellan Group, LLC**

The Trust, on behalf of the Funds, and the Adviser have retained Castellan Group, LLC, 2011 Lake Point Way, Suite 001, Louisville, Kentucky 40223 to serve as sub-adviser for the Funds. Subject to the supervision and oversight of the Adviser and the Board, and pursuant to a Sub-Advisory Agreement between the Adviser and the Sub-Adviser (the "Sub-Advisory Agreement"), the Sub-Adviser evaluates potential investments using publicly available information, and uses both fundamental analyses and quantitative methods. Investment recommendations (e.g., buys and sells) are communicated to the Adviser for review and execution.

For the services it provides to the Funds, Castellan is entitled to receive a management fee, which is calculated daily and payable monthly, at an annual rate based on a Fund's average daily net assets as follows:

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| | |
|:---|:---|
| **Fund** | **Sub-Advisory Fee** |
| Castellan Targeted Equity ETF | 0.23% |
| Castellan Targeted Income ETF | 0.23% |

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The payment of a management fee by the Adviser to Castellan is subject to the terms of each Fund's sponsorship agreement described below.

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

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The following table summarizes the affiliated persons of the Funds that are also affiliated persons of Castellan.

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| | | |
|:---|:---|:---|
| **NAME** | **AFFILIATION WITH FUNDS** | **AFFILIATION WITH CASTELLAN** |
| R. Kevin Storn | Portfolio Manager | Director of Portfolio Management |
| Barry Brauch | Portfolio Manager | Managing Director |

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The Funds are new and therefore the Adviser has not paid management fees to the Castellan as of the date of this SAI.

**Investment Sub-Adviser: Arin Risk Advisors, LLC**

The Trust, on behalf of the Fund, the Adviser and Castellan have retained Arin Risk Advisors, LLC ("Arin"), 1100 East Hector Street, Suite 215, Conshohocken, Pennsylvania 19428-2980, to serve as a sub-adviser for the Fund. Subject to the supervision and oversight of the Adviser and the Board, and pursuant to a sub-advisory agreement between the Trust, the Adviser, Castellan and Arin (the "Arin Sub-Advisory Agreement"), Arin has discretion to select each Fund's options transactions and the broker-dealers to execute Fund transactions in accordance with a Fund's objectives, policies, and restrictions and Castellan's instructions.

For the services it provides to the Funds, Arin is entitled to receive a sub-advisory fee, which is calculated daily and payable monthly, at an annual rate based on a Fund's average daily net assets, subject to a base payment of $50,000 per annum, as follows:

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| | |
|:---|:---|
| **Fund** | **Sub-Advisory Fee** |
| Castellan Targeted Equity ETF | 0.02% on assets over $100 million |
| Castellan Targeted Income ETF | 0.02% on assets over $100 million |

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The Arin Sub-Advisory Agreement was approved by the Trustees (including all the Independent Trustees) and holders of a majority of the outstanding Shares, in compliance with the 1940 Act. The Arin Sub-Advisory Agreement will continue in force for an initial period of two years. Thereafter, the Arin Sub-Advisory Agreement is renewable from year to year with respect to a Fund, so long as its continuance is approved at least annually (1) by the vote, cast in person (or virtually if then-permitted) at a meeting called for that purpose, of a majority of those Trustees who are not "interested persons" of the Trust; and (2) by the majority vote of either the full Board or the vote of a majority of the outstanding Shares. The Arin Sub-Advisory Agreement will terminate automatically in the event of its assignment, and is terminable at any time without penalty by vote of a majority of the Board or, with respect to a Fund, by a majority of the outstanding Shares of a Fund, or by the Adviser, upon 60 days' written notice to Arin, or by Arin on 90 days' written notice to the Adviser and the Trust. The Arin Sub-Advisory Agreement provides that Arin shall not be protected against any liability to the Trust or its shareholders by reason of willful misfeasance, fraud, bad faith or gross negligence on its part in the performance of its duties or from reckless disregard of its obligations or duties thereunder.

The following table summarizes the affiliated persons of the Fund that are also affiliated persons of Arin.

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| | | |
|:---|:---|:---|
| **NAME** | **AFFILIATION WITH FUND** | **AFFILIATION WITH ARIN** |
| Lawrence Lempert | Portfolio Manager | Trading Director and Chief Compliance Officer |

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The Funds are new and therefore the Adviser has not paid a sub-advisory fee to Arin as of the date of this SAI.

**Sponsor**

The Adviser has entered into a fund sponsorship agreement with Castellan, under which Castellan assumes the Adviser's obligation to pay some of the Funds' expenses, including its own sub-advisory fee. Although Castellan has agreed to be responsible for paying some of a Fund's expenses, the Adviser retains the ultimate obligation to a Fund to pay them. Castellan will also provide marketing support for the Funds, including preparing marketing materials related to the Funds. For these services and payments, Castellan is entitled to share in the potential profits generated by the management and operation of the Funds.

**Custodian**

U.S. Bank National Association (the "Custodian"), located at 1555 North Rivercenter Drive, Suite 302, Milwaukee, Wisconsin 53212, serves as the Custodian of each Fund's assets. The Custodian has agreed to: (1) make receipts and disbursements of money on behalf of the Funds, (2) collect and receive all income and other payments and distributions on account of each Fund's portfolio investments and (3) make periodic reports to the Funds concerning the Fund's operations. The Custodian does not exercise any supervisory function over the purchase and sale of securities. As compensation for these services, the Custodian receives certain out-of-pocket costs, transaction fees and asset-based fees which are accrued daily and paid monthly by the Adviser from its fees.

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**Administrator, Fund Accountant and Transfer Agent**

U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services, (the "Administrator" or "Transfer Agent"), located at 615 East Michigan Street, Milwaukee, Wisconsin 53202, serves as Administrator and Fund Accountant to the Funds. The Administrator provides the Funds with all required general administrative services, including, without limitation, clerical and general back office services; bookkeeping, internal accounting and secretarial services; the calculation of NAV; and the preparation and filing of all reports, updates to registration statements, and all other materials required to be filed or furnished by the Funds under federal and state securities laws. As compensation for these services, the Administrator receives certain out-of-pocket costs, transaction fees and asset-based fees which are accrued daily and paid monthly by the Adviser from its fees.

U.S. Bancorp Fund Services, LLC also serves as the Transfer Agent of each Fund's assets. The Transfer Agent has agreed to: (1) issue and redeem shares of the Funds in Creation Units, (2) make dividend and other distributions to shareholders of the Funds, (3) maintain shareholder accounts and (4) make periodic reports to the Funds. As compensation for these services, the Transfer Agent receives certain out-of-pocket costs and transaction fees which are accrued daily and paid monthly by the Adviser from its fees.

The Funds have not commenced operations as of the date of this SAI and therefore does not have any information regarding fees paid to the Administrator to report as of the date of this SAI.

**Securities Lending Agent**

U.S. Bank National Association is each Fund's securities lending agent. As of the date of this SAI, the Funds have not commenced operations and therefore did not have any securities lending information to report.

**<u>PORTFOLIO MANAGERS</u>**

The following table shows the number of other accounts managed by the portfolio managers and the reporting information is provided as of May 31, 2025:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Type of Accounts** | **Total Number of Accounts** | **Total Assets of Accounts (millions)** | **Total Number of Accounts with Performance Based Fees** | **Total Assets of Accounts with Performance Based Fees (millions)** |
| *R. Kevin Storn* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Registered Investment Companies | 0 | $0 | 0 | $0 |
| &nbsp;&nbsp;&nbsp;Other Pooled Investment Vehicles | 0 | $0 | 0 | $0 |
| &nbsp;&nbsp;&nbsp;Other Accounts | 92 | $600 | 52 | $550 |
| *Barry Brauch* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Registered Investment Companies | 0 | $0 | 0 | $0 |
| &nbsp;&nbsp;&nbsp;Other Pooled Investment Vehicles | 0 | $0 | 0 | $0 |
| &nbsp;&nbsp;&nbsp;Other Accounts | 92 | $600 | 52 | $550 |
| *Lawrence Lempert* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Registered Investment Companies | 5 | $6949.64 | 0 | $0 |
| &nbsp;&nbsp;&nbsp;Other Pooled Investment Vehicles | 1 | $1.49 | 1 | $1.49 |
| &nbsp;&nbsp;&nbsp;Other Accounts | 152 | $139.00 | 0 | $0 |

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The following table provides the dollar range of equity securities beneficially owned by the portfolio manager in the Funds as of May 31, 2025.

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| | | |
|:---|:---|:---|
| **Portfolio Manager** | **ETFs Managed by Portfolio Manager** | **Dollar Range of Equity Securities Owned** |
| R. Kevin Storn | Castellan Targeted Equity ETF | $0 |
| R. Kevin Storn | Castellan Targeted Income ETF | $0 |
| Barry Brauch | Castellan Targeted Equity ETF | $0 |
| Barry Brauch | Castellan Targeted Income ETF | $0 |
| Lawrence Lempert | Castellan Targeted Equity ETF | $0 |
| Lawrence Lempert | Castellan Targeted Income ETF | $0 |

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The Funds have not commenced operation as of the date of this SAI.

**Potential Conflicts of Interest** 

A portfolio manager's management of "other accounts" may give rise to potential conflicts of interest in connection with his/her management of each Fund's investments, on the one hand, and the investments of the other accounts, on the other. The other accounts may have the same investment objective as a Fund. Therefore, a potential conflict of interest may arise as a result of the identical investment objectives, whereby a portfolio manager could favor one account over another. Another potential conflict could include a portfolio manager's knowledge about the size, timing and possible market impact of a Funds trades, whereby a portfolio manager could use this information to the advantage of other accounts and to the disadvantage of a Fund.

Each Sub-Adviser has established policies and procedures reasonably designed to ensure that the purchase and sale of securities among all accounts the Sub-Adviser manages are fairly and equitably allocated. There can be no assurance that these policies and procedures will be effective, however.

**Compensation**

**Castellan – Portfolio Managers**

Compensation for each of Messrs. Storn and Brauch is comprised of a fixed salary and a bonus based, in part, on meeting certain client account performance targets. Twenty percent of such bonus opportunity is based on the pre-tax performance of all clients' managed accounts in total as compared to the performance of the S&P 500 Index for the prior calendar year ("Prior Year Performance"). Additionally, twenty percent of their bonus opportunity is based on the extent to which the pre-tax performance of all clients' managed accounts exceeds an average annual return of six percent since each account's inception ("Since Inception Performance"). To the extent the Prior Year Performance or Since Inception Performance is less than 75% of the return of the S&P 500 Index for such period, no bonus is awarded for the applicable opportunity. Other components of each individual's bonus opportunity are based on achieving individual goals, client feedback, and other non-performance-related metrics.

**Arin - Portfolio Manager**

The portfolio manager's compensation varies with the general success of Arin as a firm. The portfolio manager's compensation is variable in that it is based on net revenue after all firm expenses and profit sharing. The portfolio manager's compensation is not directly linked to the Funds' performance, although positive performance and growth in managed assets are factors that may contribute to Arin's distributable profits and assets under management.

**<u>PORTFOLIO TRANSACTIONS AND BROKERAGE</u>**

**Brokerage Transactions** 

<u>Equity Trades</u>

Depending on prevailing market conditions, portfolio changes will generally be implemented through in-kind transactions (including a Cash Component or Cash Redemption Amount as applicable) for Creation Units or, in certain limited situations, through cash-only transactions for Creation Units. In connection with an in-kind component, the Adviser may nonetheless execute brokerage transactions for a Fund and a Fund may incur brokerage commissions, particularly during the early stages of the Funds' development or in the case of transactions involving realized losses. In connection with the cash component (or with an all cash transaction), the Adviser will execute brokerage transactions for a Fund in connection with portfolio changes. Generally, equity securities are bought and sold through brokerage transactions for which commissions are payable. Purchases from underwriters will include the underwriting commission or concession, and purchases from dealers serving as market makers will include a dealer's mark-up or reflect a dealer's mark-down. Money market securities and other debt securities are usually bought and sold directly from the issuer or an underwriter or market maker for the securities. Generally, the Funds will not pay brokerage commissions for such purchases. When a debt security is bought from an underwriter, the purchase price will usually include an underwriting commission or concession. The purchase price for securities bought from dealers serving as market makers will similarly include the dealer's mark-up or reflect a dealer's mark-down. When a Fund executes transactions in the over-the-counter market, it will generally deal with primary market makers unless prices that are more favorable are otherwise obtainable.

In addition, the Adviser may place a combined order, often referred to as "bunching," for two or more accounts it manages, including the Funds, engaged in the purchase or sale of the same security or other instrument if, in its judgment, joint execution is in the best interest of each participant and will result in best price and execution. Transactions involving commingled orders are allocated in a manner deemed equitable to each account or Fund. Although it is recognized that, in some cases, the joint execution of orders could adversely affect the price or volume of the security that a particular account or a Fund may obtain, it is the opinion of the Adviser and the Board that the advantages of combined orders outweigh the possible disadvantages of separate transactions. In addition, in some

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instances a Fund effecting the larger portion of a combined order may not benefit to the same extent as participants effecting smaller portions of the combined order. Nonetheless, the Adviser believes that the ability of a Fund to participate in higher volume transactions will generally be beneficial to the Fund.

<u>Options Trades</u>

Arin will execute option transactions for the Funds. Arin may not give consideration to sales of shares of the Funds as a factor in selecting broker-dealers to execute portfolio securities transactions. Arin may, however, place portfolio transactions with broker-dealers that promote or sell a Fund's shares so long as such transactions are done in accordance with the policies and procedures established by the Trustees that are designed to ensure that the selection is based on the quality of the broker's execution and not on its sales efforts. In selecting brokers to be used in portfolio transactions, Arin seeks to obtain the best overall execution for each trade, which is a combination of price and execution. With respect to execution, Arin considers a number of discretionary factors, including, without limitation, the actual handling of the order, the ability of the broker to settle the trade promptly and accurately, the financial standing of the broker, the ability of the broker to position stock to facilitate execution, Arin's past experience with similar trades, and other factors that may be unique to a particular order. Recognizing the value of these discretionary factors, Arin may select brokers who charge a brokerage commission that is higher than the lowest commission that might otherwise be available for any given trade.

The Funds may participate, if and when practicable, in bidding for the purchase of Fund securities directly from an issuer in order to take advantage of the lower purchase price available to members of a bidding group. The Funds will engage in this practice, however, only when Arin, in its sole discretion, believes such practice to be otherwise in a Fund's interest.

**Aggregated Trades**. While investment decisions for the Funds are made independently of Arin's other client accounts, Arin's other client accounts may invest in the same securities as the Funds. To the extent permitted by law, Arin may aggregate the securities to be sold or purchased for a Fund with those to be sold or purchased for other investment companies or accounts in executing transactions. When a purchase or sale of the same security is made at substantially the same time on behalf of a Fund and another investment company or account, the transaction will be averaged as to price and available investments allocated as to amount in a manner which Arin believes to be equitable to the Fund and such other investment company or account. In some instances, this investment procedure may adversely affect the price paid or received by the Fund or the size of the position obtained or sold by a Fund.

The Funds have not commenced operations as of the date of this SAI and therefore do not have any information to report regarding brokerage commissions they have paid.

**Brokerage with Fund Affiliates** 

Although not expected, the Funds may execute brokerage or other agency transactions through registered broker-dealer affiliates of the Funds, the Adviser, the Sub-Adviser or the Distributor for a commission in conformity with the Investment Company Act, the 1934 Act and rules promulgated by the SEC. Under the Investment Company Act and the 1934 Act, affiliated broker-dealers are permitted to receive and retain compensation for effecting portfolio transactions for a Fund on an exchange if a written contract is in effect between the affiliate and the Fund expressly permitting the affiliate to receive and retain such compensation. These rules further require that commissions paid to the affiliate by a Fund for exchange transactions not exceed *"*usual and customary" brokerage commissions. The rules define "usual and customary" commissions to include amounts that are "reasonable and fair compared to the commission, fee or other remuneration received or to be received by other brokers in connection with comparable transactions involving similar securities being purchased or sold on a securities exchange during a comparable period of time." The Board, including those who are not "interested persons" of the Funds, has adopted procedures for evaluating the reasonableness of commissions paid to affiliates and reviews these procedures periodically.

The Funds have not commenced operations as of the date of this SAI and therefore have not executed brokerage or other agency transactions through registered broker-dealer affiliates of the Funds, the Adviser, the Sub-Advisers, or the Distributor.

**Securities of "Regular Broker-Dealers"** 

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

The Funds have not commenced operations as of the date of this SAI and therefore does not hold any securities of "regular broker dealers."

**<u>THE DISTRIBUTOR</u>**

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Quasar Distributors, LLC (the "Distributor"), located at Three Canal Plaza, Suite 100, Portland, Maine 04101, serves as the Distributor for the Funds.

Shares will be continuously offered for sale by the Trust through the Distributor only in Creation Units, as described below under "Transactions in Creation Units." Shares in less than Creation Units are not distributed by the Distributor. The Distributor also acts as agent for the Trust. The Distributor will deliver a Prospectus to persons purchasing Shares in Creation Units and will maintain records of both orders placed with it and confirmations of acceptance furnished by it. The Distributor is a broker-dealer registered under the 1934 Act and a member of FINRA. The Distributor has no role in determining the investment policies of the Funds or which securities are to be purchased or sold by the Funds.

The Board has adopted the Plan pursuant to Rule 12b-1 under the Investment Company Act. In accordance with its Plan, each Fund is authorized to pay an amount of 0.25% of its average daily net assets each year for certain distribution-related activities. The Plan was adopted in order to permit the implementation of the Funds' method of distribution. No fees are currently paid by any Fund under the Plan. In the event such fees were to be charged, over time they would increase the cost of an investment in a Fund because they would be paid on an ongoing basis. If fees were charged under each Plan, the Trustees would receive and review at the end of each quarter a written report provided by the Distributor of the amounts expended under the Plan and the purpose for which such expenditures were made.

Each Plan will remain in effect for a period of one year and is renewable from year to year with respect to a Fund, so long as its continuance is approved at least annually (1) by the vote of a majority of the Trustees, and (2) by a vote of the majority of those Independent Trustees who have no direct or indirect financial interest in the Plan (the "Rule 12b-1 Trustees"), cast in person (or virtually, if permitted) at a meeting called for the purpose of voting on such approval. The Plans may not be amended to increase materially the amount of fees paid by any Fund unless such amendment is approved by an Investment Company Act majority vote of the outstanding shares and by the Fund Trustees in the manner described above. A Plan is terminable with respect to a Fund at any time by a vote of a majority of the Rule 12b-1 Trustees or by an Investment Company Act majority vote of the outstanding shares.

**<u>ACCOUNTING AND LEGAL SERVICE PROVIDERS</u>**

**Independent Registered Public Accounting Firm** 

Tait, Weller & Baker LLP, 50 South 16<sup>th</sup> Street, Suite 2900, Philadelphia, Pennsylvania 19102, serves as the Fund's independent registered public accounting firm. The independent registered public accounting firm is responsible for auditing the annual financial statements of the Fund.

**Legal Counsel** 

Practus, LLP, 11300 Tomahawk Creek Parkway, Suite 310, Leawood, Kansas 66211, serves as legal counsel to the Trust.

**<u>ADDITIONAL INFORMATION CONCERNING SHARES</u>**

**Organization and Description of Shares of Beneficial Interest** 

The Trust is a Delaware statutory trust and registered open-end investment company. The Trust was organized on October 11, 2013 and has authorized capital of an unlimited number of Shares of beneficial interest of no par value that may be issued in more than one class or series. Currently, the Trust consists of multiple series, including the Funds discussed in this SAI. The Board may designate additional series and classify Shares of a particular series into one or more classes of that series.

Under Delaware law, the Trust is not required to hold an annual meeting of shareholders if the Investment Company Act does not require such a meeting, which it does not. Generally, there will not be annual meetings of Trust shareholders, but if requested in writing by shareholders of at least 25% of the outstanding Shares of the Trust, the Trust will call a meeting of shareholders. Shareholders holding two-thirds of Shares outstanding of the Trust may remove Trustees from office by votes cast at a meeting of Trust shareholders or by written consent.

All Shares are freely transferable. Shares will not have preemptive rights or cumulative voting rights, and none of the Shares will have any preference to conversion, exchange, dividends, retirements, liquidation, redemption or any other feature. Shares have equal voting rights. The Trust's Agreement and Declaration of Trust confers upon the Board the power, by resolution, to alter the number of Shares constituting a Creation Unit or to specify that Shares of a Fund may be individually redeemable. The Trust reserves the right to adjust the stock prices of Shares to maintain convenient trading ranges for investors. Any such adjustments would be accomplished through stock splits or reverse stock splits that would have no effect on the NAV of a Fund.

The Trust's Agreement and Declaration of Trust disclaims liability of the shareholders or the officers of the Trust for acts or obligations of the Trust that are binding only on the assets and property of the Trust. The Agreement and Declaration of Trust provides

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for indemnification out of a Fund's property for all loss and expense of the Fund's shareholders being held personally liable solely by reason of his or her being or having been a shareholder and not because of his or her acts or omissions or for some other reason. The risk of a Trust shareholder incurring financial loss on account of shareholder liability is limited to circumstances in which a Fund itself would not be able to meet the Trust's obligations and this risk should be considered remote.

If a Fund does not grow to a size to permit it to be economically viable, the Fund may cease operations. In such an event, shareholders may be required to liquidate or transfer their Shares at an inopportune time and shareholders may lose money on their investment.

**Book Entry Only System** 

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

DTC acts as Securities Depository for Shares. Shares are represented by securities registered in the name of DTC or its nominee and deposited with, or on behalf of, DTC.

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

Beneficial ownership of Shares is limited to DTC Participants, Indirect Participants and persons holding interests through DTC Participants and Indirect Participants. Ownership of beneficial interests in Shares (owners of such beneficial interests are referred to herein as "Beneficial Owners") is shown on, and the transfer of ownership is effected only through, records maintained by DTC (with respect to DTC Participants) and on the records of DTC Participants (with respect to Indirect Participants and Beneficial Owners that are not DTC Participants). Beneficial Owners will receive from or through the DTC Participant a written confirmation relating to their purchase and sale of Shares.

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

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

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

DTC may decide to discontinue providing its service with respect to Shares at any time by giving reasonable notice to the Trust and discharging its responsibilities with respect thereto under applicable law. Under such circumstances, the Trust shall take action to find a replacement for DTC to perform its functions at a comparable cost.

**Transactions In Creation Units** 

Each Fund sells and redeems Shares in Creation Units on a continuous basis through the Distributor, without a sales load, at the NAV next determined after receipt of an order in proper form on any Business Day. As of the date of this SAI, the Exchange observes the following holidays: New Year's Day, Martin Luther King, Jr. Day, Washington's Birthday, Good Friday, Memorial Day, Juneteenth

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National Independence Day, Independence Day, Labor Day, Thanksgiving Day and Christmas Day. No Fund will issue fractional Creation Units.

The Board may declare a split or a consolidation in the number of Shares outstanding of a Fund or Trust and make a corresponding change in the number of Shares in a Creation Unit.

To purchase or redeem any Creation Units from a Fund, you must be, or transact through, an Authorized Participant. In order to be an Authorized Participant, you must be either a broker-dealer or other participant ("Participating Party") in the Continuous Net Settlement System ("Clearing Process") of the NSCC or a participant in DTC with access to the DTC system ("DTC Participant"), and you must execute an agreement ("Participant Agreement") with the Distributor that governs transactions in the Fund's Creation Units.

Transactions by an Authorized Participant that is a Participating Party using the NSCC system are referred to as transactions "through the Clearing Process." Transactions by an Authorized Participant that is a DTC Participant using the DTC system are referred to as transactions "outside the Clearing Process."

Investors who are not Authorized Participants but want to transact in Creation Units may contact the Distributor for the names of Authorized Participants. An Authorized Participant may require investors to enter into a separate agreement to transact through it for Creation Units and may require orders for purchases of shares placed with it to be in a particular form. Investors should be aware that their broker may not be an Authorized Participant and, therefore, may need to place any order to purchase or redeem Creation Units through another broker or person that is an Authorized Participant, which may result in additional charges. There are expected to be a limited number of Authorized Participants at any one time.

Orders must be transmitted by an Authorized Participant by telephone or other transmission method acceptable to the Distributor pursuant to procedures set forth in the Participant Agreement. Market disruptions and telephone or other communication failures may impede the transmission of orders.

**Purchasing Creation Units** 

**Fund Deposit.** The consideration for a Creation Unit of a Fund is the Fund Deposit. The Fund Deposit will consist of the In-Kind Creation Basket and Cash Component, or an all cash payment ("Cash Value"), as determined by the Adviser to be in the best interest of the Fund.

The Cash Component will typically include a "Balancing Amount" reflecting the difference, if any, between the NAV of a Creation Unit and the market value of the securities in the In-Kind Creation Basket. If the NAV per Creation Unit exceeds the market value of the securities in the In-Kind Creation Basket, the purchaser pays the Balancing Amount to a Fund. By contrast, if the NAV per Creation Unit is less than the market value of the securities in the In-Kind Creation Basket, a Fund pays the Balancing Amount to the purchaser. The Balancing Amount ensures that the consideration paid by an investor for a Creation Unit is exactly equal to the value of the Creation Unit.

The Transfer Agent, in a portfolio composition file sent via the NSCC, generally makes available on each Business Day, immediately prior to the opening of business on the Exchange (currently 9:30 a.m., Eastern time), a list of the names and the required number of shares of each security (or contracts of each option) in the In-Kind Creation Basket to be included in the current Fund Deposit for each Fund (based on information about the Fund's portfolio at the end of the previous Business Day) (subject to amendment or correction). If applicable, the Transfer Agent, through the NSCC, also makes available on each Business Day, the estimated Cash Component or Cash Value, effective through and including the previous Business Day, per Creation Unit.

The announced Fund Deposit is applicable, subject to any adjustments as described below, for purchases of Creation Units of the Funds until such time as the next-announced Fund Deposit is made available. From day to day, the composition of the In-Kind Creation Basket may change as, among other things, corporate actions and investment decisions by the Adviser are implemented for a Fund's portfolio. All questions as to the composition of the In-Kind Creation Basket and the validity, form, eligibility and acceptance for deposit of any securities shall be determined by a Fund, and the Fund's determination shall be final and binding. Each Fund reserves the right to accept a nonconforming (*i.e.*, custom) Fund Deposit.

Payment of any stamp duty or the like shall be the sole responsibility of the Authorized Participant purchasing a Creation Unit. The Authorized Participant must ensure that all Deposit Securities properly denote change in beneficial ownership.

*Cash in lieu*.** A Fund may, in its sole discretion, permit or require the substitution of an amount of cash ("cash in lieu") to be added to the Cash Component to replace any security in the In-Kind Creation Basket. A Fund may permit or require cash in lieu when, for example, the securities in the In-Kind Creation Basket may not be available in sufficient quantity for delivery or may not be eligible for transfer through the systems of DTC or the Clearing Process. Similarly, a Fund may permit or require cash in lieu when, for example, the Authorized Participant or its underlying investor is restricted under U.S. or local securities law or policies from

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transacting in one or more securities in the In-Kind Creation Basket. Each Fund will comply with the federal securities laws in accepting securities in the In-Kind Creation Basket, including the securities in the In-Kind Creation Basket that are sold in transactions that would be exempt from registration under the 1933 Act. All orders involving cash in lieu are considered to be "custom orders."

**Order Cut-Off Time.** For an order involving a Creation Unit to be effectuated at a Fund's NAV on a particular day, it must be received by the Distributor by or before the deadline for such order ("Order Cut-Off Time").

The Order Cut-Off time for orders to purchase Creation Units for the Funds is 4:00 p.m. Eastern time. The Business Day following the day on which such an order is submitted to purchase Creation Units of such Funds is referred to as the "Order Placement Date."

Accordingly, In-Kind Creation and Redemption Baskets are expected to be accepted until the close of regular trading on the Exchange on each Business Day, which is usually 4:00 p.m., Eastern time. On days when the Exchange or bond markets close earlier than normal (such as the day before a holiday), the Order Cut-Off Time is expected to track the Exchange closing and be similarly earlier than normal.

Custom orders typically clear outside the Clearing Process and, therefore, like other orders outside the Clearing Process, may need to be transmitted early on the relevant Business Day to be effectuated at that day's NAV. A custom order may be placed when, for example, an Authorized Participant cannot transact in a security in the In-Kind Creation or Redemption Basket and additional cash is included in a Fund Deposit or Fund Redemption in lieu of such security. Custom orders may be required to be received by the Distributor by 3:00 p.m., Eastern time to be effectuated based on a Fund's NAV on that Business Day.

In all cases, cash and securities should be transferred to a Fund by the "Settlement Date," which, unless extended as noted below, is generally the Business Day immediately following the Transmittal Date. The Settlement Date may be extended if deemed to be in the best interests of the Fund and its shareholders by the Adviser. Persons placing custom orders or orders involving Cash Value should be aware of time deadlines imposed by intermediaries, such as DTC and/or the Federal Reserve Bank wire system, which may delay the delivery of cash and securities by the Settlement Date.

**Placement of Creation Orders.** All purchase orders must be placed by or through an Authorized Participant. To order a Creation Unit, an Authorized Participant must submit an irrevocable purchase order to the Distributor. In-kind (portions of) purchase orders will be processed through the Clearing Process when it is available. The Clearing Process is an enhanced clearing process that is available only for certain securities and only to DTC Participants that are also participants in the Clearing Process of the NSCC. In-kind (portions of) purchase orders not subject to the Clearing Process will go through a manual clearing process run by DTC. Fund Deposits that include government securities must be delivered through the Federal Reserve Bank wire transfer system ("Federal Reserve System"). Fund Deposits that include cash may be delivered through the Clearing Process or the Federal Reserve System. Certain orders for the Funds may be made outside the Clearing Process. In-kind deposits of securities for such orders must be delivered through the Federal Reserve System (for government securities) or through DTC (for corporate securities) and/or through such other arrangements allowed by the Trust or its agents.

**Orders Using Clearing Process.** In connection with creation orders made through the Clearing Process, the Distributor transmits, on behalf of the Authorized Participant, such trade instructions as are necessary to effect the creation order. Pursuant to such trade instructions, the Authorized Participant agrees to deliver the requisite Fund Deposit to the Trust, together with such additional information as may be required by the Distributor. An order to create Creation Units through the Clearing Process is deemed received by the Distributor on the Business Day the order is placed ("Transmittal Date") if (i) such order is received by the Distributor by the Closing Time on such Transmittal Date and (ii) all other procedures set forth in the Participant Agreement are properly followed. Cash Components will be delivered using either the Clearing Process or the Federal Reserve System, as described below.

**Orders Outside Clearing Process.** Fund Deposits made outside the Clearing Process must state that the DTC Participant is not using the Clearing Process and that the creation of Creation Units will instead be effected through a transfer of securities and cash directly through DTC. With respect to such orders, the Fund Deposit transfer must be ordered by the DTC Participant on the Transmittal Date in a timely fashion so as to ensure the delivery of the requisite number of securities in the In-Kind Creation Basket (whether standard or custom) through DTC to the relevant Trust account by 11:00 a.m., Eastern time (the "DTC Cut-Off Time") on the Business Day immediately following the Transmittal Date. The amount of cash equal to the Cash Component, along with any cash in lieu and Transaction Fee, must be transferred directly to the Custodian through the Federal Reserve Bank wire transfer system in a timely manner so as to be received by the Custodian no later than 12:00 p.m., Eastern time, on the Business Day immediately following the Transmittal Date. The delivery of corporate securities through DTC must occur by 3:00 p.m., Eastern time, on the Business Day immediately following the Transmittal Date. The delivery of government securities through the Federal Reserve System must occur by 3:00 p.m., Eastern time, on the Business Day immediately following the Transmittal Date.

An order to create Creation Units outside the Clearing Process is deemed received by the Distributor on the Transmittal Date if (i) such order is received by the Distributor by the Closing Time on such Transmittal Date and (ii) all other procedures set forth in the

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Participant Agreement are properly followed. If the Custodian does not receive both the required In-Kind Creation Basket by the DTC Cut-Off Time and the Cash Component and applicable Transaction Fee by the appointed time, such order may be canceled. Upon written notice to the Distributor, a canceled order may be resubmitted the following Business Day using a Fund Deposit as newly constituted to reflect the then-current In-Kind Creation Basket and Cash Component. Generally, the delivery of Creation Units so created will generally occur no later than the second Business Day following the day on which the order is deemed received by the Distributor. The Settlement Date may be extended if deemed to be in the best interests of a Fund and its shareholders by the Adviser. Authorized Participants that submit a canceled order will be liable to a Fund for any losses resulting therefrom.

Orders involving foreign securities are expected to be settled outside the Clearing Process. Thus, upon receipt of an irrevocable purchase order, the Distributor will notify the Adviser and the Custodian of such order. The Custodian, who will have caused the appropriate local sub-custodian(s) of a Fund to maintain an account into which an Authorized Participant may deliver the Fund Deposit (or cash in lieu), with adjustments determined by a Fund, will then provide information of the order to such local sub-custodian(s). The Authorized Participant must also make available on or before the Settlement, by means satisfactory to a Fund, immediately available or same day funds in U.S. dollars estimated by the Fund to be sufficient to pay the Cash Component and Transaction Fee.

While, as stated above, Creation Units are generally delivered the following Business Day, and generally no later than the second Business Day following the day on which the order is deemed received by the Distributor, except due to foreign holidays, the Funds may settle Creation Unit transactions on a basis other than the one described above in order to accommodate foreign market holiday schedules, to account for different treatment among foreign and U.S. markets of dividend record dates and ex-dividend dates (that is the last day the holder of a security can sell the security and still receive dividends payable on the security), and in certain other circumstances.

**Acceptance of Orders for Creation Units.** The Trust reserves the right to reject a creation order transmitted to it by the Distributor in respect of a Fund if: (i) the order is not in proper form; (ii) the investor(s), upon obtaining the Shares, would own 80% or more of the currently outstanding Shares of a Fund; (iii) the securities delivered do not conform to the In-Kind Creation Basket for the relevant date; (iv) acceptance of a Fund Deposit would, in the opinion of counsel, be unlawful; or (v) in the event that circumstances that are outside the control of the Trust, Custodian, Distributor and Adviser make it practically impossible to process creation orders. Examples of such circumstances include acts of God; public service or utility problems resulting in telephone, telecopy and computer failures; fires, floods or extreme weather conditions; market conditions or activities causing trading halts; systems failures involving computer or other information systems affecting the Trust, the Adviser, the Distributor, DTC, NSCC, the Custodian or sub-custodian or any other participant in the creation process; and similar extraordinary events. The Distributor shall notify an Authorized Participant of its rejection of the order. The Funds, the Custodian, any sub-custodian and the Distributor are under no duty, however, to give notification of any defects or irregularities in the delivery of Fund Deposits, and they shall not incur any liability for the failure to give any such notification.

**Issuance of a Creation Unit.** Once a Fund has accepted a creation order, upon next determination of a Fund's NAV, a Fund will confirm the issuance of a Creation Unit, against receipt of payment, at such NAV. The Distributor will transmit a confirmation of acceptance to the Authorized Participant that placed the order.

Except as provided below, a Creation Unit will not be issued until a Fund obtains good title to the Kind-Creation Basket securities and the Cash Component, along with any cash in lieu and Transaction Fee. Except to foreign holidays, the delivery of Creation Units will generally occur no later than the second Business Day following the Transmittal Date for securities.

In certain cases, Authorized Participants will create and redeem Creation Units on the same trade date. In these instances, the Trust reserves the right to settle these transactions on a net basis.

With respect to orders involving foreign securities, when the applicable local sub-custodian(s) has confirmed to the Custodian that the In-Kind Creation Basket (or cash in lieu) has been delivered to a Fund's account at the applicable sub-custodian(s), the Distributor and the Adviser shall be notified of such delivery, and the Fund will issue and cause the delivery of the Creation Unit. Creation Units may be created in advance of receipt by the Trust of all or a portion of the applicable In-Kind Creation Basket, provided the purchaser tenders an initial deposit consisting of any available securities in the In-Kind Creation Basket and cash equal to the sum of the Cash Component and at least 105% of the market value, as adjusted from time to time by the Adviser, of the In-Kind Creation Basket securities not delivered ("Additional Cash Deposit"). Such initial deposit will have a value greater than the NAV of the Creation Unit on the date the order is placed. The order shall be deemed to be received on the Transmittal Date provided that it is placed in proper form prior to 4:00 p.m., Eastern time, on such date, and federal funds in the appropriate amount are deposited with the Custodian by the DTC Cut-Off Time the following Business Day. If the order is not placed in proper form by 4:00 p.m., Eastern time, or federal funds in the appropriate amount are not received by the DTC Cut-Off Time the next Business Day, then the order will be canceled or

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deemed unreceived and the Authorized Participant effectuating such transaction will be liable to a Fund for any losses resulting therefrom.

To the extent securities in the In-Kind Creation Basket remain undelivered, pending delivery of such securities additional cash will be required to be deposited with the Trust as necessary to maintain an Additional Cash Deposit equal to at least 105% (as adjusted by the Adviser) of the daily marked-to-market value of the missing securities. To the extent that either such securities are still not received by 1:00 p.m., Eastern time, on the second Business Day following the day on which the purchase order is deemed received by the Distributor or a marked-to-market payment is not made within one Business Day following notification to the purchaser and/or Authorized Participant that such a payment is required, the Trust may use the cash on deposit to purchase the missing securities, and the Authorized Participant effectuating such transaction will be liable to a Fund for any costs incurred therein or losses resulting therefrom, including any Transaction Fee, any amount by which the actual purchase price of the missing securities exceeds the Additional Cash Deposit or the market value of such securities on the day the purchase order was deemed received by the Distributor, as well as brokerage and related transaction costs. The Trust will return any unused portion of the Additional Cash Deposit once all of the missing securities have been received by the Trust. The delivery of Creation Units so created will generally occur no later than the second Business Day following the day on which the purchase order is deemed received by the Distributor.

**Transaction Fees** 

Authorized Participants may be required to pay a Transaction Fee as set forth in the table below to compensate the Trust or its custodian for costs incurred in connection with creation and redemption transactions ("Transaction Costs"):

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| | | |
|:---|:---|:---|
| **Fund** | **Standard** <br>**Transaction Fee\*** | **Variable Charge** |
| **Castellan Targeted Equity ETF** | $300 | Up to 2% |
| **Castellan Targeted Income ETF** | $300 | Up to 2% |

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\* The Transaction Fee may be higher for transactions outside the Clearing Process. In addition, one half of the Transaction Fee may be waived in conjunction with rebalancing transactions.

The Standard Transaction Fee, which is payable to the Trust's custodian, typically applies to in-kind purchases of a Fund effected through the Clearing Process on any Business Day, regardless of the number of Creation Units purchased or redeemed that day (assuming, in the case of multiple orders on the same day, that the orders are received at or near the same time). A Transaction Fee of up to four times the standard fee may apply to creation and redemption transactions that occur outside the Clearing Process. As shown in the table above, certain Fund Deposits consisting of cash-in-lieu or Cash Value may be subject to a variable charge, which is payable to the relevant Fund, of up to 2.00% of the value of the order in addition to the standard Transaction Fee. The Standard Transaction Fee may be waived on certain orders if the Trust's custodian has determined to waive the Transaction Costs associated with the order or another party, such as the Adviser, has agreed to pay such fee. A Fund may determine to waive the variable charge on certain orders when such waiver is determined to be in the best interests of Fund shareholders, *e.g.*, for cash creation orders that facilitate the rebalance of a Fund's portfolio in a more tax efficient manner than could be achieved without such order.

The Funds may adjust the Transaction Fee from time to time. The Standard Transaction Fee is based, in part, on the number of holdings in a Fund's portfolio and may be adjusted on a quarterly basis if the number of holdings change. Investors will also be responsible for the costs associated with transferring the securities in the In-Kind Creation (and Redemption) Baskets to (and from) the account of the Trust. Further, investors who, directly or indirectly, use the services of a broker or other intermediary to compose a Creation Unit in addition to an Authorized Participant to effect a transaction in Creation Units may be charged an additional fee by such intermediary for such services.

**Cash Purchase Method.** When cash purchases of Creation Units are available or specified for a Fund, they will be effected in essentially the same manner as in-kind purchases. In the case of a cash purchase, the investor must pay the cash equivalent of the Fund Deposit. In addition, cash purchases may be subject to Transaction Fees as described above. A cash purchase may cause a Fund to incur certain costs that it would not have had the purchase been in-kind. These costs may include brokerage costs, execution, price movement and other costs and expenses related to the execution of trades by a Fund. To the extent that these costs are not offset by the Transaction Fees a Fund's NAV will be negatively impacted.

**Redeeming Creation Units** 

**Fund Redemptions.** Fund Shares may be redeemed only in Creation Units at their NAV next determined after receipt of a redemption request in proper form by a Fund through the Transfer Agent and only on a Business Day. The redemption proceeds for a Creation

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Unit will consist of the In-Kind Redemption Basket and a Cash Redemption Amount, or an all cash payment ("Cash Value"), in all instances equal to the value of a Creation Unit.

There can be no assurance that there will be sufficient liquidity in Shares in the secondary market to permit assembly of a Creation Unit. In addition, investors may incur brokerage and other costs in connection with assembling a Creation Unit.

The Cash Redemption Amount will typically include a Balancing Amount, reflecting the difference, if any, between the NAV of a Creation Unit and the market value of the securities in the In-Kind Redemption Basket. If the NAV per Creation Unit exceeds the market value of the securities in the In-Kind Redemption Basket, a Fund pays the Balancing Amount to the redeeming investor. By contrast, if the NAV per Creation Unit is less than the market value of the securities in the In-Kind Redemption Basket, the redeeming investor pays the Balancing Amount to a Fund.

The composition of the In-Kind Creation Basket will normally be the same as the composition of the In-Kind Redemption Basket. Otherwise, the In-Kind Redemption Basket will be made available by the Adviser or Transfer Agent. Each Fund reserves the right to accept a nonconforming (*i.e.*, custom) Fund Redemption.

In lieu of an In-Kind Redemption Basket and Cash Redemption Amount, Creation Units may be redeemed consisting solely of cash in an amount equal to the NAV of a Creation Unit, which amount is referred to as the Cash Value. Such redemptions for the Funds may be subject to a variable charge, as explained above. If applicable, information about the Cash Value will be made available by the Adviser or Transfer Agent.

From day to day, the composition of the In-Kind Redemption Basket may change as, among other things, corporate actions are implemented for a Fund's portfolio. All questions as to the composition of the In-Kind Redemption Basket and the validity, form, eligibility and acceptance for deposit of any securities shall be determined by a Fund, and the Fund's determination shall be final and binding.

The right of redemption may be suspended or the date of payment postponed: (i) for any period during which the NYSE is closed (other than customary weekend and holiday closings); (ii) for any period during which trading on the NYSE is suspended or restricted; (iii) for any period during which an emergency exists as a result of which disposal of the Shares or determination of a Fund's NAV is not reasonably practicable; or (iv) in such other circumstances as permitted by the SEC, including as described below.

*Cash in lieu*. A Fund may, in its sole discretion, permit or require the substitution of an amount of cash ("cash in lieu") to be added to the Cash Redemption Amount to replace any security in the In-Kind Redemption Basket. A Fund may permit or require cash in lieu when, for example, the securities in the In-Kind Redemption Basket may not be available in sufficient quantity for delivery or may not be eligible for transfer through the systems of DTC or the Clearing Process. Similarly, a Fund may permit or require cash in lieu when, for example, the Authorized Participant or its underlying investor is restricted under U.S. or local securities law or policies from transacting in one or more securities in the In-Kind Redemption Basket. Each Fund will comply with the federal securities laws in satisfying redemptions with the applicable In-Kind Redemption Basket, including the securities in the In-Kind Redemption Basket that are sold in transactions that would be exempt from registration under the 1933 Act. All redemption orders involving cash in lieu are considered to be "custom redemptions."

**Placement of Redemption Orders.** Redemptions must be placed to the Transfer Agent through the Distributor. In addition, redemption orders must be processed either through the DTC process or the Clearing Process. To redeem a Creation Unit, an Authorized Participant must submit an irrevocable redemption order to the Distributor.

An Authorized Participant submitting a redemption order is deemed to represent to a Fund that it or, if applicable, the investor on whose behalf it is acting, (i) owns outright or has full legal authority and legal beneficial right to tender for redemption the Creation Unit to be redeemed and can receive the entire proceeds of the redemption, and (ii) all of the Shares in the Creation Unit to be redeemed have not been borrowed, loaned or pledged to another party nor are they the subject of a repurchase agreement, securities lending agreement or such other arrangement which would preclude the delivery of such Shares to the Fund. A Fund reserves the absolute right, in its sole discretion, to verify these representations, but will typically require verification in connection with higher levels of redemption activity and/or short interest in the Fund. If the Authorized Participant, upon receipt of a verification report, does not provide sufficient verification of the requested representations, the redemption order will not be considered to be in proper form and may be rejected by a Fund.

In certain cases, Authorized Participants will create and redeem Creation Units on the same trade date. In these instances, the Trust reserves the right to settle these transactions on a net basis.

**Placement of Redemption Orders Using Clearing Process.** Orders to redeem Creation Units through the Clearing Process are deemed received by the Trust on the Transmittal Date if (i) such order is received by the Transfer Agent not later than the Order Cut-Off Time on such Transmittal Date, and (ii) all other procedures set forth in the Participant Agreement are properly followed. Orders

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deemed received will be effectuated based on the NAV of a Fund as next determined. An order to redeem Creation Units using the Clearing Process made in proper form but received by the Trust after the Order Cut-Off Time will be deemed received on the next Business Day and will be effected at the NAV next determined on such next Business Day. In connection with such orders, the Distributor transmits on behalf of the Authorized Participant such trade instructions as are necessary to effect the redemption. Pursuant to such trade instructions, the Authorized Participant agrees to deliver the requisite Creation Unit(s) to a Fund, together with such additional information as may be required by the Distributor. Cash Redemption Amounts will be delivered using either the Clearing Process or the Federal Reserve System. The applicable In-Kind Redemption Basket and the Cash Redemption Amount will be transferred to the investor by the second NSCC business day following the date on which such request for redemption is deemed received.

**Placement of Redemption Orders Outside Clearing Process.** Orders to redeem Creation Units outside the Clearing Process must state that the DTC Participant is not using the Clearing Process and that redemption of Creation Units will instead be effected through transfer of Shares directly through DTC. Such orders are deemed received by the Trust on the Transmittal Date if: (i) such order is received by the Transfer Agent not later than the Order Cut-Off Time on the Transmittal Date; (ii) such order is accompanied or followed by the delivery of both (a) the Creation Unit(s), which delivery must be made through DTC to the Custodian no later than the DTC Cut-Off Time on the Business Day immediately following the Transmittal Date and (b) the Cash Redemption Amount by 12:00 p.m., Eastern time, on the Business Day immediately following the Transmittal Date; and (iii) all other procedures set forth in the Participant Agreement are properly followed. After the Trust has deemed such an order received, the Trust will initiate procedures to transfer, and expect to deliver, the requisite In-Kind Redemption Basket and/or any Cash Redemption Amount owed to the redeeming party by the second Business Day following the Transmittal Date on which such redemption order is deemed received by the Trust.

Orders involving foreign securities are expected to be settled outside the Clearing Process. Thus, upon receipt of an irrevocable redemption order, the Distributor will notify the Adviser and the Custodian. The Custodian will then provide information of the redemption to a Fund's local sub-custodian(s). The redeeming Authorized Participant, or the investor on whose behalf it is acting, will have established appropriate arrangements with a broker-dealer, bank or other custody provider in each jurisdiction in which the securities are customarily traded and to which such securities (and any cash in lieu) can be delivered from a Fund's accounts at the applicable local sub-custodian(s).

The calculation of the value of the In-Kind Redemption Basket and the Cash Redemption Amount to be delivered/received upon redemption will be made by the Custodian computed on the Business Day on which a redemption order is deemed received by the Trust. Therefore, if a redemption order in proper form is submitted to the Transfer Agent by a DTC Participant or an Authorized Participant with the ability to transact through the Federal Reserve System, as applicable, not later than Closing Time on the Transmittal Date, and the requisite number of Shares of the relevant Fund are delivered to the Custodian prior to the DTC Cut-Off-Time, then the value of the In-Kind Redemption Basket and the Cash Redemption Amount to be delivered/received will be determined by the Custodian on such Transmittal Date. If, however, either: (i) the requisite number of Shares of the relevant Fund are not delivered by the DTC Cut-Off-Time, as described above, or (ii) the redemption order is not submitted in proper form, then the redemption order will not be deemed received as of the Transmittal Date. In such case, the value of the In-Kind Redemption Basket and the Cash Redemption Amount to be delivered/received will be computed on the Business Day following the Transmittal Date provided that the Fund Shares of the relevant Fund are delivered through DTC to the Custodian by 11:00 a.m., Eastern time, the following Business Day pursuant to a properly submitted redemption order.

If it is not possible to effect deliveries of the securities in the In-Kind Redemption Basket, the Trust may in its discretion exercise its option to redeem Shares in cash, and the redeeming beneficial owner will be required to receive its redemption proceeds in cash. In addition, an investor may request a redemption in cash that a Fund may, in its sole discretion, permit. In either case, the investor will receive a cash payment equal to the NAV of its Shares based on the NAV of Shares of the relevant Fund next determined after the redemption request is received in proper form (minus a Transaction Fee, including a variable charge, if applicable, as described above).

A Fund may also, in its sole discretion, upon request of a shareholder, provide such redeemer a portfolio of securities that differs from the exact composition of the In-Kind Redemption Basket, or cash in lieu of some securities added to the Cash Component, but in no event will the total value of the securities delivered and the cash transmitted differ from the NAV. Redemptions of Fund Shares for the In-Kind Redemption Basket will be subject to compliance with applicable federal and state securities laws and a Fund (whether or not it otherwise permits cash redemptions) reserves the right to redeem Creation Units for cash to the extent that the Trust could not lawfully deliver specific securities in the In-Kind Redemption Basket upon redemptions or could not do so without first registering the securities in the In-Kind Redemption Basket under such laws. An Authorized Participant or an investor for which it is acting subject to a legal restriction with respect to a particular security included in the In-Kind Redemption Basket applicable to the redemption of a Creation Unit may be paid an equivalent amount of cash. The Authorized Participant may request the redeeming beneficial owner of

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the Shares to complete an order form or to enter into agreements with respect to such matters as compensating cash payment, beneficial ownership of shares or delivery instructions.

**Delivery of Redemption Basket.** Once a Fund has accepted a redemption order, upon next determination of the Fund's NAV, the Fund will confirm the issuance of an In-Kind Redemption Basket, against receipt of the Creation Unit(s) at such NAV, any cash in lieu and Transaction Fee, if applicable. A Creation Unit tendered for redemption and the payment of the Cash Redemption Amount, any cash in lieu and Transaction Fee, if applicable, will be effected through DTC. The Authorized Participant, or the investor on whose behalf it is acting, will be recorded on the book-entry system of DTC.

In certain cases, Authorized Participants will create and redeem Creation Units on the same trade date. In these instances, the Trust reserves the right to settle these transactions on a net basis.

**Cash Redemption Method.** When cash redemptions of Creation Units are available or specified for a Fund, they will be effected in essentially the same manner as in-kind redemptions. In the case of a cash redemption, the investor will receive the cash equivalent of the In-Kind Redemption Basket minus any Transaction Fees, if applicable. Cash redemptions may cause a Fund to incur certain costs that it would not have had had the redemption been in-kind. These costs may include brokerage costs, execution, price movement and other costs and expenses related to the execution of trades by a Fund, including taxable gains or losses it might not have incurred if the redemption had been in-kind. To the extent that these costs are not offset by the Transaction Fees a Fund's NAV will be negatively impacted.

**Settlement of Foreign Securities and Regular Foreign Holidays** 

The Funds generally intend to effect deliveries of Creation Units and portfolio securities on a basis of the Transmittal Date ("T") plus one Business Day (*i.e.*, days on which the national securities exchange is open) ("T+1"). The Funds may effect deliveries of Creation Units and portfolio securities on a basis other than T+1 in order to accommodate local holiday schedules, to account for different treatment among foreign and U.S. markets of dividend record dates and ex-dividend dates or under certain other circumstances. Given that foreign securities settle in accordance with the normal rules of settlement of such securities in the applicable foreign market, coupled with foreign market holiday schedules, the Settlement Date may be up to 14 calendar days after the Transmittal Date in certain circumstances.

The ability of the Trust to effect in-kind creations and redemptions within one Business Day of receipt of an order in good form is subject, among other things, to the condition that, within the time period from the date of the order to the date of delivery of the securities, there are no days that are holidays in the applicable foreign market. In such cases, the local market settlement procedures will not commence until the end of the local holiday periods. For every occurrence of one or more intervening holidays in the applicable foreign market that are not holidays observed in the U.S. equity market, the redemption settlement cycle will be extended by the number of such intervening holidays. In addition to holidays, other unforeseeable closings in a foreign market due to emergencies may also prevent the Trust from delivering securities within normal settlement periods. The proclamation of new holidays, the treatment by market participants of certain days as "informal holidays" (*e.g.*, days on which no or limited securities transactions occur, as a result of substantially shortened trading hours), the elimination of existing holidays or changes in local securities delivery practices could affect the information set forth herein at some time in the future.

Because the Funds' portfolio securities may trade on days that the Funds' Exchange is closed or on days that are not Business Days for the Funds, Authorized Participants may not be able to redeem their Shares, or to purchase and sell Shares on the Exchange, on days when the NAV of the Funds could be significantly affected by events in the relevant non-U.S. markets.

**Fund Deposit.** The consideration for purchase of Creation Units is generally all cash ("Cash Value"). However, in some cases the consideration for a Creation Unit of the Fund is the Fund Deposit. In these instances, the Fund Deposit will consist of the In-Kind Creation Basket and Cash Component, as determined by the Sub-Adviser to be in the best interest of the Fund.

The Cash Component may include a "Balancing Amount" reflecting the difference, if any, between the NAV of a Creation Unit and the market value of the securities in the In-Kind Creation Basket. If the NAV per Creation Unit exceeds the market value of the securities in the In-Kind Creation Basket, the purchaser pays the Balancing Amount to the Fund. By contrast, if the NAV per Creation Unit is less than the market value of the securities in the In-Kind Creation Basket, the Fund pays the Balancing Amount to the purchaser. The Balancing Amount ensures that the consideration paid by an investor for a Creation Unit is exactly equal to the value of the Creation Unit.

The Transfer Agent, in a portfolio composition file sent via the NSCC, generally makes available on each Business Day, immediately prior to the opening of business on the Exchange (currently 9:30 a.m., Eastern time), a list of the names and the required number of shares of each security or contracts of each option in the In-Kind Creation Basket to be included in the current Fund Deposit for the Fund (based on information about the Fund's portfolio at the end of the previous Business Day) (subject to amendment or correction).

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If applicable, the Transfer Agent, through the NSCC, also makes available on each Business Day, the estimated Cash Component or Cash Value, effective through and including the previous Business Day, per Creation Unit.

The announced Fund Deposit is applicable, subject to any adjustments as described below, for purchases of Creation Units of the Fund until such time as the next-announced Fund Deposit is made available. From day to day, the composition of the In-Kind Creation Basket may change as, among other things, corporate actions and investment decisions by the Adviser are implemented for the Fund's portfolio. All questions as to the composition of the In-Kind Creation Basket and the validity, form, eligibility and acceptance for deposit of any securities shall be determined by the Fund, and the Fund's determination shall be final and binding. The Fund reserves the right to accept a nonconforming (*i.e.*, custom) Fund Deposit.

Payment of any stamp duty or the like shall be the sole responsibility of the Authorized Participant purchasing a Creation Unit. The Authorized Participant must ensure that all Deposit Securities properly denote change in beneficial ownership.

**<u>DETERMINATION OF NET ASSET VALUE</u>**

The NAV of Shares is calculated each business day as of the close of regular trading on the New York Stock Exchange ("NYSE"), generally 4:00 p.m., Eastern time.

Each Fund calculates its NAV per Share by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Taking the current market value of its total assets,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Subtracting any liabilities, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Dividing that amount by the total number of Shares owned by shareholders.

If you buy or sell Shares on the secondary market, you will pay or receive the market price, which may be higher or lower than NAV. Your transaction will be priced at NAV only if you purchase or redeem your Shares in Creation Units.

Because securities listed on foreign exchanges may trade on weekends or other days when a Fund does not price its Shares, the NAV of the Fund, to the extent it may hold foreign securities, may change on days when shareholders will not be able to purchase or sell Shares.

Equity securities that are traded on a national securities exchange, except those listed on the NASDAQ Global Market® ("NASDAQ") are valued at the last reported sale price on the exchange on which the security is principally traded. Securities traded on NASDAQ will be valued at the NASDAQ Official Closing Price ("NOCP"). If, on a particular day, an exchange-traded or NASDAQ security does not trade, then the most recent quoted bid for exchange traded or the mean between the most recent quoted bid and ask price for NASDAQ securities will be used. Equity securities that are not traded on a listed exchange are generally valued at the last sale price in the over-the-counter market. If a non-exchange traded security does not trade on a particular day, then the mean between the last quoted closing bid and asked price will be used. Prices denominated in foreign currencies are converted to U.S. dollar equivalents using current exchange rates deemed appropriate for a Fund, which approximates fair value.

If a market price is not readily available or is deemed not to reflect market value, a Fund will determine the price of the security held by the Fund based on a determination of the security's fair value pursuant to policies and procedures approved by the Board. Fair valuation may have the effect of reducing stale pricing arbitrage opportunities presented by the pricing of Shares. However, when a Fund uses fair valuation to price securities, it may value those securities higher or lower than another fund would have priced the security. Also, the use of fair valuation may cause the Shares' NAV performance to diverge from the Shares' market price and from the performance of various benchmarks used to compare a Fund's performance because benchmarks generally do not use fair valuation techniques. Because of the judgment involved in fair valuation decisions, there can be no assurance that the value ascribed to a particular security is accurate.

Subject to its oversight, the Board has delegated primary responsibility for determining or causing to be determined the value of each Fund's investments to the Adviser, pursuant to the Trust's valuation policy and procedures, which have been adopted by the Trust and approved by the Board. In accordance with Rule 2a-5 under the 1940 Act, the Board designated the Adviser as the "valuation designee" of the Funds. If the Adviser, as valuation designee, determines that reliable market quotations are not readily available for an investment, the investment is valued at fair value as determined in good faith by the Adviser in accordance with the Trust's fair valuation policy and procedures. The Adviser will provide the Board with periodic reports, no less frequently than quarterly, that discuss the functioning of the valuation process, if applicable, and that identify issues and valuation problems that have arisen, if any. As appropriate, the Adviser and the Board will review any securities valued by the Adviser in accordance with the Trust's valuation policies during these periodic reports.

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Repurchase agreements are generally valued at par. Pricing services will be used to determine the value of a fixed income investment. In certain circumstances, short-term instruments may be valued on the basis of amortized cost.

Redeemable securities issued by open-end investment companies are valued at the investment company's applicable net asset value, with the exception of exchange-traded open-end investment companies which are priced as equity securities. Each investment company values securities and other instruments in a manner as described in that investment company's prospectus.

**<u>TAXES</u>**

The following is a summary of certain additional material tax considerations generally affecting a Fund and its shareholders that are not described in the Prospectus. No attempt is made to present a detailed explanation of the tax treatment of a Fund or its shareholders, and the discussion here and in the Prospectus is not intended as a substitute for careful tax planning.

This "Taxes" section is based on the Code and applicable U.S. Treasury Regulations in effect on the date of this SAI. Future legislative, regulatory, or administrative changes, including provisions of current law that sunset and thereafter no longer apply, or court decisions may significantly change the tax rules applicable to a Fund and its shareholders. Any of these changes or court decisions may have a retroactive effect.

In addition, no attempt is made to address tax concerns applicable to an investor with a special tax status such as a financial institution, real estate investment trust ("REIT"), insurance company, regulated investment company ("RIC"), individual retirement account ("IRA"), other tax-exempt entity, dealer in securities, or non-U.S. investor. Furthermore, this discussion does not reflect possible application of the alternative minimum tax. Unless otherwise noted, this discussion assumes Shares are held by U.S. shareholders and that such Shares are held as capital assets.

A U.S. shareholder is a beneficial owner of Shares of a Fund that is for U.S. federal income tax purposes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a citizen or individual resident of the United States (including certain former citizens and former long-term residents);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a corporation or other entity treated as a corporation for U.S. federal income tax purposes, created or organized in or under the laws of the United States or any state thereof or the District of Columbia;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an estate, the income of which is subject to U.S. federal income taxation regardless of its source; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a trust with respect to which a court within the United States is able to exercise primary supervision over its administration and one or more U.S. persons have the authority to control all of its substantial decisions or the trust has a valid election in effect under applicable U.S. Treasury Regulations to be treated as a U.S. person.

A "Non-U.S. investor" is a beneficial owner of Shares of a Fund that is an individual, corporation, trust or estate and is not a U.S. shareholder. If a partnership (including any entity treated as a partnership for U.S. federal income tax purposes) holds Shares, the tax treatment of a partner in the partnership generally depends upon the status of the partner and the activities of the partnership. A partner of a partnership holding the Shares should consult its own tax advisor with respect to the purchase, ownership and disposition of Shares by the partnership.

