# EDGAR Filing Document

**Accession Number:** 0001771146
**File Stem:** 0001771146-26-000375
**Filing Date:** 2026-2
**Character Count:** 913665
**Document Hash:** 65212f097300a59f1d1a4ad2becceefa
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001771146-26-000375.hdr.sgml**: 20260217

**ACCESSION NUMBER**: 0001771146-26-000375

**CONFORMED SUBMISSION TYPE**: 485BPOS

**PUBLIC DOCUMENT COUNT**: 37

**FILED AS OF DATE**: 20260217

**DATE AS OF CHANGE**: 20260217

**EFFECTIVENESS DATE**: 20260217

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ETF Opportunities Trust
- **CENTRAL INDEX KEY:** 0001771146

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0731

**FILING VALUES:**
- **FORM TYPE:** 485BPOS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23439
- **FILM NUMBER:** 26643353

**BUSINESS ADDRESS:**
- **STREET 1:** 8370 STONY POINT PARKWAY, SUITE 205
- **CITY:** RICHMOND
- **STATE:** VA
- **ZIP:** 23235
- **BUSINESS PHONE:** 804-267-7400

**MAIL ADDRESS:**
- **STREET 1:** 8370 STONY POINT PARKWAY, SUITE 205
- **CITY:** RICHMOND
- **STATE:** VA
- **ZIP:** 23235
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ETF Opportunities Trust
- **CENTRAL INDEX KEY:** 0001771146

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0731

**FILING VALUES:**
- **FORM TYPE:** 485BPOS
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-234544
- **FILM NUMBER:** 26643352

**BUSINESS ADDRESS:**
- **STREET 1:** 8370 STONY POINT PARKWAY, SUITE 205
- **CITY:** RICHMOND
- **STATE:** VA
- **ZIP:** 23235
- **BUSINESS PHONE:** 804-267-7400

**MAIL ADDRESS:**
- **STREET 1:** 8370 STONY POINT PARKWAY, SUITE 205
- **CITY:** RICHMOND
- **STATE:** VA
- **ZIP:** 23235

## Series and Classes Contracts Data

### GSR CRYPTO CORE3 ETF (Series ID: S000097692)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000267166 | GSR CRYPTO CORE3 ETF |  |

### GSR DIGITAL ASSETS TREASURY COMPANIES ETF (Series ID: S000097694)

| Class ID   | Class Name                                | Ticker Symbol   |
|:---|:---|:---|
| C000267168 | GSR DIGITAL ASSETS TREASURY COMPANIES ETF |  |

?xml version='1.0' encoding='ASCII'? ck0001771146-20260217

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;As filed with the Securities and Exchange Commission on February 17, 2026 | &nbsp;&nbsp;&nbsp;&nbsp;As filed with the Securities and Exchange Commission on February 17, 2026 |
| Securities Act Registration No. 333-234544 | Securities Act Registration No. 333-234544 |
| Investment Company Act Registration No. 811-23439 | Investment Company Act Registration No. 811-23439 |
| **UNITED STATES** | **UNITED STATES** |
| **SECURITIES AND EXCHANGE COMMISSION** | **SECURITIES AND EXCHANGE COMMISSION** |
| **Washington, D.C. 20549** | **Washington, D.C. 20549** |
| FORM N-1A | FORM N-1A |
| **REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933** |  |
| Pre-Effective Amendment No. ___ | [ ] |
| Post-Effective Amendment No. <u>618</u> | [X] |
| **and/or** |  |
| **REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940** |  |
| Amendment No. 620 | [X] |
| **<u>ETF OPPORTUNITIES TRUST</u>** | **<u>ETF OPPORTUNITIES TRUST</u>** |
| (Exact Name of Registrant as Specified in Charter) | (Exact Name of Registrant as Specified in Charter) |
| Karen Shupe<br>Commonwealth Fund Services, Inc.<br>8730 Stony Point Parkway, Suite 205<br>Richmond, VA 23235<br>(804) 267-7400 | Karen Shupe<br>Commonwealth Fund Services, Inc.<br>8730 Stony Point Parkway, Suite 205<br>Richmond, VA 23235<br>(804) 267-7400 |
| (Address and Telephone Number of Principal Executive Offices) | (Address and Telephone Number of Principal Executive Offices) |
| The Corporation Trust Co. | The Corporation Trust Co. |
| <u>Corporation Trust Center, 1209 Orange St., Wilmington, DE 19801</u> | <u>Corporation Trust Center, 1209 Orange St., Wilmington, DE 19801</u> |
| (Name and Address of Agent for Service) | (Name and Address of Agent for Service) |
| <u>With Copy to:</u> | <u>With Copy to:</u> |
| John H. Lively | John H. Lively |
| Practus, LLP | Practus, LLP |
| 11300 Tomahawk Creek Parkway, Suite 310 | 11300 Tomahawk Creek Parkway, Suite 310 |
| Leawood, KS 66211 | Leawood, KS 66211 |

---

It is proposed that this filing will become effective:

X immediately upon filing pursuant to paragraph (b)

☐ on (date) pursuant to paragraph (b)

☐ 60 days after filing pursuant to paragraph (a)(1)

☐ on (date) pursuant to paragraph (a)(1)

☐ 75 days after filing pursuant to paragraph (a)(2)

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

If appropriate, check the following box:

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

------

GSR DIGITAL ASSET TREASURY COMPANIES ETF

GSR CRYPTO CORE3 ETF

PROSPECTUS

February 17, 2026

**This prospectus describes the following Funds listed below (each a "Fund" and collectively, the "Funds") which are each authorized to offer one class of shares by this Prospectus.**

---

| | | |
|:---|:---|:---|
| **Fund** | **Ticker** | **Principal U.S. Listing Exchange** |
| GSR DIGITAL ASSET TREASURY COMPANIES ETF | DATZ | The Nasdaq Stock Market LLC |
| GSR CRYPTO CORE3 ETF | BESO | The Nasdaq Stock Market LLC |

---

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

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**Table of Contents**

---

| | |
|:---|:---|
| **FUND SUMMARY** | **Page** |
| &nbsp;&nbsp;&nbsp;&nbsp;**<u>[GSR DIGITAL ASSET TREASURY COMPANIES ETF](#i0c8fb3985c8140639ccaf8078976aac1_7)</u>** | **<u>[3](#i0c8fb3985c8140639ccaf8078976aac1_7)</u>** |
| &nbsp;&nbsp;&nbsp;&nbsp;**<u>[GSR CRYPTO CORE3 ETF](#i0c8fb3985c8140639ccaf8078976aac1_10)</u>** | **<u>[15](#i0c8fb3985c8140639ccaf8078976aac1_10)</u>** |
| **<u>[ADDITIONAL INFORMATION ABOUT THE FUNDS' INVESTMENTS](#i0c8fb3985c8140639ccaf8078976aac1_13)</u>** | **<u>[28](#i0c8fb3985c8140639ccaf8078976aac1_13)</u>** |
| **<u>[ADDITIONAL INFORMATION ABOUT RISK](#i0c8fb3985c8140639ccaf8078976aac1_16)</u>** | **<u>[28](#i0c8fb3985c8140639ccaf8078976aac1_16)</u>** |
| **<u>[MANAGEMENT](#i0c8fb3985c8140639ccaf8078976aac1_19)</u>** | **<u>[30](#i0c8fb3985c8140639ccaf8078976aac1_19)</u>** |
| **<u>[DISTRIBUTION (12B-1) PLAN](#i0c8fb3985c8140639ccaf8078976aac1_22)</u>** | **<u>[32](#i0c8fb3985c8140639ccaf8078976aac1_22)</u>** |
| **<u>[HOW TO BUY AND SELL SHARES](#i0c8fb3985c8140639ccaf8078976aac1_25)</u>** | **<u>[32](#i0c8fb3985c8140639ccaf8078976aac1_25)</u>** |
| **<u>[FREQUENT PURCHASES AND REDEMPTIONS OF FUND SHARES](#i0c8fb3985c8140639ccaf8078976aac1_28)</u>** | **<u>[33](#i0c8fb3985c8140639ccaf8078976aac1_28)</u>** |
| **<u>[DIVIDENDS, OTHER DISTRIBUTIONS AND TAXES](#i0c8fb3985c8140639ccaf8078976aac1_31)</u>** | **<u>[33](#i0c8fb3985c8140639ccaf8078976aac1_31)</u>** |
| **<u>[FUND SERVICE PROVIDERS](#i0c8fb3985c8140639ccaf8078976aac1_34)</u>** | **<u>[35](#i0c8fb3985c8140639ccaf8078976aac1_34)</u>** |
| **<u>[OTHER INFORMATION](#i0c8fb3985c8140639ccaf8078976aac1_37)</u>** | **<u>[36](#i0c8fb3985c8140639ccaf8078976aac1_37)</u>** |
| **<u>[FINANCIAL HIGHLIGHTS](#i0c8fb3985c8140639ccaf8078976aac1_40)</u>** | **<u>[37](#i0c8fb3985c8140639ccaf8078976aac1_40)</u>** |
| **<u>[FOR MORE INFORMATION](#i0c8fb3985c8140639ccaf8078976aac1_43)</u>** | **<u>[38](#i0c8fb3985c8140639ccaf8078976aac1_43)</u>** |

---

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**FUND SUMMARY – GSR Digital Asset Treasury Companies ETF**

<u>Investment Objective</u>

The GSR Digital Asset Treasury Companies ETF (the "Fund") seeks to provide total return by investing in equity securities of companies that hold digital assets in their corporate treasury ("Digital Asset Treasury Companies").

<u>Fees and Expenses of the Fund</u>

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

---

| | |
|:---|:---|
| Annual Fund Operating Expenses <br>(expenses that you pay each year as a percentage of the value of your investment) | Annual Fund Operating Expenses <br>(expenses that you pay each year as a percentage of the value of your investment) |
| Management Fee<sup>(1)</sup> | 1.50% |
| Distribution (12b-1) and Service Fees | 0.00% |
| Other Expenses<sup>(2)</sup> | 0.00% |
| Total Annual Fund Operating Expenses | 1.50% |
| Waivers and Reimbursements<sup>(3)</sup> | (0.50)% |
| Total Annual Fund Operating Expenses | 1.00% |

---

&nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup> Under the Investment Advisory Agreement, Framework Digital Advisors LLC (the "Adviser"), at its own expense and without reimbursement from the Fund, pays all of the expenses of the Fund, excluding the advisory fees, interest expenses, taxes, acquired fund fees and expenses, brokerage commissions and any other portfolio transaction-related expenses and fees arising out of transactions effected on behalf of the Fund, credit facility fees and expenses, including interest expenses, and litigation and indemnification expenses and other extraordinary expenses not incurred in the ordinary course of the Fund's business.

&nbsp;&nbsp;&nbsp;&nbsp;<sup>(2)</sup> Other Expenses are based on estimated amounts for the current fiscal year.

&nbsp;&nbsp;&nbsp;&nbsp;<sup>(3)</sup> The Adviser has contractually agreed to reduce fees and/or reimburse the Fund to the extent that Total Fund Operating Expenses exceed 1.00%. This agreement is in effect through March 31, 2027, and thereafter is reevaluated on an annual basis. The expense reimbursement arrangement relates to all expenses incurred by the Fund except interest, taxes, brokerage commissions, and other extraordinary expenses not incurred in the ordinary course of the Fund's business, including, but not limited to, Acquired Fund Fees and Expenses. The waiver or reimbursement of an expense by the Adviser is subject to repayment by the Fund within three years following the date such waiver and/or reimbursement was made, provided that the Fund is able to make the repayment without exceeding the expense limitation in place at the time of the waiver or reimbursement and at the time the waiver or reimbursement is recouped. This agreement shall terminate automatically upon the termination of the Investment Advisory Agreement with the Adviser.

**Example**

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

---

| | | |
|:---|:---|:---|
| **Name of Fund** | **1 Year** | **3 Years** |
| GSR Digital Asset Treasury Companies ETF | $102 | $425 |

---

**&nbsp;&nbsp;&nbsp;&nbsp;**

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<u>Portfolio Turnover</u>

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 Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. As of the date of this Prospectus, the Fund has not yet commenced operations and therefore does not have any portfolio turnover information available.

<u>Principal Investment Strategies</u>

The Fund, under normal market conditions, will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in equity securities of companies that hold digital assets in their corporate treasury ("Digital Asset Treasury Companies"). The Fund is an actively managed exchange-traded fund ("ETF") that seeks to provide total return through investments in equity securities issued by Digital Asset Treasury Companies. The Fund's 80% policy is non-fundamental and may be changed by the Fund's board of trustees without shareholder approval, but shareholders will be given at least 60 days' advance notice of any change to the Fund's 80% policy.

For purposes of the Fund's 80% policy, the Adviser defines a Digital Asset Treasury Company as any company that meets one of the following quantitative factors:

***<u>Quantitative Factors</u>***:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Generally maintains 15% or more of its assets in digital assets or digital asset-linked financial instruments; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Generally derives 15% or more of its income from digital assets or digital asset-linked financial instruments.

The Adviser will also consider one or more of the following qualitative factors for Digital Asset Treasury companies in the event a Digital Asset Treasury company does not meet one of the quantitative factors listed above:

***<u>Qualitative Factors</u>***:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Board-Approved Mandated/Approved and/or C-Level Management Adopted</u>: A formal corporate policy to hold digital assets as "permanent capital."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;<u>Professional Infrastructure</u>: Use of institutional-grade custody and controlled movement of funds (segregation of duties, hardware-backed keys).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp;<u>Governance & Reporting (FASB/ASU 2023-08)</u>: Following the 2025 accounting shifts, companies must now report digital assets at fair value each period. Adherence to these strict disclosure rules—including auditable evidence of "key ceremonies."

The Adviser will look to publicly available information such as financials, press releases, registration statements, and other information released to the public by the issuers to determine a company's eligibility as a Digital Asset Treasury Company.

The Fund is actively managed and allocates its assets among equity securities (i.e., all securities that are not debt securities, including common and preferred stock) of Digital Asset Treasury Companies based on the Adviser's proprietary assessment of prevailing market conditions. The Fund does not have a minimum market capitalization requirement. Under current market conditions, the Fund expects to hold positions in approximately 5 to 10 issuers. However, this may change based on market conditions, and the Fund expects this number to grow over time. In addition, under current market conditions, the Fund will invest primarily in the securities of companies with their principal place of business in the United States. However, the Fund may invest in securities of any Digital Asset Treasury

**&nbsp;&nbsp;&nbsp;&nbsp;**

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Company whether their principal place of business is within or outside of the United States, and may invest in exchange-traded funds that provide exposure to Digital Asset Treasury Companies.

The Fund may invest in private investments in public equity ("PIPEs") issuances of Digital Asset Treasury Companies, subject to the 15% limitation on illiquid investments under the Investment Company Act of 1940, as amended (the "1940 Act"). PIPEs are privately negotiated transactions in which accredited investors, such as institutions or funds, purchase equity securities directly from a publicly traded company, typically at a discount to the market price. These transactions often provide issuers with a means to raise capital more quickly and with fewer regulatory requirements than a traditional public offering. Securities purchased in PIPE transactions may be subject to restrictions on resale and may be less liquid than securities purchased in the public markets.

The Fund may also invest in initial public offerings ("IPOs") of Digital Asset Treasury Companies, special purpose acquisition companies ("SPACs") that merge with or are seeking to merge with Digital Asset Treasury Companies, and securities of Digital Asset Treasury Companies that are penny-stocks.

The Fund may invest in cash equivalents and short-term U.S. government securities for investment or liquidity purposes.

The Fund will not invest directly in digital assets such as Bitcoin, Ether, or other cryptocurrencies. The Fund's criteria for determining whether an issuer is a Digital Asset Treasury Company is not necessarily intended to provide exposure to the price performance of any specific digital asset, and the performance of the Fund will not correlate directly with the price of digital assets.

The Fund will be concentrated (i.e., hold 25% or more of its total assets) in investments that provide exposure to the industry or group of industries that comprise the Digital Asset Treasury Companies industry (as defined by the Advisor). As of the date of this Prospectus, the Fund will be concentrated (i.e., hold 25% or more of its total assets) in investments that provide exposure to the Software & Services group of industries. However, the Fund's portfolio composition can fluctuate and the Software & Services group of industries may not always make up more than 25% of the Fund's total assets.

The Fund is classified as "non-diversified" under the 1940 Act.

*Ethereum History*

ETH is a digital asset created, issued, and transferred through the operation of the Ethereum Network, a decentralized, peer-to-peer blockchain network maintained by a distributed set of independent validators. No single entity owns or operates the Ethereum Network. Transactions in ETH are recorded on a public, distributed ledger known as the Ethereum blockchain. ETH may be transferred between users or exchanged for fiat currencies on digital asset trading platforms or through peer-to-peer transactions at market-determined prices.

The Ethereum Network supports smart contracts, which are programs deployed on the blockchain that automatically execute transactions or other instructions when specified conditions are met. Execution of transactions and smart contracts requires payment of network fees denominated in ETH.

The Ethereum Network operates under a proof-of-stake consensus mechanism. Validators stake ETH to participate in transaction validation and block production and may receive rewards for performing these functions. Validators are subject to penalties, including the forfeiture of a portion of staked ETH, for certain forms of misbehavior or failure to comply with protocol rules. Any malicious activity, such as disagreeing with the eventual consensus or otherwise violating protocol rules, results in the forfeiture or "slashing" of a portion of the staked coins. The Ethereum Network transitioned from a proof-of-work to a proof-of-stake consensus mechanism in September 2022.

The Ethereum protocol is maintained through open-source software development and community governance. Changes to the protocol are proposed by developers and adopted only if accepted by a sufficient number of network participants. In some circumstances, disagreements among participants may result in changes to the protocol or the creation of

**&nbsp;&nbsp;&nbsp;&nbsp;**

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separate blockchain networks operating under different rules, commonly referred to as "forks," which may affect the market value of ETH.

ETH does not have a fixed maximum supply. Issuance and supply dynamics are determined by protocol-level rules, including validator rewards and mechanisms that permanently remove a portion of transaction fees from circulation. Changes to network usage, issuance parameters, or protocol rules may affect the supply, demand, and market value of ETH.

*Bitcoin History*

Bitcoin ("BTC") is a digital asset created, issued, and transferred through the operation of the Bitcoin Network, a decentralized, peer-to-peer blockchain network maintained by a distributed set of independent participants. No single entity owns or operates the Bitcoin Network. Transactions in BTC are recorded on a public, distributed ledger known as the Bitcoin blockchain. BTC may be transferred between users or exchanged for fiat currencies on digital asset trading platforms or through peer-to-peer transactions at market-determined prices.

The Bitcoin Network is designed primarily to enable the transfer and storage of value. Unlike some other blockchain networks, the Bitcoin Network does not natively support complex smart contracts or decentralized applications. Transactions on the Bitcoin Network require payment of transaction fees denominated in BTC.

The Bitcoin Network operates under a proof-of-work consensus mechanism. Under this mechanism, network participants known as "miners" use specialized computing hardware to compete to validate transactions and add new blocks to the blockchain. Miners are rewarded with newly issued BTC and transaction fees for successfully validating blocks. The proof-of-work process requires substantial computational resources and energy consumption.

BTC has a fixed maximum supply of 21 million coins. New BTC is issued as block rewards to miners pursuant to protocol-level rules, with the issuance rate programmed to decline over time through periodic events commonly referred to as "halvings." Once the maximum supply is reached, no new BTC will be issued, and miners are expected to be compensated solely through transaction fees. Changes in mining economics, network participation, or transaction demand may affect the security, operation, and market value of BTC.

The Bitcoin protocol is maintained through open-source software development. Changes to the protocol are proposed by developers and adopted only if accepted by a sufficient number of network participants. In some circumstances, disagreements among participants may result in changes to the protocol or the creation of separate blockchain networks operating under different rules, commonly referred to as "forks," which may affect the market value of BTC.

**Principal Risks of Investing in the Fund**

As with all funds, a shareholder is subject to the risk that his or her investment could lose money. The principal risks affecting shareholders' investments in the Fund are set forth below. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation (the "FDIC") or any government agency. For more information about the risks of investing in the Fund, see the section in the Fund's Prospectus titled "Additional Information About the Fund's Investments." Each risk summarized below is considered a principal risk of investing in the Fund, regardless of the order in which it appears.

**Digital Asset Treasury Companies Risk.** Digital Asset Treasury Companies face unique risks as a result of holding digital assets in their corporate treasury. The speculative perception of digital assets may overshadow the fundamentals of such companies, leading to exaggerated price movements based on market sentiment, hype, or fear. Such companies may face criticism for adopting a digital asset treasury strategy, particularly during periods of declining digital asset prices, potentially harming their reputation and stock value. Companies may also face scrutiny or reputational damage for associating with digital assets, which some stakeholders view as controversial due to concerns such as environmental impact, use in illicit activities, or lack of regulatory clarity. Companies with significant international operations may face challenges if jurisdictions impose restrictions on the use, trade, or holding of digital assets. Companies holding digital assets may face accounting challenges, such as recording impairment losses when digital asset prices decline, even if the holdings are not sold. This can distort reported financial performance metrics. The value of the Fund's investments in

**&nbsp;&nbsp;&nbsp;&nbsp;**

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instruments that provide exposure to Digital Asset Treasury Companies—and therefore the value of an investment in the Fund—could decline significantly and without warning. The value of the Fund's investments will not necessarily correlate directly with the price performance of any specific digital asset because Digital Asset Treasury Companies typically engage in other businesses unrelated to digital assets and may derive a larger portion of their revenues from sources unrelated to their digital asset holdings. Certain Digital Asset Treasury Companies in which the Fund may invest may engage in staking or similar activities with respect to their digital asset holdings, which may subject such companies to additional operational, regulatory, technological, and liquidity risks.

