# EDGAR Filing Document

**Accession Number:** 0002069687
**File Stem:** 0001999371-25-019178
**Filing Date:** 2025-12
**Character Count:** 772949
**Document Hash:** 8dc3c1b03bd73c05cedf0f04a068a6e5
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001999371-25-019178.hdr.sgml**: 20251202

**ACCESSION NUMBER**: 0001999371-25-019178

**CONFORMED SUBMISSION TYPE**: N-14/A

**PUBLIC DOCUMENT COUNT**: 32

**FILED AS OF DATE**: 20251202

**DATE AS OF CHANGE**: 20251202

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FIS Trust
- **CENTRAL INDEX KEY:** 0002069687

**ORGANIZATION NAME:**
- **EIN:** 335026697
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0630

**FILING VALUES:**
- **FORM TYPE:** N-14/A
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-288251
- **FILM NUMBER:** 251542305

**BUSINESS ADDRESS:**
- **STREET 1:** 8080 NORTH CENTRAL EXPRESSWAY
- **STREET 2:** STE 1700
- **CITY:** DALLAS
- **STATE:** TX
- **ZIP:** 75206
- **BUSINESS PHONE:** 480-295-7020

**MAIL ADDRESS:**
- **STREET 1:** 8080 NORTH CENTRAL EXPRESSWAY
- **STREET 2:** STE 1700
- **CITY:** DALLAS
- **STATE:** TX
- **ZIP:** 75206
**CENTRAL INDEX KEY**: 0002069687

**CENTRAL INDEX KEY**: 0001848758

**CENTRAL INDEX KEY**: 0002069687

**CENTRAL INDEX KEY**: 0001848758

## Series and Classes Contracts Data

### FIS Bright Portfolios Focused Equity ETF (Series ID: S000095073)

| Class ID   | Class Name                               | Ticker Symbol   |
|:---|:---|:---|
| C000263660 | FIS Bright Portfolios Focused Equity ETF |  |

### FIS Bright Portfolios Focused Equity ETF (Series ID: S000089423)

| Class ID   | Class Name                               | Ticker Symbol   |
|:---|:---|:---|
| C000255956 | FIS Bright Portfolios Focused Equity ETF |  |

### FIS Christian Stock Fund (Series ID: S000097285)

| Class ID   | Class Name               | Ticker Symbol   |
|:---|:---|:---|
| C000266468 | FIS Christian Stock Fund |  |

### FIS Christian Stock Fund (Series ID: S000075169)

| Class ID   | Class Name               | Ticker Symbol   |
|:---|:---|:---|
| C000234008 | FIS Christian Stock Fund | PRAY            |

****

As filed with the Securities and Exchange Commission on December 2, 2025

1933 Act Registration File No. 333-288251

**UNITED STATES<br> SECURITIES AND EXCHANGE COMMISSION**

 **Washington, D.C. 20549**

**FORM N-14**

REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 ☒ <br> Pre-Effective Amendment No. 1 ☒ <br> Post-Effective Amendment No.   ☐

**FIS TRUST**

(Exact Name of Registrant as Specified in Charter)

**8080 North Central Expressway, Suite 1700**

**Dallas, Texas 75206**

(Address of Principal Executive Offices) (Zip Code)

(Registrant's Telephone Number, including Area Code): **480.295.7020**

**The Corporation Trust Company** 

**Corporation Trust Center**

**1209 Orange Street**

**New Castle County**

**Wilmington, DE 19801**

(Name and Address of Agent for Service)

Copies to:

**Steven T. Nelson**

**Faith Investor Services LLC**

**8080 North Central Expressway, Suite 1700**

**Dallas, Texas 75206**

**Bibb L. Strench, Esq.**

**Thompson Hine LLP**

**1919 M Street, N.W., Suite 700**

**Washington, D.C. 20036**

Approximate Date of Proposed Public Offering:

☒ As soon as practicable after this Registration Statement becomes effective under the Securities Act of 1933, as amended.

Title of Securities Being Registered: Shares of beneficial interest, no par value per share, in the following series of the Registrant:

FIS Christian Stock Fund (PRAY)

FIS Bright Portfolios Focused Equity ETF (BRIF)

No filing fee is due because the Registrant is relying on Section 24(f) of the Investment Company Act of 1940, as amended, pursuant to which it has previously registered an indefinite number of securities.

The Registrant hereby amends this Registration Statement on such date or dates as may be necessary to delay its effective date until the Registrant shall file a further amendment which specifically states that this Registration Statement shall thereafter become effective in accordance with Section 8(a) of the Securities Act of 1933 or until the Registration Statement shall become effective on such date as the Securities and Exchange Commission, acting pursuant to said Section 8(a), may determine.

**NEOS ETF TRUST**

CONTENTS OF REGISTRATION STATEMENT

This Registration Statement is comprised of the following:

Cover Sheet

Contents of Registration Statement

Letter to Shareholders

Notice of Joint Special Meeting of Shareholders

Questions and Answers

Part A – Combined Proxy Statement and Prospectus

Part B – Statement of Additional Information

Part C – Other Information

Exhibit Index

Exhibits

**COMBINED PROXY STATEMENT AND PROSPECTUS**

**For the Reorganization of** 

**FIS Christian Stock Fund (PRAY)**

**FIS Bright Portfolios Focused Equity ETF (BRIF)**

**each a series of NEOS ETF Trust**

13 Riverside Avenue, Westport, CT 06880

**into**

**FIS Christian Stock Fund (PRAY)**

**FIS Bright Portfolios Focused Equity ETF (BRIF)**

**each a series of FIS Trust**

8080 North Central Expressway, Suite 1700, Dallas, Texas 75206

**October 17, 2025**

**FIS Christian Stock Fund (PRAY)**

**FIS Bright Portfolios Focused Equity ETF (BRIF)**

**each series of NEOS ETF TRUST**

13 Riverside Avenue, Westport, CT 06880

November 19, 2025

Dear Shareholder:

On behalf of the Board of Trustees of NEOS ETF Trust , we invite you to a Special Meeting of Shareholders (the "Special Meeting") of the FIS Christian Stock Fund (ticker: PRAY) and FIS Bright Portfolios Focused Equity ETF (ticker: BRIF) (each a "Target Fund" and collectively the "Target Funds"), each a series of NEOS ETF Trust, on December 29, 2025, at the offices of Faith Investor Services LLC, at 7328 East Deer Valley Road, Suite 105, Scottsdale, Arizona 85255, at 9:00 a.m. local time.

As discussed in more detail in the enclosed Combined Proxy Statement and Prospectus, at the Special Meeting, the shareholders of the Target Funds as of November 20, 2025 (the record date) will be asked to consider and vote to approve an Agreement and Plan of Reorganization (the "Plan") to reorganize the Target Funds into a corresponding new funds, FIS Christian Stock Fund (PRAY) and FIS Bright Portfolios Focused Equity ETF (BRIF) (the "Acquiring Funds"), which are newly created series of FIS Trust (the "Reorganization"). Faith Investor Services LLC will remain the investment adviser to the Acquiring Funds as a result of the reorganization and Bright Portfolios, LLC, the existing sub-adviser, and Vident Asset Management, the existing trading sub-adviser, respectively, of the FIS Bright Portfolios Focused Equity ETF of the Target Funds, will remain the sub-adviser and trading sub-adviser, respectively, for the FIS Bright Portfolios Focused Equity ETF of the Acquiring Funds. Capital Insight Partners, LLC, an affiliate of Faith Investor Services, will no longer be a sub-adviser for the FIS Christian Stock Fund of the Acquiring Funds. The investment objective of each Acquiring Fund is substantially similar to the investment objective of the Target Funds. The principal investment strategies of the Acquiring Funds are substantially similar to those of the Target Funds. The portfolio managers that currently manage the Target Funds will be the portfolio managers of the Acquiring Funds. The principal risks of investments in the Target Funds and the Acquiring Funds are substantially similar, although the wording of some risks is different. In addition, the Target Funds' will have the same distributor, administrator, fund accountant, transfer agent, custodian, legal counsel and independent registered public accounting firm.

We believe that the Reorganization will result in multiple benefits for the investors of each Target Fund, including those described below:

**1) Substantially Similar Investment Objective and Substantially Similar Principal Investment Strategies:** Each Acquiring Fund will have a substantially similar investment objective and substantially similar principal investment strategies as the corresponding Target Fund.

**2) Same Total Annual Operating Expense Ratios:** It is anticipated that each Acquiring Fund will have the same total annual fund operating expense ratio of the corresponding Target Fund, both before and after applicable waivers.

**3) Skills, Financial Capacity and Resources of Faith Investor Services LLC:** Each Acquiring Fund will be managed by Faith Investor Services LLC, provides investment advisory services two ETFs, the Target Funds, and a number of separately managed accounts, and which as of June 30, 2025 had assets under management of approximately $240 million**.**

**4) Expenses Relating to the Reorganization:** Each Target Fund will not incur any direct expenses in connection with the Reorganization.

**5) Reorganization is Not Expected to Dilute Shareholder's Interests:** The proposed Reorganization is not expected to result in the dilution of either Target Fund's shareholder's interests.

**6) Continued Ability to Sell Shares Rights Prior to Reorganization:** The shareholders of each Target Fund will continue to have the ability to sell their shares through a broker-dealer prior to the Reorganization.

**7) Federal Income Tax Consequences:** Each Reorganization is expected to qualify as a tax-free reorganization for U.S. federal income tax purposes, and the shareholders of each Target Fund are not expected to recognize any gain or loss upon receipt of the corresponding Acquiring Fund shares in the Reorganization.

The Acquiring Funds were established solely for the purpose of acquiring the assets of the Target Funds and continuing the Target Funds' business. Upon shareholder approval and effectiveness of the Plan, you will receive shares of the applicable Acquiring Fund equivalent to the value of your Target Fund shares as of the closing date of the Reorganization in complete liquidation and dissolution of the Target Fund, and you will no longer be a shareholder of the applicable Target Fund, but you will become a shareholder of the applicable Acquiring Fund. No sales loads, commissions, or other transactional fees will be imposed on shareholders in connection with the tax-free exchange of their shares. See "*Will I incur any direct or indirect fees or expenses as a result of the Reorganization?"* in the attached "Questions and Answers" for additional information.

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

**YOUR VOTE IS IMPORTANT.**

**The Board of Trustees of NEOS ETF Trust believes that the proposed Reorganization is in the best interest of the Target Funds' shareholders and recommends that you vote "FOR" the approval of the Plan to authorize the Reorganization with respect to the Target Funds.**

You can vote in one of four ways:

● **By mail** with the enclosed proxy card;

● **By internet** through the website listed in the proxy voting instructions;

● **By telephone** at 888-332-9934 **;** 

● **In person** at the Special Meeting on December 29, 2025.

Thank you for your consideration of this important proposal. Your vote is extremely important, so please read the enclosed Combined Proxy Statement and Prospectus carefully and submit your vote. If you have any questions about the proposal, please call proxy solicitor, Mediant at 888-332-9934.

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

Sincerely,

Robert Shea

Secretary

NEOS ETF Trust

**FIS Christian Stock Fund (PRAY)**

**FIS Bright Portfolios Focused Equity ETF (BRIF)**

**each a series of NEOS ETF Trust** 

13 Riverside Avenue, Westport, CT 06880

**NOTICE OF SPECIAL MEETING OF SHAREHOLDERS** 

 **TO BE HELD ON December 29, 2025**

NOTICE IS HEREBY GIVEN that the Special Meeting of Shareholders (the "Special Meeting") of the FIS Christian Stock Fund (PRAY) and FIS Bright Portfolios Focused Equity ETF (BRIF) (each a "Target Fund" and collectively the "Target Funds"), a series of NEOS ETF Trust, on December 29, 2025, at the offices of Faith Investor Services LLC, at 7328 East Deer Valley Road, Suite 105, Scottsdale, Arizona 85255, at 9:00 a.m. local time.

At the Special Meeting, you and the other shareholders of the Target Funds will be asked to consider and vote to approve the Agreement and Plan of Reorganization (the "Plan") approved by the NEOS ETF Trust Board of Trustees, which provides for the reorganization (the "Reorganization") of the Target Funds, each a series of NEOS ETF Trust, into the FIS Christian Stock Fund (PRAY) and FIS Bright Portfolios Focused Equity ETF (BRIF), a newly created series of FIS Trust. The persons designated as proxies may use their discretionary authority to vote as instructed by management of the Target Funds on any other proposals raised at the Special Meeting to the extent permitted by the proxy rules of the U.S. Securities and Exchange Commission (the "SEC"), including proposals for which timely notice was not received, as set forth in the SEC's proxy rules.

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

Holders of record of the shares of beneficial interest in the Target Funds as of the close of business on November 20, 2025 (the record date) are entitled to vote at the Special Meeting or any adjournments or postponements thereof.

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

This Notice of Special Meeting of Shareholders and the Combined Proxy Statement and Prospectus are available on the internet or by calling (toll-free) 888-332-9934. On this webpage, you also will be able to access the Target Funds' Prospectus, the Acquiring Fund's Prospectus, and any amendments or supplements to the foregoing material that are required to be furnished to shareholders. We encourage you to access and review all of the important information contained in the proxy materials before voting.

By order of the Board of Trustees of NEOS ETF Trust,

Robert Shea

Secretary

NEOS ETF Trust

November 19, 2025

**HOW TO VOTE YOUR SHARES**

**YOUR VOTE IS IMPORTANT**

**NO MATTER HOW MANY SHARES YOU OWN**

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

● **In person** at the Special Meeting on December 29, 2025.

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

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

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

● **Telephone:** To vote your proxy by phone, please dial 888-332-9934.

If you have any questions regarding the proposal, the proxy card, or need assistance voting your shares, please contact the Target Funds' proxy solicitor, Mediant at 888-332-9934. If a Target Fund does not receive your voting instructions after our original mailing, you may be contacted by NEOS ETF Trust, or any of their affiliates to remind you to vote.

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

**FIS Christian Stock Fund (PRAY)**

**FIS Bright Portfolios Focused Equity ETF (BRIF)**

**each a series of NEOS ETF Trust**

13 Riverside Avenue, Westport, CT 06880

**QUESTIONS AND ANSWERS**

**The following questions and answers provide an overview of some of the key features of the proposed Reorganization. Please call 888-332-9934 with any questions about the Reorganization or the Combined Proxy Statement and Prospectus generally or to obtain a copy of the Target Fund's prospectuses and statement of additional information.**

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

<u>Answer</u>: The attached Combined Proxy Statement and Prospectus (the "Proxy Statement") is a proxy statement for FIS Christian Stock Fund (PRAY) and FIS Bright Portfolios Focused Equity ETF (BRIF) (each a "Target Fund" and collectively the "Target Funds"), each a series of NEOS ETF, and a prospectus for the shares of the FIS Christian Stock Fund (PRAY) and FIS Bright Portfolios Focused Equity ETF (BRIF) (each an "Acquiring Fund" and collectively the "Acquiring Funds"), each a newly created series of FIS Trust, an open-end management investment company registered with the U.S. Securities and Exchange Commission ("SEC"). The purposes of the Proxy Statement are to (1) solicit votes from shareholders of the Target Fund to approve the proposed reorganization of the Target Funds into the Acquiring Funds (the "Reorganization"), as described in the Agreement and Plan of Reorganization between NEOS ETF Trust and FIS Trust (the "Plan"), a copy of which is attached to the Proxy Statement as <u>Appendix A</u>, and (2) provide information regarding the shares of the Acquiring Funds. Approval of the Target Funds' shareholders is required to proceed with the Reorganization. If the shareholders of a Target Fund does not approve the proposal, then the Reorganization will not be implemented and the Board of Trustees of NEOS ETF Trust (the "Board") will consider what further actions to take.

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

***<u>Question</u>: How does the NEOS ETF Trust Board of Trustees recommend that I vote?***

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

***<u>Question</u>: Who will manage the Acquiring Fund?***

<u>Answer</u>: Faith Investor Services will remain the investment adviser to the Acquiring Funds as a result of the Reorganization. Bright Portfolios, LLC will remain the sub-adviser, and Vident Asset Management will remain the trading sub-adviser, respectively, to FIS Bright Portfolios Focused Equity ETF of the Acquiring Funds as a result of the Reorganization. Capital Insight Partners, LLC, an affiliate of Faith Investor Services, will no longer be a sub-adviser for the FIS Christian Stock Fund of the Acquiring Funds.

***<u>Question</u>: Are the investment objectives and strategies of the Acquiring Funds similar to the investment objectives and strategies of the Target Funds?***

 <u>Answer</u>: The investment objectives of the Target Funds and the Acquiring Funds and the principal investment strategies of the Funds are substantially similar.

***<u>Question</u>: What is the purpose of the Reorganization?***

<u>Answer</u>: The primary purpose of the Reorganization is for the Acquiring Funds to acquire the assets of the corresponding Target Funds and continue the business of the Target Funds. Faith Investor Services LLC, the investment adviser to the Target Funds, has informed the Target Funds of its intention to remain as the investment adviser to the Acquiring Funds as a result of the Reorganization and Bright Portfolios, LLC will remain the sub-adviser, and Vident Asset Management will remain the trading sub-adviser, respectively, to FIS Bright Portfolios Focused Equity ETF of the Acquiring Funds as a result of the Reorganization. Shareholders are being asked to approve an Agreement and Plan of Reorganization providing for: (i) the acquisition by FIS Trust, a Delaware statutory trust, on behalf of the Acquiring Funds, of all of the property and other assets of the Target Funds, in exchange solely for shares of beneficial interest of the Acquiring Funds; (ii) the assumption by the FIS Trust, on behalf of the Acquiring Funds, of all liabilities of the Target Funds; (iii) the distribution of the shares of the Acquiring Funds to the shareholders of the Target Funds according to their respective interests in complete liquidation of the Target Funds; and (iv) the termination of the Target Funds as a series of NEOS ETF Trust as soon as practicable after the distribution.

***<u>Question</u>: How will the Reorganization work?***

<u>Answer</u>: As part of the Reorganization, new series of FIS Trust, referred to as the "Acquiring Funds," with substantially similar investment policies and strategies as the Target Funds, has been created. Each Acquiring Fund is newly organized and has no assets or liabilities. If the Target Funds' shareholders approve the Plan, each Target Fund will transfer all of its assets to the applicable Acquiring Fund in return for shares of the applicable Acquiring Fund and the applicable Acquiring Fund's assumption of the Target Fund's liabilities. Existing shareholders of the Target Fund will become shareholders of the applicable Acquiring Fund and, immediately after the Reorganization, each shareholder will hold shares of the applicable Acquiring Fund with a value equal to the aggregate net asset value of each Target Fund shares that the shareholder held immediately prior to the Reorganization. Subsequently, the Target Funds will be liquidated and terminated.

Please refer to the Proxy Statement for a detailed explanation of the proposal. If the Plan is approved by shareholders of the Target Funds at the Special Meeting of Shareholders (the "Special Meeting"), the Reorganization is expected to be effective on or about December 29, 2025.

***<u>Question</u>: Will I become an Acquiring Fund shareholder as a result of the Reorganization?***

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

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

<u>Answer</u>: NEOS ETF Trust and FIS Trust have different Boards of Trustees, distributors and legal counsel, as set forth in the table below; however, NEOS ETF Trust and FIS Trust have the same distributor, administrator, fund accountant, transfer agent, custodian, legal counsel and independent registered public accounting firm.

---

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

---

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

<u>Answer</u>: No. The fees and expenses are expected to remain the same.

***<u>Question</u>: Will the shares of the Acquiring Funds trade on the same exchange as the shares of the Target Funds?***

<u>Answer</u>*:* Yes. Shares of the Target Funds currently trade on NYSE Arca under the ticker symbols PRAY and BRIF and shares of the Acquiring Funds will be listed for trading on NYSE Arca under the same ticker symbol.

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

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

***<u>Question</u>: Will the Reorganization result in any taxes?***

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

***<u>Question</u>: Will my basis change as a result of a Reorganization?***

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

***<u>Question</u>: Will I incur any direct or indirect fees or expenses as a result of a Reorganization?***

<u>Answer</u>: No commission or other direct transactional fees will be imposed on shareholders in connection with a Reorganization.

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

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

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

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

***<u>Question</u>: Will a Reorganization affect my ability to buy and sell shares?***

 <u>Answer</u>: No. You may continue to make additional purchases or sales each Target Fund shares through your financial intermediary up to and including until prior to the close of trading (i.e., 4:00 p.m. Eastern Time) on the day of the applicable Reorganization, which is anticipated to be on or about December 29, 2025. Any purchases or sales of Target Fund shares made after the applicable Reorganization will be purchases or sales of the Acquiring Fund. If the Reorganization is approved, your shares of each Target Fund will automatically be converted to shares of the applicable Acquiring Fund.

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

<u>Answer</u>: If shareholders of a Target Fund do not approve the Plan, then the applicable Target Fund will not be reorganized into the applicable Acquiring Fund and the Board will consider what further actions to take with respect to the Target Fund. In such event, the Target Fund will continue to operate and Faith Investor Services, LLC and Bright Portfolios, LLC will continue to serve as investment adviser and sub-adviser, respectively, to the Target Fund while the Board considers other alternatives in the best interest of the Target Fund's shareholders.

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

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

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

<u>Answer</u>: If you have any questions regarding the proposals or the proxy card, or need assistance voting your shares, please call the Target Funds' proxy solicitor, Mediant at 888-332-9934.

**COMBINED PROXY STATEMENT AND PROSPECTUS**

**October 17, 202**5

**For the Reorganization of**

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **FIS Christian Stock Fund (PRAY)**<br> **FIS Bright Portfolios Focused Equity ETF (BRIF)**<br> **each a series of NEOS ETF Trust**<br> 13 Riverside Avenue, Westport, CT 06880  |
| **into** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **FIS Christian Stock Fund (PRAY)**<br> **FIS Bright Portfolios Focused Equity ETF (BRIF)**<br> **each a series of FIS Trust** <br> 8080 North Central Expressway, Suite 1700 Dallas, Texas 75206 |

---

This Combined Proxy Statement and Prospectus (the "Proxy Statement") is being sent to you in connection with the solicitation of proxies by the Board of Trustees (the "Board") of NEOS ETF Trust for use when the Special Meeting of Shareholders (the "Special Meeting") of the FIS Christian Stock Fund (PRAY) and FIS Bright Portfolios Focused Equity ETF (BRIF), each a series of NEOS ETF Trust (individually a "Target Fund" and collectively the "Target Funds"), will be held at the principal executive offices of Faith Investor Services LLC, at 7328 East Deer Valley Road, Suite 105, Scottsdale, Arizona 85255, at 9:00 a.m. local time, on December 29, 2025. At the Special Meeting, shareholders of the Target Fund will be asked to consider and vote upon the following proposal:

---

| |
|:---|
| **Proposal** |
| ***To approve the Agreement and Plan of Reorganization (the "Plan") approved by the Board of Trustees of NEOS ETF Trust that provides for the reorganization of the Target Funds into the corresponding funds indicated below (each an "Acquiring Fund" and collectively the "Acquiring Funds"), each a newly created series of FIS Trust (the "Reorganization").*** |

---

After careful consideration, the Board recommends that shareholders vote "FOR" the proposal.

The Plan provides that all of the assets of each Target Fund will be transferred to the indicated Acquiring Fund in exchange for shares of beneficial interest ("shares") of the indicated Acquiring Fund and the indicated Acquiring Fund's assumption of all the Target Fund's liabilities. If shareholders of a Target Fund vote to approve the Plan, shareholders of the Target Fund will receive shares of the indicated Acquiring Fund with a value equal to the aggregate net asset value ("NAV") of their shares of the Target Fund held immediately prior to the Reorganization in complete liquidation and termination of the Target Fund. The table below shows the Target Funds and Acquiring Funds.

---

| | | |
|:---|:---|:---|
| **Target Funds (each a series of NEOS ETF Trust)** |  | **Acquiring Funds (each a series of FIS Trust)** |
| FIS Christian Stock Fund | ![](fisn14001.jpg) | FIS Christian Stock Fund |
| FIS Bright Portfolios Focused Equity ETF | ![](fisn14001.jpg) | FIS Bright Portfolios Focused Equity ETF |

---

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

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

**FIS Christian Stock Fund (PRAY)**

● the [Prospectus of the Target Fund](https://www.sec.gov/ix?doc=/Archives/edgar/data/1848758/000199937125014176/brif-485bpos_093025.htm) , dated September 30, 2025 (File Nos. 333-253997 and 811-23645);

● the [Statement of Additional Information of the Target Fund](https://www.sec.gov/ix?doc=/Archives/edgar/data/1848758/000199937125014176/brif-485bpos_093025.htm) , dated September 30, 2025 (File Nos. 333-253997 and 811-23645);

● the [Annual Report for the Target Fund](https://www.sec.gov/ix?doc=/Archives/edgar/data/1848758/000113322825008163/netft-efp16655_ncsr.htm) for the year ended May 31, 2025 (File No. 811-23645); and;

● the [Semi-Annual Report for the Target Fund](https://www.sec.gov/ix?doc=/Archives/edgar/data/1848758/000113322825001000/fsrp-efp12742_ncsrs.htm) for the period ended November 30, 2024 (File No. 811-23645).

**FIS Bright Portfolios Focused Equity ETF (BRIF)**

● the [Prospectus of the Target Fund](https://www.sec.gov/ix?doc=/Archives/edgar/data/1848758/000199937125014176/brif-485bpos_093025.htm) <u>, dated</u> September 30, 2025 (File Nos. 333-253997 and 811-23645);

● the [Statement of Additional Information of the Target Fund](https://www.sec.gov/ix?doc=/Archives/edgar/data/1848758/000199937125014176/brif-485bpos_093025.htm) , dated September 30, 2025 (File Nos. 333-253997 and 811-23645); and

● the [Annual Report for the Target Fund](https://www.sec.gov/ix?doc=/Archives/edgar/data/1848758/000113322825008163/netft-efp16655_ncsr.htm) for the year ended May 31, 2025 (File No. 811-23645).

This Proxy Statement will be mailed on or about December 4, 2025 to shareholders of record of each Target Fund as of November 20, 2025.

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

Copies of the Proxy Statement, Proxy Statement SAI, and any of the foregoing documents relating to the Target Funds is available upon request and without charge by writing the Target Fund's distributor, Foreside Fund Services, LLC, Three Canal Plaza, Suite 100, Portland, Maine 04101, by visiting the Target Fund's website at etf.nationwidefinancial.com, or by calling 833-833-1311. Copies of documents relating to the Acquiring Funds, when available, may be obtained upon request and without charge by writing to the Acquiring Funds, c/o Foreside Fund Services, LLC at Three Canal Plaza, Suite 100, Portland, Maine 04101, by calling (toll-free) at 833-833-1311.

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

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

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

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| **[PROPOSAL – TO APPROVE THE AGREEMENT AND PLAN OF REORGANIZATION](#fisn14a001)** | **2** |
| &nbsp;&nbsp;&nbsp;[OVERVIEW OF THE PROPOSED REORGANIZATION](#fisn14a002) | 2 |
| &nbsp;&nbsp;&nbsp;[EFFECT OF THE REORGANIZATION](#fisn14a003) | 3 |
| &nbsp;&nbsp;&nbsp;[SUMMARY COMPARISON OF THE FUNDS](#fisn14a004) | 4 |
| &nbsp;&nbsp;&nbsp;[REASONS FOR THE REORGANIZATION](#fisn14a005) | 23 |
| &nbsp;&nbsp;&nbsp;[BOARD CONSIDERATIONS](#fisn14a006) | 24 |
| &nbsp;&nbsp;&nbsp;[KEY INFORMATION ABOUT THE PROPOSED REORGANIZATION](#fisn14a007) | 26 |
| &nbsp;&nbsp;&nbsp;[ADDITIONAL INFORMATION ABOUT THE FUNDS](#fisn14a008) | 29 |
| [**VOTING INFORMATION**](#fisn14a009) | **30** |
| &nbsp;&nbsp;&nbsp;[RECORD DATE, VOTING RIGHTS, AND VOTES REQUIRED](#fisn14a010) | 30 |
| &nbsp;&nbsp;&nbsp;[HOW TO VOTE](#fisn14a011) | 31 |
| &nbsp;&nbsp;&nbsp;[PROXIES](#fisn14a012) | 31 |
| &nbsp;&nbsp;&nbsp;[QUORUM AND ADJOURNMENTS](#fisn14a013) | 32 |
| &nbsp;&nbsp;&nbsp;[EFFECT OF ABSTENTIONS AND BROKER "NON-VOTES"](#fisn14a014) | 32 |
| &nbsp;&nbsp;&nbsp;[SOLICITATION OF PROXIES](#fisn14a015) | 32 |
| [**OTHER INFORMATION**](#fisn14a016) | **32** |
| &nbsp;&nbsp;&nbsp;[OTHER BUSINESS](#fisn14a017) | 32 |
| &nbsp;&nbsp;&nbsp;[APPRAISAL RIGHTS](#fisn14a018) | 32 |
| &nbsp;&nbsp;&nbsp;[NEXT MEETING OF SHAREHOLDERS](#fisn14a019) | 32 |
| &nbsp;&nbsp;&nbsp;[LEGAL MATTERS](#fisn14a020) | 32 |
| &nbsp;&nbsp;&nbsp;[INFORMATION FILED WITH THE SEC](#fisn14a021) | 32 |
| [**APPENDIX A - AGREEMENT AND PLAN OF REORGANIZATION**](#fisn14a022) | **A-1** |
| [**APPENDIX B - FINANCIAL HIGHLIGHTS OF THE TARGET FUND** **S**](#fisn14a023) | **B-1** |
| [**APPENDIX C - OWNERSHIP OF SHARES OF THE TARGET FUND** **S**](#fisn14a024) | **C-1** |
| [**APPENDIX D - SHAREHOLDER INFORMATION ON THE ACQUIRING FUND** **S**](#fisn14a025) | **D-1** |

---

**PROPOSAL – TO APPROVE THE AGREEMENT AND PLAN OF REORGANIZATION**

**OVERVIEW OF THE PROPOSED REORGANIZATION**

The Board of Trustees of NEOS ETF Trust recommends that shareholders of each Target Fund approve the Plan, pursuant to which the Target Funds will reorganize into the indicated Acquiring Fund listed below and each Target Fund shareholder will become a shareholder of the indicated Acquiring Fund. A copy of the Plan is attached to this Proxy Statement as <u>Appendix A</u>. At a meeting held on August 25, 2025, the Board considered the Reorganization. Based upon the Board's evaluation of the terms of the Plan and other relevant information presented to the Board in advance of the meeting, and in light of its fiduciary duties under federal and state law, the Board determined that the Reorganization is in the best interests of each Target Fund and its shareholders. See the section entitled "Board Considerations" for a summary of the factors considered and conclusions drawn by the Board in approving the Plan and authorizing the submission of the Plan to shareholders for approval.

---

| | | |
|:---|:---|:---|
| **Target Funds (each a series of NEOS ETF Trust)** |  | **Acquiring Funds (each a series of FIS Trust)** |
| FIS Christian Stock Fund | ![](fisn14001.jpg) | FIS Christian Stock Fund |
| FIS Bright Portfolios Focused Equity ETF | ![](fisn14001.jpg) | FIS Bright Portfolios Focused Equity ETF |

---

As part of the Reorganization, a new series of FIS Trust, referred to as the "Acquiring Fund," with substantially similar investment strategies as the Target Fund, has been created. If the shareholders of each Target Fund approve the Plan, the Reorganization will have these primary steps:

● All of the assets of each Target Fund will be transferred to the indicated Acquiring Fund in exchange for shares of the Acquiring Fund and the Acquiring Fund's assumption of all the Target Fund's liabilities;

● Immediately after the transfer of each Target Fund's assets as provided for in the Plan, each Target Fund will distribute shares of the indicated Acquiring Fund received by the Target Fund pro rata to their shareholders in redemption of the outstanding shares of each Target Fund;

● Each Target Fund will be liquidated and terminated.

**The consummation of one proposed reorganization is not contingent upon the consummation of any other proposed reorganization. A Target Fund will not be obligated to consummate its proposed reorganization if another Target Fund has not obtained the requisite shareholder approval with respect to that Target Fund**. Approval of the Plan will constitute approval of the transfer of each Target Fund's assets to the indicated Acquiring Fund, the assumption of each Target Fund's liabilities by the indicated Acquiring Fund, the distribution of the indicated Acquiring Fund shares to the Target Fund's shareholders, and the liquidation and termination of each Target Fund. Shares of each Acquiring Fund issued in connection with the Reorganization will have an aggregate NAV equal to the aggregate value of the assets that the Target Fund transferred to the Acquiring Fund, less the Target Fund's liabilities that the Acquiring Fund assumes. As a result of the Reorganization, existing shareholders of the Target Fund will become shareholders of the indicated Acquiring Fund. Shareholders of each Target Fund will receive shares of the indicated Acquiring Fund with a value equal to the aggregate NAV of their shares of the Target Fund held immediately prior to the Reorganization. No commissions or other transaction fees will be charged to the Target Fund's shareholders in connection with the Reorganization.

For U.S. federal income tax purposes, the Reorganization is expected to qualify as a "reorganization" within the meaning of section 368(a)(1)(F) of the U.S. Internal Revenue Code of 1986, as amended (the "Code"). In general, the Target Fund will not recognize any gain or loss as a result of the transfer of all of its assets in exchange for shares of the Acquiring Fund and the Acquiring Fund's assumption of the Target Fund's liabilities or as a result of its liquidation and termination, and shareholders of the Target Fund will not recognize any gain or loss upon receipt of shares of the Acquiring Fund in connection with the Reorganization. As a non-waivable condition to the Reorganization, NEOS ETF Trust and FIS Trust will receive an opinion from tax counsel to FIS Trust to the effect that the Reorganization will qualify as a tax-free reorganization for federal income tax purposes as defined by Section 368(a) of the Code.

The purchase and redemption procedures, as well as the exchange rights, of the Acquiring Funds are the same as those of the Target Funds. Shares of the Target Funds are listed for trading on NYSE Arca under the ticker symbols PRAY and BRIF, and shares of the Acquiring Funds will likewise be listed for trading on NYSE Arca under the ticker symbol PRAY and BRIF.

**EFFECT OF THE REORGANIZATION**

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

**FIS Christian Stock Fund (PRAY)**

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Target Fund** | &nbsp;&nbsp;**Acquiring Fund** |
| &nbsp;&nbsp;**Identity of Fund** | &nbsp;&nbsp;FIS Christian Stock Fund (PRAY) | &nbsp;&nbsp; FIS Christian Stock Fund (PRAY)<br>|
| &nbsp;&nbsp;**Investment Adviser** | &nbsp;&nbsp;Faith Investor Services LLC | &nbsp;&nbsp;Faith Investor Services LLC |
| &nbsp;&nbsp;**Portfolio Managers** | &nbsp;&nbsp;Steven T. Nelson, CFA, Craig J. McCrory, CFA, and Sara A. LaClair, CFA | &nbsp;&nbsp;Steven T. Nelson, CFA and John Rowley, CFA |
| &nbsp;&nbsp;**Management Fee** | &nbsp;&nbsp;0.68% | &nbsp;&nbsp;Same. |
| &nbsp;&nbsp;**Investment Objective** | &nbsp;&nbsp;FIS Christian Stock Fund (PRAY) seeks long-term growth of capital and income. | &nbsp;&nbsp;Same. |
| &nbsp;&nbsp;**Listing Exchange** | &nbsp;&nbsp;NYSE Arca, Inc. | &nbsp;&nbsp;Same. |
| &nbsp;&nbsp;**Form of Organization** | &nbsp;&nbsp;Series of a Delaware statutory trust | &nbsp;&nbsp;Series of a Delaware statutory trust |

---

**FIS Bright Portfolios Focused Equity ETF (BRIF)** 

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Target Fund** | &nbsp;&nbsp;**Acquiring Fund** |
| &nbsp;&nbsp;**Identity of Fund** | &nbsp;&nbsp;FIS Bright Portfolios Focused Equity ETF (BRIF) | &nbsp;&nbsp;FIS Bright Portfolios Focused Equity ETF (BRIF) |
| &nbsp;&nbsp;**Investment Adviser** | &nbsp;&nbsp;Faith Investor Services LLC | &nbsp;&nbsp;Faith Investor Services LLC |
| &nbsp;&nbsp;**Sub-Adviser** | &nbsp;&nbsp;Bright Portfolios, LLC | &nbsp;&nbsp;Bright Portfolios, LLC |
| &nbsp;&nbsp;**Trading Sub-Adviser** | &nbsp;&nbsp;Vident Asset Management | &nbsp;&nbsp;Vident Asset Management |
| &nbsp;&nbsp;**Portfolio Managers** | &nbsp;&nbsp;Ben Malick, Mark Riefer, Josh Barlow, Rafael Zayas, Austin Wen, and Yin Bhuyan | &nbsp;&nbsp;Ben Malick, Mark Riefer, Josh Barlow, Rafael Zayas, Austin Wen, and Yin Bhuyan |
| &nbsp;&nbsp;**Management Fee** | &nbsp;&nbsp;0.65% | &nbsp;&nbsp;Same. |
| &nbsp;&nbsp;**Investment Objective** | &nbsp;&nbsp; <br> FIS Bright Portfolios Focused Equity ETF (BRIF) seeks long term capital appreciation. | &nbsp;&nbsp;Same. |
| &nbsp;&nbsp;**Listing Exchange** | &nbsp;&nbsp;NYSE Arca, Inc. | &nbsp;&nbsp;Same. |
| &nbsp;&nbsp;**Form of Organization** | &nbsp;&nbsp;Series of a Delaware statutory trust | &nbsp;&nbsp;Series of a Delaware statutory trust |

---

After the Reorganizations, Faith Investor Services LLC, which currently serves as the investment adviser to the Target Funds, will be the investment adviser of the Target Funds. Bright Portfolio, LLC, will continue as the sub-adviser for, and Vident Asset Management will continue to be the trading sub-adviser for, respectively, the FIS Bright Portfolios Focused Equity ETF. Capital Insight Partners, LLC, an affiliate of Faith Investor Services, will no longer be a sub-adviser for the FIS Christian Stock Fund.

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

**SUMMARY COMPARISON OF THE FUND**

**Fees and Expenses of the Fund**

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

**FIS Christian Stock Fund (PRAY)**

---

| | | |
|:---|:---|:---|
| **Fees and Expenses** | **Target** <br> **Fund Shares**  | **Acquiring** <br> **Fund Shares** <br> ***(pro forma)***  |
| **Annual Fund Operating Expenses** <br> **(e*xpenses that you pay each year as a percentage of the value of your investment)***  |  |  |
| &nbsp;&nbsp;&nbsp; Management Fee | 0.68% | 0.68% |
| &nbsp;&nbsp;&nbsp; Distribution (12b-1) Fees | 0.00% | 0.00% |
| &nbsp;&nbsp;&nbsp; Other Expenses | 0.01% | 0.01% |
| &nbsp;&nbsp;&nbsp; Acquired Fund Fees and Expenses<sup>(1)</sup> | 0.00% | 0.00% |
| **Total Annual Fund Operating Expenses** | 0.69% | 0.69% |

---

(1) Acquired
Fund Fees and Expenses ("AFFE") are the indirect costs of investing in other investment companies (including money
market funds). The operating expenses in this fee table do not correlate to the expense ratio in the Fund's financial highlights
because the financial statements include only the direct operating expenses incurred by the Fund.

**FIS Bright Portfolios Focused Equity ETF (BRIF)**

---

| | | |
|:---|:---|:---|
| **Fees and Expenses** | **Target** <br> **Fund Shares**  | **Acquiring** <br> **Fund Shares** <br> ***(pro forma)***  |
| **Annual Fund Operating Expenses** <br> **(e*xpenses that you pay each year as a percentage of the value of your investment)***  |  |  |
| &nbsp;&nbsp;&nbsp; Management Fee | 0.65% | 0.65% |
| &nbsp;&nbsp;&nbsp; Distribution (12b-1) Fees | 0.00% | 0.00% |
| &nbsp;&nbsp;&nbsp; Other Expenses | 0.00% | 0.00% |
| Acquired Fund Fees and Expenses<sup>(1)</sup> | 0.01% | 0.01% |
| **Total Annual Fund Operating Expenses** | 0.66% | 0.66% |

---

(1) Acquired
Fund Fees and Expenses ("AFFE") are the indirect costs of investing in other investment companies (including money
market funds). The operating expenses in this fee table do not correlate to the expense ratio in the Fund's financial highlights
because the financial statements include only the direct operating expenses incurred by the Fund.

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

The Example below is intended to help you compare the cost of investing in shares of the Target Fund with the cost of investing in shares of the Acquiring Fund on a *pro forma* basis. The Example assumes that you invest $10,000 in each Fund and then redeem all of your shares at the end of each period. The Example also assumes that your investment has a 5% annual return and that operating expenses remain the same. The Example does not take into account brokerage commissions that you may pay on your purchases and sales of shares of the Acquiring Fund. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

**FIS Christian Stock Fund (PRAY)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **One Year** | **Three Years** | **Five Years** | **Ten Years** |
| Target Fund shares | $70 | $221 | $384 | $859 |
| Acquiring Fund shares – (*pro forma*) | $70 | $221 | $384 | $859 |

---

**FIS Bright Portfolios Focused Equity ETF (BRIF)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **One Year** | **Three Years** | **Five Years** | **Ten Years** |
| Target Fund shares | $67 | $211 | $368 | $822 |
| Acquiring Fund shares – (*pro forma*) | $67 | $211 | $368 | $822 |

---

**Fund Performance**

The Acquiring Funds will not commence operations until after the closing of the Reorganization. At that time, the Acquiring Funds will adopt the performance history of the Target Fund.

The following performance information indicates some of the risks of investing in the Fund. The bar chart shows the Fund's performance for the calendar year ended December 31. The table illustrates how the Fund's average annual returns for the 1-year and since inception periods compared with those of a broad measure of market performance as well as an additional index that represents the asset classes in which the Fund invests. Each Target Fund's past performance, before and after taxes, does not necessarily indicate how it or the Acquiring Fund will perform in the future. Updated performance information is also available on the Funds' website at faithinvestorsservices.com.

**Average Annual Total Returns**

**For the Period Ended December 31, 2024**

---

| | | |
|:---|:---|:---|
| **FIS Christian Stock Fund (PRAY)** | **1 Year** | **Since Inception** <br> **(2/8/2022)**  |
| Return (NAV) | 9.23% | 6.13% |
| Return (Market Price) | 13.72% | 9.05% |
| **MSCI World Index** <br> (reflects no deduction for fees, expenses, or taxes)  | 13.52% | 10.40% |

---

**FIS Bright Portfolios Focused Equity ETF (BRIF)** 

FIS Bright Portfolios Focused Equity ETF (inception date: 12.20.2024) had not completed a full year of operations as of December 31, 2024, and accordingly no performance information is presented for the Fund.

**Portfolio Turnover**

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund's performance. This rate excludes the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the Fund's Shares and securities, including options, whose maturities or expiration dates at the time of acquisition were one year or less. For the fiscal year ended May 31, 2025, PRAY's (the Target Fund) portfolio turnover rate was 19% of the average value of its portfolio. For the fiscal year ended May 31, 2025, BRIF's (the Target Fund) portfolio turnover rate was 34% of the average value of its portfolio.

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

The Target Fund and the Acquiring Fund have the same investment objectives and strategies, which are presented in the table below.

---

| | |
|:---|:---|
| **Target Fund** | **Acquiring Fund** |
| ***Investment Objective*** | |
| **FIS Christian Stock Fund (PRAY)** | |
| The Fund seeks long-term growth of capital and income. | Same. |
| **FIS Bright Portfolios Focused Equity ETF (BRIF)** | |
| The Fund seeks long term capital appreciation. | Same. |

---

---

| | |
|:---|:---|
| **Target Fund** | **Acquiring Fund** |
| ***Principal Investment Strategies*** | |
| **FIS Christian Stock Fund (PRAY)** | |

---

---

| | |
|:---|:---|
| The Fund is an actively managed exchange traded fund ("ETF"). Under normal circumstances, the Fund invests in equity securities, including common stock and American Depositary Receipts ("ADRs") and Global Depositary Receipts ("GDRs") of international and domestic companies. The Fund may seek to meet its investment objective by directly investing in equity securities. To achieve its objective, the Fund seeks to outperform the MSCI World Index (the "Benchmark"). | Same. |
| In determining whether a company is a non-U.S. company, Capital Insight Partners, LLC (the "Sub-Adviser") will consider whether the company: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● has a class of securities whose principal securities market is outside the U.S.; |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● has its principal office outside the U.S.; or |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● is otherwise determined to be economically tied to a country outside the U.S. by the Sub-Adviser in its discretion (e.g., using classifications assigned by third parties, including an issuer's "country of risk" as determined by MSCI Global Industry Classification Standards or the classifications assigned to a company by the Fund's benchmark index provider). | |

---

---

| |
|:---|
| The assets of the Fund are managed by the Sub-Adviser, which employs an "active management" investment strategy in seeking to achieve the Fund's investment objective. The Sub-Adviser first uses a quantitative screen on the investable global universe looking for companies characterized as growth at a reasonable price (GARP). The Sub-Adviser next applies a Christian values overlay to establish the universe of securities eligible for investment. The Sub-Adviser then combines fundamental research and qualitative analysis, to identify companies that have above-average investment potential. The portfolio is constructed with considerations relative to the sector and regional weights of the Benchmark to ensure broad diversification. The Fund will not buy or continue to hold a stock issued by a company if, in the opinion of the Sub-Adviser, the company no longer passes the Christian values filter. The Sub-Adviser also will generally sell a stock on behalf of the Fund if the stock experiences extreme price movements, if the stock exhibits weak performance relative to its peers, or for risk management purposes. The Fund at a minimum will, under normal market conditions, invest 80% or more of its assets (net assets plus any borrowings for investment purposes, if any) in stocks that pass its Christian values filter. Except for its cash-type holdings, the Fund intends to invest 100% of its assets in stocks that satisfy these Christian values under normal market conditions. |
| The Sub-Adviser evaluates long-term economic trends that are likely to persist for the foreseeable future, identifies bullish and bearish markets, incorporates technical analysis which include price and volume trends, geopolitical issues and relative market valuation metrics. The Fund can purchase both domestic and foreign securities to add further flexibility for risk management. The Sub-Adviser has the ability to raise up to 50% in cash or cash equivalents should its indicators begin to show shifts in the macroeconomic landscape, that valuations are at extreme levels, that company fundamentals deteriorate, or if the stock markets experience unexpected events that have a great and broad market impact. Furthermore, if a stock price falls materially from cost, the position would be analyzed and reviewed by the Sub-Adviser's investment committee and that committee would decide whether to continue to hold or sell the stock. |
| The Fund makes investment decisions in accordance with biblically responsible (Christian values). The Sub-Adviser applies a Christian values overlay to eliminate companies whose businesses engage in activities that are not aligned with biblical teachings such as abortion, contraception, embryonic stem cell research/human cloning, human rights violations, or who produce pornography, alcohol, tobacco, armaments that are unguided or indiscriminate, gambling equipment or software, betting establishments, or other activities that conflict with Christian values. The Sub-Adviser determines whether each and every company prior to its addition to the Fund's investment portfolio has the required Christian values by utilizing certain third-party analytical tools as well as the Sub-Adviser's own diligence processes. |

---

---

| | |
|:---|:---|
| The Sub-Adviser monitors the policies and practices of the companies selected for the Fund for various issues contemplated by Christian values. If the Sub-Adviser becomes aware that the Fund is invested in a company whose policies and practices are inconsistent with these Christian values by running such companies through screens based on an assortment of third-party and internal factors as well as the Sub-Adviser performing fundamental due diligence on the values of the companies. The Sub-Adviser may sell the company's securities or otherwise exclude future investments in such company. As a result, the Fund may have to sell a security at a time when it would be disadvantageous to do so. The Fund may perform differently than other funds that do not invest within Christian values guidelines. The Fund may invest in companies of any market capitalization located anywhere in the world, including companies located in emerging markets. The Fund will generally invest in companies whose market capitalization is greater than $1 billion. The Fund typically will invest in 60 to 80 portfolio companies. Foreign securities in which the Fund may invest may be U.S. dollar-denominated. |  |
| <br>&nbsp;&nbsp;&nbsp;&nbsp;The Fund has the ability to buy and sell call and put options on indexes which are the most correlated to the Fund's underlying equity holdings. The options overlay seeks to potentially provide a measure of downside protection (i.e., options strategies implemented in an attempt to mitigate a decrease in the value of the Fund's investment portfolio) and an additional component to the Fund's risk management. The options overlay will be actively managed by Faith Investor Services, LLC (the "Adviser") and will adapt to both changing market environments and shifts in the underlying equity holdings of the Fund. |  |
| **FIS Bright Portfolios Focused Equity ETF (BRIF)** |  |
| The Fund is an actively managed exchange traded fund ("ETF") that invests primarily in large capitalization companies pursuant to a proprietary methodology designed to identify and invest in companies during their robust profit cycles, capturing the lower through upper end of their valuation expansion or multiple expansion as defined by price to earnings ratio. Under normal circumstances, the Fund will invest at least 80% of its assets in equity securities. Bright Portfolios, LLC (the "Sub-Adviser"), the Fund's sub-adviser, is responsible for the day-to-day management of the Fund's portfolio. | Same. |

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<br> The Sub-Adviser first uses a quantitative screen on the investable universe of U.S. large cap equities, defined as companies with a market capitalization greater than $10 billion, looking for companies characterized as growth at a reasonable price (GARP). The Sub-Adviser evaluates long-term economic trends that are likely to persist for the foreseeable future, identifies bullish and bearish markets, incorporates technical analysis which include price and volume trends, geopolitical issues and relative market valuation metrics. The Sub-Adviser combines fundamental research and qualitative analysis to identify companies that have above-average investment potential. The Sub-Adviser constructs the portfolio by considering relative sector and constituent weights of the MSCI USA Index to ensure broad diversification.<br>The Sub-Adviser then applies a Christian values overlay to identify companies whose products, processes, and priorities align with Christian values and positively impact the world. The Sub-Adviser strives to construct and maintain a portfolio that avoids investments in companies that manufacture or distribute products or services or otherwise engage in activities that that the Sub-Adviser believes conflict or are inconsistent with Christian values, such as abortion, embryonic stem cell research/human cloning, human rights violations, pornography, alcohol, tobacco, and/or gambling. The "Bright Score" methodology utilizes information from third-party research firms when evaluating potential investments. The "Bright Score" methodology utilizes information from third-party research firms when evaluating potential investments. Specifically, the Bright Score methodology refers to one or more lists of companies constructed by third-party research firms containing names of companies that may be of concern to those with Christian values. The Sub-Adviser then conducts its own research on the policies and practices of a company before determining whether it believes the company conflicts with Christian values. The portfolio managers anticipate that the security selection process will identify approximately 30 to 50 companies for inclusion in the Fund's portfolio.<br>The portfolio is regularly monitored to avoid any over-exposure to any single stock or industry which helps to avoid concentration risk and achieve the benefits of diversification. The Sub-Adviser regularly monitors and reassesses the policies, practices, and financial characteristics of the companies held by the Fund for compliance with the Sub-Adviser's proprietary framework. The Sub-Adviser may sell the company's securities or otherwise exclude future investments in such company. As a result, the Fund may have to sell a security at a time when it would be disadvantageous to do so. The Fund may perform differently than other funds that do not invest within Christian values guidelines. The Sub-Adviser may also sell a stock for the following reasons: (i) if the stock experiences extreme price movements, (ii) if the stock exhibits weak performance relative to its peers and prospects for valuation expansion have declined, and/or (iii) for risk management. The Fund may also sell a stock if its price falls materially from cost and the Sub-Adviser determines, based on its fundamental research, the company's prospects for valuation expansion have declined.<br>

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| |
|:---|
| The Fund may invest up to 10% of its assets in cash and cash equivalents, including money market funds and other short-term fixed income investments, in seeking to protect principal, or when, in the Sub-Adviser's opinion, there are not sufficient investment opportunities. As an alternative to holding cash or cash equivalents, the Sub-Adviser may invest the Fund's assets in shares of other investment companies, including open-end and closed-end funds and exchange traded funds ("ETFs") (collectively, "Underlying Funds") in order for the Fund to be more fully invested. |
| The Fund may engage in active and frequent trading of portfolio securities in implementing its principal investment strategies. |
| Vident Advisory, LLC serve as the trading sub-adviser for the Fund and is responsible for trading portfolio securities for the Fund, including selecting broker-dealers to execute purchase and sale transactions. |

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**Principal Risks**

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

The principal risks of investing in the Funds are the same, as the investment strategies of the Funds are the same. Because each Target Fund and corresponding Acquiring Fund has the same investment objectives and the same principal investment strategies, with differences in the language of the disclosure existing primarily based on the different approaches to such disclosure taken by NEOS ETF Trust and FIS Trust, they are subject to substantially similar principal risks.

The principal risks of investing in the Funds are set forth below. The principal risks are presented in alphabetical order to facilitate finding particular risks and comparing them with other funds. Each risk summarized below is considered a "principal risk" of investing in the Fund, regardless of the order in which it appears. As with any investment, there is a risk you could lose all or a portion of your investment in the Fund. Some or all of these risks may adversely affect the Fund's NAV, trading price, yield, total return and/or ability to meet its objectives.

Each Target Fund has the same risks except with respect to underlying stock that is the subject of the Fund's investment objective. The risks unique to each Fund are set forth below.