***The description below is for general information only and is not tax advice. All investors should consult their own tax advisors as to the U.S. federal, state, local and foreign tax provisions applicable to them.***

**Taxation of the Funds** 

Each Fund is treated as a separate corporation for U.S. federal income tax purposes. Losses in a Fund do not offset gains in another fund in the Fund Complex and the requirements (other than certain organizational requirements) for qualifying for RIC status as described below are determined at the Fund level rather than the Trust level.

Each Fund has elected and intends to qualify, or, if newly organized, intends to elect and qualify, each year as a RIC under Subchapter M of the Code. If a Fund so qualifies, the Fund will not be subject to U.S. federal income tax on the portion of its investment company taxable income (that is, generally, taxable interest, dividends, net short-term capital gains, and other taxable ordinary income, net of expenses, without regard to the deduction for dividends paid) and net capital gain (that is, the excess of net long-term capital gains over net short-term capital losses) that it distributes to shareholders.

To qualify for treatment as a RIC, a Fund must satisfy the following requirements:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Distribution Requirement — a Fund must distribute an amount equal to the sum of at least 90% of its investment company taxable income and 90% of its net tax-exempt income, if any, for the tax year (including, for purposes of satisfying this distribution requirement, certain distributions made by a Fund after the close of its taxable year that are treated as made during such taxable year).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Income Requirement — a Fund must derive at least 90% of its gross income from dividends, interest, certain payments with respect to securities loans, and gains from the sale or other disposition of stock, securities or foreign currencies, or other income (including, but not limited to, gains from options, futures or forward contracts) derived from its business of investing in such stock, securities or currencies and net income derived from qualified publicly traded partnerships ("QPTPs"). See "Tax Treatment of Portfolio Transactions – Investments in Partnerships and QPTPs" below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Asset Diversification Test — a Fund must satisfy the following asset diversification test at the close of each quarter of the Fund's tax year: (i) at least 50% of the value of the Fund's assets must consist of cash and cash items, U.S. government securities, securities of other RICs, and securities of other issuers (as to which the Fund has not invested more than 5% of the value of the Fund's total assets in securities of an issuer and as to which the Fund does not hold more than 10% of the outstanding voting securities of the issuer); and (ii) no more than 25% of the value of the Fund's total assets may be invested in the securities of any one issuer (other than U.S. government securities or securities of other RICs) or of two or more issuers which the Fund controls and which are engaged in the same or similar trades or businesses, or, in the securities of one or more QPTPs.

If a Fund fails this Income Requirement as long as such failure was due to reasonable cause and not willful neglect it is subject to a penalty for non-compliance, which is generally is the amount by which the non-qualifying income exceeds one-ninth of the qualifying gross income.

Similarly, if a Fund fails the Asset Diversification Test and the failure is not de minimis, the Fund can cure if: (i) it files with the U.S. Treasury Department a description of each asset that caused it to fail the Asset Diversification Test; (ii) the failure is due to reasonable cause and not willful neglect; and (iii) the failure is cured within six months (or such other period specified by the U.S. Treasury Department). In such cases, a tax is imposed on the Fund equal to the greater of: (i) $50,000 or (ii) an amount determined by multiplying the highest rate of tax (currently 21%) by the amount of net income generated during the period of Asset Diversification Test failure by the assets that caused the Fund to fail the Asset Diversification Test.

In some circumstances, the character and timing of income realized by a Fund for purposes of the Income Requirement or the identification of the issuer for purposes of the Asset Diversification Test is uncertain under current law with respect to a particular investment, and an adverse determination or future guidance by the IRS with respect to such type of investment may adversely affect the Fund's ability to satisfy these requirements. See, "Tax Treatment of Portfolio Transactions" below with respect to the application of these requirements to certain types of investments. In other circumstances, a Fund may be required to sell portfolio holdings in order to meet the Income Requirement, Distribution Requirement, or Asset Diversification Test, which may have a negative impact on the Fund's income and performance. In lieu of potential disqualification, a Fund is permitted to pay a tax for certain failures to satisfy the Asset Diversification Test or Income Requirement, which, in general, are limited to those due to reasonable cause and not willful neglect.

A Fund may use "equalization accounting" (in lieu of making some cash distributions) in determining the portion of its income and gains that has been distributed. If a Fund uses equalization accounting, it will allocate a portion of its undistributed investment company taxable income and net capital gain to redemptions of Shares and will correspondingly reduce the amount of such income and gains that it distributes in cash. Certain aspects of equalization accounting are uncertain under current law. If the IRS determines that a Fund's allocation is improper and that the Fund has under-distributed its income and gain for any taxable year, the Fund may be liable for U.S. federal income and/or excise tax. If, as a result of such adjustment, the applicable Fund fails to satisfy the Distribution Requirement, the Fund will not qualify that year as a RIC the effect of which is described in the following paragraph.

If for any taxable year a Fund does not qualify as a RIC, all of its taxable income (including its net capital gain) would be subject to tax at regular U.S. federal corporate rates without any deduction for dividends paid to shareholders, and the dividends would be taxable to the shareholders as ordinary income (or possibly as qualified dividend income) to the extent of the Fund's current and accumulated earnings and profits. Failure to qualify as a RIC would thus have a negative impact on a Fund's income and performance. Subject to savings provisions for certain failures to satisfy the Income Requirement or Asset Diversification Test, which, in general, are limited to those due to reasonable cause and not willful neglect, it is possible that a Fund will not qualify as a RIC in any given tax year. Even if such savings provisions apply, a Fund may be subject to a monetary sanction of $50,000 or more. Moreover, the Board reserves the right not to maintain the qualification of a Fund as a RIC if it determines such a course of action to be beneficial to shareholders.

To qualify as a RIC in a subsequent taxable year, a Fund would be required to satisfy the Income Requirement, the Asset Diversification Test, and the Distribution Requirement for that year and dispose of any earnings and profits from any year in which the Fund failed to qualify for tax treatment as a RIC. Subject to a limited exception applicable to RICs that qualified as such under the Code for at least one year prior to disqualification and that requalify as a RIC no later than the second year following the nonqualifying year, a Fund would be subject to tax on any unrealized built-in gains in the assets held by it during the period in which

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the Fund failed to qualify for tax treatment as a RIC that are recognized within the subsequent five years, unless the Fund made a special election to pay corporate-level tax on such built-in gain at the time of its requalification as a RIC.

*Portfolio Turnover.* For investors that hold their Shares in a taxable account, a high portfolio turnover rate may result in higher taxes. This is because a fund with a high turnover rate is likely to accelerate the recognition of capital gains and more of such gains are likely to be taxable as short-term rather than long-term capital gains in contrast to a comparable fund with a low turnover rate. Any such higher taxes would reduce a Fund's after-tax performance. See, "Taxation of Fund Distributions – Distributions of Capital Gain" below. For Non-U.S. investors, any such acceleration of the recognition of capital gains that results in more short-term and less long-term capital gains being recognized by a Fund may cause such investors to be subject to increased U.S. withholding taxes. See, "Non-U.S. Investors – Capital Gain Dividends" and "Short-Term Capital Gain Dividends and Interest Related Dividends" below.

*Capital Loss Carryovers.* The capital losses of a Fund, if any, do not flow through to shareholders. Rather, a Fund may use its capital losses, subject to applicable limitations, to offset its capital gains without being required to pay taxes on or distribute to shareholders such gains that are offset by the losses. Rules similar to those that apply to capital loss carryovers of individuals apply to RICs. Thus, if a Fund has a "net capital loss" (that is, capital losses in excess of capital gains), the excess (if any) of the Fund's net short-term capital losses over its net long-term capital gains is treated as a short-term capital loss arising on the first day of the Fund's next taxable year, and the excess (if any) of the Fund's net long-term capital losses over its net short-term capital gains is treated as a long-term capital loss arising on the first day of the Fund's next taxable year. Any such net capital losses of a Fund that are not used to offset capital gains may be carried forward indefinitely to reduce any future capital gains realized by the Fund in succeeding taxable years. The amount of capital losses that can be carried forward and used in any single year is subject to an annual limitation if there is a more than 50% "change in ownership" of a Fund. An ownership change generally results when shareholders owning 5% or more of a Fund increase their aggregate holdings by more than 50% over a three-year look-back period. An ownership change could result in capital loss carryovers being used at a slower rate, thereby reducing a Fund's ability to offset capital gains with those losses. An increase in the amount of taxable gains distributed to a Fund's shareholders could result from an ownership change. A Fund undertakes no obligation to avoid or prevent an ownership change, which can occur in the normal course of shareholder purchases and redemptions or as a result of engaging in a tax-free reorganization with another fund. Moreover, because of circumstances beyond a Fund's control, there can be no assurance that a Fund will not experience, or has not already experienced, an ownership change. Additionally, if a Fund engages in a tax-free reorganization with another fund, the effect of these and other rules not discussed herein may be to disallow or postpone the use by a Fund of its capital loss carryovers (including any current year losses and built-in losses when realized) to offset its own gains or those of the other fund, or vice versa, thereby reducing the tax benefits Fund shareholders would otherwise have enjoyed from use of such capital loss carryovers.

*Deferral of Late Year Losses.* Each Fund may elect to treat part or all of any "qualified late year loss" as if it had been incurred in the succeeding taxable year in determining such Fund's taxable income, net capital gain, net short-term capital gain, and earnings and profits. The effect of this election is to treat any such "qualified late year loss" as if it had been incurred in the succeeding taxable year in characterizing Fund distributions for any calendar year (see, "Taxation of Fund Distributions – Distributions of Capital Gain" below). A "qualified late year loss" includes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)any net capital loss, net long-term capital loss, or net short-term capital loss incurred after October 31 of the current taxable year ("post-October losses"), and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)the excess, if any, of (1) the sum of (a) specified losses incurred after October 31 of the current taxable year, and (b) other ordinary losses incurred after December 31 of the current taxable year, over (2) the sum of (a) specified gains incurred after October 31 of the current taxable year, and (b) other ordinary gains incurred after December 31 of the current taxable year.

The terms "specified losses" and "specified gains" mean ordinary losses and gains from the sale, exchange, or other disposition of property (including the termination of a position with respect to such property), foreign currency losses and gains, and losses and gains resulting from holding stock in a passive foreign investment company ("PFIC") for which a mark-to-market election is in effect. The terms "ordinary losses" and "ordinary gains" mean other ordinary losses and gains that are not described in the preceding sentence.

*Undistributed Capital Gains*. A Fund may retain or distribute to shareholders its net capital gain for each taxable year. Each Fund currently intends to distribute net capital gains. If a Fund elects to retain its net capital gain, the Fund will be taxed thereon (except to the extent of any available capital loss carryovers) at the highest U.S. federal corporate tax rate (currently 21%). If a Fund elects to retain its net capital gain, it is expected that the Fund also will elect to have shareholders treated as if each received a distribution of its pro rata share of such gain, with the result that each shareholder will be required to report its pro rata share of such gain on its tax return as long-term capital gain, will receive a refundable tax credit for its pro rata share of tax paid by the Fund on the gain, and will increase the tax basis for its Shares by an amount equal to the deemed distribution less the tax credit.

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*U.S. Federal Excise Tax*. To avoid a 4% non-deductible U.S. federal excise tax, a Fund must distribute by December 31 of each year an amount equal to at least: (1) 98% of its ordinary income for the calendar year, (2) 98.2% of capital gain net income (that is, the excess of the gains from sales or exchanges of capital assets over the losses from such sales or exchanges) for the one-year period ended on October 31 of such calendar year, and (3) any prior year undistributed ordinary income and capital gain net income. A Fund may elect to defer to the following year any net ordinary loss incurred for the portion of the calendar year which is after the beginning of the Fund's taxable year. Also, a Fund will defer any "specified gain" or "specified loss" which would be properly taken into account for the portion of the calendar year after October 31. Any net ordinary loss, specified gain, or specified loss deferred shall be treated as arising on January 1 of the following calendar year. Generally, a Fund intends to make sufficient distributions prior to the end of each calendar year to avoid any material liability for U.S. federal income and excise tax, but can give no assurances that all or a portion of such liability will be avoided. In addition, under certain circumstances, temporary timing or permanent differences in the realization of income and expense for book and tax purposes can result in a Fund having to pay the U.S. federal excise tax.

*Foreign Income Tax*. Investment income received by a Fund from sources within foreign countries may be subject to foreign income tax withheld at the source and the amount of tax withheld generally will be treated as an expense of the Fund. The United States has entered into tax treaties with many foreign countries which entitle a Fund to a reduced rate of, or exemption from, tax on such income. It is impossible to determine the effective rate of foreign tax in advance since the amount of a Fund's assets to be invested in various countries is not known. Under certain circumstances, a Fund may elect to pass-through foreign tax credits to shareholders, although it reserves the right not to do so.

*Purchase of Shares.* As a result of tax requirements, the Trust on behalf of a Fund has the right to reject an order to purchase Shares if the purchaser (or group of purchasers acting in concert with each other) would, upon obtaining the Shares so ordered, own 80% or more of the outstanding Shares of the Fund and if, pursuant to section 351 of the Code, the Fund would have a basis in the Deposit Securities different from the market value of such securities on the date of deposit. The Trust also has the right to require information necessary to determine beneficial Share ownership for purposes of the 80% determination.

**Taxation of Fund Distributions** 

This section applies to U.S. shareholders.

Each Fund anticipates distributing all or substantially all of its investment company taxable income and net capital gain for each taxable year. Distributions by a Fund will be treated in the manner described below regardless of whether such distributions are paid in cash or reinvested in additional Shares of the Fund (or of another fund). A Fund will send you information annually as to the U.S. federal income tax consequences of distributions made (or deemed made) during the year.

*Distributions of Net Investment Income.* A Fund receives ordinary income generally in the form of dividends and/or interest on its investments. A Fund may also recognize ordinary income from other sources, including, but not limited to, certain gains on foreign currency-related transactions. This income, less expenses incurred in the operation of a Fund, constitutes a Fund's net investment income from which dividends may be paid to you. If you are a taxable investor, distributions of net investment income generally are taxable as ordinary income to the extent of a Fund's earnings and profits. In the case of a Fund whose strategy includes investing in stocks of corporations, a portion of the income dividends paid to you may be qualified dividends eligible to be taxed at reduced rates. See the discussion below under the headings, "– Qualified Dividend Income for Individuals" and "– Dividends-Received Deduction for Corporations."

*Distributions of Capital Gain.* A Fund may derive capital gain and loss in connection with sales or other dispositions of its portfolio securities. Distributions derived from the excess of net short-term capital gain over net long-term capital loss will be taxable to you as ordinary income. Distributions paid from the excess of net long-term capital gain over net short-term capital loss will be taxable to you as long-term capital gain, regardless of how long you have held your Shares in a Fund. Any net short-term or long-term capital gain realized by a Fund (net of any capital loss carryovers) generally will be distributed once each year and may be distributed more frequently, if necessary, in order to reduce or eliminate U.S. federal excise or income taxes on the Fund.

*Returns of Capital.* Distributions by a Fund that are not paid from earnings and profits will be treated as a return of capital to the extent of (and in reduction of) the shareholder's tax basis in its Shares; any excess will be treated as gain from the sale of its Shares. Thus, the portion of a distribution that constitutes a return of capital will decrease the shareholder's tax basis in its Shares (but not below zero) and will result in an increase in the amount of gain (or decrease in the amount of loss) that will be recognized by the shareholder for tax purposes on the later sale of such Shares. Return of capital distributions can occur for a number of reasons including, among others, a Fund over-estimates the income to be received from certain investments such as those classified as partnerships or equity REITs (see, "Tax Treatment of Portfolio Transactions – Investments in U.S. REITs" below).

*Qualified Dividend Income for Individuals.* Ordinary income dividends reported by a Fund to shareholders as derived from qualified dividend income will be taxed in the hands of individuals and other noncorporate shareholders at the rates applicable to long-term

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capital gain. "Qualified dividend income" means dividends paid to a Fund (a) by domestic corporations, (b) by foreign corporations that are either (i) incorporated in a possession of the United States, or (ii) are eligible for benefits under certain income tax treaties with the United States that include an exchange of information program, or (c) with respect to stock of a foreign corporation that is readily tradable on an established securities market in the United States. Both a Fund and the investor must meet certain holding period requirements to qualify Fund dividends for this treatment. Specifically, a Fund must hold the stock for at least 61 days during the 121-day period beginning 60 days before the stock becomes ex-dividend. Similarly, investors must hold their Shares for at least 61 days during the 121-day period beginning 60 days before a Fund distribution goes ex-dividend. Income derived from investments in derivatives, fixed-income securities, U.S. REITs, PFICs, and income received "in lieu of" dividends in a securities lending transaction generally is not eligible for treatment as qualified dividend income. If the qualifying dividend income received by a Fund is equal to or greater than 95% of the Fund's gross income (exclusive of net capital gain) in any taxable year, all of the ordinary income dividends paid by the Fund will be qualifying dividend income.

*Dividends-Received Deduction for Corporations*. For corporate shareholders, a portion of the dividends paid by a Fund may qualify for the corporate dividends-received deduction. The portion of dividends paid by a Fund that so qualifies will be reported by the Fund to shareholders each year and cannot exceed the gross amount of dividends received by the Fund from domestic (U.S.) corporations. The availability of the dividends-received deduction is subject to certain holding period and debt financing restrictions that apply to both a Fund and the investor. Specifically, the amount that a Fund may report as eligible for the dividends-received deduction will be reduced or eliminated if the shares on which the dividends earned by the Fund were debt-financed or held by the Fund for less than a minimum period of time, generally 46 days during a 91-day period beginning 45 days before the stock becomes ex-dividend. Similarly, if your Shares are debt-financed or held by you for less than a 46-day period then the dividends-received deduction for Fund dividends on your Shares may also be reduced or eliminated. Even if reported as dividends eligible for the dividends-received deduction, all dividends (including any deducted portion) must be included in your alternative minimum taxable income calculation. Income derived by a Fund from investments in derivatives, fixed-income and foreign securities generally is not eligible for this treatment.

*Realized but Undistributed Income and Gains, and Net Unrealized Appreciation of Portfolio Securities*. At the time of your purchase of Shares, a Fund's net asset value may reflect undistributed income, undistributed capital gains, or net unrealized appreciation of portfolio securities held by the Fund. A subsequent distribution to you of such amounts, although constituting a return of your investment, would be taxable, and would be taxed as ordinary income (some portion of which may be taxed as qualified dividend income), capital gains, or some combination of both, unless you are investing through a tax-deferred arrangement, such as a 401(k) plan or an IRA. A Fund may be able to reduce the amount of such distributions from capital gains by utilizing its capital loss carryovers, if any.

*Pass-Through of Foreign Tax Credits*. If more than 50% of a Fund's total assets at the end of a fiscal year is invested in foreign securities, the Fund may elect to pass through to you your pro rata share of foreign taxes paid by the Fund. If this election is made, a Fund may report more taxable income to you than it actually distributes. You will then be entitled either to deduct your share of these taxes in computing your taxable income, or to claim a foreign tax credit for these taxes against your U.S. federal income tax (subject to limitations for certain shareholders). A Fund will provide you with the information necessary to claim this deduction or credit on your personal income tax return if it makes this election. No deduction for foreign tax may be claimed by a non-corporate shareholder who does not itemize deductions or who is subject to the alternative minimum tax. Shareholders may be unable to claim a credit for the full amount of their proportionate shares of the foreign income tax paid by a Fund due to certain limitations that may apply. A Fund reserves the right not to pass through to its shareholders the amount of foreign income taxes paid by the Fund. Additionally, any foreign tax withheld on payments made "in lieu of" dividends or interest will not qualify for the pass-through of foreign tax credits to shareholders. See, "Tax Treatment of Portfolio Transactions – Securities Lending" below.

*U.S. Government Securities.* Income earned on certain U.S. government obligations is exempt from state and local personal income taxes if earned directly by you. States also grant tax-free status to dividends paid to you from interest earned on direct obligations of the U.S. government, subject in some states to minimum investment or reporting requirements that must be met by a Fund. Income on investments by a Fund in certain other obligations, such as repurchase agreements collateralized by U.S. government obligations, commercial paper and federal agency-backed obligations (*e.g.*, GNMA or FNMA obligations), generally does not qualify for tax-free treatment. The rules on exclusion of this income are different for corporations.

*Dividends Declared in December and Paid in January*. Ordinarily, shareholders are required to take distributions by a Fund into account in the year in which the distributions are made. However, dividends declared in October, November or December of any year and payable to shareholders of record on a specified date in such a month will be deemed to have been received by the shareholders (and made by the Fund) on December 31 of such calendar year if such dividends are actually paid in January of the following year. Shareholders will be advised annually as to the U.S. federal income tax consequences of distributions made (or deemed made) during the year in accordance with the guidance that has been provided by the IRS.

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*Medicare Tax*. A 3.8% U.S. federal Medicare tax is imposed on net investment income earned by certain individuals, estates and trusts. "Net investment income," for these purposes, means investment income, including ordinary dividends and capital gain distributions received from a Fund and net gains from redemptions or other taxable dispositions of Shares, reduced by the deductions properly allocable to such income. In the case of an individual, the tax will be imposed on the lesser of (i) the shareholder's net investment income or (ii) the amount by which the shareholder's modified adjusted gross income exceeds certain thresholds based on filing status. This Medicare tax, if applicable, is reported by you on, and paid with, your U.S. federal income tax return.

*Tax-Exempt Shareholders*. A tax-exempt U.S. shareholder could recognize unrelated business taxable income ("UBTI") by virtue of its investment in a Fund if Shares constitute debt-financed property in the hands of the tax-exempt U.S. shareholder. Furthermore, a tax-exempt U.S. shareholder may recognize UBTI if a Fund recognizes "excess inclusion income" derived from direct or indirect investments in residual interests in real estate mortgage investment conduits ("REMICs") or equity interests in taxable mortgage pools ("TMPs") if the amount of such income recognized by the Fund exceeds the Fund's investment company taxable income (after taking into account deductions for dividends paid by the Fund).

In addition, special tax consequences apply to charitable remainder trusts ("CRTs") that invest in RICs that invest directly or indirectly in residual interests in REMICs or equity interests in TMPs. A CRT that realizes any UBTI for a taxable year, must pay an excise tax annually of an amount equal to such UBTI. Under IRS guidance issued in October 2006, a CRT will not recognize UBTI solely as a result of investing in a Fund that recognize "excess inclusion income." Rather, if at any time during any taxable year a CRT (or one of certain other tax-exempt shareholders, such as the United States, a state or political subdivision, or an agency or instrumentality thereof, and certain energy cooperatives) is a record holder of a Share that recognize "excess inclusion income," then a Fund will be subject to a tax on that portion of its "excess inclusion income" for the taxable year that is allocable to such shareholders, at the highest U.S. federal corporate income tax rate. The extent to which this IRS guidance remains applicable is unclear. To the extent permitted under the 1940 Act, a Fund may elect to specially allocate any such tax to the applicable CRT, or other shareholder, and thus reduce such shareholder's distributions for the year by the amount of the tax that relates to such shareholder's interest in the Fund. Each Fund has not yet determined whether such an election will be made. CRTs and other tax-exempt investors are urged to consult their own tax advisor concerning the consequences of investing in the Fund.

**Sales and Redemption of Shares** 

This section applies to U.S. shareholders.

Sales and redemptions (including redemptions in kind) of Shares are taxable transactions for U.S. federal and state income tax purposes. If you redeem your Shares, the IRS requires you to report any gain or loss on your redemption. If you held your Shares as a capital asset, the gain or loss that you realize will be a capital gain or loss and will be long-term or short-term, generally depending on how long you have held your Shares. Any redemption fees you incur on Shares redeemed will decrease the amount of any capital gain (or increase any capital loss) you realize on the sale. Capital losses in any year are deductible only to the extent of capital gains plus, in the case of a non-corporate taxpayer, $3,000 of ordinary income.

*Taxes on Purchase and Redemption of Creation Units.* An Authorized Participant who exchanges equity securities for Creation Units generally will recognize a gain or a loss. The gain or loss will be equal to the difference between the market value of the Creation Units at the time of purchase and the exchanger's aggregate basis in the securities surrendered and any cash paid. A person who exchanges Creation Units for equity securities will generally recognize a gain or loss equal to the difference between the exchanger's basis in the Creation Units and the aggregate market value of the securities received and any cash received. The IRS, however, may assert that a loss realized upon an exchange of securities for Creation Units cannot be deducted currently under the rules governing "wash sales," or on the basis that there has been no significant change in economic position. Persons exchanging securities should consult their own tax advisor with respect to whether wash sale rules apply and when a loss might not be deductible.

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

If a Fund redeems Creation Units in cash, it may recognize more capital gains than it would had it redeemed Creation Units in-kind.

*Tax Basis Information*. Each Fund is required to provide shareholders with cost basis information on the redemption of any of the shareholder's Shares in the Fund, subject to certain exceptions for exempt recipients. If you hold your Shares through a broker (or other nominee), please contact that broker (nominee) with respect to reporting of cost basis and available elections for your account.

Each Fund has selected the highest cost method to calculate cost basis information. Highest cost is a tax lot identification method that selects the Shares with the highest price for sale. It is specifically designed to limit gains. Under the highest cost method, the shareholder's tax lot with the highest cost basis is sold first so as to minimize gains or maximize losses, depending on market movement since the purchase date.

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The highest cost method does not consider the length of time you held your Shares. If your Shares consist of several tax lots and they consist of both long- and short-term holdings, highest cost may deliver the lowest gains but not the lowest tax rate, due to the difference between short- and long-term capital gains tax rates.

When selling at a loss, highest cost also fails to distinguish between two positions that may be similar in cost where one is a long-term holding and the other is a short-term holding. You may want to consult a tax advisor as to whether or not the use of the short-term holding is better for your particular situation. Should the market price of the security rise over time, holding the long-term tax lot will mean you will be taxed at long-term capital gains rates, should you sell those securities for a profit. Highest cost is generally an attractive methodology for short-term holdings, except when the market has risen dramatically.

*Wash Sales*. All or a portion of any loss that you realize on a redemption of your Shares will be disallowed to the extent that you buy other Shares in a Fund (through reinvestment of dividends or otherwise) within 30 days before or after your Share redemption. Any loss disallowed under these rules will be added to your tax basis in the new Shares.

*Redemptions at a Loss Within Six Months of Purchase*. Any loss incurred on a redemption or exchange of Shares held for six months or less will be treated as long-term capital loss to the extent of any long-term capital gain distributed to you by a Fund on those Shares.

*Reportable Transactions.* Under U.S. Treasury Regulations, if a shareholder recognizes a loss with respect to a Fund's Shares of certain threshold amounts, the shareholder must file with the IRS a disclosure statement on Form 8886. The fact that a loss is reportable under these Treasury Regulations does not affect the legal determination of whether the taxpayer's treatment of the loss is proper. Shareholders should consult their own tax advisors to determine the applicability of these regulations in light of their individual circumstances.

*Shares Purchased through Tax-Qualified Plans.* Special tax rules apply to investments through defined contribution plans and other tax-qualified plans. Shareholders should consult their own tax advisors to determine the suitability of Shares as an investment through such plans, and the precise effect of an investment on their particular tax situation.

If you invest in a Fund through an IRA or other retirement plan, you should consult with your own tax advisor on the applicable rules for such IRA or retirement plan with respect to plan qualification requirements, limits on contributions and distributions, and required distributions from IRAs and retirement plans. As an example, there could be tax penalties on distributions from an IRA or retirement plan prior to age 59-1/2. Certain minimum distribution requirements may also apply to IRAs or retirement plans. Failure to follow these requirements and other applicable requirements may result in significant additional taxes and penalties. It is your responsibility to ensure that you comply with these and other requirements.

**Tax Treatment of Portfolio Transactions** 

Set forth below is a general description of the tax treatment of certain types of securities, investment techniques and transactions that may apply to a Fund and, in turn, affect the amount, character and timing of dividends and distributions payable by the Fund to its shareholders. This section should be read in conjunction with the discussion above under "Investment Objective, Investment Strategies and Risks" for a detailed description of the various types of securities and investment techniques that apply to each Fund.

*In General*. In general, gain or loss recognized by a Fund on the sale or other disposition of portfolio investments will be a capital gain or loss. Such capital gain and loss may be long-term or short-term depending, in general, upon the length of time a particular investment position is maintained and, in some cases, upon the nature of the transaction. Property held for more than one year generally will be eligible for long-term capital gain or loss treatment. The application of certain rules described below may serve to alter the manner in which the holding period for a security is determined or may otherwise affect the characterization as long-term or short-term, and also the timing of the realization, of certain gains or losses.

*Certain Fixed Income Investments.* Gain recognized on the disposition of a debt obligation purchased by a Fund at a market discount (generally, at a price less than its principal amount) will be treated as ordinary income to the extent of the portion of the market discount that accrued during the period of time the Fund held the debt obligation unless the Fund made a current inclusion election to accrue market discount into income as it accrues. If a Fund purchases a debt obligation (such as a zero-coupon security or payment-in-kind security) that was originally issued at a discount, the Fund generally is required to include in gross income each year the portion of the original issue discount that accrues during such year. Therefore, a Fund's investment in such securities may cause the Fund to recognize income and make distributions to shareholders before it receives any cash payments on the securities. To generate cash to satisfy those distribution requirements, a Fund may have to sell portfolio securities that it otherwise might have continued to hold or to use cash flows from other sources such as the sale of Shares.

*Investments in Debt Obligations that are at Risk of or in Default Present Tax Issues for a Fund.* Tax rules are not entirely clear about issues such as whether and to what extent a Fund should recognize market discount on a debt obligation, when the Fund may cease to accrue interest, original issue discount or market discount, when and to what extent the Fund may take deductions for bad debts or

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worthless securities and how the Fund should allocate payments received on obligations in default between principal and income. These and other related issues will be addressed by a Fund in order to ensure that it distributes sufficient income to preserve its status as a RIC.

*Foreign Currency Transactions.* A Fund's transactions in foreign currencies, foreign currency-denominated debt obligations and certain foreign currency options, futures contracts and forward contracts (and similar instruments) may give rise to ordinary income or loss to the extent such income or loss results from fluctuations in the value of the foreign currency concerned. This treatment could increase or decrease a Fund's ordinary income distributions to you and may cause some or all of the Fund's previously distributed income to be classified as a return of capital. In certain cases, a Fund may make an election to treat such gain or loss as capital.

*PFIC Investments*. A Fund may invest in securities of foreign companies that may be classified under the Code as PFICs. In general, a foreign company is classified as a PFIC if at least one-half of its assets constitute investment-type assets or 75% or more of its gross income is investment-type income. When investing in PFIC securities, a Fund intends to mark-to-market these securities under certain provisions of the Code and recognize any unrealized gains as ordinary income at the end of the Fund's fiscal and excise tax years. Deductions for losses are allowable only to the extent of any current or previously recognized gains. These gains (reduced by allowable losses) are treated as ordinary income that a Fund is required to distribute, even though it has not sold or received dividends from these securities. The designation of a foreign security as a PFIC security will cause its income dividends to not qualify for the reduced rate of taxation on qualified dividends when distributed to you by a Fund. Foreign companies are not required to identify themselves as PFICs. Due to various complexities in identifying PFICs, a Fund can give no assurances that it will be able to identify portfolio securities in foreign corporations that are PFICs in time for the Fund to make a mark-to-market election. If a Fund is unable to identify an investment as a PFIC and thus does not make a mark-to-market election, the Fund may be subject to U.S. federal income tax on a portion of any "excess distribution" or gain from the disposition of such Shares even if such income is distributed as a taxable dividend by the Fund to its shareholders. Additional charges in the nature of interest may be imposed on a Fund in respect of deferred taxes arising from such distributions or gains.

*Investments in Partnerships and QPTPs.* For purposes of the Income Requirement, income derived by a Fund from a partnership that is not a qualified publicly traded partnership ("QPTP") will be treated as qualifying income only to the extent such income is attributable to items of income of the partnership that would be qualifying income if realized directly by the Fund. While the rules are not entirely clear with respect to a Fund investing in a partnership outside a master-feeder structure, for purposes of testing whether the Fund satisfies the Asset Diversification Test, the Fund generally is treated as owning a pro rata share of the underlying assets of a partnership. See, "Taxation of a Fund." In contrast, different rules apply to a partnership that is a QPTP. A QPTP is a partnership (i) the interests in which are traded on an established securities market, (ii) that is treated as a partnership for U.S. federal income tax purposes, and (iii) that derives less than 90% of its income from sources that satisfy the Income Requirement (*e.g.*, because it invests in commodities). All of the net income derived by a Fund from an interest in a QPTP will be treated as qualifying income, but the Fund may not invest more than 25% of its total assets in one or more QPTPs. However, there can be no assurance that a partnership classified as a QPTP in one year will qualify as a QPTP in the next year. Any such failure to annually qualify as a QPTP might, in turn, cause a Fund to fail to qualify as a RIC. Although, in general, the passive loss rules of the Code do not apply to RICs, such rules do apply to a Fund with respect to items attributable to an interest in a QPTP. Fund investments in partnerships, including in QPTPs, may result in a Fund being subject to state, local or foreign income, franchise or withholding tax liabilities.

*Securities Lending*. While securities are loaned out by a Fund, the Fund generally will receive from the borrower amounts equal to any dividends or interest paid on the borrowed securities. For U.S. federal income tax purposes, payments made "in lieu of" dividends are not considered dividend income. These distributions will neither qualify for the reduced rate of taxation for qualified dividend income nor the dividends received deduction for corporations. Also, any foreign tax withheld on payments made "in lieu of" dividends or interest will not qualify for the pass-through of foreign tax credits to shareholders.

*Investments in Convertible Securities*. Convertible debt is ordinarily treated as a "single property" consisting of a pure debt interest until conversion, after which the investment becomes an equity interest. If the security is issued at a premium (*i.e.*, for cash in excess of the face amount payable on retirement), the creditor-holder may amortize the premium over the life of the security. If the security is issued for cash at a price below its face amount, the creditor-holder must accrue original issue discount in income over the life of the debt. The creditor-holder's exercise of the conversion privilege is treated as a nontaxable event. Mandatorily convertible debt (*e.g.*, an exchange traded note issued in the form of an unsecured obligation that pays a return based on the performance of a specified market index, exchange currency, or commodity) is often, but not always, treated as a contract to buy or sell the reference property rather than debt. Similarly, convertible preferred stock with a mandatory conversion feature is ordinarily, but not always, treated as equity rather than debt. Dividends received generally are qualified dividend income and eligible for the corporate dividends received deduction. In general, conversion of preferred stock for common stock of the same corporation is tax-free. Conversion of preferred stock for cash is a taxable redemption. Any redemption premium for preferred stock that is redeemable by the issuing company might be required to be amortized under original issue discount principles.

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*Investments in ETFs*. To the extent a Fund invests in ETFs, the Fund generally intends to invest in ETFs that are taxable as RICs under the Code. Accordingly, the income a Fund receives from such ETFs should be qualifying income for purposes of the Fund satisfying the "Income Requirement" (as defined above under the heading "Taxes"). However, a Fund may also invest in one or more ETFs that are not taxable as RICs under the Code and that may generate non-qualifying income for purposes of satisfying the Income Requirement. Each Fund anticipates monitoring its investments in such ETFs so as to keep such Fund's non-qualifying income within acceptable limits of the Income Requirement, however, it is possible that such non-qualifying income will be more than anticipated which could cause the Fund to inadvertently fail the Income Requirement thereby causing the Fund to fail to qualify as a RIC. In such a case, such Fund would be subject to the rules described above.

*Investments in Securities of Uncertain Tax Character.* A Fund may invest in securities the U.S. federal income tax treatment of which may not be clear or may be subject to recharacterization by the IRS. To the extent the tax treatment of such securities or the income from such securities differs from the tax treatment expected by a Fund, it could affect the timing or character of income recognized by the Fund, requiring the Fund to purchase or sell securities, or otherwise change its portfolio, in order to comply with the tax rules applicable to RICs under the Code.

*Options, Futures and Forward Contracts, Straddles, and Swap Agreements*. Some of the options, futures contracts, forward contracts, and swap agreements used by a Fund may be considered "section 1256 contracts." Any gains or losses on section 1256 contracts are generally considered 60% long-term and 40% short-term capital gains or losses ("60/40") although certain foreign currency gains and losses from such contracts may be treated as ordinary in character. Also, section 1256 contracts held by a Fund at the end of each taxable year (and, for purposes of the 4% U.S. federal excise tax, on certain other dates as prescribed under the Code) are "marked to market" with the result that unrealized gains or losses are treated as though they were realized and the resulting gain or loss is treated as ordinary or 60/40 gain or loss.

Generally, hedging transactions and certain other transactions in options, futures and forward contracts undertaken by a Fund, may result in "straddles" for U.S. federal income tax purposes. In some cases, the straddle rules also could apply in connection with swap agreements. The straddle rules may affect the amount, timing and character of gains (or losses) realized by a Fund. In addition, losses realized by a Fund on positions that are part of a straddle may be deferred under the straddle rules, rather than being taken into account in calculating the Fund's taxable income for the taxable year in which such losses are realized. Because only a few U.S. Treasury Regulations implementing the straddle rules have been promulgated, the tax consequences of transactions in options, futures, forward contracts, and swap agreements to a Fund are not entirely clear. The transactions may increase the amount of short-term capital gain realized by a Fund which generally would be taxed as ordinary income when distributed to shareholders.

A Fund may make one or more of the elections available under the Code which are applicable to straddles. If a Fund makes any of the elections, the amount, character and timing of the recognition of gains or losses from the affected straddle positions will be determined under rules that vary according to the election(s) made. The rules applicable under certain of the elections operate to accelerate the recognition of gains or losses from the affected straddle positions.

The key features of the straddle rules are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>A Fund may have to wait to deduct any losses</u>. If a Fund has a capital gain in one position of a straddle and a capital loss in the other, the Fund may not recognize the loss for U.S. federal income tax purposes until the Fund disposes of both positions. This might occur, for example, if a Fund had a highly appreciated stock position and the Fund purchased protective put options (which give the Fund the right to sell the stock to someone else for a period of time at a predetermined price) to offset the risk. If the stock continued to increase in value and the put options expired worthless, the Fund must defer recognition of the loss on its put options until the Fund sells and recognizes the gain on the original, appreciated position.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>A Fund's capital gain holding period may get clipped</u>. The moment a Fund enters into a typical straddle, the capital gains holding period on its offsetting positions is frozen. If a Fund held the original position for one year or less (thus not qualifying for the long-term capital gains rate), not only is the holding period frozen, it starts all over again when the Fund disposes of the offsetting position.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Losses recognized with respect to certain straddle positions that would otherwise constitute short-term capital losses may be treated as long-term capital losses</u>. This generally has the effect of reducing the tax benefit of such losses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>A Fund may not be able to deduct any interest expenses or carrying charges</u>. During the offsetting period, any interest or carrying charges associated with the straddle are not currently tax deductible but must be capitalized (added to cost basis).

Because application of the straddle rules may affect the character of gains or losses, defer losses and/or accelerate the recognition of gains or losses from the affected straddle positions, the amount which must be distributed to shareholders, and which generally will be

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taxed to shareholders either as ordinary income or long-term capital gain, may be increased or decreased substantially as compared to a Fund that did not engage in such hedging transactions.

Rules governing the tax aspects of swap agreements are in a developing stage and are not entirely clear in certain respects. Accordingly, while each Fund intends to account for such transactions in a manner they deem to be appropriate, the IRS might not accept such treatment. If it did not, the status of a Fund as a RIC might be affected. The Trust intends to monitor developments in this area.

Certain requirements that must be met under the Code in order for a Fund to qualify as a RIC, including the Income Requirement and Asset Diversification Test applicable to the Fund's assets may limit the extent to which the Fund will be able to engage in transactions in options, futures contracts, forward contracts, and swap agreements.

In addition, the use of swaps or other derivatives could adversely affect the character (capital gain vs. ordinary income) of the income recognized by a Fund for U.S. federal income tax purposes, as well as the amount and timing of such recognition, as compared to a direct investment in underlying securities, and could result in the Fund's recognition of income prior to the receipt of any corresponding cash. As a result of the use of swaps and derivatives, a larger portion of a Fund's distributions may be treated as ordinary income than would have been the case if the Fund did not enter into such swaps or derivatives. The tax treatment of swap agreements and other derivatives may also be affected by future legislation or U.S. Treasury Regulations and/or guidance issued by the IRS that could affect the character, timing and/or amount of a Fund's taxable income or gains and distributions made by the Fund.

*Short Sales*. Each Fund may engage in short sales of securities. In general, gain or loss on a short sale is recognized when a Fund closes the short sale by delivering the borrowed securities to the lender, not when the borrowed securities are sold. Short sales may increase the amount of short-term capital gain realized by a Fund, which generally would be taxed as ordinary income when distributed to shareholders. In addition, these rules may terminate the holding period of "substantially identical property" held by these Funds. Moreover, a loss recognized by a Fund on a short sale will be treated as a long-term capital loss if, on the date of the short sale, "substantially identical property" has been held by the Fund for more than one year. A Fund generally will not be permitted to deduct payments made to reimburse a lender of securities for dividends paid on borrowed securities if the short sale is closed on or before the 45th day after the Fund enters into the short sale. Short sales also may be subject to the "Constructive Sales" rules, discussed below.

*Constructive Sales*. Certain rules may affect the timing and character of gain if a Fund engages in transactions that reduce or eliminate its risk of loss with respect to appreciated financial positions. If a Fund enters into certain transactions in property while holding substantially identical property, the Fund would be treated as if it had sold and immediately repurchased the property and would be subject to tax on any gain (but not loss) from the constructive sale. The character of gain from a constructive sale would depend upon a Fund's holding period in the property. Loss from a constructive sale would be recognized when the property was subsequently disposed of, and its character would depend on a Fund's holding period and the application of various loss deferral provisions of the Code.

*Investments in REITs and REMICs*. The Castellan Targeted Income ETF may invest in REITs. Such investments in REIT equity securities may require a Fund to accrue and distribute income not yet received. In order to generate sufficient cash to make the requisite distributions, a Fund may be required to sell securities in its portfolio (including when it is not advantageous to do so) that it otherwise would have continued to hold. A Fund's investments in REIT equity securities may at other times result in the Fund's receipt of cash in excess of the REIT's earnings; if the Fund distributes such amounts, such distribution could constitute a return of capital to Fund shareholders for U.S. federal income tax purposes. Dividends received by a Fund from a REIT generally will not constitute qualified dividend income.

As discussed above, a Fund or some of the REITs in which the Fund may invest may be permitted to hold senior or residual interests in REMICs or debt or equity interests in TMPs. Generally, a portion of a Fund's income from a REIT that is attributable to the REIT's residual interest in a REMIC or a TMP (referred to in the Code as an "excess inclusion") will be subject to U.S. federal income tax in all events. Excess inclusion income of a RIC, such as a Fund, will be allocated to shareholders of the RIC in proportion to the dividends received by shareholders, with the same consequences as if shareholders held the related REMIC residual or TMP interest directly.

In general, excess inclusion income allocated to shareholders (i) cannot be offset by net operating losses (subject to a limited exception for certain thrift institutions), (ii) will constitute UBTI to entities (including a qualified pension plan, an IRA, a 401(k) plan, a Keogh plan or other tax-exempt entity) subject to tax on UBTI, thereby potentially requiring such an entity that is allocated excess inclusion income, and that otherwise might not be required to file a tax return, to file a tax return and pay tax on such income, and (iii) in the case of a non-U.S. investor, will not qualify for any reduction in U.S. federal withholding tax.

If at any time during any taxable year a "disqualified organization" (as defined in the Code) is a record holder of a share in a RIC earning excess inclusion income, then the RIC will be subject to a tax equal to that portion of its excess inclusion income for the

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taxable year that is allocable to the disqualified organization, multiplied by the highest corporate U.S. federal income tax rate. It is not expected that a substantial portion of a Fund's assets will be residual interests in REMICs. Additionally, a Fund does not intend to invest in REITs in which a substantial portion of the assets will consist of residual interests in REMICs.

**Backup Withholding** 

By law, a Fund may be required to backup withhold a portion of your taxable dividends and sales proceeds unless you:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• provide your correct social security or taxpayer identification number,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• certify that this number is correct,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• certify that you are not subject to backup withholding, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• certify that you are a U.S. person (including a U.S. resident alien).

A Fund also must backup withhold if the IRS instructs it to do so. When backup withholding is required, the amount will be 24% of any distributions or proceeds paid. Backup withholding is not an additional tax. Any amounts withheld may be credited against the shareholder's U.S. federal income tax liability, provided the appropriate information is furnished to the IRS. Certain payees and payments are exempt from backup withholding and information reporting. The special U.S. tax certification requirements applicable to non-U.S. investors to avoid backup withholding are described under the "Non-U.S. Investors" heading below.

**Non-U.S. Investors** 

This section applies to Non-U.S. investors.

Non-U.S. investors may be subject to U.S. federal withholding and estate tax and are subject to special U.S. federal tax certification requirements. Non-U.S. investors should consult their own tax advisors about the applicability of U.S. federal tax withholding and the use of the appropriate forms to certify their status.

*In General*. The United States imposes a flat 30% federal withholding tax (or a withholding tax at a lower treaty rate) on U.S. source dividends, including on income dividends, paid to you by a Fund, subject to certain exemptions described below. However, notwithstanding such exemptions from U.S. federal withholding at the source, any dividends and distributions of income and capital gains, including the proceeds from the sale of your Shares, will be subject to U.S. federal backup withholding at a rate of 24% if you fail to properly certify that you are not a U.S. person.

*Capital Gain Dividends*. In general, capital gain dividends reported by a Fund to shareholders as paid from its net long-term capital gains, other than long-term capital gains realized on disposition of U.S. real property interests (see the discussion below), are not subject to U.S. withholding tax.

*Short-Term Capital Gain Dividends and Interest-Related Dividends.* Short-term capital gain dividends reported by a Fund to shareholders as paid from its net short-term capital gains, other than short-term capital gains realized on disposition of U.S. real property interests (see the discussion below), generally are not subject to U.S. federal withholding tax. Similarly, dividends reported by a Fund to shareholders as interest-related dividends and paid from its qualified net interest income from U.S. sources generally are not subject to U.S. federal withholding tax. "Qualified interest income" includes, in general, U.S. source (i) bank deposit interest, (ii) short-term original discount, (iii) interest (including original issue discount, market discount, or acquisition discount) on an obligation that is in registered form, unless it is earned on an obligation issued by a corporation or partnership in which a Fund is a 10-percent shareholder or is contingent interest, and (iv) any interest-related dividend from another RIC. Each Fund reserves the right to not report amounts of short-term capital gain dividends or interest-related dividends. Additionally, a Fund's reporting of short-term capital gain dividends or interest-related dividends may not be passed through to shareholders by intermediaries who have assumed tax reporting responsibilities for this income in managed or omnibus accounts due to systems limitations or operational constraints.

*Net Investment Income from Dividends on Stock and Foreign Source Interest Income Continue to be Subject to Withholding Tax; Foreign Tax Credits.* Ordinary dividends paid by a Fund to Non-U.S. investors on the income earned on portfolio investments in (i) the stock of domestic and foreign corporations and (ii) the debt of foreign issuers continue to be subject to U.S. federal withholding tax. Non-U.S. investors may be subject to U.S. federal withholding tax at a rate of 30% on the income resulting from an election to pass-through foreign tax credits to shareholders but may not be able to claim a credit or deduction with respect to the withholding tax for the foreign tax treated as having been paid by them.

*Income Effectively Connected with a U.S. Trade or Business*. If the income from a Fund is effectively connected with a U.S. trade or business carried on by a Non-U.S. investor, then ordinary income dividends, capital gain dividends and any gains realized upon the sale or redemption of Shares of a Fund will be subject to U.S. federal income tax at the rates applicable to U.S. citizens or corporations and require the filing of a nonresident U.S. federal income tax returns.

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*Investment in U.S. Real Property*. The Foreign Investment in Real Property Tax Act of 1980 ("FIRPTA") makes non-U.S. persons subject to U.S. federal tax on disposition of a U.S. real property interest ("USRPI") as if they were U.S. persons. Such gain is sometimes referred to as FIRPTA gain. A Fund may invest in equity securities of corporations that invest in USRPI, which may trigger FIRPTA gain to the Fund's Non-U.S. investors.

The Code provides a look-through rule for distributions of FIRPTA gain when a RIC is classified as a qualified investment entity. A RIC will be classified as a qualified investment entity only with respect to any distribution by the RIC which is attributable directly or indirectly to a distribution to the RIC from a U.S. REIT ("FIRPTA distribution") and if, in general, 50% or more of the RIC's assets consist of interests in U.S. REITs and other U.S. real property holding corporations ("USRPHCs"). If a RIC is a qualified investment entity and the Non-U.S. investor owns more than 5% of a class of Shares at any time during the one-year period ending on the date of the FIRPTA distribution, the FIRPTA distribution to the Non-U.S. investor is treated as gain from the disposition of a USRPI, causing the distribution to be subject to U.S. federal withholding tax at a rate of 15%, and requiring the Non-U.S. investor to file a nonresident U.S. income tax return. In addition, even if the Non-U.S. investor does not own more than 5% of a class of Shares, but a Fund is a qualified investment entity, the FIRPTA distribution will be taxable as ordinary dividends (rather than as a capital gain or short-term capital gain dividend) subject to withholding at 30% or lower treaty rate.

It is currently unclear whether Congress will extend the look-through rules previously in effect before January 1, 2014 for distributions of FIRPTA gain to other types of distributions on or after January 1, 2014 from a RIC to a Non-U.S. investor from the RIC's direct or indirect investment in USRPI or what the terms of any such extension would be, including whether such extension would have retroactive effect.

*U.S. Estate Tax.* Transfers by gift of Shares by a Non-U.S. investor who is a nonresident alien individual will not be subject to U.S. federal gift tax. An individual who, at the time of death, is a Non-U.S. investor will nevertheless be subject to U.S. federal estate tax with respect to Shares at the graduated rates applicable to U.S. citizens and residents, unless a treaty exemption applies. If a treaty exemption is available, a decedent's estate may nonetheless need to file a U.S. federal estate tax return to claim the exemption in order to obtain a U.S. federal transfer certificate.

*U.S. Tax Certification Rules.* Special U.S. tax certification requirements may apply to Non-U.S. investors both to avoid U.S. federal backup withholding imposed at a rate of 24% and to obtain the benefits of any treaty between the United States and the shareholder's country of residence. In general, if you are a Non-U.S. investor, you must provide an applicable Form W-8BEN (or other applicable Form W-8) to establish that you are not a U.S. person, to claim that you are the beneficial owner of the income and, if applicable, to claim a reduced rate of, or exemption from, U.S. federal withholding as a resident of a country with which the United States has an income tax treaty. Certain payees and payments are exempt from U.S. federal backup withholding.

The tax consequences to a Non-U.S. investor entitled to claim the benefits of an applicable tax treaty may be different from those described herein. Non-U.S. investors are urged to consult their own tax advisors with respect to the particular tax consequences to them of an investment in a Fund, including the applicability of foreign tax.

*Foreign Account Tax Compliance Act ("FATCA").* Payments to a shareholder that is either a foreign financial institution ("FFI") or a non-financial foreign entity ("NFFE") within the meaning of the Foreign Account Tax Compliance Act ("FATCA") may be subject to a generally nonrefundable 30% withholding tax on: (i) income dividends paid by a Fund and (ii) possibly in the future, certain capital gain distributions and the proceeds arising from the sale of Shares paid by a Fund. FATCA withholding tax generally can be avoided: (i) by an FFI, subject to any applicable intergovernmental agreement or other exemption, if it enters into a valid agreement with the IRS to, among other requirements, report required information about certain direct and indirect ownership of foreign financial accounts held by U.S. persons with the FFI and (ii) by an NFFE, if it: (a) certifies that it has no substantial U.S. persons as owners or (b) if it does have such owners, reports information relating to them. A Fund may disclose the information that it receives from its shareholders to the IRS, non-U.S. taxing authorities or other parties as necessary to comply with FATCA. Withholding also may be required if a foreign entity that is a shareholder of a Fund fails to provide the Fund with appropriate certifications or other documentation concerning its status under FATCA, generally on an applicable IRS Form W-8.

**Effect of Future Legislation or Administrative Changes; Local Tax Considerations** 

The foregoing general discussion of U.S. federal income tax consequences is based on the Code and the U.S. Treasury Regulations issued thereunder as in effect on the date of this SAI. Future legislative or administrative changes, including provisions of current law that sunset and thereafter no longer apply, or court decisions may significantly change the conclusions expressed herein, and any such changes or decisions may have a retroactive effect with respect to the transactions contemplated herein. Rules of state and local taxation of ordinary income, qualified dividend income and capital gain dividends may differ from the rules for U.S. federal income taxation described above. Distributions may also be subject to additional state, local and foreign taxes depending on each shareholder's particular situation. Non-U.S. investors may be subject to U.S. tax rules that differ significantly from those summarized

------

above. Shareholders are urged to consult their own tax advisors as to the consequences of these and other state and local tax rules affecting investment in a Fund.

**<u>FINANCIAL STATEMENTS</u>**

Financial Statements and Annual Reports will be available after the Funds have completed a fiscal period/year of operations. When available, you may request a copy of the Annual Report for the Funds at no charge by calling (215) 330-4476, or you may download the report from the Funds' website at https://castellanetf.com.

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**<u>Appendix A</u>**

**EA Advisers**

**Proxy Voting Policies and Procedures**

**PROXY VOTING POLICY** 

The Board has delegated authority to EA Advisers (the "Firm") to vote all proxies relating to the securities held in the Fund's portfolios in the best interest of Funds and their shareholders. The Firm has therefore adopted the following procedures for voting proxies on behalf of the Funds.

**VOTING PROCEDURES** 

All employees will forward any proxy materials received on behalf of Funds to the Compliance Officer, who will determine which Fund holds the security to which the proxy relates.

Absent material conflicts, the Compliance Officer will determine how the Firm should vote the proxy in accordance with applicable voting guidelines, complete the proxy and direct that the proxy be submitted in a timely and appropriate manner.

**DISCLOSURE** 

The Firm will provide conspicuously displayed information to the Funds summarizing this proxy voting policy and procedures, including a statement that the Funds may request information regarding how the Firm voted a Fund's proxies, and that the Funds may request a copy of these policies and procedures. The Funds will disclose this Proxy Policy, or the Firm's description of the Proxy Policy, to their shareholders by including it as an appendix to the Funds' Statement of Additional Information ("SAI") on Form N-1A.

**VOTING GUIDELINES** 

In the absence of specific voting guidelines from the Funds, the Firm will vote proxies in the best interests of each particular Fund. The Firm's policy is to vote all proxies from a specific issuer the same way for each Fund absent qualifying restrictions from a Fund. The Funds are permitted to place reasonable restrictions on the Firm's voting authority in the same manner that they may place such restrictions on the actual selection of portfolio securities.

The Firm will generally vote in favor of routine corporate housekeeping proposals such as the election of directors and selection of auditors absent conflicts of interest raised by an auditor's non-audit services.

In reviewing proposals, the Firm will further consider the opinion of management and the effect on management, and the effect on shareholder value and the issuer's business practices. In general, much weight will be given to management's recommendation on the proxy vote in the Firm's decision making. The Firm may consider the opinions of independent proxy service providers, such as Institutional Shareholder Services, Inc. ("ISS") in certain situations.

**CONFLICTS OF INTEREST** 

The Firm will identify any conflicts that exist between the interests of the Firm and the Fund(s) by reviewing the relationship of the Firm with the issuer of each security to determine if the Firm or any of its employees has any financial, business or personal relationship with the issuer.

If a material conflict of interest exists, the Compliance Officer will determine whether it is appropriate to disclose the conflict to the affected Fund(s), to give such Fund(s) an opportunity to vote the proxies themselves, or to address the voting issue through other objective means such as voting in a manner consistent with a predetermined voting policy or receiving an independent third-party voting recommendation.

The Firm will maintain a record of the voting resolution of any conflict of interest.

**REPORTING** 

The Firm will present to the Board a quarterly report summarizing its proxy voting compliance activities for the preceding quarter. In accordance with its procedures, the Board will review the quarterly report to ensure compliance with the SEC Rules and this Policy, and will determine the steps and procedures, if any, that must be undertaken or adopted by the Firm to ensure further compliance with the relevant laws. Votes cast on behalf of the Funds will be compiled and transmitted to the Administrator, which will assist in preparing the Form N-PX report as required by the SEC.

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**RECORDKEEPING** 

The Compliance Officer shall retain the following proxy records in accordance with the SEC's five-year retention requirement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.These policies and procedures and any amendments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.A copy of each proxy statement that the Firm receives;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.A record of each vote that the Firm casts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.Any document the Firm created that was material to making a decision how to vote proxies, or that memorializes that decision.

A copy of each written request from a Fund for information on how the Firm voted such Fund's proxies, and a copy of any written response.