Digital Asset Treasury Companies are often (but not always) newer companies with less experienced management, limited operating histories with less financial information than well established issuers. Many such companies have limited or no operating revenues independent of their digital asset holdings and may rely on external financing to fund operations, service debt, acquire additional digital assets, or meet liquidity needs. As a result, these companies may be particularly sensitive to changes in interest rates, credit market conditions, and investor risk appetite. Rising funding costs, constrained access to capital, or adverse market conditions may materially and adversely affect their financial condition and the value of the Fund's investments.

The market price of securities issued by Digital Asset Treasury Companies may trade at a discount or premium relative to the value of the digital assets held on their balance sheets, net of liabilities. In certain circumstances, a company's market capitalization may be less than the implied net asset value of its digital asset holdings, which may limit the company's ability to raise capital on favorable terms. To the extent a Digital Asset Treasury Company seeks to raise additional capital through the issuance of equity securities, convertible instruments, or other financings, such issuances may be dilutive to existing shareholders and may adversely affect the market price of the company's securities. Similarly, the sale or encumbrance of digital asset holdings to fund operations or repay obligations could adversely affect a company's financial condition. Digital Asset Treasury Companies that are large holders of a particular digital asset may, by virtue of the size or concentration of their holdings, influence the liquidity, supply-demand dynamics, or price volatility of that digital asset. Actual or perceived sales, purchases, transfers, or pledges of digital assets by such companies may contribute to increased market volatility or negatively affect market prices. In stressed market conditions, a company's efforts to liquidate or rebalance a large digital asset position may exacerbate price declines or result in unfavorable execution prices, which could further impair the company's financial condition and the value of the Fund's investment.

Although some larger capitalization companies qualify as Digital Asset Treasury Companies, Digital Asset Treasury Companies also include companies that have small- or micro-capitalizations, and their securities may qualify as Penny Stocks, may be issued in IPOs, or may be the result of a merger with a SPAC (as defined below). If you are not prepared to accept significant and unexpected changes in the value of the Fund, you should not invest in the Fund.

Digital assets are assets that are created, issued, transferred, and stored using distributed ledger or blockchain technology or other cryptographic methods. Digital assets may include cryptocurrencies, digital tokens, stablecoins, and other blockchain-based instruments, and may be native to a particular blockchain network or issued by an entity using a blockchain or similar technology. Digital assets are typically recorded on a decentralized or distributed ledger and may be transferred directly between parties without the involvement of traditional financial intermediaries. The types of digital assets held by such companies may vary over time and across issuers and are determined by each company's investment objectives, risk tolerance, liquidity needs, and regulatory considerations.

Digital assets held by Digital Asset Treasury Companies may include:

**Bitcoin**, which is commonly held as a long-term store of value or treasury reserve asset due to its fixed supply, established network, and market liquidity.

**Ethereum** and other smart-contract platform assets, which may be held to support participation in blockchain-based networks, decentralized applications, or related ecosystem activity.

Other digital assets, including alternative cryptocurrencies or tokens, which may be held opportunistically or in connection with a company's broader digital-asset strategy.

**&nbsp;&nbsp;&nbsp;&nbsp;**

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**Bitcoin Risk**. Bitcoin is a decentralized digital asset that is not issued or guaranteed by any government or central authority. The value of Bitcoin is highly volatile and subject to rapid and substantial price fluctuations driven by market sentiment, macroeconomic conditions, liquidity constraints, regulatory developments, technological changes, and other factors. Bitcoin markets may be less liquid and more fragmented than traditional securities markets, and trading venues for Bitcoin are generally subject to less regulation and oversight than U.S. securities exchanges. In addition, Bitcoin is subject to risks related to forks, changes to the Bitcoin protocol, cybersecurity incidents, or attacks on the Bitcoin network, any of which could adversely affect its functionality, adoption, or value. Companies that hold Bitcoin may experience significant volatility in their financial condition and market valuation, which may adversely affect the Fund's investments.

**Ether Risk**. Ethereum is a decentralized blockchain platform that supports smart contracts and decentralized applications and operates using a proof-of-stake consensus mechanism. The value of Ether, the native digital asset of the Ethereum network, is highly volatile and may be affected by factors including network usage, transaction fees, technological upgrades, competition from other blockchain platforms, regulatory developments, and market sentiment. The Ethereum network is subject to risks associated with protocol changes, software bugs, network congestion, validator concentration, or failures related to staking mechanisms. In addition, changes to the Ethereum protocol or economic incentives for validators and stakers may have unintended consequences that adversely affect network performance or the value of Ether. Companies that hold Ether may be exposed to both market volatility and operational risks related to network participation.

Because the Fund invests in securities of Digital Asset Treasury Companies rather than directly in digital assets, the Fund is exposed to both the risks associated with Bitcoin, Ethereum, and other digital assets and the business, operational, financial, and regulatory risks specific to such companies. Adverse developments affecting Bitcoin or Ethereum may materially and adversely affect the value of the Fund's investments.

Digital Asset Treasury Companies in which the Fund invests may participate in staking programs with respect to some or all of their digital asset holdings. Staking generally involves committing digital assets to a blockchain network or protocol in order to support network operations, such as transaction validation or network security, in return for rewards that may be paid in additional digital assets. Staking activities expose such companies, and indirectly the Fund, to a number of risks, such as liquidity and lock-up, slashing of digital assets and other penalties associated with staking, operational and technology risk, custody and control risk, and validator and other service provider risk. The Fund does not directly control the staking decisions or operational practices of Digital Asset Treasury Companies and may have limited visibility into the specific staking arrangements, counterparties, or protocols utilized. As a result, adverse developments related to staking activities may materially and adversely affect the value of the Fund's investment in such companies.

**Digital Assets Risk.** The performance of Digital Asset Treasury companies, and consequently the Fund's performance, is subject to the risks of the digital assets and crypto currency markets. The trading prices of many digital assets/cryptocurrency have experienced extreme volatility in recent periods and may continue to do so. Extreme volatility in the future could have a material adverse effect on the value of the Fund's shares ("Shares") and the Shares could lose all or substantially all of their value. The value of the Shares is subject to a number of factors relating to the fundamental investment characteristics of Digital Asset Treasury companies, which, in turn, is subject to the fundamental investment characteristics of digital assets generally, including the fact that digital assets are bearer instruments and loss, theft, destruction, or compromise of the associated private keys could result in permanent loss of the asset, and the capabilities and development of blockchain technologies. Digital assets represent a new and rapidly evolving industry, and the value of the Shares depends on the acceptance of digital assets. Changes in the governance of a digital asset network may not receive sufficient support from users and miners, which may negatively affect that digital asset network's ability to grow and respond to challenges.

Cryptocurrencies, such as BTC and ETH, are a subset of digital assets designed to act as a medium of exchange. Despite being referred to as "currencies," crypto assets are not widely accepted as a means of payment, are not backed by any government or central bank, and are not legal tender. The value of digital assets is determined by supply and demand in the global markets, which consist primarily of transactions of the respective digital assets on electronic trading platforms or trading venues. Unlike the exchanges for more traditional assets, the regulation of digital asset trading platforms is

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highly fragmented. Due to the fragmentation and lack of oversight of these trading venues, there is a heightened potential for fraud and manipulation. Regulation in the U.S. is still developing.

**Equity Securities Risk**. Publicly issued equity securities, including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of the Fund to fluctuate.

**Private Investments in Public Equity ("PIPEs") Risk.** Investments in PIPEs are subject to numerous risks. Securities acquired in PIPE transactions are typically restricted securities that are not registered with the Securities and Exchange Commission ("SEC") and may be subject to contractual restrictions on resale. PIPEs are often issued where a company may not have access to traditional financing, for example, because its performance is poor or capitalization is too small. As a result, PIPE securities may be less liquid and more difficult to value than securities purchased in the public markets. The Fund may not be able to sell PIPE securities at the desired time or price, which could adversely affect the Fund's performance. In addition, issuers may offer PIPE securities at a discount to the prevailing market price, but there is no assurance that the market price of such securities will appreciate or that the discount will result in a favorable return for the Fund. Issuers of PIPE securities may also be financially distressed or have limited operating histories, which may increase the risk of loss.

**Special Purpose Acquisition Companies ("SPACs") Risk**. The Fund may invest in stock of, warrants to purchase stock of, and other interests in SPACs or similar special purposes entities. A SPAC is a publicly traded company that raises investment capital for the purpose of acquiring or merging with an existing company. Investments in SPACs and similar entities are subject to a variety of risks beyond those associated with other equity securities. Because SPACs and similar entities do not have any operating history or ongoing business other than seeking acquisitions, the value of their securities is particularly dependent on the ability of the SPAC's management to identify a merger target and complete an acquisition. Until an acquisition or merger is completed, a SPAC generally invests its assets, less a portion retained to cover expenses, in U.S. government securities, money market securities and cash and does not typically pay dividends in respect of its common stock. As a result, it is possible that an investment in a SPAC may lose value.

**Initial Public Offerings ("IPO") Risk**. The Fund may invest in companies that have recently completed an initial public offering ("IPO"). IPO issuers often have limited operating histories, may be subject to greater price volatility, and typically have less publicly available information than more established companies. Securities of IPO issuers may experience significant price declines after the initial offering period, including when lock-up agreements expire and additional shares become eligible for sale. There can be no assurance that the Fund will be able to purchase IPO securities at favorable prices or that such securities will perform as expected.

**Penny Stock Risk**. The Fund may invest in penny stock companies, which are generally smaller companies whose securities trade at relatively low prices. Penny stocks are often subject to greater price volatility, lower liquidity, and wider bid-ask spreads than securities of larger, more established companies. Penny stock issuers may have limited financial resources, less experienced management, and reduced access to capital markets. Investments in penny stocks may be speculative and involve a greater risk of loss.

**Micro-Capitalization Company Risk**. Micro-capitalization companies involve a higher degree of risk than small- or mid-capitalization companies. Micro-capitalization companies, including many IPO issuers, SPACs, and penny stock companies often have very limited operating histories, narrow product lines, limited financial and personnel resources, and reduced access to capital markets. These companies may be more susceptible to business setbacks, regulatory developments, and adverse market conditions. Micro-capitalization companies are less liquid and may trade in lower volumes and may be more difficult to value and sell than securities of larger companies, more established companies as a result of several factors, including limited trading volumes, fewer products or financial resources, management inexperience and less publicly available information. As a result, these securities may experience greater volatility and declines in value.

**Small- and Mid-Capitalization Companies Risk**. The Fund may invest in securities of small- and/or mid-capitalization companies. Small and/or mid capitalization companies may be more vulnerable to adverse general market or economic developments, and their securities may be less liquid and may experience greater price

**&nbsp;&nbsp;&nbsp;&nbsp;**

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volatility than larger, more established companies as a result of several factors, including limited trading volumes, fewer products or financial resources, management inexperience and less publicly available information. Accordingly, such companies are generally subject to greater market risk than larger, more established companies.

**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.

**Restricted Securities Risk**. Restricted securities are securities that cannot be offered for public resale unless registered under the applicable securities laws or that have a contractual restriction that prohibits or limits their resale. The Fund may be unable to sell a restricted security on short notice or may be able to sell them only at a price below current value.

**Digital Asset Technology and Mining Risk.** While the Fund will not directly invest in digital assets, it will be subject to the risks associated with digital assets by virtue of its investments in equity securities of Digital Asset Treasury Companies. Investing in digital assets exposes investors (and, in turn, Digital Asset Treasury Companies and their shareholders) to significant risks that are not typically present in other investments. These risks include the uncertainty surrounding evolving technologies, limited evaluation due to the relatively short trading and adoption history of many digital assets, and the potential decline in adoption and value over the long term. The extreme volatility of digital asset prices is also a risk factor. Regulatory uncertainties, such as potential government interventions and conflicting regulations across jurisdictions, can impact the demand for digital assets and restrict their usage. Additionally, risks associated with the sale or transfer of newly issued or mined digital assets, reliance on digital asset trading platforms, competition among alternative digital assets, modifications to underlying blockchain networks, and intellectual property claims pose further challenges to digital asset-linked investments.

Companies engaged in digital asset mining are particularly susceptible to operational and financial risk caused by cyberattacks, hacking, malware, and other types of unauthorized access that could affect the company's mining equipment, digital asset inventory, and other mining rewards, all of which may adversely affect the mining company's profitability. Environmental concerns and related government regulations and restrictions have, and may again in the future, target digital asset mining companies.

**Concentration Risk**. The Fund will concentrate in the securities of a particular industry or group of industries. To the extent the Fund has significant exposure in a single asset class or the securities of issuers within the same country, state, region, industry or sector, an adverse economic, business or political development may affect the value of the Fund's investments more than if the Fund were more broadly diversified. A significant exposure makes the Fund more susceptible to any single occurrence and may subject the Fund to greater market risk than a fund that is more broadly diversified.

*Software Company Risk*. Investing in companies engaged in the software business may expose the Fund to specific risks related to all companies engaged in the software business. Such companies can be significantly affected by intense competition, aggressive pricing, technological innovations, and product obsolescence. These companies are subject to significant competitive pressures, such as aggressive pricing, new market entrants, competition for market share, short product cycles due to an accelerated rate of technological developments and the potential for limited earnings and/or falling profit margins. These companies also face the risks that new services, equipment or technologies will not be accepted by consumers and businesses or will become rapidly obsolete. These factors can affect the profitability of these companies and, as a result, the value of their securities. Also, patent protection is integral to the success of many software companies , and profitability can be affected materially by, among other things, the cost of obtaining (or failing to obtain) patent approvals, the cost of litigating patent infringement and the loss of patent protection for products (which significantly increases pricing pressures and can materially reduce profitability with respect to such products). In addition, many software companies have limited operating histories. Prices of these companies' securities historically have been more volatile than other securities, especially over the short term.

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*Information Technology Company Risk*. The value of stocks of information technology companies and companies that rely heavily on technology is particularly vulnerable to rapid changes in technology product cycles, rapid product obsolescence, government regulation, and competition, both domestically and internationally, including competition from competitors with lower production costs. In addition, many information technology companies have limited product lines, markets, financial resources or personnel. The prices of information technology companies and companies that rely heavily on technology, especially those of smaller, less-seasoned companies, tend to be more volatile and less liquid than the overall market. Information technology companies are heavily dependent on patent and intellectual property rights, the loss or impairment of which may adversely affect profitability. Additionally, information technology companies may face dramatic and often unpredictable changes in growth rates and competition for the services of qualified personnel.

**Costs of Buying and Selling Fund Shares**. Due to the costs of buying or selling Fund Shares, including brokerage commissions imposed by brokers and bid/ask spreads, frequent trading of Fund Shares may significantly reduce investment results and an investment in Fund Shares may not be advisable for investors who anticipate regularly making small investments.

**Active Management Risk**. The Fund is actively-managed and its performance reflects investment decisions that the Adviser and/or Sub-Adviser makes for the Fund. In managing the Fund's investment portfolio, the portfolio managers will apply investment techniques and risk analyses, including through the use of technology, automated processes, algorithms, or other management systems, that may not operate as intended or produce the desired result. Such judgments about the Fund's investments may prove to be incorrect. If the investments selected and the strategies employed by the Fund fail to produce the intended results, the Fund could underperform as compared to other funds with similar investment objectives and/or strategies, or could have negative returns.

**Cyber Security Risk**. The Fund is susceptible to operational risks through breaches in cyber security. A breach in cyber security refers to both intentional and unintentional events that may cause the Fund to lose proprietary information, suffer data corruption or lose operational capacity. Such events could cause the Fund to incur regulatory penalties, reputational damage, additional compliance costs associated with corrective measures and/or financial loss. Cyber security breaches may involve unauthorized access to the Fund's digital information systems through "hacking" or malicious software coding but may also result from outside attacks such as denial-of-service attacks through efforts to make network services unavailable to intended users. In addition, cyber security breaches of the issuers of securities in which the Fund invests or the Fund's third-party service providers, such as its administrator, transfer agent, custodian, or sub-advisor, as applicable, can also subject the Fund to many of the same risks associated with direct cyber security breaches. This risk is especially heightened for Digital Asset Treasury Companies, particularly with regard to custody of the digital assets held by such companies, which are bearer instruments and can be used by anyone in possession of them. Although the Fund has established risk management systems designed to reduce the risks associated with cyber security, there is no guarantee that such efforts will succeed, especially because the Fund does not directly control the cyber security systems of issuers or third-party service providers.

**Liquidity Risk**. The Fund may hold certain investments that may be subject to restrictions on resale, trade over-the-counter or in limited volume, or lack an active trading market. Accordingly, the Fund may not be able to sell or close out of such investments at favorable times or prices (or at all), or at the prices approximating those at which the Fund currently values them. Illiquid securities may trade at a discount from comparable, more liquid investments and may be subject to wide fluctuations in market value.

**Market Risk**. Market risk is the risk that a particular investment, or Fund Shares in general, may fall in value. Securities are subject to market fluctuations caused by real or perceived adverse economic, political, and regulatory factors or market developments, changes in interest rates and perceived trends in securities prices. Fund Shares could decline in value or underperform other investments. In addition, local, regional or global events such as war, acts of terrorism, market manipulation, government defaults, government shutdowns, regulatory actions, political changes, diplomatic developments, the imposition of sanctions and other similar measures, spread of infectious diseases or other public health issues, recessions, natural disasters, or other events could have a significant negative impact on the Fund and its investments. Any of such circumstances could have a materially negative impact on the value of the Fund Shares, the

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liquidity of an investment, and may result in increased market volatility. During any such events, Fund Shares may trade at increased premiums or discounts to their NAV, the bid/ask spread on Fund Shares may widen and the returns on investment may fluctuate.

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

**New Adviser Risk.** The Adviser is a new entity formed in 2025 and, as an entity, has not previously managed a registered investment company. As such, the Adviser has no operating history or performance track record and may not achieve the intended result in managing the Fund.

**Non-Diversification Risk**. The Fund is classified as "non-diversified" under the 1940 Act. The Fund may invest a relatively high percentage of its assets in a limited number of issuers. As a result, the Fund may be more susceptible to a single adverse economic or regulatory occurrence affecting one or more of these issuers, experience increased volatility and be highly invested in certain issuers.

**Operational Risk**. The Fund is subject to risks arising from various operational factors, including, but not limited to, human error, processing and communication errors, errors of the Fund's service providers, counterparties or other third-parties, failed or inadequate processes and technology or systems failures. The Fund relies on third-parties for a range of services, including custody. Any delay or failure relating to engaging or maintaining such service providers may affect the Fund's ability to meet its investment objectives. Although the Fund, Adviser, and Sub-Adviser seek to reduce these operational risks through controls and procedures, there is no way to completely protect against such risks.

**Tax Risk.** In order to qualify for the special tax treatment accorded a regulated investment company ("RIC") and its shareholders, the Fund must derive at least 90% of its gross income for each taxable year from "qualifying income," meet certain asset diversification tests at the end of each taxable quarter, and meet annual distribution requirements. The Fund's pursuit of its investment strategy will potentially be limited by the Fund's intention to qualify for such treatment and could adversely affect the Fund's ability to so qualify. The Fund may make certain investments, the treatment of which for these purposes is unclear. If, in any year, the Fund were to fail to qualify for the special tax treatment accorded a RIC and its shareholders, and were ineligible to or were not to cure such failure, the Fund would be taxed in the same manner as an ordinary corporation subject to U.S. federal income tax on all its income at the fund level. The resulting taxes could substantially reduce the Fund's net assets and the amount of income available for distribution. In addition, in order to requalify for taxation as a RIC, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make certain distributions. Please see the section entitled "Taxes" in the Statement of Additional Information for more information.

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

**ETF Risks**. The Fund is an exchange-traded fund, and, as a result of an ETF's structure, it is exposed to the following risks:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;*Authorized Participants, Market Makers, and Liquidity Providers Limitation Risk.* The Fund has a limited number of financial institutions that may act as Authorized Participants ("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 of the Fund ("Shares") may trade at a material discount to

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NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;*Costs of Buying or Selling Shares.* Due to the costs of buying or selling Shares, including brokerage commissions imposed by brokers and bid/ask spreads, frequent trading of Shares may significantly reduce investment results and an investment in Shares may not be advisable for investors who anticipate regularly making small investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;*Shares May Trade at Prices Other Than NAV.* As with all ETFs, Shares may be bought and sold in the secondary market at market prices. Although it is expected that the market price of Shares will approximate the Fund's NAV, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount) due to supply and demand of Shares or during periods of market volatility. This risk is heightened in times of market volatility and volatility in the Fund's portfolio holdings, 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. If an investor purchases Shares at a time when the market price is at a premium to the NAV of the Shares or sells at a time when the market price is at a discount to the NAV of the Shares, then the investor may sustain losses that are in addition to any losses caused by a decrease in NAV.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;*Trading.* Although Shares are listed for trading on a national securities exchange, and may be traded on other U.S. exchanges, there can be no assurance that Shares will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of Shares may begin to mirror the liquidity of the Fund's underlying portfolio holdings, which can be significantly less liquid than Fund Shares.

<u>Performance History</u>

As of the date of this Prospectus, the Fund has not yet commenced operations and therefore does not have a performance history. In the future, performance information will be presented in this section of the Prospectus. Performance information will contain a bar chart and table that provide some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing the Fund's average annual returns for certain time periods as compared to a broad measure of market performance. Investors should be aware that past performance before and after taxes is not necessarily an indication of how the Fund will perform in the future.