**<u>Principal Risks of the Target Funds and the Acquiring Funds</u>**

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| | |
|:---|:---|
| **Target Funds** | **Acquiring Funds** |
| *The below risks apply to all Funds* | |
| *Absence of Prior Active Market Risk.* While the Fund's Shares are listed on NYSE Arca, Inc. (the "Exchange"), there can be no assurance that an active trading market for Shares will develop or be maintained. The Fund's distributor does not maintain a secondary market in Shares. | Same. |
| *Issuer Risk.* Changes in the financial condition or credit rating of an issuer or counterparty, changes in specific economic or political conditions that affect a particular type of security or issuer, and changes in general economic or political conditions can affect a security's or instrument's value. The values of securities of smaller, less well-known issuers can be more volatile than those of larger issuers. Issuer-specific events can have a negative impact on the value of the Fund. | Same. |
| *Market and Geopolitical Risk.* The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund's portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, climate change and climate-related events, pandemics, epidemics, terrorism, international conflict, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years may result in market volatility and may have long term effects on both the U.S. and global financial markets. | Same. |
| *The below risks specifically apply to the FIS Christian Stock Fund (PRAY)* | |
| *Christian Values Investing Risk.* The Fund considers Christian values in its investment process and may choose not to purchase, or may sell, otherwise profitable investments in companies which have been identified as being in conflict with the Fund's guidelines. This means that the Fund may underperform other similar funds that do not consider Christian values when making investment decisions. | Same. |
| *Active Management Risk.* The Fund is actively managed, which means that investment decisions are made based on investment views. There is no guarantee that the investment views will produce the desired results or expected returns, which may cause the Fund to fail to meet its investment objective or to underperform its benchmark index or funds with similar investment objectives and strategies. Furthermore, active trading that can accompany active management may result in high portfolio turnover, which may have a negative impact on performance. Active trading may result in higher brokerage costs or mark-up charges, which are ultimately passed on to shareholders of the Fund. Active trading may also result in adverse tax consequences. | Same. |

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| | |
|:---|:---|
| **Target Funds** | **Acquiring Funds** |
| *Depositary Receipts.* The Fund will invest in stocks of foreign corporations. The Fund's investment in such stocks will customarily be in the form of depositary receipts including ADRs and GDRs. While the use of ADRs and GDRs, which are traded on exchanges and represent an ownership in a foreign security, provide an alternative to directly purchasing the underlying foreign securities in their respective markets and currencies, investments in ADRs and GDRs continue to be subject to many of the risks associated with investing directly in foreign securities, including political, economic, and currency risk. | Same. |
| *Dividend-Paying Stock Risk.* While the Fund may hold securities of companies that have historically paid a dividend yield, those companies may reduce or discontinue their dividends, reducing the yield of the Fund. Low priced securities in the Fund may be more susceptible to these risks. Past dividend payments are not a guarantee of future dividend payments. Also, the market return of high dividend yield securities, in certain market conditions, may perform worse than other investment strategies or the overall stock market. The Fund's emphasis on dividend-paying stocks involves the risk that such stocks may fall out of favor with investors and underperform the market. | Same. |
| *Emerging Markets Securities Risk.* The Fund's investments in emerging markets securities are considered speculative and subject to heightened risks in addition to the general risks of investing in foreign securities. Unlike more established markets, emerging markets may have governments that are less stable, markets that are less liquid and economies that are less developed. In addition, the securities markets of emerging market countries may consist of companies with smaller market capitalizations and may suffer periods of relative illiquidity; significant price volatility; restrictions on foreign investment; and possible restrictions on repatriation of investment income and capital. Furthermore, foreign investors may be required to register the proceeds of sales, and future economic or political crises could lead to price controls, forced mergers, expropriation or confiscatory taxation, seizure, nationalization or creation of government monopolies. | Same. |
| *Equity Risk.* Since it purchases equity securities, the Fund is subject to the risk that stock prices will fall over short or extended periods of time. Historically, the equity markets have moved in cycles, and the value of the Fund's equity securities may fluctuate drastically from day to day. Individual companies may report poor results or be negatively affected by industry and/or economic trends and developments. The prices of securities issued by such companies may suffer a decline in response. These factors contribute to price volatility, which is a principal risk of investing in the Fund. | Same. |

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| | |
|:---|:---|
| **Target Funds** | **Acquiring Funds** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E*xchange Traded Funds ("ETFs") Risk. The Fund is structured as an ETF. As a result, the Fund is subject to special risks, including:*<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● *Individually Redeemable.* The Fund's shares ("Shares") are not redeemable by retail investors and may be redeemed only by Authorized Participants at net asset value ("NAV") and only in Creation Units. A retail investor generally incurs brokerage costs when selling shares.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Trading Issues. 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, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange which may result in the Shares being delisted. An active trading market for the Shares may not be developed or maintained. If the Shares are traded outside a collateralized settlement system, the number of financial institutions that can act as Authorized Participants that can post collateral on an agency basis is limited, which may limit the market for the Shares.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Market Price Variance Risk. The market prices of Shares will fluctuate in response to changes in NAV and supply and demand for Shares and will include a "bid-ask spread" charged by the exchange specialists, market makers or other participants that trade the Shares. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a discount to NAV.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;○ In times of market stress, market makers may step away from their role market making in the Shares and in executing trades, which can lead to differences between the market value of the Shares and the Fund's NAV.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;○ The market price of the Shares may deviate from the Fund's NAV, particularly during times of market stress, with the result that investors may pay significantly more or significantly less for the Shares than the Fund's NAV, which is reflected in the bid and ask price for the Shares or in the closing price. <br>| Same. |

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| | |
|:---|:---|
| **Target Funds** | **Acquiring Funds** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;○ In stressed market conditions, the market for the Shares may become less liquid in response to the deteriorating liquidity of the Fund's portfolio. This adverse effect on the liquidity of the Shares may, in turn, lead to differences between the market value of the Shares and the Fund's NAV. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● *Authorized Participant Risk.* Only an Authorized Participant may engage in creation or redemption transactions directly with the Fund. The Fund has a limited number of institutions that may act as an Authorized Participant on an agency basis (i.e., on behalf of other market participants). To the extent that Authorized Participants exit the business or are unable to proceed with creation or redemption orders with respect to the Fund and no other Authorized Participant is able to step forward to create or redeem Creation Units, Fund shares may be more likely to trade at a premium or discount to net asset value and possibly face trading halts or delisting. Authorized Participant concentration risk may be heightened for securities or instruments that have lower trading volumes. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additionally, purchases and redemptions of creation units primarily with cash rather than through in-kind delivery of portfolio securities may cause the Fund to incur certain costs, including brokerage costs or taxable gains or losses that it might not have incurred if it made a redemption in-kind, and therefore decrease the Fund's NAV to the extent not offset by a transaction fee payable by an AP. | |
| *Foreign Currency Risk.* As a result of the Fund's investments in securities denominated in, and/or receiving revenues in, foreign currencies, the Fund will be subject to currency risk. Currency risk is the risk that foreign currencies will decline in value relative to the U.S. dollar, in which case, the dollar value of an investment in the Fund would be adversely affected. | Same. |

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| | |
|:---|:---|
| **Target Funds** | **Acquiring Funds** |
| *Foreign Securities Risk**.*** Investing in foreign companies, including direct investments and investments through ADRs and GDRs, poses additional risks since political and economic events unique to a country or region will affect those markets and their issuers. These risks will not necessarily affect the U.S. economy or similar issuers located in the United States. Securities of foreign companies may not be registered with the SEC and foreign companies are generally not subject to the regulatory controls imposed on U.S. issuers and, as a consequence, there is generally less publicly available information about foreign securities than is available about domestic securities. Income from foreign securities owned by the Fund may be reduced by a withholding tax at the source, which tax would reduce income received from the securities comprising the Fund's portfolio. Foreign securities may also be more difficult to value than securities of U.S. issuers. While ADRs provide an alternative to directly purchasing the underlying foreign securities in their respective national markets and currencies, investments in ADRs continue to be subject to many of the risks associated with investing directly in foreign securities. | Same. |
| *Geographic Concentration Risk.* The risk that events negatively affecting the fiscal stability of a particular country or region in which the Fund focuses its investments will cause the value of the Fund's shares to decrease, perhaps significantly. To the extent the Fund concentrates its assets in a particular country or region, the Fund is more vulnerable to financial, economic or other political developments in that country or region as compared to a fund that does not concentrate holdings in a particular country or region. | Same. |
| *Large Capitalization Company Risk.* Larger, more established companies may be unable to attain the high growth rates of successful, smaller companies during periods of economic expansion. | Same. |
| *Options Risk.* There are risks associated with the sale and purchase of call and put options. As a seller (writer) of a put option, the Fund will tend to lose money if the value of the reference index or security falls below the strike price. As the seller (writer) of a call option, the Fund will tend to lose money if the value of the reference index or security rises above the strike price. As the buyer of a put or call option, the Fund risks losing the entire premium invested in the option if the Fund does not exercise the option. | Same. |
| *Portfolio Turnover Risk.* Due to its investment strategy, the Fund may buy and sell securities frequently. This may result in higher transaction costs and additional capital gains tax liabilities, which may affect the Fund's performance. | Same. |
| *Quantitative Investing Risk.* There is no guarantee that a quantitative model or algorithm used by the Sub-Adviser, and the investments selected based on the model or algorithm, will perform as expected or produce the desired results. The Fund may be adversely affected by imperfections, errors or limitations in the construction and implementation of the model or algorithm and the Sub-Adviser's ability to properly analyze or timely adjust the metrics or update the data underlying the model or features of the algorithm. | Same. |

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| | |
|:---|:---|
| **Target Funds** | **Acquiring Funds** |
| *Sector Risk.* Sector risk is the possibility that securities within the same group of industries will decline in price due to sector-specific market or economic developments. If the Fund invests more heavily in a particular sector, the value of its shares may be especially sensitive to factors and economic risks that specifically affect that sector. As a result, the Fund's share price may fluctuate more widely than the value of shares of a fund that invests in a broader range of industries. | |
| *Small and Mid-Capitalization Companies Risk.* Compared to large-capitalization companies, small and mid-capitalization companies may be less stable and more susceptible to adverse developments. In addition, the securities of mid-capitalization companies may be more volatile and less liquid than those of large-capitalization companies. | Same. |
| *Underlying Fund Risk.* Other investment companies including ETFs ("Underlying Funds") in which the Fund invests are subject to investment advisory and other expenses, which will be indirectly paid by the Fund. As a result, the cost of investing in the Fund will be higher than the cost of investing directly in the Underlying Funds and may be higher than other funds that invest directly in stocks and bonds*.* | Same. |
| *The below risks specifically apply to FIS Bright Portfolios Focused Equity ETF (BRIF)* | |
| *Christian Values Risk.* The Fund considers Christian values in its investment process and may choose not to purchase, or may sell, otherwise profitable investments in companies which have been identified as being in conflict with the Fund's guidelines. This means that the Fund may underperform other similar funds that do not consider Christian values when making investment decisions. In addition, there can be no guarantee that the industries and activities of the companies, or the people associated with the companies, identified by the Fund's investment process will align (or be perceived to align) with an investor's view of Christian values and/or all of the values contained in the Sub-Adviser's proprietary screening process. The Sub-Adviser may fail to identify all instances where the actions of a company or its management team are not consistent with the Sub-Adviser's proprietary screening process or Christian values, which may cause the Fund to be invested in a company that conflicts with the Fund's guidelines. | Same. |

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| | |
|:---|:---|
| **Target Funds** | **Acquiring Funds** |
| *Active Management Risk.* The Fund is actively managed, which means that investment decisions are made based on investment views of the Sub-Adviser. There is no guarantee that the investment views will produce the desired results or expected returns, which may cause the Fund to fail to meet its investment objective or to underperform its benchmark index or funds with similar investment objectives and strategies. Furthermore, active trading that can accompany active management may result in high portfolio turnover, which may have a negative impact on performance. Active trading may result in higher brokerage costs or mark-up charges, which are ultimately passed on to shareholders of the Fund. Active trading may also result in adverse tax consequences. | Same. |
| *Equity Securities Risk.* Equity securities are subject to changes in value, and their values may be more volatile than those of other asset classes. Common stocks, which generally subject their holders to more risks than preferred stocks and debt securities because common stockholders' claims are subordinated to those of holders of preferred stocks and debt securities upon the bankruptcy of the issuer. | Same. |
| *Large-Capitalization Companies Risk.* Large-capitalization companies may be less able than smaller capitalization companies to adapt to changing market conditions. Large-capitalization companies may be more mature and subject to more limited growth potential compared with smaller capitalization companies. During different market cycles, the performance of large-capitalization companies has trailed the overall performance of the broader securities markets. | Same. |
| *Authorized Participants, Market Makers, and Liquidity Providers Concentration Risk.* The Fund has a limited number of financial institutions that may act as Authorized Participants (or "APs"). In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, Shares may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions. | Same. |
| *Cybersecurity Risk.* Cybersecurity incidents may allow an unauthorized party to gain access to Fund assets or proprietary information, or cause the Fund, the adviser, the sub-adviser and/or other service providers (including custodians and financial intermediaries) to suffer data breaches or data corruption. Additionally, cybersecurity failures or breaches of the electronic systems of the Fund, the adviser, the sub-adviser, or the Fund's other service providers, market makers, Authorized Participants, the Exchange, or the issuers of securities in which the Fund invests have the ability to disrupt and negatively affect the Fund's business operations, including the ability to purchase and sell Shares, potentially resulting in financial losses to the Fund and its shareholders. | Same. |

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| | |
|:---|:---|
| **Target Funds** | **Acquiring Funds** |
| *Large Shareholder and Large-Scale Redemption Risk.* Certain shareholders, including an Authorized Participant, a third-party investor, the Fund's adviser or an affiliate of the Fund's adviser, a market maker, or another entity, may from time to time own or manage a substantial amount of Fund shares, or may invest in the Fund and hold its investment for a limited period of time. There can be no assurance that any large shareholder or large group of shareholders would not redeem their investment. Redemptions of a large number of Fund shares could require the Fund to dispose of assets to meet the redemption requests, which can accelerate the realization of taxable income and/or capital gains and cause the Fund to make taxable distributions to its shareholders earlier than the Fund otherwise would have. In addition, under certain circumstances, non-redeeming shareholders may be treated as receiving a disproportionately large taxable distribution during or with respect to such year. | Same. |
| *Market Trading Risk.* The Fund faces numerous market trading risks, including the potential lack of an active market for the Shares, losses from trading in secondary markets, and disruption in the creation/redemption process of the Fund. Any of these factors may lead to the Shares trading at a premium or discount to the Fund's net asset value ("NAV"). | Same. |
| *New Fund Risk.* The Fund is a new fund, with no operating history, which may result in additional risks for investors in the Fund. There can be no assurance that the Fund will grow to or maintain an economically viable size, in which case the Board of Trustees may determine to liquidate the Fund. While shareholder interests will be the paramount consideration, the timing of any liquidation may not be favorable to certain individual shareholders. | Same. |
| *Shares May Trade at Prices Other Than NAV Risk.* As with all ETFs, Shares may be bought and sold in the secondary market at market prices. Although it is expected that the market price of Shares will approximate the Fund's NAV, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount) due to supply and demand of Shares or during periods of market volatility. This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for Shares in the secondary market, in which case such premiums or discounts may be significant. | Same. |
| *U.S. Government Securities Risk.* U.S. government securities may differ from other securities in their interest rates, maturities, times of issuance and other characteristics and may provide relatively lower returns than those of other securities. Similar to other issuers, changes to the financial condition or credit rating of the U.S. government may cause the value of the Fund's U.S. government securities to decline. | Same. |

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**Funds' Investment Limitations**

As required by the 1940 Act, each of NEOS ETF Trust and FIS Trust, on behalf of their respective series, has adopted certain fundamental investment policies including policies regarding borrowing money, issuing senior securities, engaging in the business of underwriting, concentrating investments in a particular industry or group of industries, purchasing and selling real estate, making loans, and investing in commodities. Both NEOS ETF Trust and FIS Trust have also adopted a non-fundamental policy such that under normal circumstances, at least 80% of a Fund's net assets, plus borrowings for investment purposes, will be invested in securities, or derivative instruments linked to securities, of companies that are included in that Fund's Reference Index.

Each Target Fund's fundamental investment restrictions, as well as each Target Fund's interpretations of those restrictions, are summarized under the section entitled "Investment Restrictions" in the Target Funds' combined SAI, which is incorporated by reference into this Proxy Statement. The applicable Acquiring Fund's fundamental investment restrictions, as well as the applicable Acquiring Fund's interpretations of those restrictions, are described in the Proxy Statement SAI.

A fundamental restriction cannot be changed without the affirmative vote of the lesser of: (1) 67% or more of the voting securities of a Fund present at the meeting if the holders of more than 50% of the Fund's outstanding voting securities are present or represented by proxy; or (2) more than 50% of the outstanding voting securities of a Fund. A non-fundamental limitation may be changed by a Fund's Board of Trustees without shareholder approval.

**Portfolio Holdings Information**

Information about each Target Fund's daily portfolio holdings is available at faithinvestorservices.com. A complete description of each Target Fund's policies and procedures with respect to the disclosure of each Target Fund's portfolio holdings is available in the Target Funds' combined SAI, which is incorporated by reference into this Proxy Statement. Information about the applicable Acquiring Fund's daily portfolio holdings will be available at https://faithinvestorservices.com. In addition, each Fund discloses its complete portfolio holdings as of the end of its fiscal year and its second fiscal quarter in its reports to shareholders. No later than 30 days after the end of each fiscal quarter, each Fund files with the SEC on Form N-PORT a complete list of its portfolio holdings as of each month-end during the relevant quarter. You can find the SEC filings on the SEC's website, www.sec.gov. A summarized description of the applicable Acquiring Fund's policies and procedures with respect to the disclosure of the applicable Acquiring Fund's portfolio holdings is included in the Proxy Statement SAI.

**Management**

***Boards of Trustees***

The business and affairs of NEOS ETF Trust are managed by its officers under the oversight of its Board of Trustees (the "NEOS Board"). The NEOS Board sets broad policies for NEOS ETF Trust and appoints its officers. The NEOS Board oversees the performance of Faith Investor Services LLC, NEOS Investment Management LLC and other service providers. The NEOS Board currently has six Trustees, two of whom are an "interested person," as that term is defined under the 1940 Act. A list of the Trustees and officers of NEOS ETF Trust, and their present positions and principal occupations, is provided under "Management of the Trust" in each Target Fund['](http://www.sec.gov/Archives/edgar/data/1540305/000089418923008907/ck0001540305-20230831.htm)s SAI, which is incorporated by reference into this Proxy Statement.

Overall responsibility for oversight of FIS Trust rests with its Board. The Board is responsible for overseeing Faith Investor Services LLC and other service providers in the operations of FIS Trust in accordance with the provisions of the 1940 Act, applicable provisions of state and other laws and FIS Trust's governing documents. FIS Trust currently consists of seven Trustees, four of whom are not "interested persons" (as defined in the 1940 Act), of the Trust. A list of the Trustees and officers of FIS Trust, and their present positions and principal occupations, is provided under the section entitled "Management of the Trust" in the Proxy Statement/SAI.

***Investment Advisers***

Faith Investor Services LLC is an investment adviser registered with the SEC and serves as the investment adviser to the Target Funds. Faith Investor Services LLC administers the affairs of the Target Funds, subject to the oversight of the Board of Trustees of NEOS ETF Trust. Faith Investor Services LLC will serve as the investment adviser of the Acquiring Funds after the Reorganizations are complete.

***Portfolio Managers***

The following portfolio managers are jointly and primarily responsible for the day-to-day management of the Target Funds. No changes are being proposed with respect to the portfolio managers in connection with the Reorganization.

**<u>FIS Christian Fund (PRAY)</u>**

Steven T. Nelson, CFA

Prior to founding Faith Investor Services, LLC, Steve was with Merrill Lynch. Before that, he served as a Principal at Lowry Hill and was one of the team that oversaw more than $6 billion. He has over three decades of investment experience. Steve leads the strategic direction of the firm and has primary investment responsibility for a number of the firm's faith-based clients. Steve serves on the Investment Committee.

Steve earned a Bachelor of Science from St. John's University and a Master of Business Administration from the University of St. Thomas. He holds the Chartered Financial Analyst® designation and is a member of the Phoenix CFA Society and CFA Institute. He is a past Trustee of the Phoenix Art Museum and a former member of the Board of Directors of the CFA Society of Minnesota and the Catholic Community Foundation. In 2008 St. John's University honored him with a Presidential Citation.

John Rowley, CFA

John joined Capital Insight Partners, LLC, in 2025. In his role as Senior Portfolio Manager, John is active in managing client's portfolios and shares in the trading and research responsibilities of the firm. John has a leadership role on the Investment Team and holds the Chartered Financial Analyst (CFA) designation. Prior to joining the Adviser in 2025, he was a Senior Vice President at Ariel Investments performing global fundamental equity research for an $18 billion firm with a focus on global industries. Before that he was a Managing Director at Oppenheimer & Co. Inc., where he focused on global large and mid-capitalization equities across developed and emerging markets. John graduated with a Master of Business Administration from The Wharton School (University of Pennsylvania) and a Bachelor of Arts from Yale University. Prior to joining Capital Insight Partners, LLC, John was a Portfolio Manager and Global Investment Analyst at Coanjo Capital LLC.

**FIS Bright Portfolios Focused Equity ETF (BRIF)**

Ben Malick, Chief Investment Officer, CFA, CKA

Ben is the co-founder and CIO of Bright Portfolios, LLC. Ben leads the investment committee and oversees the investing philosophy and execution. Ben is a Certified Kingdom Advisor (CKA®) and has earned the Chartered Financial Analyst (CFA®) designation, the most respected and recognized investment management designation in the world. He's passionate about investing for positive impact in the world.

Mark Riefer, Senior Portfolio Manager, CKA

Mark Riefer is Senior Portfolio Manager for Bright Portfolios and the former Founder and President of wealth management firm Clear Money Path. Mark is also a CKA® and Senior Financial Advisor with Wise Wealth. With over 35 years of experience as an advisor and portfolio manager, Mark is passionate about Biblically Responsible Investing and has been a breakout panelist at both the Kingdom Advisors and Christian Investment Forum National Conferences. Mark also hosts the monthly Wise Wealth Market Commentary on YouTube.

Josh Barlow, Porfolio Manager, CFA

 

Josh Barlow is a Portfolio Manager for Bright Portfolios, LLC. With over a decade of experience, Josh came to us from Freestate Advisors where he served on the investment committee, advising and supporting portfolio construction and security selection. Josh's passion for BRI led him to join Clear Money Path in 2022. Josh is a CFA® charterholder and member of the CFA Society of Kansas City.

Rafael Zayas, CFA, Senior Vice President and Head of Portfolio Management & Trading

Mr. Zayas has over 15 years of trading and portfolio management experience in global equity products and ETFs. He is SVP, Head of Portfolio Management and Trading for the Sub-Adviser. Mr. Zayas specializes in managing and trading of developed, emerging, and frontier market portfolios. Prior to joining the Sub-Adviser in 2017, he was a Portfolio Manager at Russell Investments for over $5 billion in quantitative strategies across global markets, including emerging, developed and frontier markets and listed alternatives. Before that, he was an equity Portfolio Manager at BNY Mellon Asset Management, where he was responsible for $150 million in internationally listed global equity ETFs and assisted in managing $3 billion of global ETF assets. Mr. Zayas holds a BS in Electrical Engineering from Cornell University. He also holds the Chartered Financial Analyst designation.

Austin Wen, CFA, Senior Portfolio Manager

Mr. Wen has over a decade of investment experience. He is a Senior Portfolio Manager at the Sub-Adviser, specializing in portfolio management and trading of equity, derivative, and commodities-based portfolios, as well as risk monitoring and investment analysis. Prior to joining the Sub-Adviser in 2016, he was an analyst for Vident Financial, working on the development and review of investment solutions. He began his career as a State Examiner for the Georgia Department of Banking and Finance. Mr. Wen obtained a BA in Finance from the University of Georgia and holds the Chartered Financial Analyst designation.

Yin Bhuyan, Senior Portfolio Manager

Ms. Bhuyan has over 12 years of expertise in trading and portfolio management, specializing in options and defined outcome ETFs. Prior to joining Vident, Ms. Bhuyan was the Director of ETF Portfolio Management at Milliman Financial Risk Management, LLC, where she focused on managing defined outcome ETFs and index tracking ETFs. She led the ETF portfolio management team, significantly contributing to the growth of assets to $16 billion in defined outcome ETFs which are optimized for a precise blend of risk and return. Before that, she traded in the S&P Options Pit at Cboe, specializing in volatility arbitrage and delta-neutral hedging strategies. Ms. Bhuyan holds a Bachelor of Science in Economics from National Taipei University and an MBA from the University of Illinois at Chicago.

The Target Funds' SAI, which are incorporated by reference into this Proxy Statement, and the SAI to this Proxy Statement provide additional information about the Target Funds' portfolio managers and their compensation structure, other accounts managed by the portfolio managers, and the portfolio managers' ownership of securities of the Funds.

***Investment Advisory Fees***

Pursuant to an advisory agreement between NEOS ETF Trust, on behalf of the each Target Fund, and Faith Investor Services LLC (the "Faith Investors Advisory Agreement"), the FIS Christian Stock Fund pays Faith Investor Services LLC a management fee for the services and facilities it provides payable on a monthly basis at an annual rate of 0.68% of the Fund's average daily net assets and FIS Bright Portfolios Focused Equity ETF pays Faith Investor Services LLC a management fee for the services and facilities it provides payable on a monthly basis at an annual rate of 0.65% of the Fund's average daily net assets.

Out of the unitary management fee, Faith Investor Services pays substantially all expenses of each Target Fund, including the cost of transfer agency, custody, fund administration, legal, audit, independent trustees and other services, but excluding the advisory fee, interest charges on any borrowings, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, extraordinary expenses, and distribution fees and expenses paid by the Trust under any distribution plan adopted pursuant to Rule 12b-1 under the 1940 Act.

Pursuant to an investment advisory agreement between FIS Trust, on behalf of each Acquiring Fund, and Faith Investor Services LLC (the "New Faith Investors Advisory Agreement"), the FIS Christian Stock Fund pays Faith Investor Services LLC an annual advisory fee based on average daily net assets for the services and facilities it provides payable at the annual rate of 0.68% of the Fund's average daily net assets except for the advisory fee, interest, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, extraordinary expenses, and distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the 1940 Act, and FIS Bright Portfolios Focused Equity ETF pays Faith Investor Services LLC a management fee for the services and facilities it provides payable on a monthly basis at an annual rate of 0.65% of the Fund's average daily net assets.of each Acquiring Fund's average daily net assets, except for the advisory fee, interest, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, extraordinary expenses, and distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the 1940 Act.

A discussion regarding the basis for the Board's approval of the Faith Investors Advisory Agreement with respect to FIS Bright Portfolios Focused Equity ETF (a Target Fund) is available in the Target Funds' combined Annual Report dated May 31, 2025 and discussion regarding the basis for the Board's approval of the Faith Investors Advisory Agreement with respect to FIS Christian Stock ETF (a Target Fund) is available in its Annual Report dated May 31, 2024. A discussion regarding the basis for FIS Trustees' approval of the New Faith Investors Advisory Agreement with respect to each Acquiring Funds' will be available in the Acquiring Fund's first semi-annual or annual report to shareholders following the Reorganization.

***Investment Sub-Advisory Fees (*FIS Bright Portfolios Focused Equity ETF only)**

As compensation for its services provided and the expenses borne pursuant to the Sub-Advisory Agreement, the Adviser pays to Bright Portfolios, LLC a fee equal to 50% of the net profits earned from the management fees paid by the Fund to the Adviser pursuant to the Management Agreement. Net profits are defined as management fees collected from the Fund net of Adviser's expense obligations pursuant to the Management Agreement and the fee paid to the trading sub-adviser (discussed below). The sub-advisory fee is paid by the Adviser, not the Fund.

For its services, Vident Asset Management is paid a fee by the Adviser, not the Fund, out of its management fee, calculated daily and paid monthly, at an annual rate (stated as a percentage of the average daily net assets of the Fund) of 0.050% on assets up to $250 million; 0.040% on assets over $250 million and less than $500 million; 0.030% on assets over $500 million, subject to a minimum annual fee of $20,000 for the first 12-months and $35,000 annually thereafter.

**Other Service Providers**

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

---

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

---

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

Each Fund issues and redeems shares at NAV only in a large specified number of shares called a "Creation Unit" or multiples thereof. Creation Unit transactions are typically conducted in exchange for the deposit or delivery of in-kind securities and/or cash. It is expected that only a limited number of institutional investors, called Authorized Participants or "APs," will purchase and redeem shares directly from the Funds. When a Fund issues and redeems Creation Units in exchange for a designated amount of U.S. cash, the Fund generally will incur costs such as brokerage commissions and such costs may potentially decrease the Fund's NAV.

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

Shares of each Target Fund are listed for trading on NYSE Arca under the ticker symbol listed below. Shares of the applicable Acquiring Fund will be listed for trading on NYSE Arca under the ticker symbol listed below.

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Target Fund | &nbsp;&nbsp;Ticker Symbol | &nbsp;&nbsp;Acquired Fund | &nbsp;&nbsp;Ticker Symbol |
| &nbsp;&nbsp;**FIS Christian Stock Fund** | &nbsp;&nbsp;PRAY | &nbsp;&nbsp;**FIS Christian Stock Fund** | &nbsp;&nbsp;PRAY |
| &nbsp;&nbsp;**FIS Bright Portfolios Focused Equity ETF** | &nbsp;&nbsp;BRIF | &nbsp;&nbsp;**FIS Bright Portfolios Focused Equity ETF** | &nbsp;&nbsp;BRIF |

---

For a discussion of how each Target Fund shares may be purchased and redeemed, as applicable, see "Purchase and Sale of Shares" and "Buying and Selling the Funds" in the Target Funds' combined Prospectus incorporated by reference herein. For a discussion of how the Acquiring Fund shares may be purchased, exchanged, and redeemed, as applicable, see "Buying and Selling Fund Shares" in <u>Appendix D</u> attached to this Proxy Statement.

**Tax Information**

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

The Reorganization will qualify as a tax-free reorganization, as expected, each Acquiring Fund will succeed to the tax attributes of its respective Target Fund upon the closing of the Reorganization, including any capital loss carryovers that could have been used by each Target Fund to offset its future realized capital gains, if any, for U.S. federal income tax purposes. The Reorganization is not expected to independently result in limitations on each Acquiring Fund's ability to use any capital loss carryforwards of its respective Target Fund. However, the capital loss carryforwards may subsequently become subject to an annual limitation as a result of sales each Acquiring Fund's shares or other reorganization transactions in which the Acquiring Funds might engage post-Reorganization. As of August 31, 2025, the Target Fund, FIS Christian Stock Fund, had an indefinite short-term capital loss carryforward of $1,554,869 and an indefinite long-term capital loss carryforward of $2,234,393 for a total indefinite capital loss carryforward of $3,789,262. As of August 31, 2025, the Target Fund, FIS Bright Portfolios Focused Equity ETF, had an indefinite short-term capital loss carryforward of $443,084 and an indefinite long-term capital loss carryforward of $23,271 for a total indefinite capital loss carryforward of $466,355.

**REASONS FOR THE REORGANIZATION** 

The Board, including all of its Independent Trustees, believe that the Reorganization will result in multiple benefits for the investors of each Target Fund, including those described below:

 **1) Substantially Similar Investment Objective and Similar Principal Investment Strategies:** Each Acquiring Fund will have a substantially similar investment objective and substantially similar principal investment strategies as the corresponding Target Fund.

**2) Same Total Annual Operating Expense Ratios:** It is anticipated that each Acquiring Fund will have the same total annual fund operating expense ratio of the corresponding Target Fund, both before and after applicable waivers.

**3) Skills, Financial Capacity and Resources of Faith Investor Services LLC:** Each Acquiring Fund will be managed by Faith Investor Services LLC, provides investment advisory services to two ETFs, the Target Funds, and a number of separately managed accounts, and which as of June 30, 2025 had assets under management of approximately $240 million**.**

**4) Expenses Relating to the Reorganization:** Each Target Fund will not incur any direct expenses in connection with the Reorganization.

**5) Reorganization is Not Expected to Dilute Shareholder's Interests:** The proposed Reorganization is not expected to result in the dilution of either Target Fund's shareholder's interests.

**6) Continued Ability to Sell Shares Rights Prior to Reorganization:** The shareholders of each Target Fund will continue to have the ability to sell their shares through a broker-dealer prior to the Reorganization.

**7) Federal Income Tax Consequences:** Each Reorganization is expected to qualify as a tax-free reorganization for U.S. federal income tax purposes, and the shareholders of each Target Fund are not expected to recognize any gain or loss upon receipt of the corresponding Acquiring Fund shares in the Reorganization.

**8) Marketing and Growth Opportunities:** Real advantages are expected by aligning the new Trust (compared with the existing trust) with faith-based marketing and other initiatives. In addition, the Trustees selected for the Board all have been involved with faith-based initiatives. Faith-based emphasis across the Funds, the Trust and its Funds should assist with marketing and messaging efforts by the Adviser on behalf of the Funds. These include building relationships with financial advisors both as sponsors and attendees of industry conferences. Faith Investor also sponsors a weekly radio show nationwide on SiriusXM Family Talk Radio. That program is, in turn, carried on a number of Christian radio stations.

**BOARD CONSIDERATIONS**

At a meeting of the NEOS Board held on August 25, 2025 (the "NEOS Board Meeting"), Faith Investor Services LLC recommended that the NEOS Board consider and approve the Reorganization, which Faith Investor Services believes is in the best interests of the Target Funds and its shareholders. Upon the recommendation of Faith Investor Services LLC, the NEOS Board considered the Reorganizations and evaluated, among other things, the reasons why Faith Investor Services LLC was proposing the Reorganization, the terms of the Plan, the Acquiring Funds' investment objective and strategies in comparison to those of the Target Funds', the direct and indirect expenses relating to the Reorganizations, each Fund's fees and expenses, the experience and expertise of Faith Investor Services LLC, which would become the Acquiring Funds' investment adviser, the federal income tax consequences of the Reorganization, the benefits to Faith Investor Services as a result of the Reorganization, and possible alternatives to the Reorganization. After careful consideration of all relevant information, the NEOS Board, including the Trustees who are not "interested persons" of NEOS (as that term is defined by the 1940 Act) (the "Independent Trustees"), determined that the Reorganization is in the best interests of the Target Funds and their shareholders and that the interests of the Target Funds' shareholders will not be diluted as a result of the Reorganization. The NEOS Board approved the Reorganization and the Plan, subject to the applicable Target Fund shareholder approval. If shareholders of the applicable Target Fund do not approve the Plan, the applicable Target Fund will continue to operate as a series of NEOS and Faith Investor Services LLC will continue to serve as investment adviser to the applicable Target Fund, while Faith Investor Services LLC and the NEOS Board consider other alternatives in the best interests of the applicable Target Fund and its shareholders.

Prior to the NEOS Board Meeting, the Independent Trustees requested and received information from Faith Investor Services LLC relating to the proposed Reorganization. Based on a comprehensive evaluation of all of the information provided, the NEOS Board determined to present the proposed transaction to Target Funds shareholders and recommend Target Funds shareholders vote for its approval. The NEOS Board considered the following factors, among others, in its evaluation of the Reorganization:

***Reasons for the Reorganization*.**

***Continuity of Investment Experience for each Target Fund Shareholders.*** The NEOS Board considered that each Target Fund shareholders could expect continuity in their investment experience after the Reorganizations because the investment objective and the investment strategies of the Acquiring Funds are the same to those of the Target Funds and because the sub-adviser and portfolio managers currently managing the Target Funds on a day-to-day basis and who are responsible for implementing the Target Funds' investment strategy will continue to be responsible for managing the Acquiring Funds after the Reorganizations.

***Same Unitary Management Fee.*** The NEOS Board reviewed information regarding comparative expense ratios (current and *pro forma* expense ratios are set forth in the "Summary Comparison of the Funds—Fees and Expenses" section above) and considered that Faith Investor Services LLC has agreed to the same management fee for the Acquiring Fund, which like the Target Fund's management fee, is structured as a "unitary fee" and which will result in the estimated total annual operating expense ratio of the Acquiring Fund to be the same as that of the Target Fund. The NEOS Board also noted that, like the Target Fund, the Acquiring Fund's unitary management fee cannot be increased without Acquiring Fund shareholder approval.

***Reputation, Financial Capacity, and Resources of the Proposed Acquiring Fund Investment Adviser.*** The NEOS Board considered information provided with respect to the reputation, financial capacity, and resources of Faith Investor Services LLC. In evaluating the resources and the rationale for the Reorganization, the NEOS Board also considered that the key personnel at Faith Investor Services LLC have significant experience providing investment advisory services to ETFs. The Board also noted that Vident Asset Management and Bright Portfolios, LLC, will remain the sub-adviser and trading sub-adviser, respectively, of the FIS Bright Portfolios Focused Equity ETF.

***The Terms and Conditions of each Reorganization.*** The NEOS Board considered the terms of the Plan and, in particular, that the transfer of the assets of each Target Fund will be in exchange for shares of the corresponding Acquiring Fund and the corresponding Acquiring Fund's assumption of all of the liabilities of each Target Fund. The NEOS Board also took note of the fact that no commissions or other direct transactional fees would be imposed on each Target Fund's shareholders in connection with the applicable Reorganization. In addition, the NEOS Board noted that pursuant to the Plan, each Target Fund shareholder's account will be credited with the number of corresponding Acquiring Fund shares equal to the value of the Target Fund shares that each shareholder holds immediately prior to the applicable Reorganization. The NEOS Board further noted that the value of the Target Fund's assets to be acquired, the amount of its liabilities to be assumed by the corresponding Acquiring Fund, and the NAV per share of the Target Fund will be determined in accordance with the valuation methodologies described in the Target Fund's Prospectus and SAI. As a result, the NEOS Board noted that the interests of the Target Fund's shareholders would not be diluted as a result of the Reorganization. The NEOS Board also noted that each Reorganization would be submitted to the Target Fund's shareholders for approval.

***Expenses Relating to Reorganization.*** The NEOS Board considered that the Target Fund's shareholders will not incur any direct expenses in connection with the applicable Reorganization. All direct expenses relating to the proposed Reorganizations, which are estimated to be $100,000 for the Reorganizations in the aggregate, whether or not consummated, will be borne by Faith Investors Services LLC, including expenses related to the Special Meeting and solicitation of proxies, preparing and filing the Proxy Statement, and the cost of copying, printing, and mailing proxy materials.

***Federal Income Tax Consequences.*** The NEOS Board considered that each Reorganization is expected to qualify as a reorganization for federal income tax purposes and that shareholders of each Target Fund are not expected to recognize any gain or loss upon receipt of shares of the corresponding Acquiring Fund in the Reorganization.

***Continuity of Other Fund Services.*** The NEOS Board considered that the Reorganization will not result in any changes in service providers that execute the essential functions of administration, accounting, custody, and transfer agency. The NEOS Board determined that the continuity of those functions following the Reorganization helps to mitigate operational risks that might otherwise surface.

***FIS Trust Governance and Compliance.*** The NEOS Board considered information regarding the governance of FIS Trust and its oversight by its board of trustees. The Independent Trustees of the NEOS Board received and considered information regarding matters concerning the FIS Trust board, including, among others, the experience and expertise of its members, its composition and committee structure, and its oversight processes. The NEOS Board also had an opportunity to review information provided by FIS Trust with respect to its compliance policies and procedures and risk programs, including the most recent annual report of its Chief Compliance Officer.

**Faith-Based Alignment**. The NEOS Board recognized the possible benefits of aligning the existing faith-based funds with a faith-based trust and trustees that have devoted significant parts of their daily lives to faith-based initiatives.

***Other Alternatives.*** The Board considered alternatives to the Reorganization that were identified by Faith Investor Services LLC, including liquidation of the Target Funds. After considering the merits and viability of these other alternatives, the Board agreed with the assessment that the possible alternatives were less desirable than the Reorganization. The Board noted that the proposed Reorganization will be submitted to each Target Fund shareholders for their approval and that each Target Fund shareholders who do not wish to become shareholders of the corresponding Acquiring Fund may sell their shares before the Reorganization.

Based on the foregoing, the NEOS Board determined that each Reorganization is the best alternative for each Target Fund at this time and is in the best interests of the Target Fund and its shareholders. The NEOS Board approved each Reorganization, subject to approval by shareholders of each Target Fund, and recommends that shareholders of each Target Fund vote **"FOR"** the approval of the Plan. These determinations were made after a thorough review and evaluation of the Reorganization by the NEOS Board and on the basis of each Trustee's business judgment after consideration of all of the factors taken as a whole, though individual Trustees may have placed different weight on various factors and assigned different degrees of materiality to various considerations.

**KEY INFORMATION ABOUT THE PROPOSED REORGANIZATIONS**

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

**The Plan**

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

The value of each Target Fund's assets to be acquired and the liabilities to be assumed, if any, by the indicated Acquiring Fund and the NAV per share of each Target Fund will be determined as of the close of regular trading on the New York Stock Exchange on the business day immediately preceding the closing date of the Reorganization. The NAV per share amount will be determined in accordance with the valuation methodologies approved by the Board and described in each Target Fund's Prospectus and SAI, as may be amended and supplemented. Faith Investor Services LLC will bear all expenses relating to the Reorganization, including expenses related to the Special Meeting and solicitation of proxies, preparing and filing this Proxy Statement, and the cost of copying, printing, and mailing proxy materials.

Each Reorganization is subject to a number of conditions, including the approval of the Plan by the shareholders of the Target Fund and the receipt of a legal opinion from Thompson Hine LLP, counsel to FIS Trust, with respect to certain tax matters (see "Federal Income Tax Consequences of the Reorganizations," below). Assuming satisfaction of the conditions in the Plan, the closing date each of the Reorganization is expected to be on or about December 29, 2025, or another date agreed to by NEOS ETF Trust and FIS Trust. The Plan may be amended or terminated and each Reorganization abandoned at any time by mutual consent of NEOS ETF Trust, on behalf of the Target Funds, and FIS Trust, on behalf of the Acquiring Funds.

**Repositioning**

No repositioning of any Target Fund's portfolio is expected to occur in connection with the Reorganizations.

**Federal Income Tax Consequences of the Reorganizations**

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The
 Acquiring Fund's acquisition of the assets of the corresponding Target Fund in exchange solely for the Acquiring Fund
 Shares and its assumption of the liabilities of the Target Fund, followed by the Target Fund's distribution of the Acquiring
 Fund Shares pro rata to the Target Fund's shareholders actually or constructively in exchange for their Target Fund
 Shares in complete liquidation of the Target Fund, will qualify as a "reorganization" within the meaning of Section
 368(a)(1)(F) of the Code, and the Target Fund and the Acquiring Fund each will be a "party to a reorganization"
 within the meaning of Section 368(b) of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Under
 Sections 361 and 357(a) of the Code, no gain or loss will be recognized by the Target Fund upon the transfer of the Target
 Fund's assets to the Acquiring Fund solely in exchange for the Acquiring Fund Shares and the assumption by the Acquiring
 Fund of the liabilities of the Target Fund or upon the distribution (whether actual or constructive) of the Acquiring Fund
 Shares to the Target Funds shareholders in exchange for each Target Fund Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Under
 Section 1032(a) of the Code, no gain or loss will be recognized by the Acquiring Fund upon the receipt of the corresponding
 Target Fund's assets solely in exchange for the Acquiring Fund's Shares and the Acquiring Fund's assumption
 of the liabilities of the corresponding Target Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Under
 Section 362(b) of the Code, the adjusted basis in each of the Target Fund's assets acquired by the Acquiring Fund will
 be the same as the adjusted basis of such assets to the Target Fund immediately prior to the Reorganization.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Under
 Section 1223(2) of the Code, the holding period of the assets of the Target Fund in the hands of the Acquiring Fund will include
 the period during which those assets were held by the corresponding Target Fund (except where the Acquiring Fund's investment
 activities have the effect of reducing or eliminating an asset's holding period).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Under
 Section 354(a)(1) of the Code, no gain or loss will be recognized by the Target Fund's shareholders upon the exchange
 of their Target Fund Shares solely for the Acquiring Fund Shares in complete liquidation of the Target Fund pursuant to the
 Reorganization.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Under
 Section 358(a)(1) of the Code, the aggregate adjusted basis of the Acquiring Fund Shares received by each Target Fund shareholder
 pursuant to the Reorganization will be the same as the aggregate adjusted basis of the Target Fund's Shares held by
 such shareholder immediately prior to the Reorganization.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Under
 Section 1223(1) of the Code, the holding period of the Acquiring Fund Shares received by the corresponding Target Fund shareholders
 in the Reorganization will include the period during which the corresponding Target Fund Shares exchanged therefor were held
 by such shareholder (provided the corresponding Target Fund Shares were held as capital assets on the date of the Reorganization).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. The
 Acquiring Fund will succeed to and take into account the items of the Target Fund described in Section 381(c) of the Code,
 subject to the conditions and limitations specified in Sections 381, 382, 383 and 384 of the Code and the Treasury Regulations
 thereunder. In particular, under Treasury Regulations § 1.381(b)-1(a)(2), the Acquiring Fund will be treated for purposes
 of section 381 of the Code just as the Target Fund would have been treated if there had been no Reorganization, the tax attributes
 of the Target Fund enumerated in Section 381(c) of the Code shall be taken into account by the Acquiring Fund as if there
 had been no Reorganization, and the taxable year of the Target Fund will not end on the date of the Reorganization merely
 because of the closing of the Reorganization.

No opinion will be expressed regarding: (a) whether either each Target Fund or each Acquiring Fund qualifies or will qualify as a regulated investment company; (b) the federal income tax consequences of the payment of Reorganization expenses by Faith Investor Services, LLC, except in relation to the qualification of the Reorganization as a reorganization under Section 368(a) of the Code; (c) whether any federal income tax will be imposed or required to be withheld under the Foreign Investment in Real Property Tax Act of 1980 with respect to any Target Fund shareholder that is a foreign person; (d) the effect of the Reorganization on each Target Fund with respect to any transferred asset as to which unrealized gain or loss is required to be recognized for federal income tax purposes under a mark-to-market system of accounting (including under Section 1256 of the Code); (e) the effect of the Reorganization on any shareholder of each Target Fund that is required to recognize unrealized gains or losses for federal income tax purposes under a mark-to-market system of accounting; (f) whether accrued market discount, if any, on any market discount bonds held by the Target Funds will be required to be recognized as ordinary income under Section 1276 of the Code as a result of the Reorganization; (g) whether any gain or loss will be required to be recognized with respect to any Asset that constitutes stock in a passive foreign investment company (within the meaning of Section 1297(a) of the Code); (h) the effect of the Reorganization on any transferred asset as to which any unrealized gain or loss is required to be recognized under U.S. federal income tax principles upon the transfer of such asset regardless of whether such transfer would otherwise be a non-recognition transaction; and (i) any other U.S. federal tax issues (except those set forth above) and all state, local or foreign tax consequences of the Reorganization.

An opinion of counsel is not binding on the IRS or the courts and neither the Target Funds nor the Acquiring Funds has sought a ruling with respect to the tax treatment of the Reorganization. The opinion of counsel, if delivered, will be based on the Code, regulations issued by the Treasury Department under the Code, court decisions, and administrative pronouncements issued by the IRS with respect to all of the foregoing, all as in effect on the date of the opinion, and all of which may be repealed, revoked or modified thereafter, possibly on a retroactive basis.

**Description of the Acquiring Funds Shares**

Shares of the Acquiring Funds issued to the shareholders of the Target Fund pursuant to the Reorganization will be duly authorized, validly issued, fully paid, and non-assessable when issued in accordance with the Plan and will be transferable without restriction and will have no preemptive or conversion rights.

**Capitalization**

The capitalization of the Target Funds as of August 29, 2025 and the Acquiring Funds' *pro forma* combined capitalization as of that date, after giving effect to the applicable Reorganization, are as follows:

**FIS Christian Stock Fund**

---

| | | |
|:---|:---|:---|
| ***(unaudited)*** | **Target Fund Shares** | ***Pro forma* Acquiring Fund Shares** |
| **Net Assets** | $72109714 | $72109714 |
| **Shares Outstanding** | 2300000 | &nbsp;&nbsp;&nbsp;&nbsp;2300000 |
| **Net Asset Value per Share** | $31.35 | $31.35 |

---

**FIS Bright Portfolios Focused Equity ETF**

---

| | | |
|:---|:---|:---|
| ***(unaudited)*** | **Target Fund Shares** | ***Pro forma* Acquiring Fund Shares** |
| **Net Assets** | $94122103 | $94122103 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;3302000 | &nbsp;&nbsp;&nbsp;&nbsp;3302000 |
| **Net Asset Value per Share** | $28.50 | $28.50 |

---

**ADDITIONAL INFORMATION ABOUT THE FUNDS**

**General**

For a general discussion of the operation and organization of the Target Funds, see "General Information About the Trust" and "Exchange Listing and Trading" in the Target Funds' combined SAI, which is incorporated by reference herein. For a general discussion of the operation and organization of each Acquiring Fund, see "General Information About the Trust" and "Exchange Listing and Trading" in the Proxy Statement SAI.

**Rights of the Fund's Shareholders**

NEOS ETF Trust is not required to hold annual meetings of shareholders. Each Target Fund's shareholder has one vote with respect to matters upon which a shareholder vote is required consistent with the requirements of the 1940 Act. Each Target Funds' shares have no preemptive, exchange, subscription, or conversion rights and are freely transferable. For a description of other significant attributes of shares of the Target Funds see "Description of Shares" in the Target Funds' combined SAI, which is incorporated by reference herein.

FIS Trust is not required to hold meetings of shareholders. Shares of each Acquiring Fund have equal voting rights. Acquiring Funds' shares are freely transferable. Shares of each Acquiring Fund 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. For a description of other significant attributes of shares of the Acquiring Funds see "Description of Shares" in the Proxy Statement SAI.

**Pricing of Fund Shares**

For information on how the NAV per share of each Fund is calculated, see "Buying and Selling the Funds" in the Target Funds' combined Prospectus and, for each Acquiring Fund, see "Buying and Selling Fund Shares" and "Determination of Net Asset Value" in <u>Appendix D</u> attached to this Proxy Statement.

**Dividends, Distributions, and Taxes**

The Target Funds and the Acquiring Funds each intend to distribute substantially all of its net investment income and net capital gains to its shareholders at least annually. Each Fund seeks to maintain relatively stable monthly distributions, although the amount of income earned by a Fund varies from period-to-period. Each month, each Fund determines the amount of distribution to pay based on a combination of the amount of options premium generated from the Fund's options collar strategy implemented for the applicable month, the dividends generated by the Fund's underlying equity portfolio, and the appreciation of the Fund's equity holdings. As a result of such distribution strategy, each Fund's distributions are expected to exceed its earnings and profits in some or all tax years, and consequently, all or a portion of the distributions made for a taxable year may be characterized as a return of capital to shareholders. A return of capital distribution will generally not be taxable, but will reduce each shareholder's cost basis in the Fund and result in a higher capital gain or lower capital loss when the Shares on which the distribution was received are sold. After a shareholder's basis in the Shares has been reduced to zero, distributions in excess of earnings and profits will be treated as gain from the sale of the shareholder's Shares.

Each Fund will declare and pay capital gain distributions in cash. Distributions in cash may be reinvested automatically in additional Fund shares only if the broker through whom you purchased Fund shares makes such option available. Your broker is responsible for distributing the income and capital gain distributions to you.

For a discussion of the Target Fund's policies with respect to dividends and distributions, and federal income tax considerations, see "Dividends, Distributions, and Taxes" in the Target Funds' combined prospectus, which is incorporated by reference herein. For a discussion of the Acquiring Fund's policies with respect to dividends and distributions, and federal income tax considerations, see "Dividends, Distributions, and Taxes" in <u>Appendix D</u> attached to this Proxy Statement.

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

For a description of each Target Fund's policies and procedures with respect to the disclosure of its portfolio holdings and premium/discount information, see "Portfolio Holdings" and "Premium/Discount Information" in the Target Funds' Prospectus and "Portfolio Holdings" in the Target Funds' SAI, which are incorporated by reference herein. For a description of each Acquiring Fund's policies and procedures with respect to the disclosure of its portfolio holdings and premium/discount information, see "Premium/Discount Information" in <u>Appendix D</u> attached to this Proxy Statement, and "Portfolio Holdings Disclosure Policies and Procedures" in the Proxy Statement SAI.

**Frequent Purchases and Redemptions**

For a discussion of each Target Fund's policies with respect to frequent purchases and redemptions, see "Frequent Purchases and Redemptions of each Funds' Shares" in the Target Funds' Prospectus, which is incorporated by reference herein. For a discussion of the each Acquiring Fund's policies with respect to frequent purchases and redemptions, see "Frequent Purchases and Redemptions of Shares" in <u>Appendix D</u> attached to this Proxy Statement.

**Investments by Registered Investment Companies**

Section 12(d)(1) of the 1940 Act restricts investments by registered investment companies in the securities of other investment companies, including Fund shares. Registered investment companies are permitted to invest in the Funds beyond the limits set forth in section 12(d)(1), subject to certain terms and conditions set forth in Rule 12d1-4 under the 1940 Act, including that such investment companies enter into agreements with the Funds.

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

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

**Financial Information**

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

**VOTING INFORMATION**

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

Proxies are being solicited from the shareholders of the Target Fund by NEOS ETF Trust's Board of Trustees for the Special Meeting, which will be held on December 29, 2025, at the principal executive offices of Faith Investor Services LLC, 7328 East Deer Valley Road, Suite 105, Scottsdale, Arizona 85255, at 9:00 a.m. local time, or at such later time made necessary by adjournment.

The Board has fixed the close of business on November 20, 2025 as the record date (the "Record Date") for the determination of shareholders entitled to notice of and to vote at the Special Meeting and any adjournments thereof. Shareholders of record as of the Record Date will be entitled to one vote for each share held. As of the Record Date, the total number of issued and outstanding shares of the Target Funds were:

FIS Christian Stock Fund (PRAY): 2,240,000

FIS Bright Portfolios Focused Equity ETF (BRIF): 3,382,000

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

**HOW TO VOTE**

You can vote your shares by attending the Special Meeting in person, by mail, by the internet, and by telephone as set forth below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **In person:** at the Special Meeting on December 29, 2025.

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

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

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

• **Telephone:** To vote your proxy by phone, please dial 888-332-9934.

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

**PROXIES**

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

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

**QUORUM AND ADJOURNMENTS**

One-third of the outstanding shares of each Target Fund will be considered a quorum for the transaction of business with respect to each Target Fund. If a quorum of shareholders of each Target Fund is not present at the Special Meeting, or if a quorum is present but sufficient votes to approve the Reorganization described in this Proxy Statement are not received, the chairman of the Special Meeting may adjourn the Special Meeting of each Target Fund one or more times within a reasonable time after the date set forth for the original meeting to permit further solicitation of proxies. Any business that might have been transacted at the Special Meeting with respect to each Target Fund may be transacted at any such adjourned session(s) at which a quorum is present. The persons designated as proxies may use their discretionary authority to vote as instructed by management of each Target Fund on any other proposals raised at the Special Meeting to the extent permitted by the SEC's proxy rules, including proposals for which timely notice was not received, as set forth in the SEC's proxy rules.

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

All proxies voted, including abstentions, will be counted toward establishing a quorum. Because the proposals are expected to "affect substantially" a shareholder's rights or privileges, a broker may not vote shares if the broker has not received instructions from beneficial owners or persons entitled to vote, even if the broker has discretionary voting power (*i.e.*, the proposal is non-discretionary). Because the proposal is non-discretionary, the Trust does not expect to receive broker non-votes. Abstentions will have the same effect as votes against the proposal.

**SOLICITATION OF PROXIES**

Each Target Fund expects that the solicitation of proxies will be primarily by Internet, mail and telephone. The solicitation also may include facsimile, Internet, or oral communications. Mediant has been retained to aid in the solicitation of proxies, at an anticipated cost of approximately $100,000, exclusive of printing costs. Faith Investor Services LLC will bear the expenses relating to the Reorganization, including the costs of retaining Mediant.

**OTHER INFORMATION**

**OTHER BUSINESS**

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

**APPRAISAL RIGHTS**

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

**NEXT MEETING OF SHAREHOLDERS**

The Target Funds do not hold regular meetings of shareholders. Shareholders wishing to submit proposals for inclusion in a proxy statement for a subsequent meeting of shareholders should send their written proposals to the Target Funds' Secretary within a reasonable time before the proxy materials for the next meeting are sent to shareholders. Timely submission of a proposal does not necessarily mean that the proposal will be included.

**LEGAL MATTERS**

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

**AVAILABLE INFORMATION**

The Funds are subject to the informational requirements of the Securities Exchange Act of 1934, as amended, and the 1940 Act, and in accordance therewith, file reports and other information, including proxy materials, with the SEC. Reports and other information filed by the Funds are available on the EDGAR Database on the SEC's Internet site at www.sec.gov. Copies of this information may be obtained, after paying a duplicating fee, by electronic mail to publicinfo@sec.gov, or by writing to the SEC's Public Reference Section, 100 F Street, NE, Washington, D.C. 20549-1520. Reports, proxy statements and other information that may be filed with the Exchange and also may be inspected at the offices of the Exchange.

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

THIS AGREEMENT AND PLAN OF REORGANIZATION (this "Agreement") is adopted as of this<br> [ ] day of [ ], 2025 by and among (i) NEOS ETF Trust, on behalf of two of its series, the FIS Christian Stock Fund (PRAY) and FIS Bright Portfolios Focused Equity ETF (BRIF) (each a "Target Fund" and collectively the "Target Funds"), (ii) FIS Trust, on behalf of each of two of its series, the FIS Christian Stock Fund (PRAY) and FIS Bright Portfolios Focused Equity ETF (BRIF) (each a "Acquiring Fund" and collectively the "Acquiring Funds"), and (iii) solely for the purposes of Section 4.3, 5.1(g) and 9 of this Agreement, Faith Investor Services, LLC (the "Adviser"), the investment adviser to the Acquiring Funds and Target Funds; (iv) solely for the purposes of Section 4.4 of this Agreement, Bright Portfolio, LLC (sub-adviser to FIS Bright Portfolios Focused Equity ETF); and (v) solely for the purposes of Section 4.5 of this Agreement, Vident Asset Management (trading sub-adviser to FIS Bright Portfolios Focused Equity ETF). Other than the Target Funds and the Acquiring Funds, no other series of either the NEOS ETF Trust or the FIS Trust are parties to this Agreement.

WHEREAS, the parties hereto intend for each Target Fund and the corresponding Acquiring Fund to enter into a transaction pursuant to which: (i) each Acquiring Fund will acquire all of the Assets (as defined in Section 1.2(b)) in exchange solely for (a) whole shares of the Acquiring Fund ("Acquiring Fund Shares"), the value of which shall be determined as of the Valuation Time (as defined in Section 2.1(e)), and (b) assumption of all of the Liabilities (as defined in Section 1.2(c)) of the corresponding Target Fund by the Acquiring Fund, and (ii) the Target Fund will distribute such Acquiring Fund Shares to shareholders in respect of their shares of the Target Fund ("Target Fund Shares"), in connection with the complete liquidation of the Target Fund, all upon the terms and conditions hereinafter set forth in this Agreement (such transaction, the "Reorganization");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, each Acquiring Fund is a "shell series" of FIS Trust created for the purpose of, and is authorized to, acquire the assets and assume the liabilities of its corresponding Target Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, the Target Funds and the Acquiring Funds are open-end, registered investment companies of the management type registered with the U.S. Securities and Exchange Commission (the "Commission"); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, each Target Fund and its corresponding Acquiring Fund intends (i) this Agreement to be, and adopt it as, a plan of reorganization with respect to their respective Reorganization within the meaning of Section 368(a)(1) of the United States Internal Revenue Code of 1986, as amended (the "Code"), and Section 1.368-2(g) of the U.S. Treasury regulations promulgated under the Code (the "Treasury Regulations"), and (ii) that for United States federal income tax purposes each Reorganization contemplated by this Agreement constitutes a "reorganization" within the meaning of Section 368(a)(1)(F) of the Code.

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

1. DESCRIPTION OF THE REORGANIZATION

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 It is the intention of the parties hereto that each Reorganization described herein shall be conducted separately from the other, and a party that is not a party to a Reorganization shall incur no obligations, duties or liabilities with respect to such Reorganization by reason of being a party to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 The Acquiring Trust and the Target Trust agree to take the following steps with respect to each Reorganization:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a) Each Target Fund agrees to transfer to its corresponding Acquiring Fund all of the Target Fund's assets as set forth in Section 1.2(b), and the corresponding Acquiring Fund agrees in consideration therefor (i) to deliver to the Target Fund that number of corresponding Acquiring Fund Shares determined by dividing the value of the Target Fund's assets net of any liabilities assumed by the applicable Acquiring Fund, computed in the manner and as of the time and date set forth in Section 2.1(a), by the net asset value of one share of the corresponding Acquiring Fund, computed in the manner and as of the time and date set forth in Section 2.1(a); and (ii) to assume all of the liabilities of the Target Fund, whether accrued or contingent, known or unknown, existing at the Closing Date (as defined in Section 3.1).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b) The assets of each Target Fund to be acquired by the corresponding Acquiring Fund (the "Assets") shall consist of all assets, including, without limitation, all cash, cash equivalents, securities, commodities and futures interests, collateral, claims (whether absolute, contingent, known or unknown, accrued or unaccrued, and including, without limitation, any interest in pending or future legal claims in connection with (i) past or present holdings, whether in the form of class action claims, opt-out, or other direct litigation claims or regulator or government established investor recovery funds claims or (ii) contractual, fiduciary, or other relationships with any investment adviser, principal underwriter, or other party, and any and all resulting recoveries), dividends or interest or other receivables that are owned by the Target Fund, copies of all books and records of the Target Fund on the Closing Date (as defined in Section 3.1), and any deferred or prepaid expenses shown on the unaudited statement of assets and liabilities of the Target Fund prepared as of the effective time of the Closing (as defined in Section 3.1) (the "Closing Statement of Assets and Liabilities") in accordance with accounting principles generally accepted in the United States of America ("GAAP") applied consistently with those of the Target Funds' most recent audited statement of assets and liabilities, if any. The Assets of each Target Fund shall be delivered to its corresponding Acquiring Fund free and clear of all liens, encumbrances (except securities that are subject to "securities loans," as referred to in section 851(b)(2) of the Code, or that are restricted to resale by their terms), hypothecations, and claims whatsoever, and there shall be no restrictions on the full transfer thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Each Target Fund will use commercially reasonable efforts to discharge all of its known liabilities and obligations prior to the Closing (as defined in Section 3.1) consistent with its obligation to continue to pursue its investment objective and strategies in accordance with the terms of its prospectus.