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**PART C**

**OTHER INFORMATION**

**Item 28. Exhibits:** 

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| | | | |
|:---|:---|:---|:---|
| (a) | Articles of Incorporation. | Articles of Incorporation. | Articles of Incorporation. |
|  | (1) | <u>[Agreement and Declaration of Trust of EA Series Trust (the "Registrant"), previously filed as Exhibit 99.a.1 with Pre-Effective Amendment No. 2 to the Registrant's registration statement on October 17, 2014, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000158281614000543/agmtanddeclarationoftrust.htm)</u> | <u>[Agreement and Declaration of Trust of EA Series Trust (the "Registrant"), previously filed as Exhibit 99.a.1 with Pre-Effective Amendment No. 2 to the Registrant's registration statement on October 17, 2014, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000158281614000543/agmtanddeclarationoftrust.htm)</u> |
|  | (2) | <u>[Restated Certificate of Trust of EA Series Trust, as filed with the office of the Secretary of State of Delaware on April 21, 2022, previously filed as Exhibit 99.a.4 with Post-Effective Amendment No. 120 to the Registrant's registration statement on May 13, 2022, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000182912622010925/easeries_ex99a4.htm)</u> | <u>[Restated Certificate of Trust of EA Series Trust, as filed with the office of the Secretary of State of Delaware on April 21, 2022, previously filed as Exhibit 99.a.4 with Post-Effective Amendment No. 120 to the Registrant's registration statement on May 13, 2022, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000182912622010925/easeries_ex99a4.htm)</u> |
| (b) | By-laws. | By-laws. |  |
|  | (1) | <u>[By-laws of the Registrant, previously filed as Exhibit 99.b.1 with Pre-Effective Amendment No. 2 to the Registrant's registration statement on October 17, 2014, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000158281614000543/bylaws.htm)</u> | <u>[By-laws of the Registrant, previously filed as Exhibit 99.b.1 with Pre-Effective Amendment No. 2 to the Registrant's registration statement on October 17, 2014, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000158281614000543/bylaws.htm)</u> |
|  | (2) | <u>[Amended By-laws of the Registrant, previously filed as Exhibit 99.b with Post-Effective Amendment No. 275 to the Registrant's registration statement on September 28, 2023, is hereby incorporated by reference](https://www.sec.gov/Archives/edgar/data/1592900/000182912623006318/easeries_ex99b.htm)</u>. | <u>[Amended By-laws of the Registrant, previously filed as Exhibit 99.b with Post-Effective Amendment No. 275 to the Registrant's registration statement on September 28, 2023, is hereby incorporated by reference](https://www.sec.gov/Archives/edgar/data/1592900/000182912623006318/easeries_ex99b.htm)</u>. |
| (c) | Instruments Defining Rights of Security Holders. | Instruments Defining Rights of Security Holders. | Instruments Defining Rights of Security Holders. |
|  | (1) | Agreement and Declaration of Trust | Agreement and Declaration of Trust |
|  |  | (i) | Article III: Shares |
|  |  | (ii) | Article V: Shareholders' Voting Powers and Meetings |
|  |  | (iii) | Article VI: Net Asset Value; Distributions; Redemptions; Transfers |
|  |  | (iv) | Article VIII: Certain Transactions, Section 4 |
|  |  | (v) | Article X: Miscellaneous, Section 4 |
|  | (2) | By-Laws | By-Laws |
|  |  | (i) | Article II: Meetings of Shareholders |
|  |  | (ii) | Article VI: Records and Reports, Sections 1, 2, and 3 |
|  |  | (iii) | Article VII: General Matters, Sections 3, 4, 6, and 7 |
|  |  | (iv) | Article VIII: Amendments, Section 1 |
| (d) | Investment Advisory Agreements. | Investment Advisory Agreements. | Investment Advisory Agreements. |
|  | (1) | <u>[Investment Advisory Agreement between the Registrant and Empowered Funds, LLC (October 17, 2014), with respect to ValueShares U.S. Quantitative Value ETF, ValueShares International Quantitative Value ETF, MomentumShares U.S. Quantitative Momentum ETF and MomentumShares International Quantitative Momentum ETF, previously filed as Exhibit 99.d.1 with Pre-Effective Amendment No. 2 to the Registrant's registration statement on October 17, 2014, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000158281614000543/investmentadvisoryagmt.htm)</u> | <u>[Investment Advisory Agreement between the Registrant and Empowered Funds, LLC (October 17, 2014), with respect to ValueShares U.S. Quantitative Value ETF, ValueShares International Quantitative Value ETF, MomentumShares U.S. Quantitative Momentum ETF and MomentumShares International Quantitative Momentum ETF, previously filed as Exhibit 99.d.1 with Pre-Effective Amendment No. 2 to the Registrant's registration statement on October 17, 2014, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000158281614000543/investmentadvisoryagmt.htm)</u> |
|  |  | (i) | <u>[Fourth](https://www.sec.gov/Archives/edgar/data/1592900/000159290024000185/a4th_feexamendmentxforxeax.htm)[Amendment to the Investment Advisory Agreement (](https://www.sec.gov/Archives/edgar/data/1592900/000159290024000185/a4th_feexamendmentxforxeax.htm)[December 12, 2023](https://www.sec.gov/Archives/edgar/data/1592900/000159290024000185/a4th_feexamendmentxforxeax.htm)[)](https://www.sec.gov/Archives/edgar/data/1592900/000159290024000185/a4th_feexamendmentxforxeax.htm)[, previously filed as Exhibit 99](https://www.sec.gov/Archives/edgar/data/1592900/000159290024000185/a4th_feexamendmentxforxeax.htm)[(d)(1)(i) with Post-Effective Amendment No. 32](https://www.sec.gov/Archives/edgar/data/1592900/000159290024000185/a4th_feexamendmentxforxeax.htm)[7 to the Registrant](https://www.sec.gov/Archives/edgar/data/1592900/000159290024000185/a4th_feexamendmentxforxeax.htm)['](https://www.sec.gov/Archives/edgar/data/1592900/000159290024000185/a4th_feexamendmentxforxeax.htm)[s registration statement on January 26, 2024, is hereby incorpo](https://www.sec.gov/Archives/edgar/data/1592900/000159290024000185/a4th_feexamendmentxforxeax.htm)[rated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000159290024000185/a4th_feexamendmentxforxeax.htm)</u> |

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| | | |
|:---|:---|:---|
| (2) | <u>[Investment Advisory Agreement between the Registrant and Empowered Funds, LLC (February 6, 2017), with respect to Alpha Architect Value Momentum Trend ETF, previously filed as Exhibit 99.d.1.i with Post-Effective Amendment No. 8 to the Registrant's registration statement on April 26, 2017, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000089418917002162/invest-advsry_agmnt.htm)</u> | <u>[Investment Advisory Agreement between the Registrant and Empowered Funds, LLC (February 6, 2017), with respect to Alpha Architect Value Momentum Trend ETF, previously filed as Exhibit 99.d.1.i with Post-Effective Amendment No. 8 to the Registrant's registration statement on April 26, 2017, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000089418917002162/invest-advsry_agmnt.htm)</u> |
|  | (i) | <u>[Amendment to Investment Advisory Agreement between the Registrant and Empowered Funds, LLC (February 6, 2017), with respect to Alpha Architect Value Momentum Trend ETF, Alpha Architect U.S. Quantitative Value ETF, Alpha Architect International Quantitative Value ETF, Alpha Architect U.S. Quantitative Momentum ETF and the Alpha Architect International Quantitative Momentum ETF previously filed as Exhibit 99.d.2.i with Post-Effective Amendment No. 212 to the Registrant's registration statement on January 30, 2023, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000182912623001142/easeries-aacore_exd2i.htm)</u> |
| (3) | <u>[Investment Advisory Agreement between the Registrant and Empowered Funds, LLC, with respect to Freedom 100 Emerging Markets ETF, previously filed as Exhibit 99.d.3 with Post-Effective Amendment No. 17 to the Registrant's registration statement on May 17, 2019, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000089418919003029/invst-advsry_agmnt.htm)</u> | <u>[Investment Advisory Agreement between the Registrant and Empowered Funds, LLC, with respect to Freedom 100 Emerging Markets ETF, previously filed as Exhibit 99.d.3 with Post-Effective Amendment No. 17 to the Registrant's registration statement on May 17, 2019, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000089418919003029/invst-advsry_agmnt.htm)</u> |
| (4) | <u>[Investment Advisory Agreement between the Registrant and Empowered Funds, LLC, with respect to Gadsden Dynamic Multi-Asset ETF, previously filed as Exhibit 99.d.5 with Post-Effective Amendment No. 41 to the Registrant's registration statement on November 23, 2020, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000182912620000163/alphaarchitecttrust_ex99d5.htm)</u> | <u>[Investment Advisory Agreement between the Registrant and Empowered Funds, LLC, with respect to Gadsden Dynamic Multi-Asset ETF, previously filed as Exhibit 99.d.5 with Post-Effective Amendment No. 41 to the Registrant's registration statement on November 23, 2020, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000182912620000163/alphaarchitecttrust_ex99d5.htm)</u> |
| (5) | <u>[Investment Sub-Advisory Agreement among the Registrant, Empowered Funds, LLC, and Gadsden, LLC with respect to Gadsden Dynamic Multi-Asset ETF, previously filed as Exhibit 99.d.6 with Post-Effective Amendment No. 41 to the Registrant's registration statement on November 23, 2020, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000182912620000163/alphaarchitecttrust_ex99d6.htm)</u> | <u>[Investment Sub-Advisory Agreement among the Registrant, Empowered Funds, LLC, and Gadsden, LLC with respect to Gadsden Dynamic Multi-Asset ETF, previously filed as Exhibit 99.d.6 with Post-Effective Amendment No. 41 to the Registrant's registration statement on November 23, 2020, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000182912620000163/alphaarchitecttrust_ex99d6.htm)</u> |
| (6) | <u>[Investment Advisory Agreement between the Registrant and Empowered Funds, LLC, with respect to the Freedom Day Dividend ETF, previously filed as Exhibit 99.d.10 with Post-Effective Amendment No. 67 to the Registrant's registration statement on May 3, 2021, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000182912621003217/alphaarchitect_ex99d10.htm)</u> | <u>[Investment Advisory Agreement between the Registrant and Empowered Funds, LLC, with respect to the Freedom Day Dividend ETF, previously filed as Exhibit 99.d.10 with Post-Effective Amendment No. 67 to the Registrant's registration statement on May 3, 2021, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000182912621003217/alphaarchitect_ex99d10.htm)</u> |
| (7) | <u>[Investment Sub-Advisory Agreement among the Registrant, Empowered Funds, LLC, and Freedom Day Solutions, LLC with respect to the Freedom Day Dividend ETF, previously filed as Exhibit 99.d.11 with Post-Effective Amendment No. 67 to the Registrant's registration statement on May 3, 2021, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000182912621003217/alphaarchitect_ex99d11.htm)</u> | <u>[Investment Sub-Advisory Agreement among the Registrant, Empowered Funds, LLC, and Freedom Day Solutions, LLC with respect to the Freedom Day Dividend ETF, previously filed as Exhibit 99.d.11 with Post-Effective Amendment No. 67 to the Registrant's registration statement on May 3, 2021, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000182912621003217/alphaarchitect_ex99d11.htm)</u> |
| (8) | <u>[Investment Advisory Agreement between the Registrant and Empowered Funds, LLC, with respect to the Sparkline Intangible Value ETF, previously filed as Exhibit 99.d.14 with Post-Effective Amendment No. 67 to the Registrant's registration statement on June 23, 2021, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000182912621005439/alphaarchitect_ex99d14.htm)</u> | <u>[Investment Advisory Agreement between the Registrant and Empowered Funds, LLC, with respect to the Sparkline Intangible Value ETF, previously filed as Exhibit 99.d.14 with Post-Effective Amendment No. 67 to the Registrant's registration statement on June 23, 2021, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000182912621005439/alphaarchitect_ex99d14.htm)</u> |
| (9) | <u>[Investment Sub-Advisory Agreement among the Registrant, Empowered Funds, LLC, and Sparkline Capital LP with respect to the Sparkline Intangible Value ETF, previously filed as Exhibit 99.d.15 with Post-Effective Amendment No. 67 to the Registrant's registration statement on June 23, 2021, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000182912621005439/alphaarchitect_ex99d15.htm)</u> | <u>[Investment Sub-Advisory Agreement among the Registrant, Empowered Funds, LLC, and Sparkline Capital LP with respect to the Sparkline Intangible Value ETF, previously filed as Exhibit 99.d.15 with Post-Effective Amendment No. 67 to the Registrant's registration statement on June 23, 2021, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000182912621005439/alphaarchitect_ex99d15.htm)</u> |
|  | (i) | <u>[Amendment No. 1 to Schedule A to the Investment Sub-Advisory Agreement](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001727/exd9isparklineamendment1to.htm)[among the Registrant, Empowered Fund](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001727/exd9isparklineamendment1to.htm)[s, LLC, and Sparkline Capital LP with respect to the Sparkline Intangible Value ETF](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001727/exd9isparklineamendment1to.htm)[, previously filed](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001727/exd9isparklineamendment1to.htm)[as Exhibit 99.d.9.i with Post-Effective Amendment No. 372 to the Registr](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001727/exd9isparklineamendment1to.htm)[ant](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001727/exd9isparklineamendment1to.htm)['](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001727/exd9isparklineamendment1to.htm)[s registration statement on September 6, 2024, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001727/exd9isparklineamendment1to.htm)</u> |

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|:---|:---|:---|
| (10) | <u>[Investment Advisory Agreement between the Registrant and Empowered Funds, LLC, with respect to the Discipline Fund ETF, previously filed as Exhibit 99.d.20 with Post-Effective Amendment No. 86 to the Registrant's registration statement on September 15, 2021, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000182912621010016/alphaarchitect_ex99d20.htm)</u> | <u>[Investment Advisory Agreement between the Registrant and Empowered Funds, LLC, with respect to the Discipline Fund ETF, previously filed as Exhibit 99.d.20 with Post-Effective Amendment No. 86 to the Registrant's registration statement on September 15, 2021, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000182912621010016/alphaarchitect_ex99d20.htm)</u> |
| (11) | <u>[Investment Sub-Advisory Agreement among the Registrant, Empowered Funds, LLC, and Orcam Financial Group, LLC with respect to the Discipline Fund ETF, previously filed as Exhibit 99.d.21 with Post-Effective Amendment No. 86 to the Registrant's registration statement on September 15, 2021, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000182912621010016/alphaarchitect_ex99d21.htm)</u> | <u>[Investment Sub-Advisory Agreement among the Registrant, Empowered Funds, LLC, and Orcam Financial Group, LLC with respect to the Discipline Fund ETF, previously filed as Exhibit 99.d.21 with Post-Effective Amendment No. 86 to the Registrant's registration statement on September 15, 2021, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000182912621010016/alphaarchitect_ex99d21.htm)</u> |
| (12) | <u>[Investment Advisory Agreement between the Registrant and Empowered Funds, LLC, with respect to the Guru Favorite Stocks ETF, previously filed as Exhibit 99.d.22 with Post-Effective Amendment No. 99 to the Registrant's registration statement on December 14, 2021, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000182912621016287/alphaarchitect_exd22.htm)</u> | <u>[Investment Advisory Agreement between the Registrant and Empowered Funds, LLC, with respect to the Guru Favorite Stocks ETF, previously filed as Exhibit 99.d.22 with Post-Effective Amendment No. 99 to the Registrant's registration statement on December 14, 2021, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000182912621016287/alphaarchitect_exd22.htm)</u> |
| (13) | <u>[Investment Sub-Advisory Agreement among the Registrant, Empowered Funds, LLC, and GuruFocus Investments, LLC with respect to the Guru Favorite Stocks ETF, previously filed as Exhibit 99.d.23 with Post-Effective Amendment No. 99 to the Registrant's registration statement on December 14, 2021, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000182912621016287/alphaarchitect_exd23.htm)</u> | <u>[Investment Sub-Advisory Agreement among the Registrant, Empowered Funds, LLC, and GuruFocus Investments, LLC with respect to the Guru Favorite Stocks ETF, previously filed as Exhibit 99.d.23 with Post-Effective Amendment No. 99 to the Registrant's registration statement on December 14, 2021, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000182912621016287/alphaarchitect_exd23.htm)</u> |
| (14) | <u>[Investment Advisory Agreement between the Registrant and Empowered Funds, LLC, with respect to the ROC ETF, previously filed as Exhibit 99.d.28 with Post-Effective Amendment No. 111 to the Registrant's registration statement on March 18, 2022, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000182912622006369/alpha_ex99-d28.htm)</u> | <u>[Investment Advisory Agreement between the Registrant and Empowered Funds, LLC, with respect to the ROC ETF, previously filed as Exhibit 99.d.28 with Post-Effective Amendment No. 111 to the Registrant's registration statement on March 18, 2022, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000182912622006369/alpha_ex99-d28.htm)</u> |
| (15) | <u>[Investment Sub-Advisory Agreement among the Registrant, Empowered Funds, LLC, and ROC Investments, LLC with respect to the ROC ETF, previously filed as Exhibit 99.d.28 with Post-Effective Amendment No. 111 to the Registrant's registration statement on March 18, 2022, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000182912622006369/alpha_ex99-d29.htm)</u> | <u>[Investment Sub-Advisory Agreement among the Registrant, Empowered Funds, LLC, and ROC Investments, LLC with respect to the ROC ETF, previously filed as Exhibit 99.d.28 with Post-Effective Amendment No. 111 to the Registrant's registration statement on March 18, 2022, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000182912622006369/alpha_ex99-d29.htm)</u> |
| (16) | <u>[Investment Advisory Agreement between the Registrant and Empowered Funds, LLC, with respect to the Relative Sentiment Tactical Allocation ETF, previously filed as Exhibit 99.d.32 with Post-Effective Amendment No. 115 to the Registrant's registration statement on April 1, 2022, is hereby incorporated by reference](https://www.sec.gov/Archives/edgar/data/1592900/000182912622007349/alpharchitect_exd32.htm)</u>**<u>[.](https://www.sec.gov/Archives/edgar/data/1592900/000182912622007349/alpharchitect_exd32.htm)</u>** | <u>[Investment Advisory Agreement between the Registrant and Empowered Funds, LLC, with respect to the Relative Sentiment Tactical Allocation ETF, previously filed as Exhibit 99.d.32 with Post-Effective Amendment No. 115 to the Registrant's registration statement on April 1, 2022, is hereby incorporated by reference](https://www.sec.gov/Archives/edgar/data/1592900/000182912622007349/alpharchitect_exd32.htm)</u>**<u>[.](https://www.sec.gov/Archives/edgar/data/1592900/000182912622007349/alpharchitect_exd32.htm)</u>** |
| (17) | <u>[Investment Sub-Advisory Agreement among the Registrant, Empowered Funds, LLC, and Relative Sentiment Technologies, LLC with respect to the Relative Sentiment Tactical Allocation ETF, previously filed as Exhibit 99.d.33 with Post-Effective Amendment No. 115 to the Registrant's registration statement on April 1, 2022, is hereby incorporated by reference](https://www.sec.gov/Archives/edgar/data/1592900/000182912622007349/alpharchitect_exd33.htm)</u>**<u>[.](https://www.sec.gov/Archives/edgar/data/1592900/000182912622007349/alpharchitect_exd33.htm)</u>** | <u>[Investment Sub-Advisory Agreement among the Registrant, Empowered Funds, LLC, and Relative Sentiment Technologies, LLC with respect to the Relative Sentiment Tactical Allocation ETF, previously filed as Exhibit 99.d.33 with Post-Effective Amendment No. 115 to the Registrant's registration statement on April 1, 2022, is hereby incorporated by reference](https://www.sec.gov/Archives/edgar/data/1592900/000182912622007349/alpharchitect_exd33.htm)</u>**<u>[.](https://www.sec.gov/Archives/edgar/data/1592900/000182912622007349/alpharchitect_exd33.htm)</u>** |
| (18) | <u>[Investment Advisory Agreement between the Registrant and Empowered Funds, LLC, with respect to the Argent Mid Cap ETF, previously filed as Exhibit 99.d.34 with Post-Effective Amendment No. 153 to the Registrant's registration statement on August 15, 2022, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000182912622015845/easeries_exd34.htm)</u> | <u>[Investment Advisory Agreement between the Registrant and Empowered Funds, LLC, with respect to the Argent Mid Cap ETF, previously filed as Exhibit 99.d.34 with Post-Effective Amendment No. 153 to the Registrant's registration statement on August 15, 2022, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000182912622015845/easeries_exd34.htm)</u> |
| (19) | <u>[Investment Sub-Advisory Agreement among the Registrant, Empowered Funds, LLC, and Argent Capital Management LLC with respect to the Argent Mid Cap ETF, previously filed as Exhibit 99.d.35 with Post-Effective Amendment No. 153 to the Registrant's registration statement on August 15, 2022, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000182912622015845/easeries_exd35.htm)</u> | <u>[Investment Sub-Advisory Agreement among the Registrant, Empowered Funds, LLC, and Argent Capital Management LLC with respect to the Argent Mid Cap ETF, previously filed as Exhibit 99.d.35 with Post-Effective Amendment No. 153 to the Registrant's registration statement on August 15, 2022, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000182912622015845/easeries_exd35.htm)</u> |
|  | (i) | <u>[Amendment to Investment](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000650/argentsub-advisoryagreemen.htm)[Sub-](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000650/argentsub-advisoryagreemen.htm)[Advisory Agreement between Registrant](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000650/argentsub-advisoryagreemen.htm)[,](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000650/argentsub-advisoryagreemen.htm)[Empowered Funds, LLC,](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000650/argentsub-advisoryagreemen.htm)[and Arge](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000650/argentsub-advisoryagreemen.htm)[nt Capital Man](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000650/argentsub-advisoryagreemen.htm)[agem](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000650/argentsub-advisoryagreemen.htm)[ent LLC](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000650/argentsub-advisoryagreemen.htm)[with respect to the Argent](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000650/argentsub-advisoryagreemen.htm)[Focused](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000650/argentsub-advisoryagreemen.htm)[Small Cap ETF and Argent Large Cap ETF](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000650/argentsub-advisoryagreemen.htm)[, previously filed as Exhibit 99.(d](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000650/argentsub-advisoryagreemen.htm)[)(19)(i)](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000650/argentsub-advisoryagreemen.htm)[with Post-Effective Amendment No. 456](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000650/argentsub-advisoryagreemen.htm)[to the Registrant](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000650/argentsub-advisoryagreemen.htm)['](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000650/argentsub-advisoryagreemen.htm)[s registration state](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000650/argentsub-advisoryagreemen.htm)[ment on March 20, 2025, is hereby](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000650/argentsub-advisoryagreemen.htm)[incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000650/argentsub-advisoryagreemen.htm)</u> |

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| (20) | <u>[Investment Advisory Agreement between the Registrant and Empowered Funds, LLC, with respect to the AOT Growth and Innovation ETF, previously filed as Exhibit 99.d.36 with Post-Effective Amendment No. 134 to the Registrant's registration statement on June 22, 2022, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000182912622013727/easeries_exd36.htm)</u> | <u>[Investment Advisory Agreement between the Registrant and Empowered Funds, LLC, with respect to the AOT Growth and Innovation ETF, previously filed as Exhibit 99.d.36 with Post-Effective Amendment No. 134 to the Registrant's registration statement on June 22, 2022, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000182912622013727/easeries_exd36.htm)</u> |
| (21) | <u>[Investment Sub-Advisory Agreement among the Registrant, Empowered Funds, LLC and AOT Invest LLC with respect to the AOT Growth and Innovation ETF, previously filed as Exhibit 99.d.37 with Post-Effective Amendment No. 134 to the Registrant's registration statement on June 22, 2022, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000182912622013727/easeries_exd37.htm)</u> | <u>[Investment Sub-Advisory Agreement among the Registrant, Empowered Funds, LLC and AOT Invest LLC with respect to the AOT Growth and Innovation ETF, previously filed as Exhibit 99.d.37 with Post-Effective Amendment No. 134 to the Registrant's registration statement on June 22, 2022, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000182912622013727/easeries_exd37.htm)</u> |
| (22) | <u>[Investment Advisory Agreement between the Registrant and Empowered Funds, LLC, with respect to the EA Bridgeway Blue Chip ETF, previously filed as Exhibit 99.d.40 with Post-Effective Amendment No. 151 to the Registrant's registration statement on August 11, 2022, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000182912622015664/easeries_ex99d40.htm)</u> | <u>[Investment Advisory Agreement between the Registrant and Empowered Funds, LLC, with respect to the EA Bridgeway Blue Chip ETF, previously filed as Exhibit 99.d.40 with Post-Effective Amendment No. 151 to the Registrant's registration statement on August 11, 2022, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000182912622015664/easeries_ex99d40.htm)</u> |
|  | (i) | <u>[Amendment No. 1 to Schedule A to the Investment Advisory Agreement between Registrant and Empowered Funds, LLC, with respect to the EA Bridgeway Omni Small-Cap Value ETF - previously filed as Exhibit 99.d.40(i) with Post-Effective Amendment No. 199 to the Registrant's registration statement on December 19, 2022, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000182912622020373/easeries_ex99d40i.htm)</u> |
| (23) | <u>[Investment Sub-Advisory Agreement among the Registrant, Empowered Funds, LLC, and Bridgeway Capital Management, LLC, with respect to the EA Bridgeway Blue Chip ETF - previously filed as Exhibit 99.d.41 with Post-Effective Amendment No. 231 to the Registrant's registration statement on April 19, 2023, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000182912622015664/easeries_ex99d41.htm)</u> | <u>[Investment Sub-Advisory Agreement among the Registrant, Empowered Funds, LLC, and Bridgeway Capital Management, LLC, with respect to the EA Bridgeway Blue Chip ETF - previously filed as Exhibit 99.d.41 with Post-Effective Amendment No. 231 to the Registrant's registration statement on April 19, 2023, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000182912622015664/easeries_ex99d41.htm)</u> |
|  | (i) | <u>[Amendment No. 1 to Schedule A to the Investment Sub-Advisory Agreement among the Registrant, Empowered Funds, LLC and Bridgeway Capital Management, LLC, with respect to the EA Bridgeway Omni Small-Cap Value ETF – previously filed as Exhibit 99.d.41(i) with Post-Effective Amendment No. 199 to the Registrant's registration statement on December 19, 2022, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000182912622020373/easeries_ex99d41i.htm)</u> |
| (24) | <u>[Investment Advisory Agreement between the Registrant and Empowered Funds, LLC, with respect to the Strive U.S. Energy ETF, previously filed as Exhibit 99.d.42 with Post-Effective Amendment No. 146 to the Registrant's registration statement on August 4, 2022, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000182912622015055/easeries_ex28d42.htm)</u> | <u>[Investment Advisory Agreement between the Registrant and Empowered Funds, LLC, with respect to the Strive U.S. Energy ETF, previously filed as Exhibit 99.d.42 with Post-Effective Amendment No. 146 to the Registrant's registration statement on August 4, 2022, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000182912622015055/easeries_ex28d42.htm)</u> |
|  | (i) | <u>[Amendment No. 8 to Investment Advisory Agreement between Registrant and Empowered Funds, LLC, with respect to the Strive International Developed Markets ETF](https://www.sec.gov/Archives/edgar/data/1592900/000159290024000954/striveadvisoryamendment682.htm)[, previously filed as Exhibit 99.d.26.i w](https://www.sec.gov/Archives/edgar/data/1592900/000159290024000954/striveadvisoryamendment682.htm)[ith Post-Effective Amendment No.](https://www.sec.gov/Archives/edgar/data/1592900/000159290024000954/striveadvisoryamendment682.htm)[351 to the Registrant](https://www.sec.gov/Archives/edgar/data/1592900/000159290024000954/striveadvisoryamendment682.htm)['](https://www.sec.gov/Archives/edgar/data/1592900/000159290024000954/striveadvisoryamendment682.htm)[s](https://www.sec.gov/Archives/edgar/data/1592900/000159290024000954/striveadvisoryamendment682.htm)[registration statement on June 11, 2024, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000159290024000954/striveadvisoryamendment682.htm)</u> |
|  | (ii) | Amendment No. 9 to Investment Advisory Agreement between Registrant and Empowered Funds, LLC, with respect to the Strive Bitcoin Bond ETF – **to be filed by amendment.** |
| (25) | <u>[Investment Sub-Advisory Agreement among the Registrant, Empowered Funds, LLC and Strive Asset Management, LLC, with respect to the Strive U.S. Energy ETF, Strive U.S. Semiconductor ETF, Strive U.S. Technology ETF and Strive Emerging Ex-China ETF, previously filed as Exhibit 99.d.43 with Post-Effective Amendment No. 146 to the Registrant's registration statement on August 4, 2022, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000182912622015055/easeries_ex28d43.htm)</u> | <u>[Investment Sub-Advisory Agreement among the Registrant, Empowered Funds, LLC and Strive Asset Management, LLC, with respect to the Strive U.S. Energy ETF, Strive U.S. Semiconductor ETF, Strive U.S. Technology ETF and Strive Emerging Ex-China ETF, previously filed as Exhibit 99.d.43 with Post-Effective Amendment No. 146 to the Registrant's registration statement on August 4, 2022, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000182912622015055/easeries_ex28d43.htm)</u> |

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| | (i) | <u>[Amendment No. 6 to Investment Sub-Advisory Agreement between Registrant, Empowered Funds, LLC, and Strive Asset Management, LLC, with respect to the Strive International Developed Markets ET](https://www.sec.gov/Archives/edgar/data/1592900/000159290024000954/strivesub-advisoryamendmen.htm)[F, previously filed as Exhibit 99.d.27.i with Post-Effective Amendment No. 351 to the Registrant](https://www.sec.gov/Archives/edgar/data/1592900/000159290024000954/strivesub-advisoryamendmen.htm)['](https://www.sec.gov/Archives/edgar/data/1592900/000159290024000954/strivesub-advisoryamendmen.htm)[s registration statement on June 11, 2024, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000159290024000954/strivesub-advisoryamendmen.htm)</u> |
| | (ii) | Amendment No. 7 to the Investment Sub-Advisory Agreement between Registrant, Empowered Funds, LLC, and Strive Asset Management, LLC, with respect to the Strive Bitcoin Bond ETF – **to be filed by amendment.** |
| (26) | <u>[Investment Advisory Agreement between the Registrant and Empowered Funds, LLC, with respect to the Altrius Global Dividend ETF, previously filed as Exhibit 99.d.44 with Post-Effective Amendment No. 174 to the Registrant's registration statement on September 26, 2022, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000182912622017154/easeries_ex99d44.htm)</u> | <u>[Investment Advisory Agreement between the Registrant and Empowered Funds, LLC, with respect to the Altrius Global Dividend ETF, previously filed as Exhibit 99.d.44 with Post-Effective Amendment No. 174 to the Registrant's registration statement on September 26, 2022, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000182912622017154/easeries_ex99d44.htm)</u> |
| (27) | <u>[Investment Sub-Advisory Agreement among the Registrant, Empowered Funds, LLC and Altrius Capital Management, Inc., with respect to the Altrius Global Dividend ETF, previously filed as Exhibit 99.d.45 with Post-Effective Amendment No. 174 to the Registrant's registration statement on September 26, 2022, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000182912622017154/easeries_ex99d45.htm)</u> | <u>[Investment Sub-Advisory Agreement among the Registrant, Empowered Funds, LLC and Altrius Capital Management, Inc., with respect to the Altrius Global Dividend ETF, previously filed as Exhibit 99.d.45 with Post-Effective Amendment No. 174 to the Registrant's registration statement on September 26, 2022, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000182912622017154/easeries_ex99d45.htm)</u> |
| (28) | <u>[Investment Advisory Agreement between the Registrant and Empowered Funds, LLC, with respect to the Burney U.S. Factor Rotation ETF previously filed as Exhibit 99.d.48 with Post-Effective Amendment No. 180 to the Registrant's registration statement on October 7, 2022, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000182912622017491/easeries_ex99d48.htm)</u> | <u>[Investment Advisory Agreement between the Registrant and Empowered Funds, LLC, with respect to the Burney U.S. Factor Rotation ETF previously filed as Exhibit 99.d.48 with Post-Effective Amendment No. 180 to the Registrant's registration statement on October 7, 2022, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000182912622017491/easeries_ex99d48.htm)</u> |
| (29) | <u>[Investment Sub-Advisory Agreement among the Registrant, Empowered Funds, and The Burney Company, with respect to the Burney U.S. Factor Rotation ETF previously filed as Exhibit 99.d.49 with Post-Effective Amendment No. 180 to the Registrant's registration statement on October 7, 2022, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000182912622017491/easeries_ex99d49.htm)</u> | <u>[Investment Sub-Advisory Agreement among the Registrant, Empowered Funds, and The Burney Company, with respect to the Burney U.S. Factor Rotation ETF previously filed as Exhibit 99.d.49 with Post-Effective Amendment No. 180 to the Registrant's registration statement on October 7, 2022, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000182912622017491/easeries_ex99d49.htm)</u> |
|  | (i) | Amended Schedule A to the Investment Sub-Advisory Agreement – **to be filed by amendment.** |
| (30) | <u>[Investment Advisory Agreement between the Registrant and Empowered Funds, LLC, with respect to the Alpha Architect High Inflation and Deflation ETF, previously filed as Exhibit 99.d.50 with Post-Effective Amendment No. 192 to the Registrant's registration statement on November 15, 2022, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000182912622019276/easeries_ex99d50.htm)</u> | <u>[Investment Advisory Agreement between the Registrant and Empowered Funds, LLC, with respect to the Alpha Architect High Inflation and Deflation ETF, previously filed as Exhibit 99.d.50 with Post-Effective Amendment No. 192 to the Registrant's registration statement on November 15, 2022, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000182912622019276/easeries_ex99d50.htm)</u> |
| (31) | <u>[Investment Sub-Advisory Agreement among the Registrant, Empowered Funds, LLC, and Alpha Architect, LLC with respect to the Alpha Architect High Inflation and Deflation ETF, previously filed as Exhibit 99.d.51 with Post-Effective Amendment No. 192 to the Registrant's registration statement on November 15, 2022, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000182912622019276/easeries_ex99d51.htm)</u> | <u>[Investment Sub-Advisory Agreement among the Registrant, Empowered Funds, LLC, and Alpha Architect, LLC with respect to the Alpha Architect High Inflation and Deflation ETF, previously filed as Exhibit 99.d.51 with Post-Effective Amendment No. 192 to the Registrant's registration statement on November 15, 2022, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000182912622019276/easeries_ex99d51.htm)</u> |
| (32) | <u>[Investment Advisory Agreement between the Registrant and Empowered Funds, LLC, with respect to Alpha Architect Tail Risk ETF and Alpha Architect 1-3 Month Box ETF previously filed as Exhibit 99.d52 with Post-Effective Amendment No. 191 to the Registrant's registration statement on November 10, 2022, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000182912622019155/easeries_ex99d52.htm)</u> | <u>[Investment Advisory Agreement between the Registrant and Empowered Funds, LLC, with respect to Alpha Architect Tail Risk ETF and Alpha Architect 1-3 Month Box ETF previously filed as Exhibit 99.d52 with Post-Effective Amendment No. 191 to the Registrant's registration statement on November 10, 2022, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000182912622019155/easeries_ex99d52.htm)</u> |
|  | (i) | <u>[Amendment to Schedule A to the Investment Advisory Agreement between the Registrant and Empowered Funds, LLC, with respect to Alpha Architect Tail Risk ETF and Alpha Architect 1-3 Month Box ETF, previously filed as Exhibit 99.(d)(32)(i) with Post-Effective Amendment No. 436 to the Registrant's registration statement on January 28, 2025, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000202/amendmentno1toscheduleatoa.htm)</u> |

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| (33) | <u>[Investment Sub-Advisory Agreement among the Registrant, Empowered Funds, LLC and Arin Risk Advisors, LLC with respect to the Alpha Architect Tail Risk ETF and Alpha Architect 1-3 Month Box ETF previously filed as Exhibit 99.d53 with Post-Effective Amendment No. 191 to the Registrant's registration statement on November 10, 2022, is hereby incorporated by reference](https://www.sec.gov/Archives/edgar/data/1592900/000182912622019155/easeries_ex99d53.htm)</u>**<u>[.](https://www.sec.gov/Archives/edgar/data/1592900/000182912622019155/easeries_ex99d53.htm)</u>** | <u>[Investment Sub-Advisory Agreement among the Registrant, Empowered Funds, LLC and Arin Risk Advisors, LLC with respect to the Alpha Architect Tail Risk ETF and Alpha Architect 1-3 Month Box ETF previously filed as Exhibit 99.d53 with Post-Effective Amendment No. 191 to the Registrant's registration statement on November 10, 2022, is hereby incorporated by reference](https://www.sec.gov/Archives/edgar/data/1592900/000182912622019155/easeries_ex99d53.htm)</u>**<u>[.](https://www.sec.gov/Archives/edgar/data/1592900/000182912622019155/easeries_ex99d53.htm)</u>** |
|  | (i) | <u>[Amendment No. 1 to the Investment Sub-Advisory Agreement among the Registrant, Empowered Funds, LLC, and Arin Risk Advisors, LLC with respect to the Alpha Architect 1-3 Year Box ETF, Alpha Architect Intermediate-Term Treasury Bond ETF, Alpha Architect Long-Term Treasury Bond ETF, Alpha Architect Aggregate Bond ETF, Alpha Architect Inflation-Protected Securities ETF, and Alpha Architect Real Estate ETF previously filed as Exhibit 99.d(33)(i) with Post-Effective Amendment No. 397 to the Registrant's registration statement on November 14, 2024, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002233/arin_amendno1toscheduleaxs.htm)</u> |
| (34) | <u>[Investment Advisory Agreement between the Registrant and Empowered Funds, LLC, with respect to the Euclidean Fundamental Value ETF previously filed as Exhibit 99.d54 with Post-Effective Amendment No. 227 to the Registrant's registration statement on April 5, 2023, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000182912623002565/easeries-bdgs_ex99d54.htm)</u> | <u>[Investment Advisory Agreement between the Registrant and Empowered Funds, LLC, with respect to the Euclidean Fundamental Value ETF previously filed as Exhibit 99.d54 with Post-Effective Amendment No. 227 to the Registrant's registration statement on April 5, 2023, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000182912623002565/easeries-bdgs_ex99d54.htm)</u> |
| (35) | <u>[Investment Sub-Advisory Agreement among the Registrant, Empowered Funds, LLC, and Euclidean Technologies Management, LLC with respect to the Euclidean Fundamental Value ETF previously filed as Exhibit 99.d55 with Post-Effective Amendment No. 228 to the Registrant's registration statement on April 6, 2023, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000182912623002582/easeriestrust_ex99d55.htm)</u> | <u>[Investment Sub-Advisory Agreement among the Registrant, Empowered Funds, LLC, and Euclidean Technologies Management, LLC with respect to the Euclidean Fundamental Value ETF previously filed as Exhibit 99.d55 with Post-Effective Amendment No. 228 to the Registrant's registration statement on April 6, 2023, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000182912623002582/easeriestrust_ex99d55.htm)</u> |
| (36) | <u>[Investment Advisory Agreement between the Registrant and Empowered Funds, LLC, with respect to the Bridges Capital Tactical Equity ETF previously filed as Exhibit 99.d56 with Post-Effective Amendment No. 227 to the Registrant's registration statement on April 5, 2023, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000182912623002565/easeries-bdgs_ex99d56.htm)</u> | <u>[Investment Advisory Agreement between the Registrant and Empowered Funds, LLC, with respect to the Bridges Capital Tactical Equity ETF previously filed as Exhibit 99.d56 with Post-Effective Amendment No. 227 to the Registrant's registration statement on April 5, 2023, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000182912623002565/easeries-bdgs_ex99d56.htm)</u> |
| (37) | <u>[Investment Sub-Advisory Agreement among the Registrant, Empowered Funds, LLC, and Bridges Capital, LLC with respect to the Bridges Capital Tactical Equity previously filed as Exhibit 99.d57 with Post-Effective Amendment No. 227 to the Registrant's registration statement on April 5, 2023, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000182912623002565/easeries-bdgs_ex99d57.htm)</u> | <u>[Investment Sub-Advisory Agreement among the Registrant, Empowered Funds, LLC, and Bridges Capital, LLC with respect to the Bridges Capital Tactical Equity previously filed as Exhibit 99.d57 with Post-Effective Amendment No. 227 to the Registrant's registration statement on April 5, 2023, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000182912623002565/easeries-bdgs_ex99d57.htm)</u> |
| (38) | <u>[Investment Advisory Agreement between the Registrant and Empowered Funds, LLC with respect to the MKAM ETF previously filed as Exhibit 99.d58 with Post-Effective Amendment No. 227 to the Registrant's registration statement on April 5, 2023, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000182912623002565/easeries-bdgs_ex99d58.htm)</u> | <u>[Investment Advisory Agreement between the Registrant and Empowered Funds, LLC with respect to the MKAM ETF previously filed as Exhibit 99.d58 with Post-Effective Amendment No. 227 to the Registrant's registration statement on April 5, 2023, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000182912623002565/easeries-bdgs_ex99d58.htm)</u> |
| (39) | <u>[Investment Sub-Advisory Agreement among the Registrant, Empowered Funds, LLC, and MKAM ETF LLC with respect to the MKAM ETF previously filed as Exhibit 99.d59 with Post-Effective Amendment No. 229 to the Registrant's registration statement on April 6, 2023, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000182912623002590/easeries-mkam_ex99d59.htm)</u> | <u>[Investment Sub-Advisory Agreement among the Registrant, Empowered Funds, LLC, and MKAM ETF LLC with respect to the MKAM ETF previously filed as Exhibit 99.d59 with Post-Effective Amendment No. 229 to the Registrant's registration statement on April 6, 2023, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000182912623002590/easeries-mkam_ex99d59.htm)</u> |
| (40) | <u>[Investment Advisory Agreement between the Registrant and Empowered Funds, LLC with respect to the Morgan Dempsey Large Cap Value ETF previously filed as Exhibit 99.d60 with Post-Effective Amendment No. 227 to the Registrant's registration statement on April 5, 2023, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000182912623002565/easeries-bdgs_ex99d60.htm)</u> | <u>[Investment Advisory Agreement between the Registrant and Empowered Funds, LLC with respect to the Morgan Dempsey Large Cap Value ETF previously filed as Exhibit 99.d60 with Post-Effective Amendment No. 227 to the Registrant's registration statement on April 5, 2023, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000182912623002565/easeries-bdgs_ex99d60.htm)</u> |
| (41) | <u>[Investment Sub-Advisory Agreement among the Registrant, Empowered Funds, LLC, and Morgan Dempsey Capital Management, LLC with respect to the Morgan Dempsey Large Cap Value ETF – previously filed as Exhibit 99.d61 with Post-Effective Amendment No. 231 to the Registrant's registration statement on April 19, 2023, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000182912623002826/easeries_ex99d61.htm)</u> | <u>[Investment Sub-Advisory Agreement among the Registrant, Empowered Funds, LLC, and Morgan Dempsey Capital Management, LLC with respect to the Morgan Dempsey Large Cap Value ETF – previously filed as Exhibit 99.d61 with Post-Effective Amendment No. 231 to the Registrant's registration statement on April 19, 2023, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000182912623002826/easeries_ex99d61.htm)</u> |
| (42) | <u>[Investment Advisory Agreement between the Registrant and Empowered Funds, LLC with respect to the Bushido Capital US Equity ETF, previously filed as Exhibit 99.d(44) with Post-Effective Amendment No. 254 to the Registrant's registration statement on July 21, 2023, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000182912623004832/easeriestrust_ex99d44.htm)</u> | <u>[Investment Advisory Agreement between the Registrant and Empowered Funds, LLC with respect to the Bushido Capital US Equity ETF, previously filed as Exhibit 99.d(44) with Post-Effective Amendment No. 254 to the Registrant's registration statement on July 21, 2023, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000182912623004832/easeriestrust_ex99d44.htm)</u> |

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| (43) | <u>[Investment Sub-Advisory Agreement among the Registrant, Empowered Funds, LLC, and Sepio Capital, L.P. with respect to the Bushido Capital US Equity ETF and Bushido Capital US SMID Cap Equity ETF, previously filed as Exhibit 99.d(43) with Post-Effective Amendment No. 468 to the Registrant's registration statement on April 10, 2025, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000899/sepiosub-advisoryagreement.htm)</u> | <u>[Investment Sub-Advisory Agreement among the Registrant, Empowered Funds, LLC, and Sepio Capital, L.P. with respect to the Bushido Capital US Equity ETF and Bushido Capital US SMID Cap Equity ETF, previously filed as Exhibit 99.d(43) with Post-Effective Amendment No. 468 to the Registrant's registration statement on April 10, 2025, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000899/sepiosub-advisoryagreement.htm)</u> |
| (44) | <u>[Investment Advisory Agreement between the Registrant and Empowered Funds, LLC with respect to the Astoria US Quality Kings ETF, previously filed as Exhibit 99.d(46) with Post-Effective Amendment No. 254 to the Registrant's registration statement on July 21, 2023, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000182912623004832/easeriestrust_ex99d46.htm)</u> | <u>[Investment Advisory Agreement between the Registrant and Empowered Funds, LLC with respect to the Astoria US Quality Kings ETF, previously filed as Exhibit 99.d(46) with Post-Effective Amendment No. 254 to the Registrant's registration statement on July 21, 2023, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000182912623004832/easeriestrust_ex99d46.htm)</u> |
|  | (i) | <u>[Amendment](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001888/astoria-amendmentno1tosche.htm)[to the](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001888/astoria-amendmentno1tosche.htm)[Investment](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001888/astoria-amendmentno1tosche.htm)[Advisory Agreement between Registrant](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001888/astoria-amendmentno1tosche.htm)[and](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001888/astoria-amendmentno1tosche.htm)[Empowered Funds, LLC](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001888/astoria-amendmentno1tosche.htm)[with respect to the](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001888/astoria-amendmentno1tosche.htm)[Astoria International Quality Growth Kings ETF and](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001888/astoria-amendmentno1tosche.htm)[Astoria US](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001888/astoria-amendmentno1tosche.htm)[Quality Growth](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001888/astoria-amendmentno1tosche.htm)[Kin](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001888/astoria-amendmentno1tosche.htm)[gs](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001888/astoria-amendmentno1tosche.htm)[ETF](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001888/astoria-amendmentno1tosche.htm)[, previously filed as Exhibit](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001888/astoria-amendmentno1tosche.htm)[99.](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001888/astoria-amendmentno1tosche.htm)[d.(44)(](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001888/astoria-amendmentno1tosche.htm)[i) with Post-Effective Am](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001888/astoria-amendmentno1tosche.htm)[endment No. 381 to the Registrant](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001888/astoria-amendmentno1tosche.htm)['](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001888/astoria-amendmentno1tosche.htm)[s registratio](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001888/astoria-amendmentno1tosche.htm)[n statement on S](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001888/astoria-amendmentno1tosche.htm)[eptem](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001888/astoria-amendmentno1tosche.htm)[ber 27, 2024, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001888/astoria-amendmentno1tosche.htm)</u> |
| (45) | <u>[Investment Sub-Advisory Agreement among the Registrant, Empowered Funds, LLC, and Astoria Portfolio Advisors, LLC with respect to the Astoria US Quality Kings ETF, previously filed as Exhibit 99.d(47) with Post-Effective Amendment No. 255 to the Registrant's registration statement on July 24, 2023 is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000182912623004856/easeriestrust_ex99d47.htm)</u> | <u>[Investment Sub-Advisory Agreement among the Registrant, Empowered Funds, LLC, and Astoria Portfolio Advisors, LLC with respect to the Astoria US Quality Kings ETF, previously filed as Exhibit 99.d(47) with Post-Effective Amendment No. 255 to the Registrant's registration statement on July 24, 2023 is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000182912623004856/easeriestrust_ex99d47.htm)</u> |
|  | (i) | <u>[Amended Schedule A to the Investment Sub-Advisory Agreement among the Registrant, Empowered Funds, LLC, and Astoria Portfolio Advisors, LLC, previously filed as Exhibit 99.(d)(47) with Post-Effective Amendment No. 481 to the Registrant's registration statement on May 7, 2025.](https://www.sec.gov/Archives/edgar/data/1592900/000159290025001085/astoria-amendedscheduleato.htm)</u> |
| (46) | <u>[Investment Sub-Advisory Agreement among the Registrant, Empowered Funds, LLC, Strive Asset Management, LLC and Angel Oak Capital Advisors, LLC with respect to the Strive Total Return Bond ETF and Strive Enhanced Income Short Maturity ETF](https://www.sec.gov/Archives/edgar/data/1592900/000182912623005135/easeries_ex99d48.htm)</u>**<u>[,](https://www.sec.gov/Archives/edgar/data/1592900/000182912623005135/easeries_ex99d48.htm)</u>**<u>[previously filed as Exhibit 99.d(48) with Post-Effective Amendment No. 257 to the Registrant's registration statement on August 4, 2023, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000182912623005135/easeries_ex99d48.htm)</u> | <u>[Investment Sub-Advisory Agreement among the Registrant, Empowered Funds, LLC, Strive Asset Management, LLC and Angel Oak Capital Advisors, LLC with respect to the Strive Total Return Bond ETF and Strive Enhanced Income Short Maturity ETF](https://www.sec.gov/Archives/edgar/data/1592900/000182912623005135/easeries_ex99d48.htm)</u>**<u>[,](https://www.sec.gov/Archives/edgar/data/1592900/000182912623005135/easeries_ex99d48.htm)</u>**<u>[previously filed as Exhibit 99.d(48) with Post-Effective Amendment No. 257 to the Registrant's registration statement on August 4, 2023, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000182912623005135/easeries_ex99d48.htm)</u> |
| (47) | <u>[Investment Advisory Agreement between the Registrant and Empowered Funds, LLC with respect to the MarketDesk Focused U.S. Dividend ETF, previously filed as Exhibit 99.d.(49) with Post-Effective Amendment No. 273 to the Registrant's registration statement on September 15, 2023, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000182912623006126/easeries_ex99d49.htm)</u> | <u>[Investment Advisory Agreement between the Registrant and Empowered Funds, LLC with respect to the MarketDesk Focused U.S. Dividend ETF, previously filed as Exhibit 99.d.(49) with Post-Effective Amendment No. 273 to the Registrant's registration statement on September 15, 2023, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000182912623006126/easeries_ex99d49.htm)</u> |
| (48) | <u>[Investment Sub-Advisory Agreement among the Registrant, Empowered Funds, LLC, and MarketDesk Indices, LLC with respect to the MarketDesk Focused U.S. Dividend ETF, previously filed as Exhibit 99.d.(50) with Post-Effective Amendment No. 273 to the Registrant's registration statement on September 15, 2023, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000182912623006126/easeries_ex99d50.htm)</u> | <u>[Investment Sub-Advisory Agreement among the Registrant, Empowered Funds, LLC, and MarketDesk Indices, LLC with respect to the MarketDesk Focused U.S. Dividend ETF, previously filed as Exhibit 99.d.(50) with Post-Effective Amendment No. 273 to the Registrant's registration statement on September 15, 2023, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000182912623006126/easeries_ex99d50.htm)</u> |
|  | (a) | <u>[Amendment to Schedule A to Investment Sub-Advisory Agreement among the Registrant, Empowered Funds, LLC and MarketDesk Indices, LLC, previously filed as Exhibit 99.d(48)(a) with Post-Effective Amendment No. 449 to the Registrant's registration statement on March 4, 2025, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000588/marketdeskamendedschedulea.htm)</u> |
| (49) | <u>[Investment Advisory Agreement between the Registrant and Empowered Funds, LLC with respect to the WHITEWOLF Publicly Listed Private Equity ETF and WHITEWOLF Commercial Real Estate Finance Income ETF previously filed as Exhibit 99.d.(51) with Post-Effective Amendment No. 278 to the Registrant's registration statement on October 3, 2023, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000159290023000861/b11b120230915-whitewolfxad.htm)</u> | <u>[Investment Advisory Agreement between the Registrant and Empowered Funds, LLC with respect to the WHITEWOLF Publicly Listed Private Equity ETF and WHITEWOLF Commercial Real Estate Finance Income ETF previously filed as Exhibit 99.d.(51) with Post-Effective Amendment No. 278 to the Registrant's registration statement on October 3, 2023, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000159290023000861/b11b120230915-whitewolfxad.htm)</u> |

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(50) <u>[Investment Sub-Advisory Agreement among the Registrant, Empowered Funds, LLC, and White Wolf Capital Advisors, LLC with respect to the WHITEWOLF Publicly Listed Private Equity ETF and WHITEWOLF Commercial Real Estate Finance Income ETF previously filed as Exhibit 99.d.(52](https://www.sec.gov/Archives/edgar/data/1592900/000159290023000861/b15c1whitewolfsub-advisory.htm)[) with Post-Effective Amendment No. 278 to the Registrant's registration statement on October 3, 2023, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000159290023000861/b15c1whitewolfsub-advisory.htm)</u>

(51) <u>[Investment Advisory Agreement between the Registrant and Empowered Funds, LLC with respect to the TBG Dividend Focus ETF, previously filed as Exhibit 99.d.(53) with Post-Effective Amendment No. 300 to the Registrant's registration statement on November 1, 2023, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000159290023000977/c2atbg-advisoryagreement_v.htm)</u>

(52) <u>[Investment Sub-Advisory Agreement among the Registrant, Empowered Funds, LLC, and Madison Avenue Financial Solutions, LLC with respect to the TBG Dividend Focus ETF, previously filed as Exhibit 99.d.(54) with Post-Effective Amendment No. 301 to the Registrant's registration statement on November 2, 2023, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000182912623007063/easeries_ex99d54.htm)</u>

(53) <u>[Investment Advisory Agreement between the Registrant and Empowered Funds, LLC with respect to](https://www.sec.gov/Archives/edgar/data/1592900/000159290024000638/stocksnipsadvisoryagreement.htm)[StockSnips AI](https://www.sec.gov/Archives/edgar/data/1592900/000159290024000638/stocksnipsadvisoryagreement.htm)[-Powered Sentiment US All Cap ETF](https://www.sec.gov/Archives/edgar/data/1592900/000159290024000638/stocksnipsadvisoryagreement.htm)[, previously filed as Exhibit 99.](https://www.sec.gov/Archives/edgar/data/1592900/000159290024000638/stocksnipsadvisoryagreement.htm)[(d)(55) with Post-Effective Amend](https://www.sec.gov/Archives/edgar/data/1592900/000159290024000638/stocksnipsadvisoryagreement.htm)[ment No. 342 to the R](https://www.sec.gov/Archives/edgar/data/1592900/000159290024000638/stocksnipsadvisoryagreement.htm)[egistrant](https://www.sec.gov/Archives/edgar/data/1592900/000159290024000638/stocksnipsadvisoryagreement.htm)['](https://www.sec.gov/Archives/edgar/data/1592900/000159290024000638/stocksnipsadvisoryagreement.htm)[s r](https://www.sec.gov/Archives/edgar/data/1592900/000159290024000638/stocksnipsadvisoryagreement.htm)[egistra](https://www.sec.gov/Archives/edgar/data/1592900/000159290024000638/stocksnipsadvisoryagreement.htm)[tion statement on April 8, 2024, is her](https://www.sec.gov/Archives/edgar/data/1592900/000159290024000638/stocksnipsadvisoryagreement.htm)[eby incorporated by](https://www.sec.gov/Archives/edgar/data/1592900/000159290024000638/stocksnipsadvisoryagreement.htm)[reference.](https://www.sec.gov/Archives/edgar/data/1592900/000159290024000638/stocksnipsadvisoryagreement.htm)</u>

(54) <u>[Investment Sub-Advisory Agreement among the Registrant, Empowered Fund](https://www.sec.gov/Archives/edgar/data/1592900/000159290024000638/stocksnipssub-advisoryagre.htm)[s, LLC, and](https://www.sec.gov/Archives/edgar/data/1592900/000159290024000638/stocksnipssub-advisoryagre.htm)[Stock](https://www.sec.gov/Archives/edgar/data/1592900/000159290024000638/stocksnipssub-advisoryagre.htm)[Snips, Inc.](https://www.sec.gov/Archives/edgar/data/1592900/000159290024000638/stocksnipssub-advisoryagre.htm)[with respect to](https://www.sec.gov/Archives/edgar/data/1592900/000159290024000638/stocksnipssub-advisoryagre.htm)[StockSnips AI-Powered Sentiment US All Cap ETF](https://www.sec.gov/Archives/edgar/data/1592900/000159290024000638/stocksnipssub-advisoryagre.htm)[, as previously filed as Exhib](https://www.sec.gov/Archives/edgar/data/1592900/000159290024000638/stocksnipssub-advisoryagre.htm)[it 99.(d)(56) with Pos](https://www.sec.gov/Archives/edgar/data/1592900/000159290024000638/stocksnipssub-advisoryagre.htm)[t-Effective Amendment No. 342 to the R](https://www.sec.gov/Archives/edgar/data/1592900/000159290024000638/stocksnipssub-advisoryagre.htm)[egistrant](https://www.sec.gov/Archives/edgar/data/1592900/000159290024000638/stocksnipssub-advisoryagre.htm)['](https://www.sec.gov/Archives/edgar/data/1592900/000159290024000638/stocksnipssub-advisoryagre.htm)[s registration statemen](https://www.sec.gov/Archives/edgar/data/1592900/000159290024000638/stocksnipssub-advisoryagre.htm)[t on](https://www.sec.gov/Archives/edgar/data/1592900/000159290024000638/stocksnipssub-advisoryagre.htm)[April 8, 2024, is](https://www.sec.gov/Archives/edgar/data/1592900/000159290024000638/stocksnipssub-advisoryagre.htm)[hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000159290024000638/stocksnipssub-advisoryagre.htm)</u>

(55) <u>[Investment Advisory Agreement between the Registrant and Empowered Funds, LLC with respect to the ARK 21Shares Active Bitcoin Futures Strategy ETF, ARK 21Shares Active On-Chain Bitcoin Strategy ETF, ARK 21Shares Blockchain and Digital Economy Innovation ETF, ARK 21Shares Active Ethereum Futures Strategy ETF and the ARK 21Shares Active Bitcoin Ethereum Strategy ETF, previously filed as Exhibit 99.d(57) with Post-Effective Amendment No. 295 to the Registrant's registration statement on October 31, 2023, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000182912623006953/easeries-arka_ex99d57.htm)</u>

(56) <u>[Investment Sub-Advisory Agreement among the Registrant and Empowered Funds, LLC, and 21 Shares US, LLC with respect to the ARK 21Shares Active Bitcoin Futures Strategy ETF, ARK 21Shares Active On-Chain Bitcoin Strategy ETF, ARK 21Shares Blockchain and Digital Economy Innovation ETF, ARK 21Shares Active Ethereum Futures Strategy ETF and the ARK 21Shares Active Bitcoin Ethereum Strategy ETF, previously filed as Exhibit 99.d.5](https://www.sec.gov/Archives/edgar/data/1592900/000182912623006953/easeries-arka_ex99d58.htm)[8](https://www.sec.gov/Archives/edgar/data/1592900/000182912623006953/easeries-arka_ex99d58.htm)[with Post-Effective Amendment No. 295 to the Registrant's registration statement on October 31, 2023, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000182912623006953/easeries-arka_ex99d58.htm)</u>

(57) <u>[Investment Advisory Agreement between the Registrant and Empowered Funds, LLC with respect to the CCM Global Equity ETF, previously filed as Exhibit](https://www.sec.gov/Archives/edgar/data/1592900/000159290023001047/ccmgadvisoryagreement.htm)[99.(d).(59)](https://www.sec.gov/Archives/edgar/data/1592900/000159290023001047/ccmgadvisoryagreement.htm)[with Post-Effective Amendment No. 308 to the Registrant's registration statement on November 21, 2023, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000159290023001047/ccmgadvisoryagreement.htm)</u>

(58) <u>[Investment Sub-Advisory Agreement among the Registrant, Empowered Funds, LLC, and CCM Investment Group, LLC with respect to the CCM Global Equity ETF](https://www.sec.gov/Archives/edgar/data/1592900/000159290023001047/ccmgsub-advisoryagreement.htm)[, previously filed as Exhibit Exhibit 99.(d).(60) with Post-Effective Amendment No. 308 to the Registrant's registration statement on November 21, 2023, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000159290023001047/ccmgsub-advisoryagreement.htm)</u>

(59) <u>[Investment Advisory Agreement Between the Registrant and Empowered Funds, LLC with respect to the Honeytree U.S. Equity ETF, previously filed as Exhibit 99.d.(61) with Post-Effective Amendment No. 300 to the Registrant's registration statement on November 1, 2023, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000159290023000977/beez-advisoryagreement.htm)</u>

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(60) <u>[Investment Sub-Advisory Agreement among the Registrant and Empowered Funds, LLC and Honeytree Investment Management Ltd. with respect to the Honeytree U.S. Equity ETF, previously filed as Exhibit 99.d.(62) with Post-Effective Amendment No. 300 to the Registrant's registration statement on November 1, 2023, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000159290023000977/beez-subxadvisoryagreement.htm)</u>

(61) <u>[Investment Advisory Agreement Between Registrant and Empowered Funds, LLC with respect to Alpha Blue Capital US Small-Mid Cap Dynamic ETF was previously filed as Exhibit 99(d)(63) with Post-Effective Amendment No. 318 to the Registrant's registration statement on December 12, 2023 is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000159290023001348/abcsadvisory.htm)</u>

(62) <u>[Investment Sub-Advisory Agreement among the Registrant and Empowered Funds, LLC and Alpha Blue Capital Management LP with respect to Alpha Blue Capital US Small-Mid Cap Dynamic ETF was previously filed as Exhibit 99(d)(64) with Post-Effective Amendment No. 318 to the Registrant's registration statement on December 12, 2023 is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000159290023001348/abcssub-advisory.htm)</u>

(63) <u>[Form of Sub-Subadvisory Agreement between 21Shares US LLC and ARK Investment Management LLC with respect to the ARK 21Shares Active Bitcoin Futures Strategy ETF, ARK 21Shares Active On-Chain Bitcoin Strategy ETF, ARK 21Shares Blockchain and Digital Economy Innovation ETF, ARK 21Shares Active Ethereum Futures Strategy ETF and the ARK 21Shares Active Bitcoin Ethereum Strategy ETF. previously filed as Exhibit 99.d(65) with Post-Effective Amendment No. 295 to the Registrant's registration statement on October 31, 2023, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000182912623006953/easeries-arka_ex99d65.htm)</u>

(64) <u>[Management Agreement between Empowered Funds, LLC and the ARK 21Shares Active Bitcoin Futures Cayman Ltd with respect to ARK 21Shares Active Bitcoin Futures Strategy ETF, previously filed as Exhibit 99.d(66) with Post-Effective Amendment No. 304 to the Registrant's registration statement on November 7, 2023, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000182912623007161/easeries_ex99d66.htm)</u>

(65) <u>[Management Agreement between Empowered Funds, LLC and the ARK 21Shares Active Ethereum Futures Cayman Ltd with respect to ARK 21Shares Active Ethereum Futures Strategy ETF, previously filed as Exhibit 99.d(67) with Post-Effective Amendment No. 304 to the Registrant's registration statement on November 7, 2023, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000182912623007161/easeries_ex99d67.htm)</u>

(66) <u>[Sub-Advisory Agreement between Empowered Funds, LLC, ARK 21Shares Active Bitcoin Futures Cayman Ltd and 21Shares US LLC ARK with respect to 21Shares Active Bitcoin Futures Strategy ETF, previously filed as Exhibit 99.d(68) with Post-Effective Amendment No. 304 to the Registrant's registration statement on November 7, 2023, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000182912623007161/easeries_ex99d68.htm)</u>

(67) <u>[Sub-Advisory Agreement between Empowered Funds, LLC, ARK 21Shares Active Ethereum Futures Cayman Ltd and 21Shares US LLC with respect to ARK 21Shares Active Ethereum Futures Strategy ETF, previously filed as Exhibit 99.d(69) with Post-Effective Amendment No. 304 to the Registrant's registration statement on November 7, 2023, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000182912623007161/easeries_ex99d69.htm)</u>

(68) <u>[Sub-Subadvisory Agreement between Empowered Funds, LLC, 21Shares US LLC and ARK Investment Management LLC on behalf of ARK 21Shares Active Bitcoin Futures Cayman Ltd with respect to ARK 21Shares Active Bitcoin Futures Strategy ETF, previously filed as Exhibit 99.d(70) with Post-Effective Amendment No. 304 to the Registrant's registration statement on November 7, 2023, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000182912623007161/easeries_ex99d70.htm)</u>

(69) <u>[Sub-Subadvisory Agreement between Empowered Funds, LLC, 21Shares US LLC and ARK Investment Management LLC on behalf of ARK 21Shares Active Ethereum Futures Cayman Ltd with respect to ARK 21Shares Active Ethereum Futures Strategy ETF, previously filed as Exhibit 99.d(71) with Post-Effective Amendment No. 304 to the Registrant's registration statement on November 7, 2023, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000182912623007161/easeries_ex99d71.htm)</u>