Updated performance information for the Fund, including its current NAV per share, is available by calling toll-free (888) 999-5958.

<u>Investment Adviser</u> 

Framework Digital Advisors LLC (the "Adviser") is the investment adviser to the Fund.

Tuttle Capital Management, LLC (the "Sub-Adviser") is the investment adviser to the Fund.

<u>Portfolio Managers</u>

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*Adviser's Portfolio Manager:* Louis Camhi, owner and Chief Investment Officer of the Adviser, has served as the Fund's portfolio manager since its inception in March 2026.

*Sub-Adviser's Portfolio Manager:* Matthew Tuttle, Chief Executive Officer of the Sub-Adviser, has served as the Fund's portfolio manager since its inception in March 2026.

<u>Purchase and Sale of Fund Shares</u>

The Fund will issue (or redeem) shares to certain institutional investors (typically market makers or other broker-dealers) only in large blocks of at least 10,000 shares known as "Creation Units." Creation Unit transactions are typically conducted in exchange for the deposit or delivery of in-kind securities and/or cash. Individual shares may only be purchased and sold on a national securities exchange through a broker-dealer. You can purchase and sell individual shares of the Fund throughout the trading day like any publicly traded security. The Fund's shares are listed on NASDAQ (the "Exchange"). The price of the Fund's shares is based on market price, and because ETF shares trade at market prices rather than NAV, Fund shares may trade at a price greater than NAV (premium) or less than NAV (discount). When buying or selling shares through a broker, most investors will incur customary brokerage commissions and charges and you may pay some or all of the spread between the bid and the offered prices in the secondary market for shares. Except when aggregated in Creation Units, the Fund's shares are not redeemable securities. Recent information regarding the Fund, including its NAV, market price, premiums and discounts, and bid/ask spreads, is available on the Fund's website at www.frameworkdigital.io.

<u>Tax Information</u> 

The Fund's distributions will be taxed as ordinary income or capital gain, unless you are investing through a tax-deferred arrangement, such as a 401(k) plan or an individual retirement account in which case withdrawals generally will be taxed.

<u>Payments to Broker-Dealers and Other Financial Intermediaries</u>

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

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**FUND SUMMARY – GSR Crypto Core3 ETF**

<u>Investment Objectives</u>

The GSR Crypto Core3 ETF (the "Fund") seeks capital appreciation and current income.

<u>Fees and Expenses of the Fund</u>

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

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| | |
|:---|:---|
| Annual Fund Operating Expenses <br>(expenses that you pay each year as a percentage of the value of your investment) | Annual Fund Operating Expenses <br>(expenses that you pay each year as a percentage of the value of your investment) |
| Management Fee<sup>(1)</sup> | 1.00% |
| Distribution (12b-1) and Service Fees | 0.00% |
| Other Expenses<sup>(2)</sup> | 0.00% |
| Total Annual Fund Operating Expenses | 1.00% |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup>Under the Investment Advisory Agreement, Framework Digital Advisors LLC (the "Adviser"), at its own expense and without reimbursement from the Fund, pays all of the expenses of the Fund, excluding the advisory fees, interest expenses, taxes, acquired fund fees and expenses, brokerage commissions and any other portfolio transaction-related expenses and fees arising out of transactions effected on behalf of the Fund, credit facility fees and expenses, including interest expenses, and litigation and indemnification expenses and other extraordinary expenses not incurred in the ordinary course of the Fund's business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(2)</sup>Other Expenses are based on estimated amounts for the current fiscal year.

**Example**

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

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|:---|:---|:---|
| **Name of Fund** | **1 Year** | **3 Years** |
| GSR Crypto Core3 ETF | $102 | $318 |

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<u>Portfolio Turnover</u>

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 Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. As of the date of this Prospectus, the Fund has not yet commenced operations and therefore does not have any portfolio turnover information available.

<u>Principal Investment Strategies</u>

The Fund will invest at least 80% of its net assets (plus the amount of borrowings for investment purposes) in three of the most established (or "core") crypto currencies—Bitcoin ("BTC"), Ethereum ("ETH"), and Solana ("SOL") (collectively, the "Reference Assets"), either directly (through a Cayman subsidiary, as described below) or through exchange-traded funds ("ETFs") and exchange-traded products ("ETPs"), including non-U.S. exchange-traded products ("non-US ETPs"), which invest directly in, provide exposure to, replicate the performance of, or have trading and/or price performance characteristics similar to a Reference Asset (all such ETFs, ETPs and non-US ETPs, "Reference ETFs"). The Fund seeks to achieve its investment objective under normal market conditions by providing a balanced exposure to each of the three

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Reference Assets, and staking its holdings in ETH and SOL, subject to liquidity requirements. The Fund is expected to maintain allocations of approximately one-third of its net assets to each of the Reference Assets, although allocations may vary over time based on market conditions and liquidity considerations (as described below).

The Fund will conduct a portion of its investment strategy through a wholly-owned subsidiary organized under the laws of the Cayman Islands (the "GSR Crypto Core3 Subsidiary"). The GSR Crypto Core3 Subsidiary has the same investment objective as the Fund and will follow the same general investment policies and restrictions, except that it will invest directly in ETH and SOL, to facilitate staking, and BTC, whereas the Fund will not invest directly in BTC, ETH or SOL, or any other crypto currency. The Fund will consolidate the holdings of the GSR Crypto Core3 Subsidiary for purposes of compliance with the Investment Company Act of 1940 (the "1940 Act"), including (but not limited to) fundamental investment restrictions, its 80% test noted above, and limitations on leverage. The GSR Crypto Core3 Subsidiary is wholly owned and controlled by the Fund and its only purpose is to be an investment conduit of the Fund to enable the Fund to qualify as a regulated investment company within the meaning of Regulation M of the IRS Code (as explained in further detail below). Accordingly, any references to the "Fund" also include the "GSR Crypto Core3 Subsidiary," as the context may require.

The Fund will invest directly (and not through the GSR Crypto Core3 Subsidiary) at least 40% of its assets in investment securities, including shares of Reference ETFs, reverse repurchase agreements and government securities, consistent with its status as an investment company under the 1940 Act. To the extent the Fund invests in Reference ETFs to gain exposure to ETH and SOL, it will generally seek to invest in Reference ETFs that engage in staking of ETH and SOL, respectively. The Fund gains exposure to ETH primarily through Reference ETFs registered under the Securities Act of 1933 or other non-U.S. ETPs that provide exposure to ETH. Direct exposure to BTC, ETH and SOL is obtained through the Cayman Subsidiary. The Fund seeks to capture the potential benefits of both price appreciation and, where applicable, staking yield. ETPs are not registered under the 1940 Act and an investor in an ETP does not have the protections afforded under the 1940 Act. The Fund will rebalance quarterly to maintain approximately equal exposure to each of the three Reference Assets, although exposure to each Reference Asset may range from 25% to 40% prior to rebalancing. The Fund will allocate portfolio assets to one or more of the following Reference ETFs at any one time,although this list may change over time:

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| | | |
|:---|:---|:---|
| **Reference ETF** | **Ticker** | **Principal Exchange** |
| iShares Ethereum Trust ETF | ETHA | Nasdaq |
| Grayscale Ethereum Trust | ETHE | NYSE Arca |
| Grayscale Ethereum Mini Trust | ETH | NYSE Arca |
| Fidelity Ethereum Fund | FETH | NYSE Arca |
| VanEck Ethereum ETF | ETHV | Cboe BZX |
| Franklin Ethereum ETF | EZET | Cboe BZX |
| Invesco Galaxy Ethereum ETF | QETH | Cboe BZX |
| 21Shares Ethereum ETF | TETH | Cboe BZX |
| Bitwise Ethereum ETF | ETHW | NYSE Arca |
| CI Galaxy Ethereum ETF | ETHX-B.TO | TSX |
| Purpose Ether ETF | ETHH.TO | TSX |
| Evolve Ether ETF | ETHR.TO | TSX |
| Global X Ethereum ETP | ETOX | Xetra/SIX/Euronext |
| 21Shares Ethereum ETP | AETH | Xetra/SIX |
| WisdomTree Physical Ethereum ETP | WETH | Xetra/Euronext/SIX |
| Global X 21Shares Ethereum ETF | EETH | ASX |
| iShares Bitcoin Trust ETF | IBIT | Nasdaq |

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To the extent ETH or SOL are held directly by the GSR Crypto Core3 Subsidiary, the Adviser may direct the Fund's (and the GSR Crypto Core3 Subsidiary's) custodian (the "Crypto Custodian") to stake such assets through unaffiliated third-party validators. Staked assets will remain in the possession and control of the Crypto Custodian. Staking rewards earned by the Fund will be paid in the underlying digital asset and accrue to the Fund, net of fees charged by the Crypto Custodian and validators. Generally, staking means that the holder of the Reference Asset will agree to lock up the

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Reference Asset for it to be used in the Ethereum network's proof-of-stake validation process or the Solana network's delegated proof-of-stake process. In return, the holder will receive staking rewards in the form of the Reference Asset, which represent portions of the network's transaction fees. The Fund will direct its Crypto Custodian to delegate an amount, as determined by the Adviser, of its Reference Assets holdings to a validator or validators. The Fund seeks to stake all its SOL and ETH holdings, subject to the Adviser managing the Fund's liquidity profile such that no more than 15% of the Fund's net assets are deemed to be illiquid. Therefore, because the current unbonding period for staked ETH is anywhere from 5 to 10 days under average conditions and may extend to several weeks during periods of elevated exit demand, the Fund may be constrained in the amount of ETH it may stake. In late 2025 and early 2026, estimated unstaking timelines increased to 1 to 3 weeks, depending on Ethereum Network conditions (but can also be longer or shorter), the Adviser anticipates under current conditions that a significant amount of the Fund's assets that are invested directly in ETH will be staked. The unbonding period for SOL is generally 2 to 3 days, which means the Fund will be able to stake a greater percentage of its SOL holdings than its ETH holdings. The Fund may direct the Crypto Custodian to use a particular validator or validators to stake its Reference Asset holdings, but the staked Reference Assets will remain in the possession and control of the Crypto Custodian. Rewards, which will be paid in the Reference Asset and subject to any bonding or lock-up period, may be earned in connection with staking the Reference Asset. The Fund will pay the Crypto Custodian and validator or validators a fee for staking the Reference Asset. The Adviser, however, will take no portion of the rewards received from staking and will pass all rewards, minus any fees paid to the Crypto Custodian and validator or validators, to the Fund.

The Fund manages its portfolio such that no more than 15% of net assets are considered illiquid, consistent with Rule 22e-4 under the 1940 Act, and all staking activities engaged in by the Fund are subject to this limitation. The Fund may hold cash, cash equivalents, U.S. government securities, and other high-quality short-term instruments for liquidity or cash management purposes. The Fund may also engage in repurchase or reverse repurchase agreements and other investment techniques permitted under the 1940 Act for leveraging purposes and to seek to maintain its tax status as a Regulated Investment Company under Subchapter M of the Internal Revenue Code. The Fund is classified as "non-diversified" under the 1940 Act.

*Ethereum History*

ETH is a digital asset created, issued, and transferred through the operation of the Ethereum Network, a decentralized, peer-to-peer blockchain network maintained by a distributed set of independent validators. No single entity owns or operates the Ethereum Network. Transactions in ETH are recorded on a public, distributed ledger known as the Ethereum blockchain. ETH may be transferred between users or exchanged for fiat currencies on digital asset trading platforms or through peer-to-peer transactions at market-determined prices.

The Ethereum Network supports smart contracts, which are programs deployed on the blockchain that automatically execute transactions or other instructions when specified conditions are met. Execution of transactions and smart contracts requires payment of network fees denominated in ETH.

The Ethereum Network operates under a proof-of-stake consensus mechanism. Validators stake ETH to participate in transaction validation and block production and may receive rewards for performing these functions. Validators are subject to penalties, including the forfeiture of a portion of staked ETH, for certain forms of misbehavior or failure to comply with protocol rules. Any malicious activity, such as disagreeing with the eventual consensus or otherwise violating protocol rules, results in the forfeiture or "slashing" of a portion of the staked coins. The Ethereum Network transitioned from a proof-of-work to a proof-of-stake consensus mechanism in September 2022.

The Ethereum protocol is maintained through open-source software development and community governance. Changes to the protocol are proposed by developers and adopted only if accepted by a sufficient number of network participants. In some circumstances, disagreements among participants may result in changes to the protocol or the creation of separate blockchain networks operating under different rules, commonly referred to as "forks," which may affect the market value of ETH.

ETH does not have a fixed maximum supply. Issuance and supply dynamics are determined by protocol-level rules, including validator rewards and mechanisms that permanently remove a portion of transaction fees from circulation.

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Changes to network usage, issuance parameters, or protocol rules may affect the supply, demand, and market value of ETH.

*Solana History*

SOL is a digital asset created, issued, and transferred through the operation of the Solana Network, a decentralized blockchain network maintained by a distributed set of independent validators. No single entity owns or operates the Solana Network. Transactions in SOL are recorded on a public, distributed ledger known as the Solana blockchain. SOL is used to pay transaction and smart-contract execution fees on the Solana Network and may be transferred between users or exchanged for fiat currencies on digital asset trading platforms or through peer-to-peer transactions at market-determined prices.

The Solana Network supports smart contracts, which are programs deployed on the blockchain that automatically execute transactions or other instructions when specified conditions are met. Execution of transactions and smart contracts requires payment of fees denominated in SOL.

The Solana protocol uses a delegated proof-of-stake consensus mechanism in combination with a Proof-of-History ("PoH") process, which provides a cryptographically verifiable ordering of transactions over time. Validators stake SOL to participate in transaction validation and block production and may receive rewards for participating in network validation.

Development of the Solana ecosystem has historically been supported by Solana Labs, Inc. and the Solana Foundation; however, the Solana Network operates on an open-source, decentralized basis and does not require the involvement of governmental authorities or traditional financial intermediaries to validate transactions.

SOL does not have a fixed maximum supply. New SOL is issued primarily as staking rewards pursuant to protocol-level rules, with the inflation rate designed to decline over time to a long-term target level. A portion of transaction fees is permanently removed from circulation through a burning mechanism, which partially offsets new issuance. As of early 2025, approximately 490 million SOL were in circulation, out of a total issued supply of approximately 594 million SOL.

*Bitcoin History*

Bitcoin ("BTC") is a digital asset created, issued, and transferred through the operation of the Bitcoin Network, a decentralized, peer-to-peer blockchain network maintained by a distributed set of independent participants. No single entity owns or operates the Bitcoin Network. Transactions in BTC are recorded on a public, distributed ledger known as the Bitcoin blockchain. BTC may be transferred between users or exchanged for fiat currencies on digital asset trading platforms or through peer-to-peer transactions at market-determined prices.

The Bitcoin Network is designed primarily to enable the transfer and storage of value. Unlike some other blockchain networks, the Bitcoin Network does not natively support complex smart contracts or decentralized applications. Transactions on the Bitcoin Network require payment of transaction fees denominated in BTC.

The Bitcoin Network operates under a proof-of-work consensus mechanism. Under this mechanism, network participants known as "miners" use specialized computing hardware to compete to validate transactions and add new blocks to the blockchain. Miners are rewarded with newly issued BTC and transaction fees for successfully validating blocks. The proof-of-work process requires substantial computational resources and energy consumption.

BTC has a fixed maximum supply of 21 million coins. New BTC is issued as block rewards to miners pursuant to protocol-level rules, with the issuance rate programmed to decline over time through periodic events commonly referred to as "halvings." Once the maximum supply is reached, no new BTC will be issued, and miners are expected to be compensated solely through transaction fees. Changes in mining economics, network participation, or transaction demand may affect the security, operation, and market value of BTC.

The Bitcoin protocol is maintained through open-source software development. Changes to the protocol are proposed by developers and adopted only if accepted by a sufficient number of network participants. In some circumstances,

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disagreements among participants may result in changes to the protocol or the creation of separate blockchain networks operating under different rules, commonly referred to as "forks," which may affect the market value of BTC.

**Principal Risks of Investing in the Fund**

As with all funds, a shareholder is subject to the risk that his or her investment could lose money. The principal risks affecting shareholders' investments in the Fund are set forth below. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation (the "FDIC") or any government agency. For more information about the risks of investing in the Fund, see the section in the Fund's Prospectus titled "Additional Information About the Fund's Investments." Each risk summarized below is considered a principal risk of investing in the Fund, regardless of the order in which it appears.

**Crypto Currency Risk (Reference Assets).** The Reference Assets are relatively new innovations and are subject to unique and substantial risks. Crypto currencies are a subset of digital assets, representing blockchain-based tokens that function primarily as mediums of exchange, stores of value, or units of account, whereas digital assets more broadly include any electronically represented asset with economic value, such as tokens, stablecoins, and other distributed-ledger-based instruments. The markets for the Reference Assets are subject to rapid price swings, changes, and uncertainty. A significant portion of the demand for the Reference Assets may be the result of speculation. Such speculation regarding the potential future appreciation of the price of the Reference Assets may artificially inflate or deflate prices and increase volatility. The further development of the Bitcoin, Ethereum, and Solana networks, and the acceptance and use of the Reference Assets, are subject to a variety of factors that are difficult to evaluate. The slowing, stopping, or reversing of the development of these networks or the acceptance of the Reference Assets may adversely affect price and liquidity. Each Reference Asset is subject to the risk of fraud, theft, manipulation, security failures, operational disruptions, or other problems that impact trading platforms. In proof-of-stake networks applicable to certain Reference Assets (e.g., Ethereum and Solana), if a coordinated group of validators were to gain control of a substantial portion of staked assets, they could execute attacks, manipulate transactions, or halt payments. A significant portion of the Reference Assets may be held by a small number of holders sometimes referred to as "whales," and transactions by these holders may influence price.

The Reference Assets generally trade on trading platforms that support trading in a variety of crypto assets, and such platforms may be operating out of compliance with applicable regulations. Unlike the exchanges for more traditional assets, such as equity securities and futures contracts, trading venues for the Reference Assets are largely unregulated. As a result of the lack of regulation, individuals or groups may engage in fraud or market manipulation (including using social media to promote the Reference Assets in a way that artificially increases prices). Investors may be more exposed to the risk of theft, fraud, and market manipulation than when investing in more traditional asset classes. Over the past several years, a number of digital asset trading platforms have been closed due to fraud, failure, or security breaches. Investors may have little or no recourse should such theft, fraud, or manipulation occur and could suffer significant losses. Crypto asset trading platforms where the Reference Assets are traded may become subject to enforcement actions by regulatory authorities. The realization of any of these risks could result in a decline in the acceptance of the Reference Assets and consequently a reduction in the value of the Reference Assets, ETFs that seek to track them, and the Fund.

**Bitcoin Risk**. Bitcoin is a decentralized crypto currency that is not issued or guaranteed by any government or central authority. The value of Bitcoin is highly volatile and subject to rapid and substantial price fluctuations driven by market sentiment, macroeconomic conditions, liquidity constraints, regulatory developments, technological changes, and other factors. Bitcoin markets may be less liquid and more fragmented than traditional securities markets, and trading venues for Bitcoin are generally subject to less regulation and oversight than U.S. securities exchanges. In addition, Bitcoin is subject to risks related to forks, changes to the Bitcoin protocol, cybersecurity incidents, or attacks on the Bitcoin network, any of which could adversely affect its functionality, adoption, or value. Companies that hold Bitcoin may experience significant volatility in their financial condition and market valuation, which may adversely affect the Fund's investments. The supply of bitcoin is governed by the Bitcoin protocol, which limits the total number of bitcoins that may ever be created to 21 million. New bitcoins are introduced into circulation as block rewards paid to miners, with the issuance rate decreasing over time through periodic "halving" events. Bitcoin does not have a central authority that can

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modify its supply in response to market conditions, and there is no assurance that the fixed supply model will support long-term value or adoption. Transaction fees, miner incentives, and market demand play a significant role in the economics of the Bitcoin network and may affect the cost, speed, and reliability of bitcoin transactions.

**Ether Risk**. Ethereum is a decentralized blockchain platform that supports smart contracts and decentralized applications and operates using a proof-of-stake consensus mechanism. The value of Ether, the native crypto currency of the Ethereum network, is highly volatile and may be affected by factors including network usage, transaction fees, technological upgrades, competition from other blockchain platforms, regulatory developments, and market sentiment. The Ethereum network is subject to risks associated with protocol changes, software bugs, network congestion, validator concentration, or failures related to staking mechanisms. In addition, changes to the Ethereum protocol or economic incentives for validators and stakers may have unintended consequences that adversely affect network performance or the value of Ether. Companies that hold Ether may be exposed to both market volatility and operational risks related to network participation.

**Solana Risk**. Solana is a decentralized blockchain network that supports smart contracts and decentralized applications and operates using a delegated proof-of-stake consensus mechanism. The value of SOL, the native crypto currency of the Solana network, is highly volatile and subject to significant price fluctuations driven by market sentiment, network usage, liquidity conditions, regulatory developments, technological changes, competition from other blockchain platforms, and macroeconomic factors. The Solana network has experienced network outages, performance disruptions, and transaction delays and may experience similar events in the future due to software bugs, protocol changes, validator concentration or misconfiguration, cybersecurity incidents, or other technical or operational issues. These events could adversely affect the functionality, adoption, or market value of SOL. Markets for SOL may be less liquid and more fragmented than traditional securities markets, and trading venues for SOL are generally subject to less regulation and oversight than U.S. securities exchanges. Companies that hold SOL may experience significant volatility in their financial condition and market valuation, which may adversely affect the Fund's investments.