&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) As soon as reasonably practicable after the Closing (as defined in Section 3.1), each Target Fund will distribute to its shareholders of record ("Target Fund Shareholders") the corresponding Acquiring Fund Shares, respectively, received by the Target Fund pursuant to Section 1.2(a) on a pro rata basis, and the each Target Fund will as promptly as practicable thereafter completely liquidate and dissolve. Such distribution, with respect to each Target Fund's shares, and complete liquidation will be accomplished by the transfer of the corresponding Acquiring Fund Shares then credited to the account of each Target Fund on the books of the corresponding Acquiring Fund to open accounts on the share records of the corresponding Acquiring Fund in the names of the Target Fund Shareholders. At the Closing (as defined in Section 3.1), any outstanding certificates representing shares of each Target Fund will be cancelled. Each Acquiring Fund shall not issue certificates representing shares in connection with such exchange, irrespective of whether its Target Fund Shareholders hold their corresponding Target Fund Shares in certificated form.

&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) Any regulatory reporting responsibility of a Target Fund, including the responsibility for filing regulatory reports, tax returns, and other documents for periods ending on or prior to the Closing Date (as defined in Section 3.1) and such later date on which the Target Fund is terminated, is and shall remain the responsibility of the Target 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; (f) Prior to the Closing (as defined in Section 3.1), each Acquiring Fund will issue one share of beneficial interest of the Acquiring Funds (the "Initial Shares") to the Adviser, as the investment adviser of the Acquiring Funds, or an affiliate thereof (the "Sole Shareholder") in exchange for a nominal amount for the sole purpose of allowing the Sole Shareholder to approve certain matters to facilitate the organization of Acquiring Funds. Prior to the Closing (as defined in Section 3.1), the Initial Shares will be redeemed and cancelled by each Acquiring Fund in exchange for an amount equal to the consideration received by the Acquiring Funds for such Initial Shares.

&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) Ownership of Acquiring Fund Shares will be shown on its books, as such are maintained by the Acquiring Fund's transfer agent.

&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) All books and records relating to each Target Fund, or copies thereof, including all books and records required to be maintained under the Investment Company Act of 1940, as amended (the "1940 Act"), and the rules and regulations thereunder, shall be turned over to the corresponding Acquiring Fund as soon as practicable after the Closing Date (as defined in Section 3.1) and copies of all such books and records maintained by the Target Funds' adviser, administrator, custodian, distributor or fund accountant shall be turned over to the corresponding Acquiring Fund or its agents as soon as practicable following the Closing Date (as defined in Section 3.1).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) NEOS ETF Trust and the Target Funds acknowledge that FIS Trust, the Acquiring Funds and the Adviser intend to treat, and do not and will not object to the Acquiring Trust, the Acquiring Fund and the Adviser treating, the performance record of each Target Fund as the performance record of the corresponding Acquiring Fund for any purpose, including the rules and regulations of the Commission and the Financial Industry Regulatory Authority ("FINRA"). In this regard, the parties acknowledge that the investment performance history of each Target Fund will be transferred to the corresponding Acquiring Fund at the Closing Date (as defined in Section 3.1). FIS Target Trust, on behalf of the Target Funds, represents and warrants to the Acquiring Funds that the investment performance history of each Target Fund is accurate in all material respects and has been calculated in accordance with applicable law.

2. VALUATION

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 With respect to the Reorganization:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The net value of each Target Fund's Assets to be acquired by the corresponding Acquiring Fund hereunder shall be computed as of the Valuation Time (as defined in Section 2.1(e)) by calculating the value of the Assets, which shall reflect the declaration of any dividends, and subtracting therefrom the amount of the Liabilities, using the valuation procedures established by FIS Trust's board of trustees ("Acquiring Funds Valuation Procedures"). On the Valuation Date, each Target Fund shall record the value of the Assets, as valued pursuant to this Section 2.1(a), on a valuation report (the "Valuation Report") and deliver a copy of the Valuation Report to the corresponding Acquiring Fund by 7:00 p.m. (Eastern time) on the Valuation Date, or as soon as practicable thereafter.

&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 number of Acquiring Fund Shares issued by each Acquiring Fund in exchange for the corresponding Target Fund's Assets shall equal the number of shares of such corresponding Target Fund outstanding as the Valuation Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c) The net asset value of the Acquiring Fund Shares issued by each Acquiring Fund issued in connection with its Reorganizations shall be determined to the nearest full cent as of the Valuation Date by dividing the net value of its corresponding Target Fund's Assets (described in Section 2.1(a)) by the number of Acquiring Fund Shares issued in connection with the Reorganization (as described in Section 2.1(b)).

&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) All computations of value shall be made by each Acquiring Fund's administrator using the Acquiring Funds Valuation Procedures and shall be subject to review by the corresponding Target Fund's administrator and, if requested by either FIS Trust or NEOS ETF Trust, by the independent registered public accountant of the requesting party at the expense of the requesting party. FIS Trust and NEOS ETF Trust agree to use commercially reasonable and good faith efforts to cause their respective administrators and investment advisers to work together to resolve before the Closing Date (as defined in Section 3.1) any material differences identified between the valuations of the portfolio assets of a Target Fund determined using the corresponding Acquiring Fund's valuation procedures as compared to the prices of the same portfolio assets determined using the Target Fund's valuation 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;(e) "Valuation Time" shall mean immediately after the close of regular trading on the New York Stock Exchange ("NYSE") on the Valuation Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) "Valuation Date" shall mean the business day immediately preceding the Closing Date (as defined in Section 3.1).

3. CLOSING AND CLOSING DATE

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.1 Each Reorganization shall close on December 29, 2025, or such other date as the parties may agree (the "<u>Closing Date</u>"). All acts taking place at the closing of each Reorganization ("<u>Closing</u>") shall be deemed to take place simultaneously as of immediately prior to the opening of regular trading on the NYSE on the Closing Date unless otherwise agreed to by the parties (the "<u>Closing Time</u>"). The Closing of each Reorganization may be held in person, by facsimile, email or such other communication means as the parties may agree.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 With respect to the Reorganizations:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a) Each Target Fund shall cause U.S. Bank National Association, the custodian for the Target Funds, to deliver at the Closing a certificate of an authorized officer stating that (a) the Assets shall have been delivered in proper form to corresponding Acquiring Fund, immediately prior to the Closing and (b) all necessary taxes in connection with the delivery of the Assets, including all applicable federal and state stock transfer stamps, if any, have been paid or provision for payment has been made. Each Target Fund's portfolio securities represented by a certificate or other written instrument shall be presented by the custodian for each Target Fund to the custodian for the corresponding Acquiring Fund for examination no later than five business days preceding the Closing Date (unless the custodian for the Target Fund is also the custodian for the corresponding Acquiring Fund, as is currently the case as of the date of this Agreement) and transferred and delivered by each Target Fund as of the Closing for the account of the corresponding Acquiring Fund duly endorsed in proper form for transfer in such condition as to constitute good delivery thereof. Each Target Fund's portfolio securities and instruments deposited with a securities depository, as defined in Rule 17f-4 under the 1940 Act, shall be delivered as of the Closing by book entry in accordance with the customary practices of such depositories and the custodian for the corresponding Acquiring Fund. The cash to be transferred by each Target Fund shall be delivered by wire transfer of federal funds as of the Closing (or such other suitable means if the custodian for each Target Fund is also the custodian for the corresponding Acquiring Fund, as is currently the case as of the date of this Agreement). If a Target Fund is unable to make such delivery as of the Closing in the manner contemplated by this Section for the reason that any of such securities or other investments purchased prior to the Closing have not yet been delivered to the Target Fund or its broker, then such Target Fund shall, by the Closing, have the custodian for such Target Fund deliver to the corresponding Acquiring Fund or the corresponding Acquiring Fund's custodian, executed copies of an agreement of assignment and escrow and due bills executed on behalf of said broker or brokers, together with such other documents as may be required by the corresponding Acquiring Fund or the corresponding Acquiring Fund's custodian, such as brokers' confirmation slips.

&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 Target Funds shall cause U.S. Bancorp Fund Services, LLC, the transfer agent for the Target Funds (and the Acquiring Funds), to deliver at the Closing a certificate of an authorized officer stating that its records contain the names and addresses of each Target Fund's Shareholders and the number and percentage ownership (to three decimal places) of outstanding Target Fund Shares owned by the Target Fund Shareholders immediately prior to the Closing. The corresponding Acquiring Fund shall issue and deliver a confirmation evidencing the corresponding Acquiring Fund Shares or provide evidence satisfactory to each Target Fund that such Acquiring Fund Shares have been credited to the Target Fund's accounts on the books of the Acquiring Fund. At the Closing, each party shall deliver to the other such bills of sale, checks, assignments, share certifications, if any, receipts or other documents as such other party or its counsel may reasonably request to effect the transaction contemplated by the Agreement. Any cash to be transferred by each Acquiring Fund shall be delivered by wire transfer of federal funds as of the Closing (or such other suitable means if the custodian for the Target Funds is also the custodian for the Acquiring Funds, as is currently the case as of the date 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) In the event that immediately prior to the Valuation Date (a) the NYSE or another primary trading market for portfolio securities of each Target Fund shall be closed to trading or trading thereupon shall be restricted, or (b) trading or the reporting of trading on such Exchange or elsewhere shall be disrupted so that, in the judgment of the Board of Trustees of either party to this Agreement, accurate appraisal of the value of a Target Fund Shares is impracticable, the Closing Date shall be postponed until the first business day after the day when trading shall have been fully resumed and reporting shall have been restored.

4. REPRESENTATIONS AND WARRANTIES

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.1 NEOS ETF Trust, on behalf of itself or, where applicable, each of Target Funds, represents and warrants to FIS Trust and each of the Acquiring Funds as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a) NEOS ETF Trust is a Delaware statutory trust duly organized, validly existing, and in good standing under the laws of the State of Delaware with power and authority under the Agreement and Declaration of Trust of NEOS ETF Trust, as amended (the "Declaration of Trust"), to own all of its properties and assets and to carry on its business as it is now being conducted and, subject to approval of the shareholders of the Target Fund, to execute and deliver this Agreement, to perform its obligations hereunder, and to consummate the transactions contemplated by this Agreement. Each Target Fund is a separate series of NEOS ETF Trust duly designated in accordance with the applicable provisions of NEOS ETF Trust's Declaration of Trust. NEOS ETF Trust and the Target Funds are qualified to do business in all jurisdictions in which they are required to be so qualified, except jurisdictions in which the failure to so qualify would not have a material adverse effect on NEOS ETF Trust or a Target Fund. Each Target Fund has all material foreign, federal, state, and local authorizations necessary to own all of its properties and assets and to carry on its business as now being conducted, except authorizations which the failure to so obtain would not have a material adverse effect on the Target Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b) NEOS ETF Trust is a registered investment company classified as a management company of the open-end type, and its registration with the Commission as an investment company under the 1940 Act, and the registration of the shares of each of the Target Funds under the Securities Act of 1933 ("1933 Act"), is in full force and effect, and no action or proceeding to revoke or suspend such registrations is pending or, to the knowledge of NEOS ETF Trust, threatened;

&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) No consent, approval, authorization, or order of any court, Governmental Authority (as defined below), or the Financial Industry Regulatory Authority ("FINRA") is required for the consummation by the Target Funds and NEOS ETF Trust of the transactions contemplated herein, except such as have been obtained or will be obtained at or prior to the Closing under the 1933 Act, the Securities Exchange Act of 1934 ("1934 Act"), the 1940 Act, state securities laws, and the Hart-Scott-Rodino Antitrust Improvements Act of 1976;

&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) Each Target Fund is not, and the execution, delivery, and performance of this Agreement by the Target Funds will not result (i) in a violation of law or of NEOS ETF Trust's Declaration of Trust or By-laws, (ii) in a violation or breach of, or constitute a default under, any material agreement, indenture, exemptive order, instrument, contract, lease, or other undertaking to which the Target Fund is a party or by which it is bound, and the execution, delivery, and performance of this Agreement by each Target Fund will not result in the acceleration of any obligation, or the imposition of any penalty, under any agreement, indenture, instrument, contract, lease, judgment, or decree to which the Target Fund is a party or by which it is bound, or (iii) in the creation or imposition of any lien, charge, or encumbrance on any property or assets of the Target 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; (e) Except as otherwise disclosed to and accepted, in writing, by or on behalf of the corresponding Acquiring Fund, all material contracts or other commitments (other than this Agreement), including without limitation the contracts set forth in Schedule 7.1(h), will be terminated with respect to each Target Fund at or prior to the Closing without liability to the Target Fund and such termination shall not result in the acceleration of any obligations of the Target Fund on or prior to the Closing;

&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 current prospectus and statement of additional information of each Target Fund and each prospectus and statement of additional information of each Target Fund used at all times between the commencement of operations of each Target Fund and the date of this Agreement conform or conformed at the time of their use in all material respects to the applicable requirements of the 1933 Act and the 1940 Act and the rules and regulations of the Commission thereunder and do not or did not at the time of their use include any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (g) Each Target Fund is in compliance in all material respects with, and since its commencement of operations has been in compliance in all material respects with, the investment policies and restrictions set forth in the Target Fund's then applicable prospectus and 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; (h) Each Target Fund is in compliance in all material respects with, and since its commencement of operations has been in compliance in all material respects with, the requirements of the 1933 Act, 1934 Act, and the 1940 Act and all rules and regulations under each of the foregoing, and state securities 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; (i) Each Target Fund is in compliance in all material respects with, and except as otherwise disclosed in writing pursuant to Section 5.1(n) hereof, since its commencement of operations has been in compliance in all materials respects with, its policies and procedures adopted pursuant to Rule 38a-1 under the 1940 Act including without limitation the valuation policies and procedures of NEOS ETF Trust, transactions with affiliated persons and underwriters pursuant to Section 17 of the 1940 Act, transactions with Authorized Participants in Creation Units under any applicable exemptive orders applicable to the Target Fund, compliance with the liquidity risk management requirements of Rule 22e-4 under the 1940 Act, and during the twelve-month period preceding the date of this Agreement, there have been no material miscalculations of the net asset value of any Target Fund or the net asset value per share of the Target Fund that have not been remedied or will not be remedied prior to the Closing in accordance with industry practices and the policies of NEOS ETF 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; (j) Except as otherwise disclosed to and accepted, in writing, by or on behalf of the corresponding Acquiring Fund, each Target Fund will as of the Closing, have good title to its Assets, and full right, power, and authority to sell, assign, transfer, and deliver such Assets, free of adverse claims, including any liens or other encumbrances (except securities that are subject to "securities loans," as referred to in section 851(b)(2) of the Code, or that are restricted to resale by their terms), and upon delivery and payment for such Assets, the corresponding Acquiring Fund, will acquire good title thereto, free of adverse claims and subject to no restrictions on the full transfer thereof, including, without limitation, such restrictions as might arise under the 1933 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;(k) The financial statements of the each Target Fund for the Target Fund's three most recently completed fiscal years, if any, have been (or, if such fiscal year-end is within the last sixty (60) days, will be) audited by the independent registered public accounting firm identified in the Target Fund's prospectus or statement of additional information included in the Target Fund's registration statement on Form N-1A (the "Prospectus" and "Statement of Additional Information"). Such statements, as well as the unaudited, semi-annual financial statements for the semi-annual period next succeeding each Target Fund's most recently completed fiscal year, if any, were prepared in accordance with GAAP consistently applied, and such statements present fairly, in all material respects, the financial condition and results of operations of each Target Fund as of such date in accordance with GAAP, and there are no known contingent liabilities of the Target Funds required to be reflected on a balance sheet (including the notes thereto) in accordance with GAAP as of such date not disclosed therein. No significant deficiency, material weakness, fraud, significant change, or other factor that could significantly affect the internal controls of any Target Fund has been disclosed or is required to be disclosed in the Target Fund's reports on Form N-CSR and, to the knowledge of the Target Funds, no such disclosure will be required as of the Closing;

&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) Since the last day of each Target Fund's most recently completed fiscal year, there has not been any material adverse change in the Target Fund's financial condition, assets, liabilities or business, other than changes occurring in the ordinary course of business;

&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; (i) For each taxable year of its operation (including that portion of such taxable year ending on the Closing Date), each Target Fund has been, and will be, treated as a separate corporation for federal income tax purposes pursuant to Section 851(g) of the Code, has met and intends to meet the requirements of Subchapter M of the Code for qualification as a regulated investment company and has elected to be treated as such, has been eligible to and has computed its federal income tax under Section 852 of the Code, and has not been, and will not be, liable for any material income or excise tax under Section 852 or 4982 of the Code through the Closing Date. Each Target Fund has no earnings and profits accumulated with respect to any taxable year in which the provisions of Subchapter M of the Code did not apply to the Target Fund. Each Target Fund will not be subject to corporate-level taxation on the sale of any assets currently held by it as a result of the application of Section 337(d) of the Code and the Treasury Regulations thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ii) All federal, state, local, and foreign income Tax Returns and other Tax Returns (including, for the avoidance of doubt, dividend reporting forms, and other Tax-related reports) of each Target Fund required to have been filed on or before the Closing Date or for periods ending on or before the Closing Date have been (or will be) duly and timely filed (taking into account any permitted extensions) and are or will be correct in all respects, and all federal, state, local, foreign, and other Taxes of the Target Fund (whether or not shown as due or required to be shown as due on said Tax Returns) for Tax periods ending on or before the Closing Date have been duly and timely paid, except for Taxes not yet payable, in which case, provision has been made by the Target Fund for the payment thereof and any such unpaid Taxes as of the date of the financial statements referred to in paragraph (l) above are properly reflected on such 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (iii) There are no audits, examinations, investigations, or other proceedings pending or threatened by any Taxing Authority in writing with respect to any Target Fund, and no waivers or extensions of any statute of limitations that remain open with respect to Taxes have been granted or requested with respect to the Target Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (iv) No Taxing Authority with which a Target Fund does not file Tax Returns has claimed in writing or, to the knowledge of the Target Fund, in any other manner that the Target Fund is or may be subject to taxation by that Taxing Authority, and no Taxing Authority with which a Target Fund does not file a particular Tax Return has claimed in writing or, to the knowledge of the Target Fund, in any other manner that the Target Fund is or may be required to file such Tax Return. No issue has been raised by any Tax Authority in any prior examination of the Target Fund which, by application of the same or similar principles, could reasonably be expected to result in a proposed deficiency for any subsequent taxable period. Each Target Fund has delivered a written disclosure schedule to the corresponding Acquiring Fund listing (A) all jurisdictions in which the Target Fund pays or has paid Taxes and/or file or have filed Tax Returns and (B) all federal, state, and local income and franchise Tax Returns filed by, or on behalf of, the Target Fund, and each such disclosure schedule is accurate and complete;

As used in this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Governmental Authority" means any nation, state, territory, province, county, city, or other unit or subdivision thereof or any entity, authority, agency, department, board, commission, instrumentality, court, or other judicial body authorized on behalf of any of the foregoing to exercise legislative, judicial, regulatory, or administrative functions of or pertaining to government, and any governmental or non-governmental self-regulatory organization.

"Tax" or "Taxes" means (i) any and all federal, state, local, foreign, and other taxes, assessments, levies, duties, fees, and other governmental or similar charges, including without limitation income, profits, gross receipts, net proceeds, alternative or add-on minimum, ad valorem, value added, turnover, sales, use, property, unclaimed property, personal property (tangible and intangible), environmental, stamp, leasing, lease, user, excise, duty, franchise, capital, capital stock, transfer, registration, license, withholding, social security (or similar), unemployment, disability, payroll, employment, fuel, excess profits, occupational, premium, windfall profit, severance, estimated, or other governmental charge of any kind whatsoever and (ii) any liability related to an item described in clause (i) of this definition and arising (a) from being or having been a member of an affiliated, consolidated, combined, unitary group, or similar group for federal, state, local, or foreign tax purposes or (b) as a result of being a successor to another person or transferee thereof, or pursuant to contract (other than pursuant to a contract the principal purpose of which is not allocation of an item described in clause (i) of this definition), in all cases together with any interest, penalties, additions to tax or additional amounts imposed in connection with any of the foregoing.

"Taxing Authority" means, with respect to any Tax, the Governmental Authority that imposes such Tax and the agency (if any) charged with the collection of such Tax for such Governmental Authority.

"Tax Return" means any return, declaration, report, claim for refund, information return, or any similar filing or statement filed with any Taxing Authority (domestic, foreign, or otherwise) that is related to Taxes, including any form, schedule, or attachment thereto and any amendment or supplement thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (m) All issued and outstanding shares of each Target Fund are duly authorized and validly issued and outstanding, fully paid and non-assessable by NEOS ETF Trust and, in every state where offered or sold, such offers and sales have been in compliance in all material respects with applicable registration and/or notice requirements of the 1933 Act and state and local regulatory authorities and will be held at the time of closing by the persons and in the amounts set forth in the records of the transfer agent of the Target Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (n) The execution, delivery, and performance of this Agreement has been duly authorized by all necessary action, if any, on the part of the Board of Trustees of NEOS ETF Trust, on behalf of each Target Fund, and subject to the due authorization, execution, and delivery of this Agreement by the other parties hereto, this Agreement will constitute a valid and binding obligation of each Target Fund, enforceable in accordance with its terms, subject, as to enforcement, to bankruptcy, insolvency, reorganization, moratorium, and other laws relating to or affecting creditors' rights and to general equity principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (o) The books and records of each Target Fund are true and correct in all material respects and contain no material omissions with respect to information required to be maintained under the laws, rules, and regulations applicable to the Target Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (p) Each Target Fund is not under the jurisdiction of a court in a Title 11 or similar case within the meaning of Section 368(a)(3)(A) of the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (q) Each Target Fund has no unamortized or unpaid organizational fees or expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (r) The information to be furnished by each Target Fund for use in applications for orders, registration statements, or proxy materials or for use in any other document filed or to be filed with any federal, state, or local regulatory authority (including any national securities exchange or FINRA), which may be necessary in connection with the transactions contemplated hereby, shall be accurate and complete in all respects and shall comply in all material respects with federal securities and other laws and regulations applicable 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; (s) The combined proxy statement and prospectus on Form N-14 (the "Proxy Statement") referred to in Section 5.1(c), only insofar as it relates to NEOS ETF Trust and each Target Fund, will, on the effective date of the Proxy Statement and on the Closing Date, (i) comply in all material respects with the provisions and regulations of the 1933 Act, the 1934 Act and the 1940 Act, as applicable, and (ii) not contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which such statements are made, not misleading; provided, however, that the representations and warranties in this paragraph shall not apply to statements in or omissions from the Proxy Statement made in reliance upon and in conformity with the information that was furnished by FIS Trust on behalf of the Acquiring Fund for use therein; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (t) Except as otherwise disclosed, there is no action, suit, proceeding, claim, demand, arbitration, matter, or investigation pending or threatened against or affecting any Target Fund at law, in equity, or otherwise, in, before, or by any court, Governmental Authority, or arbitrator, and there is no unsatisfied judgment, injunction, decree, or regulatory restriction imposed specifically upon any Target Fund or any of its properties, assets, trustees, officers, employees, or agents that could reasonably be expected to materially and adversely affect its business or its ability to consummate the Reorganization.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (u) All information provided or identified in writing by each Target Fund or NEOS ETF Trust, on behalf of the Target Fund, to the corresponding Acquiring Fund in response to formal due diligence requests relating to the Target Fund are true and correct in all material respects and contain no material misstatements or omissions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.2 FIS Trust, on behalf of itself or, where applicable, each of the Acquiring Fund represents and warrants to NEOS ETF Trust and each of Target Funds as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a) FIS Trust is a Delaware statutory trust duly organized, validly existing, and in good standing under the laws of the State of Delaware with power and authority under FIS Trust's Agreement and Declaration of Trust to own all of its properties and assets and to carry on its business as it is now being conducted, to execute and deliver this Agreement, to perform its obligations hereunder, and to consummate the transactions contemplated by this Agreement. Each Acquiring Fund is a separate series of FIS Trust duly designated in accordance with the applicable provisions of FIS Trust's Agreement and Declaration of Trust. FIS Trust and the Acquiring Fund are qualified to do business in all jurisdictions in which they are required to be so qualified, except jurisdictions in which the failure to so qualify would not have a material adverse effect on FIS Trust or an Acquiring Fund. Each Acquiring Fund has all material federal, state, and local authorizations necessary to own all of its properties and assets and to carry on its business as now being conducted, except authorizations which the failure to so obtain would not have a material adverse effect on the Acquiring 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; (b) FIS Trust is a registered investment company classified as a management company of the open-end type, and its registration with the Commission as an investment company under the 1940 Act and the registration of the shares of each Acquiring Fund under the 1933 Act are in full force and effect, and no action or proceeding to revoke or suspend such registrations is pending or, to the knowledge of FIS Trust, threatened;

&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) No consent, approval, authorization, or order of any court, Governmental Authority, or FINRA is required for the consummation by any Acquiring Fund and FIS Trust of the transactions contemplated herein, except such as have been or will be obtained at or prior to the Closing under the 1933 Act, the 1934 Act, the 1940 Act, state securities laws, and the Hart-Scott-Rodino Antitrust Improvements Act of 1976;

&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) Each Acquiring Fund is not, and the execution, delivery, and performance of this Agreement by the Acquiring Fund will not result (i) in a violation of law or of FIS Trust's Agreement and Declaration of Trust or by-laws, (ii) in a violation or breach of, or constitute a default under, any material agreement, indenture, exemptive order, instrument, contract, lease, or other undertaking to which the Acquiring Fund is a party to or by which it is bound, and the execution, delivery, and performance of the Agreement by the Acquiring Fund will not result in the acceleration of any obligation, or the imposition of any penalty, under any agreement, indenture, instrument, contract, lease, judgment, or decree to which the Acquiring Fund is a party or by which it is bound, or (iii) in the creation or imposition of any lien, charge, or encumbrance on any property or assets of the Acquiring 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) Each Acquiring Fund is, and will be at the time of Closing, new series of FIS Trust formed for the purpose of receiving the Assets and assuming the liabilities of the corresponding Target Fund in connection with the Reorganization and, accordingly, the Acquiring Fund will not have commenced operations, prepared books of account and related records or financial statements, or carried on any business activities, except as necessary to facilitate the organization of the Acquiring Fund as new series of FIS Trust prior to its commencement of operations. Except with respect to the consideration received in exchange for the issuance of the Initial Shares, each Acquiring Fund has not owned any assets and will not own any assets, and will not have any known liabilities of a material nature, contingent or otherwise, prior to the Closing. As of the time immediately prior to the Closing, there will be no issued or outstanding securities issued by any Acquiring Fund, other than the Initial Shares issued to the Sole Shareholder for the purpose set forth in Section 1.1(e) above. The Initial Shares will be redeemed and cancelled prior to the Closing;

&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) By the Closing, FIS Trust's Board of Trustees and officers shall have taken all actions as are necessary under the 1933 Act, 1934 Act, 1940 Act, and any applicable state securities laws for each Acquiring Fund to commence operations as registered open-end management investment companies, including, without limitation, approving and authorizing the execution of investment advisory contracts in the manner required by the 1940 Act and approving and authorizing the execution of such other contracts as are necessary for the operation of the Acquiring 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 execution, delivery, and performance of this Agreement has been duly authorized by all necessary action, if any, on the part of the Board of Trustees of FIS Trust, on behalf of each Acquiring Fund, and subject to the due authorization, execution, and delivery of this Agreement by the other parties hereto, this Agreement will constitute a valid and binding obligation of each Acquiring Fund, enforceable in accordance with its terms, subject, as to enforcement, to bankruptcy, insolvency, reorganization, moratorium, and other laws relating to or affecting creditors' rights and to general equity principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (h) The shares of each Acquiring Fund to be issued and delivered to the corresponding Target Fund, for the account of the Target Fund Shareholders, pursuant to the terms of this Agreement, have been duly authorized and, when so issued and delivered, will be duly and validly issued Acquiring Fund Shares, and, upon receipt of the corresponding Target Fund's Assets in accordance with the terms of this Agreement, will be fully paid and non-assessable by FIS 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; (i) Each Acquiring Fund (i) intends to continue to qualify for the tax treatment afforded regulated investment companies under the Code for its taxable year that includes the Closing Date, and intends to continue to qualify for such treatment for their subsequent taxable years, (ii) will be eligible to compute its federal income tax under Section 852 of the Code for the taxable year that includes the Closing Date, and (iii) will be treated as separate corporations for federal income tax purposes pursuant to Section 851(g) of the Code for the taxable year that includes the Closing Date. The Acquiring Fund has not taken any action, caused any action to be taken, or caused any action to fail to be taken, which action or failure could cause the Acquiring Fund to fail to qualify as a regulated investment company for its taxable year that includes the Closing Date. Each Acquiring Fund has no earnings and profits accumulated in any taxable year;

&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 books and records of each Acquiring Fund are true and correct in all material respects and contain no material omissions with respect to information required to be maintained under laws, rules, and regulations applicable to the Acquiring 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; (k) Each Acquiring Fund is not under the jurisdiction of a court in a Title 11 or similar case within the meaning of Section 368(a)(3)(A) of the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (l) Each Acquiring Fund has no unamortized or unpaid organizational fees or expenses for which it does not expect to be reimbursed;

&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 information to be furnished by each Acquiring Fund for use in applications for orders, registration statements, or proxy materials or for use in any other documents filed or to be filed with any federal, state, or local regulatory authority (including any national securities exchange or FINRA), which may be necessary in connection with the transactions contemplated hereby, shall be accurate and complete in all respects and shall comply in all material respects with federal securities and other laws and regulations applicable thereto; provided, however, that the representation and warranties in this paragraph shall not apply to statements in or omissions from the Proxy Statement made in reliance upon and in conformity with information that was furnished by or on behalf of the corresponding Target Fund for use therein;

&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) At the Closing, the current prospectus and statement of additional information of each Acquiring Fund will conform in all material respects to the applicable requirements of the 1933 Act and the 1940 Act and the rules and regulations of the Commission thereunder and will not include any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not materially misleading;

&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 Proxy Statement referred to in Section 5.1(c), only insofar as it relates to FIS Trust and each Acquiring Fund, will, on the effective date of the Proxy Statement and on the Closing Date, (i) comply in all material respects with the provisions and regulations of the 1933 Act, the 1934 Act, and the 1940 Act and (ii) not contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which such statements were made, not misleading; provided, however, that the representation and warranties in this paragraph shall not apply to statements in or omissions from the Proxy Statement made in reliance upon and in conformity with information that was furnished by or on behalf of the corresponding Target Fund for use therein; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (p) There is no action, suit, proceeding, claim, demand, arbitration, matter, or investigation pending or threatened against or affecting any Acquiring Fund at law, in equity, or otherwise, in, before, or by any court, Governmental Authority, or arbitrator, and there is no unsatisfied judgment, injunction, decree, or regulatory restriction imposed specifically upon any Acquiring Fund or any of their properties, assets, trustees, officers, employees, or agents that could reasonably be expected to materially and adversely affect its business or its ability to consummate the Reorganization.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (q) All information provided or identified in writing by each Acquiring Fund or FIS Trust, on behalf of the corresponding Acquiring Fund, to the Target Fund in response to formal due diligence requests relating to the Acquiring Fund is true and correct in all material respects and contains no material misstatements or omissions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3 The Adviser represents and warrants to NEOS ETF Trust and the FIS Trust as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Adviser is a limited liability company, duly formed, validly existing and in good standing under the laws of the State of Delaware.

&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 execution, delivery and performance of this Agreement have been duly authorized by all necessary action on the part of the Adviser, and subject to the due authorization, execution and delivery of this Agreement by the other parties hereto, this Agreement will constitute a valid and binding obligation of the Adviser, enforceable in accordance with its terms, subject as to enforcement, to bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium, and other laws relating to or affecting creditors' rights and to general equity principles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4 The Sub-Adviser represents and warrants to the NEOS ETF Trust and the FIS Trust as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Bright Portfolios LLC, as Sub-Adviser to the FIS Bright Portfolios Focused Equity ETF, is a limited liability company, duly formed, validly existing and in good standing under the laws of the State of Missouri; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the execution, delivery and performance of this Agreement have been duly authorized by all necessary action on the part of the Sub-Adviser, and subject to the due authorization, execution and delivery of this Agreement by the other parties hereto, this Agreement will constitute a valid and binding obligation of the Sub-Adviser, enforceable in accordance with its terms, subject as to enforcement, to bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium, and other laws relating to or affecting creditors' rights and to general equity principles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5 The Trading Sub-Adviser represents and warrants to the NEOS ETF Trust and the FIS Trust as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Vident Asset Management, as Trading Sub-Adviser to the FIS Bright Portfolios Focused Equity ETF, is a limited liability company, duly formed, validly existing and in good standing under the laws of the State of Delaware; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the execution, delivery and performance of this Agreement have been duly authorized by all necessary action on the part of the Trading Sub-Adviser, and subject to the due authorization, execution and delivery of this Agreement by the other parties hereto, this Agreement will constitute a valid and binding obligation of the Trading Sub-Adviser, enforceable in accordance with its terms, subject as to enforcement, to bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium, and other laws relating to or affecting creditors' rights and to general equity principles.

5. COVENANTS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 With respect to each Reorganization:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Target Fund: (i) will operate its business in the ordinary course and in accordance with past practices between the date hereof and the Closing, it being understood that such ordinary course of business may include the declaration and payment of customary dividends and distributions, and any other distribution that may be advisable, and (ii) shall use its best efforts to preserve intact its business organization and material assets and maintain the rights, franchises, and business and customer relations necessary to conduct the business operations of the Target Fund in the ordinary course in all material respects. Prior to the Closing, the Acquiring Fund will carry on no business activities, other than as are necessary in connection with the organization of a new series of an investment company prior to its commencement of operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b) NEOS ETF Trust will call a meeting of the Target Fund Shareholders for each Target Fund (the "Shareholder Meeting") as soon as practicable in compliance with securities laws and regulations to consider and act upon this Agreement and to take all other action necessary to obtain approval of the transactions contemplated herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c) In connection with the Shareholder Meeting, the Target Fund will promptly provide the Acquiring Fund with information regarding the Target Fund, and the Acquiring Fund will provide the Target Funds with information regarding the Acquiring Fund, reasonably necessary for the preparation of the Proxy Statement, in compliance with the 1933 Act, the 1934 Act, and the 1940 Act. FIS Trust will file the Proxy Statement with the Commission.

&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) Each Target Fund covenants that the Acquiring Fund Shares to be issued pursuant to this Agreement are not being acquired for the purpose of making any distribution thereof, other than in accordance with the terms 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; (e) Each Target Fund will assist the corresponding Acquiring Funds in obtaining such information as the Acquiring Fund reasonably requests concerning the beneficial ownership of the Target Fund's shares.

&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) NEOS ETF Trust or its transfer agent, on behalf of each Target Fund, will provide the corresponding Acquiring Fund with (i) a statement of the respective tax basis and holding period of all investments to be transferred by the Target Fund to the Acquiring Fund, (ii) a copy (which may be in electronic form) of the shareholder ledger accounts including, without limitation, the name, address and taxpayer identification number of each shareholder of record, the number of shares of beneficial interest held by each shareholder, the dividend reinvestment elections applicable to each shareholder, and the backup withholding and nonresident alien withholding certifications, notices or records on file with the Target Fund with respect to each shareholder, including such information as the Acquiring Trust may reasonably request concerning Target Fund Shares or Target Fund Shareholders in connection with the Acquiring Fund's cost basis reporting and related obligations under Sections 1012, 6045, 6045A, and 6045B of the Code and related Treasury regulations for all of the shareholders of record of the Target Fund as of the close of business on the Valuation Date, who are to become shareholders of the Acquiring Fund as a result of the transfer of Assets (the "Target Fund Shareholder Documentation"), certified by its transfer agent or its President or Vice-President to the best of their knowledge and belief, (iii) the tax books and records of the Target Fund, or copies thereof (including but not limited to any income, excise or information returns, as well as any transfer statements (as described in Treas. Reg. § 1.6045A-1 and § 1.6045B-1(a))) for purposes of preparing any returns required by law to be filed for tax periods ending after the Closing Date, and (iv) all FASB ASC 740 (formerly FIN 48) workpapers and supporting statements pertaining to the Target Fund (the "FIN 48 Workpapers"), or copies thereof. The foregoing information will be provided within such timeframes as is mutually agreed by the parties.

&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) Subject to the provisions of this Agreement, each party will take, or cause to be taken, all action, and do or cause to be done all things, reasonably necessary, proper or advisable to consummate and make effective the transactions contemplated by this Agreement. In particular, the NEOS ETF Trust and the Adviser each covenants that it will, as and when reasonably requested by an Acquiring Fund, execute and deliver or cause to be executed and delivered all such assignments and other instruments and will take or cause to be taken such further action as the Acquiring Fund may reasonably deem necessary or desirable in order to vest in and confirm the Acquiring Fund's title to and possession of all the corresponding Target Fund's Assets and otherwise to carry out the intent and purpose 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; (h) Promptly after the Closing, each Target Fund will make one or more liquidating distributions to its shareholders consisting of the Acquiring Fund Shares received at the Closing, as set forth in Section 1.1(d) hereof.

&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) If requested by an Acquiring Fund, NEOS ETF Trust, on behalf of the corresponding Target Fund, shall deliver to the Acquiring Fund a statement of the earnings and profits (accumulated and current) of the Target Fund for federal income tax purposes that will be carried over to the Acquiring Fund as a result of Section 381 of the Code. The information to be provided under this paragraph shall be provided within such timeframes as is mutually agreed by the parties.

&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) It is the intention of the parties that each Reorganization will qualify as a reorganization with the meaning of Section 368(a)(1)(F) of the Code. None of the parties to a Reorganizations shall take any action or cause any action to be taken (including, without limitation the filing of any Return) that is inconsistent with such treatment or results in the failure of such Reorganization to qualify as a reorganization within the meaning of Section 368(a)(1)(F) of the Code. At or before the Closing Date, the parties to this Agreement will take such reasonable action, or cause such action to be taken, as is reasonably necessary to enable Thompson Hine LLP to render the tax opinion contemplated in Section 8.5 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; (k) Any reporting responsibility of a Target Fund, including, but not limited to, the responsibility for filing regulatory reports, Tax Returns relating to tax periods ending on or prior to the Closing Date (whether due before or after the Closing Date), or other documents with the Commission, any state securities commission, and any federal, state, or local Taxing Authorities, or any other relevant regulatory authority, is and shall remain the responsibility of such Target Funds, except as otherwise is mutually agreed by the parties in writing.

&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) NEOS ETF Trust, on behalf of the Target Funds, shall deliver to the Acquiring Funds copies of: (1) the federal, state, and local income Tax Returns filed by or on behalf of each Target Fund for the prior three (3) taxable years; and (2) any of the following that have been issued to or for the benefit of or that otherwise affect each Target Fund and which have continuing relevance: (a) rulings, determinations, holdings, or opinions issued by any federal, state, local, or foreign Taxing Authority and (b) legal opinions.

&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) NEOS ETF Trust, on behalf of each Target Fund, agrees that the acquisition of all Assets and assumption of all Liabilities of the Target Fund by the Acquiring Trust, on behalf of the corresponding Acquiring Fund, includes any right of action against current and former service providers of the Target Fund, such right to survive for the statute of limitation of any such claim. For the avoidance of all doubt, the Target Trust hereby assigns to the Acquiring Trust all rights, causes of action, and other claims against third parties relating to each Target Fund, whether known or unknown, contingent or non-contingent, inchoate or choate, 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; (n) NEOS ETF Trust agrees that the liquidation of each Target Fund will be effected in the manner provided in NEOS ETF Trust Governing Documents in accordance with applicable law, and that on and after the Closing Date, the Target Fund shall not conduct any business except in connection with its immediate liquidation.

&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) No Target Fund nor Acquiring Fund shall take any action that is inconsistent with the representations set forth herein or, with respect to the Target Fund or Target Trust, in the Target Trust Tax Representation Certificate and, with respect to the Acquiring Fund or Acquiring Trust, in the Acquiring Trust Tax Representation Certificate.

&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) NEOS ETF Trust, on behalf of the Target Funds, and FIS Trust, on behalf of the Acquiring Funds, acknowledge that their respective administrator, fund accountant, transfer agent, and custodian may have information about such party or its operations that may be necessary or useful to facilitate the Reorganizations and each such party permits such service providers to utilize such information for the purpose of advising the parties or otherwise facilitating the transactions described in the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (q) Each of NEOS ETF Trust and FIS Trust will cooperate in good faith and will cause any of its agents, investment advisers, or principal underwriters to cooperate in good faith with any reasonable due diligence review conducted by the other party or its representatives in connection with the Reorganizations, including, without limitation, providing information, including in writing when so requested, and making available documents and officers, during regular business hours, as the other party may reasonably request.

6. CONDITIONS PRECENDENT TO OBLIGATIONS OF THE TARGET FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 With respect to each Reorganization, the obligations of the NEOS ETF Trust, on behalf of each Target Fund, to consummate the transactions provided for herein shall be subject, at the Target Fund's election, to the performance by FIS Trust and the corresponding Acquiring Fund of all of the obligations to be performed by it hereunder on or before the Closing Date, and, in addition thereto, the following conditions:

&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) All representations and warranties of the Acquiring Funds and FIS Trust contained in this Agreement shall be true and correct in all material respects as of the date hereof and as of the Closing, with the same force and effect as if made on and as of the Closing;

&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) FIS Trust shall have delivered to NEOS ETF Trust as of the Closing Date a certificate executed in its name by its President or Vice President and Treasurer, in form and substance reasonably satisfactory to NEOS ETF Trust and dated as of the Closing Date, to the effect that the representations and warranties of or with respect to the Acquiring Funds made in this Agreement are true and correct in all material respects at and as of the Closing Date, except as they may be affected by the transactions contemplated by 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 Target Funds shall have received the confirmations contemplated by this Agreement, duly executed by an authorized officer of the Acquiring 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;(d) FIS Trust and the Acquiring Funds shall have performed all of the covenants and complied with all of the provisions required by this Agreement to be performed or complied with by FIS Trust and the Acquiring Funds, on or before the Closing, in all material respects unless waived pursuant to the terms hereof;

&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) A prospectus of each Acquiring Fund relating to the continuous offering of the Acquiring Fund Shares in Creation Units shall have become effective under the 1933 Act and no stop orders suspending the effectiveness thereof shall have been issued and, to the best knowledge of the Acquiring Funds, no investigation or proceeding for that purpose shall have been instituted or be pending, threatened, or contemplated under the 1933 Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Target Funds shall have received at the Closing an opinion of Thompson Hine LLP, counsel to FIS Trust, in a form reasonably satisfactory to the Target Funds, and dated as of the Closing Date, to the effect that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Acquiring Trust is duly organized and validly existing under the laws of the State of Delaware and has power to own all of its properties and assets and to carry on its business as presently conducted and the Acquiring Fund is a separate series thereof duly constituted in accordance with the applicable provisions of the 1940 Act and the organizational documents of the Acquiring Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) This Agreement has been duly authorized, executed and delivered on behalf of the Acquiring Trust and, assuming the approval of the Agreement by the Target Fund Shareholders and assuming the due authorization, execution and delivery of this Agreement by all other parties, is the valid and binding obligation of the Acquiring Trust enforceable against the Acquiring Trust in accordance with its terms, except as the same may be limited by bankruptcy, insolvency, fraudulent transfer, reorganization or other similar laws affecting the enforcement of creditors' rights generally and other equitable principles;

&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;(iii) The Acquiring Fund Shares to be issued for transfer to the Target Fund's shareholders as provided by this Agreement are duly authorized and upon such transfer and delivery will be validly issued and outstanding and, assuming receipt by the Acquiring Fund of the consideration contemplated hereby, fully paid and nonassessable shares in the Acquiring Fund, and no shareholder of the Acquiring Fund has any preemptive right of subscription or purchase in respect thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The execution and delivery of this Agreement did not, and the performance by the Acquiring Trust of its obligations hereunder will not, violate the Acquiring Trust's organizational documents;

&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;(v) The Acquiring Trust is registered with the Commission as an open-end management investment company under the 1940 Act, and, to such counsel's knowledge, its registration with the Commission is in full force and effect;

&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;(vi) Except as disclosed in writing to the Target Trust, such counsel knows of no material legal proceedings pending against the Acquiring Fund or the Acquiring Trust; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) To the knowledge of such counsel, no consent, approval, authorization or order of any court or governmental authority is required for the consummation by the Acquiring Trust of the transactions contemplated by this Agreement except such as have been obtained;

&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) FIS Trust, on behalf of the Acquiring Funds, shall have delivered to Thompson Hine LLP an Acquiring Trust Tax Representation Certificate, satisfactory to Thompson Hine LLP, in a form mutually acceptable to NEOS ETF Trust and FIS Trust, concerning certain tax-related matters.

&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) In connection with the opinions contemplated by Section 6.1(e), it is understood that counsel may reasonably rely upon the representations made in this Agreement as well as certificates of officers of FIS Trust.

7. CONDITIONS
 PRECEDENT TO OBLIGATIONS OF THE ACQUIRING FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1 With respect to the Reorganization, the obligations of FIS Trust, on behalf of the Acquiring Funds, to consummate the transactions provided for herein shall be subject, at the Acquiring Funds' election, to the following conditions:

&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) All representations and warranties of NEOS ETF Trust and the Target Funds contained in this Agreement shall be true and correct in all material respects as of the date hereof and as of the Closing, with the same force and effect as if made on and as of the Closing;

&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 Target Funds shall have delivered to the Acquiring Funds a Closing Statement of Assets and Liabilities, certified by the President and Treasurer of the Target Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) NEOS ETF Trust shall have delivered to FIS Trust as of the Closing a certificate executed in its name by its President and Treasurer, in form and substance reasonably satisfactory to FIS Trust and dated as of the Closing, to the effect that the representations and warranties of or with respect to the Target Funds made in this Agreement are true and correct at and as of the Closing Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If requested by the Acquiring Funds, NEOS ETF Trust, on behalf of the Target Funds, shall have delivered to FIS Trust (i) a statement of each Target Fund's Assets, together with a list of portfolio securities of each Target Fund showing the adjusted tax basis of such securities by lot and the holding periods of such securities, as of the Closing, certified by the Treasurer of NEOS ETF Trust, (ii) each Target Fund Shareholder Documentation, (iii) the FIN 48 Workpapers, (iv) to the extent permitted by applicable law, all information pertaining to, or necessary or useful in the calculation or demonstration of, the investment performance of each Target Fund, and/or (v) a statement of earnings and profits as provided in Section 5.1(i);

&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) U.S. Bank National Association, the Target Funds' custodian shall have delivered the certificate contemplated by Sections 3.2(a) of this Agreement, duly executed by an authorized officer of U.S. Bank National Association;

&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) U.S. Bancorp Fund Services, LLC, the Target Funds' transfer agent, shall have delivered the certificates contemplated by Sections 3.2(b) of this Agreement, duly executed by an authorized officer of U.S. Bancorp Fund Services, LLC;

&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) As of the Closing Date, the Target Funds shall not have any direct or indirect interest in any security for which the Target Funds' investment adviser is the investment adviser or for which the Target Funds' principal underwriter is the principal underwriter;

&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) All invoices related to expenses incurred in connection with the operation of the Target Funds that are required to be paid by NEOS Investment Management, LLC shall have been paid, and a prepayment of any estimated expenses expected to be incurred in connection with the operation of the Target Funds for which an invoice has not been received, shall have been received by the applicable service provider. For the avoidance of doubt, such expenses incurred by the Target Funds shall include, without limitation, fees payable to (or expected to be payable to) the Target Funds' administrator, fund accountant, transfer agent, custodian, and independent registered public accounting firm, but shall not include legal counsel to the Target Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) NEOS ETF Trust and the Target Funds shall have performed all of the covenants and complied with all of the provisions required by this Agreement to be performed or complied with by NEOS ETF Trust and the Target Funds, on or before the Closing, in all material respects unless waived pursuant to the terms hereof;

&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 Acquiring Funds shall have received evidence that the contracts set forth on Schedule 7.1(h) shall have been terminated with respect to the Target 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;(k) FIS Trust shall have completed to its satisfaction its review each of the Target Fund's books and records;

&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 Acquiring Funds shall have received at the Closing an opinion of Thompson Hine LLP, counsel to NEOS ETF Trust, in a form reasonably satisfactory to the Acquiring Funds, and dated as of the Closing Date, to the effect that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The NEOS ETF Trust is duly formed, validly existing and in good standing under the laws of the State of Delaware and has power to own all of its properties and assets and to carry on its business as presently conducted and each Target Fund is a separate series thereof duly constituted in accordance with the applicable provisions of the 1940 Act and the organizational documents of NEOS ETF Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) This Agreement has been duly authorized, executed and delivered on behalf of NEOS ETF Trust and, assuming the approval of the Agreement by each of the Target Fund Shareholders and assuming the due authorization, execution and delivery of this Agreement by all other parties, is the valid and binding obligation of NEOS ETF Trust enforceable against NEOS ETF Trust in accordance with its terms, except as the same may be limited by bankruptcy, insolvency, fraudulent transfer, reorganization or other similar laws affecting the enforcement of creditors' rights generally and other equitable principles;

&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;(iii) Each Target Fund has the power to sell, assign, transfer and deliver the assets to be transferred by it hereunder, and, upon consummation of the transactions contemplated hereby, the Target Fund will have duly transferred such assets to the corresponding Acquiring 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The execution and delivery of this Agreement did not, and the performance by NEOS ETF Trust of its obligations hereunder will not, violate NEOS ETF Trust's organizational documents;

&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;(v) NEOS ETF Trust is registered with the Commission as an open-end management investment company under the 1940 Act, and, to such counsel's knowledge, its registration with the Commission is in full force and effect;

&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;(vi) Except as disclosed in writing to FIS Trust, such counsel knows of no material legal proceedings pending against any Target Fund or NEOS ETF Trust; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) To the knowledge of such counsel, no consent, approval, authorization or order of any court or governmental authority is required for the consummation by NEOS ETF Trust of the transactions contemplated by this Agreement except such as have been obtained;

&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) In connection with the opinions contemplated by this Agreement, it is understood that counsel may reasonably rely upon the representations made in this Agreement as well as certificates of officers of NEOS ETF Trust; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) NEOS ETF Trust, on behalf of the Target Funds, shall have delivered to Thompson Hine LLP a Target Trust Tax Representation Certificate, satisfactory to Thompson Hine LLP, in a form mutually acceptable to NEOS ETF Trust and FIS Trust, concerning certain tax-related matters.

&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) In connection with the opinions contemplated by Section 7.1(l), it is understood that counsel may reasonably rely upon the representations made in this Agreement as well as certificates of officers of NEOS ETF Trust.

8. FURTHER CONDITIONS PRECEDENT TO OBLIGATIONS OF THE ACQUIRING FUNDS AND THE TARGET FUNDS

With respect to each Reorganization, if any of the conditions set forth below have not been satisfied on or before the Closing with respect to the Target Funds or the Acquiring Funds, NEOS ETF Trust or FIS Trust, respectively, shall, at its or their option, not be required to consummate the transactions contemplated by this Agreement; provided, that with respect to Section 8.1, if the condition has not been satisfied on or before the Closing with respect to the Target Funds, NEOS ETF Trust or FIS Trust, respectively, shall, at its or their option, not be required to consummate the transactions contemplated by this Agreement for the Target Funds:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1 The Agreement shall have been approved by the requisite vote of the holders of the outstanding shares of each Target Fund in accordance with the provisions of NEOS ETF Trust's Declaration of Trust, Delaware law, and the 1940 Act. Notwithstanding anything herein to the contrary, neither the Target Funds nor the Acquiring Funds may waive the condition set forth in this Section 8.1;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2 On the Closing Date, no action, suit, or other proceeding shall be pending or, to NEOS ETF Trust's or FIS Trust's knowledge, threatened before any court or governmental agency in which it is sought to restrain or prohibit, or obtain damages or other relief in connection with, this Agreement or the transactions contemplated herein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3 All consents of other parties and all other consents, orders, and permits of federal, state, and local regulatory authorities deemed necessary by the Acquiring Funds or the Target Funds to permit consummation, in all material respects, of the transactions contemplated hereby shall have been obtained, except where failure to obtain any such consent, order, or permit would not involve a risk of a material adverse effect on the assets or properties of the Acquiring Funds or the Target Funds, provided that either party hereto may for itself waive any of such conditions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.4 The Proxy Statement shall have become effective under the 1933 Act and no stop orders suspending the effectiveness thereof shall have been issued and, to the best knowledge of the parties hereto, no investigation or proceeding for that purpose shall have been instituted or be pending, threatened or known to be contemplated under the 1933 Act; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.5 NEOS ETF Trust and FIS Trust shall have received a favorable opinion of Thompson Hine LLP addressed to the Acquiring Funds and the Target Funds in form and substance reasonably acceptable to NEOS ETF Trust and FIS Trust, as to the matters set forth on Schedule 8.5. In rendering such opinion, Thompson Hine LLP may request and rely upon such representations and certifications contained in the Acquiring Trust Tax Representation Certificate and the Target Trust Tax Representation Certificate and representations and certifications of others as it may reasonably request, and the officers of NEOS ETF Trust and FIS Trust will cooperate to make and certify the accuracy of such representations contained in the Acquiring Trust Tax Representation Certificate and Target Trust Tax Representation Certificate. The foregoing opinion may contain such assumptions and limitations as shall be in the opinion of such counsel appropriate to render the opinions expressed therein. The foregoing opinion may state that no opinion is expressed as to: (i) whether either each Target Fund or the Acquiring Fund qualifies or will qualify as a regulated investment company; (ii) the federal income tax consequences of the payment of Reorganization expenses by the Adviser, except in relation to the qualification of the Reorganization as a reorganization under Section 368(a) of the Code; (iii) whether any federal income tax will be imposed or required to be withheld under the Foreign Investment in Real Property Tax Act of 1980 with respect to any Target Fund Shareholder that is a foreign person; (iv) the effect of the Reorganization on each Target Fund with respect to any transferred asset as to which unrealized gain or loss is required to be recognized for federal income tax purposes under a mark-to-market system of accounting (including under Section 1256 of the Code); (iv) the effect of the Reorganization on any shareholder of each Target Fund that is required to recognize unrealized gains or losses for federal income tax purposes under a mark-to-market system of accounting; (vi) whether accrued market discount, if any, on any market discount bonds held by each Target Fund will be required to be recognized as ordinary income under Section 1276 of the Code as a result of the Reorganization; (vii) whether any gain or loss will be required to be recognized with respect to any Asset that constitutes stock in a passive foreign investment company (within the meaning of Section 1297(a) of the Code); and (viii) the effect of the Reorganization on any transferred asset as to which any unrealized gain or loss is required to be recognized under U.S. federal income tax principles upon the transfer of such asset regardless of whether such transfer would otherwise be a non-recognition transaction; and (ix) any other U.S. federal tax issues (except as set forth on Schedule 8.5) and all state, local or foreign tax consequences of the Reorganization. Notwithstanding anything herein to the contrary, neither the Target Fund nor the Acquiring Fund may waive the condition set forth in this Section 8.5.

9. FEES AND EXPENSES

The Adviser (Faith Investor Services, LLC) will bear all direct expenses relating to the Reorganizations, whether or not each or both are consummated. For the avoidance of doubt, neither the Acquiring Funds nor the Target Funds will bear any costs relating to the applicable Reorganization, other than as described in this Agreement. Faith Investor Services, LLC will assume or pay only those expenses that are solely and directly related to each Reorganization (determined in accordance with the guidelines set forth in Rev. Rul. 73-54, 1973-1 C.B. 187), and the shareholders of the Target Funds and the Acquiring Funds will pay their own expenses, if any, incurred in connection with the Reorganizations. Notwithstanding the foregoing, the party directly incurring any costs and expenses will bear such costs and expenses if and to the extent that payment by another party would result in a Target Fund or an the Acquiring Fund failing to qualify and be eligible for treatment as a regulated investment company under Sections 851 and 852 of the Code or would prevent a Reorganization from qualifying as a reorganization within the meaning of Section 368(a) of the Code or otherwise result in the imposition of tax on either a Target Fund or an Acquiring Fund or any of their respective shareholders. This Section 9 shall survive the termination of this Agreement and the Closing.

10. ENTIRE AGREEMENT, SURVIVAL OF WARRANTIES AND CONVENANTS

Each party agrees that no party has made any representation, warranty, or covenant not set forth herein and that this Agreement constitutes the entire agreement between the parties. The representations, warranties, and covenants contained in this Agreement or in any document delivered pursuant hereto or in connection herewith shall not survive the consummation of the transactions contemplated hereunder. The covenants to be performed after the Closing shall survive the Closing. For the avoidance of doubt, the provisions in Section 9 of this Agreement shall survive the Closing.