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| (70) | <u>[Investment Advisory Agreement between the Registrant and Empowered Funds, LLC](https://www.sec.gov/Archives/edgar/data/1592900/000159290024000233/eaadvisoryagreementkeat210.htm)[with respect to the Keating Active ETF](https://www.sec.gov/Archives/edgar/data/1592900/000159290024000233/eaadvisoryagreementkeat210.htm)[, p](https://www.sec.gov/Archives/edgar/data/1592900/000159290024000233/eaadvisoryagreementkeat210.htm)[reviously filed as Exhibit 99.d(72) with Post-Effective Amendment No. 32](https://www.sec.gov/Archives/edgar/data/1592900/000159290024000233/eaadvisoryagreementkeat210.htm)[8 to the R](https://www.sec.gov/Archives/edgar/data/1592900/000159290024000233/eaadvisoryagreementkeat210.htm)[eg](https://www.sec.gov/Archives/edgar/data/1592900/000159290024000233/eaadvisoryagreementkeat210.htm)[istra](https://www.sec.gov/Archives/edgar/data/1592900/000159290024000233/eaadvisoryagreementkeat210.htm)[nt](https://www.sec.gov/Archives/edgar/data/1592900/000159290024000233/eaadvisoryagreementkeat210.htm)['](https://www.sec.gov/Archives/edgar/data/1592900/000159290024000233/eaadvisoryagreementkeat210.htm)[s regist](https://www.sec.gov/Archives/edgar/data/1592900/000159290024000233/eaadvisoryagreementkeat210.htm)[ration statement on February 9, 2024, is hereby incor](https://www.sec.gov/Archives/edgar/data/1592900/000159290024000233/eaadvisoryagreementkeat210.htm)[porated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000159290024000233/eaadvisoryagreementkeat210.htm)</u> | <u>[Investment Advisory Agreement between the Registrant and Empowered Funds, LLC](https://www.sec.gov/Archives/edgar/data/1592900/000159290024000233/eaadvisoryagreementkeat210.htm)[with respect to the Keating Active ETF](https://www.sec.gov/Archives/edgar/data/1592900/000159290024000233/eaadvisoryagreementkeat210.htm)[, p](https://www.sec.gov/Archives/edgar/data/1592900/000159290024000233/eaadvisoryagreementkeat210.htm)[reviously filed as Exhibit 99.d(72) with Post-Effective Amendment No. 32](https://www.sec.gov/Archives/edgar/data/1592900/000159290024000233/eaadvisoryagreementkeat210.htm)[8 to the R](https://www.sec.gov/Archives/edgar/data/1592900/000159290024000233/eaadvisoryagreementkeat210.htm)[eg](https://www.sec.gov/Archives/edgar/data/1592900/000159290024000233/eaadvisoryagreementkeat210.htm)[istra](https://www.sec.gov/Archives/edgar/data/1592900/000159290024000233/eaadvisoryagreementkeat210.htm)[nt](https://www.sec.gov/Archives/edgar/data/1592900/000159290024000233/eaadvisoryagreementkeat210.htm)['](https://www.sec.gov/Archives/edgar/data/1592900/000159290024000233/eaadvisoryagreementkeat210.htm)[s regist](https://www.sec.gov/Archives/edgar/data/1592900/000159290024000233/eaadvisoryagreementkeat210.htm)[ration statement on February 9, 2024, is hereby incor](https://www.sec.gov/Archives/edgar/data/1592900/000159290024000233/eaadvisoryagreementkeat210.htm)[porated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000159290024000233/eaadvisoryagreementkeat210.htm)</u> |
| (71) | <u>[Investment Sub-Advisory Agreement among the Registrant, Empowered Funds, LLC, and Keating Investment Counselors, Inc. with respect to the Keating Active ETF](https://www.sec.gov/Archives/edgar/data/1592900/000159290024000233/keatsub-advisoryagreement2.htm)[, previously f](https://www.sec.gov/Archives/edgar/data/1592900/000159290024000233/keatsub-advisoryagreement2.htm)[iled as Exhibit 99.](https://www.sec.gov/Archives/edgar/data/1592900/000159290024000233/keatsub-advisoryagreement2.htm)[d(73) with](https://www.sec.gov/Archives/edgar/data/1592900/000159290024000233/keatsub-advisoryagreement2.htm)[P](https://www.sec.gov/Archives/edgar/data/1592900/000159290024000233/keatsub-advisoryagreement2.htm)[ost-Effective Amen](https://www.sec.gov/Archives/edgar/data/1592900/000159290024000233/keatsub-advisoryagreement2.htm)[dment No. 32](https://www.sec.gov/Archives/edgar/data/1592900/000159290024000233/keatsub-advisoryagreement2.htm)[8 to the Registra](https://www.sec.gov/Archives/edgar/data/1592900/000159290024000233/keatsub-advisoryagreement2.htm)[nt](https://www.sec.gov/Archives/edgar/data/1592900/000159290024000233/keatsub-advisoryagreement2.htm)['](https://www.sec.gov/Archives/edgar/data/1592900/000159290024000233/keatsub-advisoryagreement2.htm)[s registration statement on Feb](https://www.sec.gov/Archives/edgar/data/1592900/000159290024000233/keatsub-advisoryagreement2.htm)[ruary 9, 2024](https://www.sec.gov/Archives/edgar/data/1592900/000159290024000233/keatsub-advisoryagreement2.htm)[, i](https://www.sec.gov/Archives/edgar/data/1592900/000159290024000233/keatsub-advisoryagreement2.htm)[s hereby incorporated by](https://www.sec.gov/Archives/edgar/data/1592900/000159290024000233/keatsub-advisoryagreement2.htm)[reference.](https://www.sec.gov/Archives/edgar/data/1592900/000159290024000233/keatsub-advisoryagreement2.htm)</u> | <u>[Investment Sub-Advisory Agreement among the Registrant, Empowered Funds, LLC, and Keating Investment Counselors, Inc. with respect to the Keating Active ETF](https://www.sec.gov/Archives/edgar/data/1592900/000159290024000233/keatsub-advisoryagreement2.htm)[, previously f](https://www.sec.gov/Archives/edgar/data/1592900/000159290024000233/keatsub-advisoryagreement2.htm)[iled as Exhibit 99.](https://www.sec.gov/Archives/edgar/data/1592900/000159290024000233/keatsub-advisoryagreement2.htm)[d(73) with](https://www.sec.gov/Archives/edgar/data/1592900/000159290024000233/keatsub-advisoryagreement2.htm)[P](https://www.sec.gov/Archives/edgar/data/1592900/000159290024000233/keatsub-advisoryagreement2.htm)[ost-Effective Amen](https://www.sec.gov/Archives/edgar/data/1592900/000159290024000233/keatsub-advisoryagreement2.htm)[dment No. 32](https://www.sec.gov/Archives/edgar/data/1592900/000159290024000233/keatsub-advisoryagreement2.htm)[8 to the Registra](https://www.sec.gov/Archives/edgar/data/1592900/000159290024000233/keatsub-advisoryagreement2.htm)[nt](https://www.sec.gov/Archives/edgar/data/1592900/000159290024000233/keatsub-advisoryagreement2.htm)['](https://www.sec.gov/Archives/edgar/data/1592900/000159290024000233/keatsub-advisoryagreement2.htm)[s registration statement on Feb](https://www.sec.gov/Archives/edgar/data/1592900/000159290024000233/keatsub-advisoryagreement2.htm)[ruary 9, 2024](https://www.sec.gov/Archives/edgar/data/1592900/000159290024000233/keatsub-advisoryagreement2.htm)[, i](https://www.sec.gov/Archives/edgar/data/1592900/000159290024000233/keatsub-advisoryagreement2.htm)[s hereby incorporated by](https://www.sec.gov/Archives/edgar/data/1592900/000159290024000233/keatsub-advisoryagreement2.htm)[reference.](https://www.sec.gov/Archives/edgar/data/1592900/000159290024000233/keatsub-advisoryagreement2.htm)</u> |
| (72) | <u>[Investment Advisory Agreement between the Registrant and Empowered Funds, LLC with respect to th](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001124/draco-advisoryagreement620.htm)[e Draco AI Evolu](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001124/draco-advisoryagreement620.htm)[tion](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001124/draco-advisoryagreement620.htm)[ETF](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001124/draco-advisoryagreement620.htm)[, previously filed as Exhibit 99.d(74) with Post-Effective Amendment No. 353 to the Registrant](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001124/draco-advisoryagreement620.htm)['](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001124/draco-advisoryagreement620.htm)[s registration statement on June 26, 2024, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001124/draco-advisoryagreement620.htm)</u> | <u>[Investment Advisory Agreement between the Registrant and Empowered Funds, LLC with respect to th](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001124/draco-advisoryagreement620.htm)[e Draco AI Evolu](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001124/draco-advisoryagreement620.htm)[tion](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001124/draco-advisoryagreement620.htm)[ETF](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001124/draco-advisoryagreement620.htm)[, previously filed as Exhibit 99.d(74) with Post-Effective Amendment No. 353 to the Registrant](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001124/draco-advisoryagreement620.htm)['](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001124/draco-advisoryagreement620.htm)[s registration statement on June 26, 2024, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001124/draco-advisoryagreement620.htm)</u> |
| (73) | <u>[Investment Sub-Advisory Agreement among the Registrant, Empowered Funds, LLC, and](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001124/dracosub-advisoryagreement.htm)[Draco Evolution Corp.](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001124/dracosub-advisoryagreement.htm)[with respect to the](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001124/dracosub-advisoryagreement.htm)[Draco AI Evolution ETF](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001124/dracosub-advisoryagreement.htm)[, previously filed as Exhibit 99.d(75) with Post-Effective Amendment No. 353 to the Registrant](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001124/dracosub-advisoryagreement.htm)['](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001124/dracosub-advisoryagreement.htm)[s registration statement on June 26, 2024, is hereby incorporated by](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001124/dracosub-advisoryagreement.htm)[reference.](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001124/dracosub-advisoryagreement.htm)</u> | <u>[Investment Sub-Advisory Agreement among the Registrant, Empowered Funds, LLC, and](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001124/dracosub-advisoryagreement.htm)[Draco Evolution Corp.](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001124/dracosub-advisoryagreement.htm)[with respect to the](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001124/dracosub-advisoryagreement.htm)[Draco AI Evolution ETF](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001124/dracosub-advisoryagreement.htm)[, previously filed as Exhibit 99.d(75) with Post-Effective Amendment No. 353 to the Registrant](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001124/dracosub-advisoryagreement.htm)['](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001124/dracosub-advisoryagreement.htm)[s registration statement on June 26, 2024, is hereby incorporated by](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001124/dracosub-advisoryagreement.htm)[reference.](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001124/dracosub-advisoryagreement.htm)</u> |
| (74) | <u>[Investment Advisory Agreement between Registrant and Empowered Funds, LLC, with respect to the Sparkline International Intangible Value ETF, Sparkline US Small Cap Intangible Value ETF, and Sparkline Emerging Markets Intangible Value ETF](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001727/exd74advisoryagreementdtan.htm)[, previously filed as Exhibit 99.d(74) with Post-Effective Amendment No. 372 to the Registrant](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001727/exd74advisoryagreementdtan.htm)['](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001727/exd74advisoryagreementdtan.htm)[s registration statement on September 6, 2](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001727/exd74advisoryagreementdtan.htm)[024, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001727/exd74advisoryagreementdtan.htm)</u> | <u>[Investment Advisory Agreement between Registrant and Empowered Funds, LLC, with respect to the Sparkline International Intangible Value ETF, Sparkline US Small Cap Intangible Value ETF, and Sparkline Emerging Markets Intangible Value ETF](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001727/exd74advisoryagreementdtan.htm)[, previously filed as Exhibit 99.d(74) with Post-Effective Amendment No. 372 to the Registrant](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001727/exd74advisoryagreementdtan.htm)['](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001727/exd74advisoryagreementdtan.htm)[s registration statement on September 6, 2](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001727/exd74advisoryagreementdtan.htm)[024, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001727/exd74advisoryagreementdtan.htm)</u> |
| (75) | <u>[Investment Sub-Advisory Agreement between Registrant, Empowered Funds, LLC, and Sparkline Capital LP with respect to the Sparkline International Intangible Value ETF, Sparkline US Small Cap Intangible Value ETF, and Sparkline Emerging Markets Intangible Value ETF](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001727/exd75sub-advisoryagreement.htm)[, previously filed as Exhibit 99.d(7](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001727/exd75sub-advisoryagreement.htm)[5](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001727/exd75sub-advisoryagreement.htm)[) with Post-Effective Amendment No. 372 to the Registrant's registration statement on September 6, 2024, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001727/exd75sub-advisoryagreement.htm)</u> | <u>[Investment Sub-Advisory Agreement between Registrant, Empowered Funds, LLC, and Sparkline Capital LP with respect to the Sparkline International Intangible Value ETF, Sparkline US Small Cap Intangible Value ETF, and Sparkline Emerging Markets Intangible Value ETF](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001727/exd75sub-advisoryagreement.htm)[, previously filed as Exhibit 99.d(7](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001727/exd75sub-advisoryagreement.htm)[5](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001727/exd75sub-advisoryagreement.htm)[) with Post-Effective Amendment No. 372 to the Registrant's registration statement on September 6, 2024, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001727/exd75sub-advisoryagreement.htm)</u> |
| (76) | <u>[Investment Advisory Agreement between the Registrant and Empowered Funds, LLC with respect to the Research Affiliates Deletions ETF, previously filed as Exhibit 99.d(76) with Post-Effective 370 to the Registrant's registration statement on September 3, 2024, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001710/rafietfarchitect-advisorya.htm)</u> | <u>[Investment Advisory Agreement between the Registrant and Empowered Funds, LLC with respect to the Research Affiliates Deletions ETF, previously filed as Exhibit 99.d(76) with Post-Effective 370 to the Registrant's registration statement on September 3, 2024, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001710/rafietfarchitect-advisorya.htm)</u> |
| (77) | <u>[Investment Advisory Agreement between the Registrant and Empowered Funds, LLC with respect to the Intelligent Livermore ETF, Intelligent Omaha ETF, Intelligent Equal Select ETF, Intelligent Tech Focus ETF, and Intelligent Small Cap Select ETF](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001750/intelligentalphaadvisoryag.htm)[, previously filed as Exhibit 99.d(77) with Post-Effective](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001750/intelligentalphaadvisoryag.htm)[No. 373 to the Registrant](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001750/intelligentalphaadvisoryag.htm)['](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001750/intelligentalphaadvisoryag.htm)[s registration statement on September 10, 2024, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001750/intelligentalphaadvisoryag.htm)</u> | <u>[Investment Advisory Agreement between the Registrant and Empowered Funds, LLC with respect to the Intelligent Livermore ETF, Intelligent Omaha ETF, Intelligent Equal Select ETF, Intelligent Tech Focus ETF, and Intelligent Small Cap Select ETF](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001750/intelligentalphaadvisoryag.htm)[, previously filed as Exhibit 99.d(77) with Post-Effective](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001750/intelligentalphaadvisoryag.htm)[No. 373 to the Registrant](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001750/intelligentalphaadvisoryag.htm)['](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001750/intelligentalphaadvisoryag.htm)[s registration statement on September 10, 2024, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001750/intelligentalphaadvisoryag.htm)</u> |
| (78) | <u>[Investment Sub-Advisory Agreement among the Registrant, Empowered Funds, LLC, and Intelligent Alpha with respect to the Intelligent Livermore ETF, Intelligent Omaha ETF, Intelligent Equal Select ETF, Intelligent Tech Focus ETF, and Intelligent Small Cap Select ETF](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001750/sub-advisoryagreementintel.htm)[, previously filed as Exhibit 99.d(7](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001750/sub-advisoryagreementintel.htm)[8](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001750/sub-advisoryagreementintel.htm)[) with Post-Effective No. 373 to the Registrant's registration statement on September 10, 2024, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001750/sub-advisoryagreementintel.htm)</u> | <u>[Investment Sub-Advisory Agreement among the Registrant, Empowered Funds, LLC, and Intelligent Alpha with respect to the Intelligent Livermore ETF, Intelligent Omaha ETF, Intelligent Equal Select ETF, Intelligent Tech Focus ETF, and Intelligent Small Cap Select ETF](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001750/sub-advisoryagreementintel.htm)[, previously filed as Exhibit 99.d(7](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001750/sub-advisoryagreementintel.htm)[8](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001750/sub-advisoryagreementintel.htm)[) with Post-Effective No. 373 to the Registrant's registration statement on September 10, 2024, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001750/sub-advisoryagreementintel.htm)</u> |
| (79) | <u>[Investment Advisory Agreement between the Registrant and Empowered Funds, LLC, dated November 11, 2024](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002330/etfarchitect-advisoryagree.htm)[, previously filed as Exhibit](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002330/etfarchitect-advisoryagree.htm)[99.](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002330/etfarchitect-advisoryagree.htm)[(d)(79) with Post](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002330/etfarchitect-advisoryagree.htm)[-Effective No. 399 to the Registrant](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002330/etfarchitect-advisoryagree.htm)['](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002330/etfarchitect-advisoryagree.htm)[s registration statement on November 21, 2024, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002330/etfarchitect-advisoryagree.htm)</u> | <u>[Investment Advisory Agreement between the Registrant and Empowered Funds, LLC, dated November 11, 2024](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002330/etfarchitect-advisoryagree.htm)[, previously filed as Exhibit](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002330/etfarchitect-advisoryagree.htm)[99.](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002330/etfarchitect-advisoryagree.htm)[(d)(79) with Post](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002330/etfarchitect-advisoryagree.htm)[-Effective No. 399 to the Registrant](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002330/etfarchitect-advisoryagree.htm)['](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002330/etfarchitect-advisoryagree.htm)[s registration statement on November 21, 2024, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002330/etfarchitect-advisoryagree.htm)</u> |
|  | (i) | <u>[Amendment to Schedule A to the Investment Advisory Agreement dated June 6, 2025, previously filed as Exhibit 99.(d)(79)(i) with Post-Effective Amendment No. 499 to the Registrant's registration statement on June 6, 2025, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000159290025001485/etfarchitect-amendedschedu.htm)</u> |

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| | | |
|:---|:---|:---|
| | (ii) | Amendment to Schedule A to the Investment Advisory Agreement – **to be filed by amendment.** |
| (80) | <u>[Investment Sub-Advisory Agreement among the Registrant, Empowered Funds, LLC, and JLens with respect to the JLens 500 Jewish Advocacy U.S. ETF](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002381/jlenssub-advisoryagreement.htm)[, previously filed as Exhibit 99.(d)(80) with Post Effective Amendment No. 405 to the Registra](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002381/jlenssub-advisoryagreement.htm)[nt](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002381/jlenssub-advisoryagreement.htm)['](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002381/jlenssub-advisoryagreement.htm)[s registration statement on November 25, 2024.](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002381/jlenssub-advisoryagreement.htm)</u> | <u>[Investment Sub-Advisory Agreement among the Registrant, Empowered Funds, LLC, and JLens with respect to the JLens 500 Jewish Advocacy U.S. ETF](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002381/jlenssub-advisoryagreement.htm)[, previously filed as Exhibit 99.(d)(80) with Post Effective Amendment No. 405 to the Registra](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002381/jlenssub-advisoryagreement.htm)[nt](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002381/jlenssub-advisoryagreement.htm)['](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002381/jlenssub-advisoryagreement.htm)[s registration statement on November 25, 2024.](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002381/jlenssub-advisoryagreement.htm)</u> |
| (81) | <u>[Investment Advisory Agreement between the Registrant and Empowered Funds, LLC with respect to the Stance Sustainable Beta ETF](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001770/stanceadvisoryagreement.htm)[, was previo](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001770/stanceadvisoryagreement.htm)[usly filed as Exhibit 99.](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001770/stanceadvisoryagreement.htm)[(d)(81) with Post-Effective Amendment No. 357 to the Registrant](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001770/stanceadvisoryagreement.htm)['](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001770/stanceadvisoryagreement.htm)[s registration statement on September](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001770/stanceadvisoryagreement.htm)[13, 2024.](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001770/stanceadvisoryagreement.htm)</u> | <u>[Investment Advisory Agreement between the Registrant and Empowered Funds, LLC with respect to the Stance Sustainable Beta ETF](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001770/stanceadvisoryagreement.htm)[, was previo](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001770/stanceadvisoryagreement.htm)[usly filed as Exhibit 99.](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001770/stanceadvisoryagreement.htm)[(d)(81) with Post-Effective Amendment No. 357 to the Registrant](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001770/stanceadvisoryagreement.htm)['](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001770/stanceadvisoryagreement.htm)[s registration statement on September](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001770/stanceadvisoryagreement.htm)[13, 2024.](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001770/stanceadvisoryagreement.htm)</u> |
| (82) | <u>[Investment Sub-Advisory Agreement among the Registrant, Empowered Funds, LLC, and Stance Capital, LLC with respect to the Stance Sustainable Beta ETF](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001770/stancesub-advisoryagreement.htm)[, was previously filed as Exhibit 99.(d)(81) with Post-Effective Amendment No. 357 to the Registrant's registration statement on September 13, 2024.](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001770/stancesub-advisoryagreement.htm)</u> | <u>[Investment Sub-Advisory Agreement among the Registrant, Empowered Funds, LLC, and Stance Capital, LLC with respect to the Stance Sustainable Beta ETF](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001770/stancesub-advisoryagreement.htm)[, was previously filed as Exhibit 99.(d)(81) with Post-Effective Amendment No. 357 to the Registrant's registration statement on September 13, 2024.](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001770/stancesub-advisoryagreement.htm)</u> |
| (83) | <u>[Investment Sub-Advisory Agreement amo](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000181/sarmayasub-advisoryagreeme.htm)[ng the Registrant, Empowere](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000181/sarmayasub-advisoryagreeme.htm)[d Fu](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000181/sarmayasub-advisoryagreeme.htm)[nds, LLC, and Sarmaya Par](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000181/sarmayasub-advisoryagreeme.htm)[tners, LLC with respect to the Sarmaya T](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000181/sarmayasub-advisoryagreeme.htm)[hematic ETF](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000181/sarmayasub-advisoryagreeme.htm)[, was previously filed as Exhibit 99.(d)(83) with Post-Effective Amendment No. 433 to the Reg](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000181/sarmayasub-advisoryagreeme.htm)[istrant](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000181/sarmayasub-advisoryagreeme.htm)['](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000181/sarmayasub-advisoryagreeme.htm)[s registration statement on](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000181/sarmayasub-advisoryagreeme.htm)[January 24, 2](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000181/sarmayasub-advisoryagreeme.htm)[025](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000181/sarmayasub-advisoryagreeme.htm)[.](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000181/sarmayasub-advisoryagreeme.htm)</u> | <u>[Investment Sub-Advisory Agreement amo](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000181/sarmayasub-advisoryagreeme.htm)[ng the Registrant, Empowere](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000181/sarmayasub-advisoryagreeme.htm)[d Fu](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000181/sarmayasub-advisoryagreeme.htm)[nds, LLC, and Sarmaya Par](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000181/sarmayasub-advisoryagreeme.htm)[tners, LLC with respect to the Sarmaya T](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000181/sarmayasub-advisoryagreeme.htm)[hematic ETF](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000181/sarmayasub-advisoryagreeme.htm)[, was previously filed as Exhibit 99.(d)(83) with Post-Effective Amendment No. 433 to the Reg](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000181/sarmayasub-advisoryagreeme.htm)[istrant](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000181/sarmayasub-advisoryagreeme.htm)['](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000181/sarmayasub-advisoryagreeme.htm)[s registration statement on](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000181/sarmayasub-advisoryagreeme.htm)[January 24, 2](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000181/sarmayasub-advisoryagreeme.htm)[025](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000181/sarmayasub-advisoryagreeme.htm)[.](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000181/sarmayasub-advisoryagreeme.htm)</u> |
| (84) | <u>[Investment Advisory Agreement between the Registrant and Empowered Funds, LLC with respect to the](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001989/cambriaadvisoryagreement-0.htm)[Cambria Global Shareholder Yield ETF, Cambria Tax Aware ETF, and Cambria Endowmen](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001989/cambriaadvisoryagreement-0.htm)[t Style ETF](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001989/cambriaadvisoryagreement-0.htm)[, previo](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001989/cambriaadvisoryagreement-0.htm)[usly filed as Exhib](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001989/cambriaadvisoryagreement-0.htm)[it 99.d(84) with Post-Eff](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001989/cambriaadvisoryagreement-0.htm)[ective Ame](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001989/cambriaadvisoryagreement-0.htm)[ndment No. 382 to the Registrant](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001989/cambriaadvisoryagreement-0.htm)['](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001989/cambriaadvisoryagreement-0.htm)[s registration statemen](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001989/cambriaadvisoryagreement-0.htm)[t on](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001989/cambriaadvisoryagreement-0.htm)[Octo](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001989/cambriaadvisoryagreement-0.htm)[ber 1, 2024.](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001989/cambriaadvisoryagreement-0.htm)</u> | <u>[Investment Advisory Agreement between the Registrant and Empowered Funds, LLC with respect to the](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001989/cambriaadvisoryagreement-0.htm)[Cambria Global Shareholder Yield ETF, Cambria Tax Aware ETF, and Cambria Endowmen](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001989/cambriaadvisoryagreement-0.htm)[t Style ETF](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001989/cambriaadvisoryagreement-0.htm)[, previo](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001989/cambriaadvisoryagreement-0.htm)[usly filed as Exhib](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001989/cambriaadvisoryagreement-0.htm)[it 99.d(84) with Post-Eff](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001989/cambriaadvisoryagreement-0.htm)[ective Ame](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001989/cambriaadvisoryagreement-0.htm)[ndment No. 382 to the Registrant](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001989/cambriaadvisoryagreement-0.htm)['](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001989/cambriaadvisoryagreement-0.htm)[s registration statemen](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001989/cambriaadvisoryagreement-0.htm)[t on](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001989/cambriaadvisoryagreement-0.htm)[Octo](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001989/cambriaadvisoryagreement-0.htm)[ber 1, 2024.](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001989/cambriaadvisoryagreement-0.htm)</u> |
| (85) | <u>[Investment Sub-Advisory Agreement among the Registrant, Empowered Funds, LLC, and](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001989/cambriasub-advisoryagreeme.htm)[Cambria Investment Management, L.P.](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001989/cambriasub-advisoryagreeme.htm)[with respect to the](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001989/cambriasub-advisoryagreeme.htm)[Cambria Global Shareholder Yield ETF, Cambria Tax Aware ETF, and Cambria Endowment Style ETF](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001989/cambriasub-advisoryagreeme.htm)[, previou](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001989/cambriasub-advisoryagreeme.htm)[sly filed as Exhibit 99.d](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001989/cambriasub-advisoryagreeme.htm)[(85) with Post-Effective Amendment No. 382 to the Registrant](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001989/cambriasub-advisoryagreeme.htm)['](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001989/cambriasub-advisoryagreeme.htm)[s registratio](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001989/cambriasub-advisoryagreeme.htm)[n statement on Oct](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001989/cambriasub-advisoryagreeme.htm)[ober 1, 2024.](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001989/cambriasub-advisoryagreeme.htm)</u> | <u>[Investment Sub-Advisory Agreement among the Registrant, Empowered Funds, LLC, and](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001989/cambriasub-advisoryagreeme.htm)[Cambria Investment Management, L.P.](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001989/cambriasub-advisoryagreeme.htm)[with respect to the](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001989/cambriasub-advisoryagreeme.htm)[Cambria Global Shareholder Yield ETF, Cambria Tax Aware ETF, and Cambria Endowment Style ETF](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001989/cambriasub-advisoryagreeme.htm)[, previou](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001989/cambriasub-advisoryagreeme.htm)[sly filed as Exhibit 99.d](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001989/cambriasub-advisoryagreeme.htm)[(85) with Post-Effective Amendment No. 382 to the Registrant](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001989/cambriasub-advisoryagreeme.htm)['](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001989/cambriasub-advisoryagreeme.htm)[s registratio](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001989/cambriasub-advisoryagreeme.htm)[n statement on Oct](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001989/cambriasub-advisoryagreeme.htm)[ober 1, 2024.](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001989/cambriasub-advisoryagreeme.htm)</u> |
|  | (a) | <u>[A](https://www.sec.gov/Archives/edgar/data/1592900/000159290025001447/cambriaamendedscheduleatos.htm)[mendment to Schedule A](https://www.sec.gov/Archives/edgar/data/1592900/000159290025001447/cambriaamendedscheduleatos.htm)[, previously filed as Exhibit 99.(d)(85) with Post-Effective Amendment No. 498 to the Registrant](https://www.sec.gov/Archives/edgar/data/1592900/000159290025001447/cambriaamendedscheduleatos.htm)['](https://www.sec.gov/Archives/edgar/data/1592900/000159290025001447/cambriaamendedscheduleatos.htm)[s registration statement on June 4, 2025.](https://www.sec.gov/Archives/edgar/data/1592900/000159290025001447/cambriaamendedscheduleatos.htm)</u> |
| (86) | <u>[Investment Advisory Agreement between the Registrant and Empowered Funds, LLC with respect to the](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002240/advisoryagreementcoastaleq.htm)[Coastal](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002240/advisoryagreementcoastaleq.htm)[Compass 100](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002240/advisoryagreementcoastaleq.htm)[ET](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002240/advisoryagreementcoastaleq.htm)[F, previously filed as Exhibit 99.d(86) with Post-Effect](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002240/advisoryagreementcoastaleq.htm)[ive Amendment No. 398 to the Registrant](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002240/advisoryagreementcoastaleq.htm)['](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002240/advisoryagreementcoastaleq.htm)[s registration stat](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002240/advisoryagreementcoastaleq.htm)[ement on November 19, 2024.](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002240/advisoryagreementcoastaleq.htm)</u> | <u>[Investment Advisory Agreement between the Registrant and Empowered Funds, LLC with respect to the](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002240/advisoryagreementcoastaleq.htm)[Coastal](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002240/advisoryagreementcoastaleq.htm)[Compass 100](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002240/advisoryagreementcoastaleq.htm)[ET](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002240/advisoryagreementcoastaleq.htm)[F, previously filed as Exhibit 99.d(86) with Post-Effect](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002240/advisoryagreementcoastaleq.htm)[ive Amendment No. 398 to the Registrant](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002240/advisoryagreementcoastaleq.htm)['](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002240/advisoryagreementcoastaleq.htm)[s registration stat](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002240/advisoryagreementcoastaleq.htm)[ement on November 19, 2024.](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002240/advisoryagreementcoastaleq.htm)</u> |
| (87) | <u>[Investment Sub-Advisory Agreement among the Registrant, Empowered Funds, LLC, and C](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002240/coastalequitysub-advisorya.htm)[oastal Equity Management, LLC](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002240/coastalequitysub-advisorya.htm)[with respect to the](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002240/coastalequitysub-advisorya.htm)[Coa](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002240/coastalequitysub-advisorya.htm)[stal](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002240/coastalequitysub-advisorya.htm)[Compass 100](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002240/coastalequitysub-advisorya.htm)[ETF](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002240/coastalequitysub-advisorya.htm)[, previously filed as Exhibit 99.d(8](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002240/coastalequitysub-advisorya.htm)[7](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002240/coastalequitysub-advisorya.htm)[) with Post-Effective Amendment No. 398 to the Registrant's registration statement on November 19, 2024.](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002240/coastalequitysub-advisorya.htm)</u> | <u>[Investment Sub-Advisory Agreement among the Registrant, Empowered Funds, LLC, and C](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002240/coastalequitysub-advisorya.htm)[oastal Equity Management, LLC](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002240/coastalequitysub-advisorya.htm)[with respect to the](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002240/coastalequitysub-advisorya.htm)[Coa](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002240/coastalequitysub-advisorya.htm)[stal](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002240/coastalequitysub-advisorya.htm)[Compass 100](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002240/coastalequitysub-advisorya.htm)[ETF](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002240/coastalequitysub-advisorya.htm)[, previously filed as Exhibit 99.d(8](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002240/coastalequitysub-advisorya.htm)[7](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002240/coastalequitysub-advisorya.htm)[) with Post-Effective Amendment No. 398 to the Registrant's registration statement on November 19, 2024.](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002240/coastalequitysub-advisorya.htm)</u> |
| (88) | <u>[Investment Advisory Agreement between the Registrant and Empowered Funds, LLC with respect to the Alpha Architect US Equity ETF, Alpha Architect International Equity ETF, Alpha Architect 1-3 Year Box ETF, Alpha Architect Intermediate-Term Treasury Bond ETF, Alpha Architect Long-Term Treasury Bond ETF, Alpha Architect Aggregate Bond ETF, Alpha Architect Inflation-Protected Securities ETF, and Alpha Architect Real Estate ETF previously filed as Exhibit 99.d(88) with Post-Effective Amendment No. 397 to the Registrant's registration statement on November 14, 2024, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002233/etfarchitect-advisoryagree.htm)</u> | <u>[Investment Advisory Agreement between the Registrant and Empowered Funds, LLC with respect to the Alpha Architect US Equity ETF, Alpha Architect International Equity ETF, Alpha Architect 1-3 Year Box ETF, Alpha Architect Intermediate-Term Treasury Bond ETF, Alpha Architect Long-Term Treasury Bond ETF, Alpha Architect Aggregate Bond ETF, Alpha Architect Inflation-Protected Securities ETF, and Alpha Architect Real Estate ETF previously filed as Exhibit 99.d(88) with Post-Effective Amendment No. 397 to the Registrant's registration statement on November 14, 2024, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002233/etfarchitect-advisoryagree.htm)</u> |

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| (89) | <u>[I](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001309/aacorefundssub-advisoryagr.htm)[nvestment Sub-Advisory Agreement among the Registrant, Empowered Funds, LLC, and](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001309/aacorefundssub-advisoryagr.htm)[A](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001309/aacorefundssub-advisoryagr.htm)[lpha A](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001309/aacorefundssub-advisoryagr.htm)[rchitect](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001309/aacorefundssub-advisoryagr.htm)[, LLC with respect to the](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001309/aacorefundssub-advisoryagr.htm)[Alpha Architect U.S.](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001309/aacorefundssub-advisoryagr.htm)[Quant](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001309/aacorefundssub-advisoryagr.htm)[itative Value ETF, Alpha A](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001309/aacorefundssub-advisoryagr.htm)[rchitect International Quantitative Value](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001309/aacorefundssub-advisoryagr.htm)[ETF, Alpha A](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001309/aacorefundssub-advisoryagr.htm)[rchitect U.S. Quantitative Momen](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001309/aacorefundssub-advisoryagr.htm)[tum ETF,](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001309/aacorefundssub-advisoryagr.htm)[Alpha Architect](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001309/aacorefundssub-advisoryagr.htm)[International](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001309/aacorefundssub-advisoryagr.htm)[Quantitative Momentum ETF,](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001309/aacorefundssub-advisoryagr.htm)[Alpha A](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001309/aacorefundssub-advisoryagr.htm)[rchitect Value Momen](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001309/aacorefundssub-advisoryagr.htm)[tum Trend ETF,](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001309/aacorefundssub-advisoryagr.htm)[and](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001309/aacorefundssub-advisoryagr.htm)[Alph](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001309/aacorefundssub-advisoryagr.htm)[a A](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001309/aacorefundssub-advisoryagr.htm)[rchitect High](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001309/aacorefundssub-advisoryagr.htm)[Inflation and De](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001309/aacorefundssub-advisoryagr.htm)[flation ETF](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001309/aacorefundssub-advisoryagr.htm)[,](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001309/aacorefundssub-advisoryagr.htm)[previously filed as Exhibit 99.d(](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001309/aacorefundssub-advisoryagr.htm)[88](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001309/aacorefundssub-advisoryagr.htm)[) with Post-Effective Amendment No. 3](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001309/aacorefundssub-advisoryagr.htm)[64](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001309/aacorefundssub-advisoryagr.htm)[to the Registrant's registration statement on](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001309/aacorefundssub-advisoryagr.htm)[August 16](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001309/aacorefundssub-advisoryagr.htm)[, 2024, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001309/aacorefundssub-advisoryagr.htm)</u> | <u>[I](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001309/aacorefundssub-advisoryagr.htm)[nvestment Sub-Advisory Agreement among the Registrant, Empowered Funds, LLC, and](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001309/aacorefundssub-advisoryagr.htm)[A](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001309/aacorefundssub-advisoryagr.htm)[lpha A](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001309/aacorefundssub-advisoryagr.htm)[rchitect](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001309/aacorefundssub-advisoryagr.htm)[, LLC with respect to the](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001309/aacorefundssub-advisoryagr.htm)[Alpha Architect U.S.](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001309/aacorefundssub-advisoryagr.htm)[Quant](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001309/aacorefundssub-advisoryagr.htm)[itative Value ETF, Alpha A](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001309/aacorefundssub-advisoryagr.htm)[rchitect International Quantitative Value](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001309/aacorefundssub-advisoryagr.htm)[ETF, Alpha A](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001309/aacorefundssub-advisoryagr.htm)[rchitect U.S. Quantitative Momen](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001309/aacorefundssub-advisoryagr.htm)[tum ETF,](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001309/aacorefundssub-advisoryagr.htm)[Alpha Architect](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001309/aacorefundssub-advisoryagr.htm)[International](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001309/aacorefundssub-advisoryagr.htm)[Quantitative Momentum ETF,](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001309/aacorefundssub-advisoryagr.htm)[Alpha A](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001309/aacorefundssub-advisoryagr.htm)[rchitect Value Momen](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001309/aacorefundssub-advisoryagr.htm)[tum Trend ETF,](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001309/aacorefundssub-advisoryagr.htm)[and](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001309/aacorefundssub-advisoryagr.htm)[Alph](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001309/aacorefundssub-advisoryagr.htm)[a A](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001309/aacorefundssub-advisoryagr.htm)[rchitect High](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001309/aacorefundssub-advisoryagr.htm)[Inflation and De](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001309/aacorefundssub-advisoryagr.htm)[flation ETF](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001309/aacorefundssub-advisoryagr.htm)[,](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001309/aacorefundssub-advisoryagr.htm)[previously filed as Exhibit 99.d(](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001309/aacorefundssub-advisoryagr.htm)[88](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001309/aacorefundssub-advisoryagr.htm)[) with Post-Effective Amendment No. 3](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001309/aacorefundssub-advisoryagr.htm)[64](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001309/aacorefundssub-advisoryagr.htm)[to the Registrant's registration statement on](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001309/aacorefundssub-advisoryagr.htm)[August 16](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001309/aacorefundssub-advisoryagr.htm)[, 2024, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001309/aacorefundssub-advisoryagr.htm)</u> |
|  | (i) | <u>[Amendment No. 2 to the Investment Sub-Advisory Agreement among the Registrant, Empowered Funds, LLC, and Alpha Architect, LLC, previously filed as Exhibit 99.d(89)(ii) with Post-Effective Amendment No. 436 to the Registrant's registration statement on January 28, 2025, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000202/aasub-advisoryagreementame.htm)</u> |
| (90) | <u>[Investment Sub-Advisory Agreement among the Registrant, Empowered Funds, LLC, and Alpha Architect, LLC with respect to the Alpha Architect](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002233/aasub-advisoryagreementopt.htm)[1-3 Ye](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002233/aasub-advisoryagreementopt.htm)[ar Bo](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002233/aasub-advisoryagreementopt.htm)[x](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002233/aasub-advisoryagreementopt.htm)[ETF, Alpha Architect I](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002233/aasub-advisoryagreementopt.htm)[ntermediate-Term](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002233/aasub-advisoryagreementopt.htm)[Treasury](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002233/aasub-advisoryagreementopt.htm)[Bon](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002233/aasub-advisoryagreementopt.htm)[d](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002233/aasub-advisoryagreementopt.htm)[ETF, Alpha Architect](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002233/aasub-advisoryagreementopt.htm)[Long-Term](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002233/aasub-advisoryagreementopt.htm)[Treasu](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002233/aasub-advisoryagreementopt.htm)[ry](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002233/aasub-advisoryagreementopt.htm)[Bond](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002233/aasub-advisoryagreementopt.htm)[ETF, Alpha Architect](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002233/aasub-advisoryagreementopt.htm)[Aggregate Bond](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002233/aasub-advisoryagreementopt.htm)[ETF,](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002233/aasub-advisoryagreementopt.htm)[Alpha Architect](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002233/aasub-advisoryagreementopt.htm)[Inflation](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002233/aasub-advisoryagreementopt.htm)[-Protected Securities ETF,](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002233/aasub-advisoryagreementopt.htm)[and](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002233/aasub-advisoryagreementopt.htm)[Alpha Architect Real E](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002233/aasub-advisoryagreementopt.htm)[s](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002233/aasub-advisoryagreementopt.htm)[tate](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002233/aasub-advisoryagreementopt.htm)[ETF](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002233/aasub-advisoryagreementopt.htm)[previously filed as Exh](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002233/aasub-advisoryagreementopt.htm)[ibit 99.d(90) with](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002233/aasub-advisoryagreementopt.htm)[Post-Effective Amendment No. 397 to the Registrant](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002233/aasub-advisoryagreementopt.htm)['](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002233/aasub-advisoryagreementopt.htm)[s registration stat](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002233/aasub-advisoryagreementopt.htm)[ement on November 14, 2](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002233/aasub-advisoryagreementopt.htm)[024, is hereby incorporated](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002233/aasub-advisoryagreementopt.htm)[by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002233/aasub-advisoryagreementopt.htm)</u> | <u>[Investment Sub-Advisory Agreement among the Registrant, Empowered Funds, LLC, and Alpha Architect, LLC with respect to the Alpha Architect](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002233/aasub-advisoryagreementopt.htm)[1-3 Ye](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002233/aasub-advisoryagreementopt.htm)[ar Bo](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002233/aasub-advisoryagreementopt.htm)[x](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002233/aasub-advisoryagreementopt.htm)[ETF, Alpha Architect I](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002233/aasub-advisoryagreementopt.htm)[ntermediate-Term](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002233/aasub-advisoryagreementopt.htm)[Treasury](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002233/aasub-advisoryagreementopt.htm)[Bon](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002233/aasub-advisoryagreementopt.htm)[d](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002233/aasub-advisoryagreementopt.htm)[ETF, Alpha Architect](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002233/aasub-advisoryagreementopt.htm)[Long-Term](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002233/aasub-advisoryagreementopt.htm)[Treasu](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002233/aasub-advisoryagreementopt.htm)[ry](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002233/aasub-advisoryagreementopt.htm)[Bond](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002233/aasub-advisoryagreementopt.htm)[ETF, Alpha Architect](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002233/aasub-advisoryagreementopt.htm)[Aggregate Bond](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002233/aasub-advisoryagreementopt.htm)[ETF,](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002233/aasub-advisoryagreementopt.htm)[Alpha Architect](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002233/aasub-advisoryagreementopt.htm)[Inflation](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002233/aasub-advisoryagreementopt.htm)[-Protected Securities ETF,](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002233/aasub-advisoryagreementopt.htm)[and](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002233/aasub-advisoryagreementopt.htm)[Alpha Architect Real E](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002233/aasub-advisoryagreementopt.htm)[s](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002233/aasub-advisoryagreementopt.htm)[tate](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002233/aasub-advisoryagreementopt.htm)[ETF](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002233/aasub-advisoryagreementopt.htm)[previously filed as Exh](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002233/aasub-advisoryagreementopt.htm)[ibit 99.d(90) with](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002233/aasub-advisoryagreementopt.htm)[Post-Effective Amendment No. 397 to the Registrant](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002233/aasub-advisoryagreementopt.htm)['](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002233/aasub-advisoryagreementopt.htm)[s registration stat](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002233/aasub-advisoryagreementopt.htm)[ement on November 14, 2](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002233/aasub-advisoryagreementopt.htm)[024, is hereby incorporated](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002233/aasub-advisoryagreementopt.htm)[by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002233/aasub-advisoryagreementopt.htm)</u> |
| (91) | <u>[I](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002705/sub-advisoryagreementxmili.htm)[nvestment Sub-Advisory Agreement among the Registrant, Empowered Funds, LLC, and Militia](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002705/sub-advisoryagreementxmili.htm)[Investment](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002705/sub-advisoryagreementxmili.htm)[s, LLC](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002705/sub-advisoryagreementxmili.htm)[with respect to the Militia](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002705/sub-advisoryagreementxmili.htm)[Long/Short Equity ETF](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002705/sub-advisoryagreementxmili.htm)[, previously filed as Exhibit.](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002705/sub-advisoryagreementxmili.htm)[99(d)(91](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002705/sub-advisoryagreementxmili.htm)[) with Post-Effective Amendment No. 418 to the Registrant](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002705/sub-advisoryagreementxmili.htm)['](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002705/sub-advisoryagreementxmili.htm)[s registration statement on December 23, 2024, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002705/sub-advisoryagreementxmili.htm)</u> | <u>[I](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002705/sub-advisoryagreementxmili.htm)[nvestment Sub-Advisory Agreement among the Registrant, Empowered Funds, LLC, and Militia](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002705/sub-advisoryagreementxmili.htm)[Investment](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002705/sub-advisoryagreementxmili.htm)[s, LLC](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002705/sub-advisoryagreementxmili.htm)[with respect to the Militia](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002705/sub-advisoryagreementxmili.htm)[Long/Short Equity ETF](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002705/sub-advisoryagreementxmili.htm)[, previously filed as Exhibit.](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002705/sub-advisoryagreementxmili.htm)[99(d)(91](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002705/sub-advisoryagreementxmili.htm)[) with Post-Effective Amendment No. 418 to the Registrant](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002705/sub-advisoryagreementxmili.htm)['](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002705/sub-advisoryagreementxmili.htm)[s registration statement on December 23, 2024, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002705/sub-advisoryagreementxmili.htm)</u> |
| (92) | <u>[Investment Sub-Advisory Agreement among the Registrant, Empowered Funds, LLC, and](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000046/mrblsub-advisoryagreement.htm)[MRBL Management,](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000046/mrblsub-advisoryagreement.htm)[LLC with respect to the](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000046/mrblsub-advisoryagreement.htm)[MRBL Enhanced](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000046/mrblsub-advisoryagreement.htm)[Equity](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000046/mrblsub-advisoryagreement.htm)[ETF](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000046/mrblsub-advisoryagreement.htm)[, previously filed as Exhibit](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000046/mrblsub-advisoryagreement.htm)[.99(d)(92) with Post-Effective Amendment No. 425 to the Registrant](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000046/mrblsub-advisoryagreement.htm)['](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000046/mrblsub-advisoryagreement.htm)[s registration statement on January 15](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000046/mrblsub-advisoryagreement.htm)[, 2025](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000046/mrblsub-advisoryagreement.htm)[, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000046/mrblsub-advisoryagreement.htm)</u> | <u>[Investment Sub-Advisory Agreement among the Registrant, Empowered Funds, LLC, and](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000046/mrblsub-advisoryagreement.htm)[MRBL Management,](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000046/mrblsub-advisoryagreement.htm)[LLC with respect to the](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000046/mrblsub-advisoryagreement.htm)[MRBL Enhanced](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000046/mrblsub-advisoryagreement.htm)[Equity](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000046/mrblsub-advisoryagreement.htm)[ETF](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000046/mrblsub-advisoryagreement.htm)[, previously filed as Exhibit](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000046/mrblsub-advisoryagreement.htm)[.99(d)(92) with Post-Effective Amendment No. 425 to the Registrant](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000046/mrblsub-advisoryagreement.htm)['](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000046/mrblsub-advisoryagreement.htm)[s registration statement on January 15](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000046/mrblsub-advisoryagreement.htm)[, 2025](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000046/mrblsub-advisoryagreement.htm)[, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000046/mrblsub-advisoryagreement.htm)</u> |
| (93) | <u>[Investment Sub-Advisory Agreement among the Registrant, Empowered Funds, LLC,](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000046/mrblarinsub-advisoryagreem.htm)[MRBL Management, LLC,](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000046/mrblarinsub-advisoryagreem.htm)[and Arin Risk Advisors, LLC with respect to the MRBL Enhanced Equity ETF](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000046/mrblarinsub-advisoryagreem.htm)[, previously filed as Exhibit.99(d)(9](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000046/mrblarinsub-advisoryagreem.htm)[3](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000046/mrblarinsub-advisoryagreem.htm)[) with Post-Effective Amendment No. 425 to the Registrant's registration statement on January 15, 2025, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000046/mrblarinsub-advisoryagreem.htm)</u> | <u>[Investment Sub-Advisory Agreement among the Registrant, Empowered Funds, LLC,](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000046/mrblarinsub-advisoryagreem.htm)[MRBL Management, LLC,](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000046/mrblarinsub-advisoryagreem.htm)[and Arin Risk Advisors, LLC with respect to the MRBL Enhanced Equity ETF](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000046/mrblarinsub-advisoryagreem.htm)[, previously filed as Exhibit.99(d)(9](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000046/mrblarinsub-advisoryagreem.htm)[3](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000046/mrblarinsub-advisoryagreem.htm)[) with Post-Effective Amendment No. 425 to the Registrant's registration statement on January 15, 2025, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000046/mrblarinsub-advisoryagreem.htm)</u> |
| (94) | <u>[Investment Sub-Advisory Agreement among the Registrant, Empowered Funds, LLC, and](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000309/smartmoney-subxadvisoryagr.htm)[Sma](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000309/smartmoney-subxadvisoryagr.htm)[rt Money Gr](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000309/smartmoney-subxadvisoryagr.htm)[oup](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000309/smartmoney-subxadvisoryagr.htm)[, LLC with respect to the](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000309/smartmoney-subxadvisoryagr.htm)[Yoke Core](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000309/smartmoney-subxadvisoryagr.htm)[ETF](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000309/smartmoney-subxadvisoryagr.htm)[, previously filed as Exhibit 99(d)(94)](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000309/smartmoney-subxadvisoryagr.htm)[with Post-Effective Amendment 439 to the Registrant](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000309/smartmoney-subxadvisoryagr.htm)['](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000309/smartmoney-subxadvisoryagr.htm)[s registration statement on February 7, 2025, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000309/smartmoney-subxadvisoryagr.htm)</u> | <u>[Investment Sub-Advisory Agreement among the Registrant, Empowered Funds, LLC, and](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000309/smartmoney-subxadvisoryagr.htm)[Sma](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000309/smartmoney-subxadvisoryagr.htm)[rt Money Gr](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000309/smartmoney-subxadvisoryagr.htm)[oup](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000309/smartmoney-subxadvisoryagr.htm)[, LLC with respect to the](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000309/smartmoney-subxadvisoryagr.htm)[Yoke Core](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000309/smartmoney-subxadvisoryagr.htm)[ETF](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000309/smartmoney-subxadvisoryagr.htm)[, previously filed as Exhibit 99(d)(94)](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000309/smartmoney-subxadvisoryagr.htm)[with Post-Effective Amendment 439 to the Registrant](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000309/smartmoney-subxadvisoryagr.htm)['](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000309/smartmoney-subxadvisoryagr.htm)[s registration statement on February 7, 2025, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000309/smartmoney-subxadvisoryagr.htm)</u> |
| (95) | <u>[Investment Sub-Advisory Agreement among the Registrant, Empowered Funds, LLC, and](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002719/matrixsub-advisoryagreement.htm)[Matrix Asset Advisors, Inc.](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002719/matrixsub-advisoryagreement.htm)[with respect to the](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002719/matrixsub-advisoryagreement.htm)[Matrix Advisors Value](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002719/matrixsub-advisoryagreement.htm)[ETF](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002719/matrixsub-advisoryagreement.htm)[,](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002719/matrixsub-advisoryagreement.htm)[previously](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002719/matrixsub-advisoryagreement.htm)[filed as Exhibit 99.(d)(95) with Post-Eff](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002719/matrixsub-advisoryagreement.htm)[ective Amendment No.](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002719/matrixsub-advisoryagreement.htm)[419 t](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002719/matrixsub-advisoryagreement.htm)[o the Registra](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002719/matrixsub-advisoryagreement.htm)[nt](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002719/matrixsub-advisoryagreement.htm)['](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002719/matrixsub-advisoryagreement.htm)[s re](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002719/matrixsub-advisoryagreement.htm)[gistration statement on December 23, 2024, is hereby incor](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002719/matrixsub-advisoryagreement.htm)[porated by refere](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002719/matrixsub-advisoryagreement.htm)[nce.](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002719/matrixsub-advisoryagreement.htm)</u> | <u>[Investment Sub-Advisory Agreement among the Registrant, Empowered Funds, LLC, and](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002719/matrixsub-advisoryagreement.htm)[Matrix Asset Advisors, Inc.](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002719/matrixsub-advisoryagreement.htm)[with respect to the](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002719/matrixsub-advisoryagreement.htm)[Matrix Advisors Value](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002719/matrixsub-advisoryagreement.htm)[ETF](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002719/matrixsub-advisoryagreement.htm)[,](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002719/matrixsub-advisoryagreement.htm)[previously](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002719/matrixsub-advisoryagreement.htm)[filed as Exhibit 99.(d)(95) with Post-Eff](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002719/matrixsub-advisoryagreement.htm)[ective Amendment No.](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002719/matrixsub-advisoryagreement.htm)[419 t](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002719/matrixsub-advisoryagreement.htm)[o the Registra](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002719/matrixsub-advisoryagreement.htm)[nt](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002719/matrixsub-advisoryagreement.htm)['](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002719/matrixsub-advisoryagreement.htm)[s re](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002719/matrixsub-advisoryagreement.htm)[gistration statement on December 23, 2024, is hereby incor](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002719/matrixsub-advisoryagreement.htm)[porated by refere](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002719/matrixsub-advisoryagreement.htm)[nce.](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002719/matrixsub-advisoryagreement.htm)</u> |
| (96) | <u>[Investment Sub-Advisory Agreement among the Registrant, Empowered Funds, LLC, and The Rock Creek Group, LP with respect to the RockCreek Global Equality ETF, previously filed as Exhibit 99.(d)(96) with Post-Effective Amendment No. 441 to the Registrant's registration statement on February 14, 2025, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000341/rockcreeksub-advisoryagree.htm)</u> | <u>[Investment Sub-Advisory Agreement among the Registrant, Empowered Funds, LLC, and The Rock Creek Group, LP with respect to the RockCreek Global Equality ETF, previously filed as Exhibit 99.(d)(96) with Post-Effective Amendment No. 441 to the Registrant's registration statement on February 14, 2025, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000341/rockcreeksub-advisoryagree.htm)</u> |
| (97) | <u>[Investment Sub-Advisory Agreement among the Registrant, Empowered Funds, LLC, and](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002515/nextgenemp-subxadvisoryagr.htm)[NextGen EMP, I](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002515/nextgenemp-subxadvisoryagr.htm)[nc.](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002515/nextgenemp-subxadvisoryagr.htm)[with respect to the](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002515/nextgenemp-subxadvisoryagr.htm)[Efficient Market Portfolio Plus ETF and Efficient Market Portfolio Long ETF](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002515/nextgenemp-subxadvisoryagr.htm)[, previously filed as Exhibit 99](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002515/nextgenemp-subxadvisoryagr.htm)[(d)(97)](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002515/nextgenemp-subxadvisoryagr.htm)[with Post-Effective Amendment 409](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002515/nextgenemp-subxadvisoryagr.htm)[to the Registrant](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002515/nextgenemp-subxadvisoryagr.htm)['](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002515/nextgenemp-subxadvisoryagr.htm)[s registration statement on December 6, 2024, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002515/nextgenemp-subxadvisoryagr.htm)</u> | <u>[Investment Sub-Advisory Agreement among the Registrant, Empowered Funds, LLC, and](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002515/nextgenemp-subxadvisoryagr.htm)[NextGen EMP, I](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002515/nextgenemp-subxadvisoryagr.htm)[nc.](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002515/nextgenemp-subxadvisoryagr.htm)[with respect to the](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002515/nextgenemp-subxadvisoryagr.htm)[Efficient Market Portfolio Plus ETF and Efficient Market Portfolio Long ETF](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002515/nextgenemp-subxadvisoryagr.htm)[, previously filed as Exhibit 99](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002515/nextgenemp-subxadvisoryagr.htm)[(d)(97)](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002515/nextgenemp-subxadvisoryagr.htm)[with Post-Effective Amendment 409](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002515/nextgenemp-subxadvisoryagr.htm)[to the Registrant](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002515/nextgenemp-subxadvisoryagr.htm)['](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002515/nextgenemp-subxadvisoryagr.htm)[s registration statement on December 6, 2024, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002515/nextgenemp-subxadvisoryagr.htm)</u> |

---

------

(98) <u>[Investment Sub-Advisory Agreement among the Registrant, Empowered Funds, LLC, and Bastion Fiduciary, LLC with respect to the Bastion Energy ETF, previously filed as Exhibit 99.(d)(98) with Post-Effective Amendment No. 443 to the Registrant's registration statement on February 18, 2025, is](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000350/bastionsub-advisoryagreeme.htm)[incorporated](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000350/bastionsub-advisoryagreeme.htm)[by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000350/bastionsub-advisoryagreeme.htm)</u>

(99) <u>[Investment Sub-Advisory Agreement among the Registrant, Empowered Funds, LLC, and](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000383/mccarthycoxsub-advisoryagr.htm)[McCarthy & Cox Retirement & Estate Specialists, LLC](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000383/mccarthycoxsub-advisoryagr.htm)[with respect to the](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000383/mccarthycoxsub-advisoryagr.htm)[MC Trio Buffered](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000383/mccarthycoxsub-advisoryagr.htm)[ETF](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000383/mccarthycoxsub-advisoryagr.htm)[, previously filed as Exhibit 99.(d)(99) with Post-Effective Amendment No. 444 to the Registrant](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000383/mccarthycoxsub-advisoryagr.htm)['](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000383/mccarthycoxsub-advisoryagr.htm)[s registration statement on February 21, 2025, is incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000383/mccarthycoxsub-advisoryagr.htm)</u>

(100) <u>[Investment Sub-Advisory Agreement among the Registrant, Empowered Funds, LLC, and Amplius ETF Advisors, LLC with respect to the Amplius Aggressive Allocation ETF, previously filed as Exhibit 99.(d)(100) with Post-Effective Amendment No. 473 to the Registrant's registration statement on April 25, 2025, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000941/ampliusassetmanagementsub-.htm)</u>

(101) Investment Sub-Advisory Agreement among the Registrant, Empowered Funds, LLC, and Terra Firma Asset Management, LLC with respect to the Terra Firm Realty Innovation ETF – t**o be filed by amendment.**

(102) <u>[Investment Sub-Advisory Agreement among the Registrant, Empowered Funds, LLC, and](https://www.sec.gov/ix?doc=/Archives/edgar/data/1592900/000159290025001108/ck0001592900-20250131.htm)[Rainwater Equity](https://www.sec.gov/ix?doc=/Archives/edgar/data/1592900/000159290025001108/ck0001592900-20250131.htm)[, LLC with respect to the](https://www.sec.gov/ix?doc=/Archives/edgar/data/1592900/000159290025001108/ck0001592900-20250131.htm)[Rainwater](https://www.sec.gov/ix?doc=/Archives/edgar/data/1592900/000159290025001108/ck0001592900-20250131.htm)[Equity](https://www.sec.gov/ix?doc=/Archives/edgar/data/1592900/000159290025001108/ck0001592900-20250131.htm)[ETF](https://www.sec.gov/ix?doc=/Archives/edgar/data/1592900/000159290025001108/ck0001592900-20250131.htm)[, previously filed as Exhibit 99.(d)(102) with Post-Effective Amendment No. 483 to the Registrant](https://www.sec.gov/ix?doc=/Archives/edgar/data/1592900/000159290025001108/ck0001592900-20250131.htm)['](https://www.sec.gov/ix?doc=/Archives/edgar/data/1592900/000159290025001108/ck0001592900-20250131.htm)[s registration statement on May 9, 2025, is hereby](https://www.sec.gov/ix?doc=/Archives/edgar/data/1592900/000159290025001108/ck0001592900-20250131.htm)[incorporated by reference.](https://www.sec.gov/ix?doc=/Archives/edgar/data/1592900/000159290025001108/ck0001592900-20250131.htm)</u>

(103) <u>[Investment Sub-Advisory Agreement among the Registrant, Empowered Funds, LLC, and](https://www.sec.gov/Archives/edgar/data/1592900/000159290025001089/sub-advisoryagreement_sunc.htm)[Suncoast Equity Management, LLC](https://www.sec.gov/Archives/edgar/data/1592900/000159290025001089/sub-advisoryagreement_sunc.htm)[with respect to the](https://www.sec.gov/Archives/edgar/data/1592900/000159290025001089/sub-advisoryagreement_sunc.htm)[Suncoast Select Growth](https://www.sec.gov/Archives/edgar/data/1592900/000159290025001089/sub-advisoryagreement_sunc.htm)[ETF](https://www.sec.gov/Archives/edgar/data/1592900/000159290025001089/sub-advisoryagreement_sunc.htm)[, previously filed as Exhibit 99.(d)(103) with Post-Effective Amendment No. 482 to the Registrant](https://www.sec.gov/Archives/edgar/data/1592900/000159290025001089/sub-advisoryagreement_sunc.htm)['](https://www.sec.gov/Archives/edgar/data/1592900/000159290025001089/sub-advisoryagreement_sunc.htm)[s registration statement on May 7, 2025, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000159290025001089/sub-advisoryagreement_sunc.htm)</u>