**Risks Related to the Regulation of Reference Assets.** Any final determination by a court that any of the Reference Assets or any other digital asset is a "security" or a "commodity" may adversely affect the value of such asset and the value of the Fund's shares and, if a Reference Asset is not, or cannot, be registered as a security, result in a potential termination of the Fund. Depending on its characteristics, a digital asset may be considered a "security" under the federal securities laws. The test for determining whether a particular digital asset is a "security" is complex and difficult to apply, and the outcome is difficult to predict. Public, though non-binding, statements by senior officials at the SEC have indicated that the SEC did not consider Bitcoin or ETH to be securities, and does not currently consider Bitcoin to be a security. The SEC staff's guidance regarding whether a digital asset is or is not a security is not determinative or binding and a court may come to a different conclusion. The SEC has brought enforcement actions against the issuers and promoters of several digital assets on the basis that the digital assets in question are securities and has brought enforcement actions against various digital asset trading platforms for allegedly operating unregistered securities exchanges on the basis that certain of the digital assets traded on their platforms are securities. Whether any Reference Asset is a security under the federal securities laws depends on whether it meets the definitions of "security" under the Securities Act of 1933, the Securities Exchange Act of 1934, and the 1940 Act, including tests developed by the federal courts. If an appropriate court determines that any Reference Asset is a security, the Adviser would not intend to permit the Fund to continue holding its investments in a way that would violate the federal securities laws (and therefore, if necessary, would either dissolve the Fund or potentially seek to operate the Fund in a manner that complies with the federal securities laws).

**Digital Assets/Cryptocurrency Market Volatility Risk.** The prices of the Reference Assets have historically been highly volatile. The value of the Fund's exposure to the Reference Assets—and therefore the value of an investment in the Fund—could decline significantly and without warning, including to zero. Trading prices of crypto currencies, and digital assets overall, have experienced steep increases followed by sharp drawdowns multiple times in recent years, and such volatility may persist.

**Digital Assets/Cryptocurrency Risk.** The performance of the Reference Assets, and consequently the Fund's performance, is subject to the risks of the digital assets and cryptocurrency markets. The trading prices of many digital

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assets/cryptocurrency, including the Reference Assets, have experienced extreme volatility in recent periods and may continue to do so. Extreme volatility in the future, including further declines in the trading prices of a Reference Asset, could have a material adverse effect on the value of the Fund's shares ("Shares") and the Shares could lose all or substantially all of their value. The value of the Shares is subject to a number of factors relating to the fundamental investment characteristics of each Reference Asset as a digital asset, including the fact that digital assets are bearer instruments and loss, theft, destruction, or compromise of the associated private keys could result in permanent loss of the asset, and the capabilities and development of blockchain technologies. Digital assets represent a new and rapidly evolving industry, and the value of the Shares depends on the acceptance of the Reference Asset. Changes in the governance of a digital asset network may not receive sufficient support from users and miners, which may negatively affect that digital asset network's ability to grow and respond to challenges.

Cryptocurrencies, such as the Reference Assets, are a subset of digital assets designed to act as a medium of exchange. Despite being referred to as "currencies," cryptocurrencies are not widely accepted as a means of payment, are not backed by any government or central bank, and are not legal tender.

The value of digital assets is determined by supply and demand in the global markets, which consist primarily of transactions of the respective digital assets on electronic trading platforms or trading venues. Unlike the exchanges for more traditional assets, the regulation of digital asset trading platforms is highly fragmented. Due to the fragmentation and lack of oversight of these trading venues, there is a heightened potential for fraud and manipulation. Regulation in the U.S. is still developing.

**Staking and Validator Risk.** When the Fund stakes Reference Assets that utilize proof-of-stake consensus (currently, Ethereum and Solana), the assets are subject to risks attendant to staking generally, such as illiquidity, reliance on third-party service providers, slashing, missed rewards, validator problems, and errors. Staking requires that the Fund lock up the staked asset and become subject to an unbonding period to unstake it, during which the Fund cannot sell or transfer the staked asset and remains exposed to market volatility. The unbonding period differs by network and may change over time; currently, unstaking ETH generally involves a multi-day or longer withdrawal process subject to protocol limits and queueing mechanisms, while unstaking SOL typically involves a shorter unbonding period measured in network epochs, but may still delay access to the asset during periods of network congestion or protocol changes. Unbonding times for ETH may be up to several weeks depending on network conditions.

Staking may involve the risk of slashing, which is a penalty imposed on validators for actions that threaten network integrity, such as double-signing, downtime, or malicious activity. Correlated slashing events may result in significant losses. Staking assets may mean less control compared to holding them in a wallet, regulatory risks exist, and that staking yields change largely because the rewards are fixed over time but the amount of capital that participates in staking or lending changes. Staked Reference Assets are also subject to risks associated with technology and security, including validator or custodian failure, smart contract vulnerabilities, governance changes, or network downtime or attacks, any of which could result in a complete or partial loss of the staked asset or rewards.

The Solana and Ethereum networks rely on validators that stake SOL or ETH, respectively, to participate in transaction validation and block production. These networks are subject to risks associated with validator performance, concentration, and behavior. Validators may experience operational failures, software bugs, cybersecurity incidents, or outages that disrupt network operations, delay transaction processing, or impair network functionality. Concentration of staking power among a limited number of validators or staking service providers may reduce network decentralization and increase the risk of governance influence or coordinated behavior.

Validators that fail to comply with protocol rules, whether due to misconfiguration, downtime, or malicious activity, may be subject to penalties, including the loss ("slashing") of a portion of staked SOL or ETH. Changes to staking mechanics, validator incentive structures, or penalty regimes on the Solana or Ethereum networks may affect validator participation, network security, or transaction processing and could adversely affect the performance of the networks or the market value of SOL or ETH.

**Liquidity Risk.** Unbonding periods for staked Reference Assets may range from several days to several weeks depending on network conditions. Accordingly, staked assets may not be sold within the typical settlement times of other assets

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and may be deemed illiquid. The Adviser will manage the Fund's portfolio assets to be within applicable liquidity limits under the Fund's liquidity risk management program and will not have more than 15% of the Fund's net assets in illiquid assets. As a result, the Fund may not be able to achieve its desired level of staking during certain periods. Certain assets held by the Fund, including the Reference Assets, may be difficult to sell during times of market turmoil. Illiquid assets may be difficult to value, especially in changing or volatile markets.

**Reference Asset ETF Investing Risk*.*** Issuer-specific attributes related to ETFs in which the Fund may invest may cause an investment held by the Fund to be more volatile than the market generally. When the Fund invests in ETFs, it will incur costs associated with such funds, including management fees and fees and expenses borne by shareholders of such ETFs. The value of an individual security or asset or particular type of security or asset may be more volatile than the market as a whole and may perform differently from the value of the market as a whole. When the Fund invests in ETFs it will incur costs associated with such funds, including management fees and fees and expenses borne by shareholders of such ETFs. The value of shares in an ETF may not replicate the performance of the Reference Asset and the Fund's investments in the ETFs will not perform exactly the same as the Fund's direct investments in the Reference Asset.

*<u>Risk Factors Related to Digital Assets</u>*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** The Reference Asset and investments linked to the Reference Asset are relatively new investments, they present unique and substantial risks, and investing in Reference Assets has been subject to significant price volatility. The trading prices of many digital assets, including the Reference Assets, have experienced extreme volatility in recent periods and may continue to do so. Extreme volatility in the future, including further declines in the trading prices of Reference Assets, could have a material adverse effect on the value of the shares and the shares could lose all or substantially all of their value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** The value of the Reference Asset has been and may continue to be deeply speculative such that trading and investing in the Reference Asset intraday may not be based on fundamental analysis. Individuals and organizations holding large amounts of the Reference Asset known as "whales" may have the ability to manipulate the price of the Reference Asset. The value of the shares is subject to a number of factors relating to the fundamental investment characteristics of the Reference Assets as a digital asset, including the fact that digital assets are bearer instruments and loss, theft, destruction, or compromise of the associated private keys could result in permanent loss of the asset, and the capabilities and development of blockchain technologies. For example, a blockchain may be subject to attack by a group of miners or validators that possess more than 50% of the blockchain's hashing power or staked asset. The value of the Fund's investments in the Reference Asset may be adversely affected by such an attack.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** Digital assets represent a new and rapidly evolving industry, and the value of the shares depends on the acceptance of the Reference Asset.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** Changes in the governance of a digital asset network may not receive sufficient support from users and validators or miners, which may negatively affect that digital asset network's ability to grow and respond to challenges.

*<u>Risk Factors Related to the Digital Asset Platforms</u>*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** The value of the Shares relates directly to the value of the Reference Asset, the value of which may be highly volatile and subject to fluctuations due to a number of factors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** Proposed changes to the Reference Asset blockchain protocol may not be adopted by a sufficient number of users and miners, which may result in competing blockchains with different native crypto assets and sets of participants (known as a "fork"). The value of an investment in the Fund may be negatively impacted by a temporary or permanent "fork".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** The Reference Asset blockchain protocol may contain flaws that can be exploited by attackers and which may adversely affect the value of Reference Asset and the Fund's investments. Flaws in the source code for digital

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assets have been exploited including flaws that disabled some functionality for users, exposed users' personal information and/or resulted in the theft of users' digital assets. The cryptography underlying the Reference Asset could prove to be flawed or ineffective, or developments in mathematics and/or technology, including advances in digital computing, algebraic geometry and quantum computing, could result in such cryptography becoming ineffective. In any of these circumstances, a malicious actor may be able to compromise the security of the Reference Asset's network or take the Trust's Reference Asset, which would adversely affect the value of the Fund. Exposure of the Reference Asset to instability in other speculative parts of the blockchain and crypto industry, such as through an event that is not necessarily related to the security or utility of Reference Asset blockchain can nonetheless precipitate a significant decline in the price of the Reference Asset and an investment in the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** As of December 31, 2024, there are over 10,000 alternative digital assets with a total market capitalization of approximately $1.33 trillion. Many consortiums and financial institutions are also researching and investing resources into private or permissioned smart contract platforms. Competition from the emergence or growth of alternative digital assets and smart contracts platforms could have a negative impact on the demand for, and price of, the Reference Asset and thereby adversely affect the value of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** Use of the Reference Asset by consumers and institutions as a medium of exchange in commerce may be limited. Banks and other established financial institutions may refuse to process funds for Reference Asset transactions; process wire transfers to or from digital asset platforms, Reference Asset-related companies or service providers; or maintain accounts for persons or entities transacting in the Reference Asset. Processing of transactions in the Reference Asset may be slow, transaction fees may be subject to significant variability. As a result, the price of the Reference Asset may be influenced to a significant extent by speculators and miners, thus contributing to price volatility that makes retailers less likely to accept it as a form of payment in the future.

*<u>Risk Factors Related to the Regulation of the Reference Asset</u>*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** There are risks regarding new or changing laws and regulations that may affect the use of blockchain technology and/or investments in crypto assets. Digital asset platforms in the U.S. exist in a state of regulatory uncertainty, and adverse legislative or regulatory developments could significantly harm the value of the Reference Asset, such as by banning, restricting or imposing onerous conditions or prohibitions on the use of the Reference Asset, mining activity, digital wallets, the provision of services related to trading and custodying the Reference Asset, the operation of the Reference Asset network, or the digital asset platforms generally. Accordingly, future regulatory changes may have a material adverse impact on the Fund's investments and its ability to implement its investment strategy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** If regulators subject the Reference Asset to regulation, this could result in extraordinary expenses that could potentially be borne by The Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** The treatment of digital assets for U.S. federal, state and local income tax purposes is uncertain.

**Subsidiary Investment Risk.** Changes in the laws of the United States and/or the Cayman Islands, under which the Fund and the GSR Crypto Core3 Subsidiary are organized, respectively, could result in the inability of the Fund to operate as intended and could negatively affect the Fund and its shareholders. The GSR Crypto Core3 Subsidiary is not registered under the 1940 Act and is not subject to all the investor protections of the 1940 Act. Thus, the Fund, as an investor in the GSR Crypto Core3 Subsidiary, will not have all the protections offered to investors in registered investment companies.

**Reverse Repurchase Agreement Risk**. A reverse repurchase agreement is the sale by the Fund of a security to a party for a specified price, with the simultaneous agreement by the Fund to repurchase that security from that party on a future date at a higher price. Similar to borrowing, reverse repurchase agreements provide the Fund with cash for investment purposes, which creates leverage and subjects the Fund to the risks of leverage. The Fund will use Reverse Repurchase agreements to maintain its status a regulated investment company under the IRS Code. Reverse repurchase agreements also involve the risk that the other party may fail to return the securities in a timely manner or at all. The Fund could lose

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money if it is unable to recover the securities and/or if the value of collateral held by the Fund, including the value of the investments made with cash collateral, is less than the value of securities.

**Concentration Risk.** The Fund's assets will be concentrated in the sector or sectors or industry or group of industries that are assigned to the Reference Assets, which will subject the Fund to the risk that economic, political or other conditions that have a negative effect on those sectors and/or industries may negatively impact the Fund to a greater extent than if the Fund's assets were invested in a wider variety of sectors or industries.

**Cyber Security Risk.** The Fund and its service providers, such as the custodian, are susceptible to operational risks through breaches in cyber security. A breach in cyber security refers to both intentional and unintentional events that may cause the Fund and its service providers to lose proprietary information, suffer data corruption or lose operational capacity. Such events could cause the Fund to incur regulatory penalties, reputational damage, additional compliance costs associated with corrective measures and/or financial loss, including loss of the Reference Asset. Cyber security breaches may involve unauthorized access to the Fund's digital information systems through hacking or malicious software coding but may also result from outside attacks such as denial-of-service attacks through efforts to make network services unavailable to intended users. In addition, cyber security breaches of the issuers of securities in which the Fund invests or the Fund's third-party service providers, such as its administrator, transfer agent, custodian, or sub-advisor, as applicable, can also subject the Fund to many of the same risks associated with direct cyber security breaches. Although the Fund has established risk management systems designed to reduce the risks associated with cyber security, there is no guarantee that such efforts will succeed, especially because the Fund does not directly control the cyber security systems of issuers or third-party service providers.

**Custodian Risk**. The Reference Assets and other assets held by the Fund that operate on distributed ledger/blockchain technology can only be transferred by the person holding both the public and private keys to the digital wallet in which the asset is held. The Fund's Crypto Custodian is in control of the private keys for each of the Fund's digital wallets. In the event the Crypto Custodian loses sole control of the private keys (e.g., through a data breach or hack), the Fund's digital assets held by the Crypto Custodian could be lost.

**Foreign Securities Risk.** To the extent the Fund invests in foreign securities they may be subject to additional risks not typically associated with investments in domestic securities. These risks may include, among others, currency risk, country risks (political, diplomatic, regional conflicts, terrorism, war, social and economic instability, currency devaluations and policies that have the effect of limiting or restricting foreign investment or the movement of assets), different trading practices, less government supervision, less publicly available information, limited trading markets and greater volatility.

**ETF Structure Risk.** The Fund is structured as an ETF and is therefore subject to special risks. Such risks include:

<u>Trading Issues Risk</u>. Trading in ETF shares on an exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in the ETF's shares inadvisable, such as extraordinary market volatility. There can be no assurance that an ETF's shares will continue to meet the listing requirements of its exchange or will trade with any volume. There is no guarantee that an active secondary market will develop for shares of an ETF. In stressed market conditions, the liquidity of shares of an ETF may begin to mirror the liquidity of the ETF's underlying portfolio holdings, which can be significantly less liquid than shares of the ETF. This adverse effect on liquidity for the ETF's shares in turn could lead to differences between the market price of the ETF's shares and the underlying value of those shares.

<u>Partial Cash Redemption Risk</u>. The Fund intends to redeem Shares partially for cash or to otherwise include cash as part of its redemption proceeds. The Fund may be required to sell or unwind portfolio investments to obtain the cash needed to distribute redemption proceeds. This may cause the Fund to recognize a capital gain that it might not have recognized if it had made a redemption in-kind. As a result, the Fund may pay out higher annual capital gain distributions than if the in-kind redemption process was used.

<u>Market Price Variance Risk</u>. The market prices of shares of an ETF will fluctuate in response to changes in the ETF's NAV, and supply and demand for ETF shares and will include a "bid-ask spread" charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price

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and the NAV vary significantly. This means that ETF shares may trade at a discount to NAV. The market price of an ETF's shares may deviate from the value of the ETF's underlying portfolio holdings, particularly in times of market stress, with the result that investors may pay significantly more or receive significantly less than the underlying value of the shares of the ETF bought or sold.

<u>Authorized Participants ("APs"), Market Makers, and Liquidity Providers Risk</u>*.* ETFs have a limited number of financial institutions that may act as 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 of an ETF may trade at a material discount to NAV and possibly face delisting: () 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.

<u>Costs of Buying or Selling Shares of an ETF</u>*.* Due to the costs of buying or selling shares of an ETF, including brokerage commissions imposed by brokers and bid/ask spreads, frequent trading of shares of an ETF may significantly reduce investment results and an investment in shares of an ETF may not be advisable for investors who anticipate regularly making small investments.

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

**Indirect Investment Risk**. None of the Reference ETFs or the Reference Assets are affiliated with the Trust, the Adviser, or any affiliates thereof and is not involved with this offering in any way, and has no obligation to consider the Fund in taking any corporate actions that might affect the value of the Fund. Fund shareholders will not have voting rights or rights to receive dividends or other distributions or any other rights with respect to IBIT, or any other Reference ETF. None of the Trust, the Fund, the Adviser, or any affiliate are responsible for the performance of the Reference Assets and make no representation as to the performance of the Reference Assets. Investing in the Fund is not equivalent to investing in the Reference Assets. The Fund's performance is not intended to, nor will it, track the performance of the Reference Assets or any other Reference ETF.

**Non-Correlation Risk**. The performance of the fund will not, and is not intended to, correlate exactly to the performance of the Reference Assets and will vary somewhat due to factors such as fees and expenses of the Fund, transaction costs, regulatory restrictions, and active management of the Fund's portfolio, including staking.

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

**New Adviser Risk.** The Adviser is a new entity formed in 2025 and, as an entity, has not previously managed a registered investment company. As such, the Adviser has no operating history or performance track record and may not achieve the intended result in managing the Fund.

**Non-Diversification Risk.** Because the Fund is non-diversified, it may invest a greater percentage of its assets in the securities of a single issuer or a smaller number of issuers than if it was a diversified fund. As a result, a decline in the value of an investment in a single issuer or a smaller number of issuers could cause the Fund's overall value to decline to a greater degree than if the Fund held a more diversified portfolio.

**Operational Risk.** The Fund is subject to risks arising from various operational factors, including, but not limited to, human error, processing and communication errors, errors of the Fund's service providers, counterparties or other third-parties, failed or inadequate processes and technology or systems failures. The Fund relies on third-parties for a range of services, including custody. Any delay or failure relating to engaging or maintaining such service providers may affect the Fund's ability to meet its investment objective. Although the Fund, Adviser, and Sub-Adviser seek to reduce these operational risks through controls and procedures, there is no way to completely protect against such risks.

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**Economic and Market Events Risk.** Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times, and for varying periods of time, result in unusually high market volatility, which could negatively impact the Fund's performance and cause the Fund to experience illiquidity, shareholder redemptions, or other potentially adverse effects. Reduced liquidity in credit and fixed-income markets could negatively affect issuers worldwide. Banks and financial services companies could suffer losses if interest rates rise or economic conditions deteriorate.

**Tax Risk*.*** The Fund will qualify as a regulated investment company (a "RIC") for tax purposes if, among other things, it satisfies a source-of-income test and an asset-diversification test. Investing in digital assets and staking rewards from staking digital assets or derivatives based upon digital assets presents a risk for the Fund because income from such investments would not qualify as good income under the source-of-income test. The Fund will gain exposure to the Reference Assets through investments in the GSR Crypto Core3 Subsidiary, which is intended to provide the Fund with exposure to digital asset returns while enabling the Fund to satisfy source-of-income requirements. There is some uncertainty about how the GSR Crypto Core3 Subsidiary will be treated for tax purposes and thus whether the Fund can maintain exposure to digital asset returns without risking its status as a RIC for tax purposes. Failing to qualify as a RIC for tax purposes could have adverse consequences for the Fund and its shareholders and resulting taxes could substantially reduce the Fund's net assets and that the Fund could be required to recognize unrealized gains and pay substantial taxes and interest. These issues are described in more detail in the section entitled "ADDITIONAL INFORMATION ABOUT RISK – Tax Risk" below, as well as in the Fund's SAI.

**U.S. Government Securities Risk**. U.S. government securities are subject to interest rate risk but generally do not involve the credit risks associated with investments in other types of debt securities. As a result, the yields available from U.S. government securities are generally lower than the yields available from other debt securities. U.S. government securities are guaranteed only as to the timely payment of interest and the payment of principal when held to maturity.

<u>Performance History</u>

As of the date of this Prospectus, the Fund has not yet commenced operations and therefore does not have a performance history. In the future, performance information will be presented in this section of the Prospectus. Performance information will contain a bar chart and table that provide some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing the Fund's average annual returns for certain time periods as compared to a broad measure of market performance. Investors should be aware that past performance before and after taxes is not necessarily an indication of how the Fund will perform in the future.