11. TERMINATION

This Agreement may be terminated and the transactions contemplated hereby may be abandoned (i) by mutual agreement of NEOS ETF Trust and FIS Trust; (ii) by either NEOS ETF Trust or FIS Trust if one or more other parties shall have materially breached its obligations under this Agreement or made a material misrepresentation herein or in connection herewith; (iii) by NEOS ETF Trust if any condition precedent to its obligations set forth herein has not been fulfilled or waived by FIS Trust; (iv) by FIS Trust if any condition precedent to its obligations set forth herein has not been fulfilled or waived by NEOS ETF Trust; or (v) by either NEOS ETF Trust or FIS Trust if a determination is made by such trust's board of trustees that the consummation of the transactions contemplated herein are not in the best interest of NEOS ETF Trust or FIS Trust, respectively. In the event of any such termination, this Agreement shall become void and there shall be no liability hereunder on the part of any party or their respective directors/trustees or officers, except for (i) any such material breach or intentional misrepresentation or (ii) the parties' respective obligations under Section 9, as to each of which all remedies at law or in equity of the party adversely affected shall survive.

12. AMENDMENTS

This Agreement may be amended, modified, or supplemented in a writing signed by the parties hereto to be bound by such Amendment.

13. HEADINGS, GOVERNING LAW, COUNTERPARTS, ASSIGNMENT, LIMITATION
OF LIABILITY

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.2 This Agreement shall be governed by and construed in accordance with the laws of the State of Delaware and applicable federal law, without regard to its principles of conflicts of laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.3 This Agreement shall bind and inure to the benefit of the parties hereto and their respective successors and assigns, but no assignment or transfer hereof or of any rights or obligations hereunder shall be made by any party without the written consent of the other parties. Nothing herein expressed or implied is intended or shall be construed to confer upon or give any person, firm or corporation, other than the parties hereto and their respective successors and assigns, any rights or remedies under or by reason of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.4 This Agreement may be executed in any number of counterparts, each of which shall be considered an original.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.5 It is expressly agreed that the obligations of the parties hereunder shall not be binding upon any of their respective directors or trustees, shareholders, nominees, officers, agents, or employees personally, but shall bind only the property of the Target Funds or the Acquiring Funds as provided in NEOS ETF Trust's Declaration of Trust or FIS Trust's Agreement and Declaration of Trust, respectively. The execution and delivery by such officers shall not be deemed to have been made by any of them individually or to impose any liability on any of them personally, but shall bind only the property of such party.

*[Signature Page follows]*

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be approved on behalf of the Acquiring Fund and Target Fund.

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| | | |
|:---|:---|:---|
| **NEOS ETF TRUST** <br> **On behalf of its series FIS Christian Stock Fund and FIS Bright Portfolios Focused Equity ETF**  | **BRIGHT PORTFOLIOS LLC**<br> **solely for the purposes of Section 4.4 of this Agreement**  | **BRIGHT PORTFOLIOS LLC**<br> **solely for the purposes of Section 4.4 of this Agreement**  |
| By: | By: |  |
| Name: Garrett Paolella | Name: Benjamin Malick | Name: Benjamin Malick |
| Title: President | Title: Manager | Title: Manager |
| **FIS Trust**<br> **On behalf of its series FIS Christian Stock Fund and FIS Bright Portfolios Focused Equity ETF** | **VIDENT ASSET MANAGEMENT<br> solely for the purposes of Section 4.5 of this Agreement** | **VIDENT ASSET MANAGEMENT<br> solely for the purposes of Section 4.5 of this Agreement** |
| By: | By: |  |
| Name: Steve T. Nelson | Name: Deborah Kimrey | Name: Deborah Kimrey |
| Title President | Title: | Chief Operation Officer |
| **Faith Investor Services LLC**<br> **Solely for the purposes of Sections 4.3, 5.1(g) and 9 of this Agreement** |  |  |
| By: |  |  |
| Name: Steven T. Nelson |  |  |
| Title: Chairman & CEO |  |  |

---

**Exhibit A**

---

| | |
|:---|:---|
| **<u>Target Fund</u>**<br> (each a series of NEOS ETF Trust) | **<u>Acquiring Fund</u>**<br> (each a series of FIS Trust) |
| **If a shareholder owns shares of:** | **The shareholder will receive shares of:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● FIS Christian Stock Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● FIS Christian Stock Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● FIS Bright Portfolios Focused Equity ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● FIS Bright Portfolios Focused Equity ETF |

---

**<u>Schedule 8.5 Tax Opinions</u>**

With respect to each Reorganization for U.S. federal income tax purposes:

&nbsp;&nbsp;&nbsp;&nbsp;i. The
 Acquiring Fund's acquisition of the Assets in exchange solely for the Acquiring Fund Shares and its assumption of the
 Liabilities of the Target Fund, followed by the Target Fund's distribution of the Acquiring Fund Shares pro rata to
 the Target Fund Shareholders actually or constructively in exchange for their Target Fund Shares in complete liquidation of
 the Target Fund, will qualify as a "reorganization" within the meaning of Section 368(a)(1)(F) of the Code, and
 the Target Fund and the Acquiring Fund each will be a "party to a reorganization" within the meaning of Section
 368(b) of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;ii. Under
 Sections 361 and 357(a) of the Code, no gain or loss will be recognized by the Target Fund upon the transfer of the Target
 Fund's Assets to the Acquiring Fund solely in exchange for the Acquiring Fund Shares and the assumption by the Acquiring
 Fund of the Liabilities of the Target Fund or upon the distribution (whether actual or constructive) of the Acquiring Fund
 Shares to the Target Fund Shareholders in exchange for their Target Fund Shares.

&nbsp;&nbsp;&nbsp;&nbsp;iii. Under
 Section 1032(a) of the Code, no gain or loss will be recognized by the Acquiring Fund
 upon the receipt of the Assets solely in exchange for the Acquiring Fund Shares and the
 Acquiring Fund's assumption of the Liabilities of the Target Fund.

&nbsp;&nbsp;&nbsp;&nbsp;iv. Under
 Section 362(b) of the Code, the adjusted basis in each of the Target Fund's Assets
 acquired by the Acquiring Fund will be the same as the adjusted basis of such Assets
 to the Target Fund immediately prior to the Reorganization.

&nbsp;&nbsp;&nbsp;&nbsp;v. Under
 Section 1223(2) of the Code, the holding period of each of the Assets of the Target Fund
 in the hands of the Acquiring Fund will include the period during which those assets
 were held by the Target Fund (except where the Acquiring Fund's investment activities
 have the effect of reducing or eliminating an Asset's holding period).

&nbsp;&nbsp;&nbsp;&nbsp;vi. Under
 Section 354(a)(1) of the Code, no gain or loss will be recognized by the Target Fund
 shareholders upon the exchange of their Target Fund Shares solely for the Acquiring Fund
 Shares in complete liquidation of the Target Fund pursuant to the Reorganization.

&nbsp;&nbsp;&nbsp;&nbsp;vii. Under
 Section 358(a)(1) of the Code, the aggregate adjusted basis of the Acquiring Fund Shares
 received by each Target Fund shareholder pursuant to the Reorganization will be the same
 as the aggregate adjusted basis of the Target Fund Shares held by such shareholder immediately
 prior to the Reorganization.

&nbsp;&nbsp;&nbsp;&nbsp;viii. Under
 Section 1223(1) of the Code, the holding period of the Acquiring Fund Shares received
 by each Target Fund Shareholder in the Reorganization will include the period during
 which the Target Fund Shares exchanged therefor were held by such shareholder (provided
 the Target Fund Shares were held as capital assets on the date of the Reorganization).

&nbsp;&nbsp;&nbsp;&nbsp;ix. The
 Acquiring Fund will succeed to and take into account the items of the Target Fund described
 in Section 381(c) of the Code, subject to the conditions and limitations specified in
 Sections 381, 382, 383 and 384 of the Code and the Treasury Regulations thereunder. In
 particular, under Treasury Regulation § 1.381(b)-1(a)(2), the Acquiring Fund will
 be treated for purposes of section 381 of the Code just as the Target Fund would have
 been treated if there had been no Reorganization, the tax attributes of the Target Fund
 enumerated in Section 381(c) of the Code shall be taken into account by the Acquiring
 Fund as if there had been no Reorganization, and the taxable year of the Target Fund
 will not end on the date of the Reorganization merely because of the closing of the Reorganization.

**APPENDIX B - FINANCIAL HIGHLIGHTS OF THE TARGET FUNDS**

The Acquiring Funds will adopt the financial statements of each Target Fund, the accounting survivor of the Reorganization. The audited financials of each Target Fund are included in the Target Funds' annual report, which is incorporated herein by reference.

The financial highlights tables are intended to help you understand the Fund's financial performance for the Fund's five most recent fiscal years (or the life of the Fund, if shorter). Certain information reflects financial results for a single Share. The total returns in the tables represent the rate that an investor would have earned or lost on an investment in a Fund (assuming reinvestment of all dividends and distributions). This information has been audited by Cohen & Company, Ltd., the Funds' independent registered public accounting firm, whose report, along with the Funds' financial statements, is included in the Funds' annual report, which is available upon request.

**FIS Bright Portfolios Focused Equity ETF**

<br> **Financial Highlights** 

<br> ---

| | |
|:---|:---|
|  | **Period Ended** <br>**May 31, 2025<sup>(a)</sup>**  |
| **PER SHARE DATA:**<br>|  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp; $25.00  |
| **INVESTMENT OPERATIONS:**<br>|  |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;0.09  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;0.81  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;0.90  |
| **LESS DISTRIBUTIONS FROM:** |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (0.01)  |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp; (0.01)  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp; $25.89  |
| TOTAL RETURN<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 3.61%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp; $84726  |
| Ratio of expenses to average net assets<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.65%  |
| Ratio of net investment income (loss) to average net assets<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.77%  |
| &nbsp;&nbsp; Portfolio turnover rate<sup>(d)(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34% |

---

<sup>(a)</sup><br> Inception date of the Fund was December 20, 2024.<br>

<sup>(b)</sup><br> Net investment income per share has been calculated based on average shares outstanding during the period.

<sup>(c)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

<sup>(d)</sup><br> Not annualized for periods less than one year.

<sup>(e)</sup><br> Annualized for periods less than one year.

<sup>(f)</sup><br> Portfolio turnover rate excludes in-kind transactions.

**FIS Christian Stock Fund**

<br> **Financial Highlights** 

<br> ---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** | **Period Ended** <br>**May 31, 2022<sup>(a)</sup>**  |
|  | **2025** | **2024** | **2023**  | **Period Ended** <br>**May 31, 2022<sup>(a)</sup>**  |
| **PER SHARE DATA:**<br>|  |  |  |  |
| Net asset value, beginning of period | $27.32 | $22.49 | $23.29 | &nbsp;&nbsp;&nbsp; $25.00  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.26 | &nbsp;&nbsp;&nbsp;&nbsp; 0.28 | &nbsp;&nbsp;&nbsp;&nbsp; 0.26 | &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;0.16  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 2.26 | &nbsp;&nbsp;&nbsp;&nbsp; 4.76 | &nbsp;&nbsp;&nbsp;&nbsp; (0.80) | &nbsp;&nbsp;&nbsp;&nbsp; (1.88)  |
| &nbsp;&nbsp; **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp; 2.52 | &nbsp;&nbsp;&nbsp;&nbsp; 5.04 | &nbsp;&nbsp;&nbsp;&nbsp; (0.54) | &nbsp;&nbsp;&nbsp;&nbsp; (1.72)  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (0.22) | &nbsp;&nbsp;&nbsp;&nbsp; (0.21) | &nbsp;&nbsp;&nbsp;&nbsp; (0.26) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp; (0.22) | &nbsp;&nbsp;&nbsp;&nbsp; (0.21) | &nbsp;&nbsp;&nbsp;&nbsp; (0.26) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp; ETF transaction fees per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 0.00<sup>(</sup><sup>d</sup><sup>)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;0.01  |
| **Net asset value, end of period** | $29.62 | $27.32 | $22.49 | &nbsp;&nbsp;&nbsp; $23.29  |
| TOTAL RETURN<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 9.23% | &nbsp;&nbsp;&nbsp; 22.45% | &nbsp;&nbsp;&nbsp; -2.29% | &nbsp;&nbsp;&nbsp; -6.82%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |
| Net assets, end of period (in thousands) | $68720 | $53537 | $22718 | &nbsp;&nbsp;&nbsp; $24460  |
| Ratio of expenses to average net assets<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.68% | &nbsp;&nbsp;&nbsp;&nbsp; 0.68% | &nbsp;&nbsp;&nbsp;&nbsp; 0.68% | &nbsp;&nbsp;&nbsp;&nbsp; 0.68%  |
| Ratio of net investment income (loss) to average net assets<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.90% | &nbsp;&nbsp;&nbsp;&nbsp; 1.09% | &nbsp;&nbsp;&nbsp;&nbsp; 1.18% | &nbsp;&nbsp;&nbsp;&nbsp; 2.14%  |
| Portfolio turnover rate<sup>(e)(g)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14% |

---

<sup>(a)</sup><br> Inception date of the Fund was February 8, 2022.

<sup>(b)</sup><br> Net investment income per share has been calculated based on average shares outstanding during the periods.

<sup>(c)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

<sup>(d)</sup> Amount represents less than $0.005 per share.

<sup>(e)</sup><br> Not annualized for periods less than one year.

<sup>(f)</sup><br> Annualized for periods less than one year.

<sup>(g)</sup><br> Portfolio turnover rate excludes in-kind transactions.

For a capital share outstanding throughout the year/period

**APPENDIX C - OWNERSHIP OF SHARES OF THE TARGET FUND**

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

As of May 31, 2025, the each Target Fund's shareholders of record and/or beneficial owners (to NEOS ETF Trust's knowledge) who owned 5% or more of the Target Fund's shares are set forth below.

---

| | | | |
|:---|:---|:---|:---|
|  **FIS Christian Stock Fund** | **FIS Christian Stock Fund** | **FIS Christian Stock Fund** | **FIS Christian Stock Fund** |
|  **Name and Address** | **No. of Shares<br> Owned** | **% of Shares** | **Type of Ownership** |
|  Capital Insight Partners, 8800 North Central Expressway, Dallas, TX 75206 | 986655 | 42.53% | Record |

---

As of May 31 , 2025, the Officers and Trustees of NEOS ETF Trust, as a group, owned less than 1% of the outstanding shares of each Target Fund.

The Trust does not have information concerning the beneficial ownership of shares held in the names of Depository Trust Company ("DTC") participants for FIS Bright Portfolios Focused Equity ETF.

**APPENDIX D - SHAREHOLDER INFORMATION ON THE ACQUIRING FUNDS**

**Buying and Selling Fund Shares**

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

Most investors buy and sell Shares in secondary market transactions through brokers. Shares are listed for trading on the secondary market on the Exchange and can be bought and sold throughout the trading day like other publicly traded securities.

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

**Book Entry**

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

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

**Frequent Purchases and Redemptions of Fund Shares**

The Fund imposes no restrictions on the frequency of purchases and redemptions of Shares. In determining not to approve a written, established policy, the Board evaluated the risks of market timing activities by Fund shareholders. Purchases and redemptions by APs, who are the only parties that may purchase or redeem Shares directly with the Fund, are an essential part of the ETF process and help keep Share trading prices in line with NAV. As such, the Fund accommodates frequent purchases and redemptions by APs. However, the Board has also determined that frequent purchases and redemptions for cash may increase tracking error and portfolio transaction costs and may lead to the realization of capital gains. To minimize these potential consequences of frequent purchases and redemptions, the Fund employs fair value pricing and may impose transaction fees on purchases and redemptions of Creation Units to cover the custodial and other costs incurred by the Fund in effecting trades. In addition, the Fund and the Adviser reserve the right to reject any purchase order at any time.

**Determination of Net Asset Value**

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

In calculating its NAV, the Fund generally values its assets on the basis of market quotations, last sale prices, or estimates of value furnished by a pricing service or brokers who make markets in such instruments. If such information is not available for a security held by the Fund or is determined to be unreliable, the security will be valued by the Adviser at fair value pursuant to procedures established by the Adviser and approved by the Board.

**Fair Value Pricing**

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

**Investments by Registered Investment Companies**

Section 12(d)(1) of the 1940 Act restricts investments by registered investment companies in the securities of other investment companies, including Shares. Registered investment companies are permitted to invest in the Fund beyond the limits set forth in section 12(d)(1) subject to certain terms and conditions set forth in Rule 12d1-4 under the 1940 Act, including that such investment companies enter into an agreement with the Fund.

**DIVIDENDS, DISTRIBUTIONS AND TAXES**

**Dividends and Distributions**

The Fund intends to distribute substantially all of its net investment income and net capital gains to its shareholders at least annually. The Fund seeks to maintain relatively stable monthly distributions, although the amount of income earned by the Fund varies from period-to-period. Each month, the Fund determines the amount of distribution to pay based on a combination of the amount of options premium generated from the Fund's options collar strategy implemented for the applicable month, the dividends generated by the Fund's underlying equity portfolio, and the appreciation of the Fund's equity holdings. As a result of such distribution strategy, each Fund's distributions are expected to exceed its earnings and profits in some or all tax years, and consequently, all or a portion of the distributions made for a taxable year may be characterized as a return of capital to shareholders. A return of capital distribution will generally not be taxable, but will reduce each shareholder's cost basis in the applicable Fund and result in a higher capital gain or lower capital loss when the Shares on which the distribution was received are sold. After a shareholder's basis in the Shares has been reduced to zero, distributions in excess of earnings and profits will be treated as gain from the sale of the shareholder's Shares.

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

**Taxes**

The following discussion is a summary of certain important U.S. federal income tax considerations generally applicable to investments in the Fund. Your investment in the Fund may have other tax implications. Please consult your tax advisor about the tax consequences of an investment in Shares, including the possible application of foreign, state, and local tax laws. This summary does not apply to Shares held in an IRA or other tax-qualified plans, which are generally not subject to current tax. Transactions relating to Shares held in such accounts may, however, be taxable at some time in the future. This summary is based on current tax laws, which may change.

The Fund has elected and intends to qualify each year for treatment as a RIC. If the Fund meets certain minimum distribution requirements, a RIC is not subject to tax at the fund level on income and gains from investments that are timely distributed to shareholders. However, the Fund's failure to qualify as a RIC or to meet minimum distribution requirements would result (if certain relief provisions were not available) in fund-level taxation and, consequently, a reduction in income available for distribution to shareholders.

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

**Taxes on Distributions**

The Fund intends to distribute, at least annually, substantially all of its net investment income and net capital gains. For federal income tax purposes, distributions of investment income are generally taxable as ordinary income or qualified dividend income. Taxes on distributions of capital gains (if any) are determined by how long the Fund owned the investments that generated them, rather than how long a shareholder has owned his or her Shares. Sales of assets held by the Fund for more than one year generally result in long-term capital gains and losses, and sales of assets held by the Fund for one year or less generally result in short-term capital gains and losses. Distributions of the Fund's net capital gain (the excess of net long-term capital gains over net short-term capital losses) that are reported by such Fund as capital gain dividends ("Capital Gain Dividends") will be taxable as long-term capital gains, which for non-corporate shareholders are subject to tax at reduced rates of up to 20% (lower rates apply to individuals in lower tax brackets). Distributions of short-term capital gain will generally be taxable as ordinary income. Dividends and distributions are generally taxable to you whether you receive them in cash or reinvest them in additional Shares.

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

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

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

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

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

If you are neither a resident nor a citizen of the United States or if you are a foreign entity, distributions (other than Capital Gain Dividends) paid to you by the Fund will generally be subject to a U.S. withholding tax at the rate of 30%, unless a lower treaty rate applies. Gains from the sale or other disposition of Shares by non-U.S. shareholders generally are not subject to U.S. taxation, unless you are a nonresident alien individual who is physically present in the U.S. for 183 days or more per year. The Fund may, under certain circumstances, report all or a portion of a dividend as an "interest-related dividend" or a "short-term capital gain dividend," which would generally be exempt from this 30% U.S. withholding tax, provided certain other requirements are met. Different tax consequences may result if you are a foreign shareholder engaged in a trade or business within the United States or if a tax treaty applies.

The Fund (or a financial intermediary, such as a broker, through which a shareholder owns Shares) generally is required to withhold and remit to the U.S. Treasury a percentage (currently 24%) of the taxable distributions and sale proceeds paid to any shareholder who fails to properly furnish a correct taxpayer identification number, who has underreported dividend or interest income, or who fails to certify that the shareholder is not subject to such withholding.

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

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

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

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

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

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

**Net Investment Income Tax**

U.S. individuals with income exceeding specified thresholds are subject to a 3.8% tax on all or a portion of their "net investment income," which includes interest, dividends, and certain capital gains (generally including capital gains distributions and capital gains realized on the sale of Shares). This 3.8% tax also applies to all or a portion of the undistributed net investment income of certain shareholders that are estates and trusts.

**Foreign Investments by the Fund**

Interest and other income received by the Fund with respect to foreign securities may give rise to withholding and other taxes imposed by foreign countries. Tax conventions between certain countries and the United States may reduce or eliminate such taxes. If as of the close of a taxable year more than 50% of the value of the Fund's assets consists of certain foreign stock or securities, each such Fund will be eligible to elect to "pass through" to investors the amount of foreign income and similar taxes (including withholding taxes) paid by such Fund during that taxable year. This means that investors would be considered to have received as additional income their respective Shares of such foreign taxes, but may be entitled to either a corresponding tax deduction in calculating taxable income, or, subject to certain limitations, a credit in calculating federal income tax. If the Fund does not so elect, the Fund will be entitled to claim a deduction for certain foreign taxes incurred by the Fund. The Fund (or a financial intermediary, such as a broker, through which a shareholder owns Shares) will notify you if it makes such an election and provide you with the information necessary to reflect foreign taxes paid on your income tax return.

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

**DISTRIBUTION** 

The Distributor, Foreside Fund Services, LLC, a wholly owned subsidiary of Foreside Financial Group, LLC (d/b/a ACA Group), is a broker-dealer registered with the SEC. The Distributor distributes Creation Units for the Fund on an agency basis and does not maintain a secondary market in Shares. The Distributor has no role in determining the policies of the Fund or the securities that are purchased or sold by the Fund. The Distributor's principal address is Three Canal Plaza, Suite 100, Portland, Maine 04101.

The Board has adopted a Distribution and Service Plan (the "Plan") pursuant to Rule 12b-1 under the 1940 Act. In accordance with the Plan, the Fund is authorized to pay an amount up to 0.25% of its average daily net assets each year for certain distribution-related activities and shareholder services.

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

**PREMIUM/DISCOUNT INFORMATION**

Information regarding how often Shares traded on the Exchange at a price above (*i.e.*, at a premium) or below (*i.e.*, at a discount) the NAV of the applicable Fund will be available on the Funds' website at https://faithinvestorservices.com.

**ADDITIONAL NOTICES**

Shares of the Funds are not sponsored, endorsed, or promoted by NYSE Arca, Inc. NYSE Arca, Inc. makes no representation or warranty, express or implied, to the owners of the Shares of the Fund. NYSE Arca, Inc. is not responsible for, nor has it participated in, the determination of the timing of, prices of, or quantities of the shares of the Funds to be issued, or in the determination or calculation of the equation by which the shares are redeemable. NYSE Arca, Inc. has no obligation or liability to owners of the shares of any Fund in connection with the administration, marketing, or trading of the shares of such Fund. Without limiting any of the foregoing, in no event shall NYSE Arca, Inc. have any liability for any lost profits or indirect, punitive, special, or consequential damages even if notified of the possibility thereof.

**Statement of Additional Information**

**October 17, 2025**

**For the Reorganization of** 

**FIS Christian Stock Fund (PRAY)**

**FIS Bright Portfolios Focused Equity ETF (BRIF)**

**each a series of NEOS ETF Trust**

13 Riverside Avenue, Westport, CT 06880

**into**

**FIS Christian Stock Fund (PRAY)**

**FIS Bright Portfolios Focused Equity ETF (BRIF)**

**each a series of NEOS ETF Trust**

8080 North Central Expressway, Suite 1700 Dallas, Texas 75206

---

| |
|:---|
| Acquisition of the Assets and Assumption of the Liabilities of: |
| **FIS Christian Stock Fund and FIS Bright Portfolios Focused Equity ETF,**<br> **each a series of NEOS ETF Trust** |
| By and in Exchange for Shares of: |
| **FIS Christian Stock Fund and FIS Bright Portfolios Focused Equity ETF,**<br> **each a series of FIS Trust** |

---

This Statement of Additional Information ("SAI") relates specifically to the proposed reorganization of the FIS Christian Stock Fund and FIS Bright Portfolios Focused Equity ETF (each a "Target Fund" and collectively the "Target Funds"), a series of NEOS ETF Trust, into the FIS Christian Stock Fund and FIS Bright Portfolios Focused Equity ETF (each a "Acquiring Fund" and collectively the "Acquiring Funds"), a series of FIS Trust.

In connection with the Reorganization, the Target Fund will transfer all of its assets to the Acquiring Fund in return for shares of the Acquiring Fund and the Acquiring Fund's assumption of the Target Fund's liabilities.

This SAI, which is not a prospectus, supplements and should be read in conjunction with the Proxy Statement and Prospectus dated October 17, 2025 (the "Proxy Statement"), relating to the Reorganization. To obtain a copy of the Proxy Statement, without charge, please write to the Target Fund at the address set forth above or call 888-332-9934.

**CONTENTS OF THE SAI**

This SAI consists of the cover page and the information set forth below. The Acquiring Funds have not commenced operations as of the date hereof. Accordingly, financial statements for each Acquiring Fund are not available. Copies of each Acquiring Fund's annual and semi-annual reports may be obtained when available, without charge, upon request by calling visiting https://faithinvestorservices.com.

**INFORMATION INCORPORATED BY REFERENCE**

This SAI incorporates by reference the following documents, each of which were filed electronically with the Securities and Exchange Commission:

● the [Statement of Additional Information of the Target Fund](https://www.sec.gov/ix?doc=/Archives/edgar/data/1848758/000199937125014176/brif-485bpos_093025.htm) s, dated September 30, 2025 (File Nos. 333-253997 and 811-23645);

● the [Annual Report for the Target Fund](https://www.sec.gov/ix?doc=/Archives/edgar/data/1848758/000113322825008163/netft-efp16655_ncsr.htm) s for the year ended May 31, 2025 (File No. 811-23645); and

● the [Semi-Annual Report for the Target Fund](https://www.sec.gov/ix?doc=/Archives/edgar/data/1848758/000113322825001000/fsrp-efp12742_ncsrs.htm) , FIS Christian Stock Fund, for the year ended November 30, 2024 (File No. 811-23645).

**SUPPLEMENTAL FINANCIAL INFORMATION**

*Pro forma* financial statements are not presented as each Target Fund is being combined with its respective Acquiring Fund, each a newly created series of FIS Trust, which does not have any assets or liabilities.

A table showing the fees and expenses of each Target Fund and the fees and expenses of its respective Acquiring Fund on a *pro forma* basis after giving effect to the proposed Reorganization, are included in the Proxy Statement and Prospectus.

There are no material differences in accounting policies of each Target Fund as compared to those of its respective Acquiring Fund.

**PART C: OTHER INFORMATION**

**Item 15. Indemnification**

As permitted by Section 17(h) and (i) of the Investment Company Act of 1940, as amended (the 1940 Act), and pursuant to Article X of the Registrant's Declaration of Trust (Exhibit (a)(2) to the Registration Statement) and Section 6 of the Distribution Agreement (Exhibit (e)(1)) to the Registration Statement), officers, trustees, employees and agents of the Registrant will not be liable to the Registrant, any shareholder, officer, trustee, employee, agent or other control person for any action or failure to act, except for bad faith, willful misfeasance, gross negligence or reckless disregard of duties, and those individuals may be indemnified against liabilities in connection with the Registrant, subject to the same exceptions.

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

The Registrant has purchased an insurance policy insuring its officers and trustees against liabilities, and certain costs of defending claims against such officers and trustees, to the extent such officers and trustees are not found to have committed conduct constituting willful misfeasance, bad faith, gross negligence or reckless disregard in the performance of their duties. The insurance policy also insures the Registrant against the cost of indemnification payments to officers under certain circumstances.

The Registrant hereby undertakes that it will apply the indemnification provisions of its Declaration of Trust and Distribution Agreement in a manner consistent with Release No. 11330 of the Securities and Exchange Commission under the 1940 Act so long as the interpretations of Section 17(h) and 17(i) of such Act remain in effect and are consistently applied.

**Item 16. Exhibits**

---

| | |
|:---|:---|
| (1)(a) | [Certificate of Trust dated April 30, 2025, as filed with the State of Delaware on April 30, 2025, for FIS Trust (the "Registrant" or "Trust")<sup>1</sup>](https://www.sec.gov/Archives/edgar/data/2069687/000199937125008151/ex99-a1.htm) |
| (b) | [Agreement and Declaration of Trust of the Registrant<sup>1</sup>](https://www.sec.gov/Archives/edgar/data/2069687/000199937125008151/ex99-a2.htm) |
| (2) | [By-Laws of the Registrant<sup>1</sup>](https://www.sec.gov/Archives/edgar/data/2069687/000199937125008151/ex99-a3.htm) |
| (3) | Not applicable. |
| (4) | [Agreement of Plan of Reorganization (incorporated by reference to Appendix A of Part A)](#fisn14a022) |
| (5) | Instruments Defining Rights of Security Holders incorporated by reference to the Agreement and Declaration of Trust and By-Laws<sup>3</sup> |
| (6) (a) | [Investment Advisory Agreement between the Registrant and Faith Investor Services LLC<sup>3</sup>](ex99-6a.htm) |
| (b) | [Investment Sub-Advisory Agreement between Faith Investor Services LLC and Bright Portfolios LLC<sup>3</sup>](ex99-6b.htm) |
| (c) | [Trading Sub-Advisory Agreement between Faith Investor Services LLC and Vident Asset Management<sup>3</sup>](ex99-6c.htm) |
| (7) | [Distribution Agreement between the Registrant and Distributor<sup>3</sup>](ex99-7.htm) |
| (8) | None. |
| (9) | [Custody Agreement between the Registrant and Custodian<sup>3</sup>](ex99-9.htm) |
| (10) | None. |
| (11) | [Opinion and Consent of Counsel<sup>3</sup>](ex99-11.htm) |
| (12) | [Form of Opinion and Consent of Thompson Hine LLP, supporting the tax matters and consequences of securities being issued<sup>3</sup>](ex99-12.htm) |
| (13) (a) | [Fund Administration Servicing Agreement between the Registrant and Administrator<sup>3</sup>](ex99-13a.htm) |
| (14) | [Consent of Independent Registered Public Accounting Firm<sup>3</sup>](ex99-14.htm) |
| (15) | None. |

---

**Item 17. Undertakings**

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

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

(3) The Registrant agrees to file by PEA the final opinion and consent of counsel regarding the tax consequences of the proposed Reorganization
required by Item 16 (12) of Form N-14 within a reasonable time after receipt of such opinion.

<sup>1</sup> Incorporated by reference to Registrant's Registration Statement on Form N-1A (1933 Act File No. 333-267188) filed on June 23, 2025.

<sup>2</sup> To be filed by subsequent amendment.

<sup>3</sup> Filed herewith.

**SIGNATURES**

Pursuant to the requirements of the Securities Act of 1933, as amended, and the Investment Company Act of 1940, as amended, the Registrant certifies that it has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Dallas, Texas, on the 1<sup>st</sup> day of December, 2025.

---

| | |
|:---|:---|
| FIS Trust | FIS Trust |
| By: | /s/ Steven T. Nelson |
| Name: | Steven T. Nelson |
| Title: | President |

---

Pursuant to the requirements of the Securities Act, this Registration Statement has been signed below by the following persons in their indicated capacities.

---

| | | |
|:---|:---|:---|
| **Signature** | **Title** | **Date** |
| /s/ Steven T. Nelson | Trustee, President and Principal Executive Officer | December 1, 2025 |
| Steven T. Nelson |  |  |
| /s/ Jennifer Edson | Trustee | December 1, 2025 |
| Jennifer Edson |  |  |
| /s/ Dorothy Ennis | Trustee | December 1, 2025 |
| Dorothy Ennis |  |  |
| /s/ Edward Johnson | Trustee | December 1, 2025 |
| Edward Johnson |  |  |
| /s/ James Rough | Trustee | December 1, 2025 |
| James Rough |  |  |
| /s/ Frank Placenti | Trustee | December 1, 2025 |
| Frank Placenti |  |  |
| /s/ Michael Skillman | Trustee | December 1, 2025 |
| Michale Skillman |  |  |
| /s/ Josh Hunter | Treasurer and Principal Financial Officer | December 1, 2025 |
| Josh Hunter |  |  |

---

**Exhibit Index**

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Exhibit** | &nbsp;&nbsp; **Exhibit No.** |
| &nbsp;&nbsp; Instruments Defining Rights of Security Holders incorporated by reference to the Agreement and Declaration of Trust and By-Laws | &nbsp;&nbsp; (5) |
| &nbsp;&nbsp; [Investment Advisory Agreement between the Registrant and Faith Investor Services LLC](ex99-6a.htm) | &nbsp;&nbsp; [(6)(a)](ex99-6a.htm) |
| &nbsp;&nbsp; [Investment Sub-Advisory Agreement between Faith Investor Services LLC and Bright Portfolios LLC](ex99-6b.htm) | &nbsp;&nbsp; [(6)(b)](ex99-6b.htm) |
| &nbsp;&nbsp; [Trading Sub-Advisory Agreement between Faith Investor Services LLC and Vident Asset Management](ex99-6c.htm) | &nbsp;&nbsp; [(6)(c)](ex99-6c.htm) |
| &nbsp;&nbsp; [Distribution Agreement between the Registrant and Distributor](ex99-7.htm) | &nbsp;&nbsp; [(7)](ex99-7.htm) |
| &nbsp;&nbsp; [Custody Agreement between the Registrant and Custodian](ex99-9.htm) | &nbsp;&nbsp; [(9)](ex99-9.htm) |
| &nbsp;&nbsp; [Opinion and Consent of Counsel](ex99-11.htm) | &nbsp;&nbsp; [(11)](ex99-11.htm) |
| &nbsp;&nbsp; [Form of Opinion and Consent of Thompson Hine LLP, supporting the tax matters and consequences of securities being issued](ex99-12.htm) | &nbsp;&nbsp; [(12)](ex99-12.htm) |
| &nbsp;&nbsp; [Fund Administration Servicing Agreement between the Registrant and Administrator](ex99-13a.htm) | &nbsp;&nbsp; [(13)(a)](ex99-13a.htm) |
| &nbsp;&nbsp; [Consent of Independent Registered Public Accounting Firm](ex99-14.htm) | &nbsp;&nbsp; [(14)](ex99-14.htm) |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **YOUR VOTE IS IMPORTANT! PLEASE VOTE BY:** | &nbsp;&nbsp; **YOUR VOTE IS IMPORTANT! PLEASE VOTE BY:** |
|  | &nbsp;&nbsp; ![](fisn14a112025002.jpg) | &nbsp;&nbsp; **INTERNET**: www.proxypush.com/NEOS <br> • Cast your vote online. <br> • Have your Proxy Card ready.  |
| &nbsp;&nbsp; ![](fisn14a112025001.jpg) <br>PO BOX 8035, CARY, NC 27512  | &nbsp;&nbsp; ![](fisn14a112025003.jpg) | &nbsp;&nbsp; **PHONE** Call 1-866-890-8188 toll free. <br> • Read the Proxy Statement and have your Proxy Card at hand. <br> • Use any touch-tone telephone. <br> • Follow the simple recorded instructions  |
| &nbsp;&nbsp; ![](fisn14a112025001.jpg) <br>PO BOX 8035, CARY, NC 27512  | &nbsp;&nbsp; ![](fisn14a112025004.jpg) | &nbsp;&nbsp; LIVE REPRESENTATIVE—1-888-332-9934 toll free. <br> • Speak to a live representative and vote on a recorded line  |
|  | &nbsp;&nbsp; ![](fisn14a112025005.jpg) | &nbsp;&nbsp; **MAIL** <br> • Mark, sign and date your Proxy Card. <br> • Fold and return your Proxy Card in the postage-paid envelope provided with the address below showing through the window.  |
|  |  | &nbsp;&nbsp; PROXY TABULATOR <br> P.O. BOX 8035 <br> CARY, NC 27512-9916  |

---

![](fisn14a112025007.jpg) Please fold here—Do not separate ![](fisn14a112025007.jpg)

**FIS Christian Stock Fund (PRAY)**<br> **a series of NEOS ETF TRUST**<br> **PROXY FOR THE SPECIAL MEETING OF SHAREHOLDERS TO BE HELD DECEMBER 29, 2025**

This Proxy is solicited on behalf of the Board of Trustees of NEOS ETF Trust. The undersigned hereby appoints as proxies Troy Cates and Robert Shea, each of them (with power of substitution), to vote all shares of the undersigned of the Fund at the Special Meeting of Shareholders to be held at 9:00 a.m. local time, on December 29, 2025, at the principal executive offices of Faith Investor Services LLC, at 7328 East Deer Valley Road, Suite 105, Scottsdale, Arizona 85255, and any adjournment(s) thereof ("Meeting"), with all the power the undersigned would have if personally present.

WHEN PROPERLY EXECUTED, THE SHARES REPRESENTED BY THIS PROXY WILL BE VOTED AS DIRECTED. IF NO DIRECTION IS GIVEN BUT THIS PROXY CARD HAS BEEN PROPERLY EXECUTED, THIS PROXY WILL BE VOTED "FOR" THE PROPOSAL AND IN THE DISCRETION OF THE NAMED PROXIES WITH RESPECT TO SUCH OTHER BUSINESS AS MAY PROPERLY COME BEFORE THE SPECIAL MEETING OR ANY ADJOURNMENT OR POSTPONEMENT THEREOF.

**The shares represented by this proxy will be voted as instructed. Unless indicated to the contrary, this proxy shall be deemed to grant authority to vote "FOR" the proposal, and to grant discretionary power to vote upon such other business as may properly come before the Meeting.**

---

| | |
|:---|:---|
| Please sign exactly as name appears above. If shares are held in the name of joint owners, each should sign. Attorneys-in-fact, executors, administrators, etc., should give full title. If shareholder is a corporation or partnership, please sign in full corporate or partnership name by authorized person. | &nbsp;&nbsp; ![](fisn14a112025006.jpg) |
|  | &nbsp;&nbsp; ![](fisn14a112025006.jpg) |
| Signature and Title, if applicable | &nbsp;&nbsp; ![](fisn14a112025006.jpg) |
|  | &nbsp;&nbsp; ![](fisn14a112025006.jpg) |
| Additional Signature (if held jointly) | &nbsp;&nbsp; ![](fisn14a112025006.jpg) |
|  | &nbsp;&nbsp; ![](fisn14a112025006.jpg) |
| Date | &nbsp;&nbsp; Scan code for mobile voting |

---

**EVERY SHAREHOLDER'S VOTE IS IMPORTANT**

**Important Notice Regarding the Availability of Proxy Materials for the**

Special Meeting of Shareholders of the

NEOS ETF Trust

to be held on December 29, 2025:

**The Proxy Statement for this Meeting and the accompanying Notice of Special Meeting of Shareholders and the form of proxy card are available at www.proxydocs.com/NEOS**

**THE BOARD OF TRUSTEES OF THE FUND UNANIMOUSLY RECOMMENDS A VOTE FOR THE PROPOSAL.**

PLEASE MARK, SIGN AND DATE THIS PROXY CARD AND RETURN IT PROMPTLY IN THE ENCLOSED ENVELOPE. THIS PROXY CARD IS VALID ONLY WHEN SIGNED AND DATED.

**TO VOTE, MARK BLOCKS BELOW IN BLUE OR BLACK INK. Example: ☐**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp; **FOR** | &nbsp;&nbsp; **AGAINST** | &nbsp;&nbsp; **ABSTAIN** |
| 1. | To approve the Agreement and Plan of Reorganization (the "Plan") approved by the Board of Trustees of NEOS ETF Trust that provides for the reorganization of the FIS Christian Stock Fund ("Target Fund") into the FIS Christian Stock Fund (the "Acquiring Fund"), a newly created series of FIS Trust (the "Reorganization"). | &nbsp;&nbsp; **☐** | &nbsp;&nbsp; **☐** | &nbsp;&nbsp; **☐** |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **YOUR VOTE IS IMPORTANT! PLEASE VOTE BY:** | &nbsp;&nbsp; **YOUR VOTE IS IMPORTANT! PLEASE VOTE BY:** |
|  | &nbsp;&nbsp; ![](fisn14a112025002.jpg) | &nbsp;&nbsp; **INTERNET**: www.proxypush.com/NEOS <br> • Cast your vote online. <br> • Have your Proxy Card ready.  |
| &nbsp;&nbsp;![](fisn14a112025001.jpg)<br>PO BOX 8035, CARY, NC 27512  | &nbsp;&nbsp;![](fisn14a112025003.jpg) | &nbsp;&nbsp; **PHONE** Call 1-866-890-8188 toll free. <br> • Read the Proxy Statement and have your Proxy Card at hand. <br> • Use any touch-tone telephone. <br> • Follow the simple recorded instructions  |
| &nbsp;&nbsp;![](fisn14a112025001.jpg)<br>PO BOX 8035, CARY, NC 27512  | &nbsp;&nbsp;![](fisn14a112025004.jpg) | &nbsp;&nbsp; LIVE REPRESENTATIVE—1-888-332-9934 toll free. <br> • Speak to a live representative and vote on a recorded line  |
|  | &nbsp;&nbsp;![](fisn14a112025005.jpg) | &nbsp;&nbsp; **MAIL** <br> • Mark, sign and date your Proxy Card. <br> • Fold and return your Proxy Card in the postage-paid envelope provided with the address below showing through the window.  |
|  |  | &nbsp;&nbsp; PROXY TABULATOR <br> PO BOX 8035 <br> CARY, NC 27512-9916  |

---

![](fisn14a112025007.jpg) Please fold here—Do not separate ![](fisn14a112025007.jpg)

**FIS Bright Portfolios Focused Equity ETF (BRIF)<br> a series of NEOS ETF TRUST<br> PROXY FOR THE SPECIAL MEETING OF SHAREHOLDERS TO BE HELD DECEMBER 29, 2025**

This Proxy is solicited on behalf of the Board of Trustees of NEOS ETF Trust. The undersigned hereby appoints as proxies Troy Cates and Robert Shea, each of them (with power of substitution), to vote all shares of the undersigned of the Fund at the Special Meeting of Shareholders to be held at 9:00 a.m. local time, on December 29, 2025, at the principal executive offices of Faith Investor Services LLC, at 7328 East Deer Valley Road, Suite 105, Scottsdale, Arizona 85255, and any adjournment(s) thereof ("Meeting"), with all the power the undersigned would have if personally present.

WHEN PROPERLY EXECUTED, THE SHARES REPRESENTED BY THIS PROXY WILL BE VOTED AS DIRECTED. IF NO DIRECTION IS GIVEN BUT THIS PROXY CARD HAS BEEN PROPERLY EXECUTED, THIS PROXY WILL BE VOTED "FOR" THE PROPOSAL AND IN THE DISCRETION OF THE NAMED PROXIES WITH RESPECT TO SUCH OTHER BUSINESS AS MAY PROPERLY COME BEFORE THE SPECIAL MEETING OR ANY ADJOURNMENT OR POSTPONEMENT THEREOF.

**The shares represented by this proxy will be voted as instructed. Unless indicated to the contrary, this proxy shall be deemed to grant authority to vote "FOR" the proposal, and to grant discretionary power to vote upon such other business as may properly come before the Meeting.**

---

| | |
|:---|:---|
| Please sign exactly as name appears above. If shares are held in the name of joint owners, each should sign. Attorneys-in-fact, executors, administrators, etc., should give full title. If shareholder is a corporation or partnership, please sign in full corporate or partnership name by authorized person. | &nbsp;&nbsp;![](fisn14a112025006.jpg) |
|  | &nbsp;&nbsp;![](fisn14a112025006.jpg) |
| Signature and Title, if applicable | &nbsp;&nbsp;![](fisn14a112025006.jpg) |
|  | &nbsp;&nbsp;![](fisn14a112025006.jpg) |
| Additional Signature (if held jointly) | &nbsp;&nbsp;![](fisn14a112025006.jpg) |
|  | &nbsp;&nbsp;![](fisn14a112025006.jpg) |
| Date | &nbsp;&nbsp; Scan code for mobile voting |

---

**EVERY SHAREHOLDER'S VOTE IS IMPORTANT**

**Important Notice Regarding the Availability of Proxy Materials for the** 

Special Meeting of Shareholders of the

NEOS ETF Trust

to be held on December 29, 2025:

**The Proxy Statement for this Meeting and the accompanying Notice of Special Meeting of Shareholders and the form of proxy card are available at www.proxydocs.com/NEOS**

**THE BOARD OF TRUSTEES OF THE FUND UNANIMOUSLY RECOMMENDS A VOTE FOR THE PROPOSAL.**

PLEASE MARK, SIGN AND DATE THIS PROXY CARD AND RETURN IT PROMPTLY IN THE ENCLOSED ENVELOPE. THIS PROXY CARD IS VALID ONLY WHEN SIGNED AND DATED.

**TO VOTE, MARK BLOCKS BELOW IN BLUE OR BLACK INK. Example: ☐**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp; **FOR** | &nbsp;&nbsp; **AGAINST** | &nbsp;&nbsp; **ABSTAIN** |
| 1. | To approve the Agreement and Plan of Reorganization (the "Plan") approved by the Board of Trustees of NEOS ETF Trust that provides for the reorganization of the FIS Bright Portfolios Focused Equity ETF (BRIF) ("Target Fund") into the FIS Bright Portfolios Focused Equity ETF (BRIF) (the "Acquiring Fund"), a newly created series of FIS Trust (the "Reorganization"). | &nbsp;&nbsp; **☐** | &nbsp;&nbsp; **☐** | &nbsp;&nbsp; **☐** |

---

## Ex-99.(6)(A)

[FIS TRUST N-14/A](fis-n14a_120225.htm)

**Exhibit 99.6(a)**

**INVESTMENT ADVISORY AGREEMENT**

INVESTMENT ADVISORY AGREEMENT, dated November 25, 2025, between FIS Trust (the "Trust"), a statutory trust organized under the laws of the State of Delaware, and Faith Investor Services LLC, a limited liability company organized under the laws of the state of Delaware (the "Adviser").

WHEREAS, the Adviser is engaged in the business of rendering investment management services and is registered as an investment adviser under the Investment Advisers Act of 1940, as amended (the "Advisers Act");

WHEREAS, the Trust is an investment company and is registered as such under the Investment Company Act of 1940, as amended (the "1940 Act");

WHEREAS, the Trust is authorized to issue shares of beneficial interest in separate series with each such series representing interests in a separate portfolio of securities and other assets;

WHEREAS, the Trust offers shares representing interests in each of the separate series listed on Schedule A attached hereto (each, a "Fund" and collectively, the "Funds");

WHEREAS, the Trust desires to appoint the Adviser to serve as the investment adviser with respect to each of the Funds;

WHEREAS, the Trust may, from time to time, offer shares representing interests in one or more additional series (each, an "Additional Fund" and collectively, the "Additional Funds");

WHEREAS, the Trust may desire to appoint the Adviser as the investment adviser with respect to one or more of the "Additional Funds" (each such Additional Fund when added to Schedule A hereto being referred to herein individually as a "Fund" and included in the term, the "Funds");

WHEREAS, the Adviser is willing to provide management and investment advisory services to the Funds on the terms and conditions hereinafter set forth;

NOW, THEREFORE, in consideration of the mutual covenants and agreements set out in this Agreement, the Trust and the Adviser agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **INVESTMENT DESCRIPTION; APPOINTMENT** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Investment Description.</u> Each Fund will invest and reinvest its assets in accordance with the investment objective(s), policies and limitations specified in the prospectus (the "Prospectus") relating to such Fund filed with the Securities and Exchange Commission (the "SEC") as part of the Fund's Registration Statement on Form N-lA, as it may be periodically amended or supplemented and in accordance with exemptive orders and no-action letters issued to the Trust by the SEC and its staff.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Appointment of Adviser.</u> The Trust, on behalf of each Fund, hereby employs the Adviser to act as the manager and investment adviser of each Fund and to furnish, or arrange for its affiliates or other subadvisers to furnish, the management and investment advisory services described below, subject to the policies of, review by and overall control of the Board of Trustees of the Trust (the "Board" or the "Trustees"), for the period and on the terms and conditions set forth in this Agreement. The Adviser hereby accepts such employment and agrees during such period, at its own expense, to render, or arrange for the rendering of, such services and to assume the obligations set out in this Agreement for the compensation provided for herein. The Adviser and its affiliates for all purposes herein shall be deemed to be independent contractors and, unless otherwise expressly provided or authorized, shall have no authority to act for or represent the Funds in any way or otherwise be deemed agents of the Funds.

**2.** **DUTIES OF THE ADVISER** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Management and Administrative Services</u>. The Adviser will assume all duties and obligations under this Agreement. The Adviser shall perform, or arrange for the performance of, the management and administrative services necessary for the operation of each Fund, including administering shareholder accounts and handling shareholder relations. The Adviser shall provide the Funds with office space, facilities, equipment and necessary personnel and such other services as the Adviser, subject to review by the Board, from time to time shall determine to be necessary or useful to perform its obligations under this Agreement. The Adviser, also on behalf of the Funds, shall conduct relations with custodians, depositories, transfer agents, pricing agents, exchanges, lead market makers, authorized participants, dividend disbursing agents, other shareholder servicing agents, proxy voting agents, accountants, attorneys, underwriters, brokers and dealers, corporate fiduciaries, insurers, banks and such other persons in any such other capacity deemed to be necessary or desirable. The Adviser generally shall monitor each Fund's compliance with investment policies and restrictions as set forth in filings made by the Fund under the federal securities laws. The Adviser shall make reports to the Board of its performance of obligations hereunder and furnish advice and recommendations with respect to such other aspects of the business and affairs of the Funds as it shall determine to be desirable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Investment Advisory Services</u>. Subject to the oversight, direction and approval of the Board, the Adviser will conduct, or cause to be conducted, a continual program of investment, evaluation, sale, and reinvestment of each Fund's assets. Subject to paragraph (c) below, the Adviser is authorized, in its sole discretion, to: (i) obtain and evaluate pertinent economic, financial, and other information affecting each Fund and its investment assets as such information relates to securities or other financial instruments that are purchased for or considered for purchase by the Funds; (ii) make investment decisions for the Funds; (iii) place purchase and sale orders for portfolio transactions on behalf of the Funds and manage otherwise uninvested cash assets of the Funds; (iv) arrange for the pricing of Fund securities; (v) execute account documentation, agreements, contracts and other documents as may be requested by brokers, dealers, counterparties and other persons in connection with the Adviser's management of the assets of the Funds (in such respect, and only for this limited purpose, the Adviser will act as the Funds' agent and attorney-in-fact); (vi) employ professional portfolio managers and securities analysts who provide research and other services to the Funds; and (vii) make decisions with respect to the use by the Funds of borrowing for leverage or other investment purposes as consistent with the Fund's investment objective(s) and policies. The Adviser will in general take such action as is appropriate to effectively manage each Fund's investment practices.

In addition:

1. The
 Adviser will maintain and preserve the records specified in Section 17 of this Agreement
 and any other records related to each Fund's transactions as are required under
 any applicable state or federal securities law or regulation, including: the 1940 Act,
 the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and
 the Advisers Act.

2. The
 Adviser shall notify the Trust immediately upon detection of (i) any material failure
 to manage any Fund in accordance with its investment objectives and policies or any applicable
 law; or (ii) any material breach of any of the Funds' or the Adviser's policies,
 guidelines or procedures. The Adviser agrees to correct any such failure promptly and
 to take any action that the Board may reasonably request in connection with any such
 breach. The Adviser will promptly notify the Trust in the event: (i) the 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 compliance by the Adviser with the federal or state securities laws;
 or (ii) an actual change in control of the Adviser resulting in an assignment has occurred
 or is otherwise proposed to occur. The Adviser shall notify the Trust immediately upon
 detection of any material breach of any of the Trust's policies and procedures
 required by Rule 38a-1 under the 1940 Act.

3. The
 Adviser will maintain a written code of ethics (the "Code of Ethics") that
 it reasonably believes complies with the requirements of Rule 17j-1 under the 1940 Act
 ("Rule 17j-1"), a copy of which will be provided to the Trust, and will institute
 procedures reasonably necessary to prevent any "Access Person" (as defined
 in Rule 17j-1) from violating its Code of Ethics. The Adviser will follow such Code of
 Ethics in performing its services under this Agreement. Further, the Adviser represents
 that it has policies and procedures regarding the detection and prevention of the misuse
 of material, nonpublic information by the Adviser and its employees, a copy of which
 it will provide to the Trust upon any reasonable request. The Adviser shall ensure that
 its employees will comply in all material respects with the provisions of Section 16
 of the Exchange Act, and to cooperate reasonably with the Trust for purposes of filing
 any required reports with the SEC or such other regulator having appropriate jurisdiction.

4. The
 Adviser will manage, or cause to be managed, the investment and reinvestment of the assets
 of each Fund in a manner consistent with each Fund's investment objectives and
 policies as stated in its Prospectus. The Adviser also will manage, or cause to be managed,
 the investments of each Fund in a manner consistent with any and all applicable investment
 restrictions (including diversification requirements, if applicable) contained in the
 1940 Act and the rules and regulations under the 1940 Act, any exemptive orders issued
 by the SEC applicable to the Funds or any relevant SEC staff no-action letter, Rule 6c-11
 under the 1940 Act, listing standards under the applicable stock exchange and any applicable
 state securities law or regulation. The Trust will provide the Adviser with copies of
 any such SEC exemptive orders or SEC staff no-action letters. The Adviser shall perform
 quarterly and annual tax compliance tests with respect to each Funds' compliance
 with the diversification requirements of Subchapter M of the Internal Revenue Code of
 1986, as amended (the "Code"), if applicable, and promptly furnish reports
 of such tests to any Sub-Adviser (as defined below) after each quarter end to ensure
 that each Fund is in compliance with the Code, if applicable. The Adviser agrees to perform
 its duties hereunder in complete compliance with the Funds' policies and procedures
 adopted pursuant to Rule 38a-1 of the 1940 Act, and the Adviser's duties and obligations
 of Rule 206(4)-7 under the Advisers Act, including providing the Chief Compliance Officer
 of the Trust and/or the Board with such information, reports and certifications as they
 may reasonably request.

&nbsp;&nbsp;&nbsp;&nbsp;5. The
 Board has the authority to determine how proxies with respect to securities that are
 held by the Funds shall be voted, and the Board has initially determined to delegate
 the authority and responsibility to vote proxies for each Fund's securities to
 the Adviser. So long as proxy voting authority for a Fund has been delegated to the Adviser,
 the Adviser shall exercise its proxy voting responsibilities. The Adviser shall carry
 out such responsibility in accordance with any instructions that the Board shall provide
 from time to time, and at all times in a manner consistent with Rule 206(4)-6 under the
 Advisers Act and its fiduciary responsibilities to the Funds. The Adviser shall provide
 or cause to be provided periodic reports and keep or cause to be kept records relating
 to proxy voting as the Board may reasonably request or as may be necessary for the Funds
 to comply with the 1940 Act and other applicable law. Any such delegation of proxy voting
 responsibility to the Adviser may be revoked or modified by the Board at any time. The
 Trust acknowledges and agrees that the Adviser may delegate its responsibility to vote
 proxies for a Fund to the Fund's Sub-Adviser(s). The Adviser or a Sub-Adviser may,
 to the extent consistent with its fiduciary duty to the Funds and with Rule 206(4)-6
 under the Advisers Act, employ a third-party firm that specializes in corporate governance
 research and advising on proxy voting to assist the Adviser or Sub-Adviser, subject to
 the Adviser's or Sub-Adviser's oversight, in exercising the Adviser's
 or Sub-Adviser's proxy voting responsibilities. The Trust further acknowledges
 that, to the extent consistent with its fiduciary duty to the Funds and with Rule 206(4)-6
 under the Advisers Act, the Adviser or Sub-Adviser may vote proxies for securities held
 by the Trust differently than it votes proxies for the same securities held by other
 of the Adviser's or Sub-Adviser's clients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Subadvisers</u>. In carrying out its responsibilities hereunder, the Adviser may, to the extent permitted by applicable law, and in accordance with the Trust's Agreement and Declaration of Trust and any exemptive orders issued by the SEC applicable to the Funds or any relevant SEC staff no-action letter, employ, retain or terminate (a "Sub-Adviser") at the Adviser's own cost and expense, including without limitation, affiliates of the Adviser, on such terms as the Adviser and Board shall determine to be necessary, desirable or appropriate. Retention of one or more Sub-Advisers, or the employment or retention of other persons or entities to perform services, shall in no way reduce the responsibilities or obligations of the Adviser under this Agreement and the Adviser shall be responsible for all acts and omissions of such Sub-Advisers, or other persons or entities, in connection with the performance of the Adviser's duties hereunder unless otherwise agreed by the parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **INFORMATION AND REPORTS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Adviser will keep the Trust informed of developments relating to its duties as investment adviser of which the Adviser has, or should have, knowledge that would materially affect the Funds. In this regard, the Adviser will provide the Trust and its officers with such periodic reports concerning the obligations the Adviser has assumed under this Agreement as the Trust may from time to time reasonably request. Additionally, upon the request of the Board, prior to each Board meeting, the Adviser will provide the Board, or cause any Sub-Adviser to provide the Board, with reports regarding the management of the Funds during the most recently completed quarter, including certifications that each Fund is in compliance with its respective investment objectives and practices, the 1940 Act and applicable rules and regulations thereunder, and the requirements of Subchapter M of the Code, if applicable, and other information in such form as may be mutually agreed upon by the Adviser and the Trust. The Adviser also will certify quarterly to the Trust that it and its advisory persons have complied materially with the requirements of Rule 17j-1 during the previous quarter or, if not, explain what the Adviser has done to seek to ensure such compliance in the future. Annually, the Adviser will furnish a written report, which complies with the requirements of Rule 17j-1 and Rule 38-a, concerning the Adviser's Code of Ethics and compliance program, respectively, to the Trust. Upon written request of the Fund with respect to violations of the Code of Ethics directly affecting any Fund, the Adviser will permit representatives of the Trust to examine reports (or summaries of the reports) required to be made by Rule 17j-1(d)(1) relating to enforcement of the Code of Ethics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Adviser will provide the Trust with any information reasonably requested regarding its management of the Funds required for any shareholder report, amended registration statement, or prospectus supplement to be filed by the Trust with the SEC. The Adviser will promptly inform the Trust if any information in a Fund's Prospectus or Statement of Additional Information, as amended from time to time ("SAI"), to the Adviser's knowledge is (or will become) inaccurate or incomplete.