(104) <u>[Investment Sub-Advisory Agreement among the Registrant, Empowered Funds, LLC, and](https://www.sec.gov/Archives/edgar/data/1592900/000159290025001485/concoursesub-advisoryagree.htm)[Concourse Capital Advisors, LLC](https://www.sec.gov/Archives/edgar/data/1592900/000159290025001485/concoursesub-advisoryagree.htm)[with respect to the](https://www.sec.gov/Archives/edgar/data/1592900/000159290025001485/concoursesub-advisoryagree.htm)[Concourse Capital Focused Equity](https://www.sec.gov/Archives/edgar/data/1592900/000159290025001485/concoursesub-advisoryagree.htm)[ETF](https://www.sec.gov/Archives/edgar/data/1592900/000159290025001485/concoursesub-advisoryagree.htm)[, previously filed as Exhibit 99.(d)(](https://www.sec.gov/Archives/edgar/data/1592900/000159290025001485/concoursesub-advisoryagree.htm)[104](https://www.sec.gov/Archives/edgar/data/1592900/000159290025001485/concoursesub-advisoryagree.htm)[) with Post-Effective Amendment No. 499 to the Registrant's registration statement on June 6, 2025, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000159290025001485/concoursesub-advisoryagree.htm)</u>

(105) <u>[Investment Sub-Advisory Agreement among the Registrant, Empowered Funds, LLC, and](https://www.sec.gov/Archives/edgar/data/1592900/000159290025001393/arssub-advisoryagreement.htm)[ARS Investment Partners](https://www.sec.gov/Archives/edgar/data/1592900/000159290025001393/arssub-advisoryagreement.htm)[, LLC](https://www.sec.gov/Archives/edgar/data/1592900/000159290025001393/arssub-advisoryagreement.htm)[with respect to the](https://www.sec.gov/Archives/edgar/data/1592900/000159290025001393/arssub-advisoryagreement.htm)[ARS Core Equity Portfolio ETF and ARS Focused Opportunities Strategy](https://www.sec.gov/Archives/edgar/data/1592900/000159290025001393/arssub-advisoryagreement.htm)[ETF](https://www.sec.gov/Archives/edgar/data/1592900/000159290025001393/arssub-advisoryagreement.htm)[, previously filed as Exhibit 99.(d)(105) with Post-Effective Amendment No. 493 to the Registrant](https://www.sec.gov/Archives/edgar/data/1592900/000159290025001393/arssub-advisoryagreement.htm)['](https://www.sec.gov/Archives/edgar/data/1592900/000159290025001393/arssub-advisoryagreement.htm)[s registration statement on Ma](https://www.sec.gov/Archives/edgar/data/1592900/000159290025001393/arssub-advisoryagreement.htm)[y 30](https://www.sec.gov/Archives/edgar/data/1592900/000159290025001393/arssub-advisoryagreement.htm)[, 2025.](https://www.sec.gov/Archives/edgar/data/1592900/000159290025001393/arssub-advisoryagreement.htm)</u>

(106) Investment Sub-Advisory Agreement among the Registrant, Empowered Funds, LLC, and Cloverpoint, LLC with respect to the Cloverpoint Core Alpha US ETF, Cloverpoint Core Alpha International ETF, Cloverpoint Core Alpha Global ETF, and Cloverpoint Core Alpha Energy Transition ETF – t**o be filed by amendment.**

(107) Investment Sub-Advisory Agreement among the Registrant, Empowered Funds, LLC, and Dakota Wealth, LLC with respect to the Dakota Active Equity ETF – t**o be filed by amendment.**

(108) Investment Sub-Advisory Agreement among the Registrant, Empowered Funds, LLC, and Research Affiliates, LLC with respect to the RACWI US ETF and Research Affiliates Deletions ETF – t**o be filed by amendment.**

(109) <u>[Investment Sub-Advisory Agreement among the Registrant, Empowered Funds, LLC, and](castellangroupsub-advisory.htm)[Castellan Group](castellangroupsub-advisory.htm)[, LLC](castellangroupsub-advisory.htm)[with respect to the](castellangroupsub-advisory.htm)[Castellan Targeted Equity](castellangroupsub-advisory.htm)[ETF and](castellangroupsub-advisory.htm)[Castellan Targeted Income](castellangroupsub-advisory.htm)[ETF](castellangroupsub-advisory.htm)</u> – **Filed Herewith.**

------

---

| | | | |
|:---|:---|:---|:---|
| | (110) | <u>[Investment Sub-Advisory Agreement among the Registrant, Empowered Funds, LLC,](castellanarinsub-advisorya.htm)[Castellan Group](castellanarinsub-advisorya.htm)[, LLC, and Arin Risk Advisors, LLC with respect to the](castellanarinsub-advisorya.htm)[Castellan Targeted Equity ETF and Castellan Target](castellanarinsub-advisorya.htm)[ed Income](castellanarinsub-advisorya.htm)[ETF](castellanarinsub-advisorya.htm)</u> – **Filed Herewith.** | <u>[Investment Sub-Advisory Agreement among the Registrant, Empowered Funds, LLC,](castellanarinsub-advisorya.htm)[Castellan Group](castellanarinsub-advisorya.htm)[, LLC, and Arin Risk Advisors, LLC with respect to the](castellanarinsub-advisorya.htm)[Castellan Targeted Equity ETF and Castellan Target](castellanarinsub-advisorya.htm)[ed Income](castellanarinsub-advisorya.htm)[ETF](castellanarinsub-advisorya.htm)</u> – **Filed Herewith.** |
| | (111) | <u>[Investment Sub-Advisory Agreement among the Registrant, Empowered Funds, LLC, and](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000756/ccmg_sub-advisoryagreement.htm)[Sequoia Finan](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000756/ccmg_sub-advisoryagreement.htm)[cial](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000756/ccmg_sub-advisoryagreement.htm)[Group](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000756/ccmg_sub-advisoryagreement.htm)[, LLC](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000756/ccmg_sub-advisoryagreement.htm)[with respect to the](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000756/ccmg_sub-advisoryagreement.htm)[CCM Global Equity](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000756/ccmg_sub-advisoryagreement.htm)[ETF](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000756/ccmg_sub-advisoryagreement.htm)[, pr](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000756/ccmg_sub-advisoryagreement.htm)[eviously filed as Exhibit 99(d)(110) with Post-Effective Amendment No. 461 to the Regi](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000756/ccmg_sub-advisoryagreement.htm)[strant](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000756/ccmg_sub-advisoryagreement.htm)['](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000756/ccmg_sub-advisoryagreement.htm)[s registration statement on March 27, 2025](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000756/ccmg_sub-advisoryagreement.htm)[, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000756/ccmg_sub-advisoryagreement.htm)</u> | <u>[Investment Sub-Advisory Agreement among the Registrant, Empowered Funds, LLC, and](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000756/ccmg_sub-advisoryagreement.htm)[Sequoia Finan](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000756/ccmg_sub-advisoryagreement.htm)[cial](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000756/ccmg_sub-advisoryagreement.htm)[Group](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000756/ccmg_sub-advisoryagreement.htm)[, LLC](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000756/ccmg_sub-advisoryagreement.htm)[with respect to the](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000756/ccmg_sub-advisoryagreement.htm)[CCM Global Equity](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000756/ccmg_sub-advisoryagreement.htm)[ETF](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000756/ccmg_sub-advisoryagreement.htm)[, pr](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000756/ccmg_sub-advisoryagreement.htm)[eviously filed as Exhibit 99(d)(110) with Post-Effective Amendment No. 461 to the Regi](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000756/ccmg_sub-advisoryagreement.htm)[strant](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000756/ccmg_sub-advisoryagreement.htm)['](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000756/ccmg_sub-advisoryagreement.htm)[s registration statement on March 27, 2025](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000756/ccmg_sub-advisoryagreement.htm)[, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000756/ccmg_sub-advisoryagreement.htm)</u> |
| | (112) | <u>[Interim](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000756/sequoiainterimsub-advisory.htm)[Investment Sub-Advisory Agreement among the Registrant, Empowered Funds, LLC, and Sequoia Financial Group](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000756/sequoiainterimsub-advisory.htm)[, LLC](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000756/sequoiainterimsub-advisory.htm)[with respect to the CCM Global Equity ETF](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000756/sequoiainterimsub-advisory.htm)[, previously filed as Exhibit 99(d)(11](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000756/sequoiainterimsub-advisory.htm)[1](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000756/sequoiainterimsub-advisory.htm)[) with Post-Effective Amendment No. 461 to the Registrant's registration statement on March 27, 2025, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000756/sequoiainterimsub-advisory.htm)</u> | <u>[Interim](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000756/sequoiainterimsub-advisory.htm)[Investment Sub-Advisory Agreement among the Registrant, Empowered Funds, LLC, and Sequoia Financial Group](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000756/sequoiainterimsub-advisory.htm)[, LLC](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000756/sequoiainterimsub-advisory.htm)[with respect to the CCM Global Equity ETF](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000756/sequoiainterimsub-advisory.htm)[, previously filed as Exhibit 99(d)(11](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000756/sequoiainterimsub-advisory.htm)[1](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000756/sequoiainterimsub-advisory.htm)[) with Post-Effective Amendment No. 461 to the Registrant's registration statement on March 27, 2025, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000756/sequoiainterimsub-advisory.htm)</u> |
| | (113) | <u>[Investment Sub-Sub-Advisory Agreement among Astoria Portfolio Advisors LLC and Astor Investment Management LLC with respect to the Astoria Dynamic Core US Fixed Income ETF, previously filed as Exhibit 99.d.(112) with Post-Effective Amendment No. 474 to the Registrant's registration statement on April 25, 2025, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000943/astoriaastorsub-subxadviso.htm)</u> | <u>[Investment Sub-Sub-Advisory Agreement among Astoria Portfolio Advisors LLC and Astor Investment Management LLC with respect to the Astoria Dynamic Core US Fixed Income ETF, previously filed as Exhibit 99.d.(112) with Post-Effective Amendment No. 474 to the Registrant's registration statement on April 25, 2025, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000943/astoriaastorsub-subxadviso.htm)</u> |
| | (114) | Investment Sub-Advisory Agreement among the Registrant, Empowered Funds, LLC, and Towle & Co. with respect to the Towle Value ETF – t**o be filed by amendment.** | Investment Sub-Advisory Agreement among the Registrant, Empowered Funds, LLC, and Towle & Co. with respect to the Towle Value ETF – t**o be filed by amendment.** |
| (e) | Underwriting Contracts. | Underwriting Contracts. | Underwriting Contracts. |
|  | (1) | <u>[Distribution Agreement between the Registrant and Quasar Distributors, LLC –, previously filed as Exhibit 99.e.1 with Pre-Effective Amendment No. 2 to the Registrant's registration statement on October 17, 2014, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000158281614000543/distributionagmt.htm)</u> | <u>[Distribution Agreement between the Registrant and Quasar Distributors, LLC –, previously filed as Exhibit 99.e.1 with Pre-Effective Amendment No. 2 to the Registrant's registration statement on October 17, 2014, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000158281614000543/distributionagmt.htm)</u> |
|  |  | (i) | <u>[Novation Agreement for Quasar Distributors, LLC, previously filed as Exhibit 99.e.(1)(i) with Post-Effective Amendment No. 30 to the Registrant's registration statement on July 22, 2020, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000121390020018240/s126388_ex99-e1i.htm)</u> |
|  |  | (ii) | <u>[Novation Agreement for Quasar Distributors, LLC, previously filed as Exhibit 99.e.(1)(ii) with Post-Effective Amendment No. 86 to the Registrant's registration statement on September 15, 2021, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000182912621010016/alphaarchitect_ex99e1ii.htm)</u> |
|  |  | (iii) | <u>[Twent](https://www.sec.gov/Archives/edgar/data/1592900/000159290025001085/easeries-efxqdetfdaa21.htm)[y](https://www.sec.gov/Archives/edgar/data/1592900/000159290025001085/easeries-efxqdetfdaa21.htm)[First](https://www.sec.gov/Archives/edgar/data/1592900/000159290025001085/easeries-efxqdetfdaa21.htm)[Amendment to the Distribution Agreement](https://www.sec.gov/Archives/edgar/data/1592900/000159290025001085/easeries-efxqdetfdaa21.htm)[, previously filed as Exhibit 99.(](https://www.sec.gov/Archives/edgar/data/1592900/000159290025001085/easeries-efxqdetfdaa21.htm)[e](https://www.sec.gov/Archives/edgar/data/1592900/000159290025001085/easeries-efxqdetfdaa21.htm)[)(](https://www.sec.gov/Archives/edgar/data/1592900/000159290025001085/easeries-efxqdetfdaa21.htm)[1)(iii](https://www.sec.gov/Archives/edgar/data/1592900/000159290025001085/easeries-efxqdetfdaa21.htm)[) with Post-Effective Amendment No. 481 to the Registrant's registration statement on May 7, 2025.](https://www.sec.gov/Archives/edgar/data/1592900/000159290025001085/easeries-efxqdetfdaa21.htm)</u> |
|  | (2) | <u>[Form of Quasar Distributors Authorized Participant Agreement, previously filed as Exhibit 99.e.2 with Pre-Effective Amendment No. 2 to the Registrant's registration statement on October 17, 2014, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000158281614000543/formauthparticipantagmt.htm)</u> | <u>[Form of Quasar Distributors Authorized Participant Agreement, previously filed as Exhibit 99.e.2 with Pre-Effective Amendment No. 2 to the Registrant's registration statement on October 17, 2014, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000158281614000543/formauthparticipantagmt.htm)</u> |
|  | (3) | <u>[Distribution Agreement between the Registrant and ALPS Distributors, Inc., previously filed as Exhibit 99.E.3 with Post-Effective Amendment No. 388 to the Registrant's registration statement on October 24, 2024, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002056/alpsdistributionagreement_.htm)</u> | <u>[Distribution Agreement between the Registrant and ALPS Distributors, Inc., previously filed as Exhibit 99.E.3 with Post-Effective Amendment No. 388 to the Registrant's registration statement on October 24, 2024, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002056/alpsdistributionagreement_.htm)</u> |
|  |  | (i) | <u>[A](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000341/alpsdistributionagreements.htm)[mended Appendix A to the](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000341/alpsdistributionagreements.htm)[ALPS](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000341/alpsdistributionagreements.htm)[Distribution Agreement](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000341/alpsdistributionagreements.htm)[, previously filed as Exhibit 99.(e)(](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000341/alpsdistributionagreements.htm)[3](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000341/alpsdistributionagreements.htm)[)](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000341/alpsdistributionagreements.htm)[(](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000341/alpsdistributionagreements.htm)[i) with Post-Effective Amendment No. 441 to the Registrant's registration statement on February 14, 2025.](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000341/alpsdistributionagreements.htm)</u> |
|  | (4) | <u>[Form of ALPS Distributors, Inc. Authorized Participant Agreement, previously filed as Exhibit 99.e(4) with Post-Effective Amendment No. 382 to the Registrant's registration statement on October 1, 2024.](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001989/alpsformofapagreement.htm)</u> | <u>[Form of ALPS Distributors, Inc. Authorized Participant Agreement, previously filed as Exhibit 99.e(4) with Post-Effective Amendment No. 382 to the Registrant's registration statement on October 1, 2024.](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001989/alpsformofapagreement.htm)</u> |

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| | | | |
|:---|:---|:---|:---|
| (f) | Bonus or Profit Sharing Contracts. | Bonus or Profit Sharing Contracts. | Bonus or Profit Sharing Contracts. |
|  | Not Applicable. | Not Applicable. | Not Applicable. |
| (g) | Custodian Agreements | Custodian Agreements | Custodian Agreements |
|  | (1) | <u>[Custody Agreement between the Registrant and U.S. Bank National Association, previously filed as Exhibit 99.g.1 with Pre-Effective Amendment No. 2 to the Registrant's registration statement on October 17, 2014, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000158281614000543/custodyagmnt.htm)</u> | <u>[Custody Agreement between the Registrant and U.S. Bank National Association, previously filed as Exhibit 99.g.1 with Pre-Effective Amendment No. 2 to the Registrant's registration statement on October 17, 2014, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000158281614000543/custodyagmnt.htm)</u> |
|  |  | (i) | <u>[Thirtieth Amendment and Amended Exhibit C to the Custody Agreement between the Registrant and U.S. Bank National Association, previously filed as Exhibit 99.g(1)(i) with Post-Effective Amendment No. 254 to the Registrant's registration statement on July 21, 2023, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000182912623004832/easeriestrust_ex99g1i.htm)</u> |
|  |  | (ii) | <u>[Forty-](easeriestrust-custodyagmtx.htm)[S](easeriestrust-custodyagmtx.htm)[eventh](easeriestrust-custodyagmtx.htm)[Amendment and Amended Exhibit B to the Custody Agreement between the Registrant and U.S. Bank National Association](easeriestrust-custodyagmtx.htm)</u> – **Filed Herewith.** |
| (h) | Other Material Contracts. | Other Material Contracts. | Other Material Contracts. |
|  | (1) | <u>[Transfer Agent Servicing Agreement between the Registrant and U.S. Bancorp Fund Services, LLC, previously filed as Exhibit 99.h.1 with Pre-Effective Amendment No. 2 to the Registrant's registration statement on October 17, 2014, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000158281614000543/transferagentservicingagmt.htm)</u> | <u>[Transfer Agent Servicing Agreement between the Registrant and U.S. Bancorp Fund Services, LLC, previously filed as Exhibit 99.h.1 with Pre-Effective Amendment No. 2 to the Registrant's registration statement on October 17, 2014, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000158281614000543/transferagentservicingagmt.htm)</u> |
|  |  | (i) | <u>[Thirtieth Amendment and Amended Exhibit B to the Transfer Agent Servicing Agreement between the Registrant and U.S. Bancorp, previously filed as Exhibit 99.h(1)(i) with Post-Effective Amendment No. 254 to the Registrant's registration statement on July 21, 2023, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000182912623004832/easeriestrust_ex99h1i.htm)</u> |
|  |  | (ii) | <u>[Forty-Seventh Amendment and Exhibit A to the Transfer Agent Servicing Agreement between the Registrant and U.S. Bancorp Fund Services, LLC](easeriestrust-taagmtxamend.htm)</u>– **Filed Herewith.** |
|  | (2) | <u>[Fund Administration Servicing Agreement between the Registrant and U.S. Bancorp Fund Services, LLC, previously filed as Exhibit 99.h.2 with Pre-Effective Amendment No. 2 to the Registrant's registration statement on October 17, 2014, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000158281614000543/fundadminservicingagmt.htm)</u> | <u>[Fund Administration Servicing Agreement between the Registrant and U.S. Bancorp Fund Services, LLC, previously filed as Exhibit 99.h.2 with Pre-Effective Amendment No. 2 to the Registrant's registration statement on October 17, 2014, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000158281614000543/fundadminservicingagmt.htm)</u> |
|  |  | (i) | <u>[Thirtieth Amendment and Amended Exhibit C to the Fund Administration Servicing Agreement between the Registrant and U.S. Bancorp Fund Services, LLC, previously filed as Exhibit 99.h(2)(i) with Post-Effective Amendment No. 254 to the Registrant's registration statement on July 21, 2023, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000182912623004832/easeriestrust_ex99h2i.htm)</u> |
|  |  | (ii) | <u>[Forty-](easeriestrust-adminagmtxam.htm)[Seventh](easeriestrust-adminagmtxam.htm)[Amendment and Amended Exhibit A to the Fund Administration Servicing Agreement between the Registrant and U.S. Bancorp Fund Services, LLC](easeriestrust-adminagmtxam.htm)</u> – **Filed Herewith.** |
|  | (3) | <u>[Fund Accounting Servicing Agreement between the Registrant and U.S. Bancorp Fund Services, LLC, previously filed as Exhibit 99.h.3 with Pre-Effective Amendment No. 2 to the Registrant's registration statement on October 17, 2014, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000158281614000543/fundaccountingservicingagmt.htm)</u> | <u>[Fund Accounting Servicing Agreement between the Registrant and U.S. Bancorp Fund Services, LLC, previously filed as Exhibit 99.h.3 with Pre-Effective Amendment No. 2 to the Registrant's registration statement on October 17, 2014, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000158281614000543/fundaccountingservicingagmt.htm)</u> |
|  |  | (i) | <u>[Thirtieth Amendment and Amended Exhibit B to the Fund Accounting Servicing Agreement between the Registrant and U.S. Bancorp Fund Services, LLC, previously filed as Exhibit 99.h(3)(i) with Post-Effective Amendment No. 254 to the Registrant's registration statement on July 21, 2023, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000182912623004832/easeriestrust_ex99h3i.htm)</u> |

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|:---|:---|:---|
| | (ii) | <u>[Forty-Seventh Amendment and Amended Exhibit A to the Fund Accounting Servicing Agreement between the Registrant and U.S. Bancorp Fund Services, LLC](easeriestrust-accountingag.htm)</u> – **Filed Herewith.** |
| (4) | <u>[Index License Agreement between Life + Liberty Indexes and Empowered Funds, LLC, previously filed as Exhibit 99.h.5 with Post-Effective Amendment No. 17 to the Registrant's registration statement on May 17, 2019, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000089418919003029/license_agmnt.htm)</u> | <u>[Index License Agreement between Life + Liberty Indexes and Empowered Funds, LLC, previously filed as Exhibit 99.h.5 with Post-Effective Amendment No. 17 to the Registrant's registration statement on May 17, 2019, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000089418919003029/license_agmnt.htm)</u> |
| (5) | <u>[Sublicense Agreement between Empowered Funds, LLC and the Registrant related to the Freedom 100 Emerging Markets ETF, previously filed as Exhibit 99.h.6 with Post-Effective Amendment No. 17 to the Registrant's registration statement on May 17, 2019, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000089418919003029/sublicense_agree.htm)</u> | <u>[Sublicense Agreement between Empowered Funds, LLC and the Registrant related to the Freedom 100 Emerging Markets ETF, previously filed as Exhibit 99.h.6 with Post-Effective Amendment No. 17 to the Registrant's registration statement on May 17, 2019, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000089418919003029/sublicense_agree.htm)</u> |
| (6) | <u>[Amended and Restated Sublicense Agreement between Empowered Funds, LLC and the Registrant related to MAI Bull-Rider Bear-Fighter Index, MAI SectorSurfer Momentum Index, previously filed as Exhibit 99.h.8 with Post-Effective Amendment No. 41 to the Registrant's registration statement on November 23, 2020, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000182912620000163/alphaarchitecttrust_ex99h8.htm)</u> | <u>[Amended and Restated Sublicense Agreement between Empowered Funds, LLC and the Registrant related to MAI Bull-Rider Bear-Fighter Index, MAI SectorSurfer Momentum Index, previously filed as Exhibit 99.h.8 with Post-Effective Amendment No. 41 to the Registrant's registration statement on November 23, 2020, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000182912620000163/alphaarchitecttrust_ex99h8.htm)</u> |
| (7) | <u>[Index Licensing Agreement between Empowered Funds, LLC and Solactive AG, previously filed as Exhibit 99.h.18 with Post-Effective Amendment No. 146 to the Registrant's registration statement on August 4, 2022, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000182912622015055/easeries_ex28h18.htm)</u> | <u>[Index Licensing Agreement between Empowered Funds, LLC and Solactive AG, previously filed as Exhibit 99.h.18 with Post-Effective Amendment No. 146 to the Registrant's registration statement on August 4, 2022, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000182912622015055/easeries_ex28h18.htm)</u> |
| (8) | <u>[Index License Agreement between Strive Asset Management, LLC and Solactive AG, previously filed as Exhibit 99.h.19 with Post-Effective Amendment No. 146 to the Registrant's registration statement on August 4, 2022, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000182912622015055/easeries_ex28h19.htm)</u> | <u>[Index License Agreement between Strive Asset Management, LLC and Solactive AG, previously filed as Exhibit 99.h.19 with Post-Effective Amendment No. 146 to the Registrant's registration statement on August 4, 2022, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000182912622015055/easeries_ex28h19.htm)</u> |
| (9) | <u>[Fee Waiver Agreement between Registrant, for the Alpha Architect High Inflation and Deflation ETF, and Empowered Funds, LLC, previously filed as Exhibit 99.h.20 with Post-Effective Amendment No. 192 to the Registrant's registration statement on November 15, 2022, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000182912622019276/easeries_ex99h20.htm)</u> | <u>[Fee Waiver Agreement between Registrant, for the Alpha Architect High Inflation and Deflation ETF, and Empowered Funds, LLC, previously filed as Exhibit 99.h.20 with Post-Effective Amendment No. 192 to the Registrant's registration statement on November 15, 2022, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000182912622019276/easeries_ex99h20.htm)</u> |
| (10) | <u>[Master Index Services License Agreement between Empowered Funds, LLC and Bloomberg Index Services Limited on behalf of the Strive 1000 Growth ETF, Strive 1000 Value ETF, Strive 2000 ETF, Strive 1000 Dividend Growth ETF and Strive Natural Resources and Security ETF, previously filed as Exhibit 99.h.21 with Post-Effective Amendment No. 188 to the Registrant's registration statement on November 4, 2022, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000182912622018872/easeries_ex99h21.htm)</u> | <u>[Master Index Services License Agreement between Empowered Funds, LLC and Bloomberg Index Services Limited on behalf of the Strive 1000 Growth ETF, Strive 1000 Value ETF, Strive 2000 ETF, Strive 1000 Dividend Growth ETF and Strive Natural Resources and Security ETF, previously filed as Exhibit 99.h.21 with Post-Effective Amendment No. 188 to the Registrant's registration statement on November 4, 2022, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000182912622018872/easeries_ex99h21.htm)</u> |
| (11) | <u>[Master Index Services License Agreement between Strive Asset Management, LLC and Bloomberg Index Services Limited on behalf of the Strive 1000 Growth ETF, Strive 1000 Value ETF, Strive 2000 ETF, Strive 1000 Dividend Growth ETF and Strive Natural Resources and Security ETF, previously filed as Exhibit 99.h.22 with Post-Effective Amendment No. 188 to the Registrant's registration statement on November 4, 2022, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000182912622018872/easeries_ex99h22.htm)</u> | <u>[Master Index Services License Agreement between Strive Asset Management, LLC and Bloomberg Index Services Limited on behalf of the Strive 1000 Growth ETF, Strive 1000 Value ETF, Strive 2000 ETF, Strive 1000 Dividend Growth ETF and Strive Natural Resources and Security ETF, previously filed as Exhibit 99.h.22 with Post-Effective Amendment No. 188 to the Registrant's registration statement on November 4, 2022, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000182912622018872/easeries_ex99h22.htm)</u> |
| (12) | <u>[Fee Waiver Agreement between Registrant, for the Alpha Architect Tail Risk ETF, and Empowered Funds, LLC – previously filed as Exhibit 99.h.23 with Post-Effective Amendment No. 191 to the Registrant's registration statement on November 10, 2022, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000182912622019155/easeries_ex99h23.htm)</u> | <u>[Fee Waiver Agreement between Registrant, for the Alpha Architect Tail Risk ETF, and Empowered Funds, LLC – previously filed as Exhibit 99.h.23 with Post-Effective Amendment No. 191 to the Registrant's registration statement on November 10, 2022, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000182912622019155/easeries_ex99h23.htm)</u> |
| (13) | <u>[Fee Waiver Agreement between Registrant, for the Alpha Architect 1-3 Month Box ETF, and Empowered Funds, LLC, previously filed as Exhibit 99.h.24 with Post-Effective Amendment No. 193 to the Registrant's registration statement on November 15, 2022, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000182912622019313/easeries-boxx_ex99h24.htm)</u> | <u>[Fee Waiver Agreement between Registrant, for the Alpha Architect 1-3 Month Box ETF, and Empowered Funds, LLC, previously filed as Exhibit 99.h.24 with Post-Effective Amendment No. 193 to the Registrant's registration statement on November 15, 2022, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000182912622019313/easeries-boxx_ex99h24.htm)</u> |

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|:---|:---|
| (14) | <u>[Fee Waiver Agreement between Registrant, for the Alpha Architect Value Momentum Trend ETF, and Empowered Funds, LLC, previously filed as Exhibit 99.h.25 with Post-Effective Amendment No. 212 to the Registrant's registration statement on January 30, 2023, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000182912623001142/easeries-aacore_exh25.htm)</u> |
| (15) | <u>[Fee Waiver Agreement between Registrant, CCM Global Equity ETF, and Empowered Funds, LLC. previously filed was Exhibit 99.(h).(18) with Post-Effective Amendment No. 308 to the Registrant's registration statement on November 21, 2023, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000159290023001047/ccmg-waiveragreement.htm)</u> |
| (16) | <u>[Fee Waiver Agreement between the Registrant, for AOT Growth and Innovation ETF, and Empowered Funds, LLC, previously filed as Exhibit 99.h.19 with Post-Effective Amendment No. 275 to the Registrant's registration statement on September 28, 2023, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000182912623006318/easeries_ex99h19.htm)</u> |
| (17) | <u>[Fee Waiver Agreement between Registrant, for the Keating Active ETF, and Empowered Funds, LLC](https://www.sec.gov/Archives/edgar/data/1592900/000159290024000233/keatfeewaiver2102024.htm)[, previou](https://www.sec.gov/Archives/edgar/data/1592900/000159290024000233/keatfeewaiver2102024.htm)[sly filed as Exhibit 99](https://www.sec.gov/Archives/edgar/data/1592900/000159290024000233/keatfeewaiver2102024.htm)[.(h)](https://www.sec.gov/Archives/edgar/data/1592900/000159290024000233/keatfeewaiver2102024.htm)[.(20) with Post](https://www.sec.gov/Archives/edgar/data/1592900/000159290024000233/keatfeewaiver2102024.htm)[-Effective Amendment No](https://www.sec.gov/Archives/edgar/data/1592900/000159290024000233/keatfeewaiver2102024.htm)[. 328 to the Registrant](https://www.sec.gov/Archives/edgar/data/1592900/000159290024000233/keatfeewaiver2102024.htm)['](https://www.sec.gov/Archives/edgar/data/1592900/000159290024000233/keatfeewaiver2102024.htm)[s r](https://www.sec.gov/Archives/edgar/data/1592900/000159290024000233/keatfeewaiver2102024.htm)[egistration statement on](https://www.sec.gov/Archives/edgar/data/1592900/000159290024000233/keatfeewaiver2102024.htm)[February 9, 2024, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000159290024000233/keatfeewaiver2102024.htm)</u> |
| (18) | <u>[Fee Waiver Agreement between Registrant, for the Alpha Blue Capital US Small-Mid Cap Dynamic ETF, and Empowered Funds, LLC was previously filed as Exhibit 99(h)(21) with Post-Effective Amendment No. 318 to the Registrant's registration statement on December 12, 2023 is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000159290023001348/abcsfeewaiveragreementdece.htm)</u> |
| (19) | <u>[Fee Waiver Agreement between Registrant, for the Discipline Fund ETF, and Empowered Funds, LLC, previously filed as Exhibit 99.(h)(22) with Post-Effective Amendment No. 313 to the Registrant's registration statement on November 28, 2023, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000159290023001157/a20210915dscffeewaiver-vf.htm)</u> |
| (20) | <u>[Service Schedule Product Licenses](https://www.sec.gov/Archives/edgar/data/1592900/000159290024000437/h23strivemidcapetfindexlic.htm)[between Strive Asset Management, LLC and Bloomberg Index Services Limited on behalf of the Strive Mid-Cap ETF, previously filed as Exhibit 99.(h)(23) with Post-Effective Amendment No. 332 to the Registrant's registration statement on March 11, 2024, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000159290024000437/h23strivemidcapetfindexlic.htm)</u> |
| (21) | <u>[Fee Waiver Agreement between Registrant, for the StockSnips AI-Powered Sentiment US All Cap ETF, and Empowered Funds, LLC, previously filed as Exhibit 99.(h)(24) with Post-Effective Amendment No. 342 to the Registrant's registration statement on April 8, 2024, is hereby incorporated by](https://www.sec.gov/Archives/edgar/data/1592900/000159290024000638/stocksnipsfeewaiveragreeme.htm)[reference](https://www.sec.gov/Archives/edgar/data/1592900/000159290024000638/stocksnipsfeewaiveragreeme.htm)[.](https://www.sec.gov/Archives/edgar/data/1592900/000159290024000638/stocksnipsfeewaiveragreeme.htm)</u> |
| (22) | <u>[Loan Agreement between EA Series Trust and U.S. Bank National Association, previously filed as Exhibit 99.(h).(26) with Post-Effective Amendment No. 328 to the Registrant's registration statement on February 9, 2024, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000159290024000233/easeriestrustalphaarchitec.htm)</u> |
|  | <u>[F](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002387/easeriestrust-firstamendme.htm)[irst Amendment to Loan Agreement](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002387/easeriestrust-firstamendme.htm)[previ](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002387/easeriestrust-firstamendme.htm)[ously filed as Exhibit 99.(h)(22)(a) with Post](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002387/easeriestrust-firstamendme.htm)[-Effective Amen](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002387/easeriestrust-firstamendme.htm)[dment No. 406 to the Registrant](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002387/easeriestrust-firstamendme.htm)['](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002387/easeriestrust-firstamendme.htm)[s registration statement on November 26, 2024, is hereby incorporated by refe](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002387/easeriestrust-firstamendme.htm)[rence.](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002387/easeriestrust-firstamendme.htm)</u> |
| (23) | <u>[Amendment Service Schedule Product License between Strive Asset Management, LLC and Bloomberg Index Services Limited on behalf of the Strive 500 ETF, previously filed as Exhibit 99.(h)(27) with Post-Effective Amendment No. 332 to the Registrant's registration statement on March 11, 2024, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000159290024000437/h27strive500etfindexlicens.htm)</u> |
| (24) | <u>[Service Schedule Product License between Strive Asset Management, LLC and Bloomberg Index Services Limited on behalf of the Strive U.S. Semiconductor ETF, previously filed as Exhibit 99.(h)(29) with Post-Effective Amendment No. 332 to the Registrant's registration statement on March 11, 2024, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000159290024000437/striveussemiconductoretfin.htm)</u> |

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| | (25) | <u>[Fee Waiver Agreement between Registrant, for the ARK 21Shares Active Bitcoin Futures Strategy ETF and ARK 21Shares Active Ethereum Futures Strategy ETF, and Empowered Funds, LLC, previously filed as Exhibit 99.(h)(28) with Post-Effective Amendment No. 342 to the Registrant's registration statement on April 8, 2024, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000159290024000638/arka-arkzfeewaiveragreement.htm)</u> |
| | (26) | <u>[Sublicense Agreement between Empowered Funds, LLC and the Registrant related to the Research Affiliates Deletions ETF](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001710/nixtindexsublicenseagreeme.htm)[, previously filed as Exhibit 99.](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001710/nixtindexsublicenseagreeme.htm)[h](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001710/nixtindexsublicenseagreeme.htm)[(26) with Post-Effective Amendment No. 370 to the Registrant](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001710/nixtindexsublicenseagreeme.htm)['](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001710/nixtindexsublicenseagreeme.htm)[s registration statement on September 3, 2024, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001710/nixtindexsublicenseagreeme.htm)</u> |
| | (27) | Sublicense Agreement between Empowered Funds, LLC and the Registrant related to the RACWI US ETF – **to be filed by amendment.** |
| | (28) | <u>[Fee Waiver Agreement between Registrant, for the Research Affiliates Deletions ETF, and Empowered Funds, LLC](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001710/research_affiliatesxxnixtx.htm)[, previously filed as Exhibit 99.](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001710/research_affiliatesxxnixtx.htm)[h(27) with Post-Effective Amendment No. 370 to the Registrant](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001710/research_affiliatesxxnixtx.htm)['](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001710/research_affiliatesxxnixtx.htm)[s registration statement on September 3, 2024, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001710/research_affiliatesxxnixtx.htm)</u> |
| | (29) | <u>[Index License Agreement related to the Stance Sustainable Beta ETF, previously filed as Exhibit 99.h(28) with Post-Effective Amendment No. 375 to the Registrant's registration statement on September 13, 2024, is hereby](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001770/changefinancestancelicensi.htm)[incorporated](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001770/changefinancestancelicensi.htm)[by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001770/changefinancestancelicensi.htm)</u> |
| | (30) | <u>[L](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002381/indexlicenseagreementjlens.htm)[icense Agreement between Empowered Funds, LLC and the Registrant related to the JLens 500 Jewish Advocacy U.S. ETF](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002381/indexlicenseagreementjlens.htm)[, previously filed as Exh](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002381/indexlicenseagreementjlens.htm)[ib](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002381/indexlicenseagreementjlens.htm)[it Ex. 9](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002381/indexlicenseagreementjlens.htm)[9(h)(29) to the Registrant](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002381/indexlicenseagreementjlens.htm)['](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002381/indexlicenseagreementjlens.htm)[s](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002381/indexlicenseagreementjlens.htm)[registration statement on November 25, 2024, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002381/indexlicenseagreementjlens.htm)</u> |
| | (31) | <u>[C](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002056/secretarycertificate-easer.htm)[ertificate of Sec](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002056/secretarycertificate-easer.htm)[retar](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002056/secretarycertificate-easer.htm)[y](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002056/secretarycertificate-easer.htm)[, previously filed as Exhibit 99.H.(3](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002056/secretarycertificate-easer.htm)[0](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002056/secretarycertificate-easer.htm)[)](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002056/secretarycertificate-easer.htm)[with Post-Effective Amendment No. 388 to the Registrant's registration statement on October 24, 2024, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002056/secretarycertificate-easer.htm)</u> |
| | (32) | <u>[Fee Waiver Agreement between Registrant, for the Alpha Architect 1-3 Year Box ETF, Alpha Architect Intermediate-Term Treasury Bond ETF, Alpha Architect Long-Term Treasury Bond ETF, Alpha Architect Aggregate Bond ETF, Alpha Architect Inflation-Protected Securities ETF, and Alpha Architect Real Estate ETF, and Empowered Funds, LLC previously filed as Exhibit 99.h(31) with Post-Effective Amendment No. 397 to the Regist](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002233/aaoptions-basedfundsfeewai.htm)[r](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002233/aaoptions-basedfundsfeewai.htm)[ant's registration statement on November 14, 2024, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002233/aaoptions-basedfundsfeewai.htm)</u> |
| | (33) | <u>[Fee Waiver Agreement between Registrant, for the Yoke Core](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000309/smartmoney-feewaiveragreem.htm)[ETF](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000309/smartmoney-feewaiveragreem.htm)[, and Empowered Funds, LLC](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000309/smartmoney-feewaiveragreem.htm)[, previously](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000309/smartmoney-feewaiveragreem.htm)[filed as Exhibit 99.(h)(](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000309/smartmoney-feewaiveragreem.htm)[32) with Post-Effective Amendment No. 439 to the Registrant](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000309/smartmoney-feewaiveragreem.htm)['](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000309/smartmoney-feewaiveragreem.htm)[s registration statement on February 7, 2025, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000309/smartmoney-feewaiveragreem.htm)</u> |
| | (33) | <u>[Fee Waiver Agreement between Registrant, for the Amplius Aggressive Asset Allocation ETF, and Empowered Funds, LLC, previously filed as Exhibit 99.(h)(3) with Post-Effective Amendment No. 473 to the Registrant's registration statement on April 25, 2025, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000941/amplius-feewaiveragreement.htm)</u> |
| (i) | <u>[Opinion and Consent of Counsel](castellangroupetfsctefandc.htm)</u>**– Filed Herewith.** | <u>[Opinion and Consent of Counsel](castellangroupetfsctefandc.htm)</u>**– Filed Herewith.** |
| (j) | <u>[Consent of Independent Registered Public Accounting Firm](castellan-auditorconsentju.htm)</u> **– Filed Herewith.** | <u>[Consent of Independent Registered Public Accounting Firm](castellan-auditorconsentju.htm)</u> **– Filed Herewith.** |
| (k) | Omitted Financial Statements — Not applicable. | Omitted Financial Statements — Not applicable. |
| (l) | <u>[Initial Capital Agreement, previously filed as Exhibit 99.l with Post-Effective Amendment No. 2 to the Registrant's registration statement on January 28, 2016, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000089418916007184/cap_agmnt.htm)</u> | <u>[Initial Capital Agreement, previously filed as Exhibit 99.l with Post-Effective Amendment No. 2 to the Registrant's registration statement on January 28, 2016, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000089418916007184/cap_agmnt.htm)</u> |
| (m) | Rule 12b-1 Plan. | Rule 12b-1 Plan. |

---

------

---

| | | | |
|:---|:---|:---|:---|
| | (1) | <u>[Distribution Plan pursuant to Rule 12b-1, previously filed as Exhibit 99.m.1 with Pre-Effective Amendment No. 2 to the Registrant's registration statement on October 17, 2014, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000158281614000543/distributionplan12b-1.htm)</u> | <u>[Distribution Plan pursuant to Rule 12b-1, previously filed as Exhibit 99.m.1 with Pre-Effective Amendment No. 2 to the Registrant's registration statement on October 17, 2014, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000158281614000543/distributionplan12b-1.htm)</u> |
| | | (i) | <u>[Amendment to Schedule I to the Distribution Plan, dated](amendedscheduleitodistribu.htm)[June 6, 2025](amendedscheduleitodistribu.htm)</u> – **Filed Herewith.** |
| | | (ii) | Amendment to Schedule I to the Distribution Plan **– to be filed by amendment.** |
| (n) | Rule 18f-3 Plan — Not applicable. | Rule 18f-3 Plan — Not applicable. | Rule 18f-3 Plan — Not applicable. |
| (o) | Reserved. | Reserved. | Reserved. |
| (p) | Code of Ethics. | Code of Ethics. | Code of Ethics. |
|  | (1) | <u>[Code of Ethics of the Registrant, previously filed as Exhibit 99.p.1 with Pre-Effective Amendment No. 2 to the Registrant's registration statement on October 17, 2014, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000158281614000543/codeofethicsregistrant.htm)</u> | <u>[Code of Ethics of the Registrant, previously filed as Exhibit 99.p.1 with Pre-Effective Amendment No. 2 to the Registrant's registration statement on October 17, 2014, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000158281614000543/codeofethicsregistrant.htm)</u> |
|  | (2) | <u>[Code of Ethics of Empowered Funds, LLC](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002233/eacodeofethics112024_vf.htm)[previo](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002233/eacodeofethics112024_vf.htm)[us](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002233/eacodeofethics112024_vf.htm)[ly filed as Exhibit 99.p(2) with Post-Effective Ame](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002233/eacodeofethics112024_vf.htm)[ndment No. 397 to the Registrant](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002233/eacodeofethics112024_vf.htm)['](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002233/eacodeofethics112024_vf.htm)[s registration statement on November 14, 2024](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002233/eacodeofethics112024_vf.htm)[, is hereby incorporated by refer](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002233/eacodeofethics112024_vf.htm)[ence.](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002233/eacodeofethics112024_vf.htm)</u> | <u>[Code of Ethics of Empowered Funds, LLC](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002233/eacodeofethics112024_vf.htm)[previo](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002233/eacodeofethics112024_vf.htm)[us](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002233/eacodeofethics112024_vf.htm)[ly filed as Exhibit 99.p(2) with Post-Effective Ame](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002233/eacodeofethics112024_vf.htm)[ndment No. 397 to the Registrant](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002233/eacodeofethics112024_vf.htm)['](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002233/eacodeofethics112024_vf.htm)[s registration statement on November 14, 2024](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002233/eacodeofethics112024_vf.htm)[, is hereby incorporated by refer](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002233/eacodeofethics112024_vf.htm)[ence.](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002233/eacodeofethics112024_vf.htm)</u> |
|  | (3) | <u>[Code of Ethics of Gadsden, LLC, previously filed as Exhibit 99.p.4 with Post-Effective Amendment No. 31 to the Registrant's registration statement on August 12, 2020, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000121390020021586/s126856_ex99-p4.htm)</u> | <u>[Code of Ethics of Gadsden, LLC, previously filed as Exhibit 99.p.4 with Post-Effective Amendment No. 31 to the Registrant's registration statement on August 12, 2020, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000121390020021586/s126856_ex99-p4.htm)</u> |
|  | (4) | <u>[Code of Ethics of Freedom Day Solutions, LLC, previously filed as Exhibit 99.p.5 with Post-Effective Amendment No. 67 to the Registrant's registration statement on May 3, 2021, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000182912621003217/alphaarchitect_ex99p5.htm)</u> | <u>[Code of Ethics of Freedom Day Solutions, LLC, previously filed as Exhibit 99.p.5 with Post-Effective Amendment No. 67 to the Registrant's registration statement on May 3, 2021, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000182912621003217/alphaarchitect_ex99p5.htm)</u> |
|  | (5) | <u>[Code of Ethics of Sparkline Capital LP, previously filed as Exhibit 99.p.7 with Post-Effective Amendment No. 67 to the Registrant's registration statement on June 23, 2021, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000182912621005439/alphaarchitect_ex99p7.htm)</u> | <u>[Code of Ethics of Sparkline Capital LP, previously filed as Exhibit 99.p.7 with Post-Effective Amendment No. 67 to the Registrant's registration statement on June 23, 2021, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000182912621005439/alphaarchitect_ex99p7.htm)</u> |
|  | (6) | <u>[Code of Ethics of Orcam Financial Group, LLC, previously filed as Exhibit 99.p.10 with Post-Effective Amendment No. 86 to the Registrant's registration statement on September 15, 2021, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000182912621010016/alphaarchitect_ex99p10.htm)</u> | <u>[Code of Ethics of Orcam Financial Group, LLC, previously filed as Exhibit 99.p.10 with Post-Effective Amendment No. 86 to the Registrant's registration statement on September 15, 2021, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000182912621010016/alphaarchitect_ex99p10.htm)</u> |
|  | (7) | <u>[Code of Ethics of GuruFocus Investments, LLC, previously filed as Exhibit 99.p.11 with Post-Effective Amendment No. 99 to the Registrant's registration statement on December 14, 2021, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000182912621016287/alphaarchitect_exp11.htm)</u> | <u>[Code of Ethics of GuruFocus Investments, LLC, previously filed as Exhibit 99.p.11 with Post-Effective Amendment No. 99 to the Registrant's registration statement on December 14, 2021, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000182912621016287/alphaarchitect_exp11.htm)</u> |
|  | (8) | <u>[Code of Ethics for Intelligent Alpha](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001750/intelligentalphacodeofethi.htm)[, LLC](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001750/intelligentalphacodeofethi.htm)[, p](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001750/intelligentalphacodeofethi.htm)[reviously filed as Exhibit 99.p(8) with Post-Effective](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001750/intelligentalphacodeofethi.htm)[Amendment No. 373 to the Registrant](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001750/intelligentalphacodeofethi.htm)['](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001750/intelligentalphacodeofethi.htm)[s registration statement on September 10, 2024, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001750/intelligentalphacodeofethi.htm)</u> | <u>[Code of Ethics for Intelligent Alpha](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001750/intelligentalphacodeofethi.htm)[, LLC](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001750/intelligentalphacodeofethi.htm)[, p](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001750/intelligentalphacodeofethi.htm)[reviously filed as Exhibit 99.p(8) with Post-Effective](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001750/intelligentalphacodeofethi.htm)[Amendment No. 373 to the Registrant](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001750/intelligentalphacodeofethi.htm)['](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001750/intelligentalphacodeofethi.htm)[s registration statement on September 10, 2024, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001750/intelligentalphacodeofethi.htm)</u> |
|  | (9) | <u>[Code of Ethics of Relative Sentiment Technologies, LLC, previously filed as Exhibit 99.p.15 with Post-Effective Amendment No. 120 to the Registrant's registration statement on May 13, 2022, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000182912622010925/easeries_ex99p15.htm)</u> | <u>[Code of Ethics of Relative Sentiment Technologies, LLC, previously filed as Exhibit 99.p.15 with Post-Effective Amendment No. 120 to the Registrant's registration statement on May 13, 2022, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000182912622010925/easeries_ex99p15.htm)</u> |
|  | (10) | <u>[Code of Ethics of Argent Capital Management LLC, previously filed as Exhibit 99.p.17 with Post-Effective Amendment No. 153 to the Registrant's registration statement on August 15, 2022, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000182912622015845/easeries_exp17.htm)</u> | <u>[Code of Ethics of Argent Capital Management LLC, previously filed as Exhibit 99.p.17 with Post-Effective Amendment No. 153 to the Registrant's registration statement on August 15, 2022, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000182912622015845/easeries_exp17.htm)</u> |

---

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(11) <u>[Code of Ethics of AOT Invest, LLC, previously filed as Exhibit 99.p.18 with Post-Effective Amendment No. 134 to the Registrant's registration statement on June 22, 2022, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000182912622013727/easeries_exp18.htm)</u>

(12) <u>[Code of Ethics of Bridgeway Capital Management, LLC, previously filed as Exhibit 99.p.19 with Post-Effective Amendment No. 151 to the Registrant's registration statement on August 11, 2022, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000182912622015664/easeries_ex99p19.htm)</u>

(13) <u>[Code of Ethics of Strive Asset Management, LLC, previously filed as Exhibit 99.p.20 with Post-Effective Amendment No. 146 to the Registrant's registration statement on August 4, 2022, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000182912622015055/easeries_ex28p20.htm)</u>

(14) <u>[Code of Ethics of Arin Risk Advisors, LLC – previously filed as Exhibit 99.p.21 with Post-Effective Amendment No. 191 to the Registrant's registration statement on November 10, 2022, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000182912622019155/easeries_ex99p21.htm)</u>

(15) <u>[Code of Ethics of Altrius Capital Management, Inc., previously filed as Exhibit 99.p.22 with Post-Effective Amendment No. 174 to the Registrant's registration statement on September 26, 2022, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000182912622017154/easeries_ex99p22.htm)</u>

(16) <u>[Code of Ethics of The Burney Company – previously filed as Exhibit 99.p.23 with Post-Effective Amendment No. 180 to the Registrant's registration statement on October 7, 2022, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000182912622017491/easeries_99p23.htm)</u>

(17) <u>[Code of Ethics of Euclidean Technologies Management, LLC – previously filed as Exhibit 99.p.24 with Post-Effective Amendment No. 228 to the Registrant's registration statement on April 6, 2023, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000182912623002582/easeriestrust_ex99p24.htm)</u>

(18) <u>[Code of Ethics of Bridges Capital, LLC – previously filed as Exhibit 99.p.25 with Post-Effective Amendment No. 228 to the Registrant's registration statement on April 6, 2023, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000182912623002582/easeriestrust_ex99p25.htm)</u>

(19) <u>[Code of Ethics of MKAM ETF LLC –](https://www.sec.gov/Archives/edgar/data/1592900/000182912623002590/easeries-mkam_ex99p26.htm)[previously filed as Exhibit 99.p.26 with Post-Effective Amendment No. 229 to the Registrant's registration statement on April 6, 2023, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000182912623002590/easeries-mkam_ex99p26.htm)</u>

(20) <u>[Code of Ethics of Morgan Dempsey Capital Management LLC – previously filed as Exhibit 99.p.27 with Post-Effective Amendment No. 231 to the Registrant's registration statement on April 19, 2023, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000182912623002826/easeries_ex99p27.htm)</u>

(21) <u>[Code of Ethics of Sepio Capital L.P., previously filed as Exhibit 99.p(21) with Post-Effective Amendment No. 254 to the Registrant's registration statement on July 21, 2023, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000182912623004832/easeriestrust_ex99p21.htm)</u>

(22) <u>[Code of Ethics of Astoria Portfolio Advisors, LLC, previously filed as Exhibit 99.p(22) with Post-Effective Amendment No. 254 to the Registrant's registration statement on July 21, 2023, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000182912623004832/easeriestrust_ex99p22.htm)</u>

(23) <u>[Code of Ethics of MarketDesk Indices, LLC, previously filed as Exhibit 99.p(23) with Post-Effective Amendment No. 273 to the Registrant's registration statement on September 15, 2023, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000182912623006126/easeries_ex99p23.htm)</u>

(24) <u>[Code of Ethics of White Wolf Capital Advisors, LLC](https://www.sec.gov/Archives/edgar/data/1592900/000159290023000861/codeofethics-whitewolf.htm)[, previously filed as Exhibit 99.p.(23) with Post Effective Amendment No. 278 to the Registrant's registration statement on October 3, 2023 is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000159290023000861/codeofethics-whitewolf.htm)</u>

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(25) <u>[Code of Ethics of Madison Avenue Financial Solutions, LLC, previously filed as Exhibit 99.p.(25) with Post-Effective Amendment No. 300 to the Registrant's registration statement on November 1, 2023, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000159290023000977/mascodeofethics_092022.htm)</u>

(26) <u>[Code of Ethics for](https://www.sec.gov/Archives/edgar/data/1592900/000159290024000638/stocksnipscodeofethics.htm)[Stock](https://www.sec.gov/Archives/edgar/data/1592900/000159290024000638/stocksnipscodeofethics.htm)[Snips, Inc](https://www.sec.gov/Archives/edgar/data/1592900/000159290024000638/stocksnipscodeofethics.htm)[.](https://www.sec.gov/Archives/edgar/data/1592900/000159290024000638/stocksnipscodeofethics.htm)[, previously filed as Exhibit 99.](https://www.sec.gov/Archives/edgar/data/1592900/000159290024000638/stocksnipscodeofethics.htm)[(p)(26) with Post](https://www.sec.gov/Archives/edgar/data/1592900/000159290024000638/stocksnipscodeofethics.htm)[-Effe](https://www.sec.gov/Archives/edgar/data/1592900/000159290024000638/stocksnipscodeofethics.htm)[c](https://www.sec.gov/Archives/edgar/data/1592900/000159290024000638/stocksnipscodeofethics.htm)[ti](https://www.sec.gov/Archives/edgar/data/1592900/000159290024000638/stocksnipscodeofethics.htm)[ve Amendment No. 342 to the](https://www.sec.gov/Archives/edgar/data/1592900/000159290024000638/stocksnipscodeofethics.htm)[Registra](https://www.sec.gov/Archives/edgar/data/1592900/000159290024000638/stocksnipscodeofethics.htm)[nt](https://www.sec.gov/Archives/edgar/data/1592900/000159290024000638/stocksnipscodeofethics.htm)['](https://www.sec.gov/Archives/edgar/data/1592900/000159290024000638/stocksnipscodeofethics.htm)[s registration statement on April 8, 2024, is hereby in](https://www.sec.gov/Archives/edgar/data/1592900/000159290024000638/stocksnipscodeofethics.htm)[corporated by](https://www.sec.gov/Archives/edgar/data/1592900/000159290024000638/stocksnipscodeofethics.htm)[reference.](https://www.sec.gov/Archives/edgar/data/1592900/000159290024000638/stocksnipscodeofethics.htm)</u>

(27) <u>[Code of Ethics of Angel Oak Capital Advisors, LLC](https://www.sec.gov/Archives/edgar/data/1592900/000182912623005135/easeries_ex99p27.htm)</u>**<u>[,](https://www.sec.gov/Archives/edgar/data/1592900/000182912623005135/easeries_ex99p27.htm)</u>**<u>[previously filed as Exhibit 99.p(27) with Post-Effective Amendment No. 257 to the Registrant's registration statement on August 4, 2023, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000182912623005135/easeries_ex99p27.htm)</u>

(28) <u>[Code of Ethics of 21Shares US, LLC, previously filed as Exhibit 99.p(28) with Post-Effective Amendment No. 295 to the Registrant's registration statement on October 31, 2023, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000182912623006953/easeries-arka_ex99p28.htm)</u>

(29) <u>[Code of Ethics of ARK Investment Management, LLC, previously filed as Exhibit 99.p(29) with Post-Effective Amendment No. 295 to the Registrant's registration statement on October 31, 2023, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000182912623006953/easeries-arka_ex99p29.htm)</u>

(30) <u>[Code of Ethics of CCM Investment Group, LLC](https://www.sec.gov/Archives/edgar/data/1592900/000159290023001047/ccmgcodeofethics.htm)[, previously filed as Exhibit 99(p)(30) with Post-Effective Amendment No. 308 to the Registrant's registration statement on November 21, 2023, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000159290023001047/ccmgcodeofethics.htm)</u>

(31) <u>[Code of Ethics of Honeytree Investment Management Ltd., previously filed as Exhibit 99.p.(31) with Post-Effective Amendment No. 300 to the Registrant's registration statement on November 1, 2023, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000159290023000977/honeytreecodeofethicsstand.htm)</u>

(32) <u>[Code of Ethics for Alpha Blue Capital Management LP was previously filed as Exhibit 99(p)(32) with Post-Effective Amendment No. 318 to the Registrant's registration statement on December 12, 2023 is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000159290023001348/alphabluecodeofethics.htm)</u>

(33) <u>[Code of Ethics for](https://www.sec.gov/Archives/edgar/data/1592900/000159290024000233/keatinginvestmentcounselor.htm)[Keating Investment Counselors, In](https://www.sec.gov/Archives/edgar/data/1592900/000159290024000233/keatinginvestmentcounselor.htm)[c.,](https://www.sec.gov/Archives/edgar/data/1592900/000159290024000233/keatinginvestmentcounselor.htm)[previo](https://www.sec.gov/Archives/edgar/data/1592900/000159290024000233/keatinginvestmentcounselor.htm)[usly filed as Exh](https://www.sec.gov/Archives/edgar/data/1592900/000159290024000233/keatinginvestmentcounselor.htm)[ibit (99)(p)](https://www.sec.gov/Archives/edgar/data/1592900/000159290024000233/keatinginvestmentcounselor.htm)[(33) with Post](https://www.sec.gov/Archives/edgar/data/1592900/000159290024000233/keatinginvestmentcounselor.htm)[-Effective Amendment No. 328 to the Registra](https://www.sec.gov/Archives/edgar/data/1592900/000159290024000233/keatinginvestmentcounselor.htm)[nt](https://www.sec.gov/Archives/edgar/data/1592900/000159290024000233/keatinginvestmentcounselor.htm)['](https://www.sec.gov/Archives/edgar/data/1592900/000159290024000233/keatinginvestmentcounselor.htm)[s registration state](https://www.sec.gov/Archives/edgar/data/1592900/000159290024000233/keatinginvestmentcounselor.htm)[ment on February 9, 2024](https://www.sec.gov/Archives/edgar/data/1592900/000159290024000233/keatinginvestmentcounselor.htm)[, is hereby incorporated by refer](https://www.sec.gov/Archives/edgar/data/1592900/000159290024000233/keatinginvestmentcounselor.htm)[ence.](https://www.sec.gov/Archives/edgar/data/1592900/000159290024000233/keatinginvestmentcounselor.htm)</u>

(34) <u>[Code of Ethics for](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001124/dracocodeofethics4302024.htm)[Draco Evolution Corp.](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001124/dracocodeofethics4302024.htm)[,](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001124/dracocodeofethics4302024.htm)[previously filed as Exhibit](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001124/dracocodeofethics4302024.htm)[99.(p)(34) with Post](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001124/dracocodeofethics4302024.htm)[-Effective Amendment No. 353 to the](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001124/dracocodeofethics4302024.htm)[Registrant](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001124/dracocodeofethics4302024.htm)['](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001124/dracocodeofethics4302024.htm)[s registration stat](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001124/dracocodeofethics4302024.htm)[ement on June 26, 2024, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001124/dracocodeofethics4302024.htm)</u>

(34) <u>[Code of Ethics for](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002381/jlenscodeofethics.htm)[JLens](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002381/jlenscodeofethics.htm)[, previously filed as](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002381/jlenscodeofethics.htm)[Exhibit 99.(p)(34) with Post-Effective Amendment No. 405 to the Registrant](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002381/jlenscodeofethics.htm)['](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002381/jlenscodeofethics.htm)[s registration statement on N](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002381/jlenscodeofethics.htm)[ovember 25, 2024, is h](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002381/jlenscodeofethics.htm)[ereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002381/jlenscodeofethics.htm)</u>

(35) <u>[Code of Ethics for](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001770/stancecapitalcodeofethics.htm)[Stance Capital, LLC](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001770/stancecapitalcodeofethics.htm)[, previously filed as Exhibit 99.(p)(35) with Post-Effective Amendment No. 357 to the Registrant](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001770/stancecapitalcodeofethics.htm)['](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001770/stancecapitalcodeofethics.htm)[s registration statement on September 13, 2024](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001770/stancecapitalcodeofethics.htm)[, is](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001770/stancecapitalcodeofethics.htm)[hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001770/stancecapitalcodeofethics.htm)</u>

(36) <u>[Code of Ethics for](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001989/cambriacodeofethics.htm)[Cambria](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001989/cambriacodeofethics.htm)[Investment Management, L.P.](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001989/cambriacodeofethics.htm)[, previously fi](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001989/cambriacodeofethics.htm)[led as Exhibit 99.(p)(36) with Po](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001989/cambriacodeofethics.htm)[st-Effe](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001989/cambriacodeofethics.htm)[cti](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001989/cambriacodeofethics.htm)[ve Amendment No. 382 to the Registran](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001989/cambriacodeofethics.htm)[t](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001989/cambriacodeofethics.htm)['](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001989/cambriacodeofethics.htm)[s registration sta](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001989/cambriacodeofethics.htm)[tement on Oc](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001989/cambriacodeofethics.htm)[tober 1, 2024.](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001989/cambriacodeofethics.htm)</u>