Updated performance information for the Fund, including its current NAV per share, is available by calling toll-free (888) 999-5958.

<u>Investment Adviser</u> 

Framework Digital Advisors LLC (the "Adviser") is the investment adviser to the Fund.

Tuttle Capital Management, LLC (the "Sub-Adviser") is the investment adviser to the Fund.

<u>Portfolio Managers</u>

*Adviser's Portfolio Manager:* Louis Camhi, owner and Chief Investment Officer of the Adviser, has served as the Fund's portfolio manager since its inception in March 2026.

*Sub-Adviser's Portfolio Manager:* Matthew Tuttle, Chief Executive Officer of the Sub-Adviser, has served as the Fund's portfolio manager since its inception in March 2026.

<u>Purchase and Sale of Fund Shares</u>

The Fund will issue (or redeem) shares to certain institutional investors (typically market makers or other broker-dealers) only in large blocks of at least 10,000 shares known as "Creation Units." Creation Unit transactions are typically

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conducted in exchange for the deposit or delivery of in-kind securities and/or cash. Individual shares may only be purchased and sold on a national securities exchange through a broker-dealer. You can purchase and sell individual shares of the Fund throughout the trading day like any publicly traded security. The Fund's shares are listed on NASDAQ (the "Exchange"). The price of the Fund's shares is based on market price, and because ETF shares trade at market prices rather than NAV, Fund shares may trade at a price greater than NAV (premium) or less than NAV (discount). Except when aggregated in Creation Units, the Fund's shares are not redeemable securities. When buying or selling shares through a broker, most investors will incur customary brokerage commissions and charges and you may pay some or all of the spread between the bid and the offered prices in the secondary market for shares. Except when aggregated in Creation Units, the Fund's shares are not redeemable securities. Recent information regarding the Fund, including its NAV, market price, premiums and discounts, and bid/ask spreads, is available on the Fund's website at www.frameworkdigital.io.

<u>Tax Information</u> 

The Fund's distributions will be taxed as ordinary income or capital gain, unless you are investing through a tax-deferred arrangement, such as a 401(k) plan or an individual retirement account in which case withdrawals generally will be taxed.

<u>Payments to Broker-Dealers and Other Financial Intermediaries</u>

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

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**ADDITIONAL INFORMATION ABOUT THE FUNDS' INVESTMENTS**

The GSR Digital Asset Treasury Companies ETF (the "Fund") seeks to provide total return by investing in equity securities of companies that hold digital assets in their corporate treasury ("Digital Asset Treasury Companies").

The GSR Crypto Core3 ETF (the "Fund") seeks capital appreciation and current income..

The Funds' investment objectives may be changed by the Board of Trustees (the "Board") of ETF Opportunities Trust (the "Trust") without shareholder approval upon 60 days' written notice to shareholders.

ETFs are funds that trade like other publicly-traded securities. Unlike shares of a mutual fund, which can be bought and redeemed from the issuing fund by all shareholders at a price based on NAV, shares of the Fund may be purchased or redeemed directly from the Fund at NAV solely by APs and only in aggregations of a specified number of shares Creation Units. Also, unlike shares of a mutual fund, shares of the Fund are listed on a national securities exchange and trade in the secondary market at market prices that change throughout the day.

**ADDITIONAL INFORMATION ABOUT RISK**

It is important that you closely review and understand the risks of investing in the Funds. The Funds' NAV and investment return will fluctuate based upon changes in the value of its portfolio securities. You could lose money on your investment in the Funds, and the Funds could underperform other investments. There is no guarantee that the Funds will meet their investment objectives. An investment in a Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The principal risks described herein pertain to direct risks of making an investment in the Funds and/or risks of the issuers in which the Funds invest.

**Custodian Risk**. The Reference Assets and other assets held by the Fund that operate on distributed ledger/blockchain technology can only be transferred by the person holding both the public and private keys to the digital wallet in which the asset is held. The Fund's Crypto Custodian is in control of the private keys for each of the Fund's digital wallets. In the event the Crypto Custodian loses sole control of the private keys (e.g., through a data breach or hack), the Fund's digital assets held by the Crypto Custodian could be lost.

In custodying the Fund's Reference Assets, the Fund's Crypto Custodian will establish and maintain a "Vault Account" on behalf of the Fund. The Fund's Reference Assets held by the Crypto Custodian will be credited to the Fund's Vault Account and held in one or more segregated wallets in the name of the Trust, on behalf of the Fund, controlled and secured by the Crypto Custodian (a "Custody Wallet"). The Crypto Custodian will possess the private keys for each Custody Wallet. The Refrence Assets held in the Custody Wallet will be segregated and kept separate from the assets of the Crypto Custodian and its other custodial clients.

**Tax Risk.** Each Fund **i**ntends to qualify and remain qualified as a RIC under the Code. Each Fund will qualify as a RIC if, among other things, it meets the source-of-income and the asset-diversification requirements.

With respect to the source-of-income requirement, a Fund must derive in each taxable year at least 90% of its gross income (including tax-exempt interest) from (i) dividends, interest, payments with respect to certain securities loans, gains from the sale or other disposition of stock, securities or foreign currencies, or other income (including but not limited to gains from options, futures and forward contracts) derived with respect to its business of investing in such shares, securities or currencies and (ii) net income derived from an interest in a "qualified publicly traded partnership" (the items described in clause (i) and clause (ii) collectively are "Good Income").

With respect to the GSR Crypto Core3 ETF, income from the Reference Assets would not qualify as Good Income because the Reference Asset and other digital assets do not meet the definition for any of the categories of Good Income. On the other hand, the Fund's investments in cash investments will qualify as Good Income. As a general matter of operation, the GSR Crypto Core3 ETF will seek to invest directly in the Reference Assets through investments in its Cayman Subsidiary. The GSR Crypto Core3 Subsidiary is wholly-owned and controlled by the GSR Crypto Core3 ETF. The Fund's investment in the GSR Crypto Core3 Subsidiary is intended to provide the Fund with exposure to Reference Asset returns while enabling the Fund to satisfy source-of-income requirements. The Fund intends to monitor all of its investments

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carefully to satisfy the source-of-income test. The GSR Crypto Core3 Subsidiary was formed for no other purpose than to satisfy its source-of-income and diversification requirements and is considered a disregarded entity (i.e., all of its holdings and financials will be consolidated into the Fund's holdings and financials) by the Fund for all other purposes, including compliance with the 1940 Act.

Historically, the Internal Revenue Service ("IRS") has issued private letter rulings in which the IRS specifically concluded that income and gains from investments in a wholly-owned foreign subsidiary that invests in commodity-linked instruments are Good Income. The Fund has not received such a private letter ruling and is not able to rely on private letter rulings issued to other taxpayers. Additionally, the IRS has suspended the granting of such private letter rulings. The IRS also recently issued proposed regulations that, if finalized, would generally treat a fund's income inclusion with respect to a subsidiary as qualifying income only if there is a distribution out of the earnings and profits of a subsidiary that are attributable to such income inclusion. The proposed regulations, if adopted, would apply to taxable years beginning on or after 90 days after the regulations are published as final.

Based on the principles underlying private letter rulings previously issued to other taxpayers, the Fund intends to treat its income from the GSR Crypto Core3 Subsidiary as Good Income without any private letter ruling from the IRS. The tax treatment of the Fund's investments in the GSR Crypto Core3 Subsidiary may be adversely affected by future legislation, court decisions, Treasury Regulations and/or guidance issued by the IRS that could affect whether income derived from such investments is Good Income, or otherwise affect the character, timing and/or amount of the Fund's taxable income or any gains and distributions made by the Fund.

With respect to the asset-diversification requirement, the Fund must diversify its holdings so that, at the end of each quarter of each taxable year (i) at least 50% of the value of the Fund's total assets is represented by cash and cash items, U.S. government securities, the securities of other RICs and other securities, if such other securities of any one issuer do not represent more than 5% of the value of the Fund's total assets or more than 10% of the outstanding voting securities of such issuer, and (ii) not more than 25% of the value of the Fund's total assets is invested in the securities other than U.S. government securities or the securities of other RICs of (a) one issuer, (b) two or more issuers that are controlled by the Fund and that are engaged in the same, similar or related trades or businesses, or (c) one or more qualified publicly traded partnerships.

By keeping its investment in the GSR Crypto Core3 Subsidiary below the 25% limit in clause (ii) of the asset-diversification test, the Fund expects to satisfy the asset-diversification requirement.

As noted above, the GSR Crypto Core3 ETF intends to satisfy both the source-of-income and the asset-diversification requirements by following the plans outlined above, as well as all other requirements needed to maintain its status as a RIC, but it is nonetheless possible that the Fund might lose its status as a RIC. It is also possible that the GSR Digital Asset Treasury Company ETF might lose its status as a RIC if, for whatever reason, it cannot satisfy the requirements to maintain its status as RIC. In such a case, the respective Fund will be subject to corporate level income tax on all of its income and gain, regardless of whether or not such income was distributed. Distributions to the Fund's shareholders of such income and gain will not be deductible by the Fund in computing its taxable income. In such event, the Fund's distributions, to the extent derived from the Fund's current or accumulated earnings and profits, would constitute ordinary dividends, which would generally be eligible for the dividends received deduction available to corporate shareholders, and non-corporate shareholders would generally be able to treat such distributions as "qualified dividend income" eligible for reduced rates of U.S. federal income taxation in taxable years beginning on or before December 31, 2013, provided in each case that certain holding period and other requirements are satisfied.

Distributions in excess of the Fund's current and accumulated earnings and profits would be treated first as a return of capital to the extent of the shareholders' tax basis in their Fund shares, and any remaining distributions would be treated as a capital gain. To qualify as a RIC in a subsequent taxable year, the Fund would be required to satisfy the source-of-income, the asset diversification, and the annual distribution requirements for that year and dispose of any earnings and profits from any year in which the Fund failed to qualify for tax treatment as a RIC. Subject to a limited exception applicable to RICs that qualified as such under the Code for at least one year prior to disqualification and that requalify as a RIC no later than the second year following the nonqualifying year, the Fund would be subject to tax on any unrealized built-in gains in the assets held by it during the period in which the Fund failed to qualify for tax

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treatment as a RIC that are recognized within the subsequent 10 years, unless the Fund made a special election to pay corporate-level tax on such built-in gain at the time of its requalification as a RIC.

**MANAGEMENT**

*The Investment Adviser*. Framework Digital Advisors LLC (the "Adviser"), 347 5<sup>th</sup> Avenue, Suite 1402-700, New York, New York 10016, is the investment adviser for the Funds. The Adviser is registered as an investment adviser under the Investment Advisers Act of 1940, as amended. The Adviser is a Delaware limited liability company and was organized in 2025.

Under the Investment Advisory Agreement between the Adviser and the Trust, on behalf of the Funds (the "Investment Advisory Agreement"), the Adviser is responsible for the day-to-day management of the Funds' investments. The Adviser also: (i) furnishes the Funds with office space and certain administrative services; (ii) provides guidance and policy direction in connection with its daily management of the Funds' assets, subject to the authority of the Board. For its services, the Adviser is entitled to receive an annual management fee calculated daily and payable monthly, at the annual rate of each Fund's average daily net assets as follows:

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| | |
|:---|:---|
| **Fund** | **Fee** |
| GSR Digital Asset Treasury Companies ETF | 1.50% |
| GSR Crypto Core3 ETF | 1.00% |

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The Adviser has entered into a written expense limitation agreement under which it has agreed to limit the total expenses of the GSR Digital Asset Treasury Companies ETF (exclusive of interest, distribution fees pursuant to Rule 12b-1 Plans, taxes, acquired fund fees and expenses, brokerage commissions, extraordinary expenses and dividend expense on short sales) to an annual rate of 1.00% of the daily net assets of the Fund until March 31, 2027, and the Adviser may not terminate this arrangement prior to that date.

This expense limitation agreement may be terminated by the Adviser or the Board of Trustees with respect to the Fund at any time after March 31, 2027. The waiver or reimbursement of an expense by the Adviser is subject to repayment by the Fund within three years following the date such waiver and/or reimbursement was made, provided that the Fund is able to make the repayment without exceeding the expense limitation in place at the time of the waiver or reimbursement and at the time the waiver or reimbursement is recouped. The expense limitation agreement shall terminate automatically upon the termination of the Adviser's Advisory Agreement with the Trust; provided, however, that the obligation of the Trust to reimburse the Adviser with respect to the Funds shall survive the termination of the expense limitation agreement unless the Board of Trustees and the Adviser agree otherwise.

**Manager-of-Managers Structure** 

The Adviser and the Trust have filed an application for an exemptive order from the SEC that, if granted, will allow the Fund to operate in a "manager of managers" structure whereby the Adviser, as the Fund's investment adviser, can appoint and replace both wholly owned and unaffiliated sub-advisers, and enter into, amend and terminate sub-advisory agreements with such sub-advisers, each subject to Board approval but without obtaining prior shareholder approval (the "Manager of Managers Structure"). The Fund will, however, inform shareholders of the hiring of any new sub-adviser within 90 days after the hiring. If granted, the SEC exemptive order will provide the Fund with greater efficiency and without incurring the expenses and delays associated with obtaining shareholder approval of sub-advisory agreements with such sub-advisers.

The use of the Manager of Managers Structure with respect to the Fund will be subject to certain conditions that will be set forth in the SEC exemptive order. Under the Manager of Managers Structure, the Adviser will have the ultimate responsibility, subject to oversight by the Board, to oversee the sub-advisers and recommend their hiring, termination and replacement. The Adviser will also, subject to the review and approval of the Board: set the Fund's overall investment strategy; evaluate, select and recommend sub-advisers to manage all or a portion of the Fund's assets; and implement procedures reasonably designed to ensure that each sub-adviser complies with the Fund's investment

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objective, policies and restrictions. Subject to the review of the Board, the Adviser will allocate and, when appropriate, reallocate the Fund's assets among sub-advisers and monitor and evaluate the sub-advisers' performance.

As of the date of this prospectus, the SEC has not granted the Adviser's and Trust's application for an exemptive order to operate in the Manager of Managers structure, and there is no guarantee that such order will be granted. The Trust and the Adviser will not rely on the exemptive order unless and until such order is granted.

*The Sub-Adviser.* Tuttle Capital Management, LLC (the "Sub-Adviser"), serves as the investment Sub-Adviser to the Fund pursuant to a sub-advisory agreement between the Adviser and Sub-Adviser (the "Sub-Advisory Agreement").The Address of the Sub-Adviser is 155 Lockwood Rd., Riverside, Connecticut 06878. The Sub-Adviser is registered as an investment adviser under the Investment Advisers Act of 1940, as amended. The Sub-Adviser is a Delaware limited liability company and was organized in 2012.

Sub-Adviser is responsible for the day-to-day management of the portion of the Fund's portfolio allocated to it by the Adviser, including determining the securities and financial instruments purchased and sold by the Fund, subject to the supervision of the Adviser and the Board.

For its services as sub-adviser, the Sub-Adviser is entitled to receive a fee from the Adviser, which fee is calculated daily and payable monthly, at an annual rate of 0.12% of the average daily net assets of each Fund allocated to the Sub-Adviser.

A discussion regarding the basis for the Board approving the Investment Advisory Agreement for the Funds will be available in the Funds' semi-annual report to shareholders when that report is available.

<u>Fund Sponsor</u>

GSR Strategies, LLC ("Sponsor"), a Delaware limited liability company, located in Wilmington, Delaware, is the independent sponsor of the ETFs. The research of an affiliate of the Sponsor was used in the creation of the Funds' trading strategy. The Sponsor does not make nor will it make investment decisions, provide investment advice, or otherwise act in the capacity of an investment adviser to the Funds. The Sponsor makes no representation or warranty, express or implied, to the owners of the Shares or any member of the public regarding the advisability of investing in securities generally or in the Shares in particular, or as to the ability of any Fund to meet its investment objective.

The Adviser has entered into an agreement with the Sponsor pursuant to which the Sponsor and the Adviser have jointly assumed the obligation of the Adviser to pay all expenses of the Funds, except excluded expenses. The Sponsor will also provide marketing support for the Funds including, but not limited to providing the Funds with access to and the use of the Sponsor's marketing capabilities, including leveraging the Sponsor's expertise in developing marketing strategies and communications through print and electronic media. For its services, the Sponsor is entitled to a fee from the Adviser. The Sponsor does not act as a distributor to the Funds and does not sell shares of the Funds. All Funds are distributed through the Distributor.

<u>The Portfolio Managers</u>

Louis Camhi, owner and Chief Investment Officer ("CIO") of the Adviser, has served as the Funds' portfolio manager since their inception in March 2026. Mr. Camhi, is CIO of RLH Capital, LLC where he is responsible for oversight of all investment management and operational functions on a day-to-day basis. Mr. Camhi previously worked at Citadel as an Analyst, managing a $500 million equity long/short portfolio. Prior to Citadel, Mr. Camhi was a Senior Analyst at Three Corner Global LP, a fundamental long/short equity hedge fund manager. Mr. Camhi started his career at Credit Suisse where he worked as an analyst and was promoted to associate in the Mergers and Acquisitions group. Mr. Camhi received his Bachelor of Science in Finance and Accounting from the Leonard N. Stern School of Business at New York University in 2009.

Matthew Tuttle, Chief Executive Officer of the Sub-Adviser, has served as the Funds' portfolio manager since their inception in March 2026. Matthew Tuttle has been involved in the financial services industry since 1990. He has an MBA in finance from Boston University and is the author of two financial books, Financial Secrets of My Wealthy

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Grandparents and How Harvard and Yale Beat the Market. He has been launching and managing ETFs since 2015.

The SAI provides additional information about the portfolio manager's compensation, other accounts managed by the portfolio managers, and the portfolio managers' ownership in the Funds.

<u>The Trust</u>

Each Fund is a series of the ETF Opportunities Trust, an open-end management investment company organized as a Delaware statutory trust on March 18, 2019. The Board supervises the operations of the Funds according to applicable state and federal law, and the Board is responsible for the overall management of the Fund's business affairs.

<u>Portfolio Holdings</u>

A description of the Funds' policies and procedures with respect to the disclosure of their portfolio securities is available in the SAI. Complete holdings are published on the Funds' website on a daily basis. Please visit the Funds' website at www.frameworkdigital.io. In addition, the Fund's complete holdings (as of the dates of such reports) are available in reports on Form N-PORT and Form N-CSR filed with the SEC.

**DISTRIBUTION (12B-1) PLAN**

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

No Rule 12b-1 fees are currently paid by the Funds, and there are no current 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 each Fund's assets, over time these fees will increase the cost of your investment and may cost you more than certain other types of sales charges.

**HOW TO BUY AND SELL SHARES**

Most investors will buy and sell shares of the Funds through broker-dealers at market prices. Shares of the Funds are listed for trading on the Exchange and on the secondary market during the trading day and can be bought and sold throughout the trading day like other shares of publicly traded securities. Shares of the Funds are traded under the below listed trading symbols:

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| | |
|:---|:---|
| **Fund** | **Trading Symbol** |
| GSR Digital Asset Treasury Companies ETF | DATZ |
| GSR Crypto Core3 ETF | BESO |

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Shares may only be purchased and sold on the secondary market when the Exchange is open for trading.

When buying or selling shares through a broker, you will incur customary brokerage commissions and charges, and you may pay some or all of the spread between the bid and the offered price in the secondary market on each leg of a round trip (purchase and sale) transaction.

The NAV of the Funds' shares is calculated at the close of regular trading on the Exchange, generally 4:00 p.m. New York time, on each day the Exchange is open. The NAV of the Funds' Shares is determined by dividing the total value of the Funds' portfolio investments and other assets, less any liabilities, by the total number of Shares outstanding of the Funds.

In calculating its NAV, a 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.

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Fair value pricing is used by a Fund when market quotations are not readily available or are deemed to be unreliable or inaccurate based on factors such as evidence of a thin market in the security or a significant event occurring after the close of the market but before the time as of which a Fund's NAV is calculated. When fair-value pricing is employed, the prices of securities used by a Fund to calculate its NAV may differ from quoted or published prices for the same securities.

APs may acquire shares directly from a Fund, and APs may tender their shares for redemption directly to the Fund, at NAV per share only in large blocks, or Creation Units, of at least 10,000 shares. Purchases and redemptions directly with the Fund must follow the Fund's procedures, which are described in the SAI.

Under normal circumstances, a Fund will pay out redemption proceeds to a redeeming AP within two (2) days after the AP's redemption request is received, in accordance with the process set forth in the Fund's SAI and in the agreement between the AP and the Fund's distributor. However, a Fund reserves the right, including under stressed market conditions, to take up to seven (7) days after the receipt of a redemption request to pay an AP, all as permitted by the 1940 Act. Each Fund anticipates regularly meeting redemption requests primarily through cash redemptions. However, each Fund reserves the right to pay all or portion of the redemption proceeds to an AP in-kind. Cash used for redemptions will be raised from the sale of portfolio assets or may come from existing holdings of cash or cash equivalents.

Each Fund may liquidate and terminate at any time without shareholder approval.

**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 and is recognized as the owner of all shares for all purposes.

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. Participants in DTC include securities brokers and dealers, banks, trust companies, clearing corporations and other institutions that directly or indirectly maintain a custodial relationship with DTC. As a beneficial owner of shares, you are not entitled to receive physical delivery of stock certificates or to have shares registered in your name, and you are not considered a registered owner of shares. Therefore, to exercise any right as an owner of shares, you must rely 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" form.