**4.** **STANDARD OF CARE** 

The Adviser will exercise its best judgment and will act in good faith and use reasonable care and in a manner consistent with applicable federal and state laws and regulations in rendering the services it agrees to provide under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.** **ADVISER'S DUTIES REGARDING FUND TRANSACTIONS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Placement of Orders</u>. The Adviser will take, or cause to be taken, all actions that it considers necessary to implement the investment policies of the Funds, and, in particular, to place all orders for the purchase or sale of securities or other investments for the Funds with brokers or dealers that the Adviser, in its sole discretion, selects. To that end, the Adviser is authorized as the Funds' agent to give instructions to the Funds' custodian as to deliveries of securities or other investments and payments of cash for the Funds' account. In connection with the selection of brokers or dealers and the placement of purchase and sale orders, the Adviser is subject to the oversight of the Board and is directed at all times to seek to obtain best execution and price within the policy guidelines determined by the Board and set out in each Fund's current Prospectus or SAI, subject to provisions (b), (c) and (d) of this Section 5.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Soft Dollar Arrangements</u>. On an ongoing basis, but not less often than annually, the Adviser will identify and provide a written description to the Board of all "soft dollar" arrangements that the Adviser maintains with respect to the Funds or with brokers or dealers that execute transactions for the Funds, if any, and of all research and other services provided to the Adviser by a broker or dealer (whether prepared by such broker or dealer or by a third party), if any, as a result, in whole or in part, of the direction of Fund transactions to the broker or dealer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Aggregated Transactions</u>. On occasions when the Adviser deems the purchase or sale of a security or other financial instrument to be in the best interest of a Fund, as well as other clients, the Adviser is authorized, but not required, to aggregate purchase and sale orders for securities or other financial instruments held (or to be held) by that Fund with similar orders being made on the same day for other client accounts or portfolios that the Adviser manages. When an order is so aggregated, the Adviser may allocate the recommendations or transactions among all accounts and portfolios for whom the recommendation is made or transaction is effected on a basis that the Adviser reasonably considers equitable and consistent with its fiduciary obligations to the Fund and its other clients. The Adviser and the Funds recognize that in some cases this procedure may adversely affect the size of the position obtainable for a Fund.

**6.** **COMPENSATION** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) For the services to be provided by the Adviser hereunder with respect to each Fund, the Trust shall pay to the Adviser an annual investment advisory fee equal to the amount set forth on Schedule A attached hereto of the average daily value of each Fund's net assets, subject to any waiver by the Adviser of all or a portion of such compensation, as described below. Schedule A shall be amended from time to time to reflect the addition and/or termination of any Fund as a Fund hereunder and to reflect any change in the advisory fees payable with respect thereto. All fees payable hereunder shall be accrued daily and shall be payable monthly in arrears on the first business day of each calendar month for services performed hereunder during the prior calendar month. In case of commencement or termination of this Agreement with respect to any Fund during any calendar month, the fee with respect to such Fund for that month shall be reduced proportionately based upon the number of calendar days during which it is in effect, and the fee shall be computed upon the average daily net assets of such Fund for the days during which it is in effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) For the purpose of determining fees payable to the Adviser, the value of a Fund's net assets will be computed at the times and in the manner specified in the Fund's current Prospectus or SAI, and on days on which the net assets are not so determined, the net asset value computation to be used will be as determined on the immediately preceding day on which the net assets were determined.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Adviser may waive fees or reimburse expenses of a Fund to the extent necessary to maintain a Fund's expense ratio at an agreed-upon amount for a period of time specified in a separate letter of agreement. The Adviser's reimbursement of a Fund's expenses shall be estimated and paid to the Trust monthly in arrears, at the same time as the Trust's payment to the Adviser for such month as provided in Section 6(a). The Trust may withhold the payment of fees under Section 6(a) to the extent the Adviser, under this Section 6(c), has any amount due and owing to the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.** **EXPENSES** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>The Adviser</u>. Except as otherwise provided in Section 7(b) of this Agreement, the Adviser agrees to pay all expenses incurred by the Trust, including but not limited to:

1. *Salaries, Expenses and Fees of Certain Persons*. All salaries, expenses, and fees of the Trustees
 and officers of the Trust who are officers, directors/trustees, partners, or employees
 of the Adviser or its affiliates;

2. *Preparing, Printing and Mailing of Certain Documents*. The costs of preparing, setting in type,
 printing and mailing of Prospectuses, Prospectus supplements, SAIs, annual, semiannual
 and periodic reports, and notices and proxy solicitation materials required to be furnished
 to shareholders of the Trust or regulatory authorities, and all tax returns;

3. *Registration Fees and Expenses*. All legal, registration, filing and other fees and expenses incurred
 in connection with the affairs of the Trust, including those incurred with respect to
 registering its shares with, or other requirements of, regulatory authorities, and any
 amendments or supplements that may be made from time to time;

4. *Custodian and Accounting Services*. All expenses of the transfer, receipt, safekeeping, servicing
 and accounting for the Trust's cash, securities, and other property, including all charges
 of depositories, custodians, and other agents, if any;

5. *Independent Accountant and Trust Counsel Fees and Expenses*. The charges for the services and
 expenses of the independent accountants and legal counsel retained by the Trust, for
 itself:

6. *Transfer Agent*. The charges and expenses of maintaining shareholder accounts, including all
 charges of transfer, bookkeeping, and dividend disbursing agents appointed by the Trust;

7. *Trade Association Fees*. Any membership fees, dues or expenses incurred in connection with
 the Trust's membership in any trade association or similar organizations, as approved
 by the Trustees;

8. *Bonding and Insurance*. All insurance premiums for fidelity and other coverage, as approved
 by the Trustees;

9. *Shareholder and Board of Trustees Meetings*. All expenses incidental to holding shareholders and
 Trustees meetings, including the printing of notices and proxy materials and proxy solicitation
 fees and expenses;

10. *Independent Trustees*. Compensation and expenses of the Trustees who are not "interested
 persons" (as defined in the 1940 Act) of the Trust (the "Independent Trustees")
 and fees and expenses of counsel to the Independent Trustees;

11. *Exchanges*.
 All fees and expenses charged by exchanges listing shares of the Funds;

12. *Website*.
 All fees and expenses related to posting information about the Funds in compliance with
 Rule 6c-11 under the 1940 Act on the applicable website including compensating third-party
 service providers for data feeds and other information necessary to make such postings;

13. *Liquidity Risk Management Program*. All fees and expenses related to the Funds maintaining a
 liquidity risk management program in compliance with Rule 22e-4 under the 1940 Act including
 compensating third-party service providers for providing liquidity analysis and classification
 of portfolio securities and other information necessary to operate the liquidity risk
 management program; and

14. *Pricing and Valuation*. All expenses of: (i) pricing of the net asset value per share of each
 Fund, including the cost of any equipment or services to obtain price quotations; (ii)
 fair valuing Fund portfolio securities of which market prices are not readily available
 in compliance with Rule 2a-5 under the 1940 Act; and (iii) monitoring pricing vendors
 in compliance with Rule 2a-5 under the 1940 Act.

The Adviser's payment of such expenses may be accomplished through a Fund's payment of such expenses and a corresponding reduction in the fee payable by that Fund to the Adviser pursuant to Section 6 hereof; provided, however, that if the amount of expenses paid by the Fund exceeds the fee payable to the Adviser pursuant to Section 6 hereof, the Adviser will reimburse the Fund for such excess amount.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>The Funds</u>. The Trust, on behalf of each Fund, on a Fund-by-Fund basis out of the assets of the particular Fund for which an expense relates, agrees to pay all of the following expenses incurred by such Fund (1) interest and taxes (including, but not limited to, income, excise, transfer and withholding taxes); (ii) expenses of the Fund incurred with respect to the acquisition, holding, voting and/or disposition of portfolio securities and the execution of portfolio transactions, including brokerage commissions; (iii) expenses incurred in connection with any distribution plan adopted by the Trust in compliance with Rule 12b-1 under the 1940 Act, including distribution fees; (iv) the advisory fee payable to the Adviser hereunder; and (v) litigation expenses and any extraordinary expenses (in each case as determined by a majority of the Independent Trustees.

**8.** **SERVICES TO OTHER COMPANIES OR ACCOUNTS** 

The Trust understands that the Adviser and its affiliates now act, will continue to act and may act in the future as investment manager or adviser to fiduciary and other managed accounts, and as an investment manager or adviser to other investment companies, including any offshore entities or private accounts. The Funds have no objection to the Adviser and its affiliates so acting. The Funds recognize that in some cases this procedure may adversely affect the size of the position obtainable for the Funds and understand that the persons employed by the Adviser to assist in the performance of the Adviser's duties under this Agreement may not devote their full time to such service, and that nothing contained in this Agreement will be deemed to limit or restrict the right of the Adviser to engage in and devote time and attention to other businesses or to render services of whatever kind or nature. This Agreement will not in any way limit or restrict the Adviser or any of its directors, officers, employees, or agents from buying, selling or trading any securities or other investment instruments for its or their own account or for the account of others for whom it or they may be acting, provided that such activities will not adversely affect or otherwise impair the performance by the Adviser of its duties and obligations under this Agreement and such activities are not otherwise prohibited by applicable law.

**9.** **AFFILIATED BROKERS** 

The Adviser or any of its affiliates may act as broker or agent in connection with the purchase or sale of securities or other investments for the Funds, subject to: (i) the requirement that the Adviser seek to obtain best execution and price within the policy guidelines determined by the Board and set out in each Fund's current Prospectus or SAT; (ii) the provisions of the 1940 Act and the Advisers Act and rules thereunder including Rule 17e-1 under the 1940 Act; (iii) the provisions of the Exchange Act, including, but not limited to, Section 11(a) thereof; and (iv) other provisions of applicable law. These brokerage services are not within the scope of the duties of the Adviser under this Agreement. Subject to the requirements of applicable law and any procedures adopted by the Board, the Adviser or its affiliates may receive brokerage commissions, fees or other remuneration from the Funds for these services in addition to the Adviser's fees for services under this Agreement.

**10.** **CUSTODY** 

Nothing in this Agreement will require the Adviser to take or receive physical possession of cash, securities, or other investments of any Fund.

**11.** **TERM OF AGREEMENT; TERMINATION OF AGREEMENT; AMENDMENT OF AGREEMENT** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Term and Termination</u>. The effectiveness and termination dates of this Agreement shall be determined separately for each Fund as described below. This Agreement shall become effective with respect to a Fund upon the commencement of the Adviser's management of the Fund and shall remain in full force and effect continually thereafter, subject to renewal as provided in subparagraph (a)(ii) of this section and unless terminated automatically as set forth in in subparagraph (a)(iv) of this section hereof or until terminated as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Trust may cause this Agreement to terminate either upon sixty (60) days' written notice to the Adviser by vote of its Board or with respect to any Fund, upon the affirmative vote of a majority of the outstanding voting securities of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Adviser may at any time terminate this Agreement by not less than sixty (60) days' written notice delivered or mailed by registered mail, postage prepaid, to the Trust; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) this Agreement shall automatically terminate two years from the date of its execution unless its renewal is specifically approved at least annually thereafter by (i) a majority vote of the Trustees, including a majority vote of such Trustees who are not interested persons of the Trust or the Adviser, at a meeting called for the purpose of voting on such approval; or (ii) the vote of a majority of the outstanding voting securities of each Fund; provided, however, that if the continuance of this Agreement is submitted to the shareholders of the Funds for their approval and such shareholders fail to approve such continuance of this Agreement as provided herein, the Adviser may continue to serve hereunder as to the Funds in a manner consistent with the 1940 Act and the rules and regulations thereunder.

Termination of this Agreement pursuant to this Section shall be without payment of any penalty.

In the event of termination of this Agreement for any reason, the Adviser shall, immediately upon notice of termination or on such later date as may be specified in such notice, cease all activity on behalf of the Fund and with respect to any of the assets, except as otherwise required by any fiduciary duties of the Adviser under applicable law. In addition, the Adviser shall deliver the Fund Books and Records to the Trust by such means and in accordance with such schedule as the Trust shall direct and shall otherwise cooperate, as reasonably directed by the Trust, in the transition of portfolio asset management to any successor of the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Amendment</u>. This Agreement may be amended by the parties only if the amendment is specifically approved by: (i) a majority of those Trustees of the Trust who are not parties to this Agreement or "interested persons" of any party cast in person at a meeting called for the purpose of voting on this Agreement's approval; and (ii) if required by applicable law, the vote of a majority of the outstanding shares of the Fund.

**12.** **REPRESENTATIONS AND COVENANTS OF THE TRUST** 

The Trust represents and covenants to the Adviser as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Trust is a trust that is validly existing and in good standing under the laws of the State of Delaware. Each Fund is a duly established, separate series of the Trust. The Trust is duly authorized to transact business in the State of Delaware and is qualified to do business in all jurisdictions in which it is required to be so qualified, except jurisdictions in which the failure to so qualify would not have a material adverse effect on the Trust or any Fund. The Trust is registered as an open-end management investment company under the 1940 Act, and its registration with the SEC as an investment company under the 1940 Act is in full force and effect, and each Fund's shares are (or will be prior to commencing operations with respect to any Additional Funds) registered under the Securities Act of 1933, as amended ("1933 Act"), and under any applicable state securities laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The execution, delivery and performance by the Trust, on behalf of the Funds, of this Agreement are within the Trust's powers and have been duly authorized by all necessary actions of the Board, and the execution, delivery and performance of this Agreement by the parties to this Agreement do not contravene or constitute a default under (i) any provision of applicable law, rule or regulation, (ii) the Trust's governing instruments, or (iii) any agreement, judgment, injunction, order, decree or other instruments binding upon the Trust or any Fund.

**13.** **REPRESENTATIONS AND COVENANTS OF THE ADVISER** 

The Adviser represents and covenants to the Trust as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) It is duly organized and validly existing under the laws of the jurisdiction of its incorporation with the power to own and possess its assets and carry on its business as this business is now being conducted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The execution, delivery and performance by the Adviser of this Agreement are within the Adviser's powers and have been duly authorized by all necessary action on the part of its board of directors, and no action by or in respect of, or filing with, any governmental body, agency or official is required on the part of the Adviser for the execution, delivery and performance of this Agreement by the parties to this Agreement, and the execution, delivery and performance of this Agreement by the parties to this Agreement does not contravene or constitute a default under (i) any provision of applicable law, rule or regulation, (ii) the Adviser's governing instruments, or (iii) any agreement, judgment, injunction, order, decree or other instruments binding upon the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) It is not prohibited by the 1940 Act or the Advisers Act from performing the services contemplated by this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) It has met, and will continue to seek to meet for the duration of this Agreement, any other applicable federal or state requirements, or the applicable requirements of any regulatory or industry self-regulatory agency, necessary to be met in order to perform the services contemplated by this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) It (i) is registered with the SEC as an investment adviser under the Advisers Act, (ii) is registered or licensed as an investment adviser under the laws of those jurisdictions in which its activities require it to be so registered or licensed, and (iii) will promptly notify the Trust of the occurrence of any event that would disqualify it from serving as an investment adviser to an investment company pursuant to Section 9(a) of the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) It has provided the Trust with a copy of its Form ADV and will, promptly after making any amendment to its Form ADV, furnish a copy of such amendment to the Trust. The information contained in the Adviser's Form ADV is accurate and complete in all material respects and does not omit to state any material fact necessary in order to make the statements made, in light of the circumstances under which they were made, not misleading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) It will carry out its responsibilities under this Agreement in compliance with (i) federal and state law, including securities law, governing its activities; (ii) each Fund's investment objective, policies, and restrictions, as set out in the Prospectus and SAI, as amended from time to time; (iii) the applicable exemptive orders or no-action letters issued by the SEC or its staff governing the Funds, as such orders or letters may be amended from time to time; (iv) the listing standards under the applicable stock exchange; (v) the provisions of the governing documents of the Trust, as such documents are amended from time to time; and (vi) any policies or directives as the Board may from time to time establish or issue and communicate to the Adviser in writing. The Trust, on behalf of the Funds, will promptly notify the Adviser in writing of changes to (ii), (iii), (iv), (v) or (vi) above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) It will treat confidentially and as proprietary information of the Funds all records and other information relative to the Funds, and the Funds' prior, current or potential shareholders, and will not use such records and information for any purpose other than performance of its responsibilities and duties hereunder, except after prior notification to and approval in writing by each Fund, which approval shall not be unreasonably withheld and may not be withheld where the Adviser may be exposed to civil or criminal contempt proceedings for failure to comply, when requested to divulge such information by duly constituted authorities, or when so requested by the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) It is not the subject of any proceeding, investigation or inquiry brought by the SEC, the Financial Industry Regulatory Authority, Inc. (or any other self-regulatory organization) or any other federal or state regulator with respect to the types of services for which it is being appointed herein or which could have a material impact on its ability to fully perform any of the services to be rendered hereunder.

**14.** **LIMITATION OF LIABILITY OF ADVISER; INDEMNIFICATION** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Neither the Adviser nor its directors, officers, employees, agents or controlling persons or assigns shall be liable for any error of judgment or mistake of law or for any loss suffered by the Trust, any Fund or its shareholders in connection with the matters to which this Agreement relates; provided, however, that no provision of this Agreement shall be deemed to protect the Adviser against any liability to the Trust, any Fund or its shareholders to which it might otherwise be subject by reason of any willful misfeasance, bad faith or gross negligence in the performance of its duties or the reckless disregard of its obligations and duties under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Trust shall indemnify, defend and protect the Adviser (and its officers, managers, partners, agents, employees, controlling persons, members and any other person or entity affiliated with the Adviser, including without limitation its general partner or managing member, each of whom shall be deemed a third party beneficiary hereof) (collectively, the "Adviser Indemnified Parties") and hold them harmless from and against all damages, liabilities, costs and expenses (including reasonable attorneys' fees and amounts reasonably paid in settlement) incurred by the Adviser Indemnified Parties in or by reason of any pending, threatened or completed action, suit, investigation or other proceeding (including an action or suit by or in the right of the Trust or its security holders) arising out of or otherwise based upon the performance of any of the Adviser's duties or obligations under this Agreement or otherwise as an investment adviser of the Trust. Notwithstanding the provisions of Section 14(a) to the contrary, nothing contained herein shall protect or be deemed to protect the Adviser Indemnified Parties against or entitle or be deemed to entitle the Adviser Indemnified Parties to indemnification in respect of, any liability to the Trust or its security holders to which the Adviser Indemnified Parties would otherwise be subject by reason of willful misfeasance, bad faith or gross negligence in the performance of the Adviser's duties or by reason of the reckless disregard of the Adviser's duties and obligations under this Agreement (as the same shall be determined in accordance with the 1940 Act and any interpretations or guidance by the SEC or its staff thereunder).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Adviser shall indemnify, defend and protect the Trust and all affiliated persons thereof (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 "Trust Indemnified Parties") and hold them harmless from and against all damages, liabilities, costs and expenses (including reasonable attorneys' fees and amounts reasonably paid in settlement) incurred by the Trust Indemnified Parties in or by reason of or arising out of the Adviser's willful misfeasance, bad faith or gross negligence in the performance of its duties hereunder or its reckless disregard of its obligations and duties under this Agreement. Notwithstanding the provisions of Section 14(a) to the contrary, nothing contained herein shall protect or be deemed to protect the Trust Indemnified Parties against or entitle or be deemed to entitle the Trust Indemnified Parties to indemnification in respect of, any liability to the Adviser to which the Trust Indemnified Parties would otherwise be subject by reason of willful misfeasance, bad faith or gross negligence in the performance of the Trust Indemnified Parties' duties or by reason of the reckless disregard of the Trust Indemnified Parties' duties and obligations under this Agreement (as the same shall be determined in accordance with the 1940 Act and any interpretations or guidance by the SEC or its staff thereunder).

**15.** **NO LIABILITY OF OTHER FUNDS** 

This Agreement is made by the Trust, on behalf of its Funds, pursuant to authority granted by the Trustees, and the obligations created hereby are not binding on any of the Trustees or shareholders of the Funds individually, but bind only the property of that Fund and no other Funds of the Trust.

**16.** **COOPERATION WITH REGULATORY AUTHORITIES OR OTHER ACTIONS** 

The parties to this Agreement each agree to cooperate in a reasonable manner with each other in the event that any of them should become involved in a legal, administrative, judicial or regulatory action, claim, or suit as a result of performing its obligations under this Agreement.

**17.** **RECORDS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Maintenance of Records</u>. The Adviser hereby undertakes and agrees to maintain for the Trust, in the form and for the period required by Rule 31a-2 under the 1940 Act, all records relating to the Funds' investments that are required to be maintained by the Funds pursuant to the 1940 Act with respect to the Adviser's responsibilities under this Agreement (the "Funds' Books and Records").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Ownership of Records</u>. The Adviser agrees that the Funds' Books and Records are the Trust's property and further agrees to surrender them promptly to the Trust upon the request of the Trust; provided, however, that the Adviser may retain copies of the Funds' Books and Records at its own cost. The Funds' Books and Records will be made available, within two (2) business days of a written request, to the Funds' accountants or auditors during regular business hours at the Adviser's offices. The Trust or its authorized representatives will have the right to copy any records in the Adviser's possession that pertain to any Fund. These books, records, information, or reports will be made available to properly authorized government representatives consistent with state and federal law and/or regulations. In the event of the termination of this Agreement, the Funds' Books and Records will be returned to the Trust. The Adviser agrees that the policies and procedures it has established for managing the Funds, including, but not limited to, all policies and procedures designed to ensure compliance with federal and state regulations governing the adviser/client relationship and management and operation of the Funds, will be made available for inspection by the Fund or its authorized representatives upon reasonable written request within not more than two (2) business days.

**18.** **SURVIVAL** 

All representations and warranties made by the Adviser and the Trust, on behalf of the Funds, in this Agreement will survive for the duration of this Agreement and the parties to this Agreement will notify each other in writing immediately upon becoming aware, but in no event later than five (5) days after becoming aware, that any of the foregoing representations and warranties are no longer true.

**19.** **GOVERNING LAW** 

This Agreement will be governed by, construed under and interpreted and enforced in accordance with the laws of the State of Delaware applicable to contracts formed and to be performed entirely within the State of Delaware, without regard to principles of conflicts of laws thereof, to the extent such principles would require or permit the application of laws of another jurisdiction, and in accordance with the applicable provisions of the 1940 Act. To the extent the applicable laws of the State of Delaware, or any of the provisions herein, conflict with the provisions of the 1940 Act, the latter shall control.

**20.** **SEVERABILITY** 

If any provision of this Agreement is held or made invalid by a court decision, statute, rule, or otherwise, the remainder of this Agreement shall not be affected thereby.

**21.** **DEFINITIONS** 

The terms "assignment," "affiliated person," and "interested person," when used in this Agreement, will have the respective meanings specified in Section 2(a) of the 1940 Act. The term "majority of the outstanding shares" means the lesser of (a) sixty-seven percent (67%) or more of the shares present at a meeting if more than fifty percent (50%) of these shares are present or represented by proxy, or (b) more than fifty percent (50%) of the outstanding shares. The term "including" means "including without limitation."

**22.** **COUNTERPARTS** 

This Agreement may be executed in one or more counterparts, each of which will be deemed an original, and all of such counterparts together will constitute one and the same instrument.

[Remainder of Page Intentionally Left Blank]

IN WITNESS WHEREOF, the parties to this Agreement have executed and delivered this Agreement as of the date first above written.

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| | | |
|:---|:---|:---|
| **FIS TRUST** | **FIS TRUST** | **FIS TRUST** |
| By: | ![](ex996a001.jpg) | ![](ex996a001.jpg) |
|  | Name: | Steven T. Nelson |
|  | Title: | Sole Trustee |
| **FAITH INVESTOR SERVICES LLC** | **FAITH INVESTOR SERVICES LLC** | **FAITH INVESTOR SERVICES LLC** |
| By: | ![](ex996a001.jpg) | ![](ex996a001.jpg) |
|  | Name: | Steven T. Nelson |
|  | Title: | Chairman & CEO |

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**SCHEDULE A**

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Fund** | &nbsp;&nbsp;**Advisory Fee Rate** <br> **based on average**<br>**daily net assets**<br>| &nbsp;&nbsp;**Effective Date** |
| &nbsp;&nbsp;FIS Bright Portfolios Focused Equity ETF | &nbsp;&nbsp;0.65% | &nbsp;&nbsp;[ ] |
| &nbsp;&nbsp;FIS Christian Stock Fund | &nbsp;&nbsp;0.68% | &nbsp;&nbsp;[ ] |

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## Ex-99.(6)(B)

[FIS TRUST N-14/A](fis-n14a_120225.htm)

**Exhibit 99(6)(b)**

**FIS TRUST**

**SUB-ADVISORY AGREEMENT**

**between**

**FAITH INVESTOR SERVICES, LLC**

**and**

**BRIGHT PORTFOLIOS, LLC**

This SUB-ADVISORY AGREEMENT (the "Agreement") is made as of this 25th day of November, 2025, by and between Faith Investor Services, LLC, a Delaware limited liability company, with its principal place of business at 8080 N Central Expressway, Suite 1700, Dallas, TX 75206 (the "Adviser") and Bright Portfolios, LLC, an, Arizona limited liability company, with its principal place of business located at 11 SE 2<sup>nd</sup> Street, Lee's Summit, MO 64063 (the "Sub-Adviser").

**W I T N E S S E T H**

WHEREAS, the Adviser is registered with the U.S. Securities and Exchange Commission (the "SEC") as an investment adviser under the Investment Advisers Act of 1940 (the "Advisers Act");

WHEREAS, the Adviser has entered into an Investment Advisory Agreement with FIS Trust (the "Trust'), on behalf of the series of the Trust listed in Schedule A (each a "Fund" and, collectively, the "Funds");

WHEREAS, the Sub-Adviser is registered with the SEC as an investment adviser under the Advisers Act;

WHEREAS, 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;

WHEREAS, the Adviser has entered into a trading Sub-Advisory Agreement with Vident Advisory, LLC (dba Vident Asset Management) on behalf of the Funds listed in Schedule A;<br> and

WHEREAS, the Sub-Adviser is willing to furnish certain investment advisory services to each Fund to this Agreement listed on <u>Schedule A</u>, as may be amended from time to time upon mutual agreement of the parties.

NOW, THEREFORE, in consideration of the mutual covenants and benefits set forth herein, the parties do hereby agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. Appointment.** The Adviser hereby appoints the Sub-Adviser to act as investment sub-adviser to the Funds for the periods and on the terms set forth herein. The Sub-Adviser accepts the appointment and agrees to furnish the services set forth herein for the compensation provided in Section 5 of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2. Duties of the Sub-Adviser.** Subject to supervision and oversight of the Adviser and the Board of Trustees (the "Board") of the Trust, and in accordance with the terms and conditions of the Agreement, the Sub-Adviser shall manage all of the securities and other assets of the Funds entrusted to it hereunder (the "Assets"), including the purchase, retention and disposition of the Assets, in accordance with the Funds' respective investment objectives, guidelines, policies and restrictions as stated in each Fund's prospectus and statement of additional information, as currently in effect and as amended or supplemented from time to time (referred to collectively as the "Prospectus"), and subject to the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Sub-Adviser shall, subject to subparagraph (b), determine from time to time what Assets will be purchased, retained or sold by the Funds, and what portion of the Assets will be invested or held uninvested in cash as is permissible.

&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;(b) In the performance of its duties and obligations under this Agreement, the Sub-Adviser shall act in conformity with the Prospectus, including the objectives, policies and restrictions set forth in those documents as amended or supplemented, the written instructions and directions of the Adviser and of the Board, the terms and conditions of Rule 6c-11 under the 1940 Act and the listing requirements of the exchange(s) that lists the shares of the Funds, exemptive and no-action relief granted by the SEC to the Trust as amended from time to time and provided to the Sub-Adviser, conditions of any orders granted by the SEC pursuant to Rule 19b-4 under the Securities Exchange Act of 1934, as amended ("Exchange Act"), and the Trust's policies and procedures provided to the Sub-Adviser and will conform to and comply with the requirements of the 1940 Act, the Advisers Act, the Commodity Exchange Act, the Internal Revenue Code of 1986, as amended (the "Code"), and all other applicable federal, state and foreign jurisdictional laws and regulations, as each is amended from time to time. In selecting each Fund's portfolio securities and performing the Sub-Adviser's obligations hereunder, the Sub-Adviser shall manage the Assets of each Fund in a manner such that the Fund will 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 if the Fund has elected to be treated as a regulated investment company under the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Sub-Adviser shall determine the Assets to be purchased or sold by the Funds as provided in subparagraph (a) and will place orders with or through such persons, brokers or dealers to carry out the policy with respect to brokerage set forth in the Funds' Prospectus or as the Board or the Adviser may direct in writing from time to time, in conformity with all applicable federal securities laws. In selecting brokers or dealers to execute Fund transactions, the Sub-Adviser will seek "best execution." In assessing best execution, the Sub-Adviser shall consider all factors that it deems relevant, including, but not limited to, the breadth of the market in the security, the price of the security, the financial condition and execution capability of the broker or dealer, and the reasonableness of the commission, if any, both for the specific transaction and on a continuing basis. In evaluating the best overall terms available, and in selecting the broker-dealer to execute a particular transaction, the Sub-Adviser may also consider the brokerage and research services (as those terms are defined in Section 28(e) of the Exchange Act") provided to the Fund and/or other accounts over which the Sub-Adviser or its affiliates exercise investment discretion. The parties hereto acknowledge that it is desirable for the Trust that the Sub-Adviser have access to supplemental investment and market research and security and economic analysis provided by brokers or dealers who may execute brokerage transactions ata higher cost to a Fund than may result when allocating brokerage to other brokers or dealers on the basis of seeking the most favorable price and efficient execution. Therefore, consistent with any guidelines established by the Board and Section 28(e) of the Exchange Act, as amended, the Sub-Adviser is authorized to cause such Fund to pay to a broker or dealer who provides brokerage and research services a higher commission than that which might be charged by another broker or dealer for effecting the same transaction if, but only if, the Sub-Adviser determines in good faith that such commission is reasonable in relation to the value of the brokerage and research services provided by such broker or dealer, viewed in terms of that particular transaction or in terms of the overall responsibilities of the Sub-Adviser to such Fund in compliance with Section 28(e) of the Exchange Act. In addition, the Sub-Adviser is authorized to allocate purchase and sale orders for securities to brokers or dealers that are affiliated with the Adviser, Sub-Adviser or the Trust's principal underwriter, provided such orders comply with Rule 17e-1 and Rule 10f-3 under the 1940 Act and the Trust's Rule 17e-1 and Rule 10f-3 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Adviser hereby delegates its right and responsibilities to vote proxies received by the Funds to the Sub-Adviser, which shall carry out such responsibility in accordance with its Proxy Policy and any written instructions that the Adviser or Board shall provide from time to time, and at all times in a manner consistent with Rule 206(4)-6 under the Advisers Act and its fiduciary responsibilities to the Funds. The Sub-Adviser shall provide or cause to be provided periodic reports and keep or cause to be kept records relating to proxy voting as the Adviser or Board may reasonably request or as may be necessary for the Funds to comply with the 1940 Act and other applicable law. This delegation of proxy voting responsibility to the Sub-Adviser may be revoked or modified by the Board or Adviser at any time. The Sub-Adviser may, to the extent consistent with its fiduciary duty to the Funds and with Rule 206(4)-6 under the Advisers Act, employ a third-party firm or service provider (including a third-party firm that specializes in corporate governance research and advising on proxy voting) to assist the Sub-Adviser, subject to the Sub-Adviser's oversight, in exercising the Sub-Adviser's proxy voting responsibilities. The Adviser acknowledges that, to the extent consistent with its fiduciary duty to the Funds and with Rule 206(4)-6 under the Advisers Act, the Sub-Adviser may vote proxies for securities held by a Fund differently than it votes proxies for the same securities held by other of the Sub-Adviser's clients.

&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;(e) The Sub-Adviser shall maintain all books and records as are required to be maintained by the Sub-Adviser with respect to transactions involving the Assets by subparagraphs (b)(1), (5), (6), (7), (8), (9) and (10) and paragraph (f) of Rule 31a-1 under the 1940 Act (other than those books and records being maintained by any other service provider appointed by the Trust). The Sub-Adviser shall keep the books and records relating to the Assets required to be maintained by the Sub-Adviser under this Agreement and shall timely furnish to the Adviser all information relating to the Sub-Adviser's services under this Agreement needed by the Adviser to keep the other books and records of the Funds required by Rule 31a-1 under the 1940 Act, as reasonably requested by the Adviser. The Sub-Adviser agrees that all records that it maintains on behalf of a Fund are property of the Fund and the Sub-Adviser will surrender promptly to the Fund any of such records upon the Fund's request; provided, however, that the Sub-Adviser may retain a copy of such records. In addition, for the duration of this Agreement, the Sub-Adviser shall preserve for the periods prescribed by Rule 31a-2 under the 1940 Act any such records as are required to be maintained by it pursuant to this Agreement, and shall transfer said records to any successor sub-adviser upon the termination of this Agreement (or, if there is no successor sub-adviser, to the Adviser).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Sub-Adviser shall provide regular reports regarding Fund holdings, and shall, on its own initiative, furnish the Adviser and the Board from time to time with whatever information the Sub-Adviser believes is appropriate for this purpose.

&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;(g) The Sub-Adviser represents that it has adopted a written code of ethics that complies with the requirements of Rule 17j-1 under the 1940 Act, which it has provided to the Adviser and the Trust. The Sub-Adviser's Code of Ethics is reasonably designed to 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 a (i) a copy of the Sub-Adviser's current Code of Ethics, as in effect from time to time, and (ii) certification that it has adopted procedures reasonably necessary to prevent Access Persons from 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 reasonable 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 promptly notify the Adviser and the Trust of any material violation of the Code of Ethics, whether or not such violation relates to a security held by any 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The Sub-Adviser shall provide the Funds' custodian on each business day with information relating to all transactions concerning the Assets and shall provide the Adviser with such information upon request of the Adviser and shall otherwise cooperate with and provide reasonable assistance to the Adviser, the Trust's administrator, the Trust's custodian and foreign custodians, the Trust's transfer agent and pricing agents and all other agents and representatives of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The investment advisory services of the Sub-Adviser to the Funds under this Agreement are hereby deemed exclusive to the Adviser and any affiliated persons of the Adviser solely with respect to the Sub-Adviser providing investment advisory services to an "exchange-traded fund" as defined in Rule 6c-11 under the 1940 Act ("ETFs"). The Adviser acknowledges that the Sub-Adviser shall be free to perform investment advisory and other services for clients that are not ETFs and to engage in other activities. To the extent it is consistent with applicable law and the Sub-Adviser's fiduciary obligations, the Sub-Adviser may give advice and take action with respect to any of those other clients that may differ from the advice given or the timing or nature of action taken for a particular Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;(j) The Sub-Adviser shall promptly notify the Adviser of any financial condition of the Sub-Adviser that is reasonably and foreseeably likely to impair the Sub-Adviser's ability to fulfill its commitment under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;(k) The Sub-Adviser will have no obligation to advise, initiate or take any other action on behalf of the Adviser, the Funds or the Assets in any legal proceedings (including, without limitation, class actions and bankruptcies) relating to the securities comprising the Assets or any other matter. The Sub-Adviser will not file proofs of claims relating to the securities comprising the Assets or any other matter and will not notify the Adviser, the Funds or the Trust's custodian of class action settlements or bankruptcies relating to the Assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(I) In performance of its duties and obligations under this Agreement, the Sub-Adviser shall not consult with any other sub-adviser to the Funds or a sub-adviser to a portfolio that is under commoncontrol with the Funds concerning the Assets, except as permitted by the policies and procedures of 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) The Sub-Adviser may, but shall not be obligated to, aggregate or bunch the orders for securities to be sold or purchased for any Fund with orders for its other clients where (i) such aggregation or bunching of orders is not inconsistent with such Fund's investment objectives, policies and procedures and (ii) the allocation of the securities to be purchased or sold, as well as the allocation of expenses incurred in any such transaction, shall be made by the Sub-Adviser in a manner that complies with the Sub-Adviser's trade allocation policies and procedures and is fair and equitable in the judgment of the Sub-Adviser and is consistent with the Sub-Adviser's fiduciary obligations to such Fund and to such other clients under the circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) Upon the reasonable request of the Adviser, the Sub-Adviser shall furnish to the Adviser any information relating to the Assets that (i) is required to be filed by the Adviser or the Trust with the SEC, (ii) sent to shareholders under the 1940 Act (including the rules adopted thereunder), (iii) is required by any exemptive or other relief that the Adviser or the Trust obtains from the SEC, (iv) is required by Rule 6c-11 under the 1940 Act to be posted on a Fund's website; and (v) requested in connection with a request under Section 15(c) of the 1940 Act with respect to the approval and reapproval 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) The Sub-Adviser agrees to promptly notify the Adviser and the Trust or their agents 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, upon request, any pricing information of which the Sub-Adviser is aware to the Adviser, the Trust 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. Acknowledging that Rule 2a-5 under the 1940 Act requires the Adviser to fair value the Assets assuming the Board of Trustees delegate that function to the Adviser, the Sub-Adviser nevertheless will provide reasonable assistance to the Adviser in determining the fair value of the Assets, as necessary and reasonably requested by the Adviser or its agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3. Duties of the Adviser.** The Adviser shall continue to have responsibility for all services to be provided to the Funds pursuant to the Investment Advisory Agreement and shall oversee and review the Sub-Adviser's performance of its duties under this Agreement; provided, however, that in connection with its management of the Assets, nothing herein shall be construed to relieve the Sub-Adviser of responsibility for compliance with the Prospectus, the Statement of Additional Information, reasonable written instructions and directions of the Board, the requirements of the 1940 Act, the Code, the listing requirements of the applicable exchange(s) and all other applicable laws and regulations, as each is amended from time to time. In addition, the Adviser agrees that investment advisory services that utilize investment decisions consistent with the United States Conference of Catholic Bishops' Socially Responsible Investing Guidelines or other similar Catholic screens are hereby deemed exclusive to the Sub-Adviser with respect to the Adviser and its affiliated persons providing, or engaging sub-advisers to provide, investment advisory services to clients of the Adviser and its affiliated persons (including ETFs managed or sponsored by the Adviser or its affiliated persons). If required by Rule 18f-4 under the 1940 Act, the Adviser shall be the Derivatives Risk Manager of each Fund, as required by Rule 18f-4, and may appoint persons or a committee of persons to carry out the functions required by Rule 18f-4. Sub-Adviser agrees to provide the Derivatives Risk Manager with all reasonable assistance to carry out its functions and responsibilities required by Rule 18f-4.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4. Delivery of Documents.** The Adviser has furnished or arranged for the Trust to furnish the Sub-Adviser with copies of each of the following documents:

&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;(a) The Trust's Agreement and Declaration of Trust (such Agreement and Declaration of Trust, as in effect on the date of this Agreement and as amended from time to time, herein called the "Declaration of Trust");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) By-Laws of the Trust (such By-Laws, as in effect on the date of this Agreement and as amended from time to time, are herein called the "By-Laws");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Prospectus and Statement of Additional Information of the Funds, as amended from time to time;

&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;(d) Resolutions of the Board approving the engagement of the Sub-Adviser as a sub-adviser to the Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Resolutions, policies and procedures adopted by the Board with respect to the Assets to the extent such resolutions, policies and procedures may affect the duties of the Sub-Adviser hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) A list of the Trust's principal underwriter and each affiliated person of the Adviser, the Trust or the principal underwriter; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The terms and conditions of any applicable exemptive and no-action relief granted to the Trust, as amended from time to time.

The Adviser shall promptly furnish or arrange for the Trust to promptly furnish the Sub-Adviser from time to time with copies of all amendments of or supplements to the foregoing. Except as otherwise provided in Section 13 of this Agreement, the Adviser shall not, and shall not permit any of the Funds to, use the Sub-Adviser's name or the names of the Sub-Adviser's affiliates or make representations regarding Sub-Adviser or its affiliates without prior written consent of Sub-Adviser, such consent not to be unreasonably withheld. Notwithstanding the foregoing, the Sub-Adviser's approval is not required when the information regarding the Sub-Adviser used by the Adviser or the Fund is limited to information disclosed in materials provided by the Sub-Adviser to the Adviser in writing specifically for use in the Fund's registration statement, as amended or supplemented from time to time, or in Fund shareholder reports or proxy statements and the information is used (a) as required by applicable law, rule or regulation, in the Prospectus of the Fund or in Fund shareholder reports or proxy statements; or (b) as may be otherwise specifically approved in writing by the Sub-Adviser prior to use.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5. Compensation to the Sub-Adviser.** For the services to be provided by the Sub-Adviser pursuant to this Agreement, the Adviser will pay the Sub-Adviser, and the Sub-Adviser agrees to accept as full compensation therefor, a sub-advisory fee at the rate specified in <u>Schedule A</u>, which is attached hereto and made part of this Agreement. The fee will be calculated based on the daily net asset value of the Fund (as calculated as described in the Fund's registration statement), shall be computed daily, and will be paid to the Sub-Adviser not less than monthly in arrears. Except as may otherwise be prohibited by law or regulation (including any then current SEC staff interpretations), the Sub-Adviser may, in its sole discretion and from time to time, waive a portion of its fee.

In the event of termination of this Agreement, the fee provided in this Section shall be computed on the basis of the period ending on the last business day on which this Agreement is in effect; subject to a pro rata adjustment based on the number of days elapsed in the current month as a percentage of the total number of days in such month.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6. Expenses.** The Sub-Adviser will furnish, at its expense, all necessary facilities, equipment and personnel (including personnel compensation, expenses and fees) required for the Sub-Adviser to perform its duties under this Agreement; provided, however, the Sub-Adviser shall not be responsible for the expenses incurred by the Trust and the Funds, for example (without limitation): (i) interest expenses, dividend expenses and acquired fund fee expenses; (ii) taxes; (iii) brokerage commissions and other costs in connection with the purchase or sale of Assets; and (iv) custodian fees and expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7. Indemnification.** The Sub-Adviser shall indemnify and hold harmless the Adviser, the Trust, all affiliated persons thereof (within the meaning of Section 2(a)(3) of the 1940 Act) and all controlling persons (as described in Section 15 of the Securities Act of 1933, as amended) from and against any and all claims, losses, liabilities or damages (including reasonable attorney's fees and other related expenses) however arising from or in connection with the performanceof the Sub-Adviser's obligations under this Agreement to the extent resulting from or relating to Sub-Adviser's own willful misfeasance, fraud, bad faith or gross negligence, or to the reckless disregard of its duties under this Agreement (except to the extent such loss results from the Adviser's or the Trust's own willful misfeasance, fraud, bad faith or gross negligence, or reckless disregard in the performance of their respective duties under the Investment Advisory Agreement or this Agreement).

The Adviser shall indemnify and hold harmless the Sub-Adviser and all affiliated persons thereof (within the meaning of Section 2(a)(3) of the 1940 Act) and all controlling persons (as described in Section 15 of the Securities Act of 1933, as amended) from and against any and all claims, losses, liabilities or damages (including reasonable attorney's fees and other related expenses) however arising from or in connection with the performance of the Adviser's obligations under this Agreement to the extent resulting from or relating to Adviser's own willful misfeasance, fraud, bad faith or gross negligence, or to the reckless disregard of its duties under this Agreement (except to the extent such loss results from the Sub-Adviser's own willful misfeasance, fraud, bad faith or gross negligence, or reckless disregard in the performance of its duties under this Agreement).

Notwithstanding anything to the contrary contained herein, no party to this Agreement shall be responsible or liable for its failure to perform under this Agreement or for any losses to the Assets resulting from any event beyond the reasonable control of such party or its agents, including, but not limited to, nationalization, expropriation, devaluation, seizure or similar action by any governmental authority, de facto or de jure; or enactment, promulgation, imposition or enforcement by any such governmental authority of currency restrictions, exchange controls, levies or other charges affecting the Assets; or the breakdown, failure or malfunction of any utilities or telecommunications systems; or any order or regulation of any banking or securities industry including changes in market rules and market conditions affecting the execution or settlement of transactions; or epidemics or pandemics; or acts or war, terrorism, insurrection or revolution; or acts of God, or any other similar event. Any such non-performing party will be entitled to a reasonable extension of the time for performing such obligations. In no event, shall any party be responsible for incidental, consequential or punitive damages hereunder.

As used in this Section 7, the term "Sub-Adviser" shall include any officers, directors, employees, independent contractors or other affiliates of the Sub-Adviser performing services with respect to the Funds.

The provisions of this Section shall survive the termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8. Representations and Warranties of Sub-Adviser.** The Sub-Adviser represents and warrants to the Adviser and the Trust as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Sub-Adviser will immediately notify the Adviser and the Trust of the occurrence of any event that would substantially impair the Sub-Adviser's ability to fulfill its commitment under this Agreement or disqualify the Sub-Adviser from serving as an investment adviser of an investment company pursuant to Section 9(a) of the 1940 Act. The Sub-Adviser will also promptly notify the Trust and the Adviser if the Sub-Adviser is served or otherwise receives notice of any action, suit, proceeding or investigation, at law or in equity, before or by any court, government agency, self-regulatory organization, public board or body, involving the affairsof the Funds or otherwise relating to the services provided by the Sub-Adviser under this Agreement (other than any routine regulatory examinations or inspections or similar inquiries);

&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;(b) the Sub-Adviser will promptly notify the Adviser upon detection of (a) any material failure to manage the Fund(s) in accordance with the Fund(s)' stated investment objectives, guidelines and policies or any applicable law or regulation; or (b) any material breach of any of the Fund(s)' or the Sub-Adviser's policies, guidelines or procedures relating to the Funds. In addition, the Sub-Adviser shall, upon request and in a mutually agreed format, provide a quarterly report regarding each Fund's compliance with its investment objectives and policies, applicable law, including, but not limited to the 1940 Act and Subchapter M of the Code, as applicable, and the Fund's policies, guidelines or procedures as applicable to the Sub-Adviser's obligations under this Agreement. The Sub-Adviser agrees to investigate any such failure promptly and to take appropriate action in connection with any such breach. Upon reasonable request, the Sub-Adviser shall also provide the Adviser and officers of the Trust with supporting certifications, relevant to its role, in connection with certifications of the Fund financial statements and disclosure controls pursuant to the Sarbanes-Oxley Act of 2002;

&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;(c) the Sub-Adviser will provide the Trust with any information reasonably requested regarding its 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 virtually or by telephone from time to time on due 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 necessary in order for the Board to evaluate this Agreement or any proposed amendments thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the Sub-Adviser shall furnish or caused to be furnished to the Adviser and the Trust such information concerning portfolio transactions as may be reasonably necessary to enable the Adviser and the Trust or its designated agent to perform such compliance testing on the Funds and the Sub-Adviser's services as the Trust may, in its reasonable discretion, determine to be appropriate;

&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;(e) the Sub-Adviser is fully authorized under all applicable law and regulations to enter into this Agreement and serve as Sub-Adviser to the Funds and to perform the services described under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&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;(f) the Sub-Adviser is a limited liability company duly organized and validly existing under the laws of the state of Arizona with the power to own and possess its assets and carry on its business as it is now being conducted;

&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;(g) this Agreement is a valid and binding agreement of the Sub-Adviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) the Sub-Adviser has reviewed and will in the future review, the Prospectus, and any amendments or supplements thereto, the annual or semi-annual reports to shareholders, other reports filed with the SEC and any marketing material of a Fund (collectively the "Disclosure Documents"), as and when furnished to the Sub-Adviser for its review by the Adviser, and represents and warrants that, solely with respect to any information expressly supplied by the Sub-Adviser for inclusion therein including disclosure about a Fund's investment strategy and the risks of investing in a Fund, the manner in which the Sub-Adviser manages the Assets of the Funds, or information relating directly to the Sub-Adviser, such Disclosure Documents contain or will contain, as of the date thereof, no untrue statement of any material fact and does not omit any statement of material fact which was required to be stated therein or necessary to make the statements contained therein not misleading; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Sub-Adviser shall not divert any Fund's portfolio securities transactions to a broker or dealer in consideration of such broker or dealer's promotion or sales of shares of the Fund, any other series of the Trust, or any other registered investment company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9. Duration and Termination.** The effectiveness and termination dates of this Agreement shall be determined separately for each Fund as described below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Duration</u>. This. Agreement shall become effective with respect to a Fund upon the latest of (i) the approval by a vote of a majority of those Trustees of the Trust who are not parties to this Agreement or interested persons of any such party, cast in person at a meeting called for the purpose of voting on such approval; (ii) the approval of a majority of the Fund's outstanding voting securities, if required by the 1940 Act; or (iii) the commencementof the Sub-Adviser's management of the of the Assets of the Fund. This Agreement shall continue in effect for a period of two years from the effective date described in this sub-paragraph, subject thereafter to being continued in force and effectfrom year to year if specifically approved each year by the Board or by the vote of a majority of the Fund's outstanding voting securities. In addition to the foregoing, each renewal of this Agreement must be approved by the vote of a majority of the Board who are not parties to this Agreement or interested persons of any such party, cast in person at a meeting called for the purpose of voting on such approval. Prior to voting on the renewal of this Agreement, the Board may request and evaluate, and the Sub- Adviser shall furnish, such information as may reasonably be necessary to enable the Board to evaluate the terms 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Termination</u>. Notwithstanding whatever may be provided herein to the contrary, this Agreement may be terminated at any time with respect to a Fund, without payment of any penalty:

&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;&nbsp;&nbsp;&nbsp;&nbsp;(i) By vote of a majority of the Board, or by vote of a majority of the outstanding voting securities of the Funds, in each case, upon sixty (60) days' written notice to the Sub-Adviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) By the Adviser upon breach by the Sub-Adviser of any representation or warranty contained in Section 8 and Section 10 hereof, which shall not have been cured within twenty (20) days of the Sub-Adviser's receipt of written notice of such breach;

&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;&nbsp;&nbsp;&nbsp;&nbsp;(iii) By the Adviser immediately upon written notice to the Sub-Adviser if the Sub-Adviser becomes unable to discharge substantially all of its duties and obligations under this Agreement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) By either party upon ninety (90) days' written notice to the other party.

This Agreement shall terminate automatically and immediately in the event of a termination of the Investment Advisory Agreement with the Trust upon notice to the Sub-Adviser. As used in this Section 9, the term "vote of a majority of the outstanding voting securities" shall have the meaning set forth in the 1940 Act and the rules and regulations thereunder, subject to such exceptions as may be granted by the SEC under the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10. Regulatory Compliance Program of the Sub-Adviser.** The Sub-Adviser hereby represents and warrants that:

&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;(a) in accordance with Rule 206(4)-7 under the Advisers Act, the Sub-Adviser has adopted and implemented and will maintain written policies and procedures reasonably designed to prevent violation by the Sub-Adviser and its supervised persons (as such term is defined in the Advisers Act) of the Advisers Act and the rules the SEC has adopted under the Advisers Act; and

&nbsp;&nbsp;&nbsp;&nbsp;&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;(b) the Sub-Adviser has adopted and implemented and will maintain written policies and procedures that are reasonably designed to prevent violation of the "federal securities laws" (as such term is defined in Rule 38a-1 under the 1940 Act) by the Sub-Adviser (the policies and procedures referred to in this Section 10(b), along with the policies and procedures referred to in Section 10(a), are referred to herein as the Sub-Adviser's "Compliance Program").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11. Confidentiality.** Subject to the duty of the Adviser or Sub-Adviser to comply with applicable law and regulation, including any demand or request of any regulatory, governmental or tax authority having jurisdiction, the parties hereto shall treat as confidential all non-public information pertaining to the Funds and the actions of the Sub-Adviser and the Funds in respect thereof. It is understood that any information or recommendation supplied by the Sub-Adviser in connection with the performance of its obligations hereunder, as well as all information provided by the Sub-Adviser regarding the Sub-Adviser's and its affiliates' business and operations, is to be regarded as confidential and for use only by the Adviser, the Funds, the Board, or such persons as the Adviser may designate in connection with the Funds, and shall not be disclosed to any third party, without the prior written consent of the Sub-Adviser. It is also understood that any information supplied to the Sub-Adviser in connection with the performance of its obligations hereunder is to be regarded as confidential and for use only by the Sub-Adviser, its affiliates and agents in connection with its obligation to provide investment advice and other services to the Funds and to assist or enable the effective management of the Adviser's and the Funds' overall relationship with the Sub-Adviser and its affiliates. The parties acknowledge and agree that all nonpublic personal information with regard to shareholders in the Funds shall be deemed proprietary and confidential information of the Adviser, and that the Sub-Adviser shall use that information solely in the performance of its duties and obligations under this Agreement and shall take reasonable steps to safeguard the confidentiality of that information. Further, the Sub-Adviser shall maintain and enforce adequate security and oversight procedures with respect to all materials, records, documents and data relating to any of its responsibilities pursuant to this Agreement, including all means for the effecting of investment transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.** **Reporting of Compliance Matters.** 

&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;(a) The Sub-Adviser shall provide to the Adviser's and the Trust's Chief Compliance Officer ("CCO") the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) on a quarterly basis, 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;&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;&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 CCO'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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) an annual (or more frequently as the Trust's CCO may reasonably request) representation regarding the Sub-Adviser's compliance with Section 8 and Section 10 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Sub-Adviser shall also provide the Trust's CCO with reasonable access, during the Sub-Adviser's 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.

**13.** **The Names.** The Sub-Adviser hereby consents to the use of the name "Bright Portfolios,
 LLC" (the "Name") by the Adviser as permitted under this Agreement.
 The foregoing authorization by the Sub-Adviser to the Adviser to use the Name is not
 exclusive of the right of the Sub-Adviser itself to use, or to authorize others to use,
 the Name; the Adviser acknowledges and agrees that, as between the Sub-Adviser and the
 Adviser, the Sub-Adviser has the right to use, or authorize others to use, the Name.
 The Adviser shall: (i) use the Name only in a manner consistent with uses approved by
 the Sub-Adviser; however, the Adviser and the Trust on behalf of the Funds may use the
 name in any regulatory filings as required by applicable law and other ways agreed upon
 by the Adviser and Sub-Adviser; (ii) use the Sub-Adviser's best efforts to maintain
 the quality of the services offered using the Name; and (iii) adhere to such other specific
 quality control standards as the Sub-Adviser from time to time reasonably may promulgate.
 Notwithstanding the foregoing, neither the Adviser nor any affiliate or agent of it shall
 make reference to or use the Name or any of Sub-Adviser's respective affiliates
 or clients names without the prior approval of Sub-Adviser, which approval shall not
 be unreasonably withheld or delayed; provided that the Adviser is authorized to disclose
 the Name and the Adviser's and the Funds' identities as clients of the Sub-Adviser
 in any representative client list prepared by the Sub-Adviser for use in marketing materials.
 The Adviser hereby agrees to make all reasonable efforts to cause any affiliate or agent
 of the Adviser to satisfy the foregoing obligation in connection with any services such
 affiliates or agents provide to the Adviser or the Funds under this Agreement. At the
 request of the Sub-Adviser, the Adviser shall submit to the Sub-Adviser representative
 samples of any marketing and promotional materials using the Name and make any changes
 to such promotional or other materials as may be reasonably requested by the Sub-Adviser.

**14.** **Independent Contractors.** Notwithstanding anything herein to the contrary, the Sub-Adviser shall
 be an independent contractor. Nothing herein shall be construed as constituting the Sub-Adviser
 as an agent of the Adviser, the Trust or any Fund, except to the extent expressly authorized
 by this Agreement.

**15.** **Service Providers.** Notwithstanding anything contained in this Agreement to the contrary,
 the Sub-Adviser may enter into arrangements with its affiliates and other third party
 contractors in connection with the performance of the Sub-Adviser's services and
 other obligations under this Agreement, including for the provision of certain personnel,
 services and facilities to the Sub-Adviser, and disclose confidential/nonpublic information
 to such affiliates and third parties in connection with the performance of the Sub-Adviser's
 services and other obligations hereunder, provided that such arrangements comply with
 the 1940 Act and applicable privacy laws.

**16.** **Governing Law.** This Agreement shall be governed by the laws of the State of Texas, without
 regard to conflict of law principles; provided, however, that nothing herein shall be
 construed as being inconsistent with the 1940 Act.

**17.** **Severability.** Should any part of this Agreement be held invalid by a court decision, statute, regulation,
 rule or otherwise, the remainder of this Agreement shall not be affected thereby. This
 Agreement shall be binding upon and shall inure to the benefit of the parties hereto
 and their respective successors.

**18.** **Notice.** Any notice, advice, document, report or other client communication to be given pursuant
 to this Agreement shall be deemed sufficient if delivered or mailed by registered, certified
 (return receipt requested) or overnight mail, or electronically addressed by the party
 giving notice to the other party at the last address furnished by the other party. By
 consenting to the electronic delivery of any notice, advice, document, report or other
 client communication in respect of this Agreement or as required pursuant to applicable
 law, the Adviser authorizes the Sub-Adviser to deliver all communications by email or
 other electronic means.