(37) <u>[Code of Ethics for](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002240/coastalequitymanagementcoe.htm)[Coastal Equity Management, LLC](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002240/coastalequitymanagementcoe.htm)[, previously filed as Exhibit 99.](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002240/coastalequitymanagementcoe.htm)[(p)(37) with Post](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002240/coastalequitymanagementcoe.htm)[-Effective Amendment No. 398 to the Registrant](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002240/coastalequitymanagementcoe.htm)['](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002240/coastalequitymanagementcoe.htm)[s registration statement on](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002240/coastalequitymanagementcoe.htm)[November 19, 2024.](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002240/coastalequitymanagementcoe.htm)</u>

------

(38) <u>[Code of Ethics for Alpha Architect, LLC, previously filed as Exhibit 99.(p)(36) with Post-Effective Amendment No. 364 to the Registrant's registration statement on August 16, 2024, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001309/alphaarchitectcodeofethics.htm)</u>

(39) <u>[Code of Ethics for](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000181/sarmaya-codeofethics.htm)[Sarmaya Partners,](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000181/sarmaya-codeofethics.htm)[LLC](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000181/sarmaya-codeofethics.htm)[, previously filed as Exhibit 99.(p)(39) with Post-Effect](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000181/sarmaya-codeofethics.htm)[ive Ame](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000181/sarmaya-codeofethics.htm)[ndment No. 433 to the Registrant](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000181/sarmaya-codeofethics.htm)['](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000181/sarmaya-codeofethics.htm)[s registration statement on January 24, 20](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000181/sarmaya-codeofethics.htm)[25, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000181/sarmaya-codeofethics.htm)</u>

(40) <u>[Code of Ethics for](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000046/mrblcodeofethics.htm)[MRBL Management,](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000046/mrblcodeofethics.htm)[LLC](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000046/mrblcodeofethics.htm)[, previously filed as Exhibit.9](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000046/mrblcodeofethics.htm)[9.](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000046/mrblcodeofethics.htm)[(](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000046/mrblcodeofethics.htm)[p)(40) with Post-Effective Amendment No. 4](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000046/mrblcodeofethics.htm)[25 to the Registrant](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000046/mrblcodeofethics.htm)['](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000046/mrblcodeofethics.htm)[s registration statement on January 15, 2025, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000046/mrblcodeofethics.htm)</u>

(41) <u>[Code of Ethics for](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002719/matrixcodeofethics.htm)[Matrix Asset Advisors, Inc](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002719/matrixcodeofethics.htm)[.](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002719/matrixcodeofethics.htm)[, previously filed as Exhibit 99.(p)(41) with](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002719/matrixcodeofethics.htm)[Post-Effective Ame](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002719/matrixcodeofethics.htm)[ndment No. 419 to the Regist](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002719/matrixcodeofethics.htm)[rant](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002719/matrixcodeofethics.htm)['](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002719/matrixcodeofethics.htm)[s registration stateme](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002719/matrixcodeofethics.htm)[nt on December 23](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002719/matrixcodeofethics.htm)[, 2](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002719/matrixcodeofethics.htm)[024](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002719/matrixcodeofethics.htm)[, is](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002719/matrixcodeofethics.htm)[hereby incor](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002719/matrixcodeofethics.htm)[porated by re](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002719/matrixcodeofethics.htm)[ference.](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002719/matrixcodeofethics.htm)</u>

(42) <u>[Code of Ethics for ALPS Distributors, Inc., previously filed as Exhibit 99.(p)(42) with Post-Effective Amendment No. 382 to the Registrant's registration statement on October 1, 2024, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001989/alpscodeofethicspolicy.htm)</u>

(43) <u>[Code of Ethics for NextGen EMP, Inc., previously filed as Exhibit 99.(p)(43) with Post-Effective Amendment No. 409 to the Registrant's registration statement on December 6, 2024, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002515/nextgenempinccodeofethics.htm)</u>

(44) <u>[Code of Ethics for](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000350/bastionfiduciary-codeofeth.htm)[Bastion Fiduciary,](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000350/bastionfiduciary-codeofeth.htm)[LLC](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000350/bastionfiduciary-codeofeth.htm)[, previously filed as Exhibit 99.(p)(45) with Post-Effective Amendment N](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000350/bastionfiduciary-codeofeth.htm)[o. 443 to the Registrant](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000350/bastionfiduciary-codeofeth.htm)['](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000350/bastionfiduciary-codeofeth.htm)[s registration statement on February 18, 2025, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000350/bastionfiduciary-codeofeth.htm)</u>

(45) <u>[Code of Ethics for Militia Investments, LLC](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002705/militiacodeofethics.htm)[, previously filed](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002705/militiacodeofethics.htm)[as Exhibit](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002705/militiacodeofethics.htm)[99.(p)(45) with Post-Effective Amendment No. 418 to the](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002705/militiacodeofethics.htm)[Registrant](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002705/militiacodeofethics.htm)['](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002705/militiacodeofethics.htm)[s registration statement on December 23, 2024](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002705/militiacodeofethics.htm)[, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002705/militiacodeofethics.htm)</u>

(46) <u>[C](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000309/smartmoney-codeofethics122.htm)[o](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000309/smartmoney-codeofethics122.htm)[de of Ethics for Smart Money Group, LLC](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000309/smartmoney-codeofethics122.htm)[, previously filed as Exhibit 99.(p)(46) with Post-Effective Amendment No. 439 to the Registrant](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000309/smartmoney-codeofethics122.htm)['](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000309/smartmoney-codeofethics122.htm)[s registration statement on February 7, 2025, i](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000309/smartmoney-codeofethics122.htm)[s hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000309/smartmoney-codeofethics122.htm)</u>

(47) <u>[Code of Ethics for The Rock Creek Group, LP, previously filed as Exhibit 99.(p)(47) with Post-Effective Amendment No. 441 to the Registrant's registration statement on February 14, 2025, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000341/rcgcodeofethicsjanuary2025.htm)</u>

(48) <u>[Code of Ethics for](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000383/mccarthycoxcodeofethics.htm)[McCarthy & Cox Retirement & Estate Specialists, LLC](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000383/mccarthycoxcodeofethics.htm)[,](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000383/mccarthycoxcodeofethics.htm)[previously filed as Exhibit 99.(p)(48) with Post-Effective Amendment No. 444 to the Registrant](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000383/mccarthycoxcodeofethics.htm)['](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000383/mccarthycoxcodeofethics.htm)[s registration statement on February 21, 2025, is hereby incorpor](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000383/mccarthycoxcodeofethics.htm)[ated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000383/mccarthycoxcodeofethics.htm)</u>

(49) <u>[Code of Ethics for](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000941/codeofethics-ampliusassetm.htm)[Ampl](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000941/codeofethics-ampliusassetm.htm)[i](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000941/codeofethics-ampliusassetm.htm)[u](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000941/codeofethics-ampliusassetm.htm)[s ETF Advisor](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000941/codeofethics-ampliusassetm.htm)[s, LLC](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000941/codeofethics-ampliusassetm.htm)[, previously filed as Exhibit 99.(](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000941/codeofethics-ampliusassetm.htm)[p](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000941/codeofethics-ampliusassetm.htm)[)(](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000941/codeofethics-ampliusassetm.htm)[4](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000941/codeofethics-ampliusassetm.htm)[9](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000941/codeofethics-ampliusassetm.htm)[) with Post-Effective Amendment No. 473 to the Registrant's registration statement on April 25, 2025, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000941/codeofethics-ampliusassetm.htm)</u>

(50) <u>[Code of Ethics for](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000943/astor-codeofethicspolicy.htm)[Astor Investm](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000943/astor-codeofethicspolicy.htm)[ent](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000943/astor-codeofethicspolicy.htm)[Management, LLC](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000943/astor-codeofethicspolicy.htm)[, previously filed as Exhibit 99.](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000943/astor-codeofethicspolicy.htm)[p](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000943/astor-codeofethicspolicy.htm)[.(](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000943/astor-codeofethicspolicy.htm)[50](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000943/astor-codeofethicspolicy.htm)[) with Post-Effective Amendment No. 474 to the Registrant's registration statement on April 25, 2025, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000943/astor-codeofethicspolicy.htm)</u>

(51) Code of Ethics for Terra Firma Asset Management, LLC – **to be filed by Amendment.**

------

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| | | |
|:---|:---|:---|
| | (52) | <u>[Code of Ethics for](https://www.sec.gov/Archives/edgar/data/1592900/000159290025001108/rainwaterequityllccomplian.htm)[Rainwater Equity, LLC](https://www.sec.gov/Archives/edgar/data/1592900/000159290025001108/rainwaterequityllccomplian.htm)[, previously filed as Exhibit 99.(p)(52) with Post-Effective Amendment No. 483 to the Registrant](https://www.sec.gov/Archives/edgar/data/1592900/000159290025001108/rainwaterequityllccomplian.htm)['](https://www.sec.gov/Archives/edgar/data/1592900/000159290025001108/rainwaterequityllccomplian.htm)[s registration statement on May 9, 2025, i](https://www.sec.gov/Archives/edgar/data/1592900/000159290025001108/rainwaterequityllccomplian.htm)[s hereby in](https://www.sec.gov/Archives/edgar/data/1592900/000159290025001108/rainwaterequityllccomplian.htm)[corporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000159290025001108/rainwaterequityllccomplian.htm)</u> |
| | (53) | <u>[Code of Ethics for](https://www.sec.gov/Archives/edgar/data/1592900/000159290025001089/codeofethics-suncoast.htm)[Suncoast Equity Management, LLC](https://www.sec.gov/Archives/edgar/data/1592900/000159290025001089/codeofethics-suncoast.htm)[, previously filed as Exhibit 99.(](https://www.sec.gov/Archives/edgar/data/1592900/000159290025001089/codeofethics-suncoast.htm)[p](https://www.sec.gov/Archives/edgar/data/1592900/000159290025001089/codeofethics-suncoast.htm)[)(](https://www.sec.gov/Archives/edgar/data/1592900/000159290025001089/codeofethics-suncoast.htm)[53](https://www.sec.gov/Archives/edgar/data/1592900/000159290025001089/codeofethics-suncoast.htm)[) with Post-Effective Amendment No. 482 to the Registrant's registration statement on May 7, 2025, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000159290025001089/codeofethics-suncoast.htm)</u> |
| | (54) | <u>[Code of Ethics for](https://www.sec.gov/Archives/edgar/data/1592900/000159290025001485/concoursecodeofethics.htm)[Concourse Capital Advisors, LLC](https://www.sec.gov/Archives/edgar/data/1592900/000159290025001485/concoursecodeofethics.htm)[, previously filed as Exhibit 99.](https://www.sec.gov/Archives/edgar/data/1592900/000159290025001485/concoursecodeofethics.htm)[(p)(54) with Post-Effective Amendment No. 499 to the Registra](https://www.sec.gov/Archives/edgar/data/1592900/000159290025001485/concoursecodeofethics.htm)[nt](https://www.sec.gov/Archives/edgar/data/1592900/000159290025001485/concoursecodeofethics.htm)['](https://www.sec.gov/Archives/edgar/data/1592900/000159290025001485/concoursecodeofethics.htm)[s registration statement on June 6, 2025, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000159290025001485/concoursecodeofethics.htm)</u> |
| | (55) | <u>[Code of Ethics for](https://www.sec.gov/Archives/edgar/data/1592900/000159290025001393/arsinvptrcompliancemanuala.htm)[ARS](https://www.sec.gov/Archives/edgar/data/1592900/000159290025001393/arsinvptrcompliancemanuala.htm)[Investment Partners](https://www.sec.gov/Archives/edgar/data/1592900/000159290025001393/arsinvptrcompliancemanuala.htm)[, LLC](https://www.sec.gov/Archives/edgar/data/1592900/000159290025001393/arsinvptrcompliancemanuala.htm)[, previously filed as Exhibit 99.(p)(55) with Post-Effective Amendment No. 493 to the Registrant](https://www.sec.gov/Archives/edgar/data/1592900/000159290025001393/arsinvptrcompliancemanuala.htm)['](https://www.sec.gov/Archives/edgar/data/1592900/000159290025001393/arsinvptrcompliancemanuala.htm)[s registration statement on May 30, 2](https://www.sec.gov/Archives/edgar/data/1592900/000159290025001393/arsinvptrcompliancemanuala.htm)[025.](https://www.sec.gov/Archives/edgar/data/1592900/000159290025001393/arsinvptrcompliancemanuala.htm)</u> |
| | (56) | Code of Ethics for Cloverpoint, LLC – **to be filed by Amendment.** |
| | (57) | Code of Ethics for Dakota Wealth, LLC – **to be filed by Amendment.** |
| | (58) | <u>[Code of Ethics for](castellancodeofethics.htm)[Castellan Group](castellancodeofethics.htm)[,](castellancodeofethics.htm)[LLC](castellancodeofethics.htm)</u> – **Filed Herewith.** |
| | (59) | <u>[Code of Ethics for](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000756/sfacodeofethics2025.htm)[Sequoia Financial](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000756/sfacodeofethics2025.htm)[Group,](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000756/sfacodeofethics2025.htm)[LLC](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000756/sfacodeofethics2025.htm)[, previously filed as Exhibit 99(p)(58) with Post-Effective Amendment No. 461 to the Registrant](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000756/sfacodeofethics2025.htm)['](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000756/sfacodeofethics2025.htm)[s registration statement on March 27, 2025, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000756/sfacodeofethics2025.htm)</u> |
| | (60) | Code of Ethics for Towle & Co. – **to be filed by Amendment.** |
| (q) | Other | Other |
|  | (1) | <u>[Power of Attorney](https://www.sec.gov/Archives/edgar/data/1592900/000159290025001393/poaregistrationstatements5.htm)[, previously filed as Exhibit 99.(q)(1) with Post-Effective Amendment No. 493 to the Registrant](https://www.sec.gov/Archives/edgar/data/1592900/000159290025001393/poaregistrationstatements5.htm)['](https://www.sec.gov/Archives/edgar/data/1592900/000159290025001393/poaregistrationstatements5.htm)[s registration statement on May 30, 2025.](https://www.sec.gov/Archives/edgar/data/1592900/000159290025001393/poaregistrationstatements5.htm)</u> |

---

**Item 29. Persons Controlled By or Under Common Control with the Registrant:**

None.

**Item 30. Indemnification:**

Under the terms of the Delaware Statutory Trust Act ("DSTA") and the Registrant's Agreement and Declaration of Trust ("Declaration of Trust"), no officer or trustee of the Registrant shall have any liability to the Registrant, its shareholders, or any other party for damages, except to the extent such limitation of liability is precluded by Delaware law, the Declaration of Trust or the By-Laws of the Registrant.

Subject to the standards and restrictions set forth in the Declaration of Trust, DSTA, Section 3817, permits a statutory trust to indemnify and hold harmless any trustee, beneficial owner or other person from and against any and all claims and demands whatsoever. DSTA, Section 3803 protects trustees, officers, managers and other employees, when acting in such capacity, from liability to any person other than the Registrant or beneficial owner for any act, omission or obligation of the Registrant or any trustee thereof, except as otherwise provided in the Declaration of Trust.

The Declaration of Trust provides that any person who is or was a Trustee, officer, employee or other agent, including the underwriter, of such Trust shall be liable to the Trust and its shareholders only for (1) any act or omission that constitutes a bad faith violation of the implied contractual covenant of good faith and fair dealing, or (2) the person's own willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of such person (such conduct referred to herein as Disqualifying Conduct) and for nothing else. Except in these instances and to the fullest extent that limitations of liability of agents are permitted by the DSTA, these

------

Agents (as defined in the Declaration of Trust) shall not be responsible or liable for any act or omission of any other Agent of the Trust or any investment adviser or principal underwriter. Moreover, except and to the extent provided in these instances, none of these Agents, when acting in their respective capacity as such, shall be personally liable to any other person, other than such Trust or its shareholders, for any act, omission or obligation of the Trust or any trustee thereof.

The Trust shall indemnify, out of its property, to the fullest extent permitted under applicable law, any of the persons who was or is a party or is threatened to be made a party to any Proceeding (as defined in the Declaration of Trust) because the person is or was an Agent of such Trust. These persons shall be indemnified against any Expenses (as defined in the Declaration of Trust), judgments, fines, settlements and other amounts actually and reasonably incurred in connection with the Proceeding if the person acted in good faith or, in the case of a criminal proceeding, had no reasonable cause to believe that the conduct was unlawful. The termination of any Proceeding by judgment, order, settlement, conviction or plea of nolo contendere or its equivalent shall not in itself create a presumption that the person did not act in good faith or that the person had reasonable cause to believe that the person's conduct was unlawful. There shall nonetheless be no indemnification for a person's own Disqualifying Conduct.

Insofar as indemnification for liabilities 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 Securities and Exchange Commission 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 Trustee, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such Trustee, officer or controlling person in connection with securities being registered, the Registrant may be required, unless in the opinion of its counsel the matter has been settled by controlling precedent, to submit to a court or appropriate jurisdiction the question whether such indemnification is against public policy as expressed in the Act and will be governed by the final adjudication of such issue.

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

This Item incorporates by reference each investment adviser's Uniform Application for Investment Adviser Registration ("Form ADV") on file with the SEC, as listed below. Each Form ADV may be obtained, free of charge, at the SEC's website at www.adviserinfo.sec.gov. Additional information as to any other business, profession, vocation or employment of a substantial nature engaged in by each officer and director of the below-listed investment advisers is included in the Trust's Statement of Additional Information.

---

| | |
|:---|:---|
| <u>Investment Adviser</u> | <u>SEC File No</u>. |
| Empowered Funds, LLC | 801-79835 |
| Gadsden, LLC | 801-112416 |
| Freedom Day Solutions, LLC | 801-66190 |
| Sparkline Capital LP | 801-121161 |
| Orcam Financial Group, LLC | 801-121561 |
| GuruFocus Investments, LLC | 801-122727 |
| Relative Sentiment Technologies, LLC | 801-123211 |
| Argent Capital Management LLC | 801-55903 |
| AOT Invest LLC | 801-124742 |
| Bridgeway Capital Management, LLC | 801-44394 |
| Strive Asset Management, LLC | 801-125907 |
| Arin Risk Advisors, LLC | 801-70598 |
| Altrius Capital Management, Inc. | 801-63153 |

---

------

---

| | |
|:---|:---|
| <u>Investment Adviser</u> | <u>SEC File No</u>. |
| The Burney Company | 801-10232 |
| Euclidean Technologies Management, LLC | 801-72806 |
| Bridges Capital, LLC | 801-127316 |
| Morgan Dempsey Capital Management, LLC | 801-48064 |
| Sepio Capital L.P. | 801-108889 |
| Astoria Portfolio Advisors, LLC | 801-119078 |
| MarketDesk Indices LLC | 801-128530 |
| White Wolf Capital Advisors, LLC | 801-120718 |
| Madison Avenue Financial Solutions, LLC | 801-118936 |
| Angel Oak Capital Advisors, LLC | 801-70670 |
| 21Shares US LLC | 801-122990 |
| ARK Investment Management LLC | 801-79081 |
| CCM Investment Group, LLC | 801-128708 |
| Honeytree Investment Management Ltd. | 801-120880 |
| Alpha Blue Capital Management, LP | 801-128858 |
| Keating Investment Counselors, Inc. | 801-19820 |
| Stock Snips, Inc. | 801-129682 |
| Alpha Architect, LLC | 801-71697 |
| MKAM ETF LLC | 801-127208 |
| Draco Evolution Corp. | 801-129504 |
| Intelligent Alpha | 801-130980 |
| JLens | 801-131261 |
| Stance Capital, LLC | 801-120103 |
| Cambria Investment Management, L.P. | 801-71786 |
| Coastal Equity Management, LLC | 801-131249 |
| Sarmaya Partners, LLC | 801-131861 |
| MRBL Management, LLC | 801-131498 |
| NextGen EMP, Inc. | 801-131531 |
| Matrix Asset Advisors, Inc. | 801-36872 |
| Bastion Fiduciary, LLC | 801-131510 |
| Militia Investments, LLC | 801-131204 |
| Smart Money Group, LLC | 801-107979 |

---

------

---

| | |
|:---|:---|
| <u>Investment Adviser</u> | <u>SEC File No</u>. |
| The Rock Creek Group LP | 801-61844 |
| McCarthy & Cox Retirement & Estate Specialists, LLC | 801-128995 |
| Amplius ETF Advisors, LLC | 801-132157 |
| Terra Firma Asset Management, LLC | 801-118043 |
| Rainwater Equity, LLC | 801-132135 |
| Suncoast Equity Management, LLC | 801-62262 |
| Concourse Capital Advisors, LLC | 801-132824 |
| ARS Investment Partners, LLC | 801-7566 |
| Cloverpoint, LLC | 801-132860 |
| Dakota Wealth, LLC, dba Dakota Wealth Management | 801-114097 |
| Research Affiliates, LLC | 801-61153 |
| Castellan Group, LLC | 801-119581 |
| Sequoia Financial Group, LLC | 801-61089 |
| Astor Investment Management, LLC | 801-78794 |
| Towle & Co. | 801-16622 |

---

**Item 32. Quasar Distributors, LLC**

(a) Quasar Distributors, LLC (the "Distributor") serves as principal underwriter for the following investment companies registered under the Investment Company Act of 1940, as amended:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Abacus FCF ETF Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Advisor Managed Portfolios

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Antares Private Credit Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.Capital Advisors Growth Fund, Series of Advisors Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.Chase Growth Fund, Series of Advisors Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.Davidson Multi Cap Equity Fund, Series of Advisors Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.Edgar Lomax Value Fund, Series of Advisors Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.First Sentier American Listed Infrastructure Fund, Series of Advisors Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.First Sentier Global Listed Infrastructure Fund, Series of Advisors Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.Huber Large Cap Value Fund, Series of Advisors Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.Huber Mid Cap Value Fund, Series of Advisors Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.Huber Select Large Cap Value Fund, Series of Advisors Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.Huber Small Cap Value Fund, Series of Advisors Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.Logan Capital Broad Innovative Growth ETF, Series of Advisors Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.Medalist Partners MBS Total Return Fund, Series of Advisors Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.Medalist Partners Short Duration Fund, Series of Advisors Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.O'Shaughnessy Market Leaders Value Fund, Series of Advisors Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.PIA BBB Bond Fund, Series of Advisors Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.PIA High Yield (MACS) Fund, Series of Advisors Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.PIA High Yield Fund, Series of Advisors Series Trust

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.PIA MBS Bond Fund, Series of Advisors Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.PIA Short-Term Securities Fund, Series of Advisors Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.Poplar Forest Cornerstone Fund, Series of Advisors Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.Poplar Forest Partners Fund, Series of Advisors Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.Pzena Emerging Markets Value Fund, Series of Advisors Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.Pzena International Small Cap Value Fund, Series of Advisors Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.Pzena International Value Fund, Series of Advisors Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.Pzena Mid Cap Value Fund, Series of Advisors Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.Pzena Small Cap Value Fund, Series of Advisors Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30.Reverb ETF, Series of Advisors Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31.Scharf Fund, Series of Advisors Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32.Scharf Global Opportunity Fund, Series of Advisors Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33.Scharf Multi-Asset Opportunity Fund, Series of Advisors Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34.Shenkman Capital Floating Rate High Income Fund, Series of Advisors Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35.Shenkman Capital Short Duration High Income Fund, Series of Advisors Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36.VegTech Plant-based Innovation & Climate ETF, Series of Advisors Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37.The Aegis Funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38.Allied Asset Advisors Funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39.Angel Oak Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40.Angel Oak Strategic Credit Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41.Brookfield Infrastructure Income Fund Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42.Brookfield Investment Funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43.Buffalo Funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44.DoubleLine Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45.EA Series Trust *(f/k/a Alpha Architect ETF Trust)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46.Ecofin Tax-Advantaged Social Impact Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47.AAM Bahl & Gaynor Small/Mid Cap Income Growth ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48.AAM Brentview Dividend Growth ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49.AAM Low Duration Preferred and Income Securities ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50.AAM S&P 500 High Dividend Value ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51.AAM Sawgrass U.S. Large Cap Quality Growth ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52.AAM Sawgrass U.S. Small Cap Quality Growth ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53.AAM SLC Low Duration Income ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54.AAM Transformers ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55.Acquirers Deep Value ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56.Aptus Collared Investment Opportunity ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57.Aptus Defined Risk ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58.Aptus Drawdown Managed Equity ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59.Aptus Enhanced Yield ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60.Aptus International Enhanced Yield ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61.Aptus Large Cap Enhanced Yield ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62.Aptus Large Cap Upside ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63.Bahl & Gaynor Dividend ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64.Bahl & Gaynor Income Growth ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65.Bahl & Gaynor Small Cap Dividend ETF, Series of ETF Series Solutions

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66.BTD Capital Fund, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67.Carbon Strategy ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68.ClearShares OCIO ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69.ClearShares Piton Intermediate Fixed Income Fund, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70.ClearShares Ultra-Short Maturity ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71.Distillate International Fundamental Stability & Value ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72.Distillate Small/Mid Cash Flow ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73.Distillate U.S. Fundamental Stability & Value ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74.ETFB Green SRI REITs ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75.Hoya Capital High Dividend Yield ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76.Hoya Capital Housing ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77.LHA Market State Tactical Beta ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78.LHA Market State Tactical Q ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79.LHA Risk-Managed Income ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80.McElhenny Sheffield Managed Risk ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81.NETLease Corporate Real Estate ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82.Opus Small Cap Value ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83.Range Cancer Therapeutics ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84.The Acquirers Fund, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85.The Brinsmere Fund - Conservative ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86.The Brinsmere Fund - Growth ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87.U.S. Global GO GOLD and Precious Metal Miners ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88.U.S. Global JETS ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89.U.S. Global Sea to Sky Cargo ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90.U.S. Global Technology and Aerospace & Defense ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91.US Vegan Climate ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92.Vest 10 Year Interest Rate Hedge ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93.Vest 2 Year Interest Rate Hedge ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94.First American Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95.FundX Investment Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96.The Glenmede Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97.The GoodHaven Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98.Harding, Loevner Funds, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99.Hennessy Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.Horizon Funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101.Hotchkis & Wiley Funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102.Intrepid Capital Management Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103.Jacob Funds Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104.The Jensen Quality Growth Fund Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105.Kirr, Marbach Partners Funds, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106.Core Alternative ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107.Wahed Dow Jones Islamic World ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108.Wahed FTSE USA Shariah ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109.LKCM Funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110.LoCorr Investment Trust

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111.MainGate Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112.ATAC Rotation Fund, Series of Managed Portfolio Series

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113.Coho Relative Value Equity Fund, Series of Managed Portfolio Series

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114.Coho Relative Value ESG Fund, Series of Managed Portfolio Series

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115.Cove Street Capital Small Cap Value Fund, Series of Managed Portfolio Series

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116.Ecofin Global Water ESG Fund, Series of Managed Portfolio Series

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117.Jackson Square Large-Cap Growth Fund, Series of Managed Portfolio Series

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118.Jackson Square SMID-Cap Growth Fund, Series of Managed Portfolio Series

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119.Kensington Active Advantage Fund, Series of Managed Portfolio Series

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120.Kensington Defender Fund, Series of Managed Portfolio Series

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121.Kensington Dynamic Growth Fund, Series of Managed Portfolio Series

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122.Kensington Hedged Premium Income ETF, Series of Managed Portfolio Series

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123.Kensington Managed Income Fund, Series of Managed Portfolio Series

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124.LK Balanced Fund, Series of Managed Portfolio Series

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125.Leuthold Core ETF, Series of Managed Portfolio Series

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126.Leuthold Core Investment Fund, Series of Managed Portfolio Series

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127.Leuthold Global Fund, Series of Managed Portfolio Series

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128.Leuthold Grizzly Short Fund, Series of Managed Portfolio Series

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129.Leuthold Select Industries ETF, Series of Managed Portfolio Series

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130.Muhlenkamp Fund, Series of Managed Portfolio Series

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131.Nuance Concentrated Value Fund, Series of Managed Portfolio Series

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132.Nuance Mid Cap Value Fund, Series of Managed Portfolio Series

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133.Olstein All Cap Value Fund, Series of Managed Portfolio Series

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134.Olstein Strategic Opportunities Fund, Series of Managed Portfolio Series

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135.Port Street Quality Growth Fund, Series of Managed Portfolio Series

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136.Principal Street High Income Municipal Fund, Series of Managed Portfolio Series

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137.Principal Street Short Term Municipal Fund, Series of Managed Portfolio Series

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138.Reinhart Genesis PMV Fund, Series of Managed Portfolio Series

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139.Reinhart International PMV Fund, Series of Managed Portfolio Series

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140.Reinhart Mid Cap PMV Fund, Series of Managed Portfolio Series

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141.Tortoise Energy Infrastructure and Income Fund, Series of Managed Portfolio Series

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142.Tortoise Energy Infrastructure Total Return Fund, Series of Managed Portfolio Series

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143.Tortoise North American Pipeline Fund, Series of Managed Portfolio Series

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144.Tremblant Global ETF, Series of Managed Portfolio Series

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145.Greenspring Income Opportunities Fund, Series of Manager Directed Portfolios

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146.Hood River International Opportunity Fund, Series of Manager Directed Portfolios

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147.Hood River New Opportunities Fund, Series of Manager Directed Portfolios

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148.Hood River Small-Cap Growth Fund, Series of Manager Directed Portfolios

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149.SanJac Alpha Core Plus Bond ETF, Series of Manager Directed Portfolios

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150.SanJac Alpha Low Duration ETF, Series of Manager Directed Portfolios

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151.SWP Growth & Income ETF, Series of Manager Directed Portfolios

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152.Vert Global Sustainable Real Estate ETF, Series of Manager Directed Portfolios

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153.Mason Capital Fund Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154.Matrix Advisors Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155.Monetta Trust

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156.Nicholas Equity Income Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157.Nicholas Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158.Nicholas II, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159.Nicholas Limited Edition, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160.Oaktree Diversified Income Fund Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161.Permanent Portfolio Family of Funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162.Perritt Funds, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163.Procure ETF Trust II

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164.Professionally Managed Portfolios

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165.Prospector Funds, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166.Provident Mutual Funds, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167.Abbey Capital Futures Strategy Fund, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168.Abbey Capital Multi-Asset Fund, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169.Adara Smaller Companies Fund, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170.Aquarius International Fund, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171.Boston Partners All Cap Value Fund, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172.Boston Partners Emerging Markets Dynamic Equity Fund, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173.Boston Partners Global Equity Fund, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174.Boston Partners Global Sustainability Fund, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175.Boston Partners Long/Short Equity Fund, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176.Boston Partners Long/Short Research Fund, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;177.Boston Partners Small Cap Value Fund II, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178.Campbell Systematic Macro Fund, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179.F/m 10-Year Investment Grade Corporate Bond ETF, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180.F/m 2-Year Investment Grade Corporate Bond ETF, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181.F/m 3-Year Investment Grade Corporate Bond ETF, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182.F/m Emerald Life Sciences Innovation ETF, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183.F/m High Yield 100 ETF, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184.F/m Investments Large Cap Focused Fund Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185.F/m Opportunistic Income ETF, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186.F/m Ultrashort Treasury Inflation-Protected Security (TIPS) ETF Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187.Motley Fool 100 Index ETF, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188.Motley Fool Capital Efficiency 100 Index ETF, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189.Motley Fool Global Opportunities ETF, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190.Motley Fool Mid-Cap Growth ETF, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191.Motley Fool Next Index ETF, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192.Motley Fool Small-Cap Growth ETF, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193.Optima Strategic Credit Fund, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;194.SGI Dynamic Tactical ETF, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195.SGI Enhanced Core ETF, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196.SGI Enhanced Global Income ETF, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197.SGI Global Equity Fund, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198.SGI Peak Growth Fund, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199.SGI Prudent Growth Fund, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200.SGI Small Cap Core Fund, Series of The RBB Fund, Inc.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201.SGI U.S. Large Cap Core ETF, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202.SGI U.S. Large Cap Equity Fund, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203.SGI U.S. Small Cap Equity Fund, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204.US Treasury 10 Year Note ETF, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205.US Treasury 12 Month Bill ETF, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206.US Treasury 2 Year Note ETF, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207.US Treasury 20 Year Bond ETF, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208.US Treasury 3 Month Bill ETF, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209.US Treasury 3 Year Note ETF, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210.US Treasury 30 Year Bond ETF, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;211.US Treasury 5 Year Note ETF, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212.US Treasury 6 Month Bill ETF, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213.US Treasury 7 Year Note ETF, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214.WPG Partners Select Hedged Fund, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215.WPG Partners Select Small Cap Value Fund, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;216.WPG Partners Small Cap Value Diversified Fund, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;217.The RBB Fund Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218.RBC Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;219.Rockefeller Municipal Opportunities Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220.Series Portfolios Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221.Tax-Exempt Private Credit Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222.Thompson IM Funds, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;223.Tortoise Capital Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224.Bright Rock Mid Cap Growth Fund, Series of Trust for Professional Managers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225.Bright Rock Quality Large Cap Fund, Series of Trust for Professional Managers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;226.CrossingBridge Low Duration High Income Fund, Series of Trust for Professional Managers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;227.CrossingBridge Nordic High Income Bond Fund, Series of Trust for Professional Managers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;228.CrossingBridge Responsible Credit Fund, Series of Trust for Professional Managers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;229.CrossingBridge Ultra-Short Duration Fund, Series of Trust for Professional Managers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230.RiverPark Strategic Income Fund, Series of Trust for Professional Managers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;231.Dearborn Partners Rising Dividend Fund, Series of Trust for Professional Managers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;232.Jensen Global Quality Growth Fund, Series of Trust for Professional Managers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;233.Jensen Quality MidCap Fund, Series of Trust for Professional Managers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;234.Rockefeller Climate Solutions Fund, Series of Trust for Professional Managers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235.Rockefeller US Small Cap Core Fund, Series of Trust for Professional Managers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;236.USQ Core Real Estate Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;237.Wall Street EWM Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;238.Wisconsin Capital Funds, Inc.

------

(b) The following are the Officers and Manager of the Distributor, the Registrant's underwriter. The Distributor's main business address is Three Canal Plaza, Suite 100, Portland, Maine 04101.

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **Address** | **Position with Underwriter** | **Position with Registrant** |
| Teresa Cowan | Three Canal Plaza, Suite 100, Portland, ME 04101 | President/Manager |  |
| Chris Lanza | Three Canal Plaza, Suite 100, Portland, ME 04101 | Vice President |  |
| Kate Macchia | Three Canal Plaza, Suite 100, Portland, ME 04101 | Vice President |  |
| Susan L. LaFond | Three Canal Plaza, Suite 100, Portland, ME 04101 | Vice President and Chief Compliance Officer and Treasurer |  |
| Kelly B. Whetstone | Three Canal Plaza, Suite 100, Portland, ME 04101 | Secretary |  |
| Weston Sommers | Three Canal Plaza, Suite 100, Portland, ME 04101 | Financial and Operations Principal and Chief Financial Officer |  |

---

(c) Not applicable.

**Item 33. Location of Accounts and Records:**

Information regarding the books and other documents required to be maintained by Section 31(a) of the 1940 Act, and the rules promulgated thereunder, are provided in the Registrant's most recent report on Form N-CEN.

**Item 34. Management Services:**

None.

**Item 35. Undertakings:**

None.

------

**SIGNATURES**

Pursuant to the requirements of the Securities Act of 1933 (the "Securities Act") and the Investment Company Act of 1940, the Registrant certifies that it meets all of the requirements for effectiveness of this Post-Effective Amendment (this "Amendment") to its Registration Statement on Form N-1A under rule 485(b) under the Securities Act and has duly caused this Amendment to be signed below on its behalf by the undersigned, duly authorized in the Village of Bayside, State of Wisconsin, on June 9, 2025.

---

| |
|:---|
| EA SERIES TRUST |
| By: /s/ Michael D. Barolsky |
| Michael D. Barolsky |
| Vice President & Secretary |

---

Pursuant to the requirements of the Securities Act, this Registration Statement has been signed below by the following persons in the capacities indicated and on June 9, 2025.

---

| | |
|:---|:---|
| <u>Signature</u> | <u>Title</u> |
| \*Wesley R. Gray | Trustee and President (principal executive officer) |
| Wesley R. Gray | |
| \*Sean R. Hegarty | Treasurer (principal financial officer) |
| Sean R. Hegarty | |
| \*Daniel Dorn | Trustee |
| Daniel Dorn | |
| \*Michael Pagano | Trustee |
| Michael Pagano | |
| \*Emeka Oguh | Trustee |
| Emeka Oguh | |

---

---

| | |
|:---|:---|
| \*By: | <u>/s/ Michael D. Barolsky</u> |
|  | Michael D. Barolsky |
|  | Attorney-in-Fact |
|  | \* (Pursuant to <u>[Power of Attorney](https://www.sec.gov/Archives/edgar/data/1592900/000159290025001393/poaregistrationstatements5.htm)</u> previously filed with Post-Effective Amendment No. 493 to the Registrant's registration statement on May 30, 2025.) |

---

------

**EXHIBIT INDEX**

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| Ex.99(d)(109) | <u>[Investment Sub-Advisory Agreement among the Registrant, Empowered Funds, LLC, and Castellan Group](castellangroupsub-advisory.htm)[, LLC](castellangroupsub-advisory.htm)[with respect to the Castellan Targeted Equity ETF and Castellan Targeted Income ETF](castellangroupsub-advisory.htm)</u> |
| Ex.99(d)(110) | <u>[Investment Sub-Advisory Agreement among the Registrant, Empowered Funds, LLC, Castellan Group, LLC, and Arin Risk Advisors, LLC with respect to the Castellan Targeted Equity ETF and Castellan Targeted Income ETF](castellanarinsub-advisorya.htm)</u> |
| Ex.99(g)(1)(ii) | <u>[Forty-Seventh Amendment and Amended Exhibit B to the Custody Agreement between the Registrant and U.S. Bank National Association](easeriestrust-custodyagmtx.htm)</u> |
| Ex.99(h)(1)(ii) | <u>[Forty-Seventh Amendment and Exhibit A to the Transfer Agent Servicing Agreement between the Registrant and U.S. Bancorp Fund Services, LLC](easeriestrust-taagmtxamend.htm)</u> |
| Ex.99(h)(2)(ii) | <u>[Forty-Seventh Amendment and Amended Exhibit A to the Fund Administration Servicing Agreement between the Registrant and U.S. Bancorp Fund Services, LLC](easeriestrust-adminagmtxam.htm)</u> |
| Ex.99(h)(3)(ii) | <u>[Forty-Seventh Amendment and Amended Exhibit A to the Fund Accounting Servicing Agreement between the Registrant and U.S. Bancorp Fund Services, LLC](easeriestrust-accountingag.htm)</u> |
| Ex.99(i) | <u>[Opinion and Consent of Counsel](castellangroupetfsctefandc.htm)</u> |
| Ex.99(j) | <u>[Consent of Independent Registered Public Accounting Firm](castellan-auditorconsentju.htm)</u> |
| Ex.99(m)(1)(i) | <u>[Amendment to Schedule I to the Distribution Plan, dated June 6, 2025](amendedscheduleitodistribu.htm)</u> |
| Ex.99(p)(54) | <u>[Code of Ethics for Castellan Group,](castellancodeofethics.htm)[LLC](castellancodeofethics.htm)</u> |

---

## Ex-99.(D)(109)

**EA SERIES TRUST**

**INVESTMENT SUB-ADVISORY AGREEMENT**

**among**

**Empowered Funds, LLC, Castellan Group, LLC, and EA Series Trust**

This INVESTMENT SUB-ADVISORY AGREEMENT (the "<u>Agreement</u>") is made as of June 6, 2025 by and between **Empowered Funds, LLC**, a Pennsylvania limited liability company with its principal place of business at 19 E. Eagle Road, Havertown, PA 19083 doing business as ETF Architect (the "<u>Adviser</u>"), **EA Series Trust** (the "<u>Trust</u>"), and **Castellan Group, LLC**, a Delaware limited liability company with its principal place of business located at 2011 Lake Point Way, Suite 001, Louisville, Kentucky 40223 (the "<u>Sub-Adviser</u>").

**BACKGROUND:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.The Trust is an open-end management investment company, registered as such under the Investment Company Act of 1940, as amended (the "<u>1940 Act</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B.The Adviser is registered as an investment adviser under the Investment Advisers Act of 1940, as amended (the "<u>Advisers Act</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C.The Adviser has entered into an Investment Advisory Agreement with respect to the Trust series identified on Schedule A to this Agreement (each, a "<u>Fund</u>," and together, the "<u>Funds</u>") as such Schedule may be amended from time to time upon mutual agreement of the parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D.The Sub-Adviser is registered as an investment adviser under the Advisers Act and is engaged in the business of supplying investment advice as an independent contractor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E.The Investment Advisory Agreement contemplates that the Adviser may appoint a sub-adviser to perform some or all of the services for which the Adviser is responsible.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F.The Sub-Adviser is willing to furnish the services described herein to the Adviser and each Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G.This Background section and Schedule A are hereby incorporated into, and made a part of, this Agreement.

**TERMS:**

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

1.<u>Appointment of the Sub-Adviser</u>. The Adviser hereby appoints the Sub-Adviser to act as an investment adviser for each Fund, subject to the supervision and oversight of the Adviser and the Board of Trustees of the Trust (the "<u>Board</u>"), and in accordance with the terms and conditions of this Agreement. The Sub-Adviser will be an independent contractor and will have no authority to act for or represent the Trust or the Adviser in any way or otherwise be deemed an agent of the Trust or the Adviser except as expressly authorized in this Agreement or another writing by the Trust, the Adviser and the Sub-Adviser. The Sub-Adviser accepts that appointment and agrees to render the services herein set forth, for the compensation herein provided.

&nbsp;&nbsp;&nbsp;&nbsp;1

------

2.<u>Sub-Advisory Services</u>. The Sub-Adviser shall have full discretionary authority for portfolio investment decisions for each Fund, including determining, from time to time, what securities and other financial instruments (and weightings) shall be purchased for each Fund, what securities and other financial instruments (and weightings) shall be held or sold by each Fund, and what portion of a Fund's assets shall be held in cash, subject always to (i) the provisions of the Trust's Agreement and Declaration of Trust, By-Laws and each Fund's prospectus and statement of additional information as set forth in the Trust's registration statement on Form N-1A (the "<u>Registration Statement</u>") under the 1940 Act, and under the Securities Act of 1933, as amended (the "<u>1933 Act</u>"), covering Fund shares, as filed with the U.S. Securities and Exchange Commission (the "<u>SEC</u>"), and (ii) the investment objectives, policies and restrictions of each Fund, as shall be from time to time in effect and such other limitations, policies and procedures as the Board or the Adviser may reasonably impose from time to time and provide in writing to the Sub-Adviser (the "<u>Investment Policies</u>"). No reference in this Agreement to the Sub-Adviser having full discretionary authority over each Fund's portfolio investment decisions shall in any way limit the right of the Board or the Adviser to establish or revise policies in connection with the management of a Fund's assets or to otherwise exercise its right to control the overall management of the Trust and each Fund.

The Sub-Adviser shall be responsible for promptly informing the Adviser of each portfolio investment decision for a Fund in writing pursuant to mutually agreed notification protocols. The Sub-Adviser shall be responsible and hereby undertakes to correctly submit any investment instructions to the Adviser, including (i) the identity of any such securities and/or financial instruments to be executed by the Adviser; (ii) the correct amount or percentage of the Fund's investment portfolio to be executed by the Adviser in a particular transaction; and (iii) the type of transaction to be executed by the Adviser (e.g., buy, sell, sell short). In turn, the parties understand and acknowledge that the Adviser will fully rely on such notifications to effect the security or other financial instrument trading execution for each Fund's portfolio investments. In the event the Adviser desires clarification on a particular Sub-Adviser notification, the Adviser will seek guidance from the Sub-Adviser prior to executing any such transaction.

The Adviser shall also retain such discretionary authority as it deems appropriate for effecting in-kind and other transactions of Fund portfolio investments vis-à-vis "creation units." The Sub-Adviser acknowledges that the Board retains ultimate authority over each Fund and may take any and all actions necessary and reasonable to protect the interests of Fund shareholders.

3.<u>Representations and Warranties of the Sub-Adviser</u>. The Sub-Adviser represents, warrants, and covenants to the Adviser and the Trust as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.The Sub-Adviser has all requisite power and authority to enter into and perform its obligations under this Agreement, and has taken all necessary corporate action to authorize its execution, delivery and performance of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.The Sub-Adviser is registered as an investment adviser under the Advisers Act and has provided its current Form ADV, including the firm brochure and applicable brochure supplements to the Adviser. The Sub-Adviser shall promptly furnish to the Sub-Adviser copies of all material amendments or supplements to the foregoing documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3.The Sub-Adviser will maintain each such registration, license or membership in effect at all times during the term of this Agreement and will obtain and maintain such additional

&nbsp;&nbsp;&nbsp;&nbsp;2

------

governmental, self-regulatory, exchange or other licenses, approvals and/or memberships and file and maintain effective such other registrations as may be required to enable the Sub-Adviser to perform its obligations under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4.The Sub-Adviser maintains errors and omissions insurance coverage in an appropriate amount and shall provide prior written notice to the Adviser and the Trust (i) of any material changes in its insurance policies or insurance coverage or (ii) if any material claims will be made on its insurance policies. Furthermore, the Sub-Adviser shall upon reasonable request provide the Adviser and the Trust with any information it may reasonably require concerning the amount of or scope of such insurance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5.None of the Sub-Adviser, its affiliates, or any officer, director or employee of the Sub-Adviser or its affiliates is subject to any event set forth in Section 9 of the 1940 Act that would disqualify the Sub-Adviser from acting as an investment adviser to an investment company under the 1940 Act. The Sub-Adviser will promptly notify the Adviser and the Trust upon the Sub-Adviser's discovery of the occurrence of any event that would disqualify the Sub-Adviser from serving as an investment adviser of an investment company pursuant to Section 9(a) of the 1940 Act or otherwise;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6.The Sub-Adviser has adopted, implemented and will maintain written policies and procedures, as required by Rule 206(4)-7 under the Advisers Act, which are reasonably designed to prevent violations of the Advisers Act by the Sub-Adviser, its employees, officers, and agents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.7.The Sub-Adviser has adopted and implemented and will maintain written policies and procedures that are reasonably designed to prevent violation of the "federal securities laws" (as such term is defined in Rule 38a-1 under the 1940 Act) by the Funds and the Sub-Adviser (the policies and procedures referred to in this <u>Section 3.7</u>, along with the policies and procedures referred to in <u>Section 3.6</u>, are referred to herein as the Sub-Adviser's "<u>Compliance Program</u>");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.8.Upon reasonable notice to and reasonable request, the Sub-Adviser shall provide the Adviser and the Trust with access to the records relating to the Compliance Program as they relate to the Funds. The Sub-Adviser will also provide, at the reasonable request of the Adviser or the Trust, periodic certifications, in a form reasonably acceptable to the Adviser or the Trust, attesting to such written policies and procedures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.9.The Sub-Adviser shall implement and maintain a business continuity plan and policies and procedures reasonably designed to prevent, detect and respond to cybersecurity threats and to implement such internal controls and other safeguards as the Sub-Adviser reasonably believes are necessary to protect each Fund's confidential information and the nonpublic personal information of Fund shareholders. The Sub-Adviser shall promptly notify the Adviser and the Trust of any material violations or breaches of such policies and procedures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.10.The Sub-Adviser will not engage in any futures transactions, options on futures transactions or transactions in other commodity interests on behalf of a Fund prior to both the Sub-Adviser and Adviser becoming registered or filing a notice of exemption on behalf of the Fund with the National Futures Association; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.11.Upon the Adviser's request, the Sub-Adviser agrees to provide reasonable assistance with the liquidity classifications required under each Fund's liquidity risk management program in accordance with Rule 22e-4 under the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.12.The Sub-Adviser will notify the Adviser and the Trust of any assignment (as defined in the 1940 Act) of this Agreement prior to such assignment. Notwithstanding any other provision hereunder, the Sub-Adviser hereby agrees to bear any and all expenses of the Trust, including but not limited to any costs and expenses (including reasonable attorneys' fees) related to any regulatory filings, shareholder notifications and solicitation of shareholder approval, if any, arising out of or related to any such assignment of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.13.The Sub-Adviser acknowledges and agrees that it has not received legal or regulatory advice from the Fund, the Adviser or any of their respective employees or representatives, and is not entitled to rely on any statements or omissions by such employees or representatives regarding applicable law or regulation in satisfying its obligations hereunder, including its obligation to comply with all applicable laws and regulations.

4.<u>Representations and Warranties of the Adviser</u>. The Adviser represents, warrants, and covenants to the Sub-Adviser as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1.The Adviser has all requisite power and authority to enter into and perform its obligations under this Agreement, and has taken all necessary corporate action to authorize its execution, delivery and performance of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2.The Adviser is registered as an investment adviser under the Advisers Act. None of the Adviser, its affiliates, or any officer, manager, partner or employee of the Adviser or its affiliates is subject to any event set forth in Section 9 of the 1940 Act that would disqualify the Adviser from acting as an investment adviser to an investment company under the 1940 Act. The Adviser will promptly notify the Sub-Adviser upon the Adviser's discovery of an occurrence of any event that would disqualify the Adviser from serving as an investment adviser of an investment company pursuant to Section 9(a) of the 1940 Act or otherwise. The Adviser agrees to comply with the requirements of the 1940 Act, the Advisers Act, the 1933 Act, the Securities Exchange Act of 1934, as amended, the Commodity Exchange Act ("CEA") and the rules and regulations thereunder, as applicable, as well all other applicable federal and state laws, rules, regulations and case law that relate to the Adviser's services described hereunder and to the conduct of its business as a registered investment adviser and to maintain all licenses and registrations necessary to perform its duties hereunder in good order. The Adviser shall maintain compliance procedures that it reasonably believes are adequate to ensure its compliance with the foregoing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3.The Adviser has the authority under the Investment Advisory Agreement to appoint the Sub-Adviser, subject to approval and oversight of the Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4.The Adviser further represents and warrants that it has received a copy of the Sub-Adviser's current Form ADV;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5.The Adviser has provided the Sub-Adviser with each Fund's most current prospectus and statement of additional information contained in the Trust's registration statement and the Investment Policies, as in effect from time to time. The Adviser shall promptly furnish to the Sub-Adviser copies of all material amendments or supplements to the foregoing documents;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.6.The Adviser or its delegate will provide timely information to the Sub-Adviser regarding such matters as inflows to and outflows from each Fund and the cash requirements of, and cash available for investment in, the Fund; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.7.The Adviser or its delegate will timely provide the Sub-Adviser with copies of monthly accounting statements for each Fund, and such other information as may be reasonably necessary or appropriate in order for the Sub-Adviser to perform its responsibilities hereunder.

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

6.<u>Proxy Voting</u>. The Board has the authority to determine how proxies with respect to securities that are held by each Fund shall be voted, and the Board has initially determined to delegate the authority and responsibility to vote proxies for each Fund's portfolio investments to the Adviser with the authority to delegate such responsibility to sub-advisers.

7.<u>Brokerage</u>. The Sub-Adviser will have no brokerage responsibilities or authority under this Agreement, nor any authority to place or execute securities transactions on behalf of any of the Funds.

8.<u>Records/Reports</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1.<u>Recordkeeping</u>. The Sub-Adviser shall not be responsible for the provision of administrative, bookkeeping or accounting services to the Funds, except as otherwise provided herein or as may be necessary for the Sub-Adviser to supply to the Adviser, the Board or the Trust's chief compliance officer (the "<u>Chief Compliance Officer</u>" or "<u>CCO</u>") the information required to be supplied under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2.The Sub-Adviser shall maintain separate books and detailed records of all matters pertaining to Fund assets advised by the Sub-Adviser required by Rule 31a-1 under the 1940 Act (other than those records being maintained by any administrator, sub-administrator, custodian or transfer agent appointed by the Funds) relating to its responsibilities provided hereunder with respect to the Funds, and shall preserve such records for the periods and in a manner prescribed therefore by Rule 31a-2 under the 1940 Act (the "<u>Funds' Books and Records</u>").

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The Funds' Books and Records shall be available to the Adviser, the Board and the Chief Compliance Officer at any time upon request, shall be delivered to the Adviser upon the termination of this Agreement and shall be available without delay during any day the Adviser is open for business. The Sub-Adviser agrees that all accounts, books and other records maintained and preserved by it on behalf of the Fund hereby shall be subject at any time, and from time to time, to such periodic, special and other examinations by the Securities and Exchange Commission, the Fund's auditors, the Fund or any representative of the Fund (including, without limitation, the Fund's Chief Compliance Officer), the Adviser, or any governmental agency or other instrumentality having regulatory authority over the Adviser or the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3.<u>Holdings Information and Pricing</u>. The Sub-Adviser agrees to immediately notify the Adviser if the Sub-Adviser reasonably believes that the value of any security held by a Fund may not reflect its fair value. The Sub-Adviser agrees to provide any pricing information of which the Sub-Adviser is aware to the Trust, the Board, the Adviser and/or any Fund pricing agent to assist in the determination of the fair value of any Fund holdings for which market quotations are not readily available or as otherwise required in accordance with the 1940 Act or the Trust's valuation procedures for the purpose of calculating each Fund's net asset value in accordance with procedures and methods established by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.4.<u>Cooperation with Agents of the Trust</u>. The Sub-Adviser agrees to cooperate with and provide reasonable assistance to the Adviser, the Trust, the Chief Compliance Officer, any Trust custodian or foreign sub-custodians, any Trust pricing agents and all other agents and representatives of the Trust, with respect to all such information related to the Funds as they may reasonably request from time to time in the performance of their obligations, provide prompt responses to reasonable requests made by such persons and establish appropriate interfaces with each so as to promote the efficient exchange of information and compliance with applicable laws and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.5.<u>Information and Reporting</u>. The Sub-Adviser shall provide the Adviser and the Trust, and its respective officers, with such periodic reports concerning the obligations the Sub-Adviser has assumed under this Agreement as the Board or the Adviser may from time to time reasonably request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.6.<u>Notification of Breach/Compliance Reports</u>. The Sub-Adviser shall notify the Adviser immediately upon detection of any breach of this Agreement or any applicable law. The Sub-Adviser agrees to correct any such breach promptly, work with the Adviser and the Board to enable them to correct any such breach promptly, and otherwise to take any action that the Adviser or the Board may reasonably request in connection with any such breach. Upon request, the Sub-Adviser shall also provide the officers of the Trust with supporting certifications in connection with such certifications of Fund financial statements and the Trust's disclosure controls adopted pursuant to the Sarbanes-Oxley Act of 2002 (the "<u>Sarbanes-Oxley Act</u>"), and the implementing regulations adopted thereunder, and agrees to inform the Trust of any material development related to a Fund that the Adviser reasonably believes is relevant to the Fund's certification obligations under the Sarbanes-Oxley Act. The Sub-Adviser will promptly notify the Adviser in the event (i) the Sub-Adviser is served or otherwise receives notice of any action, suit, proceeding, inquiry or investigation, at law or in equity, before or by any court, public board, or body, involving the affairs of the Trust or the Adviser (excluding class action suits in which a Fund is a member of the plaintiff class by

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reason of the Fund's ownership of shares in the defendant) or the compliance by the Sub-Adviser with the federal or state securities laws or (ii) an actual change in control of the Sub-Adviser resulting in an "assignment" (as defined in the 1940 Act) has occurred or is otherwise proposed to occur.

Without limiting the foregoing, the Sub-Adviser shall promptly provide to the Trust's CCO the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)a report of any material violations of the Sub-Adviser's Compliance Program or any "material compliance matters" (as such term is defined in Rule 38a-1 under the 1940 Act) that have occurred with respect to the Sub-Adviser's Compliance Program;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)on a quarterly basis, a report of any material changes to the policies and procedures that compose the Sub-Adviser's Compliance Program;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)a copy of the Sub-Adviser's chief compliance officer's report (or similar document(s) which serve the same purpose) regarding his or her annual review of the Sub-Adviser's Compliance Program, as required by Rule 206(4)-7 under the Advisers Act; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)an annual (or more frequently as the CCO may reasonably request) representation regarding the Sub-Adviser's compliance with Section 3 of this Agreement.

The Sub-Adviser shall also provide the CCO with reasonable access, during normal business hours, to the Sub-Adviser's facilities for the purpose of conducting pre-arranged on-site compliance related due diligence meetings with personnel of the Sub-Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.7.<u>Board and Filings Information</u>. The Sub-Adviser will also provide the Adviser and the Board with any information reasonably requested regarding the management of the Funds required for any meeting of the Board, or for any shareholder report, amended registration statement, proxy statement, or prospectus supplement to be filed by the Trust with the SEC. The Sub-Adviser will make its officers and employees available to meet with the Board from time to time on reasonable notice to review its investment management services to the Funds in light of current and prospective economic and market conditions and shall furnish to the Board such information as may reasonably be requested by the Board under Section 15(c) of the 1940 Act in order for the Board to evaluate this Agreement or any proposed amendments thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.8.<u>Transaction Information</u>. The Sub-Adviser shall furnish to the Adviser, the Board or a designee such information concerning recommended portfolio transactions as may be necessary to enable the Adviser, the Board or a designated agent to perform such compliance testing on the Funds and the Sub-Adviser's services as the Adviser may, in its sole discretion, determine to be appropriate. The provision of such information by the Sub-Adviser to the Adviser, the Board or a designated agent in no way relieves the Sub-Adviser of its own responsibilities under this Agreement.

9.<u>Code of Ethics</u>. The Sub-Adviser has adopted a written code of ethics that it reasonably believes complies with the requirements of Rule 17j-1 under the 1940 Act, which it will provide to the Adviser and Trust. The Sub-Adviser shall ensure that its Access Persons (as defined in the Sub-Adviser's Code of Ethics) comply in all material respects with the Sub-Adviser's Code of Ethics, as in effect from time to time. Upon request, the Sub-Adviser shall provide the Adviser and the Trust with (i) a copy of the Sub-Adviser's current Code of Ethics, as in effect from time to time, and (ii) a certification that it has adopted procedures reasonably necessary to prevent Access Persons from

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engaging in any conduct prohibited by the Sub-Adviser's Code of Ethics. Annually, the Sub-Adviser shall furnish a written report, which complies with the requirements of Rule 17j-1, concerning the Sub-Adviser's Code of Ethics to the Adviser and Trust. The Sub-Adviser shall respond to requests for information from the Adviser and the Trust as to violations of the Code of Ethics by Access Persons and the sanctions imposed by the Sub-Adviser. The Sub-Adviser shall immediately notify the Adviser of any material violation of the Code of Ethics, whether or not such violation relates to a security held by any Fund.