**FREQUENT PURCHASES AND REDEMPTIONS OF FUND SHARES** 

Shares can only be purchased and redeemed directly from a Fund in Creation Units by APs, and the vast majority of trading in shares occurs on the secondary market. Because the secondary market trades do not directly involve a Fund, it is unlikely those trades would cause the harmful effects of market timing, including dilution, disruption of portfolio management, increases in a Fund's trading costs and the realization of capital gains. With regard to the purchase or redemption of Creation Units directly with a Fund, to the extent effected in-kind (*i.e.*, for securities), those trades do not cause the harmful effects that may result from frequent cash trades. To the extent trades are effected in whole or in part in cash, those trades could result in dilution to a Fund and increased transaction costs, which could negatively impact a Fund's ability to achieve its investment objectives. However, direct trading by APs is critical to ensuring that shares trade at or close to NAV. Each Fund also employ fair valuation pricing to minimize potential dilution from market timing. In addition, each Fund imposes transaction fees on purchases and redemptions of shares to cover the custodial and other costs incurred by a Fund in effecting trades. These fees increase if an investor substitutes cash in part or in whole for securities, reflecting the fact that a Fund's trading costs increase in those circumstances. Given this structure, the Trust has determined that it is not necessary to adopt policies and procedures to detect and deter market timing of the Shares.

**DIVIDENDS, OTHER DISTRIBUTIONS AND TAXES** 

**&nbsp;&nbsp;&nbsp;&nbsp;**

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Shares are traded throughout the day in the secondary market on a national securities exchange on an intra-day basis and are created and redeemed in-kind and/or for cash in Creation Units at each day's next calculated NAV. The Funds currently intend to create and redeem Creation Units in cash. Satisfying redemptions in cash may result in the Fund selling portfolio securities to obtain cash to meet net Fund redemptions which can have an adverse tax impact on taxable shareholders. These sales may generate taxable gains for the ongoing shareholders of the Fund. In-kind arrangements are designed to protect ongoing shareholders from the adverse effects on a Fund's portfolio that could arise from frequent cash redemption transactions. In the event that a Fund redeems Creation Units in-kind, the shares' in-kind redemption mechanism generally will not lead to a tax event for the Fund or its ongoing shareholders.

Ordinarily, dividends from net investment income, if any, are declared and paid monthly by the GSR Crypto Core3 ETF and annually for the GSR Digital Asset Treasury Companies ETF. Each Fund will distribute its net realized capital gains, if any, to shareholders annually. Each Fund may also pay a special distribution at the end of a calendar year to comply with U.S. federal income tax requirements.

No dividend reinvestment service is provided by the Funds. Broker-dealers may make available the DTC book-entry Dividend Reinvestment Service for use by beneficial owners of a Fund for reinvestment of their dividend distributions. Beneficial owners should contact their broker to determine the availability and costs of the service and the details of participation therein. Brokers may require beneficial owners to adhere to specific procedures and timetables. If this service is available and used, dividend distributions of both income and realized gains will be automatically reinvested in additional whole shares of a Fund purchased in the secondary market.

**Taxes** 

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

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

**-**The Fund makes distributions,

**-**You sell your shares listed on the Exchange, and

**-**You purchase or redeem Creation Units.

**Taxes on Distributions** 

Distributions from a Fund's net investment income, including net short-term capital gains, if any, are taxable to you as ordinary income, except that a Fund's dividends attributable to its "qualified dividend income" (*i.e*., dividends received on stock of most domestic and certain foreign corporations with respect to which the Fund satisfies certain holding period and other requirements), if any, generally are subject to U.S. federal income tax for U.S. non-corporate shareholders who satisfy those requirements with respect to their shares at the rate for net capital gain. A part of a Fund's dividends also may be eligible for the dividends-received deduction allowed to U.S. corporations (the eligible portion may not exceed the aggregate dividends a Fund receives from domestic corporations subject to U.S. federal income tax (excluding REITs) and excludes dividends from foreign corporations)- subject to similar requirements. However, dividends a U.S. corporate shareholder deducts pursuant to that deduction are subject indirectly to the U.S. federal alternative minimum tax. Note that in light of the Fund's investment objectives, it does not expect a large portion of its dividends from the Fund's net investment income to qualify as "qualified dividend income" or qualify for the dividends-received deduction.

A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses, affect the Fund's performance.

In general, distributions received from a Fund are subject to U.S. federal income tax when they are paid, whether taken in cash or reinvested in the Fund (if that option is available). Distributions reinvested in additional shares through the means of a dividend reinvestment service, if available, will be taxable to shareholders acquiring the additional shares to

**&nbsp;&nbsp;&nbsp;&nbsp;**

------

the same extent as if such distributions had been received in cash. Distributions of net long-term capital gains, if any, in excess of net short-term capital losses are taxable as long-term capital gains, regardless of how long you have held the shares in the Fund.

Distributions in excess of the Fund's current and accumulated earnings and profits are treated as a tax-free return of capital to the extent of your basis in the shares and as capital gain thereafter. A distribution will reduce the Fund's NAV per share and may be taxable to you as ordinary income or capital gain (as described above) even though, from an investment standpoint, the distribution may constitute a return of capital.

Each Fund is required to backup withhold 24% of your distributions and redemption proceeds if you have not provided the Fund with a correct taxpayer identification number (which generally is a Social Security number for individuals) in the required manner and in certain other situations.

**Taxes on Exchange-Listed Share Sales** 

Any capital gain or loss realized upon a sale of shares is generally treated as long-term capital gain or loss if the shares have been held for more than one year and as short-term capital gain or loss if the shares have been held for one year or less. The ability to deduct capital losses from sales of shares may be limited.

**Taxes on Purchase and Redemption of Creation Units** 

An Authorized Participant who exchanges securities for Creation Units generally will recognize a gain or a loss equal to the difference between the market value of the Creation Units at the time of the exchange and the sum of the exchanger's aggregate basis in the securities surrendered plus any cash it pays. An Authorized Participant who exchanges Creation Units for securities will generally recognize a gain or loss equal to the difference between the exchanger's basis in the Creation Units and the sum of the aggregate market value of the securities received plus any cash received. The Internal Revenue Service ("IRS"), however, may assert that a loss realized upon an exchange of securities for Creation Units cannot be deducted currently under the rules governing "wash sales" or for other reasons. Persons exchanging securities should consult their own tax adviser with respect to whether the wash sale rules apply and when a loss might not be deductible.

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

If you purchase or redeem Creation Units, you will be sent a confirmation statement showing how many shares you purchased or sold and at what price. See "Taxes" in the SAI for a description of the requirement regarding basis determination methods applicable to share redemptions and the Fund's obligation to report basis information to the IRS.

At the time this prospectus was prepared, there were various legislative proposals under consideration that would amend the Internal Revenue Code. At this time, though, it is not possible to determine whether any of these proposals will become law and how these changes might affect the Fund or its shareholders.

The foregoing discussion summarizes some of the possible consequences under current U.S. federal tax law of an investment in the Fund. It is not a substitute for personal tax advice. Consult your personal tax adviser about the potential tax consequences of an investment in the shares under all applicable tax laws. See "Taxes" in the SAI for more information.

**FUND SERVICE PROVIDERS** 

*Commonwealth Fund Services, Inc.* (the "Administrator") is the Fund's administrator. The firm is primarily in the business of providing administrative services to retail and institutional mutual funds and exchange-traded funds.

**&nbsp;&nbsp;&nbsp;&nbsp;**

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*U.S. Bancorp Fund Services, LLC* ("U.S. Bancorp") serves as the Fund's fund accountant and transfer agent, and it provides certain other services to the Fund not provided by the Administrator. U.S. Bancorp is primarily in the business of providing administrative, fund accounting services to retail and institutional exchange-traded funds and mutual funds.

As transfer agent, U.S. Bancorp, has, among other things, agreed to: issue and redeem shares of the Fund; make dividend and other distributions to shareholders of the Fund; effect transfers of shares; mail communications to shareholders of the Fund, including account statements, confirmations, and dividend and distribution notices; facilitate the electronic delivery of shareholder statements and reports; and maintain shareholder accounts.

*U.S. Bank N.A.* acts as custodian for the Fund. As such, U.S. Bank N.A. holds all securities and cash of the Fund, delivers and receives payment for securities sold, receives and pays for securities purchased, collects income from investments, and performs other duties, all as directed by officers of the Trust. U.S. Bank N.A. does not exercise any supervisory function over management of the Fund, the purchase and sale of securities, or the payment of distributions to shareholders.

*Anchorage Digital Bank National Association* serves as the GSR Crypto Core3 ETF's (and is wholly-owned subsidiary's) custodian with respect to the relevant Reference Asset and related assets.

*Foreside Fund Services, LLC* (the "Distributor") serves as the distributor of Creation Units for the Fund on an agency basis. The Distributor does not maintain a secondary market in shares.

*Practus, LLP* serves as legal counsel to the Trust and the Fund.

*Cohen & Company, Ltd.* serves as the Fund's independent registered public accounting firm. The independent registered public accounting firm is responsible for auditing the annual financial statements of the Fund.

**OTHER INFORMATION** 

**Continuous Offering** 

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

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

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

**&nbsp;&nbsp;&nbsp;&nbsp;**

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Dealers effecting transactions in the shares, whether or not participating in this distribution, are generally required to deliver a Prospectus. This is in addition to any obligation of dealers to deliver a Prospectus when acting as underwriters.

**Premium/Discount Information**

When available, information regarding how often the Shares of the Fund traded on the Exchange at a price above (*i.e.* at a premium) or below (*i.e.* at a discount) the NAV of the Fund will be available at www.frameworkdigital.io.

**FINANCIAL HIGHLIGHTS**

Because the Funds have not yet commenced operations as of the date hereof, no financial highlights are available. In the future, financial highlights will be presented in this section of the Prospectus.

**&nbsp;&nbsp;&nbsp;&nbsp;**

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**FOR MORE INFORMATION**

You will find more information about the Fund in the following documents:

**<u>Statement of Additional Information:</u>** For more information about the Funds, you may wish to refer to the Funds' SAI dated February 17, 2026, which is on file with the SEC and incorporated by reference into this prospectus.

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

You can obtain a free copy of the SAI, annual and semi-annual reports, and other information, such as the Funds' financial statements, by writing to the GSR ETFs, 8730 Stony Point Parkway, Suite 205, Richmond, Virginia 23235, by calling the Fund toll free at (888) 999-5958, or by e-mail at: mail@ccofva.com. The Funds' annual and semi-annual reports, prospectus and SAI are all available for viewing/downloading at www.frameworkdigital.io. General inquiries regarding the Funds may also be directed to the above address or telephone number.

Copies of these documents and other information about the Funds is available on the EDGAR Database on the SEC's Internet site at http://www.sec.gov, and copies of these documents may also be obtained, after paying a duplication fee, by electronic request at the following e-mail address: publicinfo@sec.gov.

(Investment Company Act File No. 811-23439)

------

**GSR DIGITAL ASSET TREASURY COMPANIES ETF&nbsp;&nbsp;&nbsp;&nbsp;Ticker: DATZ**

**GSR CRYPTO CORE3 ETF&nbsp;&nbsp;&nbsp;&nbsp;Ticker: BESO**

**Listing Exchange of the Funds: The Nasdaq Stock Market LLC**

***Series of the ETF Opportunities Trust***

**(each, a "Fund" and collectively, the "Funds")**

**8730 Stony Point Parkway, Suite 205**

**Richmond, Virginia 23235**

**888-999-5958**

**<u>STATEMENT OF ADDITIONAL INFORMATION</u>**

**Dated February 17, 2026**

This Statement of Additional Information ("SAI") is not a prospectus. It should be read in conjunction with the current prospectus for the Funds dated February 17, 2026, as it may be supplemented or revised from time to time. This SAI is incorporated by reference into the Funds' prospectus. You can obtain a free copy of the annual and semi-annual reports (once available), prospectus and SAI by writing to the Funds, 8730 Stony Point Parkway, Suite 205, Richmond, Virginia 23235, by calling the Funds toll free at 888-999-5958 or by e-mail at: mail@ccofva.com. The Funds' annual and semi-annual reports (once available), prospectus and SAI are all available for viewing/downloading at www.frameworkdigital.io. General inquiries regarding the Funds may also be directed to the above address or telephone number.

**Investment Adviser:**

Framework Digital Advisors LLC

347 5<sup>th</sup> Avenue, Suite 1402-700

New York, New York 10016

&nbsp;&nbsp;&nbsp;&nbsp;

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**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| | **Page** |
| <u>[THE TRUST](#id48e18efc01e4693a5c12ff8b6c80d0a_7)</u> | [3](#id48e18efc01e4693a5c12ff8b6c80d0a_7) |
| <u>[ADDITIONAL INFORMATION ABOUT INVESTMENT OBJECTIVES](#id48e18efc01e4693a5c12ff8b6c80d0a_10)</u> | [3](#id48e18efc01e4693a5c12ff8b6c80d0a_10) |
| <u>[INVESTMENT STRATEGIES, POLICIES AND RISKS](#id48e18efc01e4693a5c12ff8b6c80d0a_13)</u> | [4](#id48e18efc01e4693a5c12ff8b6c80d0a_13) |
| <u>[INVESTMENT LIMITATIONS](#id48e18efc01e4693a5c12ff8b6c80d0a_19)</u> | [16](#id48e18efc01e4693a5c12ff8b6c80d0a_19) |
| <u>[MANAGEMENT AND OTHER SERVICES PROVIDERS](#id48e18efc01e4693a5c12ff8b6c80d0a_22)</u> | [18](#id48e18efc01e4693a5c12ff8b6c80d0a_22) |
| <u>[TRUSTEES AND OFFICERS OF THE TRUST](#id48e18efc01e4693a5c12ff8b6c80d0a_25)</u> | [23](#id48e18efc01e4693a5c12ff8b6c80d0a_25) |
| <u>[CONTROL PERSONS AND PRINCIPAL SECURITIES HOLDERS](#id48e18efc01e4693a5c12ff8b6c80d0a_28)</u> | [27](#id48e18efc01e4693a5c12ff8b6c80d0a_28) |
| <u>[DETERMINATION OF NET ASSET VALUE](#id48e18efc01e4693a5c12ff8b6c80d0a_31)</u> | [27](#id48e18efc01e4693a5c12ff8b6c80d0a_31) |
| <u>[ADDITIONAL INFORMATION ABOUT PURCHASES AND SALES](#id48e18efc01e4693a5c12ff8b6c80d0a_34)</u> | [29](#id48e18efc01e4693a5c12ff8b6c80d0a_34) |
| <u>[ADDITIONAL PAYMENTS TO FINANCIAL INTERMEDIARIES](#id48e18efc01e4693a5c12ff8b6c80d0a_37)</u> | [36](#id48e18efc01e4693a5c12ff8b6c80d0a_37) |
| <u>[TAXES](#id48e18efc01e4693a5c12ff8b6c80d0a_40)</u> | [36](#id48e18efc01e4693a5c12ff8b6c80d0a_40) |
| <u>[BROKERAGE ALLOCATION AND OTHER PRACTICES](#id48e18efc01e4693a5c12ff8b6c80d0a_43)</u> | [45](#id48e18efc01e4693a5c12ff8b6c80d0a_43) |
| <u>[DISCLOSURE OF PORTFOLIO SECURITIES HOLDINGS](#id48e18efc01e4693a5c12ff8b6c80d0a_46)</u> | [47](#id48e18efc01e4693a5c12ff8b6c80d0a_46) |
| <u>[DESCRIPTION OF SHARES](#id48e18efc01e4693a5c12ff8b6c80d0a_49)</u> | [48](#id48e18efc01e4693a5c12ff8b6c80d0a_49) |
| <u>[PROXY VOTING](#id48e18efc01e4693a5c12ff8b6c80d0a_52)</u> | [49](#id48e18efc01e4693a5c12ff8b6c80d0a_52) |
| <u>[CODES OF ETHICS](#id48e18efc01e4693a5c12ff8b6c80d0a_55)</u> | [49](#id48e18efc01e4693a5c12ff8b6c80d0a_55) |
| <u>[FINANCIAL STATEMENTS](#id48e18efc01e4693a5c12ff8b6c80d0a_58)</u> | [49](#id48e18efc01e4693a5c12ff8b6c80d0a_58) |
| <u>[EXHIBIT A](#id48e18efc01e4693a5c12ff8b6c80d0a_58)</u> | [50](#id48e18efc01e4693a5c12ff8b6c80d0a_565) |
| <u>[EXHIBIT B](#id48e18efc01e4693a5c12ff8b6c80d0a_61)</u> | [52](#id48e18efc01e4693a5c12ff8b6c80d0a_61) |
| <u>[EXHIBIT C](#id48e18efc01e4693a5c12ff8b6c80d0a_64)</u> | [56](#id48e18efc01e4693a5c12ff8b6c80d0a_64) |

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&nbsp;&nbsp;&nbsp;&nbsp;

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**THE TRUST**

**<u>General</u>**<u>.</u> This SAI relates to the GSR Digital Asset Treasury Companies ETF and the GSR Crypto Core3 ETF(each, a "Fund" and collectively, the "Funds") and should be read in conjunction with the prospectus of the Funds. This SAI is incorporated by reference into the Funds' prospectus. No investment in shares should be made without reading the prospectus. Each Fund is a non-diversified series of ETF Opportunities Trust, a Delaware statutory trust (the "Trust"). The Trust is registered as an open-end management investment company. The Trust is governed by its Board of Trustees (the "Board" or "Trustees"). The investment adviser to the Funds is Framework Digital Advisors LLC (the "Adviser") and the sub-adviser to the Funds is Tuttle Capital Management, LLC.

Each Fund may issue an unlimited number of shares of beneficial interest ("Shares"). All Shares have equal rights and privileges. Each Share is entitled to one vote on all matters as to which Shares are entitled to vote. In addition, each Share is entitled to participate equally with other Shares (i) in dividends and distributions declared by the Funds and (ii) on liquidation to its proportionate share of the assets remaining after satisfaction of outstanding liabilities. Shares are fully paid, non-assessable and fully transferable when issued and have no pre-emptive, conversion or exchange rights. Fractional Shares have proportionately the same rights, including voting rights, as are provided for a full Share.

Each Fund will issue and redeem Shares at net asset value ("NAV") in aggregations of at least 10,000 Shares (each a "Creation Unit"). The Funds will issue and redeem Creation Units principally for cash. The Funds reserve the right to offer creations and redemptions of Shares in exchange for a basket of securities and other assets (the "Deposit Securities and Assets"), together with the deposit of a specified cash payment (the "Cash Component"), plus a transaction fee. Each Fund is listed on a national securities exchange (the "Exchange") as set forth below.

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| | | |
|:---|:---|:---|
| **Fund** | **Ticker** | **Principal U.S. Listing Exchange** |
| GSR DIGITAL ASSET TREASURY COMPANIES ETF | DATZ | The Nasdaq Stock Market LLC |
| GSR CRYPTO CORE3 ETF | BESO | The Nasdaq Stock Market LLC |

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Shares will trade on the secondary market at market prices that may be below, at, or above NAV. In the event of the liquidation of either Fund, a share split, reverse split or the like, the Trust may revise the number of Shares in a Creation Unit.

Shares may be issued in advance of receipt of Deposit Securities subject to various conditions as described herein - see the section titled "Placement of Creation Orders Outside the Clearing Process" of this SAI. In each instance of such cash creations or redemptions, transaction fees may be imposed and may be higher than the transaction fees associated with in-kind creations or redemptions. See "Additional Information About Purchases and Sales" below.

**ADDITIONAL INFORMATION ABOUT INVESTMENT OBJECTIVES AND POLICIES**

Each Fund's investment objective and principal investment strategies are described in the prospectus. Each Fund is "non-diversified" as that term is defined in the Investment Company Act of 1940, as amended (the "1940 Act"). As a non-diversified fund, each Fund is permitted to invest in fewer securities at any one time than a diversified fund. The following information supplements, and should be read in conjunction with, the prospectus. For a description of certain permitted investments discussed below, see "Description of Permitted Investments" in this SAI.

&nbsp;&nbsp;&nbsp;&nbsp;**<u>Portfolio Turnover</u>**. Average annual portfolio turnover rate is the ratio of the lesser of sales or purchases to the monthly average value of the portfolio securities owned during the year, excluding from both the numerator and the denominator all securities with maturities at the time of acquisition of one year or less. A higher portfolio turnover rate involves greater transaction expenses to the Fund and may result in the realization of net capital gains, which would be taxable to the Fund and also to its shareholders when and if distributed. As of the date of this Prospectus, the Funds have recently commenced operations and therefore do not have any portfolio turnover information available.

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**INVESTMENT STRATEGIES, POLICIES AND RISKS**

The following discussion of investment techniques and instruments supplements, and should be read in conjunction with, the investment information in the Funds' prospectus. In seeking to meet its investment objective, the Funds may invest in any type of asset or instrument whose characteristics are consistent with its investment programs. To the extent particular investment techniques or instruments that are not described in the Principal Investment Strategies disclosure of the Funds' prospectus, such investment techniques and instruments are not a part of the principal strategies and the corresponding risks are not principal risks of the Funds.