---

| | |
|:---|:---|
| To the Adviser at: | Faith Investor Services, LLC |
|  | 8080 N. Central Expressway Suite 1700 |
|  | Dallas, TX 75206 |
|  | Attention: Steve Nelson, CFA |
| To the Sub-Adviser at: | Bright Portfolios, LLC |
|  | 11 SE 2<sup>nd</sup> Street |
|  | Lee's Summit, MO 64063 |

---

**19.** **Amendment of Agreement.** This Agreement may be amended only by written agreement of the Adviser
 and the Sub-Adviser, and only in accordance with the provisions of the 1940 Act and the
 rules and regulations promulgated thereunder. The amendment of <u>Exhibit A</u> to this
 Agreement for the sole purpose of adding or removing one or more Fund(s) shall not be
 deemed an amendment of this Agreement or an amendment affecting an already existing Fund
 and requiring the approval of shareholders of that Fund.

**20.** **Representations of each Party.** 

&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;(a) <u>Execution</u>. The execution, delivery and performance by each party of this Agreement have been duly authorized by all necessary action on the part of the party.

&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;(b) <u>Properly Registered</u>. Each party is registered as an investment adviser under the Advisers Act, and will remain so registered for the duration of this Agreement. Each party is not prohibited by the Advisers Act or the 1940 Act from performing the services contemplated by this Agreement, and to the best knowledge of each party, there is no proceeding or investigation that is reasonably likely to result in such party being prohibited from performing the services contemplated by this Agreement. Each party agrees to promptly notify the other party of the occurrence of any event that would disqualify the party from serving as an investment adviser to a registered investment company. As of the date of this Agreement, each party to the best of its knowledge is in compliance in all material respects with all applicable federal and state law in connection with its investment management operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>ADV Disclosure</u>. Each party has provided the other party with a copy of, or an electronic link to, its Form ADV as most recently filed with the SEC and will, promptly after filing any amendment to its Form ADV with the SEC, furnish a copy of or a link to such amended Form ADV to the Trust. To the best of each party's knowledge, the information contained in its Form ADV is accurate and complete in all material respects and does not omit to state any material fact necessary in order to make the statements made, in light of the circumstances under which they were made, not misleading.

&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;(d) <u>Insurance</u>. Each party maintains errors and omissions insurance coverage in an appropriate amount and shall provide prompt written notice to the other party (i) of any material changes in its insurance policies or decreases in insurance coverage; or (ii) if any material claims will be made on its insurance policies. Furthermore, each party shall upon reasonable request provide the other party 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>No Detrimental Agreement</u>. Each party represents and warrants to the other party that it has no arrangement or understanding with any party, other than the Trust, that would influence the decision of the selection of securities for the Fund, and that all selections if made by a party shall be done in accordance with what is in the best interest 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Conflicts</u>. Each party shall act honestly, in good faith and in the best interests of the Trust including requiring any of its personnel with knowledge of Fund activities to place the interest of the Fund first, ahead of their own interests, in all personal trading scenarios that may involve a conflict of interest with the Funds, consistent with its fiduciary duties under applicable law.

&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;(g) <u>Notice</u>. Each party will promptly notify the other party if the above representations in this Section are no longer true and accurate.

&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;(h) <u>Representations</u>. The representations and warranties in this Section 20 shall be deemed to be made on the date this Agreement.

**21.** **Entire Agreement.** This Agreement embodies the entire agreement and understanding between
 the parties hereto, and supersedes all prior agreements and understandings relating to
 this Agreement's subject matter. This Agreement may be executed in any number of
 counterparts, each of which shall be deemed to be an original, but such counterparts
 shall, together, constitute only one instrument.

**22.** **Interpretation.** Any question of interpretation of any term or provision of this Agreement having
 a counterpart in or otherwise derived from aterm or provision of the 1940 Act will be
 resolved by reference to such term or provision of the 1940 Act and to interpretations
 thereof, if any, by the United States courts or, in the absence of any controlling decision
 of any such court, by rules, regulations or orders of the SEC validly issued pursuant
 to the 1940 Act. Specifically, the terms "vote of a majority of the outstanding
 voting securities," "interested persons," "assignment,"
 and "affiliated persons," as used herein will have the meanings assigned
 to them by Section 2(a) of the 1940 Act. In addition, where the effect of a requirement
 of the 1940 Act or Advisers Act reflected in any provision of this Agreement is modified
 or interpreted by a rule, regulation, order or interpretive release of the SEC, whether
 of special or of general application, such provision will be deemed to incorporate the
 effect of such rule, regulation, order or interpretive release.

**23.** **Headings.** The headings in the sections of this Agreement are inserted for convenience of reference
 only and will not constitute a part hereof.

In the event the terms of this Agreement are applicable to more than one Fund of the Trust as specified in <u>Schedule A</u> attached hereto, the Adviser is entering into this Agreement with the Sub-Adviser on behalf of the respective Funds severally and not jointly, with the express intention that the provisions contained in each numbered paragraph hereof shall be understood as applying separately with respect to each Fund as if contained in separate agreements between the Adviser and Sub-Adviser for each such Fund. In the event that this Agreement is made applicable to any additional Funds by way of a Schedule executed subsequent to the date first indicated above, provisions of such Schedule shall be deemed to be incorporated into this Agreement as it relates to such Fund so that, for example, the execution date for purposes of Section 9 of this Agreement with respect to such Fund shall be the execution date of the relevant Schedule.

[*Signature page follows*]

**IN WITNESS WHEREOF,** the parties hereto have caused this Agreement to be executed as of the day first set forth above.

---

| | |
|:---|:---|
| **FAITH INVESTOR SERVICES, LLC** | **FAITH INVESTOR SERVICES, LLC** |
| By: | ![](ex996b001.jpg) |
| Name: | Steven T. Nelson, CFA |
| Title: | Chairman & CEO |

---

---

| | |
|:---|:---|
| **BRIGHT PORTFOLIOS, LLC** | **BRIGHT PORTFOLIOS, LLC** |
| By: | ![](ex996b002.jpg) |
| Name: | Ben Malick, CFA |
| Title: | Managing Member |

---

*Signature Page to*<br> *Sub-Advisory Agreement*

**SCHEDULE A**

**to the**

**SUB-ADVISORY AGREEMENT**

**between**

**FAITH INVESTOR SERVICES LLC**

**and**

**BRIGHT PORTFOLIOS, LLC**

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 average daily net Assets of the Funds in accordance with the following fee schedule:

---

| | | |
|:---|:---|:---|
| **Fund** | **Asset Level** | **Percentage of Net Management Fee** |
| FIS Bright Portfolios Focused Equity ETF (BRIF) | $0 - $70 million | 50% |
| FIS Bright Portfolios Focused Equity ETF (BRIF) | $70 million - $120 million | 60% |
| FIS Bright Portfolios Focused Equity ETF (BRIF) | Over $120 million | 80% |

---

## Ex-99.(6)(C)

[FIS TRUST N-14/A](fis-n14a_120225.htm)

**Exhibit 99.6(c)**

**FIS TRUST**

**INVESTMENT SUB-ADVISORY AGREEMENT**

**between**

**FAITH INVESTOR SERVICES, LLC**

**and**

**VIDENT ADVISORY, LLC**

This Investment Sub-Advisory Agreement (the "Agreement") is made as of this 25<sup>th</sup> day of November, 2025 by and between Faith Investor Services, LLC, a Delaware limited liability company, with its principal place of business at 8080 N. Central Expressway Suite 1700 Dallas, TX 75206 (the "Adviser"), and Vident Advisory, LLC (doing business as Vident Asset Management), a Delaware limited liability company with its principal place of business located at 1125 Sanctuary Parkway, Suite 515, Alpharetta, Georgia 30009 (the "Sub-Adviser").

**W I T N E S S E T H**

WHEREAS, the Trust is an open-end management investment company, registered as such under the Investment Company Act of 1940, as amended (the "1940 Act"); and

WHEREAS, the Adviser is registered as an investment adviser under the Investment Advisers Act of 1940 (the "Advisers Act"); and

WHEREAS, the Adviser has entered into an Investment Advisory Agreement with FIS Trust (the "Trust"), on behalf of the series of the Trust listed in Schedule A (each a "Fund" and, collectively, the "Funds");

WHEREAS, the Adviser has entered into a Sub-Advisory Agreement with Bright Portfolios, LLC, on behalf of the Funds listed in Schedule A;

WHEREAS, the Sub-Adviser is registered as an investment adviser under the Investment Advisers Act of 1940 (the "Advisers Act") and is engaged in the business of supplying investment advice as an independent contractor; and

WHEREAS, 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; and

WHEREAS, the Sub-Adviser is willing to furnish such services to the Adviser and each Fund, as such schedule may be amended from time to time upon mutual agreement of the parties.

**A G R E E M E N T**

NOW, THEREFORE, in consideration of the mutual covenants and benefits set forth herein, the parties do hereby agree as follows:

**1.** **Duties of the Sub-Adviser.** Subject to supervision and oversight of the Adviser and the Board
 of Trustees (the "Board"), and in accordance with the terms and conditions
 of the Agreement, the Sub-Adviser shall manage the securities and other assets of the
 Funds entrusted to it hereunder (the "Assets"), including the purchase, retention
 and disposition of the Assets, in accordance with the Funds' respective investment
 objectives, guidelines, policies and restrictions as stated in each Fund's prospectus
 and statement of additional information, as currently in effect and as amended or supplemented
 from time to time (referred to collectively as the "Prospectus"), and subject
 to the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Sub-Adviser shall, subject to subparagraph (b), determine from time to time what Assets will be purchased, retained or sold by the Funds, and what portion of the Assets will be invested or held uninvested in cash as is permissible.

&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) In the performance of its duties and obligations under this Agreement, the Sub-Adviser shall act in conformity with the Prospectus, the Statement of Additional Information, the written instructions and directions of the Adviser and of the Board, the terms and conditions of exemptive and no-action relief granted to the Trust as amended from time to time and provided to the Sub-Adviser and the Trust's policies and procedures provided to the Sub-Adviser and will conform to and comply with the requirements of the 1940 Act, the Advisers Act, the Commodity Exchange Act, the Internal Revenue Code of 1986, as amended (the "Code"), and all other applicable federal and state laws and regulations, as each is amended from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Sub-Adviser shall determine the Assets to be purchased or sold by the Funds as provided in subparagraph (a) and will place orders with or through such persons, brokers or dealers to carry out the policy with respect to brokerage set forth in the Funds' Prospectus or as the Board or the Adviser may direct in writing from time to time, in conformity with all federal securities laws. In executing Fund transactions and selecting brokers or dealers, the Sub-Adviser will use its best efforts to seek on behalf of each Fund the best execution and overall terms available. In assessing the best overall terms available for any transaction, the Sub-Adviser shall consider all factors that it deems relevant, including the breadth of the market in the security, the price of the security, the financial condition and execution capability of the broker or dealer, and the reasonableness of the commission, if any, both for the specific transaction and on a continuing basis. In evaluating the best overall terms available, and in selecting the broker-dealer to execute a particular transaction, the Sub-Adviser may also consider the brokerage and research services provided (as those terms are defined in Section 28(e) of the Securities Exchange Act of 1934 (the "Exchange Act")). Consistent with any guidelines established by the Board and Section 28(e) of the Exchange Act, as amended, the Sub-Adviser is authorized to pay to a broker or dealer who provides such brokerage and research services a commission for executing a portfolio transaction for a Fund which is in excess of the amount of commission another broker or dealer would have charged for effecting that transaction if, but only if, the Sub-Adviser determines in good faith that such commission was reasonable in relation to the value of the brokerage and research services provided by such broker or dealer viewed in terms of that particular transaction or in terms of the overall responsibilities of the Sub-Adviser to its discretionary clients, including the Fund. In addition, the Sub-Adviser is authorized to allocate purchase and sale orders for securities to brokers or dealers (including brokers and dealers that are affiliated with the Adviser, Sub-Adviser or the Trust's principal underwriter) if the Sub-Adviser believes that the quality of the transaction and the commission are comparable to what they would be with other qualified firms. In no instance, however, will the Assets be purchased from or sold to the Adviser, Sub-Adviser, the Trust's principal underwriter, or any affiliated person of the Trust, Adviser, the Sub-Adviser or the principal underwriter, acting as principal in the transaction, except to the extent permitted by the U.S. Securities and Exchange Commission ("SEC") and the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Sub-Adviser shall maintain all books and records with respect to transactions involving the Assets required by subparagraphs (b)(1), (5), (6), (7), (8), (9) and (10) and paragraph (f) of Rule 31a-1 under the 1940 Act. The Sub-Adviser shall keep the books and records relating to the Assets required to be maintained by the Sub-Adviser under this Agreement and shall timely furnish to the Adviser all information relating to the Sub-Adviser's services under this Agreement needed by the Adviser to keep the other books and records of the Fund required by Rule 31a-1 under the 1940 Act, as requested by the Adviser. The Sub-Adviser agrees that all records that it maintains on behalf of a Fund are property of the Fund and the Sub-Adviser will surrender promptly to the Fund any of such records upon the Fund's request; provided, however, that the Sub-Adviser may retain a copy of such records. In addition, for the duration of this Agreement, the Sub-Adviser shall preserve for the periods prescribed by Rule 31a-2 under the 1940 Act any such records as are required to be maintained by it pursuant to this Agreement, and shall transfer said records to any successor sub-adviser upon the termination of this Agreement (or, if there is no successor sub-adviser, to the Adviser).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Sub-Adviser shall provide the Fund's custodian on each business day with information relating to all transactions concerning the Assets and shall provide the Adviser with such information upon request of the Adviser and shall otherwise cooperate with and provide reasonable assistance to the Adviser, the Trust's administrator, the Trust's custodian and foreign custodians, the Trust's transfer agent and pricing agents and all other agents and representatives of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Adviser acknowledges that the Sub-Adviser performs investment advisory services for various other clients in addition to the Funds and, to the extent it is consistent with applicable law and the Sub-Adviser's fiduciary obligations, the Sub-Adviser may give advice and take action with respect to any of those other clients that may differ from the advice given or the timing or nature of action taken for a particular Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Sub-Adviser shall promptly notify the Adviser of any financial condition that is reasonably and foreseeably likely to impair the Sub-Adviser's ability to fulfill its commitment under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The Sub-Adviser shall not be responsible for reviewing proxy solicitation materials and voting and handling proxies. The Sub-Adviser will have no obligation to advise, initiate or take any other action on behalf of the Adviser, the Funds or the Assets in any legal proceedings (including, without limitation, class actions and bankruptcies) relating to the securities comprising the Assets or any other matter. Sub-Adviser will not file proofs of claims relating to the securities comprising the Assets or any other matter and will not notify the Adviser, the Funds or the Trust's custodian of class action settlements or bankruptcies relating to the Assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) In performance of its duties and obligations under this Agreement, the Sub-Adviser shall not consult with any other sub-adviser to the Funds or a sub-adviser to a portfolio that is under common control with the Funds concerning the Assets, except as permitted by the policies and procedures of the Funds. The Sub-Adviser shall not provide investment advice to any assets of the Funds other than the Assets which it sub-advises.

&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) On occasions when the Sub-Adviser deems the purchase or sale of a security to be in the best interest of the Funds as well as other clients of the Sub-Adviser, the Sub-Adviser may, to the extent permitted by applicable law and regulations, aggregate the order for securities to be sold or purchased. In such event, the Sub-Adviser will allocate securities so purchased or sold, as well as the expenses incurred in the transaction, in a manner the Sub-Adviser reasonably considers to be equitable and consistent with its fiduciary obligations to the Fund and to such other clients under the circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) The Sub-Adviser shall maintain books and records with respect to the Funds' securities transactions and keep the Board and the Adviser fully informed on an ongoing basis as agreed by the Adviser and the Sub-Adviser of all material facts concerning the Sub-Adviser and its key investment personnel providing services with respect to the Funds and the investment and the reinvestment of the Assets of the Funds. The Sub-Adviser shall furnish to the Adviser or the Board such reasonably requested regular, periodic and special reports, balance sheets or financial information, and such other information with regard to its affairs as the Adviser or Board may reasonably request and the Sub-Adviser will attend meetings with the Adviser and/or the Trustees, as reasonably requested, to discuss the foregoing. Upon the request of the Adviser, the Sub-Adviser shall also furnish to the Adviser any other information relating to the Assets that is required to be filed by the Adviser or the Trust with the SEC or sent to shareholders under the 1940 Act (including the rules adopted thereunder) or any exemptive or other relief that the Adviser or the Trust obtains from the SEC.

&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 fair valuation of securities in a Fund may be required when the Adviser becomes aware of significant events that may affect the pricing of all or a portion of a Fund's portfolio. Acknowledging that Rule 2a-5 under the 1940 Act requires the Adviser to fair value the Assets assuming the Board of Trustees delegate that function to the Adviser, the Sub-Adviser will provide assistance in determining the fair value of the Assets, as necessary and reasonably requested by the Adviser or its agent, and use reasonable efforts to arrange for the provision of valuation information or a price(s) from a party(ies) independent of the Sub-Adviser if market prices are not readily available, it being understood that the Sub-Adviser will not be responsible for determining the value of any such security.

**2.** **Duties of the Adviser.** The Adviser shall continue to have responsibility for all services
 to be provided to the Funds pursuant to the Advisory Agreement and shall oversee and
 review the Sub-Adviser's performance of its duties under this Agreement; provided,
 however, that in connection with its management of the Assets, nothing herein shall be
 construed to relieve the Sub-Adviser of responsibility for compliance with the Prospectus,
 the Statement of Additional Information, the written instructions and directions of the
 Board, the requirements of the 1940 Act, the Code, and all other applicable federal laws
 and regulations, as each is amended from time to time. If required by Rule 18f-4 under
 the 1940 Act, the Adviser shall be the Derivatives Risk Manager of each Fund, as required
 by Rule 18f-4, and may appoint persons or a committee of persons to carry out the functions
 required by Rule 18f-4. Sub-Adviser agrees to provide the Derivatives Risk Manager with
 all reasonable assistance to carry out its functions and responsibilities required by
 Rule 18f-4. In addition, acknowledging that Rule 2a-5 under the 1940 Act requires the
 Adviser to fair value the Assets assuming the Board of Trustees delegate that function
 to the Adviser, the Sub-Adviser nevertheless will provide reasonable assistance to the
 Adviser in determining the fair value of the Assets, as necessary and reasonably requested
 by the Adviser or its agent.

**3.** **Delivery of Documents.** The Adviser has furnished the Sub-Adviser with copies of each of the
 following documents:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Trust's Agreement and Declaration of Trust (such Agreement and Declaration of Trust,
 as in effect on the date of this Agreement and as amended from time to time, herein called
 the "Declaration of Trust");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Amended
 and Restated By-Laws of the Trust (such By-Laws, as in effect on the date of this Agreement
 and as amended from time to time, are herein called the "By-Laws");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Prospectus
 and Statement of Additional Information of the Funds, as amended from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Resolutions
 of the Board approving the engagement of the Sub-Adviser as a sub-adviser to the Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Resolutions,
 policies and procedures adopted by the Board with respect to the Assets to the extent
 such resolutions, policies and procedures may affect the duties of the Sub-Adviser hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) A
 list of the Trust's principal underwriter and each affiliated person of the Adviser,
 the Trust or the principal underwriter; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The
 terms and conditions of exemptive and no-action relief granted to the Trust, as amended
 from time to time.

The Adviser shall promptly furnish the Sub-Adviser from time to time with copies of all amendments of or supplements to the foregoing. Until so provided, the Sub-Adviser may continue to rely on those documents previously provided. The Adviser shall not, and shall not permit any of the Funds to use the Sub-Adviser's name or make representations regarding Sub-Adviser or its affiliates without prior written consent of Sub-Adviser, such consent not to be unreasonably withheld. Notwithstanding the foregoing, the Sub-Adviser's approval is not required when the information regarding the Sub-Adviser used by the Adviser or the Fund is limited to information disclosed in materials provided by the Sub-Adviser to the Adviser in writing specifically for use in the Fund's registration statement, as amended or supplemented from time to time, or in Fund shareholder reports or proxy statements and the information is used (a) as required by applicable law, rule or regulation, in the Prospectus of the Fund or in Fund shareholder reports or proxy statements; or (b) as may be otherwise specifically approved in writing by the Sub-Adviser prior to use.

**4.** **Compensation to the Sub-Adviser.** For the services to be provided
by the Sub-Adviser pursuant to this Agreement, the Adviser will pay the Sub-Adviser, and the Sub-Adviser agrees to accept as full
compensation therefore, a sub-advisory fee at the rate specified in <u>Schedule A</u> which is attached hereto and made part of
this Agreement. The fee will be calculated based on the daily value of the Assets under the Sub-Adviser's management (as
calculated as described in the Fund's registration statement), shall be computed daily, and will be paid to the Sub-Adviser
not less than monthly in arrears. Except as may otherwise be prohibited by law or regulation (including any then current SEC staff
interpretations), the Sub-Adviser may, in its sole discretion and from time to time, waive a portion of its fee.

In the event of termination of this Agreement, the fee provided in this Section shall be computed on the basis of the period ending on the last business day on which this Agreement is in effect; provided, however that any minimum annual fee for any Fund (as noted on Schedule A) will not be prorated if this Agreement is terminated with respect to such Fund within twelve (12) months of its inception under this Agreement, but, rather, such minimum annual fee shall be paid by the Adviser in full (minus any investment management fees already paid during such period) at the time of termination.

**5.** **Expenses.** The Sub-Adviser will furnish, at its expense, all necessary
facilities and personnel, including personnel compensation, expenses and fees required for the Sub-Adviser to perform its duties
under this Agreement; administrative facilities, including operations and bookkeeping, and all equipment necessary for the efficient
conduct of the Sub-Adviser's duties under this Agreement. The Sub-Adviser may enter into an agreement with the Funds to limit
the operating expenses of the Fund.

**6.** **Indemnification.** The Sub-Adviser shall indemnify and hold harmless
the Adviser, the Trust, all affiliated persons thereof (within the meaning of Section 2(a)(3) of the Investment Company Act) and
all controlling persons (as described in Section 15 of the Securities Act of 1933, as amended) from and against any and all claims,
losses, liabilities or damages (including reasonable attorney's fees and other related expenses) however arising from or
in connection with the performance of the Sub-Adviser's obligations under this Agreement to the extent resulting from or
relating to Sub-Adviser's own willful misfeasance, fraud, bad faith or gross negligence, or to the reckless disregard of
its duties under this Agreement; provided, however, that the Sub-Adviser's obligation under this <u>Section 5</u> shall be
reduced to the extent that the claim against, or the loss, liability or damage experienced by the Adviser, the Trust, all affiliated
persons thereof and all controlling persons thereof, is caused by or is otherwise directly related to the Adviser's own willful
misfeasance, fraud, bad faith or gross negligence, or to the reckless disregard of its duties under this Agreement.

The Adviser shall indemnify and hold harmless the Sub-Adviser and all affiliated persons thereof (within the meaning of Section 2(a)(3) of the Investment Company Act) and all controlling persons (as described in Section 15 of the Securities Act of 1933, as amended) from and against any and all claims, losses, liabilities or damages (including reasonable attorney's fees and other related expenses) however arising from or in connection with this Agreement (including, without limitation, any claims of infringement or misappropriation of the intellectual property rights of a third party against the Sub-Adviser or any affiliated person relating to any index or index data provided to Sub-Adviser by the Adviser or Adviser's agent and used by the Sub-Adviser in connection with performing its duties under this Agreement); provided, however, that the Adviser's obligation under this <u>Section 6</u> shall be reduced to the extent that the claim against, or the loss, liability or damage experienced by the Sub-Adviser, is caused by or is otherwise directly related to the Sub-Adviser's own willful misfeasance, fraud, bad faith or gross negligence, or to the reckless disregard of its duties under this Agreement.

Notwithstanding anything to the contrary contained herein, no party to this Agreement shall be responsible or liable for its failure to perform under this Agreement or for any losses to the Assets resulting from any event beyond the reasonable control of such party or its agents, including, but not limited to, nationalization, expropriation, devaluation, seizure or similar action by any governmental authority, de facto or de jure; or enactment, promulgation, imposition or enforcement by any such governmental authority of currency restrictions, exchange controls, levies or other charges affecting the Assets; or the breakdown, failure or malfunction of any utilities or telecommunications systems; or any order or regulation of any banking or securities industry including changes in market rules and market conditions affecting the execution or settlement of transactions; or acts or war, terrorism, insurrection or revolution; or acts of God, or any other similar event. In no event, shall any party be responsible for incidental, consequential or punitive damages hereunder.

The provisions of this Section shall survive the termination of this Agreement.

**7.** **Representations and Warranties of Sub-Adviser.** The Sub-Adviser represents and warrants to
the Adviser and the Trust as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The Sub-Adviser is registered with the U.S. Securities and Exchange Commission as an investment adviser under the Advisers Act and will continue to be so registered so long as this Agreement remains in effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. The Sub-Adviser will promptly notify the Adviser of the occurrence of any event that would substantially impair the Sub-Adviser's ability to fulfill its commitment under this Agreement or disqualify the Sub-Adviser from serving as an investment adviser of an investment company pursuant to Section 9(a) of the 1940 Act. The Sub-Adviser will also promptly notify the Trust and the Adviser if it, a member of its executive management or portfolio manager for the Assets is served or otherwise receives notice of any action, suit, proceeding or investigation, at law or in equity, before or by any court, government agency, self-regulatory organization, public board or body, involving the affairs of the Funds or relating to the investment advisory services of the Sub-Adviser provided pursuant to this Agreement (other than any routine regulatory examinations);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. The Sub-Adviser will notify the Adviser promptly upon detection of (a) any material failure to manage the Fund(s) in accordance with the Fund(s)' stated investment objectives, guidelines and policies or any applicable law or regulation; or (b) any material breach of any of the Fund(s)' or the Sub-Adviser's policies, guidelines or procedures relating to the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. The Sub-Adviser is fully authorized under all applicable law and regulation to enter into this Agreement and serve as Sub-Adviser to the Funds and to perform the services described under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. The Sub-Adviser is a limited liability company duly organized and validly existing under the laws of the state of Delaware with the power to own and possess its assets and carry on its business as it is now being conducted;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. The execution, delivery and performance by the Sub-Adviser of this Agreement are within the Sub-Adviser's powers and have been duly authorized by all necessary action on the part of its corporate members or board, and no action by or in respect of, or filing with, any governmental body, agency or official is required on the part of the Sub-Adviser for the execution, delivery and performance by the Sub-Adviser of this Agreement, and the execution, delivery and performance by the Sub-Adviser of this Agreement do not contravene or constitute a default under (i) any provision of applicable law, rule or regulation, (ii) the Sub-Adviser's governing instruments, or (iii) any agreement, judgment, injunction, order, decree or other instrument binding upon the Sub-Adviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. This Agreement is a valid and binding agreement of the Sub-Adviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h. The Form ADV of the Sub-Adviser previously provided to the Adviser is a true and complete copy of the form filed with the SEC and the information contained therein is accurate, current and complete in all material respects as of its filing date, and does not omit to state any material fact necessary in order to make the statements made, in light of the circumstances under which they were made, not misleading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. The Sub-Adviser shall not divert any Fund's portfolio securities transactions to a broker or dealer in consideration of such broker or dealer's promotion or sales of shares of the Fund, any other series of the Trust, or any other registered investment company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;j. The Sub-Adviser agrees to maintain an appropriate level of errors and omissions or professional liability insurance coverage as determined by the Sub-Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;k. The Sub-Adviser will provide information , as necessary and reasonably requested by the Adviser or its agent, with respect to any component of the liquidity risk management program adopted by the Fund(s) in accordance with SEC Rule 22e-4.

**8.** **Duration and Termination.** The effectiveness and termination dates
of this Agreement shall be determined separately for each Fund as described below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. <u>Duration.</u> This Agreement shall become effective
with respect to a Fund upon the latest of (i) the approval by a vote of a majority of those Trustees of the Trust who are not
parties to this Agreement or interested persons of any such party, cast in person at a meeting called for the purpose of voting
on such approval; (ii) the approval of a majority of the Fund's outstanding voting securities, if required by the 1940 Act;
and (iii) the commencement of the Sub-Adviser's management of the Fund. With respect to the Fund, this Agreement shall continue
in effect for a period of two years from the effective date described in this sub-paragraph, subject thereafter to being continued
in force and effect from year to year if specifically approved each year by the Board or by the vote of a majority of the Fund's
outstanding voting securities. In addition to the foregoing, each renewal of this Agreement must be approved by the vote of a
majority of the Board who are not parties to this Agreement or interested persons of any such party, cast in person at a meeting
called for the purpose of voting on such approval. Prior to voting on the renewal of this Agreement, the Board may request and
evaluate, and the Sub-Adviser shall furnish, such information as may reasonably be necessary to enable the Board to evaluate the
terms of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. <u>Termination.</u> Notwithstanding whatever may be provided herein
to the contrary, this Agreement may be terminated at any time with respect to a Fund, without payment of any penalty:

&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;i. By vote of a majority of the Board, or by vote of a majority of the outstanding voting securities of the Funds, or by the Adviser, in each case, upon sixty (60) days' written notice to the Sub-Adviser;

&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;ii. By the Adviser upon breach by the Sub-Adviser of any representation or warranty contained in Section 7 and Section 9 hereof, which shall not have been cured within twenty (20) days of the Sub-Adviser's receipt of written (including notice delivered electronically) notice of such breach;

&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;iii. By the Adviser immediately upon written (including notice delivered electronically) notice to the Sub-Adviser if the Sub-Adviser becomes unable to discharge its duties and obligations under this Agreement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. By the Sub-Adviser upon sixty (60) days' written (including notice delivered electronically) notice to the Adviser and the Board.

This Agreement shall terminate automatically and immediately in the event of its assignment, or in the event of a termination of the Advisory Agreement with the Trust upon notice to the Sub-Adviser. As used in this <u>Section 8,</u> the terms "assignment" and "vote of a majority of the outstanding voting securities" shall have the respective meanings set forth in the 1940 Act and the rules and regulations thereunder, subject to such exceptions as may be granted by the SEC under the 1940 Act.

**9.** **Regulatory Compliance Program of the Sub-Adviser.** The Sub-Adviser
hereby represents and warrants that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. in accordance with Rule 206(4)-7 under the Advisers Act,
the Sub-Adviser has adopted and implemented and will maintain written policies and procedures reasonably designed to prevent violation
by the Sub-Adviser and its supervised persons (as such term is defined in the Advisers Act) of the Advisers Act and the rules
the SEC has adopted under the Advisers Act; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. the Sub-Adviser has
 adopted and implemented and will maintain written policies and procedures that are reasonably
 designed to prevent violation of the "federal securities laws" (as such term
 is defined in Rule 38a-1 under the 1940 Act) by the Funds and the Sub-Adviser applicable
 to the Sub-Adviser's services provided under this Agreement (the policies and procedures
 referred to in this <u>Section 9(b)</u>, along with the policies and procedures referred
 to in <u>Section 9(a)</u>, are referred to herein as the Sub-Adviser's "Compliance
 Program").

**10.** **Confidentiality.** Subject to the duty of the Adviser or Sub-Adviser
to comply with applicable law and regulation, including any demand or request of any regulatory, governmental or tax authority
having jurisdiction, the parties hereto shall treat as confidential all non-public information pertaining to the Funds and the
actions of the Sub-Adviser and the Funds in respect thereof. It is understood that any information or recommendation supplied by
the Sub-Adviser in connection with the performance of its obligations hereunder is to be regarded as confidential and for use only
by the Adviser, the Funds, the Board, or such persons as the Adviser may reasonably designate in connection with the Funds. It
is also understood that any information supplied to the Sub-Adviser in connection with the performance of its obligations hereunder
is to be regarded as confidential and for use only by the Sub-Adviser, its affiliates and agents in connection with its obligation
to provide investment advice and other services to the Funds and to assist or enable the effective management of the Adviser's
and the Funds' overall relationship with the Sub-Adviser and its affiliates. The parties acknowledge and agree that all nonpublic
personal information with regard to shareholders in the Funds shall be deemed proprietary and confidential information of the Adviser,
and that the Sub-Adviser shall use that information solely in the performance of its duties and obligations under this Agreement
and shall take reasonable steps to safeguard the confidentiality of that information. Further, the Sub-Adviser shall maintain and
enforce adequate security and oversight procedures with respect to all materials, records, documents and data relating to any of
its responsibilities pursuant to this Agreement including all means for the effecting of investment transactions.

11. **Reporting of Compliance Matters.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The Sub-Adviser shall promptly provide to the Trust's
Chief Compliance Officer ("CCO") the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a report of any material 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;&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;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a copy of the summary 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;&nbsp;&nbsp;&nbsp;&nbsp;(iv) an annual (or more frequently
 as the Trust's CCO may reasonably request) representation regarding the Sub-Adviser's
 compliance with <u>Section 7</u> and <u>Section 9</u> of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. The Sub-Adviser shall also provide the Trust's 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.

**11. The Name** The Adviser grants to the Sub-Adviser a sub-license to use the name Faith Investor Services, LLC (the "Name"). The foregoing authorization by the Adviser to the Sub-Adviser to use the Name is not exclusive of the right of the Adviser itself to use, or to authorize others to use, the Name; the Sub-Adviser acknowledges and agrees that, as between the Sub-Adviser and the Adviser, the Adviser has the right to use, or authorize others to use, the Name. The Sub-Adviser shall only use the Name in a manner consistent with uses approved by the Adviser. Notwithstanding the foregoing, neither the Sub-Adviser nor any affiliate or agent of it shall make reference to or use the Name or any of Adviser's respective affiliates or clients names without the prior approval of Adviser, which approval shall not be unreasonably withheld or delayed; provided that the Sub-Adviser is authorized to disclose the Name and the Adviser's and the Funds identities as clients of the Sub-Adviser in any representative client list prepared by the Sub-Adviser for use in marketing materials. The Sub-Adviser hereby agrees to make all reasonable efforts to cause any affiliate or agent of the Sub-Adviser to satisfy the foregoing obligation in connection with any services such affiliates or agents provide to the Sub-Adviser or the Funds under this Agreement.

**12. Index Data.** The Adviser has obtained all licenses and permissions necessary for the Sub-Adviser to use any index data provided to it by the Adviser or Adviser's agent under this Agreement and the Sub-Adviser is not required to obtain any such licenses or permissions itself.

**13. Governing Law.** This Agreement shall be governed by the laws of the State of Delaware, without regard to conflict of law principles; provided, however, that nothing herein shall be construed as being inconsistent with the 1940 Act.

**14. Severability.** Should any part of this Agreement be held invalid by a court decision, statute, regulation, rule or otherwise, the remainder of this Agreement shall not be affected thereby. This Agreement shall be binding upon and shall inure to the benefit of the parties hereto and their respective successors.

**15. Notice.** Any notice, advice, document, report or other client communication to be given pursuant to this Agreement shall be deemed sufficient if delivered or mailed by registered, certified or overnight mail, postage prepaid or electronically addressed by the party giving notice to the other party at the last address furnished by the other party. By consenting to the electronic delivery of any notice, advice, document, report or other client communication in respect of this Agreement or as required pursuant to applicable law, the Adviser authorizes the Sub-Adviser to deliver all communications by email or other electronic means.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To the Adviser at: | Faith Investor Services, LLC |
|  | 8080 N. Central Expressway Suite 1700 |
|  | Dallas, TX 75206 |
|  | Attention: Steven T. Nelson, CFA |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To the Sub-Adviser at: | Vident Advisory, LLC |
|  | 1125 Sanctuary Parkway, Suite 515 |
|  | Alpharetta, Georgia, 30009 |
|  | Attention: Amrita Nandakumar |
|  | Email: anandakumar@videntam.com |

---

**16. Non-Hire/Non-Solicitation.** The parties hereby agree that, during the term of this Agreement, neither party shall, for any reason, directly or indirectly, on its own behalf or on behalf of others, knowingly hire any person employed by the other party (a "Restricted Person"), whether or not such Restricted Person is a full-time employee or whether or not any Restricted Person's employment is pursuant to a written agreement or is at-will. The parties further agree that, to the extent that a party breaches the covenant described in this paragraph, the other party shall be entitled to pursue all appropriate remedies in law or equity.

**17. Amendment of Agreement.** This Agreement may be amended only by written agreement of the Adviser, the Sub-Adviser and the Trust, and only in accordance with the provisions of the 1940 Act and the rules and regulations promulgated thereunder.

**18.** **Representations and Warranties of the Adviser.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Each
 Fund is an "eligible contract participant" as defined in Section 1a(18) of
 the U.S. Commodity Exchange Act (the "CEA") and U.S. Commodity Futures Trading
 Commission ("CFTC") Rule 1.3(m) thereunder and a "qualified eligible
 person" as defined in Rule 4.7 of the CFTC. The Adviser consents to each Fund being
 treated as an exempt account under Rule 4.7 of the CFTC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. The
 Adviser is not registered with the National Futures Association as a commodity pool operator
 or commodity trading adviser because it does not engage in any activities requiring such
 registration;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. The
 execution, delivery and performance by the Adviser and the Funds of this Agreement have
 been duly authorized by all necessary action on the part of the Adviser and the Board
 (including full authority to bind the Funds to the terms of this Agreement); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. The
 Adviser will promptly notify the Sub-Adviser if any of the above representations in this
 Section are no longer true and accurate.

**19.** **Entire Agreement.** This Agreement embodies the entire agreement and understanding between
 the parties hereto, and supersedes all prior agreements and understandings relating to
 this Agreement's subject matter. This Agreement may be executed in any number of
 counterparts, each of which shall be deemed to be an original, but such counterparts
 shall, together, constitute only one instrument.

**20.** **Interpretation.** Any question of interpretation of any term or provision of this Agreement having
 a counterpart in or otherwise derived from a term or provision of the 1940 Act will be
 resolved by reference to such term or provision of the 1940 Act and to interpretations
 thereof, if any, by the United States courts or, in the absence of any controlling decision
 of any such court, by rules, regulations or orders of the SEC validly issued pursuant
 to the 1940 Act. Specifically, the terms "vote of a majority of the outstanding
 voting securities," "interested persons," "assignment,"
 and "affiliated persons," as used herein will have the meanings assigned
 to them by Section 2(a) of the 1940 Act. In addition, where the effect of a requirement
 of the 1940 Act reflected in any provision of this Agreement is relaxed by a rule, regulation
 or order of the SEC, whether of special or of general application, such provision will
 be deemed to incorporate the effect of such rule, regulation or order.

**21.** **Headings.** The headings in the sections of this Agreement are inserted for convenience of reference
 only and will not constitute a part hereof.

In the event the terms of this Agreement are applicable to more than one Fund of the Trust as specified in <u>Schedule A</u> attached hereto, the Adviser is entering into this Agreement with the Sub-Adviser on behalf of the respective Funds severally and not jointly, with the express intention that the provisions contained in each numbered paragraph hereof shall be understood as applying separately with respect to each Fund as if contained in separate agreements between the Adviser and Sub-Adviser for each such Fund. In the event that this Agreement is made applicable to any additional Funds by way of a Schedule executed subsequent to the date first indicated above, provisions of such Schedule shall be deemed to be incorporated into this Agreement as it relates to such Fund so that, for example, the execution date for purposes of <u>Section 8</u> of this Agreement with respect to such Fund shall be the execution date of the relevant Schedule.

**22.** **Miscellaneous.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. A
 copy of the Certificate of Trust is on file with the Secretary of State of Delaware,
 and notice is hereby given that the obligations of this instrument are not binding upon
 any of the Trustees, officers or shareholders of the Fund or the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Where
 the effect of a requirement of the 1940 Act or Advisers Act reflected in any provision
 of this Agreement is altered by a rule, regulation or order of the SEC, whether of special
 or general application, such provision shall be deemed to incorporate the effect of such
 rule, regulation or order.

**PURSUANT TO AN EXEMPTION FROM THE COMMODITY FUTURES TRADING COMMISSION IN CONNECTION WITH ACCOUNTS OF QUALIFIED ELIGIBLE PERSONS, THIS BROCHURE OR ACCOUNT DOCUMENT IS NOT REQUIRED TO BE, AND HAS NOT BEEN, FILED WITH THE COMMISSION. THE COMMODITY FUTURES TRADING COMMISSION DOES NOT PASS UPON THE MERITS OF PARTICIPATING IN A TRADING PROGRAM OR UPON THE ADEQUACY OR ACCURACY OF COMMODITY TRADING ADVISOR DISCLOSURE. CONSEQUENTLY, THE COMMODITY FUTURES TRADING COMMISSION HAS NOT REVIEWED OR APPROVED THIS TRADING PROGRAM OR THIS BROCHURE OR ACCOUNT DOCUMENT.**

*[Signature page follows]*

**IN WITNESS WHEREOF,** the parties hereto have caused this Agreement to be executed as of the day first set forth above.

**SCHEDULE A**

**to the**

**SUB-ADVISORY AGREEMENT**

**between**

**FAITH INVESTOR SERVICES LLC**

**And**

**VIDENT ADVISORY, LLC**

---

| | |
|:---|:---|
| FAITH INVESTOR SERVICES, LLC | FAITH INVESTOR SERVICES, LLC |
| By: | ![](ex996c001.jpg) |
| Name: | Steven T. Nelson, CFA |
| Title: | Chairman & CEO |
| VIDENT ADVISORY, LLC | VIDENT ADVISORY, LLC |
| By: | ![](ex996c002.jpg) |
| Name: | Amrita Nandakumar |
| Title: | President |

---

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 greater of (1) the minimum fee or (2) the daily net assets of the FIS Bright Portfolios Focused Equity ETF (BRIF) in accordance with the following fee schedule:

**REDACTED**

## Exhibit 99.7

[FIS TRUST N-14/A](fis-n14a_120225.htm)

**Exhibit 99.7**

**ETF DISTRIBUTION AGREEMENT**

This distribution agreement (the "<u>Agreement</u>") is effective this 4th day of August 2025, and made by FIS Trust (the "<u>Trust</u>") having its principal place of business at 8080 N. Central Expressway, Suite 1700 Dallas, TX, 75206, and Foreside Fund Services, LLC, a Delaware limited liability company (the "<u>Distributor</u>") having its principal place of business at 190 Middle Street, Suite 301, Portland, ME 04101.

WHEREAS, the Trust is a registered open-end management investment company organized under the Investment Company Act of 1940, as amended (the "<u>1940 Act</u>") with separate and distinct series (each series a "<u>Fund</u>" and collectively the "Funds) registered with the United States Securities and Exchange Commission (the "<u>SEC</u>") under the Securities Act of 1933, as amended (the "<u>1933 Act</u>");

WHEREAS, the Trust intends to create and redeem shares of beneficial interest (the "<u>Shares</u>") of each Fund on a continuous basis and list the Shares on one or more national securities exchanges (together, the "<u>Listing Exchanges</u>");

WHEREAS, the Distributor is registered with the SEC as a broker-dealer under the Securities Exchange Act of 1934, as amended (the "<u>1934 Act</u>"), and is a member of the Financial Industry Regulatory Authority, Inc. ("<u>FINRA</u>");

WHEREAS, the Trust desires to retain the Distributor to (i) act as the principal underwriter of the Funds with respect to the creation and redemption of Creation Units of each Fund, and (ii) hold itself available to review and approve orders for such Creation Units in the manner set forth in the Trust's Prospectus; and

WHEREAS, the Distributor desires to provide the services described herein to the Trust subject to the terms and conditions set forth below.

NOW THEREFORE, in consideration of the mutual promises and undertakings herein contained, the parties agree as follows:

**1. <u>Appointment</u>**. The Trust hereby appoints the Distributor to serve as the principal underwriter of the Funds with respect to the creation and redemption of Creation Units of each Fund listed in Exhibit A hereto (as may be amended by the Trust from time to time on written notice to the Distributor) on the terms and for the period set forth in this Agreement and subject to the registration requirements of the federal securities laws and of the laws governing the sale of securities in the various states, and the Distributor hereby accepts such appointment and agrees to act in such capacity hereunder.

**2. <u>Definitions</u>**. Wherever they are used herein, the following terms have the following respective meanings:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "<u>Prospectus</u>" means the Prospectus and Statement of Additional Information constituting parts of the Registration Statement of the Trust under the 1933 Act and the 1940 Act as such Prospectus and Statement of Additional Information may be amended or supplemented and filed with the SEC from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "<u>Registration Statement</u>" means the registration statement most recently filed from time to time by the Trust with the SEC and effective under the 1933 Act and the 1940 Act, as such registration statement is amended by any amendments thereto at the time in effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) All other capitalized terms used but not defined in this Agreement shall have the meanings ascribed to such terms in the Registration Statement and the Prospectus.

**3.**  **<u>Duties of the Distributor</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Distributor agrees to serve as the principal underwriter of the Funds in connection with the review and approval of all purchase and redemption orders of Creation Units of each Fund by Authorized Participants that have executed an Authorized Participant Agreement with the Distributor and Transfer Agent/ Index Receipt Agent. Nothing herein shall affect or limit the right and ability of the Transfer Agent/ Index Receipt Agent to accept Fund Securities, Deposit Securities, and related Cash Components through or outside the Clearing Process, and as provided in and in accordance with the Registration Statement and Prospectus. The Trust acknowledges that the Distributor shall not be obligated to approve any certain number of orders for Creation Units.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Distributor agrees to use commercially reasonable efforts to provide the following services to the Trust with respect to the continuous distribution of Creation Units of each Fund: (i) at the request of the Trust, the Distributor shall enter into Authorized Participant Agreements between and among Authorized Participants, the Distributor and the Transfer Agent/Index Receipt Agent, for the purchase and redemption of Creation Units of the Funds, (ii) the Distributor shall approve and maintain copies of confirmations of Creation Unit purchase and redemption order acceptances; (iii) upon request, the Distributor will make available copies of the Prospectus to purchasers of such Creation Units and, upon request, the Statement of Additional Information; and (iv) the Distributor shall maintain telephonic, facsimile and/or access to direct computer communications links with the Transfer Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Distributor shall ensure that all direct requests to Distributor for Prospectuses, Statements of Additional Information, product descriptions and periodic fund reports, as applicable, are fulfilled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Distributor agrees to make available, at the Trust's request, one or more members of its staff to attend, either via telephone or in person, Board meetings of the Trust in order to provide information with regard to the Distributor's services hereunder and for such other purposes as may be requested by the Board of Trustees of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Distributor shall review and approve, prior to use, all Trust marketing materials ("<u>Marketing Materials</u>") for compliance with SEC and FINRA advertising rules and will file all Marketing Materials required to be filed with FINRA. The Distributor agrees to furnish to the Trust's investment adviser (the "<u>Investment Adviser</u>") any comments provided by FINRA with respect to such materials.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Distributor shall not offer any Shares and shall not approve any creation or redemption order hereunder if and so long as the effectiveness of the Registration Statement then in effect or any necessary amendments thereto shall be suspended under any of the provisions of the 1933 Act or if and so long as a current prospectus as required by Section 10 of the 1933 Act is not on file with the SEC; provided, however, that nothing contained in this paragraph shall in any way restrict or have any application to or bearing upon the Trust's obligation to redeem or repurchase any Shares from any shareholder in accordance with provisions of the Prospectus or Registration Statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Distributor shall work with the Index Receipt Agent to review and approve orders placed by Authorized Participants and transmitted to the Index Receipt Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The Distributor agrees to maintain, and preserve for the periods prescribed by Rule 31a-2 under the 1940 Act, such records as are required to be maintained by Rule 31a-1(d) under the 1940 Act. The Distributor agrees that all records which it maintains pursuant to the 1940 Act for the Trust shall at all times remain the property of the Trust, shall be readily accessible during normal business hours, and shall be promptly surrendered upon the termination of the Agreement or otherwise on written request; provided, however, that Distributor may retain all such records required to be maintained by Distributor pursuant to applicable FINRA or SEC rules and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Distributor agrees to maintain compliance policies and procedures (a "<u>Compliance Program</u>") that are reasonably designed to prevent violations of the Federal Securities Laws (as defined in Rule 38a-1 of the 1940 Act) with respect to the Distributor's services under this Agreement, and to provide any and all information with respect to the Compliance Program, including without limitation, information and certifications with respect to material violations of the Compliance Program and any material deficiencies or changes therein, as may be reasonably requested by the Trust's Chief Compliance Officer or Board of Trustees.

---

| | |
|:---|:---|
| **4,** | **<u>Duties of the Trust</u>.** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Trust agrees to create, issue, and redeem Creation Units of each Fund in accordance with the procedures described in the Prospectus. Upon reasonable notice to the Distributor and in accordance with the procedures described in the Prospectus, the Trust reserves the right to reject any order for Creation Units or to stop all receipts of such orders at any time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Trust agrees that it will take all actions necessary to register an indefinite number of Shares under the 1933 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Trust will make available to the Distributor such number of copies as Distributor may reasonably request of (i) its then currently effective Prospectus and Statement of Additional Information and product description, (ii) copies of semi-annual reports and annual audited reports of the Trust's books and accounts made by independent public accountants regularly retained by the Trust, and (iii) such other publicly available information for use in connection with the distribution of Creation Units.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Trust shall inform the Distributor of any such jurisdictions in which the Trust has filed notice filings for Shares for sale under the securities laws thereof and shall promptly notify the Distributor of any change in this information. The Distributor shall not be liable for damages resulting from the sale of Shares in unauthorized jurisdictions where the Distributor had no information from the Trust that such sale or sales were unauthorized at the time of such sale or sales.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Distributor acknowledges and agrees that the Trust reserves the right to suspend sales and the Distributor's authority to review and approve orders for Creation Units on behalf of the Trust. Upon due notice to the Distributor, the Trust shall suspend the Distributor's authority to review and approve Creation Units if, in the judgment of the Trust, it is in the best interests of the Trust to do so. Suspension will continue for such period as may be determined by the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Trust shall arrange to provide the Listing Exchanges with copies of Prospectuses, Statements of Additional Information, and product descriptions to be provided to purchasers in the secondary market.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Trust will make it known that Prospectuses and Statements of Additional Information and product descriptions are available by making sure such disclosures are in all marketing and advertising materials prepared by or at the direction of the Trust.

**5.**  **<u>Fees and Expenses</u>.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Distributor shall be entitled to no compensation or reimbursement of expenses from the Trust for the services provided by the Distributor pursuant to this Agreement. The Distributor may receive compensation from the Investment Adviser related to its services hereunder or for additional services as may be agreed to between the Investment Adviser and Distributor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Trust shall bear the cost and expenses of: (i) the registration of the Shares for sale under the 1933 Act; and (ii) the registration or qualification of the Shares for sale under the securities laws of the various States.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Distributor shall pay (i) all expenses relating to Distributor's broker-dealer qualification and registration under the 1934 Act; and (11) the expenses incurred by the Distributor in connection with routine FINRA filing fees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Notwithstanding anything in this Agreement to the contrary, the Distributor and its affiliates may receive compensation or reimbursement from the Investment Adviser with respect to any services performed under this Agreement, as may be agreed upon by the parties from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Trust shall bear any costs associated with printing Prospectuses, Statements of Additional Information and all other such materials.

**6.**  **<u>Indemnification</u>.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Trust agrees to indemnify and hold harmless the Distributor, its affiliates and each of their respective directors, officers and employees and agents and any person who controls the Distributor within the meaning of Section 15 of the 1933 Act (any of the Distributor, its officers, employees, agents and directors or such control persons, for purposes of this paragraph, a "<u>Distributor Indemnitee</u>") against any loss, liability, claim, damages or expense (including the reasonable cost of investigating or defending any alleged loss, liability, claim, damages or expense and reasonable counsel fees incurred in connection therewith) ("<u>Losses</u>") that a Distributor Indemnitee may incur arising out of or based upon: (i) Distributor serving as distributor for the Trust pursuant to this Agreement; (ii) the allegation of any wrongful act of the Trust or any of its directors, officers, employees or affiliates in connection with its duties, representations, and responsibilities in this Agreement; (iii) any claim that the Registration Statement, Prospectus, Statement of Additional Information, product description, shareholder reports, Marketing Materials and advertisements specifically approved by the Trust and Investment Adviser or other information filed or made public by the Trust (as from time to time amended) included an untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary in order to make the statements therein (and in the case of the Prospectus, Statement of Additional Information and product description, in light of the circumstances under which they were made) not misleading under the 1933 Act, or any other statute or the common law; (iv) the breach by the Trust of any obligation, representation or warranty contained in this Agreement; or (v) the Trust's failure to comply in any material respect with applicable securities laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Distributor agrees to indemnify and hold harmless the Trust and each of its Trustees and officers and any person who controls the Trust within the meaning of Section 15 of the 1933 Act (for purposes of this paragraph, the Trust and each of its Trustees and officers and its controlling persons are collectively referred to as the "<u>Trust Indemnitees</u>") against any Losses arising out of or based upon (i) the allegation of any wrongful act of the Distributor or any of its directors, officers, employees or affiliates in connection with its activities as Distributor pursuant to this Agreement; (ii) the breach of any obligation, representation or warranty contained in this Agreement by the Distributor; (iii) the Distributor's failure to comply in any material respect with applicable securities laws, including applicable FINRA regulations; or (iv) any allegation that the Registration Statement, Prospectus, Statement of Additional Information, product description, shareholder reports, any information or materials relating to the Funds (as described in section 4(g)) or other information filed or made public by the Trust (as from time to time amended) included an untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary in order to make the statements not misleading, insofar as such statement or omission was made in reasonable reliance upon, and in conformity with information furnished to the Trust, in writing, by the Distributor.

In no case (i) is the indemnification provided by an indemnifying party to be deemed to protect against any liability the indemnified party would otherwise be subject to by reason of willful misfeasance, bad faith or gross negligence in the performance of its duties or by reason of its reckless disregard of its obligations and duties under this Agreement, or (ii) is the indemnifying party to be liable under this Section with respect to any claim made against any indemnified party unless the indemnified party notifies the indemnifying party in writing of the claim within a reasonable time after the summons or other first written notification giving information of the nature of the claim shall have been served upon the indemnified party (or after the indemnified party shall have received notice of service on any designated agent).

Failure to notify the indemnifying party of any claim shall not relieve the indemnifying party from any liability that it may have to the indemnified party against whom such action is brought, on account of this Section, unless failure or delay to so notify the indemnifying party prejudices the indemnifying party's ability to defend against such claim. The indemnifying party shall be entitled to participate at its own expense in the defense or, if it so elects, to assume the defense of any suit brought to enforce the claim, but if the indemnifying party elects to assume the defense, the defense shall be conducted by counsel chosen by it and satisfactory to the indemnified party. In the event that indemnifying party elects to assume the defense of any suit and retain counsel, the indemnified party shall bear the fees and expenses of any additional counsel retained by them. If the indemnifying party does not elect to assume the defense of any suit, it will reimburse the indemnified party for the reasonable fees and expenses of any counsel retained by them. The indemnifying party agrees to notify the indemnified party promptly of the commencement of any litigation or proceedings against it or any of its officers or directors in connection with the purchase or redemption of any of the Creation Units or the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) No indemnified party shall settle any claim against it for which it intends to seek indemnification from the indemnifying party, under the terms of section 6(a) or 6(b) above, without prior written notice to and consent from the indemnifying party, which consent shall not be unreasonably withheld. No indemnified or indemnifying party shall settle any claim unless the settlement contains a full release of liability with respect to the other party in respect of such action. This section 6 shall survive the termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Trust acknowledges and agrees that as part of its duties, Distributor will enter into agreements with certain authorized participants (each an "<u>AP</u>" and collectively the "<u>APs</u>") for the purchase and redemption of Creation Units (each such agreement an "<u>AP Agreement</u>"). The APs may insert and require that Distributor agree to certain provisions in the AP Agreements that contain certain representations, undertakings and indemnification that are not included in the form-of AP Agreement (each such modified AP Agreement a "<u>Non-Standard AP Agreement</u>").

To the extent that Distributor is requested or required to make any such representations mentioned above, the Trust shall indemnify, defend and hold the Distributor Indemnitees free and harmless from and against any and all Losses that any Distributor Indemnitee may incur arising out of or relating to (a) the Distributor's actions or failures to act pursuant to any Non-Standard AP Agreement; (b) any representations made by the Distributor in any Non-Standard AP Agreement to the extent that the Distributor is not required to make such representations in the form-of AP Agreement; or (c) any indemnification provided by the Distributor under a Non-Standard AP Agreement. In no event shall anything contained herein be so construed as to protect the Distributor Indemnitees against any liability to the Trust or its shareholders to which the Distributor Indemnitees would otherwise be subject by reason of willful misfeasance, bad faith, or gross negligence in the performance of Distributor's obligations or duties under the Non-Standard AP Agreement or by reason of Distributor's reckless disregard of its obligations or duties under the Non-Standard AP Agreement.