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

11.<u>Compensation</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1.<u>Sub-Advisory Fee</u>. During the term of this Agreement, the Sub-Adviser shall bear its own costs of providing services under this Agreement. The Adviser agrees to pay to the Sub-Adviser or its designated paying agent, an annual sub-advisory fee equal to the amount of the daily average net assets of each Fund shown on Schedule A attached hereto, payable on a monthly basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2.The initial fee under this Agreement shall be payable on the first business day of the first month following the effective date of this Agreement with respect to a Fund and shall be prorated as set forth below. If this Agreement is terminated with respect to a Fund prior to the end of any calendar month, the sub-advisory fee shall be prorated for the portion of any month in which this Agreement is in effect according to the proportion which the number of calendar days, during which the Agreement is in effect, bears to the number of calendar days in the month, and shall be payable within 30 days after the date of termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.3.The Sub-Adviser shall look exclusively to the Adviser for payment of the sub-advisory fee.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.1.The Sub-Adviser shall fully and faithfully discharge all its obligations, duties and responsibilities pursuant to this Agreement, (i) solely in the best interest of the Fund and its shareholders, (ii) in good faith and with the due care, skill, prudence, and diligence under the circumstances then prevailing that a prudent, professional fiduciary investment adviser acting in a like capacity, would use in the conduct of an enterprise of a like character and with like aims, and (iii) otherwise in accordance with documents and instruments governing the Trust and each Fund. For the avoidance of doubt, the Sub-Adviser shall not deliberately use any procedure in discharging its obligations hereunder that it believes is inferior to the procedures employed by it for any other similarly situated account for which the Sub-Adviser discharges obligations (either alone or in conjunction with others) similar to those undertaken by the

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Sub-Adviser hereunder, except if there is a good faith basis, consistent with the standard of care under this Section 13.1, for the use of the procedure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.2.The Sub-Adviser shall not be liable for any losses, claims, damages, liabilities or litigation (including legal and other expenses) incurred or suffered by the Adviser or the Trust or any of the Adviser Indemnitees (as defined below) as a result of any error of judgment by the Sub-Adviser with respect to the Fund, except as may otherwise be provided by the 1940 Act or any other federal securities or commodities law and except as provided below. Nothing in this Agreement shall operate or purport to operate in any way to exculpate, waive or limit the liability of the Sub-Adviser for, and the Sub-Adviser shall indemnify and hold harmless the Trust, the Adviser, and all affiliated persons thereof within the meaning of Section 2(a)(3) of the 1940 Act (collectively, "<u>Adviser Indemnitees</u>"), against any and all losses, claims, damages, liabilities or litigation (including reasonable and documented legal and other expenses) to which any of the Adviser Indemnitees may become subject under the 1933 Act, the 1934 Act, the 1940 Act, the Advisers Act, the Code, the CEA, under any other statute, law, rule or regulation, at common law or otherwise, arising out of the Sub-Adviser's responsibilities hereunder (i) to the extent of and as a result of the willful misconduct, bad faith, fraud, negligence or breach of fiduciary duty by the Sub-Adviser, any of the Sub-Adviser's employees or representatives or any affiliate of or any person acting on behalf of the Sub-Adviser, or (ii) as a result of any untrue statement or alleged untrue statement of a material fact contained in the Registration Statement, proxy materials, reports, advertisements, sales literature or other materials pertaining to the Fund, including any amendment thereof or any supplement thereto, or the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statement therein not misleading, if such a statement or omission was made in reliance upon and in conformity with written information furnished by the Sub-Adviser to the Adviser, the Trust or any affiliated person of the Adviser or the Trust or upon verbal information confirmed by the Sub-Adviser in writing, or (iii) to the extent of, and as a result of, the failure of the Sub-Adviser to provide the services under this Agreement in accordance with the requirements of applicable law, including the 1940 Act, the Internal Revenue Code, the CEA, the Registration Statement and the Investment Policies, or (iv) as a result of any failure by the Sub-Adviser to exercise the standard of care set forth in Section 13.1 of this Agreement, or (v) any breach of this Agreement including without limitation the Investment Policies, the Registration Statement or any representation or warranty contained herein; provided, however, that in no case is the Sub-Adviser's indemnity in favor of any Adviser Indemnitee deemed to protect such person against any liability to which any such person would otherwise be subject by reason of willful misconduct, bad faith or negligence in the performance of such person's duties or by reason of such person's reckless disregard of obligations and duties under this Agreement. Notwithstanding the foregoing, the Sub-Adviser shall bear no responsibility hereunder for actions taken or not taken by the Sub-Adviser in strict conformity with the specific direction of the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.3.The Adviser shall not be liable for any losses, claims, damages, liabilities or litigation (including legal and other expenses) incurred or suffered by the Sub-Adviser or any of the Sub-Adviser Indemnitees (as defined below) as a result of any error of judgment or mistake of law by the Adviser with respect to the Fund, except as may otherwise be provided by the 1940 Act or any other federal securities or commodities law and except as provided below. Nothing in this Agreement shall operate or purport to operate in any way to exculpate, waive

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or limit the liability of the Adviser for, and the Adviser shall indemnify and hold harmless the Sub-Adviser and any affiliated person of the Sub-Adviser (collectively, "<u>Sub-Adviser Indemnitees</u>"), against any and all losses, claims, damages, liabilities or litigation (including reasonable and documented legal and other expenses), to which any of the Sub-Adviser Indemnitees may become subject under the 1933 Act, the 1934 Act, the 1940 Act, the Advisers Act, the Internal Revenue Code, the CEA, under any other statute, law, rule or regulation, at common law or otherwise, arising out of the Adviser's responsibilities as investment adviser of the Fund (i) to the extent of and as a result of the willful misconduct, bad faith, fraud or negligence by the Adviser, any of the Adviser's employees or representatives or any affiliate of or any person acting on behalf of the Adviser, or (ii) as a result of any untrue statement or alleged untrue statement of a material fact contained in the Registration Statement, proxy materials, reports, advertisements, sales literature or other materials pertaining to the Fund, including any amendment thereof or any supplement thereto, or the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statement therein not misleading, if such a statement or omission was made other than in reliance upon and in conformity with written information furnished by the Sub-Adviser, or any affiliated person of the Sub-Adviser or other than upon verbal information confirmed by the Sub-Adviser in writing; provided, however, that in no case is the Adviser's indemnity in favor of any Sub-Adviser Indemnitee deemed to protect such person against any liability to which any such person would otherwise be subject by reason of willful misconduct, bad faith or negligence in the performance of such person's duties or by reason of its reckless disregard of such person's obligations and duties under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.4.The Sub-Adviser shall not be deemed by virtue of this Agreement to have made any representation or warranty that any level of investment performance or level of investment results, either relative or absolute, will be achieved.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.5.For the avoidance of doubt, neither Fund shareholders nor the members of the Board shall be personally liable under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.6.**The parties to this Agreement acknowledge and agree that no Trustee, officer or holder of shares of beneficial interest of the Fund shall be personally liable for any and all litigation arising hereunder, whether direct or indirect, and of any and every nature whatsoever. The Trust's Certificate of Trust, as amended from time to time, is on file in the Office of the Secretary of State of the State of Delaware. Such Certificate of Trust and the Trust's Agreement and Declaration of Trust describe in detail the respective responsibilities and limitations on liability of the Trustees, officers, and holders of shares of beneficial interest.**

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.1.This Agreement shall become effective with respect to a Fund upon the commencement of the Sub-Adviser's management of the Fund if approved: (i) by a vote of the Board, including a majority of those trustees of the Trust who are not "interested persons" (as defined in the 1940 Act) of any party to this Agreement (the "<u>Independent Trustees</u>"), cast in person (or, if then-permitted by law, rule, or regulatory guidance, virtually) at a meeting called for the purpose of voting on such approval, and (ii) by vote of a majority of the Fund's outstanding securities (to the extent required under the 1940 Act). This Agreement shall continue in effect

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with respect to a Fund for an initial period of two years thereafter, and may be renewed annually thereafter only so long as such renewal and continuance is specifically approved at least annually by the Board provided that in such event such renewal and continuance shall also be approved by the vote of a majority of the Independent Trustees cast in person at a meeting called for the purpose of voting on such approval (or in another manner permitted by the 1940 Act or pursuant to exemptive relief therefrom).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.2.No material amendment to this Agreement shall be effective unless the terms thereof have been approved as required by the 1940 Act. The modification of any of the non-material terms of this Agreement may be approved by the vote, cast in person (or, if then-permitted by law, rule, or regulatory guidance, virtually) at a meeting called for such purpose, of a majority of the Independent Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.3.In connection with such renewal or amendment, the Sub-Adviser shall furnish such information as may be reasonably necessary by the Adviser or the Board to evaluate the terms of this Agreement and any amendment thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.4.This Agreement may be terminated at any time, without the payment of any penalty, by the Board, including a majority of the Independent Trustees, by the vote of a majority of the outstanding voting securities of a Fund, on sixty (60) days' written notice to the Adviser and the Sub-Adviser, or by the Adviser or Sub-Adviser on sixty (60) days' written notice to the Trust and the other party. This Agreement will automatically terminate, without the payment of any penalty, in the event the Investment Advisory Agreement between the Adviser and the Trust is assigned (as defined in the 1940 Act) or terminates for any other reason. This Agreement will also terminate upon written notice to the other party that the other party is in material breach of this Agreement, unless the other party in material breach of this Agreement cures such breach to the reasonable satisfaction of the party alleging the breach within thirty (30) days after written notice. This Agreement will also automatically terminate in the event of its assignment (as defined in the 1940 Act) unless the parties hereto, by agreement, obtain an exemption from the SEC from the provisions of the 1940 Act pertaining to the subject matter of this subsection.

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

16.<u>Anti-Money Laundering Compliance</u>. The Sub-Adviser acknowledges that, in compliance with the Bank Secrecy Act, as amended, the USA PATRIOT Act, and any implementing regulations

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

17.<u>Notices</u>. Any notice required or permitted to be given by a party to the other parties 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 on the first page of this Agreement, or such other address(es) as may be specified in writing by one party to the other parties.

18.<u>Marks</u>. The parties agree that as between the parties, the name of the Sub-Adviser, and any logo, trademark, service mark, or trade name (collectively, "Sub-Adviser's Marks") are the valuable property of the Sub-Adviser. The Sub-Adviser hereby grants the Adviser and the Trust the right to use the Sub-Adviser's Marks during the term of this Agreement.

The Adviser and the Trust agree that the manner of use of the Sub-Adviser's Marks shall be subject to Sub-Adviser's prior approval. The Adviser and Trust will provide for review any advertisement, sales literature, or notice prior to its use that makes reference to the Sub-Adviser or uses the Sub-Adviser's Marks so that the Sub-Adviser may review the manner and context in which it is referred to or its marks used, it being agreed that the Sub-Adviser shall have no responsibility to ensure the adequacy of the form or content of such materials for purposes of the 1940 Act or other applicable laws and regulations.

19.<u>Effect of Termination</u>. Upon termination of this Agreement, the Adviser and the Trust shall cease to use the Sub-Adviser's Marks for the purpose of advertising or for the purpose of generating any revenue or income without the written consent of the Sub-Adviser.

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

21.<u>Third-Party Beneficiary</u>. Each Fund is an intended third-party beneficiary under this Agreement and is entitled to enforce this Agreement as if it were a party hereto.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;12

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24.<u>Enforceability</u>. Any term or provision of this Agreement which is invalid or unenforceable in any jurisdiction shall, as to such jurisdiction be ineffective to the extent of such invalidity or unenforceability without rendering invalid or unenforceable the remaining terms or provisions of this Agreement or affecting the validity or enforceability of any of the terms or provisions of this Agreement in any other jurisdiction.

25.<u>Choice of Law/Forum Selection</u>. This Agreement shall be governed by and construed in accordance with the laws of the State of Delaware, without regard to conflict of law principles; provided, however, that nothing herein shall be construed as being inconsistent with the 1940 Act. The Adviser and Sub-Adviser consent to the jurisdiction of courts, state or federal, in Delaware County, Pennsylvania, with respect to any dispute under this Agreement.

26.<u>Section Headings</u>. The headings of sections contained in this Agreement are provided for convenience only, form no part of this Agreement and shall not affect its construction.

27.<u>Counterparts</u>. This Agreement may be executed simultaneously in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.

28.<u>Series of EA Series Trust</u>. Each Fund is a series of the Trust, and the parties hereto acknowledge that each series established under the Trust has the power and authority under the Delaware Statutory Trust Act and the Declaration of Trust of the Trust to enter into contractual arrangements solely in the name of such series and undertake obligations or liabilities separate and apart from the obligations or liabilities of any other series of the Trust or the Trust generally.

[Signature Page Follows]

&nbsp;&nbsp;&nbsp;&nbsp;13

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IN WITNESS WHEREOF, the parties hereto have this Agreement to be executed by their duly authorized officers on the day and year first written above.

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| | |
|:---|:---|
| EMPOWERED FUNDS, LLC<br>By: <u>/s/ Sean Hegarty</u><br>Name: <u>Sean Hegarty&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u><br>Title: <u>Chief Operating Officer&nbsp;&nbsp;&nbsp;&nbsp;</u> | EA SERIES TRUST<br>By: <u>/s/ Michael D. Barolsky</u><br>Name: <u>Michael D. Barolsky&nbsp;&nbsp;&nbsp;&nbsp;</u><br>Title: <u>Vice President and Secretary</u>  |
| CASTELLAN GROUP, LLC<br>By: <u>/s/ Barry Brauch</u><br>Name: <u>Barry Brauch&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u><br>Title: <u>Managing Director</u> |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;14

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**SCHEDULE A**

**to the**

**INVESTMENT SUB-ADVISORY AGREEMENT**

**Dated June 6, 2025**

**among**

**Empowered Funds, LLC, Castellan Group, LLC, and EA Series Trust**

The Adviser will pay to the Sub-Adviser as compensation for the Sub-Adviser's services rendered, a fee, computed daily at an annual rate based on the daily net assets of the respective Fund in accordance with the following fee schedule:

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| | |
|:---|:---|
| **Sub-Advisory Fee Schedule** | **Sub-Advisory Fee Schedule** |
| Castellan Targeted Equity ETF | 0.23% |
| Castellan Targeted Income ETF | 0.23% |

---

&nbsp;&nbsp;&nbsp;&nbsp;15

## Ex-99.(D)(110)

**<u>TRADING SUB-ADVISORY AGREEMENT</u>**

This Trading Sub-Advisory Agreement (the "Agreement") is made as of June 6, 2025, by and among **Empowered Funds, LLC**, a Pennsylvania limited liability company with its principal place of business at 19 E. Eagle Road, Havertown, PA 19083 doing business as EA Advisers (the "<u>Adviser</u>"); **EA Series Trust** (the "<u>Trust</u>"); **Castellan Group, LLC**, a Delaware limited liability company with its principal business address located at 2011 Lake Point Way, Suite 001, Louisville, Kentucky 40223 (the "<u>Investment Sub-Adviser</u>"); and **Arin Risk Advisors, LLC**, a Delaware limited liability company with its principal business address located at 1100 East Hector Street, Conshohocken PA 19428 (the "<u>Trading Sub-Adviser</u>").

**BACKGROUND:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.The Trust is an open-end management investment company, registered as such under the Investment Company Act of 1940, as amended (the "<u>1940 Act</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B.The Adviser is registered as an investment adviser under the Investment Advisers Act of 1940, as amended (the "<u>Advisers Act</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C.The Adviser has entered into an Investment Advisory Agreement, with respect to the Trust series identified on Schedule A to this Agreement (each, a "<u>Fund</u>," and together, the "<u>Funds</u>"), as such Schedule may be amended from time to time upon mutual agreement of the parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D.The Investment Advisory Agreement contemplates that the Adviser may appoint a sub-adviser to perform some or all of the services for which the Adviser is responsible.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E.The Adviser has appointed the Investment Sub-Adviser as a sub-adviser to the Funds pursuant to an Investment Sub-Advisory Agreement among the Adviser, the Trust and the Investment Sub-Adviser, with respect to the Funds, as such Schedule may be amended from time to time upon mutual agreement of the parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F.The Trading Sub-Adviser is registered as an investment adviser under the Advisers Act and is engaged in the business of supplying investment advice as an independent contractor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G.The Trading Sub-Adviser is willing to furnish the services described herein to the Adviser, the Investment Sub-Adviser and each Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H.This Agreement is being entered into solely to set forth the terms and conditions pursuant to which the Adviser shall appoint the Trading Sub-Adviser as a sub-adviser to the Funds. Nothing in this Agreement shall be deemed to change, supersede or amend any term or condition in the Investment Sub-Advisory Agreement with the Investment Sub-Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I.This Background section and Schedule A are hereby incorporated into, and made a part of, this Agreement.

**TERMS:**

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.&nbsp;&nbsp;&nbsp;&nbsp;Appointment of the Trading Sub-Adviser.** In accordance with and subject to the Advisory Agreement, the Adviser appoints the Trading Sub-Adviser to manage the investment and reinvestment of the assets of each Fund allocated to it by the Adviser (the "Fund Assets"), in conformity with each Fund's currently effective registration statement, including its prospectus and statement of additional information, as amended (collectively, the "Disclosure Documents") and any applicable Trust and Adviser policies and procedures and subject to the supervision and oversight of the Adviser, the Investment Sub-Adviser and the Trust's Board of Trustees (the "Board"), for the period and on the terms set forth in this Agreement. The Trading Sub-Adviser accepts such appointment and agrees during such period to render the services and to perform the duties called for by this Agreement for the compensation provided in this Agreement. The Trading Sub-Adviser shall at all times maintain its respective registration as an investment adviser under the Advisers Act and shall otherwise comply in all material respects with all applicable federal and state laws and regulations. For purposes of this Agreement, the Trading Sub-Adviser shall be deemed an independent contractor and shall, except as expressly provided or authorized by written Agreement with the Adviser, the Funds, or Trust, have no authority to act for or represent the Trust in any way or otherwise be deemed an agent of the Trust, the Adviser, the Investment Sub-Adviser or the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.&nbsp;&nbsp;&nbsp;&nbsp;Duties of the Trading Sub-Adviser.** In accordance with the terms of the Investment Sub-Advisory Agreement with the Investment Sub-Adviser and each Fund's Disclosure Documents, the Investment Sub-Adviser is

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responsible for determining each Fund's investments, within each Fund's investment strategy. In accordance with the terms of this Agreement, the Trading Sub-Adviser is responsible for selecting the Fund's brokers and executing the Fund's transactions based on instructions provided by the Investment Sub-Adviser. The Investment Sub-Adviser shall be responsible for oversight of the Trading Sub-Adviser in implementing each Fund's investment strategy.

The Trading Sub-Adviser will provide the following services and undertake the following duties:

&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. &nbsp;&nbsp;&nbsp;&nbsp;Subject to the supervision and oversight of the Adviser and Investment Sub-Adviser, the Trading Sub-Adviser will manage the investment and reinvestment of the Fund Assets, subject to and in accordance with the Investment Sub-Adviser's investment selection, the Fund's investment objectives, policies, and restrictions, and in conformity with each Fund's currently effective Disclosure Documents, and, to the extent they do not contradict the Fund's currently effective Disclosure Documents. In furtherance of the foregoing, the Trading Sub-Adviser will make all determinations with respect to the investment of the Fund Assets and the purchase and sale of portfolio securities provided such determinations are within or comply with the Investment Sub-Adviser's investment decisions and the Funds' Disclosure Documents and shall take such steps as may be necessary or advisable to implement the same.

&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. &nbsp;&nbsp;&nbsp;&nbsp;As reasonably requested, the Trading Sub-Adviser will render regular reports to the Board and to the Adviser or Investment Sub-Adviser (or such other service providers as the Adviser shall engage to assist it in the evaluation of the performance and activities of the Trading Sub-Adviser). Such reports shall be made in such form and manner and with respect to such matters regarding the Funds and the Trading Sub-Adviser as the Trust, the Adviser, or the Investment Sub-Adviser shall reasonably request.

&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. &nbsp;&nbsp;&nbsp;&nbsp;The Trading Sub-Adviser and the Investment Sub-Adviser shall not vote proxies on behalf of the 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;d. &nbsp;&nbsp;&nbsp;&nbsp;The Trading Sub-Adviser shall not have custody of any of the Fund Assets and is not authorized to provide the Fund with legal or tax advice or to engage the Fund in any legal proceedings, including responding to class action claims; provided, however, that the Trading Sub-Adviser shall promptly forward any notices it receives relating to class action claims to the Fund's custodian or other duly designated Fund agent. The Trading Sub-Adviser shall assist the custodian or other duly designated Fund agent in evaluating such securities class action claims, as reasonably requested in writing (provided that in so doing the Trading Sub-Adviser shall not incur any extraordinary costs), but the Trading Sub-Adviser will not be responsible for filing any such claims. The Adviser acknowledges that the Fund's custodian or other duly designated Fund agent, and not the Trading Sub-Adviser, will be responsible for evaluating and making all decisions regarding class action claims involving securities presently or formerly held by the 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;e. &nbsp;&nbsp;&nbsp;&nbsp;The Trading Sub-Adviser may, to the extent permitted by applicable law and regulations, aggregate purchase and sale orders of securities placed with respect to the Fund Assets with similar orders being made simultaneously for other accounts managed by the Trading Sub-Adviser or its affiliates, if, in the Trading Sub-Adviser's reasonable judgment, such aggregation shall result in an overall economic benefit to the Fund and its other clients. In forming this judgment, the Trading Sub-Adviser shall consider the selling or purchase price, brokerage commissions, and other expenses. In the event that a purchase or sale of the Fund Assets occurs as part of any aggregate sale or purchase order, the objective of the Trading Sub-Adviser and any of its affiliates involved in such transaction shall be to allocate the securities so purchased or sold, as well as expenses incurred in the transaction, among the Fund and other accounts in a fair and equitable manner, and in accordance with the Trading Sub-Adviser's applicable policies and procedures.

&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. &nbsp;&nbsp;&nbsp;&nbsp;Whenever the Fund and one or more other investment advisory clients of the Trading Sub-Adviser have available funds for investment, investments suitable and appropriate for each will be allocated in a manner believed by the Trading Sub-Adviser to be fair and equitable to each, and in accordance with the Trading Sub-Adviser's applicable policies and procedures. Moreover, it is possible that due to differing investment objectives or for other reasons, the Trading Sub-Adviser and its affiliates may purchase securities of an issuer for one client and at approximately the same time recommend selling or sell the same or similar types of securities for another client, including the Funds.

&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. &nbsp;&nbsp;&nbsp;&nbsp;The Trading Sub-Adviser will not arrange purchases or sales of securities between a Fund and other accounts advised by the Trading Sub-Adviser or its affiliates unless (a) such purchases or sales are in accordance with applicable law and regulation (including Rule 17a-7 under the 1940 Act) and the Trading Sub-Adviser's policies and procedures, (b) the Trading Sub-Adviser determines the purchase or sale is in the best interests of the Fund, and (c) the Fund's Board has approved these types of transactions. The Trading Sub-Adviser shall provide any reasonable reports requested by the Adviser relating to any cross transactions performed under this Agreement.

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&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. &nbsp;&nbsp;&nbsp;&nbsp;The Trading Sub-Adviser shall promptly notify the Adviser if the Trading Sub-Adviser reasonably believes that the value of any security held by the Fund and reflected on the books and records of the Fund may not reflect fair value. The Trading Sub-Adviser agrees to provide any pricing information of which the Trading Sub-Adviser is aware to the Adviser, the Investment Sub-Adviser and any Fund pricing agent to assist in the determination of the fair value of any Fund holdings for which market quotations are not readily available or as otherwise required in accordance with the 1940 Act or the Fund's adopted valuation procedures, which may be amended by the Board. Notwithstanding the foregoing, the parties recognize that the Trading Sub-Adviser is not an official pricing source or agent and has no responsibility for calculating the Fund's net asset value.

&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. &nbsp;&nbsp;&nbsp;&nbsp;The Trading Sub-Adviser, at its expense, will furnish: (i) all necessary facilities (including office space, furnishings, and equipment) and personnel, including salaries, expenses and fees of any personnel required for the Trading Sub-Adviser to faithfully perform its duties under this Agreement; and (ii) administrative facilities, including bookkeeping, and all equipment necessary for the efficient conduct of the Trading Sub-Adviser's duties under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3. &nbsp;&nbsp;&nbsp;&nbsp;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;a.The Trading Sub-Adviser will comply in all material respects with applicable federal and state securities laws, including the 1940 Act, the Advisers Act, the Securities Act of 1933 (the "1933 Act"), the Securities Exchange Act of 1934 (the "1934 Act"), the Commodity Exchange Act of 1936, each as amended, and the rules and regulations adopted by the Securities and Exchange Commission, the Commodities Futures Trading Commission, or state securities regulator that are applicable to a registered investment adviser providing services to registered open-end investment companies including, without limitation, Rule 206(4)-7 under the Advisers Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.None of the Trading Sub-Adviser, its affiliates, or any officer, director or employee of the Trading Sub-Adviser or its affiliates is subject to any event set forth in Section 9 of the 1940 Act that would disqualify the Trading Sub-Adviser from acting as an investment adviser to an investment company under the 1940 Act. The Trading Sub-Adviser will promptly notify the Adviser and the Trust upon the Trading Sub-Adviser's discovery of the occurrence of any event that would disqualify the Trading Sub-Adviser from serving as an investment adviser of an investment company pursuant to Section 9(a) of the 1940 Act or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.The Trading Sub-Adviser shall cause each Fund to comply with the diversification and source of income requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code"), for qualification as a regulated investment company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.The Trading Sub-Adviser has adopted and implemented and will maintain written policies and procedures that are reasonably designed to prevent violation of the "federal securities laws" (as such term is defined in Rule 38a-1 under the 1940 Act) by each Fund and the Trading Sub-Adviser. In addition, the Trading Sub-Adviser will cooperate fully with the Trust's, Adviser's or Investment Sub-Adviser's Chief Compliance Officers in the execution of his or her responsibilities to monitor service providers to the Trust pursuant to Rule 38a-1 under the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e.Upon request by the Trust or the Adviser, in a timely manner, the Investment Sub-Adviser will assist in the preparation of Form 13F and, if required, Schedule 13G, each under the 1934 Act, with respect to securities held for the account of the 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;f.The Trading Sub-Adviser has adopted a written code of ethics that it reasonably believes complies with the requirements of Rule 17j-1 under the 1940 Act (the "Code of Ethics"). The Trading Sub-Adviser will provide its code of ethics to the Adviser and the Funds, and shall provide prompt written notice to the Trust of any material changes to its Code of Ethics. The Trading Sub-Adviser agrees to cooperate in a timely manner with the Trust and the Adviser to obtain approval from the Board of the Trading Sub-Adviser's Code of Ethics and any subsequent material changes. The Trading Sub-Adviser shall adopt policies and procedures reasonably designed to ensure that its Access Persons (as defined in the Trading Sub-Adviser's Code of Ethics) comply in all material respects with the Trading Sub-Adviser's Code of Ethics, as in effect. Upon request, the Trading Sub-Adviser shall provide the Fund with (i) a copy of the Trading Sub-Adviser's current Code of Ethics, as in effect, and (ii) a certification that it has adopted procedures reasonably designed to prevent Access Persons from engaging in any conduct prohibited by the Trading Sub-Adviser's Code of Ethics. No less frequently than annually, the Trading Sub-Adviser shall furnish to the Fund and the Adviser a written report, which complies with the requirements of Rule 17j-1 under the 1940 Act, concerning the Trading Sub-Adviser's Code of Ethics. The Trading Sub-Adviser shall promptly respond to any requests for information from the Adviser as to violations of the Trading Sub-

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Adviser's Code of Ethics by Access Persons and the sanctions imposed by the Trading Sub-Adviser. The Trading Sub-Adviser shall promptly notify the Adviser of any material violation of the Trading Sub-Adviser's Code of Ethics, whether or not such violation relates to a security held by the 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;g.The Trading Sub-Adviser shall notify the Trust's Chief Compliance Officer and Adviser promptly upon detection of (i) any material failure to manage the Fund in accordance with its investment objectives and policies or any applicable law; or (ii) any material breach of any of the Fund's, the Adviser's or Investment Sub-Adviser's policies, guidelines, or procedures (to the extent such policies, guidelines, or procedures have been provided to the Trading Sub-Adviser and to the extent such material breach relates to the Funds). The Trading Sub-Adviser agrees to correct any such failure promptly and to take any lawful action that the Board, the Adviser or Investment Sub-Adviser may reasonably request in connection with any such breach. In addition, the Trading Sub-Adviser shall provide a quarterly report regarding its compliance with applicable law, including but not limited to the 1940 Act and the Code, and the Fund's, the Adviser's and Investment Sub-Adviser's investment objectives, policies, guidelines, or procedures as applicable to the Trading Sub-Adviser's obligations under this Agreement with respect to the Funds. The Trading Sub-Adviser acknowledges and agrees that the Adviser may, in its sole discretion, provide such quarterly compliance certifications to the Board. The Trading Sub-Adviser shall also provide the officers of the Trust with supporting certifications in connection with their respective certifications of the Fund's financial statements and disclosure controls pursuant to the Sarbanes-Oxley Act of 2002, as amended, if requested. To the extent legally permissible, the Trading Sub-Adviser will promptly notify the Trust and the Adviser if (i) the Trading Sub-Adviser is served or otherwise receives notice of any action, suit, proceeding, inquiry, or investigation, at law or in equity, before or by any court, public board, or body, involving the affairs of the Trust (excluding class action suits in which the Fund is a member of the plaintiff class by reason of the Fund's ownership of shares in the defendant) or the compliance by the Trading Sub-Adviser with the federal or state securities laws in connection with the services provided to each Fund under this Agreement or (ii) the controlling stockholder of the Trading Sub-Adviser changes or an actual change in control resulting in an "assignment" (as defined in the 1940 Act) has occurred or is otherwise proposed to occur.

&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.The Trading Sub-Adviser shall maintain separate books and detailed records of all matters pertaining to the Fund Assets advised by the Trading Sub-Adviser as required by Rule 31a-1 under the 1940 Act (other than those records being maintained by the Adviser, Investment Sub-Adviser, custodian, or transfer agent appointed by the Fund), and relating to its responsibilities under this Agreement. The Trading Sub-Adviser shall preserve such records for the periods and in a manner prescribed by Rule 31a-2 under the 1940 Act (the "Fund Books and Records"). The Fund Books and Records shall be available to the Adviser, Investment Sub-Adviser and the Board, which shall be delivered promptly upon request to the Trust, upon the termination of this Agreement and shall be generally available for telecopying without delay upon reasonable advance notice during any day the Fund is open for business. The Trading Sub-Adviser may retain a copy of the Fund Books and Records for its own recordkeeping and compliance purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i.The Trading Sub-Adviser will, on behalf of each Fund, place orders for the execution of all portfolio transactions in accordance with the policies set forth in the Fund's Disclosure Documents. When placing orders with brokers and dealers, the Trading Sub-Adviser's primary objective shall be to seek the most favorable price and execution available for the Fund, and in placing such orders the Trading Sub-Adviser may consider a number of factors, including, without limitation, the overall direct net economic result to the Fund (including commissions, which may not be the lowest available but ordinarily should not be higher than the generally prevailing competitive range); the financial strength and stability of the broker; the efficiency with which the transaction will be effected; the ability to effect the transaction at all where a large block is involved; and the availability of the broker or dealer to stand ready to execute possibly difficult transactions in the future. Consistent with the Conduct Rules of the Financial Industry Regulatory Authority, and subject to seeking most favorable price and execution and compliance with Rule 12b-1(h) under the 1940 Act, the Trading Sub-Adviser may select brokers and dealers to execute portfolio transactions of the Fund that promote or sell shares of the Fund. The Trading Sub-Adviser is specifically authorized, to the extent authorized by law (including, without limitation, Section 28(e) of the 1934 Act), to pay a broker or dealer who provides research services to the Trading Sub-Adviser and the Investment Sub-Adviser an amount of commission for effecting a portfolio transaction in excess of the amount of commission another broker or dealer would have charged for effecting such transaction. This excess payment (often referred to as "soft dollar" payments) in recognition of such additional research services rendered by the broker or dealer shall only be made if the Trading Sub-Adviser determines in good faith that the excess commission is reasonable in relation to the value of the brokerage and research services provided by such broker or dealer viewed in terms of the particular transaction or the Trading Sub-Adviser's overall responsibilities with respect to discretionary accounts that it manages, and that the Fund derives or will

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derive a reasonable benefit from such research services. The Trading Sub-Adviser will present a written report to the Board, at least quarterly, indicating total brokerage expenses, as well as the services obtained in consideration for such expenses, broken down by broker-dealer and containing such information as the Board reasonably shall request.

&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.The Trading Sub-Adviser shall maintain errors and omissions insurance coverage in an appropriate amount and shall provide prompt written notice to the Trust (i) of any material changes in its insurance policies or insurance coverage; or (ii) if any material claims will be made on its insurance policies related to the services provided to the Trust under this Agreement. Furthermore, the Trading Sub-Adviser shall, upon reasonable request, provide the Trust with any information it may reasonably require concerning the amount of or scope of such insurance.

&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.The Trading Sub-Adviser will notify the Adviser and the Trust of any assignment (as defined in the 1940 Act) of this Agreement or change of control of the Trading Sub-Adviser, as applicable, in each case prior to or promptly after, such change. Notwithstanding any other provision hereunder, the Trading Sub-Adviser hereby agrees to bear any and all expenses of the Trust and the Adviser, including but not limited to any costs and expenses (including reasonable attorneys' fees) related to any regulatory filings, shareholder notifications and solicitation of shareholder approval, if any, arising out of or related to any such assignment or change of control of the Trading Sub-Adviser.&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;l.The Trading Sub-Adviser shall implement and maintain a business continuity plan and policies and procedures reasonably designed to prevent, detect and respond to cybersecurity threats and to implement such internal controls and other safeguards as the Trading Sub-Adviser reasonably believes are necessary to protect each Fund's confidential information and the nonpublic personal information of Fund shareholders. The Trading Sub-Adviser shall promptly notify the Adviser and the Trust of any material violations or breaches of such policies and procedures.

&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.The Trading Sub-Adviser will bear its expenses of providing services to the Fund pursuant to this Agreement except such expenses as are expressly undertaken by the Adviser, Investment Sub-Adviser or the Funds.

&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.The Adviser, Investment Sub-Adviser and Trading Sub-Adviser acknowledge and agree that the Trading Sub-Adviser shall be required to provide only the services expressly described in this Agreement and have no responsibility to provide any other services to the Adviser, Investment Sub-Adviser or the Fund except as required by law. The Adviser shall remain responsible for the Fund's overall compliance with the 1940 Act, the Code, and all other applicable federal and state laws and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o.The Adviser and Investment Sub-Adviser agree to provide the Trading Sub-Adviser with such assistance as may be reasonably requested by the Trading Sub-Adviser in connection with its activities under this Agreement, including, without limitation, information concerning each Fund; its cash available, or to become available, for investment; and generally as to the conditions of each Fund or its affairs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;p.The Adviser and Investment Sub-Adviser will provide the Trading Sub-Adviser with advance notice of, and the opportunity to comment on, any change in the Funds' investment objectives, investment policy risks, and restrictions as stated in the Disclosure Documents, or in any procedures and policies adopted by the Board of the Trust, the Adviser, or Investment Sub-Adviser that may affect the Trading Sub-Adviser's management of the Funds. The Trading Sub-Adviser shall, in the performance of its duties and obligations under this Agreement, manage the Fund Assets in compliance with such changes following reasonable notice of the effectiveness of such changes from the Adviser. In addition to such notice, the Adviser shall provide to the Trading Sub-Adviser a copy of any amendments or supplements to the Disclosure Documents. The Adviser acknowledges and agrees that the Disclosure Documents will at all times be in compliance with all disclosure requirements under all applicable federal and state laws and regulations relating to the 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;q.The Adviser acknowledges and agrees that the Trading Sub-Adviser does not guarantee the future performance or any specific level of performance for the Fund Assets, the success of any investment decision or strategy that the Trading Sub-Adviser may use, or the success of the Trading Sub-Adviser's overall management of the Fund Assets. The Adviser acknowledges and agrees that investment decisions made with regard to the Fund Assets by the Trading Sub-Adviser are subject to various market, currency, economic, political, and business risks, and that those investment decisions will not always be beneficial to the Funds. Additionally, there may be loss or depreciation of the value of the Fund Assets because of fluctuation of market values. These risks will be disclosed in the Funds' Disclosure Documents.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4. &nbsp;&nbsp;&nbsp;&nbsp;Compensation of the Trading Sub-Adviser.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.During the term of this Agreement, the Adviser agrees to pay the Trading Sub-Adviser, an annual sub-advisory fee shown on Schedule A attached hereto, payable on a monthly basis. The Investment Sub-Adviser and the Trust shall not have any obligation under this Agreement to pay any fees to the Trading Sub-Adviser under 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;b.The initial fee under this Agreement shall be payable on the first business day of the first month following the effective date of this Agreement with respect to a Fund and shall be prorated as set forth below. If this Agreement is terminated with respect to a Fund prior to the end of any calendar month, the sub-advisory fee shall be prorated for the portion of any month in which this Agreement is in effect according to the proportion which the number of calendar days, during which the Agreement is in effect, bears to the number of calendar days in the month, and shall be payable within 30 days after the date of termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.The Trading Sub-Adviser reserves the right to waive all or a part of its fees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5. &nbsp;&nbsp;&nbsp;&nbsp;Ongoing Reporting of the Trading Sub-Adviser.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.**Financial Reporting**. The Trading Sub-Adviser will report to the Board (at regular quarterly meetings and at such other times as the Board reasonably shall request: (i) the financial condition and financial prospects of the Trading Sub-Adviser, (ii) the nature and amount of transactions that may be reasonably expected to affect each Fund that involve the Trading Sub-Adviser and its affiliates, (iii) information regarding any potential conflicts of interest arising by reason of the Trading Sub-Adviser's continuing provision of advisory services to the Funds and to its other accounts, and (iv) such other information including but not limited to the performance of the specific strategy used to manage the Fund Assets and the capacity of the Trading Sub-Adviser as it relates to the continuing ability of the Trading Sub-Adviser to accept additional cash flow from the Adviser into each Fund. Upon request by the Adviser or the Board, the Trading Sub-Adviser agrees to discuss with the Board its plans for the allocation of remaining capacity in the strategy used to manage the Funds, with respect to the Funds and to the Trading Sub-Adviser's other clients.

The Trading Sub-Adviser will annually provide the Adviser with the Trading Sub-Adviser's financial statements, unless the Funds' Board requests reports on a more frequent basis. For purposes of this paragraph 4(a), "financial statements" shall include the Trading Sub-Adviser's condensed balance sheet; provided, however, that the Trading Sub-Adviser agrees to provide the Adviser with such additional information as the Board may reasonably request, which may include (but is not limited to) its income statement and notes to the financial statements.

&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.**Key Personnel Reporting**. To the extent legally permissible, the Trading Sub-Adviser agrees to promptly notify the Trust and the Adviser upon becoming aware of any incapacity, resignation, termination, or other material change of key personnel. For purposes of this paragraph 4(b), "key personnel" include: (i) any portfolio manager of the Fund; and (ii) any chief executive officer, chief compliance officer, chief operations officer, chief investment officer, chief financial officer, chief administration officer, or any other principal or officer of similar title or position with the Trading Sub-Adviser; and (iii) any member of its investment (or comparable) committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6. &nbsp;&nbsp;&nbsp;&nbsp;Representations of the Adviser, Investment Sub-Adviser, and 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;a.**Adviser and the Trust.** The Adviser or the Trust, as applicable, represents that: (i) the Adviser has been duly appointed by the Board to provide investment services to the Fund Assets as contemplated in this Agreement; (ii) the Adviser has all necessary power and authority to execute, deliver, and perform this Agreement on behalf of the Trust, and such execution, delivery, and performance will not violate any applicable law, regulation, organizational document, policy, or agreement binding on the Trust or its property, subject to approval and oversight by the Board; (iii) the Trust has the full power and authority to enter into all transactions contemplated under this Agreement, to perform its obligations under such transactions and to authorize the Adviser to procure the Trading Sub-Adviser to enter into such transactions on the Trust's and each Fund's behalf; (iv) the Adviser's decision to appoint the Trading Sub-Adviser was made in a manner consistent with its fiduciary duties under applicable law and the governing documents, contracts, or other material agreements or instruments governing each Fund's investment or trading activities; (v) the Adviser will deliver to the Trading Sub-Adviser a true and complete copy of each Fund's Disclosure Documents and any amendments to such Disclosure Documents during the term of this Agreement, such other documents or instruments governing the investments of Fund Assets, and such other information as is necessary for the Trading Sub-Adviser to carry out its obligations under this Agreement; and (vi) the Trust is a "United States person" within the meaning of Section 7701(a)(30) of the Code.

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&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.**Investment Sub-Adviser.** The Investment Sub-Adviser represents that: (i) the Investment Sub-Adviser has been duly appointed by the Board to provide investment services to the Fund Assets as contemplated in the Investment Sub-Advisory Agreement with the Investment Sub-Adviser ; (ii) the Investment Sub-Adviser has all necessary power and authority to execute, deliver, and perform this Agreement, and such execution, delivery, and performance will not violate any applicable law, regulation, organizational document, policy, or agreement binding on the Investment Sub-Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.**Trading Sub-Adviser.** The Trading Sub-Adviser represents that it has all necessary power and authority to execute, deliver, and perform this Agreement, and such execution, delivery, and performance will not violate any applicable law, regulation, organizational document, policy, or agreement binding on the Trading Sub-Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.&nbsp;&nbsp;&nbsp;&nbsp;Marks.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.The parties agree that the name of the Trading Sub-Adviser, and any logo, trademark, service mark, or trade name (collectively, "Trading Sub-Adviser's Marks") are the valuable property of the Trading Sub-Adviser. The Trading Sub-Adviser hereby grants the Adviser, the Investment Sub-Adviser, and the Trust the right to use the Trading Sub-Adviser's Marks during the term of 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;b.The parties agree that as between the parties, the name of the Investment Sub-Adviser, and any logo, trademark, service mark, or trade name (collectively, "Investment Sub-Adviser's Marks") are the valuable property of the Investment Sub-Adviser. The Investment Sub-Adviser hereby grants the Trading Sub-Adviser, and the Trust the right to use the Investment Sub-Adviser's Marks during the term of 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;c.The parties agree that the manner of use of either the Trading Sub-Adviser's Marks or the Investment Sub-Adviser's Marks shall be subject to such Sub-Adviser's prior approval. The parties will provide for review any advertisement, sales literature, or notice prior to a party's use that makes reference to the Trading Sub-Adviser or the Investment Sub-Adviser or uses a Sub-Adviser's Marks so that such Sub-Adviser may review the manner and context in which it is referred to or its marks used, it being agreed that such Sub-Adviser shall have no responsibility to ensure the adequacy of the form or content of such materials for purposes of the 1940 Act or other applicable laws and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8. &nbsp;&nbsp;&nbsp;&nbsp;Liability of the Trading Sub-Adviser.** The Trading Sub-Adviser shall indemnify and hold harmless the Trust, the Adviser, the Investment Sub-Adviser and all their respective affiliated persons (within the meaning of Section 2(a)(3) of the 1940 Act) and all controlling persons (as described in Section 15 of the 1933 Act) (collectively, the "Trading Sub-Adviser Indemnitees") against any and all direct losses, claims, damages, or liabilities (including reasonable legal and other expenses) (collectively, "Losses") incurred by reason of or arising out of: (a) the Trading Sub-Adviser being in material violation of any applicable federal or state law, rule, or regulation or any investment policy or restriction set forth in each Fund's Disclosure Documents or any written guidelines or instruction provided in writing by the Board; or (b) the Trading Sub-Adviser's willful misfeasance, bad faith, gross negligence, or its reckless disregard of its obligations and duties under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9. &nbsp;&nbsp;&nbsp;&nbsp;Liability of the Adviser and Investment Sub-Adviser.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.The Adviser shall indemnify and hold harmless the Trading Sub-Adviser and all of its affiliated persons (within the meaning of Section 2(a)(3) of the 1940 Act) and all controlling persons (as described in Section 15 of the 1933 Act) (collectively, the "Adviser Indemnitees") against any and all direct Losses incurred by reason of or arising out of: (a) the Adviser being in material violation of any applicable federal or state law, rule, or regulation; or (b) the Adviser's willful misfeasance, bad faith, gross negligence, or its reckless disregard of its obligations and duties under 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;b.The Investment Sub-Adviser shall indemnify and hold harmless the Trading Sub-Adviser and all of its respective affiliated persons (within the meaning of Section 2(a)(3) of the 1940 Act) and all controlling persons (as described in Section 15 of the 1933 Act) (collectively, the "Investment Sub-Adviser Indemnitees") against any and all direct Losses incurred by reason of or arising out of: (a) the Investment Sub-Adviser being in material violation of any applicable federal or state law, rule, or regulation; or (b) the Investment Sub-Adviser's willful misfeasance, bad faith, gross negligence, or its reckless disregard of its obligations and duties under this Agreement. To the extent that the Adviser and the Trust have performed their responsibilities in good faith and without willful misfeasance, bad faith, gross negligence, or reckless disregard of their respective obligations and duties under this Agreement, the Investment Sub-Adviser shall indemnify and hold harmless the Trust, the Adviser and all of their respective affiliated persons (within the meaning of Section 2(a)(3) of the

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1940 Act) and all controlling persons (as described in Section 15 of the 1933 Act) for any and all Losses relating to the acts of omissions of the Trading Sub-Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10. &nbsp;&nbsp;&nbsp;&nbsp;Limitation of Trust's Liability.** The Trading Sub-Adviser acknowledges that it has received notice of and accepts the limitations upon the Trust's liability set forth in its Declaration of Trust. The Trading Sub-Adviser agrees that (i) the Trust's obligations to the Trading Sub-Adviser under this Agreement (or indirectly under the Advisory Agreement or Investment Sub-Advisory Agreement with the Investment Sub-Adviser) shall be limited in any event to the Fund Assets and (ii) the Trading Sub-Adviser shall not seek satisfaction of any such obligation from the shareholders of the Fund, other than the Adviser or the Investment Sub-Adviser, nor from any Trustee, officer, employee, or agent of the Trust.

**The parties to this Agreement acknowledge and agree that all litigation arising hereunder, whether direct or indirect, and of any and every nature whatsoever shall be satisfied solely out of the assets of the affected Fund and that no Trustee, officer or holder of shares of beneficial interest of the Fund shall be personally liable for any of the foregoing liabilities. The Trust's Certificate of Trust, as amended from time to time, is on file in the Office of the Secretary of State of the State of Delaware. Such Certificate of Trust and the Trust's Agreement and Declaration of Trust describe in detail the respective responsibilities and limitations on liability of the Trustees, officers, and holders of shares of beneficial interest.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11. &nbsp;&nbsp;&nbsp;&nbsp;Force Majeure.** The Trading Sub-Adviser shall not be liable for delays or errors occurring by reason of circumstances beyond its control, including but not limited to acts of civil or military authority, national emergencies, work stoppages, fire, flood, catastrophe, acts of God, insurrection, war, terrorism, riot, or failure of communication or power supply. In the event of equipment breakdowns beyond its control, the Trading Sub-Adviser shall take all reasonable steps to minimize service interruptions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12. &nbsp;&nbsp;&nbsp;&nbsp;Confidentiality.** Each party expressly undertakes to protect and to preserve the confidentiality of all information and know-how made available under or in connection with this Agreement, or the parties' activities that are either designated as being confidential or which, by the nature of the circumstances surrounding the disclosure, ought in good faith to be treated as proprietary or confidential (collectively, the "Confidential Information"). Each party shall take reasonable security precautions, at least as great as the precautions it takes to protect its own confidential information but, in any event, using a commercially reasonable standard of care to keep confidential the Confidential Information. No party shall disclose Confidential Information except: (a) to its employees, directors, officers, legal advisors, or auditors having a need to know such Confidential Information; (b) in accordance with a judicial or other governmental order or when such disclosure is required by law or regulation, provided that prior to such disclosure and to the extent legally permissible the receiving party shall provide the disclosing party with written notice and shall comply with any protective order or equivalent; or (c) in accordance with a regulatory audit or inquiry, without prior notice to the disclosing party, provided that the receiving party shall make all reasonable efforts to seek a confidentiality undertaking from the regulatory agency where possible.

No party will make use of any Confidential Information except as expressly authorized in this Agreement or as agreed to in writing between the parties. However, the receiving party shall have no obligation to maintain the confidentiality of information that: (a) it received rightfully from another party prior to its receipt from the disclosing party that is not otherwise subject to obligations of confidentiality; (b) the disclosing party discloses generally without any obligation of confidentiality; (c) is or subsequently becomes publicly available without the receiving party's breach of any obligation owed the disclosing party; or (d) is independently developed by the receiving party without reliance upon or use of any Confidential Information. Each party's obligations under this clause shall survive for a period of three years following the expiration or termination of this Agreement.

Notwithstanding anything to the contrary, each party to this Agreement may disclose any information with respect to the United States federal income tax treatment and tax structure (and any fact that may be relevant to understanding the purported or claimed federal income tax treatment of the transaction) of the transactions contemplated in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.&nbsp;&nbsp;&nbsp;&nbsp;Anti-Money Laundering Compliance.** The Trading Sub-Adviser acknowledges that, in compliance with the Bank Secrecy Act, as amended, the USA PATRIOT Act, and any implementing regulations thereunder (together, "<u>AML Laws</u>"), the Trust has adopted an Anti-Money Laundering Policy. The Trading Sub-Adviser agrees to comply with the Trust's Anti-Money Laundering Policy and the AML Laws, as the same may apply to the Trading Sub-Adviser, now and in the future. The Trading Sub-Adviser further agrees to provide to the Trust, the Trust's administrator, sub-administrator and/or the Trust's anti-money laundering compliance officer such reports, certifications and contractual assurances as may be reasonably requested by the Trust. The Trust may disclose information regarding the Trading Sub-Adviser to governmental and/or regulatory or self-regulatory authorities to the extent required by applicable law or regulation and may file reports with such authorities as may be required by applicable law or regulation.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14. &nbsp;&nbsp;&nbsp;&nbsp;Renewal, Termination, and Amendment.**

&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.This Agreement shall become effective with respect to each Fund upon the commencement of the Trading Sub-Adviser's management of each Fund if approved: (i) by a vote of the Board, including a majority of those trustees of the Trust who are not "interested persons" (as defined in the 1940 Act) of any party to this Agreement (the "<u>Independent Trustees</u>"), cast in person (or, if then-permitted by law, rule, or regulatory guidance, virtually) at a meeting called for the purpose of voting on such approval, and (ii) by vote of a majority of the Fund's outstanding securities (to the extent required under the 1940 Act). This Agreement shall continue in effect with respect to a Fund for an initial period of two years thereafter and may be renewed annually thereafter only so long as such renewal and continuance is specifically approved at least annually by the Board provided that in such event such renewal and continuance shall also be approved by the vote of a majority of the Independent Trustees cast in person at a meeting called for the purpose of voting on such approval.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.No material amendment to this Agreement shall be effective unless the terms thereof have been approved as required by the 1940 Act. The modification of any of the non-material terms of this Agreement may be approved by the vote, cast in person (or, if then-permitted by law, rule, or regulatory guidance, virtually) at a meeting called for such purpose, of a majority of the Independent Trustees.

&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.In connection with such renewal or amendment, and in accordance with the requirements set forth in Section 15(c) of the 1940 Act, the Trading Sub-Adviser shall furnish such information as may be reasonably necessary by the Adviser, Investment Sub-Adviser or the Board to evaluate the terms of this Agreement and any amendment 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.This Agreement may be terminated at any time, without the payment of any penalty, by the Board, including a majority of the Independent Trustees, by the vote of a majority of the outstanding voting securities of a Fund, on sixty (60) days' written notice to the Adviser and the Trading Sub-Adviser, or by the Adviser, Investment Sub-Adviser or Trading Sub-Adviser on sixty (60) days' written notice to the Trust and the other party. This Agreement will automatically terminate, without the payment of any penalty, in the event the Investment Advisory Agreement between the Adviser and the Trust is assigned (as defined in the 1940 Act) or terminates for any other reason. This Agreement will also terminate upon written notice to the other party that the other party is in material breach of this Agreement, unless the other party in material breach of this Agreement cures such breach to the reasonable satisfaction of the party alleging the breach within thirty (30) days after written notice. This Agreement will also automatically terminate in the event of its assignment (as defined in the 1940 Act) unless the parties hereto, by agreement, obtain an exemption from the SEC from the provisions of the 1940 Act pertaining to the subject matter of this subsection.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15. &nbsp;&nbsp;&nbsp;&nbsp;Severability.** If any provision of this Agreement shall become or shall be found to be invalid by a court decision, statute, rule, or otherwise, the remainder of this Agreement shall not be affected.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16. &nbsp;&nbsp;&nbsp;&nbsp;Non-Exclusivity.** The services to be rendered by the Trading Sub-Adviser under the provisions of this Agreement are not to be deemed to be exclusive, and the Trading Sub-Adviser shall be free to render similar or different services to others so long as its ability to render the services provided for in this Agreement shall not be impaired thereby. Without limiting the foregoing, the Trading Sub-Adviser, its members, employees and agents may engage in other businesses, may render investment advisory services to other investment companies, or to any other corporation, association, firm, entity or individual, and may render underwriting services to the Trust on behalf of a Fund or to any other investment company, corporation, association, firm, entity or individual.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17. &nbsp;&nbsp;&nbsp;&nbsp;Notice.** Any notices under this Agreement shall be in writing and sent to the address or facsimile number, as applicable, of the party receiving such notice or instruction and (a) delivered personally; (b) sent by electronic mail ("email") or facsimile transmission, with notice or confirmation of receipt received; (c) delivered by a nationally recognized overnight courier; or (d) sent by prepaid first-class mail. Until further notice to the other party, it is agreed that the addresses of the Trust and the Adviser for this purpose shall be 19 E. Eagle Road, Havertown, PA 19083, the address of the Investment Sub-Adviser shall be 127 W. 5<sup>th</sup> Street, Marysville, Ohio 43017 and the address of the Trading Sub-Adviser shall be 1100 East Hector Street, Conshohocken, PA 19428.

**&nbsp;&nbsp;&nbsp;&nbsp;18. &nbsp;&nbsp;&nbsp;&nbsp;Miscellaneous.** This Agreement shall be governed by and construed in accordance with the substantive laws of the State of Delaware. The Adviser, Investment Sub-Adviser and Trading Sub-Adviser consent to the jurisdiction of courts, both state or federal, in Delaware County, Pennsylvania, with respect to any dispute under this Agreement. The captions in this Agreement are included for convenience only and in no way define or delimit any of the Agreement provisions or otherwise affect their construction or effect. This Agreement may be executed simultaneously in two or more

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counterparts, each of which shall be deemed an original, but all of which taken together shall constitute one and the same instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**19. &nbsp;&nbsp;&nbsp;&nbsp;Entire Agreement.** This Agreement, including any attached Schedules, constitutes the sole and entire agreement of the parties with respect to the Agreement's subject matter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**20. &nbsp;&nbsp;&nbsp;&nbsp;Customer Notification.** By executing this Agreement, the Adviser acknowledges that as required by the Advisers Act the Trading Sub-Adviser has supplied to the Adviser and the Trust copies of the Trading Sub-Adviser's Form ADV with all exhibits and attachments and will promptly supply to the Adviser copies of all amendments or restatements of such document. Otherwise, the Adviser's rights under federal law allow termination of this contract without penalty within five business days after entering into this contract. U.S. law also requires each person or entity that opens a trading account on behalf of the Fund to provide and verify certain information. The Trading Sub-Adviser will ask the Adviser for the Trust's legal name, principal place of business address, and Taxpayer Identification or other identification number, and may ask for other identifying information, as appropriate to meet these requirements.

*Signatures on next page.*

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The parties' duly authorized officers have signed and delivered this Agreement as of the date first above written.

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| | |
|:---|:---|
| **EMPOWERED FUNDS, LLC**<br>By: <u>/s/ Sean Hegarty</u><br>Name: <u>Sean Hegarty&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> <br>Title: <u>Chief Operating Officer &nbsp;&nbsp;&nbsp;&nbsp;</u> | **EA SERIES TRUST**<br>By: <u>/s/ Michael Barolsky</u><br>Name: <u>Michael Barolsky &nbsp;&nbsp;&nbsp;&nbsp;</u> <br>Title: <u>Vice President&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> |
| **CASTELLAN GROUP, LLC** <br>By: <u>/s/ Barry Brauch</u><br>Name: <u>Barry Brauch&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u><br>Title: <u>Managing Director&nbsp;&nbsp;&nbsp;&nbsp;</u> | **ARIN RISK ADVISORS, LLC**<br>By: <u>/s/ Lawrence Lempert</u><br>Name: <u>Lawrence Lempert&nbsp;&nbsp;&nbsp;&nbsp;</u><br>Title: <u>Managing Member&nbsp;&nbsp;&nbsp;&nbsp;</u> |

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*Signature Page to Trading Sub-Advisory Agreement*

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**SCHEDULE A**

**to the**

**TRADING SUB-ADVISORY AGREEMENT**

**Dated June 6, 2025**

**among**

**Empowered Funds, EA Series Trust, Castellan Group, LLC, and Arin Risk Advisors, LLC**

The Adviser will pay to the Trading Sub-Adviser as compensation for the Trading Sub-Adviser's services rendered, a fee, computed daily at an annual rate based on (1) the base fee plus (2) the daily net assets of the respective Fund in accordance with the following fee schedule:

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| | | |
|:---|:---|:---|
| **Fund** | **Base Fee** | **Rate** |
| Castellan Targeted Equity ETF | $50,000 per annum | 0.02% on assets over $100 million |
| Castellan Targeted Income ETF | $50,000 per annum | 0.02% on assets over $100 million |

---

*Schedule A to Trading Sub-Advisory Agreement*

## Ex-99.(G)(1)(Ii)

**FORTY-SEVENTH AMENDMENT TO THE**

**EA SERIES TRUST CUSTODY AGREEMENT**

&nbsp;&nbsp;&nbsp;&nbsp;**This Forty-Seventh Amendment** effective as of the last date in the signature block (the "Effective Date") to the Custody Agreement, dated as of October 8, 2014, as amended (the "Agreement"), is entered into by and between **EA Series Trust (f/k/a Alpha Architect ETF Trust)**, a Delaware statutory trust (the "Trust") and **U.S. Bank National Association**, a national banking association (the "Custodian").

RECITALS

&nbsp;&nbsp;&nbsp;&nbsp;**WHEREAS**, the parties have entered into the Agreement;

**WHEREAS**, the parties desire to amend the Agreement to add the following funds to Exhibit B:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Cloverpoint Core Alpha Energy Transition ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Cloverpoint Core Alpha Global ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Cloverpoint Core Alpha International ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Cloverpoint Core Alpha US ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Concourse Capital Focused Equity ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• RACWI US ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Towle Value ETF

**WHEREAS**, Article XV, Section 15.02 of the Agreement allows for its amendment by a written instrument executed by both parties.

&nbsp;&nbsp;&nbsp;&nbsp;**NOW, THEREFORE**, the parties agree to amend the Agreement as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• As of the Effective Date, Exhibit B is hereby superseded and replaced in its entirety with Exhibit B attached hereto.

Except to the extent amended hereby, the Agreement shall remain in full force and effect.

**IN WITNESS WHEREOF**, the parties hereto have caused this Amendment to be executed by a duly authorized officer on one or more counterparts as of the Effective Date.

**EA SERIES TRUST&nbsp;&nbsp;&nbsp;&nbsp;**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**U.S. BANK NATIONAL ASSOCIATION**

By:&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Sean Hegarty&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>&nbsp;&nbsp;&nbsp;&nbsp;By:&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Gregory Farley&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

Name:&nbsp;&nbsp;&nbsp;&nbsp;<u>Sean Hegarty&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>&nbsp;&nbsp;&nbsp;&nbsp;Name:&nbsp;&nbsp;&nbsp;&nbsp;<u>Gregory Farley</u>____________________

Title:&nbsp;&nbsp;&nbsp;&nbsp;<u>Treasurer&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>&nbsp;&nbsp;&nbsp;&nbsp;Title:&nbsp;&nbsp;&nbsp;&nbsp;<u>Senior Vice President</u>______________

Date:&nbsp;&nbsp;&nbsp;&nbsp;<u>June 6, 2025&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>&nbsp;&nbsp;&nbsp;&nbsp;Date:&nbsp;&nbsp;&nbsp;&nbsp;<u>June 9, 2025&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

------

**Exhibit B to the** 

**EA Series Trust Custody Agreement**

Separate Series of EA Series Trust

**<u>Name of Series</u>**

Alpha Architect U.S. Quantitative Value ETF

Alpha Architect International Quantitative Value ETF

Alpha Architect U.S. Quantitative Momentum ETF

Alpha Architect International Quantitative Momentum ETF

Alpha Architect Global Factor Equity ETF

Freedom 100 Emerging Markets ETF

Gadsden Dynamic Multi-Asset ETF

Freedom Day Dividend ETF

Sparkline Intangible Value ETF

Discipline Fund ETF

Guru Favorite Stocks ETF

Relative Sentiment Tactical Allocation ETF

Argent Mid Cap ETF

AOT Growth and Innovation ETF

Strive U.S. Energy ETF

EA Bridgeway Blue Chip ETF

Strive 500 ETF

Burney U.S. Factor Rotation ETF

Altrius Global Dividend ETF

Strive U.S. Semiconductor ETF

Strive Emerging Markets Ex-China ETF

Alpha Architect High Inflation and Deflation ETF

Alpha Architect Tail Risk ETF

Alpha Architect 1-3 Month Box ETF

Strive 1000 Growth ETF

Strive 1000 Value ETF

Strive Small-Cap ETF

Strive 1000 Dividend Growth ETF

Strive Natural Resources and Security ETF

EA Bridgeway Omni Small-Cap Value ETF

Strive International Developed Markets ETF

MKAM ETF

Morgan Dempsey Large Cap Value ETF

Bridges Capital Tactical ETF

Euclidean Fundamental Value ETF

Strive Enhanced Income Short Maturity ETF

Strive Total Return Bond ETF

Astoria US Equal Weight Quality Kings ETF

Bushido Capital US Equity ETF

WHITEWOLF Commercial Real Estate Finance Income ETF

WHITEWOLF Publicly Listed Private Equity ETF

MarketDesk Focuses U.S. Dividend ETF

TBG Dividend Focus ETF

ARK 21Shares Active Bitcoin Futures Strategy ETF

------

ARK 21Shares Active Ethereum Futures Strategy ETF

ARK 21Shares Active Bitcoin Ethereum Strategy ETF

ARK 21Shares Blockchain and Digital Economy Innovation ETF

ARK 21Shares Active On-Chain Bitcoin Strategy ETF

CCM Global Equity ETF

Honeytree U.S. Equity ETF

Alpha Blue Capital US Small-Mid Cap Dynamic ETF

Keating Active ETF

Strive Mid-Cap ETF

Draco Evolution AI ETF

StockSnips AI-Powered Sentiment US All Cap ETF

Intelligent Livermore ETF

Research Affiliates Deletions ETF

Sparkline International Intangible Value ETF

Astoria International Quality Growth Kings ETF

Astoria US Quality Growth Kings ETF

Coastal Compass 100 ETF

Stance Sustainable Beta ETF

Sparkline Emerging Markets Intangible Value ETF

Sparkline US Small Cap Intangible Value ETF

Intelligent Omaha ETF

Intelligent Equal Select ETF

Intelligent Tech Focus ETF

Intelligent Small Cap Select ETF

Alpha Architect International Equity ETF

Alpha Architect 1-3 Year Box ETF

Alpha Architect Intermediate-Term Treasury Bond ETF

Alpha Architect Long-Term Treasury Bond ETF

Alpha Architect Aggregate Bond ETF

Alpha Architect Inflation-Protected Securities ETF

Alpha Architect Real Estate ETF

Alpha Architect US Equity ETF

MRBL Enhanced Equity ETF

JLens 500 Jewish Advocacy U.S. ETF

Cambria Global Shareholder Yield ETF

Cambria Endowment Style ETF

Cambria Tax Aware ETF

Efficient Market Portfolio Plus ETF

Efficient Market Portfolio Long ETF

Militia Long/Short Equity ETF

Matrix Advisors Value ETF

Sarmaya Thematic ETF

Argent Focused Small Cap ETF

Argent Large Cap ETF

Bastion Energy ETF

Cambria Global Equal Weight ETF

MarketDesk Focused U.S. Momentum ETF

MC Trio Equity Buffered ETF

RockCreek Global Equality ETF

------

Yoke Core ETF

Bushido Capital US SMID Cap Equity ETF

Astoria Dynamic Core US Fixed Income ETF

Astoria US Enhanced Core Equity ETF

Astoria US Small Cap Quality Growth Kings ETF

SCM Rainwater ETF

Suncoast Select Growth ETF

Amplius Aggressive Asset Allocation ETF

Dakota Active Equity ETF

ARS Focused Opportunities Strategy ETF

ARS Core Equity Portfolio ETF

Cambria U.S. Equal Weight ETF

Castellan Targeted Equity ETF

Castellan Targeted Income ETF

Cloverpoint Core Alpha Energy Transition ETF

Cloverpoint Core Alpha Global ETF

Cloverpoint Core Alpha International ETF

Cloverpoint Core Alpha US ETF

Concourse Capital Focused Equity ETF

RACWI US ETF

Towle Value ETF

## Ex-99.(H)(1)(Ii)

**FORTY-SEVENTH AMENDMENT TO THE**

**EA SERIES TRUST** 

**TRANSFER AGENT SERVICING AGREEMENT**

&nbsp;&nbsp;&nbsp;&nbsp;**This Forty-Seventh Amendment** effective as of the last date in the signature block (the "Effective Date") to the Transfer Agent Servicing Agreement, dated as of October 8, 2014, as amended (the "Agreement"), is entered into by and between **EA Series Trust (f/k/a Alpha Architect ETF Trust)**, a Delaware statutory trust (the "Trust") and **U.S. Bancorp Fund Services, LLC**, Wisconsin limited liability company ("USBFS").