**Principal Investment Strategies, Policies And Risks**

**<u>Illiquid and Restricted Investments.</u>** The Fund may invest in illiquid investments (*i.e.*, securities or other assets that are not readily marketable) to the extent permitted under the 1940 Act. The Fund will stake a large portion of its Reference Asset holdings, which will restrict the Fund's use of the Reference Asset during the staking and unbonding period. Illiquid investments include, but are not limited to, restricted investments (investments the disposition of which is restricted under the federal securities laws), investments that may only be resold pursuant to Rule 144A under the Securities Act, but that are deemed to be illiquid; and repurchase agreements with maturities in excess of seven days. However, the Fund will not acquire illiquid investments if, immediately after the acquisition, such investments would comprise more than 15% of the value of such Funds net assets. Determinations of liquidity are made pursuant to guidelines contained in the liquidity risk management program of the Trust applicable to the Fund. The Adviser determines and monitors the liquidity of the portfolio investments and reports periodically on its decisions to the Board. In making such determinations it takes into account a number of factors in reaching liquidity decisions, including but not limited to: (1) the frequency of trades and quotations for the security; (2) the number of dealers willing to purchase or sell the security and the number of other potential buyers; (3) the willingness of dealers to undertake to make a market in the security; and (4) the nature of the marketplace trades, including the time needed to dispose of the asset, the method of soliciting offers and the mechanics of the transfer. With respect to the Reference Assets, regardless of whether it is viewed as a security or not, the Adviser evaluates expected unbonding times. Depending on the anticipated length of the unbonding period, the staked Reference Asset may be classified as illiquid under a Fund's liquidity risk management program. In addition, if a Reference Asset is determined to be a security under the Securities Act of 1933, it could be deemed to be, or only be able to be sold as, a Restricted Security. The term illiquid security is defined as a security that the Fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the security.

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

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

Illiquid investments will be priced at fair value as determined in good faith under procedures adopted by the Board. If, through the appreciation of illiquid investments or the depreciation of liquid investments, the Fund were to be in a position where more than 15% of the value of its net assets are invested in illiquid securities, including restricted investments which are not readily marketable, the Fund will take such steps as set forth in its procedures as adopted by the Board. *See* "DETERMINATION OF NET ASSET VALUE" in this SAI, below, for a description of how Reference Assets are valued.

**<u>Investment Company Securities.</u>** The Funds may invest in the securities of other investment companies that invest in or have exposure to the Reference Asset. Such investments are subject to applicable limitations under Section

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12(d)(1) of the 1940 Act. Investing in another pooled vehicle exposes the Funds to all the risks of that pooled vehicle. Pursuant to Section 12(d)(1), each Fund may invest in the securities of another investment company (the acquired company) provided that the Fund, immediately after such purchase or acquisition, does not own in the aggregate: (i) more than 3% of the total outstanding voting stock of the acquired company; (ii) securities issued by the acquired company having an aggregate value in excess of 5% of the value of the total assets of the Fund; or (iii) securities issued by the acquired company and all other investment companies (other than treasury stock of the Fund) having an aggregate value in excess of 10% of the value of the total assets of the Fund. To the extent allowed by law or regulation, each Fund may invest its assets in securities of investment companies that are money market funds in excess of the limits discussed above. In addition, depending on the characteristics of the acquired fund, such investment may not be subject to the limits described above, such as investments in exchange-traded funds that are not registered under the 1940 Act.

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

Section 12(d)(1) of the 1940 Act restricts investments by registered investment companies in securities of other registered investment companies, including the Funds. The acquisition of Shares by registered investment companies is subject to the restrictions of Section 12(d)(1) of the 1940 Act, except as may be permitted by exemptive rules under the 1940 Act.

Each Fund may rely on Section 12(d)(1)(F) and Rule 12d1-3 of the 1940 Act, which provide an exemption from Section 12(d)(1) that allows the Fund to invest all of its assets in other registered funds, including ETFs, if, among other conditions: (1) the Fund, together with its affiliates, acquires no more than three percent of the outstanding voting stock of any acquired fund; and (2) the sales load charged on Shares is no greater than the limits set forth in Rule 2341 of the Conduct Rules of the Financial Industry Regulatory Authority, Inc. (FINRA). The Fund may also rely on Rule 12d1-4 under the 1940 Act, which provides an exemption from Section 12(d)(1) that allows a Fund to invest all of its assets in other registered funds, including ETFs, if the Fund satisfies certain conditions specified in the Rule, including, among other conditions, that the Fund and its advisory group will not control (individually or in the aggregate) an acquired fund (e.g., hold more than 25% of the outstanding voting securities of an acquired fund that is a registered open-end management investment company).

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

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

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possibly a corresponding decrease in the amount of securities to be liquidated).

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

**<u>Foreign Currencies.</u>** Although each Fund intends to only hold investments denominated in U.S. dollars, a Fund may have indirect exposure to foreign currency fluctuations. Each Fund's net asset value could decline if a relevant foreign currency depreciates against the U.S. dollar or if there are delays or limits on the repatriation of such currency. Currency exchange rates can be very volatile and can change quickly and unpredictably. As a result, a Fund's net asset value may change without warning, which could have a significant negative impact on a Fund.

**Other Investment Strategies**

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

**<u>Fixed Income Investments and Cash Equivalents.</u>** Fixed income investments and cash equivalents held by the Funds may include, without limitation, the types of investments set forth below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Funds may invest in U.S. government securities, including bills, notes and bonds differing as to maturity and rates of interest, which are either issued or guaranteed by the U.S. Treasury or by U.S. government agencies or instrumentalities. U.S. government securities include securities that are issued or guaranteed by the United States Treasury, by various agencies of the U.S. government, or by various instrumentalities that have been established or sponsored by the U.S. government. U.S. Treasury securities are backed by the "full faith and credit" of the United States. Securities issued or guaranteed by federal agencies and U.S. government-sponsored instrumentalities may or may not be backed by the full faith and credit of the United States. Some of the U.S. government agencies that issue or guarantee securities include the Export-Import Bank of the United States, the Farmers Home Administration, the Federal Housing Administration, the Maritime Administration, the Small Business Administration and the Tennessee Valley Authority. An instrumentality of the U.S. government is a government agency organized under federal charter with government supervision. Instrumentalities issuing or guaranteeing securities include, among others, the Federal Home Loan Banks, the Federal Land Banks, the Central Bank for Cooperatives, Federal Intermediate Credit Banks and Federal National Mortgage Association. In the case of those U.S. government securities not backed by the full faith and credit of the United States, the investor must look principally to the agency or instrumentality issuing or guaranteeing the security for ultimate repayment, and may not be able to assert a claim against the United States itself in the event that the agency or instrumentality does not meet its commitment. The U.S. government, its agencies and instrumentalities do not guarantee the market value of their securities, and consequently, the value of such securities may fluctuate.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The Funds may invest in certificates of deposit issued against funds deposited in a bank or savings and loan association. Such certificates are for a definite period of time, earn a specified rate of return, and are normally negotiable. If such certificates of deposit are non-negotiable, they will be considered illiquid securities and be subject to the Fund's 15% restriction on investments in illiquid securities. Pursuant to the certificate of deposit, the issuer agrees to pay the amount deposited plus interest to the bearer of the certificate on the date specified thereon. Under current FDIC regulations, the maximum insurance payable as to any one certificate of deposit is $250,000; therefore, certificates of deposit purchased by the Funds may not be fully insured. The Funds may only invest in certificates of deposit issued by U.S. banks with at least $1 billion in assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) The Funds may invest in bankers' acceptances, which are short-term credit instruments used to finance commercial transactions. Generally, an acceptance is a time draft drawn on a bank by an exporter or an importer to obtain a stated amount of funds to pay for specific merchandise. The draft is then "accepted" by a bank that, in effect, unconditionally guarantees to pay the face value of the instrument on its maturity date. The acceptance may then be held by the accepting bank as an asset or it may be sold in the secondary market at the going rate of interest for a specific maturity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) The Funds may invest in bank time deposits, which are monies kept on deposit with banks or savings and loan associations for a stated period of time at a fixed rate of interest. There may be penalties for the early withdrawal of such time deposits, in which case the yields of these investments will be reduced.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) The Funds may invest in commercial paper, which are short-term unsecured promissory notes, including variable rate master demand notes issued by corporations to finance their current operations. Master demand notes are direct lending arrangements between a Fund and a corporation. There is no secondary market for the notes. However, they are redeemable by a Fund at any time. The Funds' portfolio managers will consider the financial condition of the corporation (e.g., earning power, cash flow and other liquidity ratios) and will continuously monitor the corporation's ability to meet all of its financial obligations, because the Fund's liquidity might be impaired if the corporation were unable to pay principal and interest on demand. The Funds may invest in commercial paper only if it has received the highest rating from at least one nationally recognized statistical rating organization or, if unrated, judged by the Adviser to be of comparable quality.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) The Funds may invest in shares of money market funds, as consistent with its investment objective and policies. Shares of money market funds are subject to management fees and other expenses of those funds. Therefore, investments in money market funds will cause a Fund to bear proportionately the costs incurred by the money market fund's operations. At the same time, the Funds will continue to pay its own management fees and expenses with respect to all of its assets, including any portion invested in the shares of other investment companies. It is possible for the Funds to lose money by investing in money market fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) The Funds may invest in corporate debt securities, as consistent with its investment objective and policies. Corporate debt may be rated investment-grade or below investment-grade and may carry variable or floating rates of interest. Some corporate debt securities that are rated below investment-grade generally are considered speculative because they present a greater risk of loss, including default, than higher quality debt securities. The Funds could lose money if the issuer of a corporate debt security is unable to pay interest or repay principal when it is due.

**<u>Cash Reserves.</u>** In seeking to achieve its investment objective, as a cash reserve, or for liquidity purposes, the Funds may invest all or part of their assets in cash or cash equivalents, which include, but are not limited to, short-term money market instruments, U.S. government securities, certificates of deposit, bankers acceptances, or repurchase agreements secured by U.S. government securities.

**<u>Other Investment Company Securities.</u>** The Funds may invest in the securities of other investment companies, such as money market funds, ETFs, and investment companies that invest in other crypto currencies, such as Bitcoin. To the extent such other investment company is registered under the 1940 Act, or otherwise meets the definition of investment company but is not registered because it relies on an exemption or exception from registration or is

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domiciled outside of the United States, such investments may be subject to applicable limitations under Section 12(d)(1) of the 1940 Act, described above. Investing in another pooled vehicle exposes the Funds to all the risks of that pooled vehicle.

**<u>Liquid Staking.</u>** Although staking generally involves agreeing to lock up the Reference Asset (i.e., not use it or transfer it), the Funds will also earn staking rewards by investing in liquid staking protocols, which are staking protocols that provide a freely-tradeable digital token called a "Liquid Staking Token" (e.g., JitoSOL) that represents the Reference Asset staked with the staking protocol. Liquid Staking Tokens permit the holder to receive the benefits of staking without the illiquidity of a locked-up Reference Asset. Instead, Liquid Staking Tokens generally represent the amount of the Reference Asset deposited with the staking protocol to be staked, plus any amounts earned through staking rewards. In return, the Funds will participate in regular staking compensation payouts through either an increase in the "conversion rate" of the Liquid Staking Token (Rewards-Bearing Tokens) (i.e., the value of the Reward-Bearing Token increases over time vs. the Reference Asset) or an increase in the balance of the Liquid Staking Token (Rebasing Tokens) (i.e., the token attempts to keep a stable value vs. the Reference Asset but the token balance increases over time as rewards are accrued). The Funds can also generally sell Liquid Staking Tokens for cash. Generally, there are no fees associated with Liquid Staking Tokens; however there are fees associated with staking the underlying Reference Asset. Some staking protocols may charge a fee for unwrapping the Liquid Staking Token.

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

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

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

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

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

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

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

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

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

U.S. Securities and Exchange Commission ("SEC") Rule 18f-4 (Rule 18f-4 or the Derivatives Rule) regulates the ability of the Fund to enter into derivative transactions and other leveraged transactions. The Derivatives Rule defines the term derivatives to include short sales and forward contracts, such as TBA transactions, in addition to instruments traditionally classified as derivatives, such as swaps, futures, and options. Rule 18f-4 also regulates other types of leveraged transactions, such as reverse repurchase transactions and transactions deemed to be similar to reverse repurchase transactions, such as certain securities lending transactions in connection with which the Fund obtains leverage. Among other things, under Rule 18f-4, the Fund is prohibited from entering into these derivatives transactions except in reliance on the provisions of the Derivatives Rule. The Derivatives Rule establishes limits on the derivatives transactions that the Fund may enter into based on the value-at-risk (VaR) of the Fund inclusive of derivatives. The Fund will generally satisfy the limits under the Rule if the VaR of its portfolio (inclusive of derivatives transactions) does not exceed 200% of the VaR of its designated reference portfolio. The designated reference portfolio is a representative unleveraged index or the Fund's own portfolio absent derivatives holdings, as determined by such Fund's derivatives risk manager. This limits test is referred to as the Relative VaR Test. As a result of the Relative VaR Test, the Fund may not seek returns in excess of 2x the Underlying Index.

In addition, among other requirements, Rule 18f-4 requires the Fund to establish a derivatives risk management

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

**<u>Swaps.</u>** Each Fund may enter into total return swaps, which may be used either as economically similar substitutes for owning the reference asset specified in the swap, such as the securities that comprise a given market index, particular securities or commodities, or other assets or indicators. They also may be used as a means of obtaining exposure in markets where the reference asset is unavailable or it may otherwise be impossible or impracticable for a Fund to own that asset. "Total return" refers to the payment (or receipt) of the total return on the underlying reference asset, which is then exchanged for the receipt (or payment) of an interest rate. Total return swaps provide a Fund with the additional flexibility of gaining exposure to a market or sector index in a potentially more economical way.

Most swaps entered into by a Fund provide for the calculation and settlement of the obligations of the parties to the agreement on a "net basis" with a single payment. Consequently, a Fund's current obligations (or rights) under a swap will generally be equal only to the net amount to be paid or received under the agreement based on the relative values of the positions held by each party to the agreement (the "net amount"). Other swaps may require initial premium (discount) payments as well as periodic payments (receipts) related to the interest leg of the swap or to the return on the reference entity. A Fund's current obligations under the types of swaps that the Funds expect to enter into (e.g., total return swaps) will be accrued daily (offset against any amounts owed to a Fund by the counterparty to the swap) and any accrued but unpaid net amounts owed to a swap counterparty will collateralized by the Fund posting collateral to a tri-party account between the Fund's custodian, the Fund, and the counterparty. However, typically no payments will be made until the settlement date.

Swap agreements do not involve the delivery of securities or other underlying assets. Accordingly, if a swap is entered into on a net basis and if the counterparty to a swap agreement defaults, a Fund's risk of loss consists of the net amount of payments that the Fund is contractually entitled to receive, if any.

In recent years, regulators across the globe, including the U.S. Commodity Futures Trading Commission ("CFTC") and the U.S. banking regulators, have adopted collateral requirements applicable to uncleared swaps. While a Fund is not directly subject to these requirements, where a Fund's counterparty is subject to the requirements, uncleared swaps between a Fund and that counterparty are required to be marked-to-market on a daily basis, and collateral is required to be exchanged to account for any changes in the value of such swaps. The rules impose a number of requirements as to these exchanges of collateral, including as to the timing of transfers, the type of collateral (and valuations for such collateral) and other matters that may be different than what a Fund would agree with its counterparty in the absence of such regulation. In all events, where a Fund is required to post collateral to its swap counterparty, such collateral will be posted to an independent bank custodian, where access to the collateral by the swap counterparty will generally not be permitted unless a Fund is in default on its obligations to the swap counterparty.

In addition to the variation margin requirements, regulators have adopted "initial" margin requirements applicable to uncleared swaps. Where applicable, these rules require parties to an uncleared swap to post, to a custodian that is independent from the parties to the swap, collateral (in addition to any variation margin noted above) in an amount that is either (i) specified in a schedule in the rules or (ii) calculated by the regulated party in accordance with a model that has been approved by that party's regulator(s). Effective September 1, 2022, the initial margin rules will apply to the swap trading relationships of Funds with average aggregate notional amounts that exceed $8 billion. These rules may impose significant costs on a Fund's ability to engage in uncleared swaps and, as such, could adversely affect the Advisor's ability to manage a Fund, may impair a Fund's ability to achieve its investment objective and/or may result in reduced returns to a Fund's investors.

The Dodd-Frank Wall Street Reform and Consumer Protection Act ("Dodd-Frank Act") and related regulatory developments have imposed comprehensive new regulatory requirements on swaps and swap market participants. The regulatory framework includes: (1) registration and regulation of swap dealers and major swap participants; (2) requiring

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central clearing and execution of standardized swaps; (3) imposing collateral requirements on Swap transactions; (4) regulating and monitoring swap transactions through position limits and large trader reporting requirements; and (5) imposing recordkeeping and centralized and public reporting requirements, on an anonymous basis, for most swaps. The CFTC is responsible for the regulation of most swaps. The SEC has jurisdiction over a small segment of the market referred to as "security-based swaps," which includes swaps on single securities or credits, or narrow-based indices of securities or credits.

*Uncleared swaps.* In an uncleared swap, the swap counterparty is typically a brokerage firm, bank or other financial institution. A Fund customarily enters into uncleared swaps based on the standard terms and conditions of an International Swaps and Derivatives Association ("ISDA") Master Agreement. ISDA is a voluntary industry association of participants in the OTC derivatives markets that has developed standardized contracts used by such participants that have agreed to be bound by such standardized contracts. In the event that one party to a swap transaction defaults and the transaction is terminated prior to its scheduled termination date, one of the parties may be required to make an early termination payment to the other. An early termination payment may be payable by either the defaulting or nondefaulting party, depending upon which of them is "in-the-money" with respect to the swap at the time of its termination. Early termination payments may be calculated in various ways, but are intended to approximate the amount the "in-the-money" party would have to pay to replace the swap as of the date of its termination. During the term of an uncleared swap, a Fund will be required to pledge to the swap counterparty, from time to time, an amount of cash and/or other assets equal to the total net amount (if any) that would be payable by a Fund to the counterparty if all outstanding swaps between the parties were terminated on the date in question, including any early termination payments. Periodically, changes in the amount pledged are made to recognize changes in value of the contract resulting from, among other things, interest on the notional value of the contract, market value changes in the underlying investment, and/or dividends paid by the issuer of the underlying instrument. Likewise, the counterparty will be required to pledge cash or other assets to cover its obligations to a Fund. However, the amount pledged may not always be equal to or more than the amount due to the other party. Therefore, if a counterparty defaults in its obligations to a Fund, the amount pledged by the counterparty and available to a Fund may not be sufficient to cover all the amounts due to a Fund and the Fund may sustain a loss. Rules requiring initial margin to be posted by certain market participants for uncleared swaps have been adopted and are being phased in over time. When these rules take effect with respect to the Funds, if a Fund is deemed to have material swaps exposure under applicable swap regulations, it will be required to post initial margin in addition to variation margin.

*Cleared swaps.* Certain standardized swaps are subject to mandatory central clearing and exchange-trading. The Dodd-Frank Act and implementing rules will ultimately require the clearing and exchange-trading of many swaps. Mandatory exchange-trading and clearing will occur on a phased-in basis based on the type of market participant, CFTC approval of contracts for central clearing and public trading facilities making such cleared swaps available to trade. To date, the CFTC has designated only certain of the most common types of credit default index swaps and interest rate swaps as subject to mandatory clearing and certain public trading facilities have made certain of those cleared swaps available to trade, but it is expected that additional categories of swaps will in the future be designated as subject to mandatory clearing and trade execution requirements. Central clearing is intended to reduce counterparty credit risk and increase liquidity, but central clearing does not eliminate these risks and may involve additional costs and risks not involved with uncleared swaps. In a cleared swap, a Fund's ultimate counterparty is a central clearinghouse rather than a brokerage firm, bank or other financial institution. Cleared swaps are submitted for clearing through each party's futures commission merchant ("FCM"), which must be a member of the clearinghouse that serves as the central counterparty. Transactions executed on a swap execution facility may increase market transparency and liquidity but may require a Fund to incur increased expenses to access the same types of swaps that it has used in the past. When a Fund enters into a cleared swap, it must deliver to the central counterparty (via the FCM) initial margin. The initial margin requirements are determined by the central counterparty, and are typically calculated as an amount equal to the volatility in market value of the cleared swap over a fixed period, but an FCM may require additional collateral above the amount required by the central counterparty. During the term of the swap agreement, an additional collateral amount may also be required to be paid by a Fund or may be received by a Fund in accordance with collateral controls set for such accounts. If the value of the Fund's cleared swap declines, the Fund will be required to make additional payments to the FCM to settle the change in value. Conversely, if the market value of a Fund's position increases, the FCM will post additional amounts to the Fund's account. At the conclusion of the term of the swap agreement, if a Fund has a loss equal to or greater than the collateral amount, the collateral amount is paid to the FCM along with any loss in excess of

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the collateral amount. If a Fund has a loss of less than the collateral amount, the excess collateral is returned to a Fund. If a Fund has a gain, the full collateral amount and the amount of the gain is paid to a Fund.

The regulation of cleared and uncleared swaps, as well as other derivatives, is a rapidly changing area of law and is subject to modification by government and judicial action. In addition, the SEC, CFTC and the exchanges are authorized to take extraordinary actions in the event of a market emergency, including, for example, the implementation or reduction of speculative position limits, the implementation of higher collateral requirements, the establishment of daily price limits and the suspension of trading. It is not possible to predict fully the effects of current or future regulation. However, it is possible that developments in government regulation of various types of derivative instruments, such as speculative position limits on certain types of derivatives, or limits or restrictions on the counterparties with which a Fund engages in derivative transactions, may limit or prevent the Fund from using or limit the Fund's use of these instruments effectively as a part of its investment strategy, and could adversely affect the Fund's ability to achieve its investment goal. The Adviser will continue to monitor developments in the area, particularly to the extent regulatory changes affect a Fund's ability to enter into desired swap agreements. New requirements, even if not directly applicable to a Fund, may increase the cost of a Fund's investments and cost of doing business.