**7.**  **<u>Representations</u>.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Distributor represents and warrants that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. (i)
 it is duly organized as a Delaware limited liability company and is and at all times
 will remain duly authorized and licensed under applicable law to carry out its services
 as contemplated herein; (11) the execution, delivery and performance of this Agreement
 are within its power and have been duly authorized by all necessary action; (iii) its
 entering into this Agreement or providing the services contemplated hereby does not conflict
 with or constitute a default or require a consent under or breach of any provision of
 any agreement or document to which the Distributor is a party or by which it is bound;
 (iv) it is registered as a broker-dealer under the 1934 Act and is a member of FINRA;
 and (v) it has in place compliance policies and procedures reasonably designed to prevent
 violations of the Federal Securities Laws as that term is defined in Rule 38a-1 under
 the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. All
 activities by the Distributor and its agents and employees in connection with the services
 provided in this Agreement shall comply with the Registration Statement and Prospectus,
 the instructions of the Trust, and all applicable laws, rules and regulations including,
 without limitation, all rules and regulations made or adopted pursuant to the 1940 Act
 by the SEC or any securities association registered under the 1934 Act, including FINRA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Distributor and the Trust each individually represent that its anti-money laundering program ("<u>AML Program</u>"), at a minimum, (i) designates a compliance officer to administer and oversee the AML Program, (ii) provides ongoing employee training, (iii) includes an independent audit function to test the effectiveness of the AML Program, (iv) establishes internal policies, procedures, and controls that are tailored to its particular business, (v) provides for the filing of all necessary anti-money laundering reports including, but not limited to, currency transaction reports and suspicious activity reports, and (vi) allows for appropriate regulators to examine its anti-money laundering books and records. Notwithstanding the foregoing, the Trust acknowledges that the Authorized Participants are not "customers" for the purposes of 31 CFR 1024.220.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Distributor and the Trust each individually represent and warrant that: (i)it has procedures in place reasonably designed to protect the privacy of non-public personal consumer/customer financial information to the extent required by applicable law, rule and regulation; and (11) it will comply with all of the applicable terms and provisions of the 1934 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Trust represents and warrants that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. (i)
 it is duly organized as a Delaware trust and is and at all times will remain duly authorized
 to carry out its obligations as contemplated herein; (11) it is registered as an investment
 company under the 1940 Act; (iii) the execution, delivery and performance of this Agreement
 are within its power and have been duly authorized by all necessary action; (iv) entering
 into this Agreement does not conflict with or constitute a default or require a consent
 under or breach of any provision of any agreement or document to which the Trust is a
 party or by which it is bound; (v) the Registration Statement and each Fund's Prospectus
 have been prepared, and all Marketing Materials have been prepared by or at the direction
 of the Trust and have been approved by the Trust and shall be prepared, in all material
 respects, in conformity with all applicable law, including without limitation, the 1933
 Act, the 1940 Act and the rules and regulations of the SEC (the " <u>Rules and Regulations</u> ");
 (vi) the Registration Statement and each Fund's Prospectus contain, and all Marketing
 Materials shall contain, all statements required to be stated therein in accordance with
 the 1933 Act, the 1940 Act and the Rules and Regulations; (vii) all statements of fact
 contained therein, or to be contained in all Marketing Materials, are or will be true
 and correct in all material respects at the time indicated or the effective date, as
 the case may be, and none of the Registration Statement, any Fund's Prospectus,
 nor any Marketing Materials shall include any untrue statement of a material fact or
 omit to state a material fact required to be stated therein or necessary to make the
 statements therein, in the case of each Fund's Prospectus in light of the circumstances
 in which made, not misleading; (viii) except as otherwise noted in the Registration Statement
 and Prospectus, the offering price for all Creation Units will be the aggregate net asset
 value of the Shares per Creation Unit of the relevant Fund, as determined in the manner
 described in the Registration Statement and Prospectus; (ix) the Prospectus is effective,
 no stop order of the SEC or any other federal, state or foreign regulatory authority,
 with respect thereto has been issued, no proceedings for such purpose have been instituted,
 or to its knowledge are being contemplated; (x) the Fund Shares, when issued and delivered
 against payment of consideration will be duly and validly authorized, issued fully paid
 and non-assessable and free of statutory and contractual preemptive rights, rights of
 first refusal and similar rights; (xi) no consent, approval, authorization, order, registration
 or qualification of or with any court or governmental agency or body is required for
 the issuance and sale of Fund shares, except the registration of the Fund Shares under
 the 1933 Act; (xii) Fund Shares will be listed on Listing Exchanges; (xiii) it will not
 lend securities pursuant to any securities lending arrangement that would prevent any
 Fund from settling a Redemption Order when due; (xiv) it will not name the Authorized
 Participant as an authorized participant and/or as underwriter in the Prospectus, Marketing
 Materials or on its or any Fund's website without prior written consent of the
 Authorized Participant, unless such naming is required by law, rule or regulation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. it
 shall file such amendment or amendments to the Registration Statement and each Fund's
 Prospectus as, in the light of future developments, shall, in the opinion of the Trust's
 counsel, be necessary in order to have the Registration Statement and each Fund's
 Prospectus at all times contain all material facts required to be stated therein or necessary
 to make the statements therein, in light of the circumstances in which made, not misleading.
 The Trust shall not file any amendment to the Registration Statement or each Fund's
 Prospectus without giving the Distributor reasonable notice thereof in advance, provided
 that nothing in this Agreement shall in any way limit the Trust's right to file
 at any time such amendments to the Registration Statement or any Fund's Prospectus
 as the Trust may deem advisable. The Trust will also promptly notify the Distributor
 in writing in the event of any stop order suspending the effectiveness of the Registration
 Statement. Notwithstanding the foregoing, the Trust shall not be deemed to make any representation
 or warranty as to any information or statement provided by the Distributor for inclusion
 in the Registration Statement or any Fund's Prospectus; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. upon
 delivery of Deposit or Fund Securities to an Authorized Participant in connection with
 a purchase or redemption of Creation Units, the Authorized Participant will acquire good
 and unencumbered title to such securities, free and clear of all liens, restrictions,
 charges and encumbrances, and not subject to any adverse claims and that such Fund and
 Deposit Securities will not be "restricted securities" as such term is used
 in Rule 144(a)(3)(i) under the 1933 Act.

**8.**  **<u>Duration, Termination and Amendment</u>.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement shall be effective on the date set forth above, and unless terminated as provided herein, shall continue for two years from its effective date, and thereafter from year to year, provided such continuance is approved annually (1) by vote of a majority of the Trustees or by the vote of a majority of the outstanding voting securities of the Fund and (ii) by the vote of a majority of those Trustees who are not parties to this Agreement or interested persons of any such party cast in person at a meeting called for the purpose of voting on such approval. This Agreement may be terminated at any time, without the payment of any penalty, as to each Fund (i) by vote of a majority of those Trustees who are not parties to this Agreement or interested persons of any such party or (ii) by vote of a majority of the outstanding voting securities of the Fund, or by the Distributor, on at least sixty (60) days prior written notice. This Agreement shall automatically terminate without the payment of any penalty in the event of its assignment. As used in this paragraph, the terms "vote of a majority of the outstanding voting securities," "assignment," "affiliated person" and "interested person" shall have the respective meanings specified in the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No provision of this Agreement may be changed, waived, discharged or terminated except by an instrument in writing signed by both parties.

**9. <u>Notice</u>.** Any notice or other communication authorized or required by this Agreement to be given to either party shall be in writing and deemed to have been given when delivered in person or by email, or posted by certified mail, return receipt requested, to the following address (or such other address as a party may specify by written notice to the other):

---

| | |
|:---|:---|
| &nbsp;&nbsp;(i) **To Foreside:** | &nbsp;&nbsp;(ii) **If to the Trust:** |
| &nbsp;&nbsp;Foreside Fund Services, LLC | &nbsp;&nbsp;Faith Investor Services LLC |
| &nbsp;&nbsp;Attn: Legal Department | &nbsp;&nbsp;Attn: Steven T. Nelson, CFA |
| &nbsp;&nbsp;190 Middle Street, Suite 301 | &nbsp;&nbsp;8080 N. Central Expressway, Suite 1700 |
| &nbsp;&nbsp;Portland, ME 04101 | &nbsp;&nbsp;Dallas, TX, 75206 |
| &nbsp;&nbsp;Telephone: (207) 553-7110 | &nbsp;&nbsp;Telephone: (480) 206-1994 |
| &nbsp;&nbsp;Email: legal@foreside.com | &nbsp;&nbsp;Email: |
|  | &nbsp;&nbsp;snelson@faithinvestorservices.com |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With a copy to: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;etp- |  |
| &nbsp;&nbsp;services@foreside.com |  |

---

**10. <u>Choice of Law</u>.** This Agreement shall be governed by, and construed in accordance with, the laws of the state of Delaware, without giving effect to the choice of laws provisions thereof.

**11. <u>Counterparts</u>.** This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.

**12. <u>Severability</u>.** If any provisions of this Agreement shall be held or made invalid, in whole or in part, then the other provisions of this Agreement shall remain in force. Invalid provisions shall, in accordance with this Agreement's intent and purpose, be amended, to the extent legally possible, in order to effectuate the intended results of such invalid provisions.

**13. <u>Insurance</u>.** The Distributor will maintain at its expense an errors and omissions insurance policy adequate to cover services provided by the Distributor hereunder.

**14. <u>Confidentiality</u>.** During the term of this Agreement, the Distributor and the Trust may have access to confidential information relating to such matters as either party's business, trade secrets, systems, procedures, manuals, products, contracts, personnel, and clients. As used in this Agreement, "<u>Confidential Information</u>" means information belonging to one of the parties that is of value to such party and the disclosure of which could result in a competitive or other disadvantage to such party. Confidential Information includes, without limitation, financial information, proposal and presentations, reports, forecasts, inventions, improvements and other intellectual property; trade secrets; know-how; designs, processes or formulae; software; market or sales information or plans; customer lists; and business plans, prospects and opportunities (such as possible acquisitions or dispositions of businesses or facilities). Confidential Information includes information developed by either party in the course of engaging in the activities provided for in this Agreement, unless: (i) the information is or becomes publicly known through lawful means; (11) the information is disclosed to the other party without a confidential restriction by a third party who rightfully possesses the information and did not obtain it, either directly or indirectly, from one of the parties, as the case may be, or any of their respective principals, employees, affiliated persons, or affiliated entities. The parties understand and agree that all Confidential Information shall be kept confidential by the other both during and after the term of this Agreement. Each party shall maintain commercially reasonable information security policies and procedures for protecting Confidential Information. The parties further agree that they will not, without the prior written approval by the other party, disclose such Confidential Information, or use such Confidential Information in any way, either during the term of this Agreement or at any time thereafter, except as required in the course of this Agreement and as provided by the other party or as required by law. Upon termination of this Agreement for any reason, or as otherwise requested by the Trust, all Confidential Information held by or on behalf of Trust shall be promptly returned to the Trust, or an authorized officer of the Distributor will certify to the Trust in writing that all such Confidential Information has been destroyed. This section 14 shall survive the termination of this Agreement. Notwithstanding the foregoing, a party may disclose the other's Confidential Information if (i) required by law, regulation or legal process or if requested by the SEC or other governmental regulatory agency with jurisdiction over the parties hereto or (ii) requested to do so by the other party.

**15. <u>Limitation of Liability</u>**. This Agreement is executed by or on behalf of the Trust with respect to each of the Funds and the obligations hereunder are not binding upon any of the trustees, officers or shareholders of the Trust individually but are binding only upon the Fund to which such obligations pertain and the assets and property of such Fund. Separate and distinct records are maintained for each Fund and the assets associated with any such Fund are held and accounted for separately from the other assets of the Trust, or any other Fund of the Trust. The debts, liabilities, obligations, and expenses incurred, contracted for, or otherwise existing with respect to a particular Fund of the Trust shall be enforceable against the assets of that Fund only, and not against the assets of the Trust generally or any other Fund, and none of the debts, liabilities, obligations, and expenses incurred, contracted for, or otherwise existing with respect to the Trust generally or any other Fund shall be enforceable against the assets of that Fund. The Trust's Agreement and Declaration of Trust is on file with the Trust.

**16. <u>Use of Names; Publicity</u>.** The Trust shall not use the Distributor's name in any offering material, shareholder report, advertisement or other material relating to the Trust, in a manner not approved by the Distributor in writing prior to such use, such approval not to be unreasonably withheld. The Distributor hereby consents to all uses of its name required by the SEC, any state securities commission, or any federal or state regulatory authority.

The Distributor shall not use the name "FIS Trust" in any offering material, shareholder report, advertisement or other material relating to the Distributor, other than for the purpose of merely identifying the Trust as a client of Distributor hereunder, in a manner not approved by the Trust in writing prior to such use; provided, however, that the Trust shall consent to all uses of its name required by the SEC, any state securities commission, or any federal or state regulatory authority; and provided, further, that in no case shall such approval be unreasonably withheld.

The Distributor will not issue any press releases or make any public announcements regarding the existence of this Agreement without the express written consent of the Trust. Neither the Trust nor the Distributor will disclose any of the economic terms of this Agreement, except as may be required by law.

**17. <u>Exclusivity</u>**. Nothing herein contained shall prevent the Distributor from entering into similar distribution arrangements or from providing the services contemplated hereunder to other investment companies or investment vehicles.

**18. <u>Governing Language</u>.** This Agreement has been negotiated and executed by the parties in English. In the event any translation of this Agreement is prepared for convenience or any other purpose, the provisions of the English version shall prevail.

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their officers designated below as of the date first set forth above.

Foreside Fund Services, LLC FIS Trust

---

| | | | |
|:---|:---|:---|:---|
| By: | /s/ Teresa Cowan | By: | /s/ Steven T. Nelson |
| Name: | Teresa Cowan, President | Name: | Steven T. Nelson |
| Title: |  | Title: | Trustee |
| Date: | 8.4.25 | Date: | 8/4/2025 |

---

**EXHIBIT A**

FIS Bright Portfolios Focused Equity ETF

FIS Christian Stock Fund

## Exhibit 99.9

[FIS TRUST N-14/A](fis-n14a_120225.htm)

**Exhibit 99.9**

**ETF CUSTODY AGREEMENT**

THIS AGREEMENT is made and entered into as of December 31, 2025 (the "Effective Date"), by and between **FIS TRUST**, a Delaware statutory trust (the "Trust"), and **U.S. BANK NATIONAL ASSOCIATION**, a national banking association organized and existing under the laws of the United States of America with its principal place of business at Minneapolis, Minnesota (the "Custodian").

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

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

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

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

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

**ARTICLE I**

**CERTAIN DEFINITIONS**

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

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.07 <u>"FINRA"</u> shall mean the Financial Industry Regulatory Authority, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.08 <u>"Foreign Securities"</u> means any investments of the Fund (including foreign currencies) for which the primary market is outside the United States and such cash and cash equivalents as are reasonably necessary to effect such Fund's transactions in such investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.09 <u>"Fund Custody Account"</u> shall mean any of the accounts in the name of the Trust, which is provided for in Section 3.02 below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10 <u>"IRS"</u> shall mean the Internal Revenue Service.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.12 <u>"SEC"</u> shall mean the U.S. Securities and Exchange Commission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13 <u>"Securities"</u> shall include, without limitation, common and preferred stocks, bonds, call options, put options, debentures, notes, bank certificates of deposit, bankers' acceptances, mortgage-backed securities or other obligations, and any certificates, receipts, warrants or other instruments or documents representing rights to receive, purchase or subscribe for the same, or evidencing or representing any other rights or interests therein, or any similar property or assets that the Custodian or its agents have the facilities to clear and service.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.14 <u>"Securities Depository"</u> shall mean The Depository Trust Company and any other clearing agency registered with the SEC under Section 17A of the Securities Exchange Act of 1934, as amended (the "1934 Act"), which acts as a system for the central handling of Securities where all Securities of any particular class or series of an issuer deposited within the system are treated as fungible and may be transferred or pledged by bookkeeping entry without physical delivery of the Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.15 <u>"Shares"</u> shall mean, with respect to the Fund, the shares of common stock issued by the Trust on account of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.16 "<u>Straight Through Processing</u>" shall have the meaning assigned to it in Section 4.07 of this Agreement.

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

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

**ARTICLE II.**

**APPOINTMENT OF CUSTODIAN**

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

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

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

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

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

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

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

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

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

**ARTICLE III.** 

**CUSTODY OF CASH AND SECURITIES**

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.02 <u>Fund Custody Accounts</u>. As to each Fund, the Custodian shall open and maintain in its trust department a custody account in the name of the Fund, subject only to draft or order of the Custodian, in which the Custodian shall enter and carry all Securities, cash and other assets of such Fund which are delivered to it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.03 <u>Appointment of Agents</u>.

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) With
 respect to its responsibilities under this Section 3.03, the Custodian hereby warrants
 to the Trust that it agrees to exercise reasonable care, prudence and diligence such
 as a person having responsibility for the safekeeping of property of the Fund. The Custodian
 further warrants that the Fund's assets will be subject to reasonable care if maintained
 with a Sub-Custodian, after considering all factors relevant to the safekeeping of such
 assets, including, without limitation: (i) the Sub-Custodian's practices, procedures,
 and internal controls for certificated securities (if applicable), its method of keeping
 custodial records, and its security and data protection practices; (ii) whether the Sub-Custodian
 has the requisite financial strength to provide reasonable care for Fund assets; (iii)
 the Sub-Custodian's general reputation and standing and, in the case of a Securities
 Depository, the Securities Depository's operating history and number of participants;
 and (iv) whether the Fund will have jurisdiction over and be able to enforce judgments
 against the Sub-Custodian, such as by virtue of the existence of any offices of the Sub-Custodian
 in the United States or the Sub-Custodian's consent to service of process in the United
 States.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.14 <u>Information on Corporate Actions</u>. The Custodian shall promptly deliver to the Trust all information received by the Custodian and pertaining to Securities being held by the Fund with respect to optional tender or exchange offers, calls for redemption or purchase, or expiration of rights. If the Trust desires to take action with respect to any tender offer, exchange offer or other similar transaction, the Trust shall notify the Custodian at least three Business Days prior to the date on which the Custodian is to take such action. The Trust will provide or cause to be provided to the Custodian all relevant information for any Security which has unique put/option provisions at least three Business Days prior to the beginning date of the tender period.

**ARTICLE IV.** 

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

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.07 <u>Straight Through Processing</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
Fund directs Custodian to process Fund-initiated cash and security instructions received by Custodian via online portal, SWIFT,
secure file transfer protocol, or equivalent method in an automated, electronic process without manual review by Custodian ("Straight
Through Processing").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 Fund (1) acknowledges and agrees that it is solely responsible for and assumes all risks
 and liabilities associated with instructions given to Custodian regarding any transactions
 eligible for Straight Through Processing and (2) understands that any non-repetitive
 wire instructions concerning cash or securities to be transferred out of Custodian or
 to a different entity will be deemed not eligible for Straight Through Processing. Such
 non-repetitive wire instructions may be subject to a call back process in order to obtain
 further verification and/or additional authorized direction or other documentation as
 reasonably requested for verification purposes by Custodian.

**ARTICLE V.**

**REDEMPTION OF FUND SHARES**

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

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

**ARTICLE VI.** 

**SEGREGATED ACCOUNTS**

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

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

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

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

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

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

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

**ARTICLE VII.**

**COMPENSATION OF CUSTODIAN**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.01 <u>Compensation</u>. The Custodian shall be compensated for providing the services set forth in this Agreement in accordance with the fee schedule set forth on <u>Exhibit B</u> hereto (as amended from time to time). The Custodian shall also be compensated for such miscellaneous expenses (e.g., telecommunication charges, postage and delivery charges, and reproduction charges) as are reasonably incurred by the Custodian in performing its duties hereunder. The Trust shall pay all such fees and reimbursable expenses within 30 calendar days following receipt of the billing notice, except for any fee or expense subject to a good faith dispute. The Trust shall notify the Custodian in writing within 30 calendar days following receipt of each invoice if the Trust is disputing any amounts in good faith. The Trust shall pay such disputed amounts within 10 calendar days of the day on which the parties agree to the amount to be paid. With the exception of any fee or expense the Trust is disputing in good faith as set forth above, unpaid invoices shall accrue a finance charge of 1½% per month after the due date. Notwithstanding anything to the contrary, amounts owed by the Trust to the Custodian shall only be paid out of the assets and property of the particular Fund involved.

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

**ARTICLE VIII.**

**REPRESENTATIONS AND WARRANTIES**

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) It,
 on behalf of itself and any of its agents and/or intermediaries who may initiate and
 deliver Straight Through Processing instruction(s) to Custodian and its operations group,
 has been granted the authority to provide the direction as required hereunder, and that
 such instruction meets all applicable requirements hereunder.

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

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

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

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

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

**ARTICLE IX.**

**CONCERNING THE CUSTODIAN**

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.06 <u>Cooperation</u>. The Custodian shall cooperate with and supply necessary information to the entity or entities appointed by the Trust to keep the books of account of the Fund and/or compute the value of the assets of the Fund. The Custodian shall take all such reasonable actions as the Trust may from time to time request to enable the Trust to obtain, from year to year, favorable opinions from the Trust's independent accountants with respect to the Custodian's activities hereunder in connection with (i) the preparation of the Trust's reports on Form N-SAR, Form N-CSR and any other reports required by the SEC or any future registration statement on Form N-2, and (ii) the fulfillment by the Trust of any other requirements of the SEC.

**ARTICLE X.**

**INDEMNIFICATION**

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.03 <u>Security</u>. If the Custodian advances cash or Securities to the Fund for any purpose, either at the Trust's request or as otherwise contemplated in this Agreement, or in the event that the Custodian or its nominee incurs, in connection with its performance under this Agreement, any claim, demand, loss, expense or liability (including reasonable attorneys' fees) (except such as may arise from its or its nominee's bad faith, gross negligence or willful misconduct), then, in any such event, any property at any time held for the account of the Fund shall be security therefor, and should the Fund fail promptly to repay or indemnify the Custodian, the Custodian shall be entitled to utilize available cash of such Fund and to dispose of other assets of such Fund to the extent necessary to obtain reimbursement or indemnification.

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

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

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

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

**ARTICLE XI.**

**FORCE MAJEURE**

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

**ARTICLE XII.**

**PROPRIETARY AND CONFIDENTIAL INFORMATION**

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.04 Notwithstanding anything herein to the contrary, (i) the Trust shall be permitted to disclose the identity of the Custodian as a service provider, redacted copies of this Agreement, and such other information as may be required in the Trust's registration or offering documents, or as may otherwise be required by applicable law, rule, or regulation, (ii) the Custodian shall be permitted to include the name of the Trust in lists of representative clients in due diligence questionnaires, RFP responses, presentations, and other marketing and promotional purposes, (iii) each party agrees that it will not use such confidential or proprietary information other than as described in this Agreement, and (iv) each party agrees that will not disclose such confidential or proprietary information to any other person, other than those persons agreed to in this Agreement who reasonably have a need to know such confidential or proprietary information and who are under an obligation of confidentiality consistent with the terms of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.05 This Article shall survive the termination of this Agreement.

**ARTICLE XIII.**

**EFFECTIVE PERIOD; TERMINATION**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.01 <u>Effective Period</u>. This Agreement shall become effective as of the Effective Date and will continue in effect for a period of three (3) years.

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

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

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

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

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

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

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

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

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

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

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

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

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

**ARTICLE XIV.**

**CLASS ACTIONS**

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

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

**ARTICLE XV.**

**MISCELLANEOUS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.01 <u>Compliance with Laws</u>. The Trust has and retains primary responsibility for all compliance matters relating to the Fund, including but not limited to compliance with the 1940 Act, the Internal Revenue Code of 1986, the Sarbanes-Oxley Act of 2002, the USA Patriot Act of 2001 and the policies and limitations of the Fund relating to its portfolio investments as set forth in its prospectus and statement of additional information on Form N-2. The Custodian's services hereunder shall not relieve the Trust of its responsibilities for assuring such compliance or the Board of Trusteed oversight responsibility with respect thereto. The Trust shall immediately notify the Custodian if the investment strategy of any Fund materially changes or deviates from the investment strategy disclosed in the current prospectus, or if it (or any Fund) becomes subject to any new law, rule, regulation, or order of a governmental or judicial authority of competent jurisdiction that materially impacts the operations of the Trust or any Fund or the services provided under this Agreement. Further, the Trust agrees that it complies with any and all applicable local, state, federal, and international data protection laws, and confirms necessary and appropriate consents, disclosures and notices are in place to enable collection and processing of personal data by the Custodian. The Custodian's functions hereunder shall not relieve the Trust of their primary day-to-day responsibility for assuring such compliance.

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

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

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

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

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

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

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

Notice to the Custodian shall be sent to:

U.S. Bank National Association

Lunken Operations Center

CN-OH-L2GL

5065 Wooster Rd

Cincinnati, Ohio 45226

Attn: Global Fund Custody Support Services

Fax: 844.206.1025

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

Notice to the Trust shall be sent to:

FIS Trust

8080 N. Central Expressway

Suite 1700

Dallas, TX 75206

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

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

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

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

---

| | | | |
|:---|:---|:---|:---|
| **FIS TRUST** | **FIS TRUST** | **U.S. BANK NATIONAL ASSOCIATION** | **U.S. BANK NATIONAL ASSOCIATION** |
| By: | ![](ex997001.jpg) | By: | ![](ex997002.jpg) |
| Name: Steve Nelson | Name: Steve Nelson | Name: Grey Farley | Name: Grey Farley |
| Title: Chairman & CEO | Title: Chairman & CEO | Title: Senior Vice President | Title: Senior Vice President |
| Date: 11/25/2025 | Date: 11/25/2025 | Date: 11/25/2025 | Date: 11/25/2025 |

---

**<u>EXHIBIT A</u><br> Custody Agreement**

Separate Series of FIS Trust

<u>Name of Series</u>

FIS Bright Portfolios Focused Equity ETF

FIS Christian Stock Fund

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

**[REDACTED]**

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

**SHAREHOLDER COMMUNICATIONS ACT AUTHORIZATION**

**FIS TRUST**

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

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

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

---

| | |
|:---|:---|
|  **<u>X</u>** YES | U.S. Bank is authorized to provide the Trust's name, address and security position to requesting companies whose stock is owned by the Trust. |
| ____ NO | U.S. Bank is NOT authorized to provide the Trust's name, address and security position to requesting companies whose stock is owned by the Trust. |

---

---

| | |
|:---|:---|
| **FIS TRUST** | **FIS TRUST** |
| By: | ![](ex997001.jpg) |
| Name: Steve Nelson | Name: Steve Nelson |
| Title: Chairman & CEO | Title: Chairman & CEO |
| Date: 11/25/2025 \| 11:13:07 AM PST | Date: 11/25/2025 \| 11:13:07 AM PST |

---

## Exhibit 99.11

[FIS TRUST N-14/A](fis-n14a_120225.htm)

**Exhibit 99.11**

![](thompson-logo.jpg)

December 1, 2025

FIS Trust

8080 North Central Expressway, Suite 1700

Dallas, Texas 75206

Dear Board Members:

We have been requested by FIS Trust, a Delaware business trust (the "Trust") established under an Agreement and Declaration of Trust dated June 5, 2025, as amended from time to time (the "Declaration"), SEC File No. 811-24099, for our opinion with respect to certain matters relating to the FIS Christian Stock Fund and FIS Bright Portfolios Focused Equity ETF (the "Acquiring Funds"), each a series of the Trust. We understand that the Trust will file a Registration Statement on Form N-14 for the purpose of registering shares of the Trust under the Securities Act of 1933, as amended, in connection with the proposed acquisition by the Acquiring Funds of all of the assets of the FIS Christian Stock Fund and FIS Bright Portfolios Focused Equity ETF (the "Acquired Funds"), each a series of the NEOS ETF Trust, in exchange solely for shares of the Acquiring Funds and the assumption by the Acquiring Funds of all or substantially all of the liabilities of the Acquired Funds pursuant to an Agreement and Plan of Reorganization (the "Plan"), the form of which is included in the Registration Statement on Form N-14.

We have been requested by the Trust to furnish this opinion as an exhibit to the Registration Statement on Form N-14. All assumptions and statements of reliance herein have been made without any independent investigation or verification on our part except to the extent otherwise expressly stated, and we express no opinion with respect to the subject matter or accuracy of such assumptions or items relied upon.

We have examined a copy of the Trust's Declaration, the Trust's By-Laws, the Trust's record of the various actions by the Trustees thereof, and all such agreements, certificates of public officials, certificates of officers and representatives of the Trust and others, and such other documents, papers, statutes and authorities as we deem necessary to form the basis of the opinion hereinafter expressed. We have assumed the genuineness of the signatures and the conformity to original documents of the copies of such documents supplied to us as copies thereof.

Based upon the foregoing, and assuming the approval by shareholders of the Acquired Fund, it is our opinion that the shares of the Acquiring Funds currently being registered, when issued in accordance with the Plan and the Trust's Declaration and By-Laws, will be legally issued, fully paid and non-assessable by the Trust.

The opinions expressed herein are limited to matters of Delaware law and United States Federal law as such laws exist today; we express no opinion as to the effect of any applicable law of any other jurisdiction. We assume no obligation to update or supplement our opinion to reflect any facts or circumstances that may hereafter come to our attention, or changes in law that may hereafter occur.

We hereby give you our permission to file this opinion with the Securities and Exchange Commission as an exhibit to the Trust's Registration Statement on Form N-14. This opinion may not be filed with any subsequent amendment, or incorporated by reference into a subsequent amendment, without our prior written consent. This opinion is prepared for the Trust and its shareholders, and may not be relied upon by any other person or organization without our prior written approval.

Very truly yours,

/s/ Thompson Hine LLP

<br> Thompson Hine LLP

![](thompson-2.jpg)

## Ex-99.(12)

[FIS TRUST N-14/A](fis-n14a_120225.htm)

**Exhibit 99.12**

***Form of Tax Opinion***

__________, 2025

NEOS ETF Trust<br> 13 Riverside Avenue<br> Westport, CT 06880

FIS Trust<br> 8080 North Central Expressway, Suite 1700<br> Dallas, TX 75206

Re: REORGANIZATION OF THE FIS BRIGHT PORTFOLIOS FOCUSED EQUITY ETF

Ladies and Gentlemen:

You have requested our opinion with respect to certain of the federal income tax consequences of a proposed transaction consisting of: (i) the transfer of all of the assets (the "Assets") of the FIS Bright Portfolios Focused Equity ETF (the "Target Fund"), a series of NEOS ETF Trust ("Target Trust"), in exchange solely for voting shares of beneficial interest (the "Acquiring Fund Shares") of the FIS Bright Portfolios Focused Equity ETF (the "Acquiring Fund"), a series of FIS Trust (the "Acquiring Trust"), and the assumption by the Acquiring Fund of all of the liabilities of the Target Fund (the "Liabilities"); and (ii) the distribution of the Acquiring Fund Shares to the shareholders of the Target Fund (the "Target Fund Shareholders") in exchange for their shares of beneficial interest of the Target Fund ("Target Fund Shares") in complete liquidation of the Target Fund, all upon the terms and conditions set forth in the Agreement and Plan of Reorganization, dated as of _________, 2025 (the "Agreement"), by and among the Target Trust, the Acquiring Trust, and solely for the purposes of Section 4.3, 5.1(g) and 9 thereof, Faith Investor Services, LLC (the "Adviser") and solely for the purposes of Section 4.4 thereof, Bright Portfolio, LLC, and solely for the purposes of Section 4.5 thereof, Vident Asset Management. Such transaction as contemplated under the Agreement with respect to the Target Fund and the Acquiring Fund is hereinafter called the "Reorganization". The Acquiring Fund is a newly organized series of Acquiring Trust that has not commenced operations and will not do so until the date of the Reorganization. Unless otherwise defined herein, capitalized terms shall have the meanings ascribed to them in the Agreement.

In rendering our opinion, we have reviewed and relied upon: (i) the Agreement; (ii) the Combined Proxy Statement and Prospectus filed with the Securities and Exchange Commission in connection with the Reorganization (the "Proxy Statement"); (iii) certain representations concerning the Reorganization made to us by Target Trust, on behalf of the Target Fund, and by Acquiring Trust, on behalf of the Acquiring Fund, in letters of even date herewith (the "Representation Letters"); (iv) all other documents, financial and other reports which we deemed relevant or appropriate; and (v) the Code,<sup>1</sup> applicable Treasury Department regulations in effect as of the date hereof, current published administrative positions of the Internal Revenue Service (the "IRS") contained in revenue rulings and procedures, and such other statutes, regulations, rulings and decisions as we deemed material to the preparation of this opinion letter. For purposes of this opinion, we have assumed that the representations and warranties set forth in the Agreement and the representations made in the Representation Letters are true and correct and that the conditions to the parties' obligations under the Agreement will be satisfied and the parties will comply with their respective covenants thereunder. In rendering our opinion, we have relied on the representations and warranties in the Agreement and the representations in the Representation Letters. To the extent that any of the representations or warranties in the Agreement or any of the representations in either of the Representation Letters are inaccurate, the conclusions set forth herein may also become inaccurate, or may no longer apply.

------

<sup>1</sup> All references to the "Code" are to the Internal Revenue Code of 1986, as amended.

In formulating our opinion, we have examined originals or copies, identified to our satisfaction, of documents and other instruments that we have deemed necessary or appropriate for purposes of this opinion. In performing such examination, we have assumed the authenticity of all documents submitted to us as copies, the authenticity of the originals of such latter documents, the genuineness of all signatures and the correctness of all representations made therein. We cannot and do not represent that we checked the accuracy or completeness of, or otherwise independently verified, any of the various statements of fact contained in such documents and in documents incorporated by reference therein. We have further assumed that there are no agreements or understandings contemplated therein other than those contained in such documents.

Based upon the foregoing, it is our opinion for federal income tax purposes that, with respect to the Target Fund and the Acquiring Fund, subject to the limitations set forth herein:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Acquiring Fund's acquisition of the Assets in exchange solely for the Acquiring Fund Shares and its assumption of the Liabilities of the Target Fund, followed by the Target Fund's distribution of the Acquiring Fund Shares pro rata to the Target Fund Shareholders actually or constructively in exchange for their Target Fund Shares in complete liquidation of the Target Fund, will qualify as a "reorganization" within the meaning of Section 368(a)(1)(F) of the Code, and the Target Fund and the Acquiring Fund each will be a "party to a reorganization" within the meaning of Section 368(b) of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Under Sections 361 and 357(a) of the Code, no gain or loss will be recognized by the Target Fund upon the transfer of the Target Fund's Assets to the Acquiring Fund solely in exchange for the Acquiring Fund Shares and the assumption by the Acquiring Fund of the Liabilities of the Target Fund or upon the distribution (whether actual or constructive) of the Acquiring Fund Shares to the Target Fund Shareholders in exchange for their Target Fund Shares.

&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) Under Section 1032(a) of the Code, no gain or loss will be recognized by the Acquiring Fund upon the receipt of the Assets solely in exchange for the Acquiring Fund Shares and the Acquiring Fund's assumption of the Liabilities of the Target Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Under Section 362(b) of the Code, the adjusted basis in each of the Target Fund's Assets acquired by the Acquiring Fund will be the same as the adjusted basis of such Assets to the Target Fund immediately prior to the Reorganization.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Under Section 1223(2) of the Code, the holding period of each of the Assets of the Target Fund in the hands of the Acquiring Fund will include the period during which those assets were held by the Target Fund (except where the Acquiring Fund's investment activities have the effect of reducing or eliminating an Asset's holding period).

&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) Under Section 354(a)(1) of the Code, no gain or loss will be recognized by the Target Fund Shareholders upon the exchange of their Target Fund Shares solely for the Acquiring Fund Shares in complete liquidation of the Target Fund pursuant to the Reorganization.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Under Section 358(a)(1) of the Code, the aggregate adjusted basis of the Acquiring Fund Shares received by each Target Fund Shareholder pursuant to the Reorganization will be the same as the aggregate adjusted basis of the Target Fund Shares held by such shareholder immediately prior to the Reorganization.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Under Section 1223(1) of the Code, the holding period of the Acquiring Fund Shares received by each Target Fund Shareholder in the Reorganization will include the period during which the Target Fund Shares exchanged therefor were held by such shareholder (provided the Target Fund Shares were held as capital assets on the date of the Reorganization).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Acquiring Fund will succeed to and take into account the items of the Target Fund described in Section 381(c) of the Code, subject to the conditions and limitations specified in Sections 381, 382, 383 and 384 of the Code and the Treasury Regulations thereunder. In particular, under Treasury Regulation § 1.381(b)-1(a)(2), the Acquiring Fund will be treated for purposes of section 381 of the Code just as the Target Fund would have been treated if there had been no Reorganization, the tax attributes of the Target Fund enumerated in Section 381(c) of the Code shall be taken into account by the Acquiring Fund as if there had been no Reorganization, and the taxable year of the Target Fund will not end on the date of the Reorganization merely because of the closing of the Reorganization.

This opinion letter expresses our views only as to U.S. federal income tax laws in effect as of the date hereof. Our opinions represent our best legal judgment as to the matters addressed herein, but are not binding upon the IRS or the courts, and there is no guarantee that the IRS will not assert positions contrary to the ones taken in this opinion. We disclaim any obligation to make any continuing analysis of the facts or relevant law following the date of this opinion letter.

Our opinions are provided solely to you as a legal opinion only, and not as a guaranty or warranty, and are limited to the specific transactions and matters described above. No opinion may be implied or inferred beyond what is expressly stated in this letter. We express no opinion with respect to any matter not specifically addressed by the foregoing opinions. By way of illustration, and without limitation of the foregoing, we express no opinion regarding: (i) whether either the Target Fund or the Acquiring Fund qualifies or will qualify as a regulated investment company; (ii) the federal income tax consequences of the payment of Reorganization expenses by the Adviser, except in relation to the qualification of the Reorganization as a reorganization under Section 368(a) of the Code; (iii) whether any federal income tax will be imposed or required to be withheld under the Foreign Investment in Real Property Tax Act of 1980 with respect to any Target Fund Shareholder that is a foreign person; (iv) the effect of the Reorganization on the Target Fund with respect to any transferred asset as to which unrealized gain or loss is required to be recognized for federal income tax purposes under a mark-to-market system of accounting (including under Section 1256 of the Code); (v) the effect of the Reorganization on any shareholder of the Target Fund that is required to recognize unrealized gains or losses for federal income tax purposes under a mark-to-market system of accounting; (vi) whether accrued market discount, if any, on any market discount bonds held by the Target Fund will be required to be recognized as ordinary income under Section 1276 of the Code as a result of the Reorganization; (vii) whether any gain or loss will be required to be recognized with respect to any Asset that constitutes stock in a passive foreign investment company (within the meaning of Section 1297(a) of the Code); (viii) the effect of the Reorganization on any transferred asset as to which any unrealized gain or loss is required to be recognized under U.S. federal income tax principles upon the transfer of such asset regardless of whether such transfer would otherwise be a non-recognition transaction; and (ix) any other U.S. federal tax issues (except those set forth above) and all state, local or foreign tax consequences of the Reorganization.

Our opinions are being rendered to Target Trust and Acquiring Trust and their respective Boards of Trustees, and may be relied upon only by Target Trust and Acquiring Trust and their respective Boards of Trustees and by the shareholders of the Target Fund, it being understood that we are not thereby establishing any attorney-client relationship with any shareholder of the Target Fund. Target Trust, the Target Fund, Acquiring Trust, the Acquiring Fund and the shareholders of the Target Fund and the Acquiring Fund are free to disclose the tax treatment or tax structure of any of the transactions described herein.

We hereby consent to the filing of this opinion as an exhibit to the Proxy Statement and to the use of our name and to any reference to our firm in the Proxy Statement. In giving such consent, we do not hereby admit that we are within the category of person whose consent is required under Section 7 of the Securities Act of 1933, as amended, or the rules and regulations of the Securities and Exchange Commission thereunder.

Very truly yours,

***Form of Tax Opinion***

__________, 2025

NEOS ETF Trust<br> 13 Riverside Avenue<br> Westport, CT 06880

FIS Trust<br> 8080 North Central Expressway, Suite 1700<br> Dallas, TX 75206

Re: REORGANIZATION OF THE FIS CHRISTIAN STOCK FUND

Ladies and Gentlemen:

You have requested our opinion with respect to certain of the federal income tax consequences of a proposed transaction consisting of: (i) the transfer of all of the assets (the "Assets") of the FIS Christian Stock Fund (the "Target Fund"), a series of NEOS ETF Trust ("Target Trust"), in exchange solely for voting shares of beneficial interest (the "Acquiring Fund Shares") of the FIS Christian Stock Fund (the "Acquiring Fund"), a series of FIS Trust (the "Acquiring Trust"), and the assumption by the Acquiring Fund of all of the liabilities of the Target Fund (the "Liabilities"); and (ii) the distribution of the Acquiring Fund Shares to the shareholders of the Target Fund (the "Target Fund Shareholders") in exchange for their shares of beneficial interest of the Target Fund ("Target Fund Shares") in complete liquidation of the Target Fund, all upon the terms and conditions set forth in the Agreement and Plan of Reorganization, dated as of _________, 2025 (the "Agreement"), by and among the Target Trust, the Acquiring Trust, and solely for the purposes of Section 4.3, 5.1(g) and 9 thereof, Faith Investor Services, LLC (the "Adviser") and solely for the purposes of Section 4.4 thereof, Bright Portfolio, LLC, and solely for the purposes of Section 4.5 thereof, Vident Asset Management. Such transaction as contemplated under the Agreement with respect to the Target Fund and the Acquiring Fund is hereinafter called the "Reorganization". The Acquiring Fund is a newly organized series of Acquiring Trust that has not commenced operations and will not do so until the date of the Reorganization. Unless otherwise defined herein, capitalized terms shall have the meanings ascribed to them in the Agreement.

In rendering our opinion, we have reviewed and relied upon: (i) the Agreement; (ii) the Combined Proxy Statement and Prospectus filed with the Securities and Exchange Commission in connection with the Reorganization (the "Proxy Statement"); (iii) certain representations concerning the Reorganization made to us by Target Trust, on behalf of the Target Fund, and by Acquiring Trust, on behalf of the Acquiring Fund, in letters of even date herewith (the "Representation Letters"); (iv) all other documents, financial and other reports which we deemed relevant or appropriate; and (v) the Code,<sup>1</sup> applicable Treasury Department regulations in effect as of the date hereof, current published administrative positions of the Internal Revenue Service (the "IRS") contained in revenue rulings and procedures, and such other statutes, regulations, rulings and decisions as we deemed material to the preparation of this opinion letter. For purposes of this opinion, we have assumed that the representations and warranties set forth in the Agreement and the representations made in the Representation Letters are true and correct and that the conditions to the parties' obligations under the Agreement will be satisfied and the parties will comply with their respective covenants thereunder. In rendering our opinion, we have relied on the representations and warranties in the Agreement and the representations in the Representation Letters. To the extent that any of the representations or warranties in the Agreement or any of the representations in either of the Representation Letters are inaccurate, the conclusions set forth herein may also become inaccurate, or may no longer apply.

------

<sup>1</sup> All references to the "Code" are to the Internal Revenue Code of 1986, as amended.

In formulating our opinion, we have examined originals or copies, identified to our satisfaction, of documents and other instruments that we have deemed necessary or appropriate for purposes of this opinion. In performing such examination, we have assumed the authenticity of all documents submitted to us as copies, the authenticity of the originals of such latter documents, the genuineness of all signatures and the correctness of all representations made therein. We cannot and do not represent that we checked the accuracy or completeness of, or otherwise independently verified, any of the various statements of fact contained in such documents and in documents incorporated by reference therein. We have further assumed that there are no agreements or understandings contemplated therein other than those contained in such documents.

Based upon the foregoing, it is our opinion for federal income tax purposes that, with respect to the Target Fund and the Acquiring Fund, subject to the limitations set forth herein:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Acquiring Fund's acquisition of the Assets in exchange solely for the Acquiring Fund Shares and its assumption of the Liabilities of the Target Fund, followed by the Target Fund's distribution of the Acquiring Fund Shares pro rata to the Target Fund Shareholders actually or constructively in exchange for their Target Fund Shares in complete liquidation of the Target Fund, will qualify as a "reorganization" within the meaning of Section 368(a)(1)(F) of the Code, and the Target Fund and the Acquiring Fund each will be a "party to a reorganization" within the meaning of Section 368(b) of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Under Sections 361 and 357(a) of the Code, no gain or loss will be recognized by the Target Fund upon the transfer of the Target Fund's Assets to the Acquiring Fund solely in exchange for the Acquiring Fund Shares and the assumption by the Acquiring Fund of the Liabilities of the Target Fund or upon the distribution (whether actual or constructive) of the Acquiring Fund Shares to the Target Fund Shareholders in exchange for their Target Fund Shares.

&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) Under Section 1032(a) of the Code, no gain or loss will be recognized by the Acquiring Fund upon the receipt of the Assets solely in exchange for the Acquiring Fund Shares and the Acquiring Fund's assumption of the Liabilities of the Target Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Under Section 362(b) of the Code, the adjusted basis in each of the Target Fund's Assets acquired by the Acquiring Fund will be the same as the adjusted basis of such Assets to the Target Fund immediately prior to the Reorganization.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Under Section 1223(2) of the Code, the holding period of each of the Assets of the Target Fund in the hands of the Acquiring Fund will include the period during which those assets were held by the Target Fund (except where the Acquiring Fund's investment activities have the effect of reducing or eliminating an Asset's holding period).

&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) Under Section 354(a)(1) of the Code, no gain or loss will be recognized by the Target Fund Shareholders upon the exchange of their Target Fund Shares solely for the Acquiring Fund Shares in complete liquidation of the Target Fund pursuant to the Reorganization.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Under Section 358(a)(1) of the Code, the aggregate adjusted basis of the Acquiring Fund Shares received by each Target Fund Shareholder pursuant to the Reorganization will be the same as the aggregate adjusted basis of the Target Fund Shares held by such shareholder immediately prior to the Reorganization.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Under Section 1223(1) of the Code, the holding period of the Acquiring Fund Shares received by each Target Fund Shareholder in the Reorganization will include the period during which the Target Fund Shares exchanged therefor were held by such shareholder (provided the Target Fund Shares were held as capital assets on the date of the Reorganization).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Acquiring Fund will succeed to and take into account the items of the Target Fund described in Section 381(c) of the Code, subject to the conditions and limitations specified in Sections 381, 382, 383 and 384 of the Code and the Treasury Regulations thereunder. In particular, under Treasury Regulation § 1.381(b)-1(a)(2), the Acquiring Fund will be treated for purposes of section 381 of the Code just as the Target Fund would have been treated if there had been no Reorganization, the tax attributes of the Target Fund enumerated in Section 381(c) of the Code shall be taken into account by the Acquiring Fund as if there had been no Reorganization, and the taxable year of the Target Fund will not end on the date of the Reorganization merely because of the closing of the Reorganization.

This opinion letter expresses our views only as to U.S. federal income tax laws in effect as of the date hereof. Our opinions represent our best legal judgment as to the matters addressed herein, but are not binding upon the IRS or the courts, and there is no guarantee that the IRS will not assert positions contrary to the ones taken in this opinion. We disclaim any obligation to make any continuing analysis of the facts or relevant law following the date of this opinion letter.

Our opinions are provided solely to you as a legal opinion only, and not as a guaranty or warranty, and are limited to the specific transactions and matters described above. No opinion may be implied or inferred beyond what is expressly stated in this letter. We express no opinion with respect to any matter not specifically addressed by the foregoing opinions. By way of illustration, and without limitation of the foregoing, we express no opinion regarding: (i) whether either the Target Fund or the Acquiring Fund qualifies or will qualify as a regulated investment company; (ii) the federal income tax consequences of the payment of Reorganization expenses by the Adviser, except in relation to the qualification of the Reorganization as a reorganization under Section 368(a) of the Code; (iii) whether any federal income tax will be imposed or required to be withheld under the Foreign Investment in Real Property Tax Act of 1980 with respect to any Target Fund Shareholder that is a foreign person; (iv) the effect of the Reorganization on the Target Fund with respect to any transferred asset as to which unrealized gain or loss is required to be recognized for federal income tax purposes under a mark-to-market system of accounting (including under Section 1256 of the Code); (v) the effect of the Reorganization on any shareholder of the Target Fund that is required to recognize unrealized gains or losses for federal income tax purposes under a mark-to-market system of accounting; (vi) whether accrued market discount, if any, on any market discount bonds held by the Target Fund will be required to be recognized as ordinary income under Section 1276 of the Code as a result of the Reorganization; (vii) whether any gain or loss will be required to be recognized with respect to any Asset that constitutes stock in a passive foreign investment company (within the meaning of Section 1297(a) of the Code); (viii) the effect of the Reorganization on any transferred asset as to which any unrealized gain or loss is required to be recognized under U.S. federal income tax principles upon the transfer of such asset regardless of whether such transfer would otherwise be a non-recognition transaction; and (ix) any other U.S. federal tax issues (except those set forth above) and all state, local or foreign tax consequences of the Reorganization.

Our opinions are being rendered to Target Trust and Acquiring Trust and their respective Boards of Trustees, and may be relied upon only by Target Trust and Acquiring Trust and their respective Boards of Trustees and by the shareholders of the Target Fund, it being understood that we are not thereby establishing any attorney-client relationship with any shareholder of the Target Fund. Target Trust, the Target Fund, Acquiring Trust, the Acquiring Fund and the shareholders of the Target Fund and the Acquiring Fund are free to disclose the tax treatment or tax structure of any of the transactions described herein.

We hereby consent to the filing of this opinion as an exhibit to the Proxy Statement and to the use of our name and to any reference to our firm in the Proxy Statement. In giving such consent, we do not hereby admit that we are within the category of person whose consent is required under Section 7 of the Securities Act of 1933, as amended, or the rules and regulations of the Securities and Exchange Commission thereunder.

Very truly yours,

## Ex-99.(13)(A)

[FIS TRUST N-14/A](fis-n14a_120225.htm)

**Exhibit 99.13(a)** 

**FUND SERVICING AGREEMENT**

This Fund Servicing Agreement (this "<u>Agreement</u>") is made and entered into as of December 31, 2025 (the "Effective Date") by and between **FIS TRUST**, a Delaware statutory trust (the "<u>Trust</u>") and **U.S. BANCORP FUND SERVICES, LLC (d/b/a U.S. Bank Global Fund Services)**, a Wisconsin limited liability company ("<u>USBGFS</u>").

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

WHEREAS, USBGFS is, among other things, in the business of providing administration, accounting, and transfer agency functions for the benefit of its customers; and

WHEREAS, the Trust desires to retain USBGFS to provide certain services, as expressly delineated and limited herein, to each series of the Trust listed on <u>Exhibit A</u> hereto (as amended from time to time) (collectively, the "<u>Funds</u>"); and

WHERAS, each Fund issues shares of beneficial interest ("Shares") for each Fund. The Shares shall be created and redeemed in bundles called "Creation Units." The Trust, on behalf of the Funds, shall create and redeem Shares of each Fund only in Creation Units principally in kind or in cash for portfolio securities of the particular Fund ("Deposit Securities"), as more fully described in the current prospectus and statement of additional information of a Fund, included in the Trust's registration statement on Form N-l A; and as authorized under the Order of Exemption granted by the Securities and Exchange Commission. Only brokers or dealers that are "Authorized Participants" and that have entered into an Authorized Participant Agreement with the Fund's Distributor (the "Distributor"), acting on behalf of the Trust, shall be authorized to create and redeem Shares in Creation Units from the Trust. The Trust wishes to engage USBGFS to perform certain services on behalf of the Trust with respect to the creation and redemption of Shares, as the Trust's agent, namely to provide transfer agent services for Shares of each Fund; and to act as Index Receipt Agent (as such term is defined in the rules of the National Securities Clearing Corporation ("NSCC")) with respect to the settlement of trade orders with Authorized Participants. The Trust has engaged U.S. Bank, National Association (the "Custodian") to provide custody services under the terms of a Custody Agreement, as supplemented hereby, for the settlement of Creation Units against Deposit Securities and/or cash that shall be delivered by Authorized Participants in exchange for Shares and the redemption of Shares in Creation Unit size against the delivery of Redemption Securities and/or cash of each Fund. The Trust will ordinarily issue for purchase and redeem Shares only in aggregations of Shares known as Creation Units (at least 25,000 Shares) principally in kind or in cash. The Depository Trust Company, a limited purpose trust company organized under the laws of the State of New York ("DTC"), or its nominee Cede & Company, will be the registered owner (the "Shareholder") of all Shares.

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

&nbsp;&nbsp;&nbsp;&nbsp;1. Appointment
 of USBGFS as Service Provider.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The
 Trust hereby appoints USBGFS as a service provider to the Trust on the terms and conditions
 set forth in this Agreement, and USBGFS hereby accepts such appointment and agrees to
 perform the services and duties set forth on <u>Exhibit B</u> (the " <u>Services</u> ")
 in accordance with the terms and conditions of this Agreement. The services and duties
 of USBGFS shall be confined to those matters expressly set forth herein, and no implied
 duties are assumed by or may be asserted against USBGFS hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. USBGFS
 shall not be bound by any Trust policies or procedures, or changes thereto, that purport
 to impose any additional duties, obligations, or care on USBGFS other than as expressly
 set forth herein, or that purport to affect in any way the Services or the manner in
 which they are provided.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. The
 Services set forth herein may not be modified or enlarged by implication or course of
 dealing between the Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. USBGFS
 may use its affiliates to provide any of the Services. Any such affiliate shall be held
 to the same standard of care as USBGFS would be under this Agreement, and USBGFS shall
 be responsible for the provision of such Services to the same extent as if provided by
 USBGFS. The Trust consents to the use of such affiliates and to USBGFS providing to such
 affiliates any information regarding the Trust or its shareholders as may be required
 to provide such Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. USBGFS
 reserves the right to make changes from time to time, as it deems advisable, relating
 to its systems, programs, rules, operating schedules and equipment.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. The
 Trust may from time-to-time request that USBGFS modify its internal operating procedures
 with respect to the provision of the Services, which request shall be provided in writing
 by a duly authorized officer of the Trust or by any other person authorized by the Trust
 to provide such request. USBGFS is under no obligation to agree to such modifications.
 If USBGFS agrees to comply with such request, then it shall be entitled to follow such
 modified operating procedure without further inquiry or diligence, and its actions or
 inactions in connection with following such modified operated procedures shall be deemed
 to be within its standard of care under <u>Section 10</u> for all purposes.

&nbsp;&nbsp;&nbsp;&nbsp;2. Compensation.

USBGFS shall be compensated for providing the Services in accordance with the fee schedule set forth on <u>Exhibit C</u> hereto (as amended from time to time). USBGFS shall also be reimbursed for such miscellaneous expenses set forth in <u>Exhibit C</u> hereto as are reasonably incurred by USBGFS in performing its duties hereunder. The Trust shall pay all such fees and reimbursable expenses within thirty (30) calendar days following receipt of the billing notice, except for any fee or expense subject to a good faith dispute. The Trust shall notify USBGFS in writing within thirty (30) calendar days following receipt of each invoice if the Trust is disputing any amounts in good faith. The Trust shall pay such disputed amounts within ten (10) calendar days of the day on which the parties agree to the amount to be paid. With the exception of any fee or expense the Trust is disputing in good faith as set forth above, unpaid invoices shall accrue a finance charge of one and one-half percent (1½%) per month after the due date. Notwithstanding anything to the contrary, amounts owed by the Trust to USBGFS shall only be paid out of the assets and property of the particular Fund involved.

&nbsp;&nbsp;&nbsp;&nbsp;3. License
 of Data; Warranty; Termination of Rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. USBGFS
 has entered into agreements with various data service providers (each, a " <u>Data Provider</u> "), including, without limitation, MSCI index data services
 (" <u>MSCI</u> "), Standard & Poor Financial Services LLC (" <u>S&P</u> "),
 Morningstar, Broadridge, FTSE, ICE, and Confluence Technologies to provide data services
 that may include, without limitation, index returns and pricing information (collectively,
 the " <u>Data"</u>)
 to facilitate the services provided by USBGFS to each Fund. These Data Providers have
 required USBGFS to include certain provisions regarding the use of the Data in this Agreement
 attached hereto as <u>Exhibit D</u>. The Data is being licensed, not sold, to the Trust. The Trust has a limited
 license to use the Data only for purposes necessary for valuing each Fund's assets
 and making any required reporting relating thereto (the " <u>License</u> ").
 The Trust does not have any license or right to use the Data for purposes outside the
 scope of this Agreement including, but not limited to, resale to other users or for use
 in creating any type of historical database. The Trust acknowledges and agrees that certain
 Data Providers may also require the Trust or one or more Funds to enter into an agreement
 directly with the Data Provider for the use of that Data Provider's Data. The provisions
 in <u>Exhibit D</u> shall not have any effect upon the standard of care and liability USBGFS has
 set forth in <u>Section 10</u> of this Agreement. The Trust acknowledges the proprietary rights that USBGFS
 and its Data Providers have in the Data.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. THE
 TRUST HEREBY ACCEPTS THE DATA AS IS, WHERE IS, WITH NO WARRANTIES, EXPRESS OR IMPLIED,
 AS TO MERCHANTABILITY OR FITNESS FOR ANY PURPOSE OR ANY OTHER MATTER. USBGFS IS NOT RESPONSIBLE
 FOR ANY OF THE DATA ACCESSED BY THE TRUST OR ANY OF ITS SERVICE PROVIDERS OR AGENTS AND
 USBGFS ASSUMES NO DUTY TO VERIFY SUCH DATA.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. The
 Trust agrees to indemnify and hold harmless USBGFS, its Data Providers, and any other
 third party involved in or related to the making or compiling of the Data, their affiliates
 and subsidiaries and their respective directors, officers, employees and agents from
 and against any claims, losses, damages, liabilities, costs and expenses,
 including reasonable attorneys' fees and costs, as incurred, arising in and any
 manner out of the Trust's or any third party's use of, or inability
 to use, the Data or any breach by the Trust of any provision contained in this Agreement
 regarding the Data. The immediately preceding sentence shall not have any effect upon
 the standard of care and liability of USBGFS as set forth in <u>Section 10</u> of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. USBGFS
 has entered into agreements with Bloomberg Finance L.P. (" <u>Bloomberg</u> ") to provide data (the " <u>N-PORT Data"</u>) for use in or
 in connection with the reporting requirements under Rule 30bl-9, including
 preparation and filing of Form N-PORT. In connection with the provision of the N-PORT
 Data, Bloomberg requires the following provisions to be included in the Agreement:

The Trust agrees that it shall (a) comply with all laws, rules and regulations applicable to accessing and using the N-PORT Data, (b) not extract the N-PORT Data from the view-only portal, (c) not use the N-PORT Data for any purpose independent of complying with the requirements of Rule 30b 1-9 (which prohibition shall include, for the avoidance of doubt, use in risk reporting or other systems or processes (e.g., systems or processes made available enterprise-wide for the Trust's internal use)), (d) permit audits of its use of the N-PORT Data by Bloomberg, its affiliates or, at the Trust's request, a mutually agreed upon third party auditor (provided that the costs of an audit by a third party shall be borne by the Trust), and (e) exculpate Bloomberg, its affiliates and their respective suppliers from any liability or responsibility of any kind relating to the Trust's receipt or use of the N-PORT Data (including expressly disclaiming all warranties). The Trust further agrees that Bloomberg shall be a third party beneficiary of the Agreement solely with respect to the foregoing provisions (a) – (e).