RECITALS

&nbsp;&nbsp;&nbsp;&nbsp;**WHEREAS**, the parties have entered into the Agreement;

**WHEREAS**, the parties desire to amend the Agreement to add the following funds to Exhibit A:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Cloverpoint Core Alpha Energy Transition ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Cloverpoint Core Alpha Global ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Cloverpoint Core Alpha International ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Cloverpoint Core Alpha US ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Concourse Capital Focused Equity ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• RACWI US ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Towle Value ETF

**WHEREAS**, Section 12 of the Agreement allows for its amendment by a written instrument executed by both parties.

&nbsp;&nbsp;&nbsp;&nbsp;**NOW, THEREFORE**, the parties agree to amend the Agreement as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• As of the Effective Date, Exhibit A is hereby superseded and replaced in its entirety with Exhibit A attached hereto.

Except to the extent amended hereby, the Agreement shall remain in full force and effect.

**IN WITNESS WHEREOF**, the parties hereto have caused this Amendment to be executed by a duly authorized officer on one or more counterparts as of the Effective Date.

**EA SERIES TRUST&nbsp;&nbsp;&nbsp;&nbsp;**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**U.S. BANCORP FUND SERVICES, LLC**

By:&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Sean Hegarty&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>&nbsp;&nbsp;&nbsp;&nbsp;By:&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Gregory Farley&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

Name:&nbsp;&nbsp;&nbsp;&nbsp;<u>Sean Hegarty&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>&nbsp;&nbsp;&nbsp;&nbsp;Name:&nbsp;&nbsp;&nbsp;&nbsp;<u>Gregory Farley</u>____________________

Title:&nbsp;&nbsp;&nbsp;&nbsp;<u>Treasurer&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>&nbsp;&nbsp;&nbsp;&nbsp;Title:&nbsp;&nbsp;&nbsp;&nbsp;<u>Senior Vice President</u>______________

Date:&nbsp;&nbsp;&nbsp;&nbsp;<u>June 6, 2025&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>&nbsp;&nbsp;&nbsp;&nbsp;Date:&nbsp;&nbsp;&nbsp;&nbsp;<u>June 9, 2025&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

------

**Exhibit A to the**

**EA Series Trust Transfer Agent Servicing Agreement**

Separate Series of EA Series Trust

**<u>Name of Series</u>**

Alpha Architect U.S. Quantitative Value ETF

Alpha Architect International Quantitative Value ETF

Alpha Architect U.S. Quantitative Momentum ETF

Alpha Architect International Quantitative Momentum ETF

Alpha Architect Global Factor Equity ETF

Freedom 100 Emerging Markets ETF

Gadsden Dynamic Multi-Asset ETF

Freedom Day Dividend ETF

Sparkline Intangible Value ETF

Discipline Fund ETF

Guru Favorite Stocks ETF

Relative Sentiment Tactical Allocation ETF

Argent Mid Cap ETF

AOT Growth and Innovation ETF

Strive U.S. Energy ETF

EA Bridgeway Blue Chip ETF

Strive 500 ETF

Burney U.S. Factor Rotation ETF

Altrius Global Dividend ETF

Strive U.S. Semiconductor ETF

Strive Emerging Markets Ex-China ETF

Alpha Architect High Inflation and Deflation ETF

Alpha Architect Tail Risk ETF

Alpha Architect 1-3 Month Box ETF

Strive 1000 Growth ETF

Strive 1000 Value ETF

Strive Small-Cap ETF

Strive 1000 Dividend Growth ETF

Strive Natural Resources and Security ETF

EA Bridgeway Omni Small-Cap Value ETF

Strive International Developed Markets ETF

MKAM ETF

Morgan Dempsey Large Cap Value ETF

Bridges Capital Tactical ETF

Euclidean Fundamental Value ETF

Strive Enhanced Income Short Maturity ETF

Strive Total Return Bond ETF

Astoria US Equal Weight Quality Kings ETF

Bushido Capital US Equity ETF

WHITEWOLF Commercial Real Estate Finance Income ETF

WHITEWOLF Publicly Listed Private Equity ETF

MarketDesk Focuses U.S. Dividend ETF

TBG Dividend Focus ETF

ARK 21Shares Active Bitcoin Futures Strategy ETF

ARK 21Shares Active Ethereum Futures Strategy ETF

------

ARK 21Shares Active Bitcoin Ethereum Strategy ETF

ARK 21Shares Blockchain and Digital Economy Innovation ETF

ARK 21Shares Active On-Chain Bitcoin Strategy ETF

CCM Global Equity ETF

Honeytree U.S. Equity ETF

Alpha Blue Capital US Small-Mid Cap Dynamic ETF

Keating Active ETF

Strive Mid-Cap ETF

Draco Evolution AI ETF

StockSnips AI-Powered Sentiment US All Cap ETF

Intelligent Livermore ETF

Research Affiliates Deletions ETF

Sparkline International Intangible Value ETF

Astoria International Quality Growth Kings ETF

Astoria US Quality Growth Kings ETF

Coastal Compass 100 ETF

Stance Sustainable Beta ETF

Sparkline Emerging Markets Intangible Value ETF

Sparkline US Small Cap Intangible Value ETF

Intelligent Omaha ETF

Intelligent Equal Select ETF

Intelligent Tech Focus ETF

Intelligent Small Cap Select ETF

Alpha Architect International Equity ETF

Alpha Architect 1-3 Year Box ETF

Alpha Architect Intermediate-Term Treasury Bond ETF

Alpha Architect Long-Term Treasury Bond ETF

Alpha Architect Aggregate Bond ETF

Alpha Architect Inflation-Protected Securities ETF

Alpha Architect Real Estate ETF

Alpha Architect US Equity ETF

MRBL Enhanced Equity ETF

JLens 500 Jewish Advocacy U.S. ETF

Cambria Global Shareholder Yield ETF

Cambria Endowment Style ETF

Cambria Tax Aware ETF

Efficient Market Portfolio Plus ETF

Efficient Market Portfolio Long ETF

Militia Long/Short Equity ETF

Matrix Advisors Value ETF

Sarmaya Thematic ETF

Argent Focused Small Cap ETF

Argent Large Cap ETF

Bastion Energy ETF

Cambria Global Equal Weight ETF

MarketDesk Focused U.S. Momentum ETF

MC Trio Equity Buffered ETF

RockCreek Global Equality ETF

Yoke Core ETF

Bushido Capital US SMID Cap Equity ETF

------

Astoria Dynamic Core US Fixed Income ETF

Astoria US Enhanced Core Equity ETF

Astoria US Small Cap Quality Growth Kings ETF

SCM Rainwater ETF

Suncoast Select Growth ETF

Amplius Aggressive Asset Allocation ETF

Dakota Active Equity ETF

ARS Focused Opportunities Strategy ETF

ARS Core Equity Portfolio ETF

Cambria U.S. Equal Weight ETF

Castellan Targeted Equity ETF

Castellan Targeted Income ETF

Cloverpoint Core Alpha Energy Transition ETF

Cloverpoint Core Alpha Global ETF

Cloverpoint Core Alpha International ETF

Cloverpoint Core Alpha US ETF

Concourse Capital Focused Equity ETF

RACWI US ETF

Towle Value ETF

## Ex-99.(H)(2)(Ii)

**FORTY-SEVENTH AMENDMENT TO THE**

**EA SERIES TRUST** 

**FUND ADMINISTRATION SERVICING AGREEMENT**

&nbsp;&nbsp;&nbsp;&nbsp;**This Forty-Seventh Amendment** effective as of the last date in the signature block (the "Effective Date") to the Fund Administration Servicing Agreement, dated as of October 8, 2014, as amended (the "Agreement"), is entered into by and between **EA Series Trust (f/k/a Alpha Architect ETF Trust)**, a Delaware statutory trust (the "Trust") and **U.S. Bancorp Fund Services, LLC**, Wisconsin limited liability company ("USBFS").

RECITALS

&nbsp;&nbsp;&nbsp;&nbsp;**WHEREAS**, the parties have entered into the Agreement;

**WHEREAS**, the parties desire to amend the Agreement to add the following funds to Exhibit A:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Cloverpoint Core Alpha Energy Transition ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Cloverpoint Core Alpha Global ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Cloverpoint Core Alpha International ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Cloverpoint Core Alpha US ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Concourse Capital Focused Equity ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• RACWI US ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Towle Value ETF

**WHEREAS**, Section 11 of the Agreement allows for its amendment by a written instrument executed by both parties.

**&nbsp;&nbsp;&nbsp;&nbsp;NOW, THEREFORE**, the parties agree to amend the Agreement as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Exhibit A is hereby superseded and replaced in its entirety with Exhibit A attached hereto.

Except to the extent amended hereby, the Agreement shall remain in full force and effect.

**IN WITNESS WHEREOF**, the parties hereto have caused this Amendment to be executed by a duly authorized officer on one or more counterparts as of the Effective Date.

**EA SERIES TRUST&nbsp;&nbsp;&nbsp;&nbsp;**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**U.S. BANCORP FUND SERVICES, LLC**

By:&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Sean Hegarty&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>&nbsp;&nbsp;&nbsp;&nbsp;By:&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Gregory Farley&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

Name:&nbsp;&nbsp;&nbsp;&nbsp;<u>Sean Hegarty&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>&nbsp;&nbsp;&nbsp;&nbsp;Name:&nbsp;&nbsp;&nbsp;&nbsp;<u>Gregory Farley</u>____________________

Title:&nbsp;&nbsp;&nbsp;&nbsp;<u>Treasurer&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>&nbsp;&nbsp;&nbsp;&nbsp;Title:&nbsp;&nbsp;&nbsp;&nbsp;<u>Senior Vice President</u>______________

Date:&nbsp;&nbsp;&nbsp;&nbsp;<u>June 6, 2025&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>&nbsp;&nbsp;&nbsp;&nbsp;Date:&nbsp;&nbsp;&nbsp;&nbsp;<u>June 9, 2025&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

------

**Exhibit A to the** 

**EA Series Trust** 

**Fund Administration Servicing Agreement**

Separate Series of EA Series Trust

**<u>Name of Series</u>**

Alpha Architect U.S. Quantitative Value ETF

Alpha Architect International Quantitative Value ETF

Alpha Architect U.S. Quantitative Momentum ETF

Alpha Architect International Quantitative Momentum ETF

Alpha Architect Global Factor Equity ETF

Freedom 100 Emerging Markets ETF

Gadsden Dynamic Multi-Asset ETF

Freedom Day Dividend ETF

Sparkline Intangible Value ETF

Discipline Fund ETF

Guru Favorite Stocks ETF

Relative Sentiment Tactical Allocation ETF

Argent Mid Cap ETF

AOT Growth and Innovation ETF

Strive U.S. Energy ETF

EA Bridgeway Blue Chip ETF

Strive 500 ETF

Burney U.S. Factor Rotation ETF

Altrius Global Dividend ETF

Strive U.S. Semiconductor ETF

Strive Emerging Markets Ex-China ETF

Alpha Architect High Inflation and Deflation ETF

Alpha Architect Tail Risk ETF

Alpha Architect 1-3 Month Box ETF

Strive 1000 Growth ETF

Strive 1000 Value ETF

Strive Small-Cap ETF

Strive 1000 Dividend Growth ETF

Strive Natural Resources and Security ETF

EA Bridgeway Omni Small-Cap Value ETF

Strive International Developed Markets ETF

MKAM ETF

Morgan Dempsey Large Cap Value ETF

Bridges Capital Tactical ETF

Euclidean Fundamental Value ETF

Strive Enhanced Income Short Maturity ETF

Strive Total Return Bond ETF

Astoria US Equal Weight Quality Kings ETF

Bushido Capital US Equity ETF

WHITEWOLF Commercial Real Estate Finance Income ETF

WHITEWOLF Publicly Listed Private Equity ETF

MarketDesk Focuses U.S. Dividend ETF

TBG Dividend Focus ETF

ARK 21Shares Active Bitcoin Futures Strategy ETF

------

ARK 21Shares Active Ethereum Futures Strategy ETF

ARK 21Shares Active Bitcoin Ethereum Strategy ETF

ARK 21Shares Blockchain and Digital Economy Innovation ETF

ARK 21Shares Active On-Chain Bitcoin Strategy ETF

CCM Global Equity ETF

Honeytree U.S. Equity ETF

Alpha Blue Capital US Small-Mid Cap Dynamic ETF

Keating Active ETF

Strive Mid-Cap ETF

Draco Evolution AI ETF

StockSnips AI-Powered Sentiment US All Cap ETF

Intelligent Livermore ETF

Research Affiliates Deletions ETF

Sparkline International Intangible Value ETF

Astoria International Quality Growth Kings ETF

Astoria US Quality Growth Kings ETF

Coastal Compass 100 ETF

Stance Sustainable Beta ETF

Sparkline Emerging Markets Intangible Value ETF

Sparkline US Small Cap Intangible Value ETF

Intelligent Omaha ETF

Intelligent Equal Select ETF

Intelligent Tech Focus ETF

Intelligent Small Cap Select ETF

Alpha Architect International Equity ETF

Alpha Architect 1-3 Year Box ETF

Alpha Architect Intermediate-Term Treasury Bond ETF

Alpha Architect Long-Term Treasury Bond ETF

Alpha Architect Aggregate Bond ETF

Alpha Architect Inflation-Protected Securities ETF

Alpha Architect Real Estate ETF

Alpha Architect US Equity ETF

MRBL Enhanced Equity ETF

JLens 500 Jewish Advocacy U.S. ETF

Cambria Global Shareholder Yield ETF

Cambria Endowment Style ETF

Cambria Tax Aware ETF

Efficient Market Portfolio Plus ETF

Efficient Market Portfolio Long ETF

Militia Long/Short Equity ETF

Matrix Advisors Value ETF

Sarmaya Thematic ETF

Argent Focused Small Cap ETF

Argent Large Cap ETF

Bastion Energy ETF

Cambria Global Equal Weight ETF

MarketDesk Focused U.S. Momentum ETF

MC Trio Equity Buffered ETF

RockCreek Global Equality ETF

Yoke Core ETF

------

Bushido Capital US SMID Cap Equity ETF

Astoria Dynamic Core US Fixed Income ETF

Astoria US Enhanced Core Equity ETF

Astoria US Small Cap Quality Growth Kings ETF

SCM Rainwater ETF

Suncoast Select Growth ETF

Amplius Aggressive Asset Allocation ETF

Dakota Active Equity ETF

ARS Focused Opportunities Strategy ETF

ARS Core Equity Portfolio ETF

Cambria U.S. Equal Weight ETF

Castellan Targeted Equity ETF

Castellan Targeted Income ETF

Cloverpoint Core Alpha Energy Transition ETF

Cloverpoint Core Alpha Global ETF

Cloverpoint Core Alpha International ETF

Cloverpoint Core Alpha US ETF

Concourse Capital Focused Equity ETF

RACWI US ETF

Towle Value ETF

## Ex-99.(H)(3)(Ii)

**FORTY-SEVENTH AMENDMENT TO THE**

**EA SERIES TRUST** 

**FUND ACCOUNTING SERVICING AGREEMENT**

&nbsp;&nbsp;&nbsp;&nbsp;**This Forty-Seventh Amendment** effective as of the last date in the signature block (the "Effective Date") to the Fund Accounting Servicing Agreement, dated as of October 8, 2014, as amended (the "Agreement"), is entered into by and between **EA Series Trust (f/k/a Alpha Architect ETF Trust)**, a Delaware statutory trust (the "Trust") and **U.S. Bancorp Fund Services, LLC**, Wisconsin limited liability company ("USBFS").

RECITALS

&nbsp;&nbsp;&nbsp;&nbsp;**WHEREAS**, the parties have entered into the Agreement;

**WHEREAS**, the parties desire to amend the Agreement to add the following funds to Exhibit A:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Cloverpoint Core Alpha Energy Transition ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Cloverpoint Core Alpha Global ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Cloverpoint Core Alpha International ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Cloverpoint Core Alpha US ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Concourse Capital Focused Equity ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• RACWI US ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Towle Value ETF

**WHEREAS**, Section 15 of the Agreement allows for its amendment by a written instrument executed by both parties.

&nbsp;&nbsp;&nbsp;&nbsp;**NOW, THEREFORE**, the parties agree to amend the Agreement as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Exhibit A is hereby superseded and replaced in its entirety with Exhibit A attached hereto.

Except to the extent amended hereby, the Agreement shall remain in full force and effect.

**IN WITNESS WHEREOF**, the parties hereto have caused this Amendment to be executed by a duly authorized officer on one or more counterparts as of the Effective Date.

**EA SERIES TRUST&nbsp;&nbsp;&nbsp;&nbsp;**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**U.S. BANCORP FUND SERVICES, LLC**

By:&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Sean Hegarty&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>&nbsp;&nbsp;&nbsp;&nbsp;By:&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Gregory Farley&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

Name:&nbsp;&nbsp;&nbsp;&nbsp;<u>Sean Hegarty&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>&nbsp;&nbsp;&nbsp;&nbsp;Name:&nbsp;&nbsp;&nbsp;&nbsp;<u>Gregory Farley</u>____________________

Title:&nbsp;&nbsp;&nbsp;&nbsp;<u>Treasurer&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>&nbsp;&nbsp;&nbsp;&nbsp;Title:&nbsp;&nbsp;&nbsp;&nbsp;<u>Senior Vice President</u>______________

Date:&nbsp;&nbsp;&nbsp;&nbsp;<u>June 6, 2025&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>&nbsp;&nbsp;&nbsp;&nbsp;Date:&nbsp;&nbsp;&nbsp;&nbsp;<u>June 9, 2025&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

------

**Exhibit A to the EA Series Trust** 

**Fund Accounting Servicing Agreement**

Separate Series of EA Series Trust

**<u>Name of Series</u>**

Alpha Architect U.S. Quantitative Value ETF

Alpha Architect International Quantitative Value ETF

Alpha Architect U.S. Quantitative Momentum ETF

Alpha Architect International Quantitative Momentum ETF

Alpha Architect Global Factor Equity ETF

Freedom 100 Emerging Markets ETF

Gadsden Dynamic Multi-Asset ETF

Freedom Day Dividend ETF

Sparkline Intangible Value ETF

Discipline Fund ETF

Guru Favorite Stocks ETF

Relative Sentiment Tactical Allocation ETF

Argent Mid Cap ETF

AOT Growth and Innovation ETF

Strive U.S. Energy ETF

EA Bridgeway Blue Chip ETF

Strive 500 ETF

Burney U.S. Factor Rotation ETF

Altrius Global Dividend ETF

Strive U.S. Semiconductor ETF

Strive Emerging Markets Ex-China ETF

Alpha Architect High Inflation and Deflation ETF

Alpha Architect Tail Risk ETF

Alpha Architect 1-3 Month Box ETF

Strive 1000 Growth ETF

Strive 1000 Value ETF

Strive Small-Cap ETF

Strive 1000 Dividend Growth ETF

Strive Natural Resources and Security ETF

EA Bridgeway Omni Small-Cap Value ETF

Strive International Developed Markets ETF

MKAM ETF

Morgan Dempsey Large Cap Value ETF

Bridges Capital Tactical ETF

Euclidean Fundamental Value ETF

Strive Enhanced Income Short Maturity ETF

Strive Total Return Bond ETF

Astoria US Equal Weight Quality Kings ETF

Bushido Capital US Equity ETF

WHITEWOLF Commercial Real Estate Finance Income ETF

WHITEWOLF Publicly Listed Private Equity ETF

MarketDesk Focuses U.S. Dividend ETF

TBG Dividend Focus ETF

ARK 21Shares Active Bitcoin Futures Strategy ETF

ARK 21Shares Active Ethereum Futures Strategy ETF

------

ARK 21Shares Active Bitcoin Ethereum Strategy ETF

ARK 21Shares Blockchain and Digital Economy Innovation ETF

ARK 21Shares Active On-Chain Bitcoin Strategy ETF

CCM Global Equity ETF

Honeytree U.S. Equity ETF

Alpha Blue Capital US Small-Mid Cap Dynamic ETF

Keating Active ETF

Strive Mid-Cap ETF

Draco Evolution AI ETF

StockSnips AI-Powered Sentiment US All Cap ETF

Intelligent Livermore ETF

Research Affiliates Deletions ETF

Sparkline International Intangible Value ETF

Astoria International Quality Growth Kings ETF

Astoria US Quality Growth Kings ETF

Coastal Compass 100 ETF

Stance Sustainable Beta ETF

Sparkline Emerging Markets Intangible Value ETF

Sparkline US Small Cap Intangible Value ETF

Intelligent Omaha ETF

Intelligent Equal Select ETF

Intelligent Tech Focus ETF

Intelligent Small Cap Select ETF

Alpha Architect International Equity ETF

Alpha Architect 1-3 Year Box ETF

Alpha Architect Intermediate-Term Treasury Bond ETF

Alpha Architect Long-Term Treasury Bond ETF

Alpha Architect Aggregate Bond ETF

Alpha Architect Inflation-Protected Securities ETF

Alpha Architect Real Estate ETF

Alpha Architect US Equity ETF

MRBL Enhanced Equity ETF

JLens 500 Jewish Advocacy U.S. ETF

Cambria Global Shareholder Yield ETF

Cambria Endowment Style ETF

Cambria Tax Aware ETF

Efficient Market Portfolio Plus ETF

Efficient Market Portfolio Long ETF

Militia Long/Short Equity ETF

Matrix Advisors Value ETF

Sarmaya Thematic ETF

Argent Focused Small Cap ETF

Argent Large Cap ETF

Bastion Energy ETF

Cambria Global Equal Weight ETF

MarketDesk Focused U.S. Momentum ETF

MC Trio Equity Buffered ETF

RockCreek Global Equality ETF

Yoke Core ETF

Bushido Capital US SMID Cap Equity ETF

------

Astoria Dynamic Core US Fixed Income ETF

Astoria US Enhanced Core Equity ETF

Astoria US Small Cap Quality Growth Kings ETF

SCM Rainwater ETF

Suncoast Select Growth ETF

Amplius Aggressive Asset Allocation ETF

Dakota Active Equity ETF

ARS Focused Opportunities Strategy ETF

ARS Core Equity Portfolio ETF

Cambria U.S. Equal Weight ETF

Castellan Targeted Equity ETF

Castellan Targeted Income ETF

Cloverpoint Core Alpha Energy Transition ETF

Cloverpoint Core Alpha Global ETF

Cloverpoint Core Alpha International ETF

Cloverpoint Core Alpha US ETF

Concourse Capital Focused Equity ETF

RACWI US ETF

Towle Value ETF

## Ex-99.(I)

![image_0.jpg](image_0.jpg)

June 9, 2025

EA Series Trust

19 Eagle Road

Havertown, PA 19083

---

| | |
|:---|:---|
| **RE:** | **Opinion of Counsel regarding the Registration Statement filed on Form N-1A under the Investment Company Act of 1940, as amended (the "1940 Act"), and Securities Act of 1933, as amended (the "Securities Act") (File Nos. 333-195493 and 811-22961)** |

---

Ladies and Gentlemen:

We have acted as counsel to EA Series Trust, formerly known as Alpha Architect ETF Trust, (the "Trust"), a statutory trust organized under the laws of the state of Delaware and registered under the 1940 Act as an open-end series management investment company.

This opinion relates to the Trust's Registration Statement on Form N-1A (the "Registration Statement") and is given in connection with the filing with the U.S. Securities and Exchange Commission (the "Commission") of a post-effective amendment under the Securities Act and an amendment under the 1940 Act (collectively, the "Amendment"), each to the Registration Statement. The Amendment relates to the registration of an indefinite number of shares of beneficial interest (collectively, the "Shares"), with no par value per share, for new series of the Trust – the Castellan Targeted Equity ETF and the Castellan Targeted Income ETF (the "Funds"). We understand that the Amendment is being filed with the Commission pursuant to the requirements of the Securities Act and that our opinion is required to be filed as an exhibit to the Registration Statement.

In reaching the opinions set forth below, we have examined, among other things, copies of the Trust's Restated Certificate of Trust, Agreement and Declaration of Trust, applicable resolutions of the Board of Trustees, and originals or copies, certified or otherwise identified to our satisfaction, of such other documents, records and other instruments as we have deemed necessary or advisable for purposes of this opinion. We have also examined the prospectus and statement of additional information for the Funds, substantially in the form in which they are being filed in the Amendment (collectively, the "Prospectus").

As to any facts or questions of fact material to the opinions set forth below, we have relied exclusively upon the aforesaid documents and upon representations and declarations of the officers or other representatives of the Trust. We have made no independent investigation whatsoever as to such factual matters.

The Prospectus provides for issuance of the Shares from time to time at the net asset value thereof, plus any applicable sales charge. In reaching the opinions set forth below, we have assumed that upon sale of the Shares, the Trust will receive the net asset value thereof.

We have also assumed, without independent investigation or inquiry, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) &nbsp;&nbsp;&nbsp;&nbsp;all documents submitted to us as originals are authentic; all documents submitted to us as certified or photostatic copies conform to the original documents; all signatures on all documents submitted to us for examination are genuine; and all documents and public records reviewed are accurate and complete; and

**&nbsp;&nbsp;&nbsp;&nbsp;**![image_2a.jpg](image_2a.jpg)

**PRACTUS, LLP**

11300 Tomahawk Creek Pkwy ● Ste. 310 ● Leawood, Kansas 66211

Practus.com

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) &nbsp;&nbsp;&nbsp;&nbsp;all representations, warranties, certifications and statements with respect to matters of fact and other factual information (i) made by public officers, or (ii) made by officers or representatives of the Trust are accurate, true, correct and complete in all material respects.

The Delaware Statutory Trust Act provides that shareholders of the Trust shall be entitled to the same limitation on personal liability as is extended under the Delaware General Corporation Law to stockholders of private corporations for profit. There is a remote possibility, however, that, under certain circumstances, shareholders of a Delaware statutory trust may be held personally liable for that trust's obligations to the extent that the courts of another state which does not recognize such limited liability were to apply the laws of such state to a controversy involving such obligations. The Agreement and Declaration of Trust provides that neither the Trust nor the Trustees, nor any officer, employee or agent of the Trust shall have any power to bind personally any shareholder, or to call upon any shareholder for the payment of any sum of money or assessment whatsoever other than such as the shareholder may at any time agree to pay. Therefore, the risk of any shareholder incurring financial loss beyond his investment due to shareholder liability is limited to circumstances if a Fund is unable to meet its obligations and the express limitation of shareholder liabilities is determined not to be effective.

Based on our review of the foregoing and subject to the assumptions and qualifications set forth herein, it is our opinion that, as of the date of this letter:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Shares to be offered for sale pursuant to the Prospectus are duly and validly authorized by all necessary actions on the part of the Trust; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) &nbsp;&nbsp;&nbsp;&nbsp;The Shares, when issued and sold by the Trust for consideration pursuant to and in the manner contemplated by the Agreement and Declaration of Trust and the Trust's Registration Statement, will be validly issued and fully paid and non-assessable, subject to compliance with the Securities Act, the 1940 Act, and the applicable state laws regulating the sale of securities.

We express no opinion as to any other matters other than as expressly set forth above and no other opinion is intended or may be inferred herefrom. The opinions expressed herein are given as of the date hereof and we undertake no obligation and hereby disclaim any obligation to advise you of any change after the date of this opinion pertaining to any matter referred to herein.

We consent to the filing of this opinion as an exhibit to the Registration Statement. In rendering this opinion and giving this consent, we do not admit that we are in the category of persons whose consent is required under Section 7 of the Securities Act or the rules or regulations of the Commission thereunder.

Sincerely,

/s/ PRACTUS, LLP

Practus, LLP

![image_2a.jpg](image_2a.jpg)

**2**

## Ex-99.(J)

**CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

We consent to the references to our firm in the Post-Effective Amendment No. 501 and Amendment No. 504 to the Registration Statement on Form N-1A of EA Series Trust with respect to Castellan Targeted Equity ETF and Castellan Targeted Income ETF, each a series of shares of EA Series Trust, under the heading "Other Service Providers" in the Prospectus and "Independent Registered Public Accounting Firm" in the Statement of Additional Information.

&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; /s/ **TAIT, WELLER & BAKER LLP**

**Philadelphia, Pennsylvania**

**June 9, 2025**

## Ex-99.(M)(1)(I)

**Amended Schedule I to the Distribution and Service Plan**

**As of June 6, 2025**

---

| | | |
|:---|:---|:---|
| **Series** | **Fee Rate** | **Commencement Date** |
| Alpha Architect U.S. Quantitative Value ETF | 0.25% | October 21, 2014 |
| Alpha Architect International Quantitative Value ETF | 0.25% | December 16, 2014 |
| Alpha Architect U.S. Quantitative Momentum ETF | 0.25% | December 1, 2015 |
| Alpha Architect International Quantitative Momentum ETF | 0.25% | December 22, 2015 |
| Alpha Architect Value Momentum Trend ETF | 0.25% | May 2, 2017 |
| Gadsden Dynamic Multi-Asset ETF | 0.25% | November 14, 2018 |
| Freedom 100 Emerging Markets ETF | 0.25% | May 22, 2019 |
| Freedom Day Dividend ETF | 0.25% | May 4, 2021 |
| Sparkline Intangible Value ETF | 0.25% | June 6, 2021 |
| Discipline Fund ETF | 0.25% | September 20, 2021 |
| Guru Favorite Stocks ETF | 0.25% | December 15, 2021 |
| Relative Sentiment Tactical Allocation ETF | 0.25% | May 18, 2022 |
| AOT Growth and Innovation ETF | 0.25% | June 28, 2022 |
| Strive U.S. Energy ETF | 0.25% | August 8, 2022 |
| Argent Mid Cap ETF | 0.25% | August 16, 2022 |
| Strive 500 ETF | 0.25% | September 14, 2022 |
| Altrius Global Dividend ETF | 0.25% | September 29, 2022 |
| Strive U.S. Semiconductor ETF | 0.25% | October 5, 2022 |
| Burney U.S. Factor Rotation ETF | 0.25% | October 13, 2022 |
| EA Bridgeway Blue Chip ETF | 0.25% | October 14, 2022 |
| Strive 1000 Dividend Growth ETF | 0.25% | November 9, 2022 |
| Strive 1000 Growth ETF | 0.25% | November 9, 2022 |
| Strive Small-Cap ETF | 0.25% | November 9, 2022 |
| Strive 1000 Value ETF | 0.25% | November 9, 2022 |
| Alpha Architect High Inflation and Deflation ETF | 0.25% | November 16, 2022 |
| Alpha Architect 1-3 Month Box ETF | 0.25% | December 27, 2022 |
| Strive Emerging Markets Ex-China ETF | 0.25% | January 30, 2023 |
| Alpha Architect Tail Risk ETF | 0.25% | August 14, 2023 |
| EA Bridgeway Omni Small-Cap Value ETF | 0.25% | March 10, 2023 |
| MKAM ETF | 0.25% | April 11, 2023 |
| Morgan Dempsey Large Cap Value ETF | 0.25% | April 25, 2023 |
| Bridges Capital Tactical ETF | 0.25% | May 10, 2023 |
| Euclidean Fundamental Value ETF | 0.25% | May 17, 2023 |
| Astoria US Equal Weight Quality Kings ETF | 0.25% | July 31, 2023 |
| Strive Enhanced Income Short Maturity ETF | 0.25% | August 9, 2023 |
| Strive Total Return Bond ETF | 0.25% | August 9, 2023 |
| Strive Natural Resources and Security ETF | 0.25% | August 30, 2023 |
| Bushido Capital US Equity ETF | 0.25% | September 13, 2023 |
| MarketDesk Focused U.S. Dividend ETF | 0.25% | September 19, 2023 |
| TBG Dividend Focus ETF | 0.25% | November 6, 2023 |
| Honeytree U.S. Equity ETF | 0.25% | November 6, 2023 |
| ARK 21Shares Active Bitcoin Futures Strategy ETF | 0.25% | November 13, 2023 |
| ARK 21Shares Active Ethereum Futures Strategy ETF | 0.25% | November 13, 2023 |

---

------

---

| | | |
|:---|:---|:---|
| ARK 21Shares Active On-Chain Bitcoin Strategy ETF | 0.25% | November 14, 2023 |
| ARK 21Shares Active Ethereum Futures Strategy ETF | 0.25% | November 14, 2023 |
| ARK 21Shares Active Bitcoin Ethereum Strategy ETF | 0.25% | November 14, 2023 |
| WHITEWOLF Publicly Listed Private Equity ETF | 0.25% | November 29, 2023 |
| Alpha Blue Capital US Small-Mid Cap Dynamic ETF | 0.25% | December 18, 2023 |
| CCM Global Equity ETF | 0.25% | January 17, 2024 |
| Keating Active ETF | 0.25% | March 26, 2024 |
| Strive Mid-Cap ETF | 0.25% | April 10, 2024 |
| StockSnips AI-Powered Sentiment US All Cap ETF | 0.25% | April 11, 2024 |
| Strive International Intangible Developed Markets ETF | 0.25% | June 25, 2024 |
| Draco Evolution AI ETF | 0.25% | July 9, 2024 |
| Sparkline International Intangible Value ETF | 0.25% | September 9, 2024 |
| Research Affiliates Deletions ETF | 0.25% | September 9, 2024 |
| Intelligent Livermore ETF | 0.25% | September 17, 2024 |
| Astoria US Quality Growth Kings ETF | 0.25% | September 30, 2024 |
| Astoria International Quality Growth Kings ETF | 0.25% | \* |
| Cambria Tax Aware ETF | 0.25% | December 17, 2024 |
| Cambria Global Shareholder Yield ETF | 0.25% | \* |
| Cambria Endowment Style ETF | 0.25% | \* |
| Alpha Architect US Anti-Dividend ETF | 0.25% | \* |
| Alpha Architect International Anti-Dividend ETF | 0.25% | \* |
| Alpha Architect 1-3 Year Box ETF | 0.25% | \* |
| Alpha Architect Aggregate Bond ETF | 0.25% | December 17, 2024 |
| Alpha Architect Intermediate-Term Treasury Bond ETF | 0.25% | \* |
| Alpha Architect Long-Term Bond ETF | 0.25% | \* |
| Alpha Architect Inflation-Protected Securities ETF | 0.25% | \* |
| Alpha Architect Real Estate ETF | 0.25% | \* |
| Coastal Compass 100 ETF | 0.25% | December 17, 2024 |
| Stance Sustainable Beta ETF | 0.25% | November 14, 2024 |
| WHITEWOLF Commercial Real Estate Finance Income ETF | 0.25% | \* |
| Sparkline Emerging Markets Intangible Value ETF | 0.25% | \* |
| Sparkline U.S. Small Cap Intangible Value ETF | 0.25% | \* |
| Intelligent Omaha ETF | 0.25% | \* |
| Intelligent Equal Select ETF | 0.25% | \* |
| Intelligent Tech Focus ETF | 0.25% | \* |
| Intelligent Small Cap ETF | 0.25% | \* |
| JLens 500 Jewish Advocacy U.S. ETF | 0.25% | \* |
| Matrix Advisors Value ETF | 0.25% | \* |
| Militia Long/Short Equity ETF | 0.25% | January 14, 2025 |
| Efficient Market Portfolio Plus ETF | 0.25% | December 11, 2024 |
| Efficient Market Portfolio Long ETF | 0.25% | \* |
| Sarmaya Thematic ETF | 0.25% | January 28, 2025 |
| MRBL Enhanced Equity ETF | 0.25% | January 21, 2025 |
| RockCreek Global Equality ETF | 0.25% | \* |
| Bastion Energy ETF | 0.25% | \* |
| Cambria Global Equal Weight ETF | 0.25% | \* |
| MarketDesk Focused US Momentum ETF | 0.25% | \* |

---

------

---

| | | |
|:---|:---|:---|
| Argent Focused Small Cap ETF | 0.25% | \* |
| Argent Large Cap ETF | 0.25% | \* |
| MC Trio Equity Buffered ETF | 0.25% | \* |
| Yoke Core ETF | 0.25% | \* |
| Bushido Capital US SMID Cap Equity ETF | 0.25% | \* |
| Dakota Active Equity ETF | 0.25% | \* |
| Amplius Aggressive Asset Allocation ETF | 0.25% | \* |
| Astoria Dynamic Core US Fixed Income ETF | 0.25% | \* |
| Astoria US Small Cap Quality Growth Kings ETF | 0.25% | \* |
| Astoria US Enhanced Core Equity ETF | 0.25% | \* |
| Suncoast Select Growth ETF | 0.25% | \* |
| SCM Rainwater ETF | 0.25% | \* |
| ARS Focused Opportunities Strategy ETF | 0.25% | \* |
| ARS Core Equity Portfolio ETF | 0.25% | \* |
| Cambria US Equal Weight ETF | 0.25% | \* |
| Cloverpoint Core Alpha US ETF | 0.25% | \* |
| Cloverpoint Core Alpha International ETF | 0.25% | \* |
| Cloverpoint Core Alpha Global ETF | 0.25% | \* |
| Cloverpoint Core Alpha Energy Transition ETF | 0.25% | \* |
| Concourse Capital Focused Equity ETF | 0.25% | \* |
| Castellan Targeted Equity ETF | 0.25% | \* |
| Castellan Targeted Income ETF | 0.25% | \* |
| RACWI US ETF | 0.25% | \* |
| Towle Value ETF | 0.25% | \* |

---

\* The date the Fund commences investment operations.

## Ex-99.(P)(58)

![castellangroupcom_logoa.jpg](castellangroupcom_logoa.jpg)

**Castellan Group** 

**Code of Ethics** 

**October 2024**

------

![castellangroupcom_logoa.jpg](castellangroupcom_logoa.jpg)

**Table of Contents**

[Statement](#i2ecad59b50b0458f90c9e25945f5a6e4_4)[of](#i2ecad59b50b0458f90c9e25945f5a6e4_4)[General](#i2ecad59b50b0458f90c9e25945f5a6e4_4) [Policy](#i2ecad59b50b0458f90c9e25945f5a6e4_4)[....................................................................................................](#i2ecad59b50b0458f90c9e25945f5a6e4_4)[&nbsp;&nbsp;&nbsp;&nbsp;](#i2ecad59b50b0458f90c9e25945f5a6e4_4)[3](#i2ecad59b50b0458f90c9e25945f5a6e4_4)

Standards of Business Conduct.............................................................................................&nbsp;&nbsp;&nbsp;&nbsp;4

Protecting the Confidentiality of Client Information...................................................................&nbsp;&nbsp;&nbsp;&nbsp;5

Prohibition Against Insider Trading……………………………………………………………………………………………….

[Personal](#i2ecad59b50b0458f90c9e25945f5a6e4_19)[Securities](#i2ecad59b50b0458f90c9e25945f5a6e4_19) [Transactions](#i2ecad59b50b0458f90c9e25945f5a6e4_19)[...........................................................................................](#i2ecad59b50b0458f90c9e25945f5a6e4_19)[&nbsp;&nbsp;&nbsp;&nbsp;](#i2ecad59b50b0458f90c9e25945f5a6e4_19)[10](#i2ecad59b50b0458f90c9e25945f5a6e4_19)

[Personal](#i2ecad59b50b0458f90c9e25945f5a6e4_19)[Securities](#i2ecad59b50b0458f90c9e25945f5a6e4_19)[Trading](#i2ecad59b50b0458f90c9e25945f5a6e4_19) [Limitations](#i2ecad59b50b0458f90c9e25945f5a6e4_19)[..................................................................................](#i2ecad59b50b0458f90c9e25945f5a6e4_19)[&nbsp;&nbsp;&nbsp;&nbsp;](#i2ecad59b50b0458f90c9e25945f5a6e4_19)[11](#i2ecad59b50b0458f90c9e25945f5a6e4_19)

[Pre-Approval](#i2ecad59b50b0458f90c9e25945f5a6e4_19)[Process](#i2ecad59b50b0458f90c9e25945f5a6e4_19)[for](#i2ecad59b50b0458f90c9e25945f5a6e4_19)[Affiliated](#i2ecad59b50b0458f90c9e25945f5a6e4_19)[Private](#i2ecad59b50b0458f90c9e25945f5a6e4_19)[Fund](#i2ecad59b50b0458f90c9e25945f5a6e4_19) [Investments](#i2ecad59b50b0458f90c9e25945f5a6e4_19)[...............................................](#i2ecad59b50b0458f90c9e25945f5a6e4_19)[&nbsp;&nbsp;&nbsp;&nbsp;](#i2ecad59b50b0458f90c9e25945f5a6e4_19)[11](#i2ecad59b50b0458f90c9e25945f5a6e4_19)

[Reporting](#i2ecad59b50b0458f90c9e25945f5a6e4_19)[Violations](#i2ecad59b50b0458f90c9e25945f5a6e4_19)[and](#i2ecad59b50b0458f90c9e25945f5a6e4_19) [Sanctions](#i2ecad59b50b0458f90c9e25945f5a6e4_19)[.......................................................................................](#i2ecad59b50b0458f90c9e25945f5a6e4_19)[&nbsp;&nbsp;&nbsp;&nbsp;](#i2ecad59b50b0458f90c9e25945f5a6e4_19)[11](#i2ecad59b50b0458f90c9e25945f5a6e4_19)

[Acknowledgement](#i2ecad59b50b0458f90c9e25945f5a6e4_19)[................................................................................................................](#i2ecad59b50b0458f90c9e25945f5a6e4_19)[&nbsp;&nbsp;&nbsp;&nbsp;](#i2ecad59b50b0458f90c9e25945f5a6e4_19)[12](#i2ecad59b50b0458f90c9e25945f5a6e4_19)

------

![castellangroupcom_logoa.jpg](castellangroupcom_logoa.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Statement of General Policy**

This Code of Ethics ("Code") has been adopted by Castellan Group, LLC ("Castellan") and is designed to comply with Rule 204A-1 under the Investment Advisers Act of 1940 ("Advisers Act").

This Code establishes rules of conduct for all employees of Castellan and is designed to, among other things; govern personal securities trading activities in the accounts of employees, their immediate family/household accounts and accounts in which an employee has a beneficial interest. The Code is based upon the principle that Castellan and its employees owe a fiduciary duty to Castellan Group, LLC's clients to conduct their affairs, including their personal securities transactions, in such a manner as to avoid (i) serving their own personal interests ahead of clients, (ii) taking inappropriate advantage of their position with the Firm and (iii) any actual or potential conflicts of interest or any abuse of their position of trust and responsibility.

The Code is designed to ensure that the high ethical standards long maintained by Castellan continue to be applied. The purpose of the Code is to preclude activities which may lead to or give the appearance of conflicts of interest, insider trading and other forms of prohibited or unethical business conduct. The excellent name and reputation of our Firm continues to be a direct reflection of the conduct of each employee.

Pursuant to Section 206 of the Advisers Act, both Castellan and its employees are prohibited from engaging in fraudulent, deceptive or manipulative conduct. Compliance with this section involves more than acting with honesty and good faith alone. It means that the Castellan has an affirmative duty of utmost good faith to act solely in the best interest of its clients.

Castellan and its employees are subject to the following specific fiduciary obligations when dealing with clients:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the duty to have a reasonable, independent basis for the investment advice provided;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the duty to obtain best execution for a client's transactions where the Firm is in a position to direct brokerage transactions for the client;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the duty to ensure that investment advice is suitable to meeting the client's

individual objectives, needs and circumstances; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a duty to be loyal to clients.

In meeting its fiduciary responsibilities to its clients, Castellan expects every employee to demonstrate the highest standards of ethical conduct for continued employment with Castellan. Strict compliance with the provisions of the Code shall be considered a basic condition of employment with Castellan. Castellan's reputation for fair and honest dealing

with its clients has taken considerable time to build. This standing could be seriously damaged as the result of even a single securities transaction being considered questionable

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in light of the fiduciary duty owed to our clients. Employees are urged to seek the advice of the CCO ("CCO"), for any questions about the Code or the application of the Code to their individual circumstances. Employees should also understand that a material breach of the provisions of the Code may constitute grounds for disciplinary action, up to and including termination of employment with Castellan.

The provisions of the Code are not all-inclusive. Rather, they are intended as a guide for employees of Castellan in their conduct. In those situations where an employee may be uncertain as to the intent or purpose of the Code, he/she is advised to consult with CCO. CCO may grant exceptions to certain provisions contained in the Code only in those situations when it is clear beyond dispute that the interests of our clients shall not be adversely affected or compromised. All questions arising in connection with personal securities trading should be resolved in favor of the client even at the expense of the interests of employees.

Recognizing the importance of maintaining the Firm's reputation and consistent with our fundamental principles of honesty, integrity and professionalism, the Firm requires that a supervised person advise the CCO immediately if he or she becomes involved in or threatened with litigation or an administrative investigation or legal proceeding of any kind. To the extent permissible by law and applicable regulations, Castellan shall endeavor to maintain such information on a confidential basis.

**Standards of Business Conduct**

Castellan places the highest priority on maintaining its reputation for integrity and professionalism. That reputation is a vital business asset. The confidence and trust placed in our Firm and its employees by our clients is something we value and endeavor to protect. The following Standards of Business Conduct set forth policies and procedures to achieve these goals. This Code is intended to comply with the various provisions of the Advisers Act and also requires that all supervised persons comply with the various applicable provisions of the Investment Company Act of 1940, as amended, the Securities Act of 1933, as amended, the Securities Exchange Act of 1934, as amended, and applicable rules and regulations adopted by the Securities and Exchange Commission ("SEC").

Section 204A of the Advisers Act requires the establishment and enforcement of policies and proceduresreasonably designed to prevent the misuse of material, nonpublic information by investment advisers.

Such policies and procedures are contained in this Code. The Code also contains policies

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and procedures with respect to personal securities transactions of all Castellan's access persons. These procedures cover transactions in a reportable security in which an access person has a beneficial interest in or accounts over which the access person exercises control as well as transactions by members of the access person's immediate family and/or household.

Section 206 of the Advisers Act makes it unlawful for Castellan or its agents or employees to employ any device, scheme or artifice to defraud any client or prospective client, or to engage in fraudulent, deceptive or manipulative practices. This Code contains provisions that prohibit these and other enumerated activities and that are reasonably designed to detect and prevent violations of the Code, the Advisers Act and rules thereunder.

**Protecting the Confidentiality of Client Information**

**Confidential Client Information**

In the course of investment advisory activities of Castellan, the Firm gains access to nonpublic information about its clients. Such information may include a person's status as a client, personal financial and account information, the allocation of assets in a client portfolio, the composition of investments in any client portfolio, information relating to services performed for or transactions entered into on behalf of clients, advice provided by Castellan to clients, and data or analyses derived from such non-public personal information (collectively referred to as 'Confidential Client Information'). All Confidential Client Information, whether relating to Castellan's current or former clients, is subject to the Code's policies and procedures. Any doubts about the confidentiality of information must be resolved in favor of confidentiality.

**Non-Disclosure of Confidential Client Information**

All information regarding Castellan's clients is confidential. Information may only be disclosed when the disclosure is consistent with the Firm's policy and the client's direction. Castellan does not share Confidential Client Information with any third parties, except in the following circumstances:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• as necessary to provide service(s) that the client requested or authorized, or to maintain and service the client's account. Castellan shall require that any financial intermediary, agent or other service provider utilized by Castellan (such as broker-dealers or sub- advisers) comply with substantially similar standards for non-disclosure and protection of Confidential Client Information and use the information provided by Castellan onlyfor the performance of the specific service

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requested by Castellan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• as required by regulatory authorities or law enforcement officials who have jurisdiction over Castellan, or as otherwise required by any applicable law. In the event Castellan is compelled to disclose Confidential Client Information, the Firm shall provide prompt notice to the clients affected, so that the clients may seek a protective order or other appropriate remedy. If no protective order or other appropriate remedy is obtained, Castellan shall disclose only such information, and only in such detail, as is legally required; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• to the extent reasonably necessary to prevent fraud, unauthorized transactions or liability.

**Employee Responsibilities**

All supervised persons are prohibited, either during or after the termination of their employment with Castellan, from disclosing Confidential Client Information to any person or entity outside the Firm, including family members, except under the circumstances described above. A supervised person is permitted to disclose Confidential Client Information only to such other supervised persons who need to have access to such information to deliver the Castellan's services to the client.

Supervised persons are also prohibited from making unauthorized copies of any documents or files containing Confidential Client Information and, upon termination of their employment with Castellan, must return all such documents to Castellan.

Any supervised person who violates the non-disclosure policy described above shall be subject to disciplinary action, including possible termination, whether or not he or she benefited from the disclosed information.

**Security of Confidential Personal Information**

Castellan enforces the following policies and procedures to protect the security of Confidential Client Information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Firm restricts access to Confidential Client Information to those access persons who need to know such information to provide Castellan's services to clients;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any supervised person who is authorized to have access to Confidential Client Information in connection with the performance of such person's duties and responsibilities is required to keep such information in a secure compartment, file or receptacle on a daily basis as of the close of each business day;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• all electronic or computer files containing any Confidential Client Information shall be password secured and firewall protected from access by unauthorized persons; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 6

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• any conversations involving Confidential Client Information, if appropriate at all, must be conducted by supervised persons in private, and care must be taken to avoid any unauthorized persons over hearing or intercepting such conversations.

**Privacy Policy**

As a registered investment adviser, Castellan and all supervised persons, must comply with SEC Regulation S-P, which requires investment advisers to adopt policies and procedures to protect the 'nonpublic personal information' of natural person clients. 'Nonpublic information,' under Regulation S- P, includes personally identifiable financial information and any list, description, or grouping that is derived from personally identifiable financial information. Personally identifiable financial information is defined to include information supplied by individual clients, information resulting from transactions, any information obtained in providing products or services. Pursuant to Regulation S-P Castellan has adopted policies and procedures to safeguard the information of natural person clients.

Furthermore, and pursuant to the SEC's adoption of Regulation S-ID: Identity Theft Red Flag Rules, all 'financial institutions' and 'creditors' (as those terms are defined under the Fair Credit Reporting Act (FCRA) must develop and implement a written identity theft prevention program designed to detect, prevent, and mitigate identity theft in connection with certain existing accounts or the opening of new accounts ("covered accounts"). Castellan has conducted an initial assessment of its obligations under Regulation S-ID and to the extent such rules are applicable, has incorporated appropriate policies and procedures in compliance with the Red Flags regulations.

**Enforcement and Review of Confidentiality and Privacy Policies**

CCO is responsible for reviewing, maintaining and enforcing Castellan's confidentiality and privacy policies and is also responsible for conducting appropriate employee training to ensure adherence to these policies. Any exception to this policy requires the written approval of CCO.

**Prohibition Against Insider Trading**

**Introduction**

Trading securities while in possession of material, nonpublic information, or improperly communicating that information to others may expose supervised persons and Castellan to stringent penalties. Criminal sanctions may include the imposition of a monetary fine and/or imprisonment. The SEC can recover the profits gained or losses avoided through the illegal trading, impose a penalty of up to three times the illicit windfall, and/or issue an order

censuring, suspending or permanently barring you from the securities industry. Finally, supervised persons and Castellan may be sued by investors seeking to recover damages for insider trading violations.

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The rules contained in this Code apply to securities trading and information handling by supervised persons of Castellan and their immediate family members.

The law of insider trading is unsettled and continuously developing. An individual legitimately may be uncertain about the application of the rules contained in this Code in a particular circumstance. Often, a single question can avoid disciplinary action or complex legal problems. You must notify CCO immediately if you have any reason to believe that a violation of this Code has occurred or is about to occur.

**General Policy**

No supervised person may trade, either personally or on behalf of others (such as investment funds and private accounts managed by Castellan), while in the possession of material, nonpublic information, nor may any personnel of Castellan communicate material, nonpublic information to others in violation of the law.

&nbsp;&nbsp;&nbsp;&nbsp;***1.What is Material Information?***

Information is material where there is a substantial likelihood that a reasonable investor would consider it important in making his or her investment decisions. Generally, this includes any information the disclosure of which will have a substantial effect on the price of a company's securities. No simple test exists to determine when information is material; assessments of materiality involve a highly fact-specific inquiry. For this reason, you should direct any questions about whether information is material to CCO.

Material information often relates to a company's results and operations, including, for example, dividend changes, earnings results, changes in previously released earnings estimates, significant merger or acquisition proposals or agreements, major litigation, liquidation problems, and extraordinary management developments.

Material information also may relate to the market for a company's securities. Information about a significant order to purchase or sell securities may, in some contexts, be material. Prepublication information regarding reports in the financial press also may be material. For example, the United States Supreme Court upheld the criminal convictions of insider trading defendants who capitalized on prepublication information about The Wall Street Journal's "Heard on the Street" column.

You should also be aware of the SEC's position that the term "material nonpublic information" relates not only to issuers but also to Castellan's securities recommendations and client securities holdings and transactions.

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&nbsp;&nbsp;&nbsp;&nbsp;***2.What is Nonpublic Information?***

Information is "public" when it has been disseminated broadly to investors in the marketplace. For example, information is public after it has become available to the general public through the Internet, a public filing with the SEC or some other government agency, the Dow Jones "tape" or The Wall Street Journal or some other publication of general circulation, and after sufficient time has passed so that the information has been disseminated widely.

&nbsp;&nbsp;&nbsp;&nbsp;***3.Identifying Inside Information***

Before executing any trade for yourself or others, including investment funds or private accounts managed by Castellan ("Client Accounts"), you must determine whether you have access to material, nonpublic information. If you think that you might have access to material, nonpublic information, you should take the following steps:

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Report the information and proposed trade immediately to CCO.

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Do not purchase or sell the securities on behalf of yourself or others, including investment funds or private accounts managed by the Firm.

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Do not communicate the information inside or outside the Firm, other than to CCO.

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• After CCO has reviewed the issue, the Firm shall determine whether the information is material and nonpublic and, if so, what action the Firm will take.

You should consult with CCO before taking any action. This high degree of caution will protect you, our clients, and the Firm.

&nbsp;&nbsp;&nbsp;&nbsp;***4.Contacts with Public Companies***

Contacts with public companies may represent an important part of our research efforts. The Firm may make investment decisions on the basis of conclusions formed through such contacts and analysis of publicly available information. Difficult legal issues arise, however, when, in the course of these contacts, a supervised person of Castellan or other person subject to this Code becomes aware of material, nonpublic information. This could happen, for example, if a company's Chief Financial Officer prematurely discloses quarterly results to an analyst, or an investor relations representative makes selective disclosure of adverse news to a handful of investors. In such situations, Castellan must make a judgment as to its further conduct. To protect yourself, our clients and the Firm, you should contact CCO immediately if you believe that you may have received material, nonpublic information.

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&nbsp;&nbsp;&nbsp;&nbsp;***5.Tender Offers***

Tender offers represent a particular concern in the law of insider trading for two reasons: First, tender offer activity often produces extraordinary gyrations in the price of the target company's securities. Trading during this time period is more likely to attract regulatory attention (and produces a disproportionate percentage of insider trading cases). Second, the SEC has adopted a rule which expressly forbids trading and "tipping" while in the possession of material, nonpublic information regarding a tender offer received from the tender offer or, the target company or anyone acting on behalf of either. Supervised persons of Castellan and others subject to this Code should exercise extreme caution any time they become aware of nonpublic information relating to a tender offer.

&nbsp;&nbsp;&nbsp;&nbsp;***6.Restricted/Watch Lists***

Although Castellan does not typically receive confidential information from portfolio companies, it may, if it receives such information take appropriate procedures to establish restricted or watch lists in certain securities.

CCO may place certain securities on a "restricted list." Securities issued by companies about which a number of supervised persons are expected to regularly have material, nonpublic information should generally be placed on the restricted list.

CCO may place certain securities on a "watch list." Securities issued by companies about which a limited number of supervised persons possess material, nonpublic information should generally be placed on the watch list.

Employees persons are prohibited from personally, or on behalf of an advisory account, purchasing or selling such securities during any period they are listed on a restricted list or a watch list.

**Personal Securities Transactions General Policy**

Castellan has adopted the following principles governing personal investment activities by Castellan's access persons:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the interests of client accounts shall at all times be placed first;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• all personal securities transactions shall be conducted in such manner as to avoid any actual orpotential conflict of interest or any abuse of an individual's position of trust and responsibility;and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• access persons must not take inappropriate advantage of their positions.

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**Pre clearance Required for Participation in IPOs**

No access person shall acquire any beneficial ownership in any securities in an Initial Public Offering (IPO) for his or her account, as defined herein without the prior written approval of CCO and, if approved, shall be subject to continuous monitoring for possible future conflicts.

**Personal Securities Trading Limitations**

As previously stated, Castellan's fiduciary duty to clients and the obligation of all Firm employees to uphold that fundamental duty, includes first and foremost the duty at all times to place the interests of clients first. As such, Castellan expects all employees to work diligently in meeting client expectations and fulfilling their job responsibilities.

Although Castellan's policy does not impose strict limitations as to the number of transactions an access person is permitted to execute during a defined timeframe, the scope and volume of personal trading by access persons shall be periodically assessed. The Firm also recognizes that excessive trading may impede the ability of an individual to fulfill his or her primary obligation to our clients. In such circumstances Castellan retains the discretionary authority to impose limitations on the personal trading activities of the access person. Furthermore, and as part of Castellan's oversight and monitoring of personal trading by access persons, the Firm may impose heightened supervision and or trading restrictions on an access person if it believes that such actions are warranted.

**Process for Affiliated Private Fund Investments**

Castellan currently manages one or more private funds. Because Castellan encourages employees to personally invest in the same securities that are held by our clients, access persons of the Firm are permitted to invest in such limited offerings.

**Reporting Violations and Sanctions**

All supervised persons shall promptly report to the CCO all apparent or potential violations of the Code. Any retaliation for the reporting of a violation under this Code shall constitute a violation of the Code.

shall promptly report to Managing Director all apparent material violations of the Code. When CCO finds that a violation otherwise reportable to senior management could not be reasonably found to have resulted in a fraud, deceit, or a manipulative practice in violation of Section 206 of the Advisers Act, he or she may, in his or her discretion, submit a written memorandum of such finding and the reasons therefore to a reporting file created for this purpose in lieu of reporting the matter to senior management.

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Senior management shall consider reports made to it hereunder and shall determine whether or not the Code has been violated and what sanctions, if any, should be imposed. Possible sanctions may include reprimands, monetary fine or assessment, or suspension or termination of the employee's employment with the Firm.

**Acknowledgement**

**Initial Acknowledgement**

All supervised persons shall be provided with a copy of the Code and must initially acknowledge in writing they have: (i) received a copy of the Code; (ii) read and understand all provisions of the Code; (iii) agreed to abide by the Code; and (iv) reported all accounts and holdings as required by the Code.

**Acknowledgement of Amendments**

All supervised persons shall receive any amendments to the Code and must acknowledge in writing that they have: (i) received a copy of the amendment; (ii) read and understood the amendment; (iii) and agreed to abide by the Code as amended.

**Annual Acknowledgement**

All supervised persons must annually acknowledge in writing they have: (i) read and understood all provisions of the Code; (ii) complied with all requirements of the Code; and, if applicable, (iii) submitted all holdings and transaction reports as required by the Code.