&nbsp;&nbsp;&nbsp;&nbsp;4. Lost
 Shareholder Due Diligence Searches and Servicing. **<sup>1</sup>** 

The Trust hereby acknowledges that USBGFS has an arrangement with an outside vendor to conduct lost shareholder searches required by Rule 17Ad-17 under the Securities Exchange Act of 1934, as amended (the <u>"Exchange Act</u>"). Costs associated with such searches will be passed through to the Trust as a miscellaneous expense in accordance with the fee schedule set forth in <u>Exhibit C</u> hereto. If a shareholder remains lost and the shareholder's account unresolved after completion of the mandatory Rule 17Ad-17 search, the Trust hereby authorizes USBGFS to conduct a more in-depth search in order to seek to locate the lost shareholder before the shareholder's assets escheat to the applicable state, to enter into agreements with vendors to conduct such additional searches, and to charge the costs of such additional searches to the account of the lost shareholder. There can be no guarantee that any in-depth search will be successful.

&nbsp;&nbsp;&nbsp;&nbsp;5. Anti-Money
 Laundering and Red Flag Identity Theft Prevention Programs. **<sup>2</sup>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The
 Trust acknowledges that it had an opportunity to review, consider and approve the written
 procedures provided by USBGFS describing various processes used by USBGFS which are designed
 to promote the detection and reporting of potential money laundering activity and identity
 theft by monitoring certain aspects of shareholder activity as well as written procedures
 for verifying a customer's identity (collectively, the " <u>Procedures</u> ").
 Further, the Trust has determined that the Procedures, as part of the Trust's overall
 anti-money laundering program and identity theft prevention program responsibilities,
 are reasonably designed to help: (i) prevent the Trust from being used for money laundering
 or the financing of terrorist activities; (ii) prevent identity theft; and (iii) achieve
 compliance with the applicable provisions of the Bank Secrecy Act, the USA Patriot Act
 of 2001, the Fair and Accurate Credit Transactions Act of 2003, and the implementing
 regulations thereunder (together " <u>AML Rules</u> ").

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

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

**<sup>1</sup>** **[Only include "Lost Shareholder Due Diligence Searches and Servicing" section if TA services are being provided.]**

**<sup>2</sup>** **[Only include "Anti-Money Laundering and Red Flag Identity Theft Prevention Programs" section if TA services are being provided.]**

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

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

&nbsp;&nbsp;&nbsp;&nbsp;6. Pricing
 of Portfolio Positions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. For
 each valuation date, obtain prices from a pricing source as instructed to USBGFS by an
 individual authorized by the applicable Fund or its appointed Valuation Designee and
 apply those prices to the portfolio positions. For those securities where market quotations
 are not readily available, the Fund's Valuation Designee, or another person authorized
 by the Fund or the Valuation Designee, will be responsible to supply USBGFS with valuations.
 The Fund's appointed Valuation Designee(s) is (are) responsible for the accuracy
 of the lists supplied to USBGFS of pricing sources and the list of individuals authorized
 to designate pricing sources or valuations on behalf of the Valuation Designee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. If
 one or more of the primary pricing sources for the portfolio positions of the Fund is
 unavailable when needed, USBGFS may use an alternative pricing source identified by USBGFS
 on a temporary basis. In such event the alternative price is subject to the review and
 approval of the Trust, and the Trust shall promptly notify USBGFS of any desired changes
 to such alternative price. USBGFS shall not have any liability for the use of such alternative
 price so long as it has met its standard of care under <u>Section 10</u> with respect to the selection of such alternative pricing source.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. If
 the Fund desires to provide a price for a portfolio position that varies from the price
 provided by the pricing source, the Fund shall promptly notify and supply USBGFS with
 the price of any such security on each valuation date. All pricing changes made by the
 Fund will be in writing and must specifically identify the securities to be changed by
 CUSIP, name of security, new price or rate to be applied, and, if applicable, the time
 period for which the new price(s) is/are effective. In such case USBGFS shall apply the
 price provided by the Fund without further investigation or verification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. In
 the event that the Fund at any time receives Data containing price evaluations, rather
 than market quotations, for certain securities or certain other data related to such
 securities, the following provisions will apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. evaluated
 securities are typically complicated financial instruments. There are many methodologies
 (including computer-based analytical modeling and individual security evaluations) available
 to generate approximations of the market value of such securities, and there is significant
 professional disagreement about which method is best. No evaluation method may consistently
 generate approximations that correspond to actual traded prices of the securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. methodologies
 used to provide the pricing portion of certain Data may rely on evaluations; however,
 the Trust acknowledges that there may be errors or defects in the software, databases,
 or methodologies generating the evaluations that may cause resultant evaluations to be
 inappropriate for use in certain applications; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. the
 Trust assumes all responsibility for edit checking, external verification of evaluations,
 and ultimately the appropriateness of using Data containing evaluations, regardless of
 any efforts made by USBGFS and its suppliers in this respect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Neither
 USBGFS, nor any of its employees, agents or suppliers is acting as the valuation designee
 within the meaning of Rule 2a-5 under the 1940 Act in respect of any Fund, and USBGFS
 shall not have any obligation for making fair value determinations or to investigate
 or verify the accuracy or appropriateness of any prices, evaluations, market quotations,
 or other data or pricing related inputs received from the Trust, the Fund, any of their
 affiliates, or any pricing service approved by the Board, or fair values obtained from
 the Board or its valuation designee. USBGFS may perform certain tests on pricing data
 received each day, on a limited basis, which may include day over day tolerance breaks,
 NAV impact price analysis, and stale price testing, based on the availability of data
 from data vendors. However, such tests are limited, are not intended or designed to determine
 whether any price is fair or appropriate, and do not replace the valuation designee's
 responsibility for the appropriateness of prices used in calculating the NAV of each
 Fund. Valuations received from a pricing source employed by the Trust, a Fund, or a Fund's
 investment adviser, or from calculation models that are based on inputs or data delivered
 to these sources from individuals associated with a Fund or the Fund's investment
 adviser, are not subject to these tests and will be utilized as instructed by the valuation
 designee. The Trust acknowledges that the same or similar positions held by a Fund may
 be valued differently by other customers of USBGFS and that USBGFS is not under any obligation
 to compare such prices or notify the Trust or the Fund of any such discrepancies. Notwithstanding
 anything else in this Agreement to the contrary, USBGFS and its affiliates shall not
 be responsible or liable for any mistakes, errors, or mispricing, or any losses related
 thereto, resulting from any inaccurate, inappropriate, or fraudulent prices, evaluations,
 market quotations, or other data or pricing related inputs received from the Trust, the
 Fund, any of their affiliates, or any third-party source.

&nbsp;&nbsp;&nbsp;&nbsp;7. Changes
 in Accounting Procedures.

USBGFS shall perform its Services in accordance with the accounting practices and procedures of the Trust, provided that any changes to such accounting practices and procedures shall only be effective upon the Services following a resolution passed by the Board and receipt of written notice to and acceptance by USBGFS, which shall not be unreasonably withheld, and which may not be withheld when such change is required by applicable laws. USBGFS agrees to implement such changes in a timely fashion.

&nbsp;&nbsp;&nbsp;&nbsp;8. Representations
 & Warranties.

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

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

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

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

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;9. Notification
 of Error.

The Trust will notify USBGFS of any discrepancy between USBGFS and the Trust, including, but not limited to, failing to account for a security position in the Fund's portfolio, upon the later to occur of: (i) three (3) business days after receipt of any reports rendered by USBGFS to the Trust; (ii) three (3) business days after discovery of any error or omission not covered in the balancing or control procedure; or (iii) three (3) business days after receiving notice from any shareholder regarding any such discrepancy. Notwithstanding any other provision in this Agreement, USBGFS shall have no liability with respect to any such discrepancy that the Trust does not notify USBGFS of within such time period.

&nbsp;&nbsp;&nbsp;&nbsp;10. Standard
 of Care; Indemnification; Limitation of Liability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. USBGFS
 shall exercise reasonable care in the performance of its duties under this Agreement.
 Neither USBGFS nor any of its affiliates or suppliers shall be liable for any error of
 judgment; mistake of law; fraud or misconduct by the Trust, any Fund, the adviser or
 any other service provider to the Trust or a Fund, or any employee of the foregoing;
 or for any loss suffered by the Trust, a Fund, or any third
 party in connection with USBGFS' duties under this Agreement, including losses
 resulting from mechanical breakdowns or the failure of communication or power
 supplies beyond USBGFS' reasonable control, except a loss arising out of or relating
 to USBGFS' material breach of this agreement or from its bad faith, gross
 negligence, or willful misconduct in the performance of its duties under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Notwithstanding
 any other provision of this Agreement, if USBGFS has exercised reasonable care in the
 performance of its duties under this Agreement, the Trust shall indemnify and hold harmless
 USBGFS, its affiliates, and its and their officers, directors, managers,
 employees, and suppliers (the " <u>USBGFS Indemnified Parties</u> ") from
 and against any and all claims, demands, losses, expenses, and liabilities of
 any and every nature (including reasonable attorneys' fees)
 (collectively " <u>Losses</u> ") that any such USBGFS Indemnified
 Party may sustain or incur or that may be asserted against a USBGFS Indemnified Party
 by any person arising out of any action taken or omitted to be taken by it in performing
 the services hereunder (i) in accordance with the foregoing standards, or (ii) in reliance
 upon any written or oral instruction provided to a USBGFS Indemnified Party by any duly
 authorized officer of the Trust or by any other person authorized by the Trust to provide
 such instruction, except for any and all claims, demands, losses, expenses, and liabilities
 arising out of or relating to USBGFS' material breach of this Agreement or from its bad faith, gross negligence or willful
 misconduct in the performance of its duties under this Agreement. This indemnity shall
 be a continuing obligation of the Trust, its successors and assigns, notwithstanding
 the termination of this Agreement. If requested by a USBGFS Indemnified Party, the Trust
 shall advance (within thirty days of such request) any and all costs and expenses of
 such USBGFS Indemnified Party incurred in connection with any Losses or investigating
 or defending any matter to which such USBGFS Indemnified Party may be entitled to
 indemnification including, without limitation, attorneys' and experts' fees.
 The USBGFS Indemnified Party shall, in connection with any such advancement, agree to
 an undertaking to repay such advancement if and to the extent that it is ultimately determined
 by a court of competent jurisdiction in a final non-appealable judgement that the USBGFS
 Indemnified Party is not entitled to be indemnified by the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. USBGFS
 shall indemnify and hold the Trust and its trustees, officers, and employees (collectively
 the " <u>Trust Indemnified Parties</u> ") harmless from and against any and all Losses that
 the Trust may sustain or incur or that may be asserted against the Trust by any person
 arising out of any action taken or omitted to be taken by USBGFS as a result of USBGFS'
 material breach of this Agreement, or from USBGFS' bad faith, gross negligence,
 or willful misconduct in the performance of its duties under this Agreement. This indemnity
 shall be a continuing obligation of USBGFS, its successors and assigns, notwithstanding
 the termination of this Agreement.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. Notwithstanding
 anything herein to the contrary, USBGFS reserves the right to reprocess and correct administrative
 errors at its own expense.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h. The
 indemnity and defense provisions set forth in this <u>Section 10</u> shall indefinitely survive the termination and/or assignment of this Agreement.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;11. Proprietary
 and Confidential Information.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. USBGFS
 shall have in place and maintain physical, electronic and procedural safeguards reasonably
 designed to protect the security, confidentiality and integrity of, and to prevent unauthorized
 access to or use of, records and information relating to the Trust and its shareholders.
 USBGFS has implemented and will maintain an effective information security program reasonably
 designed to protect information relating to the shareholders of the Trust (such information,
 " <u>Personal Information</u> "), which program includes sufficient administrative, technical
 and physical safeguards and written policies and procedures reasonably designed to (a)
 ensure the security and confidentiality of such Personal Information; (b) protect against
 any anticipated threats or hazards to the security or integrity of such Personal Information,
 including identity theft; and (c) protect against unauthorized access to or use of such
 Personal Information that could result in substantial harm or inconvenience to the Fund
 or any Shareholder (the " <u>Information Security Program</u> "). The Information Security Program complies and shall
 comply with reasonable information security practices within the industry (including
 the encryption of data where necessary or appropriate). Upon written request from the
 Trust, USBGFS shall provide a written description of its Information Security Program.
 USBGFS shall provide related reports and information responding to reasonable due diligence
 requests regarding its compliance with its Information Security Program and shall notify
 the Trust, expeditiously and without unreasonable delay, in writing of any breach of
 security, misuse or misappropriation of, or unauthorized access to, (in each case, whether
 actual or alleged) any information of a Fund (any or all of the foregoing referred to
 individually and collectively for purposes of this provision as a " <u>Security Breach</u> "). USBGFS shall promptly investigate, remedy and bear the cost
 of the measures (including notification to any affected parties), if any, to address
 any Security Breach. USBGFS shall bear the cost of the Security Breach only if USBGFS
 is determined to be directly responsible for such Security Breach. In addition to, and
 without limiting the foregoing, USBGFS shall promptly cooperate with the Trust or any
 of its affiliates' regulators at USBGFS's expense to prevent, investigate, cease
 or mitigate any Security Breach, including but not limited to investigating, bringing
 claims or actions and giving information and testimony. Notwithstanding any other provision
 in this Agreement, the obligations set forth in this paragraph shall survive termination
 of this Agreement.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. The
 Trust shall not make or change any written representations regarding the services provided
 by or the responsibilities of USBGFS or its affiliates under this Agreement, whether
 in the Trust's registration statement, offering documents, marketing or promotional
 materials, policies, or otherwise, that explicitly or implicitly ascribe to USBGFS or
 its affiliates any duties or responsibilities under this Agreement that are not specifically
 stated herein.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. Nothing
 in this Agreement is intended to limit a party or any other person from affirmatively
 reporting to, initiating communications directly with, or providing information and documents
 (with the exception of information or documents that are subject to legal or other applicable
 privilege) to any governmental entity, regulator, or self-regulatory organization regarding
 possible violations of law or regulation without prior notice to the disclosing party.

&nbsp;&nbsp;&nbsp;&nbsp;12. Records.

USBGFS shall keep records relating to the services to be performed hereunder in the form and manner, and for such period, as it may deem advisable, but not inconsistent with the rules and regulations of appropriate government authorities, in particular, Section 31 of the 1940 Act and the rules thereunder. USBGFS agrees that records relating to the services to be performed by USBGFS hereunder are the property of the Trust and will be preserved, maintained, and made available in accordance with such applicable sections and rules of the 1940 Act and will be promptly surrendered to the Trust or its designee on and in accordance with its request, provided, however, that the Trust shall bear the reasonable cost of transfer (including, without limitation, costs related to image conversions), and USBGFS may retain such copies of such records in such form as may be required to comply with any applicable law, rule, regulation, or order of any governmental, regulatory, or judicial authority of competent jurisdiction. Notwithstanding anything in this Agreement to the contrary, the Trust acknowledges and agrees that if the Trust elects to use an FTP or other electronic transmission method to communicate trade instructions to USBGFS the Trust shall be responsible for maintaining the Trust's records as they relate to the Trust's review and approval of individuals authorized to place trading instructions as described in Rule 31a-l(b)(10) promulgated under the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;**13.** **Compliance with Laws.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The
 Trust has and retains primary responsibility for all compliance matters relating to the
 Fund, including but not limited to compliance with the Securities Act; the Exchange Act;
 the 1940 Act; the Investment Advisers Act of 1940, as amended; the Internal
 Revenue Code of 1986, as amended
 (the " <u>Code</u> ");
 the Sarbanes-Oxley Act of 2002 (the " <u>SOXAct</u> "); the USA PATRIOT Act of 2001; and the policies and
 limitations of the Trust relating to its portfolio investments as set forth in its Registration
 Statement. USBGFS' services hereunder
 shall not relieve the Trust of its responsibilities for assuring such compliance
 or the Board's oversight responsibility
 with respect thereto.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. If,
 and only to the extent that, the General Data Protection Regulation (EU) 2016/679,
 as amended (" <u>GDPR</u> ") or the Cayman Islands Data Protection Law, 2017, as amended (" <u>D PL</u> "),
 are applicable to USBGFS and the Trust the following provisions shall apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. The
 parties agree USBGFS is a " <u>Data Processor</u> " under GDPR
 and DPL, as applicable, in the performance of its services under this the Agreement. Notwithstanding the foregoing, the parties
 agree USBFS is a " <u>Data Controller</u> " under GDPR
 and DPL, as applicable, solely for the purpose of fulfilling its own pre-contractual
 AML/KYC new fund client on boarding obligations. In either case, the Trust shall ensure
 that all necessary and appropriate consents, disclosures and notices, including data
 subject consents, are in place to enable
 the processing of "Personal Data" (as defined by GDPR and DPL) by USBGFS,
 the transfer of Personal Data to USBGFS, and the transfer of Personal Data by USBGFS
 to third countries or regulatory organizations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. The
 parties further agree the Trust is a " <u>Data Controller</u> " under GDPR and DPL, as applicable. The Trust, either alone
 or jointly with others, determines or controls the content, use, purpose and means of
 processing the Personal Data.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. USBGFS
 shall process the Personal Data: (i) in accordance with instructions of the Trust pursuant
 to this Agreement and any authorized persons list executed pursuant thereto, for the
 purpose of discharging USBGFS' obligations under the Agreement; and (ii) when required
 by law or regulation, or required or requested by any court or regulator (each a " <u>Processing Order</u> ") to which USBGFS is subject. In the event USBGFS receives a request
 to process Personal Data pursuant to any Processing Order, it shall, to the extent legally
 permissible and reasonably practicable under the circumstances, notify the Trust prior
 to processing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. The
 Trust is solely responsible for developing and implementing its internal policies and
 procedures with respect to GDPR and DPL.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. USBGFS
 shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. ensure
 that persons handling Personal Data on its behalf are subject to confidentiality obligations
 similar to those contained in this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. implement
 appropriate technical and organizational measures to protect Personal Data including
 against unauthorized or unlawful processing and against accidental loss, damage or destruction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. only
 appoint sub-processors with the prior written consent of the Trust (standing instructions
 or general written authorization are sufficient), and only if the sub-processors provide
 sufficient guarantees in writing to USBGFS that they have implemented appropriate technical
 and organizational measures in such a manner that processing will comply with GDPR and
 DPL, as applicable <sup>3</sup> ;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. beyond
 the initial appointment, inform the Trust of any intended material changes concerning
 the addition or replacement of subprocessors, thereby giving the Trust the opportunity
 to object;

<sup>3</sup> For the avoidance of doubt, USBGFS' affiliates and third party software providers will be used as sub-processors under this Agreement, and the Trust hereby authorizes such use.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. taking
 into account the nature of the processing, reasonably assist the Trust by appropriate
 technical and organizational measures, insofar as possible, to enable the Trust to comply
 with its obligation to respond to requests for exercising a data subject's rights
 under GDPR or DPL;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. provide
 reasonable assistance to the Trust in ensuring their compliance with obligations regarding
 Personal Data breaches, data protection impact assessments and prior consultation subject
 to the nature of the processing and the information reasonably available to USBGFS, and
 inform the Trust of Personal Data breaches without undue delay;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. at
 the written direction of the Trust, delete or return all Personal Data to the Trust after
 the end of the provision of services under the Agreement relating to processing, and
 delete existing copies of Personal Data unless applicable law or internal data retention
 or backup procedures require the storage of such Personal Data; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. make
 available to the Trust all information reasonably necessary to demonstrate compliance
 with GDPR or DPL, as applicable, and allow for and reasonably cooperate with audits,
 including inspections, conducted by the Trust or its auditor; and immediately inform
 the Trust if, in its opinion, the Trust's instructions regarding this subsection
 infringes on GDPR or DPL.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vi. Each
 party shall comply with any other applicable law or regulation which implements GDPR
 and DPL in relation to the Personal Data. Nothing in the Agreement shall be construed
 as preventing either party from taking such other steps as are necessary to comply with
 GDPR, DPL or any other applicable data protection laws.

&nbsp;&nbsp;&nbsp;&nbsp;14. Term
 of Agreement; Amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. This
 Agreement shall become effective as of the Effective Date and will continue in effect
 for a period of three (3) years. Following the initial term, this Agreement shall automatically
 renew for successive one (1) year terms unless either party provides written notice at
 least ninety (90) days prior to the end of the then current term that it will not be
 renewing the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Subject
 to <u>Section 15.</u> this Agreement may be terminated by either party (in whole or with respect
 to one or more Funds) upon giving ninety (90) days' prior written notice to the
 other party or such shorter notice period as is mutually agreed upon by the parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. USBGFS
 may terminate this Agreement immediately (in whole or with respect to one or more Funds)
 if the continued service of such Funds or the Trust would cause USBGFS or any of its
 affiliates to be in violation of any applicable law, rule, regulation, or order of any
 governmental, regulatory or judicial authority of competent jurisdiction, or if the Funds
 or the Trust (or any affiliate thereof) commits any act, or becomes involved in any situation
 or occurrence, tending to bring itself into public disrepute, contempt, scandal, or ridicule,
 or such that the continued association with the Funds or the Trust would reflect unfavorably
 upon USBGFS' reputation, provided
 that in such event USBGFS shall, to the extent it is legally permitted and able
 to do so, provide reasonable assistance to transition such Funds or the Trust to a successor
 service provider.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. This
 Agreement shall automatically terminate with respect to any Funds with respect to which
 the Trust fails to maintain an effective registration statement under the 1940 Act and,
 if applicable, the Securities Act, or appropriate state securities law filings as necessary
 to enable the Trust to make a continuous public offering of its shares with respect to
 such Fund.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;**15.** **Early Termination.** 

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. all
 miscellaneous costs associated with a.-b. above.

&nbsp;&nbsp;&nbsp;&nbsp;**16.** **Duties in the Event of Termination.** 

In the event that, in connection with termination, a successor to any of USBGFS' duties or responsibilities hereunder is designated by the Trust by written notice to USBGFS, USBGFS will promptly, upon such termination and at the expense of the Fund, transfer to such successor all relevant books, records, correspondence, and other data established or maintained by USBGFS under this Agreement in a form reasonably acceptable to the Trust (if such form differs from the form in which USBGFS has maintained the same, the Trust shall pay any expenses associated with transferring the data to such form), and will cooperate in the transfer of such duties and responsibilities, including provision for assistance from USBGFS' personnel in the establishment of books, records, and other data by such successor. If no such successor is designated, then such books, records and other data shall be returned to the Trust. The Trust shall also pay any fees associated with record retention and/or tax reporting obligations that USBGFS is obligated under applicable law, regulation, or rule to continue following the termination. USBGFS is authorized to destroy such books, records, and other data following termination in accordance with its record retention policy and applicable regulatory requirements if the Trust or its designee do not take possession of such records.

&nbsp;&nbsp;&nbsp;&nbsp;17. Assignment.

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

&nbsp;&nbsp;&nbsp;&nbsp;18. Governing
 Law.

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

&nbsp;&nbsp;&nbsp;&nbsp;19. No
 Agency Relationship.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. The
 Trust acknowledges that the Board and officers of the Trust are responsible for management
 of the Trust and Fund and that USBGFS has no duties or obligations to manage or control
 the Trust or any Fund. Any duties and obligations of USBGFS are strictly limited to those
 set forth herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. The
 Trust acknowledges and agrees that if any employee of USBGFS or any of its affiliates
 serves as a trustee of the trust such person is serving in their own individual capacity
 at the pleasure of the shareholders of the Trust and not as a representative or under
 the direction of USBGFS or any of its affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. The
 Trust acknowledges and agrees that if any employee of USBGFS or any of its affiliates
 serves as an officer of the trust, or in any other similar capacity, such person is engaged
 in such position at the direction of, and subject to the supervision and oversight of,
 and removal by, the Board of the Trust, and when such person is acting in such capacity
 they are doing so on behalf of the Trust and not as a representative or under the direction
 of USBGFS or any of its affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;20. Services
 Not Exclusive.

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

&nbsp;&nbsp;&nbsp;&nbsp;21. Invalidity.

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

&nbsp;&nbsp;&nbsp;&nbsp;22. Regulatory
 Services.

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

&nbsp;&nbsp;&nbsp;&nbsp;23. Notices.

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

Notice to USBGFS shall be sent to:

U.S. Bank Global Fund Services

777 E. Wisconsin Ave.

Milwaukee, WI 53202

Attn: GFS Contracts

and notice to the Trust shall be sent to:

FIS Trust

8080 N. Central Expressway

Suite 1700

Dallas, TX 75206

&nbsp;&nbsp;&nbsp;&nbsp;24. No
 Third-Party Rights.

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

&nbsp;&nbsp;&nbsp;&nbsp;25. Multiple
 Originals; Electronic Signatures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. This
 Agreement may be executed in any number of counterparts, each of which when so executed
 shall be deemed to be an original, but such counterparts shall together constitute but
 one and the same instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. This
 Agreement may be executed by means of electronic signatures, and a signed copy of this
 Agreement transmitted by facsimile, email, or other means of electronic transmission
 shall be deemed to have the same legal effect as delivery of an original executed copy
 of this Agreement for all purposes.

**SIGNATURE PAGES FOLLOW**

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by a duly authorized officer effective as of the Effective Date.

---

| | | | |
|:---|:---|:---|:---|
| **FIS TRUST** | **FIS TRUST** | **U.S. BANCORP FUND SERVICES, LLC** | **U.S. BANCORP FUND SERVICES, LLC** |
| By: | ![](ex9913001.jpg) | By: | ![](ex9913002.jpg) |
| Name: | SteveNelson | Name: | Greg Farley |
| Title: | Chairman & CEO | Title: | Senior Vice President |
| Date: | 11/25/2025 | Date: | 11/25/2025 |

---

**EXHIBIT A** 

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

FIS Bright Portfolios Focused Equity ETF

FIS Christian Stock Fund

**EXHIBIT B**

**<u>Services</u>**

**<u>CORE SERVICE LINES</u>**

&nbsp;&nbsp;&nbsp;&nbsp;I. Fund
 Administration & Portfolio Compliance Services

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. General
 Fund Administration

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Act
 as a liaison among Fund Service providers.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Digital
 Board Services as described in Exhibit E

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Coordinate
 the Trust's Board communications, such as:

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Assist
 with the information provision to the Funds' independent registered public accounting
 firm (" <u>IRPAF</u> ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Monitor
 fidelity bond and director and officer liability coverage, and make the necessary Securities
 and Exchange Commission (the " <u>SEC</u> ")
 filings relating thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Prepare
 minutes of meetings of the Board, audit committee, and Fund shareholders subject to the
 review and approval of the Board and legal counsel for 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;&nbsp;&nbsp;&nbsp;&nbsp;f. Calculate
 dividends for review, approval, and ratification by the Board and prepare and distribute
 to appropriate parties notices announcing declaration of dividends and other distributions
 to shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. Attend
 Board meetings (including audit committee meetings) and present materials for the Board's
 review at such meetings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h. If
 and for so long as the Trust has elected to use the Comprehensive Digital Services as
 described in Exhibit E, post materials to the Board's web portal (Diligent).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Audits/Examinations:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. For
 SEC or other regulatory examinations, provide requested information to the Trust to assist
 the examination process.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Pay
 Fund expenses upon written authorization from the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Keep
 the Trust's governing documents, including its charter, bylaws and minutes, but
 only to the extent such documents are provided to USBGFS by the Trust or its representatives
 for safe keeping.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Regulatory
 Compliance Support

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Maintenance
 of books and records under Rule 3 la-3.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Test
 on a quarterly basis each Fund's compliance, on a post-trade basis, with the policies
 and investment limitations as set forth in its prospectus (the " <u>Prospectus</u> ")
 and statement of additional information (the " <u>SAI</u> ") included in its
 registration statement on Form N-l A (or similar documents) filed with the SEC (" <u>Registration Statement</u> "). Provide the results of such testing to the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Provide
 any sub-certifications reasonably requested by the Trust in connection with (i) any certification
 required of the Trust pursuant to the SOX Act or any rules or regulations promulgated
 by the SEC thereunder, and (ii) the operation of USBGFS' compliance program as
 it relates to the Trust, provided the same shall not be deemed to change USBGFS'
 standard of care as set forth herein or to broaden any duties or obligations of USBGFS
 set forth here.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Blue
 Sky Compliance Support:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Prepare
 and file initial registrations and renewals at the Trust's expense with state securities
 authorities in specific states/territories or all fifty states and territories (District
 of Columbia, Guam, Puerto Rico, and the U.S. Virgin Islands) as instructed by the Trust.
 USBGFS is not responsible for preparing or filing with the SEC or any state authority
 any registrations on Form D.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Establish
 sales data feeds (at the Trust's expense) from applicable financial intermediaries
 with shareholder accounts for the Fund(s) to monitor daily sales activity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Monitor
 daily sales activity from direct shareholder accounts and intermediary sales data feeds
 to identify U.S. jurisdictions necessitating new registrations or additional sales permits.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Obtain
 additional permits at the Trust's expense where appropriate unless the Trust requires
 approval prior to obtaining additional permits.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Evaluate
 sales activity for exemptions based on sales to existing shareholders in applicable states.
 The Trust is responsible for instructing USBGFS regarding any additional accounts or
 transactions that may be eligible for an exemption.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. SEC
 Registration and Reporting Support:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Assist
 Fund counsel with respect to filings of the Registration Statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Assistance
 Fund counsel in the preparation and filing of the annual and semiannual shareholder reports
 and other filings (e.g., Form N- CEN, Form N-CSR, Form N-PORT, and Rule 24f-2 notices).
 As requested by the Trust or any Fund, prepare and file Form N-PX and Form N-RN.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Coordinate
 the printing, filing and mailing (including delivery to intermediaries who print and
 mail to their own clients) of Prospectuses and shareholder reports, and amendments and
 supplements thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. File
 the fidelity bond under Rule 17g-1 of 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;&nbsp;&nbsp;&nbsp;&nbsp;e. Assist
 Fund counsel in preparation of proxy statements, repurchase offers, tender offers and
 information statements, as requested by 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;&nbsp;&nbsp;&nbsp;&nbsp;f. Prepare
 the tailored shareholder reports.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. While
 USBGFS shall assist in the preparation and filing of the materials noted above, the Trust
 acknowledges and agrees that USBGFS is not ultimately responsible for the content of
 such materials and shall not be held to be the maker of statements or opinions in any
 such materials unless USBGFS expressly agrees in a writing to be filed with such materials.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. IRS
 Compliance Support:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Test
 on a quarterly basis the Fund's status as a regulated investment company under
 Subchapter M of the Code, including review of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Diversification
 requirements.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Distribution
 requirements.

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Prepare
 financial reports for officers, shareholders, tax authorities, performance reporting
 companies, the Board, the SEC, and the IRPAF.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Assist
 the Trust's custodian and fund accountants in the maintenance of the Funds'
 general ledger and in the preparation of the Funds' financial statements.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Prepare
 financial statements subject to review and approval from the Fund and the Fund's
 auditors, which include the following items:

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. Financial
 data for inclusion in Notes to Financial Statements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Prepare
 broker security transaction summaries in accordance with Rule 3 1a-1(b)(9).

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Prepare
 for the review of the IRPAF and/or Fund management the federal and state tax returns
 including Form 1120 RIC and applicable state returns including any necessary schedules.
 USBGFS will prepare annual Fund federal and state income tax return filings as authorized
 by and based on the instructions received by Fund management and/or its IRPAF. File on
 a timely basis appropriate federal and state tax returns including Forms 1120/8613, with
 any necessary schedules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Provide
 the Fund's management and IRPAF with tax reporting information pertaining to the
 Funds, as available to USBGFS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Prepare
 Fund financial statement tax disclosures for the review and approval of Fund management
 and/or the Funds' IRPAF.

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Assist
 in the determination of the taxable/non-taxable nature of corporate actions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Provide
 reports to assist the Fund with tax loss harvesting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. Assist
 with the determination of whether portfolio holdings will yield bad income.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. Provide
 FATCA/FBAR reporting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. Respond
 to IRS and other tax regulatory agency notices.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. Assist
 with Passive Foreign Investment Company (PFIC) monitoring.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. If
 the Trust so elects, USBGFS shall provide additional services that are further described
 in the fee schedule on <u>Exhibit C</u>.

&nbsp;&nbsp;&nbsp;&nbsp;II. Fund
 Accounting Services

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Maintain
 the security master file for each Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Maintain
 portfolio records on a trade date+1 basis using security trade information communicated
 from the Funds' investment adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Track
 and properly reflect corporate actions (e.g., stock splits, dividends, mergers, rights
 issuances, spin-offs, etc.) impacting the securities positions held by the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. As
 of the close of business on each day the Funds value their portfolio positions
 (each, a " <u>Valuation Date</u> "), obtain prices
 from a pricing source approved by the Board or its valuation designee and apply
 those prices to the Funds' portfolio
 positions (also hereinafter referred to as " <u>securities</u> ").
 For those securities where market quotations are not readily available, the Board or
 its valuation designee shall determine fair value. USBGFS shall be entitled to rely on
 such prices and/or fair valuations without investigation or verification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Identify
 interest and dividend accrual balances as of each Valuation Date and calculate gross
 earnings on investments for each accounting period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Determine
 gain/loss on security sales and identify them as short-term or long-term; account for
 periodic distributions of gains or losses to shareholders and maintain undistributed
 gain or loss balances as of each Valuation Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. On
 a daily basis, reconcile cash of the Funds with the Funds' custodian and/or prime
 brokerage account(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Transmit
 a copy of the Funds' portfolio valuations to the Funds' investment adviser(s)
 daily.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. Review
 the impact of current day's activity on a per share basis, and review changes in
 market value.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. For
 each Valuation Date, monitor the expense accrual amounts as directed by the Funds as
 to methodology, rate or dollar amount.

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. NAV
 Calculation and Financial Reporting Services

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Apply
 equalization accounting as directed by the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Determine
 net investment income (earnings) for the Funds as of each Valuation Date. Account for
 periodic distributions of earnings to shareholders and maintain undistributed net investment
 income balances as of each Valuation Date.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Communicate
 to the Funds, at an agreed upon time, the per share net asset value for each Valuation
 Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Prepare
 monthly reconciliations of sub-ledger reports to month-end ledger balances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Prepare
 monthly security transactions listings for each Fund.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Maintain
 accounting records for the investment portfolio of the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Maintain
 tax lot detail for each Fund's investment portfolio.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Provide
 the necessary financial information to calculate the taxable components of income and
 capital gains distributions to support tax reporting to the shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. Audit
 Support Services

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Support
 reporting to regulatory bodies and financial statement preparation by making the Funds'
 accounting records available to the Funds, the SEC, and the Funds' independent
 registered public accounting firm (" <u>IRPAF</u> ").
 in each case as requested by a Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Perform
 its duties hereunder in compliance with all applicable laws and regulations and provide
 any sub-certifications reasonably requested by the Funds in connection with any certification
 required of a Fund pursuant to the SOX Act or any rules or regulations promulgated by
 the SEC thereunder, provided the same shall not be deemed to change USBGFS' standard
 of care as set forth herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Cooperate
 with the Funds' IRPAF and take all reasonable action in the performance of its
 obligations under this Agreement to ensure that the necessary information is made available
 to such IRPAF for the expression of their opinion on the Funds' financial statements,
 without any qualification as to the scope of their examination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. If
 the Trust so elects, USBGFS shall provide the Rule 2a-5 supplemental services described
 on, and subject to the terms and conditions of, <u>Exhibit F</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. If
 the Trust so elects, USBGFS shall provide the Rule 18f-4 supplemental services described
 on, and subject to the terms and conditions of, <u>Exhibit G</u>.

&nbsp;&nbsp;&nbsp;&nbsp;III. Transfer
 Agent, Shareholder & Account Services

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. USBGFS
 shall provxcside the following transfer agent and dividend disbursing agent services to
 the Trust with respect to each Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Facilitate
 purchases and redemption of Creation Units;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Prepare
 and transmit by means of DTC's book-entry system payments for dividends and distributions
 on or with respect to the Shares declared by the Trust on behalf of the applicable Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Maintain
 the record of the name and address of the Shareholder and the number of Shares issued
 by the Trust and held by the Shareholder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Record
 the issuance of Shares of the Trust and maintain a record of the total number of Shares
 of the Trust which are outstanding, and, based upon data provided to it by the Trust,
 the total number of authorized Shares. USBGFS shall have no obligation, when recording
 the issuance of Shares, to monitor the issuance of such Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Prepare
 and transmit to the Trust and the Trust's administrator and/or sub-administrator
 and to any applicable securities exchange (as specified to USBGFS by the Trust) information
 with respect to purchases and redemptions of Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. On
 days that the Trust may accept orders for purchases or redemptions, calculate and transmit
 to USBGFS and the Trust the number of outstanding Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. On
 days that the Trust may accept orders for purchases or redemptions (pursuant to the Authorized
 Participant Agreement), transmit to USBGFS, the Trust and DTC the amount of Shares purchased
 on such day;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Confirm
 to DTC the number of Shares issued to the Shareholder, as DTC may 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;9. Prepare
 and deliver other reports, information and documents to DTC as DTC may 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;10. Extend
 the voting rights to the Shareholder for extension by DTC to DTC participants and the
 beneficial owners of Shares in accordance with policies and procedures of DTC for book-entry
 only securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. Maintain
 those books and records of the Trust specified by the Trust and agreed upon by USBGFS;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. Prepare
 a monthly report of all purchases and redemptions of Shares during such month on a gross
 transaction basis, and identify on a daily basis the net number of Shares either redeemed
 or purchased on such business day and with respect to each Authorized Participant purchasing
 or redeeming Shares, the amount of Shares purchased or redeemed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. Receive
 from the Distributor or from its agent purchase orders from Authorized Participants (as
 defined in the Authorized Participant Agreement) for Creation Unit Aggregations of Shares
 received in good form and accepted by or on behalf of the Trust by the Distributor, transmit
 appropriate trade instructions to the NSCC, if applicable, and pursuant to such orders
 issue the appropriate number of Shares of the Trust and hold such Shares in the account
 of the Shareholder for each of the respective Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. Receive
 from the Authorized Participants redemption requests, deliver the appropriate
 documentation thereof to the Trust's custodian, generate and transmit or cause
 to be generated and transmitted confirmation of receipt of such redemption requests to
 the Authorized Participants submitting the same; transmit appropriate trade instructions
 to the NSCC, if applicable, and redeem the appropriate number of Creation Unit Aggregations
 of Shares held in the account of the Shareholder for each of the respective Funds; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. Confirm
 the name, U.S. taxpayer identification number and principle place of business of each
 Authorized Participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. USBGFS
 MAKES NO WARRANTIES OR REPRESENTATIONS, EXPRESSED OR IMPLIED, WITH RESPECT TO THE ACCURACY
 OF FUND DATA RECEIVED, INCLUDING WITHOUT LIMITATION, ANY REPRESENTATIONS OR WARRANTEIS
 AS TO THE ACCURACY OF SUCH INFORMATION OR ITS FITNESS FOR A PARTICULAR PURPOSE.

**<u>ADDITIONAL AND SUPPLEMENTAL SERVICES</u>**

Any additional or supplemental services not listed above may be provided from time to time upon mutual agreement of the parties, subject in all cases to the terms and conditions of this Agreement. Any such additional or supplemental services shall be provided at the fees specified on <u>Exhibit C</u> or at USBGFS' then current standard rates for such services if not specified.

**EXHIBIT C**

**[REDACTED]**

**EXHIBIT D**

**<u>Required Provisions of Data Service Providers</u>**

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

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

● The Trust agrees that it shall (a) comply with all laws, rules and regulations applicable to accessing and using the Data, (b) not use the Data for any purpose independent of those for which it is provided by the Data Provider, and (c) exculpate the Data Provider, its affiliates and their respective suppliers from any liability or responsibility of any kind relating to the Trust's receipt or use of the Data (including expressly disclaiming all warranties).

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

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

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

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

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

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

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

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

**EXHIBIT E**

**[REDACTED]**

**EXHIBIT F**

**[REDACTED]**

**EXHIBIT G**

**[REDACTED]**

**EXHIBIT H**

**<u>Digital Investor, Digital Investor Institutional, Vision Electronic Statement Service, Chat and INFORMA™</u>**

**1.** **Services and Definitions** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Internet
Access — Internet access by Shareholders to their account information and investment
transaction capabilities (" <u>Internet Service</u> "). Internet
Service is connected directly to the Fund group's web site(s) through a transparent hyperlink. To the extent offered by
the Trust, Shareholders can access, among other information, account information and portfolio holdings within the Funds, view
their transaction history, and purchase additional shares through the Automated Clearing
House (" <u>ACH</u> ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. " <u>Informa</u>™"
means the system made available through DST Output, a wholly owned subsidiary of DST Systems,
Inc. (" <u>DST</u> ") known
as "Informa™"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. <u>"INFORMA Services</u> "
 means the services that enable DST to make available certain data from DST's TA2000® mutual fund
 record-keeping systems through the Internet to authorized Users available to consenting
 end-users (" <u>User</u> ", as defined below) through the systems known as Digital Investor or Digital Investor Institutional (as defined below), whereby certain electronic
 statements (" <u>E-Statements</u> ", as
 further defined below) may be searched, viewed, downloaded and printed. INFORMA
 Services also include notification to the end-user of the availability of E-Statements
 and storage of E-Statement documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. <u>"E-Statement</u> "
means an electronic version of daily confirms, monthly, quarterly or annual statements, and shareholder tax statements created
with investor transaction data housed on DST's TA2000® mutual fund record keeping
system, with images available online via a secure web site.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. " <u>Vision Electronic Statement Services</u> " — Online account access for broker/dealers, financial planners, and registered
investment advisers (" <u>RIAs</u> ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. " <u>Chat</u> "
— A web-based system to permit Shareholders to engage customer service agents through Internet chat. Services offered through
chat are the same as through telephone servicing and include account information, transaction history, account maintenance, purchase,
liquidation, etc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. " <u>Digital Investor</u> " — An internet portal for Shareholder access

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H. " <u>Digital Investor Institutional</u> " — An internet portal for Institutional Shareholder access

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. " <u>Electronic Services</u> " shall consist of those services set out in paragraph A through H above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J. " <u>End User(s)</u> " or " <u>User(s)</u> " means
 the consenting person(s) to whom Electronic Services are made available.

**2.** **Duties and Responsibilities of USBGFS** 

USBGFS shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Make
the Internet Service available 24 hours a day, 7 days a week, subject to scheduled maintenance
and events outside of USBGFS' reasonable control. Unless an emergency is encountered, no routine maintenance will occur
during the hours of 8:00 a.m. to 3:00 p.m. Central Time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Provide
installation services for Electronic Services, which shall include review and approval of
the Trust's network requirements, recommending method of establishing (and, as applicable, cooperate with the Fund
to implement and maintain) a hypertext link between the Electronic Services site and the
Fund's web site(s) and testing the network connectivity and performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Maintain
and support the Electronic Services, which shall include providing error corrections, minor enhancements and interim upgrades
to the Electronic Services that are made generally available to the Electronic Services customers and providing help desk support
to provide assistance to the Trust's officers and agents with their use of the Electronic Services. Maintenance and
support, as used herein, shall not include (i) access to or use of any substantial added functionality, new interfaces, new architecture,
new platforms, new versions or major development efforts, unless made generally available by USBGFS to the Electronic Services
customers, as determined solely by USBGFS or (ii) maintenance of customized features.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Establish
systems to guide, assist and permit End Users (as defined above) who access the Electronic
Services from the Trust's web site(s) to electronically perform inquiries and create and transmit transaction requests
to USBGFS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. Address
and mail, at each applicable Fund's expense, notification and promotional mailings and other communications provided by
the Fund to shareholders regarding the availability of the Electronic Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. Prepare
and process new account applications received through the Internet Service from Shareholders determined by a Fund to be eligible
for such services and in connection with such, the Fund agrees to permit the establishment of Shareholder bank account information
over the Internet in order to facilitate purchase activity through ACH.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. Provide
the End User with a transaction confirmation number for each completed purchase, redemption, or exchange of the applicable Fund's
shares upon completion of the transaction. Transactions are not considered in good order,
and will not be processed, until the entry of the trade and proper authorization has been completed. If order entry or authorization
occur after market close the transaction will be posted and receive the Net Asset Value for the next business day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H. Informa,
 Digital Investor, Digital Investor Institutional, Vision, and E-Statement are provided
 by a third party (" <u>Third Party Electronic Services</u> "). T hir d Party
 Electronic Services utilize commercially reasonable encryption and secure transport protocols
 intended to prevent fraud and ensure confidentiality of End User accounts and transactions.
 USBGFS will take commercially standard actions, including periodic scans of Internet
 interfaces and the Electronic Services, to protect the Internet web site(s) that provide
 the Electronic Services and related network(s), against viruses, worms and other data
 corruption or disabling devices, and unauthorized, fraudulent or illegal use, by using
 appropriate anti-virus and intrusion detection software and by adopting such other security
 procedures as may be necessary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. Inform
the Trust promptly of any malfunctions, problems, errors or service interruptions with respect to the Electronic Services of which
USBGFS becomes aware.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J. Exercise
reasonable efforts to maintain all on-screen disclaimers and copyright, trademark and service mark notifications, if any, provided
by the Trust to USBGFS in writing from time to time, and all "point and click" features of the Electronic Services
relating to Shareholder acknowledgment and acceptance of such disclaimers and notifications.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;K. Establish
and provide to the Trust written procedures, which may be amended from time to time by USBGFS with the written consent of the
Trust, regarding End User access to the Electronic Services and that are reasonably designed to protect the security and confidentiality
of information relating to the Funds and End Users.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;L. Provide
the Funds with daily reports of transactions listing all purchases or transfers made by each End User separately. USBGFS shall
also furnish the Funds with monthly reports summarizing shareholder inquiry and transaction activity without listing all transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;M. Annually
engage a third party to audit its internal controls for the Electronic Services and compliance with all guidelines for the Electronic
Services included herein and provide the Trust with a copy of the auditor's report promptly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N. Maintain
its systems and perform its duties and obligations hereunder in accordance with all applicable laws, rules and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;O. Be
responsible for timely and adequately notifying User via e-mail that the User's E-Statement is available at the appropriate
Internet site.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;P. Ensure
the E-Statement is available for the User on the Fund's Internet site for a minimum period of twenty-four (24) months after
delivery.

**3.** **Duties and Responsibilities of the Trust** 

The Fund or the End User, respectively, assume exclusive responsibility for the consequences of any instructions it may give to USBGFS, its own failure to properly access the Electronic Services in the manner prescribed by USBGFS, and its failure to supply accurate information to USBGFS.

The Trust or a Fund, as applicable, shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Revise
and update the applicable Prospectus(es) and other pertinent materials including, without limitation, the fund's website(s),
and obtain all necessary consents and agreements with respect to the Electronic Services (such as user agreements with End Users),
to include the appropriate consents, notices and disclosures for Electronic Services, including disclaimers and information reasonably
requested by USBGFS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Be
responsible for designing, developing and maintaining one or more web sites for the Funds through which End Users may access the
Electronic Services, including provision of software necessary for access to the Internet, which must be acquired from a third
party vendor. Such web sites shall have the functionality necessary to facilitate, implement and maintain the hypertext links
to the Electronic Services and the various inquiry and transaction web pages. The Funds shall provide USBGFS with the name of
the host of the Funds' web site server and shall notify USBGFS of any change to the Funds' web site server host.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Provide
USBGFS with such information and/or access to the Funds' web site(s) as is necessary for USBGFS to provide the Electronic
Services to End Users.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Promptly
notify USBGFS of any problems or errors with the applicable Electronic Services of which the Trust becomes aware or any changes
in policies or procedures of the Fund requiring changes to the Electronic Services.

**4.** **Additional Representations and Warranties** 

The parties hereby warrant that neither party shall knowingly insert into any interface, other software, or other program provided by such party to the other hereunder, or accessible through the Electronic Services or Funds' web site(s), as the case may be, any "back door," "time bomb," "Trojan Horse," "worm," "drop dead device," "virus" or other computer software code or routines or hardware components designed to disable, damage or impair the operation of any system, program or operation hereunder. For failure to comply with this warranty, the non-complying party shall immediately replace all copies of the affected work product, system or software. All costs incurred with replacement including, but not limited to, cost of media, shipping, deliveries and installation, shall be borne by such party.

**5.** **Proprietary Rights** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Each
party acknowledges and agrees that it obtains no rights in or to any of the software, hardware, processes, trade secrets, proprietary
information or distribution and communication networks of the other hereunder. Any software, interfaces or other programs a party
provides to the other hereunder shall be used by such receiving party only in accordance with the provisions of this <u>Exhibit H</u>. Any interfaces, other software or other programs developed by one party shall not be used directly or indirectly
by or for the other party or any of its affiliates to connect such receiving party or any affiliate to any other person, without
the first party's prior written approval, which it may give or withhold in its sole
discretion. Except in the normal course of business and in conformity with Federal copyright law
or with the other party's consent, neither party nor any of its affiliates shall disclose, use, copy, decompile or
reverse engineer any software or other programs provided to such party by the other in connection herewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. The
Funds' web site(s) and the Electronic Services may contain certain intellectual property, including, but not limited to,
rights in copyrighted works, trademarks and trade dress that is the property of the other party. Each party retains all rights
in such intellectual property that may reside on the other party's web site,
not including any intellectual property provided by or otherwise obtained from such other party. To the extent the intellectual
property of one party is cached to expedite communication, such party grants to the other a limited, non-exclusive, non-transferable
license to such intellectual property for a period of time no longer than that reasonably necessary for the communication. To
the extent that the intellectual property of one party is duplicated within the other party's
web site to replicate the "look and feel," "trade dress" or other aspect of the appearance or functionality
of the first site, that party grants to the other a limited, non-exclusive, non-transferable license to such intellectual property
for the period during which this <u>Exhibit H</u> is in effect. This license is limited
to the intellectual property needed to replicate the appearance of the first site and does not extend to any other intellectual
property owned by the owner of the first site. Each party warrants that it has sufficient right, title and interest in and to
its web site and its intellectual property to enter into these obligations, and that to its knowledge, the license hereby granted
to the other party does not and will not infringe on any U.S. patent, copyright or other proprietary right of a third party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Each
party agrees that the nonbreaching party would not have an adequate remedy at law in the
event of the other party's breach or threatened breach of its obligations under this Section of this <u>Exhibit H</u> and that the nonbreaching party would suffer irreparable injury and damage as a result of any such breach. Accordingly,
in the event either party breaches or threatens to breach the obligations set forth in this Section of this <u>Exhibit H</u>, in addition to and not in lieu of any legal or other remedies a party may pursue hereunder or under applicable law,
each party hereby consents to the aggrieved party seeking equitable relief (including the issuance of a temporary restraining
order, preliminary injunction or permanent injunction) against it by a court of competent jurisdiction, without the necessity
of proving actual damages or posting any bond or other security therefor, prohibiting any such breach or threatened breach. In
any proceeding upon a motion for such equitable relief, a party's ability to answer
in damages shall not be interposed as a defense to the granting of such equitable relief. The provisions of this Section
relating to equitable relief shall survive termination of the provision of services set forth in this <u>Exhibit H</u>.

**6.** **Compensation** 

USBGFS shall be compensated for providing the Electronic Services selected by the Trust from time to time in accordance with the fee schedule set forth in <u>Exhibit C</u> (as amended from time to time).

**7.** **Additional Indemnification; Limitation of Liability** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Subject
to <u>Section 2</u> of this Exhibit, USBGFS CANNOT AND DOES NOT GUARANTEE AVAILABILITY
OF THE ELECTRONIC SERVICES. Accordingly, USBGFS' sole liability to the Trust, a Fund,
or any third party (including End Users) for any claims, notwithstanding the form of such claims (e.g., contract, negligence,
or otherwise), arising out of the delay of or interruption in the Electronic Services to be provided by USBGFS hereunder shall
be to use its best efforts to commence or resume the Electronic Services as promptly as is reasonably possible, so long as the
delay or interruption was not the proximate result of USBGFS's gross negligence or
willful misconduct.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. USBGFS
shall, at its sole cost and expense, defend, indemnify, and hold harmless the Trust, each Fund and their trustees, officers, agents,
and employees from and against any and all claims, demands, losses, expenses and liabilities of any and every nature (including
reasonable attorneys' fees) arising out of or relating to any infringement, or claim of infringement, of any United
States patent, trademark, copyright, trade secret, or other proprietary rights based on the use or potential use of the Electronic
Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. If
an injunction is issued against the Trust or a Fund's use of the Electronic Services by reason of infringement of a patent,
copyright, trademark, or other proprietary rights of a third party, USBGFS shall, at its own option and expense, either (i) procure
for the Trust or Fund the right to continue to use the Electronic Services on substantially the same terms and conditions as specified
hereunder, or (ii) after notification to the Trust or Fund, replace or modify the Electronic Services so that they become non-infringing,
provided that, in the Trust's judgment, such replacement or modification does not materially and adversely affect the performance
of the Electronic Services or significantly lessen their utility to the Fund. If in the Trust's judgment, such replacement
or modification does materially adversely affect the performance of the Electronic Services or significantly lessen their utility
to the Trust or Fund, the Trust may terminate all rights and responsibilities under this <u>Exhibit H</u> immediately on written notice to USBGFS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Because
the ability of USBGFS to deliver Electronic Services is dependent upon the Internet and equipment, software, systems, data and
services provided by various telecommunications carriers, equipment manufacturers, firewall providers and encryption system developers
and other vendors and third parties, USBGFS shall not be liable for delays or failures to perform its obligations hereunder to
the extent that such delays or failures are attributable to circumstances beyond its reasonable control which interfere with the
delivery of the Electronic Services by means of the Internet or any of the equipment, software and services which support the
Internet provided by such third parties. USBGFS shall also not be liable for the actions or omissions of any third party wrongdoers
(i.e., hackers not employed by USBGFS or its affiliates) that cause a disruption of the Electronic Services, unless USBGFS did
not exercise reasonable care in following commercial standards to protect the Electronic Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. USBGFS
shall not be responsible for the accuracy of input material from End Users nor the resultant output derived from inaccurate input.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. Certain
Electronic Services may permit the Trust or the Fund to provision End Users. If the Trust or the Fund undertake to provision End
Users, the Trust or the Fund, as applicable, shall be solely responsible for providing access to End Users, removing access for
End Users, and for maintaining appropriate safeguards over access credentials for End Users. USBGFS shall not be responsible for
any unauthorized or improper use of the Electronic Services by such End Users or by any other person accessing the Electronic
Services through the action or inaction of the Trust, the Fund, or such End Users.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. Notwithstanding
anything to the contrary contained herein, USBGFS shall not be obligated to ensure or verify the accuracy or actual receipt, or
the transmission, of any data or information contained in any transaction via the Electronic Services or the consummation of any
inquiry or transaction request not actually reviewed by USBGFS. USBGFS is entitled to reasonably presume that all information
and transaction requests submitted through the Electronic Services are genuine in the absence of actual information to the contrary.
USBGFS will not be liable for any loss, liability, cost or expense for reasonably following instructions communicated through
the Electronic Services, including fraudulent or unauthorized instructions.

**8.** **Warranties** 

EXCEPT AS OTHERWISE PROVIDED IN THIS EXHIBIT, THE ELECTRONIC SERVICES ARE PROVIDED BY USBGFS "AS IS" ON AN "AS-AVAILABLE" BASIS WITHOUT WARRANTY OF ANY KIND, AND USBGFS EXPRESSLY DISCLAIMS ALL WARRANTIES, EXPRESS OR IMPLIED, WITH RESPECT TO THE ELECTRONIC SERVICES INCLUDING, WITHOUT LIMITATION, WARRANTIES OF MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE AND WARRANTIES ARISING FROM COURSE OF DEALING OR COURSE OF PERFORMANCE.

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

In the event of termination of the services provided pursuant to this <u>Exhibit H</u>, (i) End Users will no longer be able to access the Electronic Services and (ii) the applicable Funds will, to the extent reasonably technically practicable and permitted by applicable law, return all codes, system access mechanisms, programs, manuals and other written information provided to it by USBGFS in connection with the Electronic Services provided hereunder, and shall destroy or erase all such information on any diskettes or other storage medium, except to the extent a Fund is required to keep copies of such records under applicable law.

## Exhibit 99.14

[FIS TRUST N-14/A](fis-n14a_120225.htm)

**Exhibit 99.14**

![](ex9914001.jpg)

**CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

We hereby consent to the incorporation by reference in this Registration Statement on Form N-14 of our report dated July 30, 2025, relating to the financial statements and financial highlights of FIS Bright Portfolios Focused Equity ETF and FIS Christian Stock Fund, each a series of NEOS ETF Trust, which are included in Form N-CSR for the year or period ended May 31, 2025, and to the references to our firm under the headings "Questions and Answers", "Summary Comparison of the Funds", and "Appendix B – Financial Highlights of the Target Funds" in the Combined Proxy Statement and Prospectus.

/s/Cohen & Company, Ltd.

COHEN & COMPANY, LTD.

Philadelphia, Pennsylvania

December 1, 2025

![](ex9914002.jpg)