**Other Investment Risks**

**<u>Overview.</u>** An investment in the Funds should be made with an understanding of the risks that an investment in the Fund shares entails, including the risk that the financial condition of the issuers of the equity securities or the general condition of the securities market may worsen and the value of the securities and therefore the value of the Fund may decline. The Funds may not be an appropriate investment for those who are unable or unwilling to assume the risks involved generally with such an investment. The past market and earnings performance of any of the securities included in the Funds is not predictive of their future performance.

**<u>Borrowing and Leverage Risk.</u>** The Funds may borrow money for cash management purposes or investment purposes. Borrowing for investment is a form of leverage. Leveraging investments, by purchasing securities with borrowed money, is a speculative technique which increases investment risk, but also increases investment opportunity. Because substantially all of a Fund's assets will fluctuate in value, whereas the interest obligations on borrowings may be fixed, the NAV per share of the Fund will fluctuate more when the Fund is leveraging its investments than would otherwise be the case. Moreover, interest costs on borrowings may fluctuate with changing market rates of interest and may partially offset or exceed the returns on the borrowed funds. Under adverse conditions, a Fund might have to sell portfolio securities to meet interest or principal payments at a time when investment considerations would not favor such sales. Consistent with the requirements of the 1940 Act, a Fund must maintain continuous asset coverage (total assets, including assets acquired with borrowed funds, less liabilities exclusive of borrowings) of 300% of all amounts borrowed. If at any time the value of a Fund's assets should fail to meet this 300% coverage test, the Fund, within three days (not including weekends and holidays), will reduce the amount of the Fund's borrowings to the extent necessary to meet this 300% coverage requirement. Maintenance of this percentage limitation may result in the sale of portfolio securities at a time when investment considerations would not favor such sale.

**<u>Cybersecurity Risk.</u>** Investment companies, such as the Funds, and their service providers may be subject to operational and information security risks resulting from cyber attacks. Cyber attacks include, among other behaviors, stealing or corrupting data maintained online or digitally, denial of service attacks on websites, the unauthorized release of confidential information or various other forms of cybersecurity breaches. Cyber attacks affecting the Funds or the Advisor, the Funds' custodian or transfer agent, or intermediaries or other third-party service providers may adversely impact the Funds. For instance, cyber attacks may interfere with the processing of shareholder transactions, impact a Fund's ability to calculate its net asset value, cause the release of private shareholder information or confidential company information, impede trading, subject the Fund to regulatory fines or financial losses, and cause reputational damage. A Fund may also incur additional costs for cybersecurity risk management purposes. While the Funds and their service providers have established business continuity plans and risk management systems designed to prevent or reduce the impact of cybersecurity attacks, such plans and systems have inherent limitations due in part to the ever-changing nature of technology and cybersecurity attack tactics, and there is a possibility that certain risks have not been adequately identified or prepared for. Furthermore, the Funds cannot control any cybersecurity plans or systems implemented by their service providers.

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**<u>Derivatives Risk.</u>** The use of derivatives presents risks different from, and possibly greater than, the risks associated with investing directly in traditional securities. Among the risks presented are market risk, credit risk, management risk and liquidity risk. The use of derivatives can lead to losses because of adverse movements in the price or value of the underlying asset, index or rate, which may be magnified by certain features of the derivatives. In addition, when a Fund invests in certain derivative securities, including, but not limited to, when-issued securities, forward commitments, futures contracts and interest rate swaps, a Fund is effectively leveraging its investments, which could result in exaggerated changes in the net asset value of the Fund's shares and can result in losses that exceed the amount originally invested. The success of the Adviser's derivatives strategies will depend on its ability to assess and predict the impact of market or economic developments on the underlying asset, index or rate and the derivative itself, without the benefit of observing the performance of the derivative under all possible market conditions. Liquidity risk exists when a security cannot be purchased or sold at the time desired, or cannot be purchased or sold without adversely affecting the price. Certain specific risks associated with an investment in derivatives may include: market risk, credit risk, correlation risk, liquidity risk, legal risk and systemic or "interconnection" risk, as specified below.

Market Risk. Market risk is the risk that the value of the underlying assets may go up or down. Adverse movements in the value of an underlying asset can expose a Fund to losses. Market risk is the primary risk associated with derivative transactions. Derivative instruments may include elements of leverage and, accordingly, fluctuations in the value of the derivative instrument in relation to the underlying asset may be magnified. The successful use of derivative instruments depends upon a variety of factors, particularly the portfolio manager's ability to predict movements of the securities, currencies and commodities markets, which may require different skills than predicting changes in the prices of individual securities. There can be no assurance that any particular strategy adopted will succeed. A decision to engage in a derivative transaction will reflect the portfolio managers' judgment that the derivative transaction will provide value to a Fund and its shareholders and is consistent with a Fund's objective, investment limitations and operating policies. In making such a judgment, the portfolio managers will analyze the benefits and risks of the derivative transactions and weigh them in the context of a Fund's overall investments and investment objective.

Credit Risk. Credit risk is the risk that a loss may be sustained as a result of the failure of a counterparty to comply with the terms of a derivative instrument. Specifically, FCM or the clearing house could fail to perform its obligations, causing significant losses to a Fund. For example, a Fund could lose margin payments it has deposited with an FCM as well as any gains owed but not paid to the Fund, if the FCM or clearing house becomes insolvent or otherwise fails to perform its obligations. Credit risk of market participants with respect to derivatives that are centrally cleared is concentrated in a few clearing houses and it is not clear how an insolvency proceeding of a clearing house would be conducted and what impact an insolvency of a clearing house would have on the financial system. Under current CFTC regulations, a FCM maintains customers' assets in a bulk segregated account. If a FCM fails to do so, or is unable to satisfy a substantial deficit in a customer account, its other customers may be subject to risk of loss of their funds in the event of that FCM's bankruptcy. In that event, in the case of futures and options on futures, the FCM's customers are entitled to recover, even in respect of property specifically traceable to them, only a proportional share of all property available for distribution to all of that FCM's customers. In addition, if the FCM does not comply with the applicable regulations, or in the event of a fraud or misappropriation of customer assets by the FCM, a Fund could have only an unsecured creditor claim in an insolvency of the FCM with respect to the margin held by the FCM. FCMs are also required to transfer to the clearing house the amount of margin required by the clearing house, which amount is generally held in an omnibus account at the clearing house for all customers of the FCM.

Correlation Risk. Correlation risk is the risk that there might be an imperfect correlation, or even no correlation, between price movements of a derivative instrument and price movements of investments being hedged. When a derivative transaction is used to completely hedge another position, changes in the market value of the combined position (the derivative instrument plus the position being hedged) result from an imperfect correlation between the price movements of the two instruments. With a perfect hedge, the value of the combined position remains unchanged with any change in the price of the underlying asset. With an imperfect hedge, the value of the derivative instrument and its hedge are not perfectly correlated. For example, if the value of a derivative instrument used in a short hedge (such as writing a call option, buying a put option or selling a

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futures contract) increased by less than the decline in value of the hedged investments, the hedge would not be perfectly correlated. This might occur due to factors unrelated to the value of the investments being hedged, such as speculative or other pressures on the markets in which these instruments are traded. The effectiveness of hedges using instruments on indices will depend, in part, on the degree of correlation between price movements in the underlying stock and the price movements in the investment being hedged.

Liquidity Risk. Liquidity risk is the risk that a derivative instrument cannot be sold, closed out or replaced quickly at or very close to its fundamental value. Generally, exchange contracts are very liquid because the exchange clearing house is the counterparty of every contract. OTC transactions are less liquid than exchange-traded derivatives since they often can only be closed out with the other party to the transaction. A Fund might be required by applicable regulatory requirements to make margin payments when it takes positions in derivative instruments involving obligations to third parties (i.e., instruments other than purchase options). If a Fund is unable to close out its positions in such instruments, it might be required to continue to maintain such assets or accounts or make such payments until the position expires, matures or is closed out. These requirements might impair a Fund's ability to sell a security or make an investment at a time when it would otherwise be favorable to do so, or require that a Fund sell a portfolio security at a disadvantageous time. A Fund's ability to sell or close out a position in an instrument prior to expiration or maturity depends upon the existence of a liquid secondary market or, in the absence of such a market, the ability and willingness of the counterparty to enter into a transaction closing out the position. Due to liquidity risk, there is no assurance that any derivatives position can be sold or closed out at a time and price that is favorable to a Fund.

Legal Risk. Legal risk is the risk of loss caused by the unenforceability of a party's obligations under the derivative. While a party seeking price certainty agrees to surrender the potential upside in exchange for downside protection, the party taking the risk is looking for a positive payoff. Despite this voluntary assumption of risk, a counterparty that has lost money in a derivative transaction may try to avoid payment by exploiting various legal uncertainties about certain derivative products.

Systemic or "Interconnection" Risk. Systemic or "interconnection" risk is the risk that a disruption in the financial markets will cause difficulties for all market participants. In other words, a disruption in one market will spill over into other markets, perhaps creating a chain reaction. Much of the OTC derivatives market takes place among the OTC dealers themselves, thus creating a large interconnected web of financial obligations. This interconnectedness raises the possibility that a default by one large dealer could create losses for other dealers and destabilize the entire market for OTC derivative instruments.

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

The regulation of derivatives in the U.S., the EU and other jurisdictions is a rapidly changing area of law and is subject to modification by government and judicial action. Recent legislative and regulatory reforms, including the Dodd-Frank Act, have resulted in new regulation of derivatives, including clearing, margin reporting, recordkeeping and registration requirements for certain types of derivatives. Because these requirements are new and evolving, and certain of the rules are not yet final, their ultimate impact remains unclear. New regulations could, among other things, restrict a Fund's ability to engage in swap transactions (for example, by making certain types of swap transactions no longer available to a Fund) and/or increase the costs of such swap transactions (for example, by increasing margin or capital requirements), and a Fund may as a result be unable to execute its investment strategies in a manner that the Adviser might otherwise choose. There is a possibility of future regulatory changes altering, perhaps to a material extent, the nature of an investment in the Funds or the ability of the Funds to continue to implement its investment strategies.

Also, as described above, in the event of a counterparty's (or its affiliate's) insolvency, a Fund's ability to exercise remedies could be stayed or eliminated under special resolution regimes adopted in the United States, the EU and various other jurisdictions. Such regimes provide government authorities with broad authority to intervene when a

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financial institution is experiencing financial difficulty and may prohibit the Fund from exercising termination rights based on the financial institution's insolvency. In particular, in the EU, governmental authorities could reduce, eliminate or convert to equity the liabilities to the Fund of a counterparty experiencing financial difficulties (sometimes referred to as a "bail in").

Rule 18f-4 under the 1940 Act governs the Funds' use of derivative instruments and certain other transactions that create future payment and/or delivery obligations by the Funds. Rule 18f-4 permits the Funds to enter into Derivatives Transactions (as defined below) and certain other transactions notwithstanding the restrictions on the issuance of "senior securities" under Section 18 of the 1940 Act. Section 18 of the 1940 Act, among other things, prohibits open-end funds, including the Fund, from issuing or selling any "senior security," other than borrowing from a bank (subject to a requirement to maintain 300% "asset coverage"). In connection with the adoption of Rule 18f-4, the U.S. Securities and Exchange Commission ("SEC") eliminated the asset segregation framework arising from prior SEC guidance for covering Derivatives Transactions and certain financial instruments.

Under Rule 18f-4, "Derivatives Transactions" include the following: (i) any swap, security-based swap (including a contract for differences), futures contract, forward contract, option (excluding purchased options), any combination of the foregoing, or any similar instrument, under which a Fund is or may be required to make any payment or delivery of cash or other assets during the life of the instrument or at maturity or early termination, whether as margin or settlement payment or otherwise; (ii) any short sale borrowing; (iii) reverse repurchase agreements and similar financing transactions, if the Fund elects to treat these transactions as Derivatives Transactions under Rule 18f-4; and (iv) when-issued or forward-settling securities (e.g., firm and standby commitments, including to-be-announced ("TBA") commitments, and dollar rolls) and non-standard settlement cycle securities, unless the Fund intends to physically settle the transaction and the transaction will settle within 35 days of its trade date.

Unless a Fund is relying on the Limited Derivatives User Exception (as defined below), the Fund must comply with Rule 18f-4 with respect to its Derivatives Transactions. Rule 18f-4, among other things, requires the Fund to (i) appoint a Derivatives Risk Manager, (ii) maintain a Derivatives Risk Management Program designed to identify, assess, and reasonably manage the risks associated with Derivatives Transactions; (iii) comply with certain value-at-risk (VaR)-based leverage limits (VaR is an estimate of an instrument's or portfolio's potential losses over a given time horizon and at a specified confidence level); and (iv) comply with certain Board reporting and recordkeeping requirements.

Rule 18f-4 provides an exception from the requirements to appoint a Derivatives Risk Manager, adopt a Derivatives Risk Management Program, comply with certain VaR-based leverage limits, and comply with certain Board oversight and reporting requirements if a Fund's "derivatives exposure" (as defined in Rule 18f-4) is limited to 10% of its net assets (as calculated in accordance with Rule 18f-4) and the Fund adopts and implements written policies and procedures reasonably designed to manage its derivatives risks (the "Limited Derivatives User Exception"). The Funds are not expected to be able to rely upon this exception.

Pursuant to Rule 18f-4, if a Fund enters into reverse repurchase agreements or similar financing transactions, the Fund will (i) aggregate the amount of indebtedness associated with all of its reverse repurchase agreements or similar financing transactions with the amount of any other "senior securities" representing indebtedness (e.g., bank borrowings, if applicable) when calculating the Fund's asset coverage ratio or (ii) treat all such transactions as Derivatives Transactions.

These and other new rules and regulations could, among other things, further restrict the Funds' ability to engage in, or increase the cost to a Fund of, derivatives transactions, for example, by making some types of derivatives no longer available to the Fund, increasing margin or capital requirements, or otherwise limiting liquidity or increasing transaction costs. The implementation of the clearing requirement for certain swaps has increased the costs of derivatives transactions for a Fund, since a Fund has to pay fees to its clearing members and are typically required to post more margin for cleared derivatives than they have historically posted for bilateral derivatives. The costs of derivatives transactions may increase further as clearing members raise their fees to cover the costs of additional capital requirements and other regulatory changes applicable to the clearing members. Certain aspects of these regulations are still being implemented, so their potential impact on the Funds and the financial system are not yet known. While the regulations and central clearing of some derivatives transactions are designed to reduce systemic risk (i.e., the risk that

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the interdependence of large derivatives dealers could cause them to suffer liquidity, solvency or other challenges simultaneously), there is no assurance that the mechanisms imposed under the regulations will achieve that result, and in the meantime, as noted above, central clearing, minimum margin requirements and related requirements expose the Funds to new kinds of risks and costs.

**<u>Listing Standards Risk.</u>** The Funds are required by the Exchange to comply with certain listing standards (which includes certain investment parameters) in order to maintain its listing on the Exchange. Compliance with these listing standards may compel a Fund to sell securities at an inopportune time or for a price other than the security's then-current market value. The sale of securities in such circumstances could limit a Fund's profit or require the Fund to incur a loss, and as a result, the Fund's performance could be impacted.

**<u>Market Conditions.</u>** Events in certain sectors historically have resulted, and may in the future result, in an unusually high degree of volatility in the financial markets, both domestic and foreign. These events have included, but are not limited to: bankruptcies, corporate restructurings, and other events related to the sub-prime mortgage crisis in 2008; governmental efforts to limit short selling and high frequency trading; measures to address U.S. federal and state budget deficits; social, political, and economic instability in Europe; economic stimulus by the Japanese central bank; steep declines in oil prices; dramatic changes in currency exchange rates; China's economic slowdown; Russia's invasion of Ukraine; and circumstances such as pandemics or epidemics in one or more countries or regions. Interconnected global economies and financial markets increase the possibility that conditions in one country or region might adversely impact issuers in a different country or region. Such events may cause significant declines in the values and liquidity of many securities and other instruments. It is impossible to predict whether such conditions will recur. Because such situations may be widespread, it may be difficult to identify both risks and opportunities using past models of the interplay of market forces, or to predict the duration of such events.

**<u>U.S. Government Securities.</u>** U.S. government securities are subject to interest rate risk but generally do not involve the credit risks associated with investments in other types of debt securities. As a result, the yields available from U.S. government securities are generally lower than the yields available from other debt securities. U.S. government securities are guaranteed only as to the timely payment of interest and the payment of principal when held to maturity. While securities issued or guaranteed by U.S. federal government agencies (such as Ginnie Mae) are backed by the full faith and credit of the U.S. Department of the Treasury, securities issued by government sponsored entities (such as Fannie Mae and Freddie Mac) are solely the obligation of the issuer and generally do not carry any guarantee from the U.S. government. No assurance can be given that the U.S. government will provide financial support to its government sponsored entities or any other agency if not obligated by law to do so.

**INVESTMENT LIMITATIONS**

&nbsp;&nbsp;&nbsp;&nbsp;**<u>Fundamental</u>.** The investment limitations described below have been adopted by the Trust with respect to the Funds and are fundamental ("Fundamental"), *i.e.,* they may not be changed without the affirmative vote of a majority of the outstanding shares of a Fund. As used in the Prospectus and the Statement of Additional Information, the term "majority" of the outstanding shares of the Funds means the lesser of: (1) 67% or more of the outstanding shares of a Fund present at a meeting, if the holders of more than 50% of the outstanding shares of a Fund are present or represented at such meeting; or (2) more than 50% of the outstanding shares of a Fund. Other investment practices which may be changed by the Board without the approval of shareholders to the extent permitted by applicable law, regulation or regulatory policy are considered non-fundamental ("Non-Fundamental").

&nbsp;&nbsp;&nbsp;&nbsp;The Funds:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. &nbsp;&nbsp;&nbsp;&nbsp;May not borrow money except as permitted under the 1940 Act, and as interpreted or modified by regulatory authority having jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. &nbsp;&nbsp;&nbsp;&nbsp;May not issue any senior securities to others, except as permitted under the 1940 Act, and as interpreted or modified by regulatory authority having jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp;May not underwrite securities issued by others except to the extent the Fund may be deemed to be an

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underwriter under the federal securities laws, in connection with the disposition of portfolio securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. &nbsp;&nbsp;&nbsp;&nbsp;May not invest more than 25% of the value of its net assets in the securities of one or more issuers conducting their principal business activities in the same industry or group of industries, except that: (i) the *GSR Digital Asset Treasury Companies ETF* will be concentrated in the industry or group of industries that are defined as being in the Digital Asset Treasury Company industry, which is defined by the Adviser as any company that: (1) generally maintains 15% or more of its assets in digital assets or digital asset-linked financial instruments; (2) generally derives 15% or more of its income from digital assets or digital asset-linked financial instruments; and (ii) the *GSR Crypto Core3 ETF* will be concentrated in the industry or group of industries to which its Reference Assets are assigned (i.e., hold more than 25% of its assets in investments that provide exposure to the industry to which the Reference Assets are assigned). The limitation against industry concentration does not apply to investments in securities issued or guaranteed by the U.S. Government, its agencies or instrumentalities, or to shares of investment companies; however, the Funds will not invest more than 25% of its net assets in any investment company that so concentrates except for investment companies that also concentrate in the respective Reference Asset.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;&nbsp;&nbsp;&nbsp;May not purchase or sell real estate except as permitted under the 1940 Act, and as interpreted or modified by regulatory authority having jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. &nbsp;&nbsp;&nbsp;&nbsp;May not make loans to others, except as permitted under the 1940 Act, and as interpreted or modified by regulatory authority having jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7. &nbsp;&nbsp;&nbsp;&nbsp;May invest in commodities to the extent permitted by the 1940 Act or other governing statute, by the rules thereunder, or by the U.S. Securities and Exchange Commission ("SEC") or other regulatory agency with authority over the Funds.

If a percentage or rating restriction on an investment or use of assets set forth herein or in the Prospectus is adhered to at the time a transaction is effected, later changes in such percentages or restrictions resulting from any cause other than actions by the Funds will not be considered a violation. Currently, subject to modification to conform to the 1940 Act as interpreted or modified, the Funds are permitted, consistent with the 1940 Act, to borrow, and pledge its shares to secure such borrowing, provided, that immediately thereafter there is asset coverage of at least 300% for all borrowings by a Fund from a bank. If borrowings exceed this 300% asset coverage requirement by reason of a decline in net assets of a Fund, the Fund will reduce its borrowings within three days (not including Sundays and holidays) to the extent necessary to comply with the 300% asset coverage requirement. The 1940 Act also permits a Fund to borrow for temporary purposes only in an amount not exceeding 5% of the value of the Fund's total assets at the time when the loan is made. A loan shall be presumed to be for temporary purposes if it is repaid within 60 days and is not extended or renewed. To the extent outstanding borrowings of a Fund exceed 5% of the value of the total assets of the Fund, the Fund will not make additional purchases of securities – the foregoing shall not be construed to prevent a Fund from settling portfolio transactions or satisfying shareholder redemptions orders.

Currently, with respect to senior securities, the 1940 Act and regulatory interpretations of relevant provisions of the 1940 Act establish the following general limits, subject to modification to conform to the 1940 Act as interpreted or modified: Open-end registered investment companies such as the Funds are not permitted to issue any class of senior security or to sell any senior security of which they are the issuers. The Trust is, however, permitted to issue separate series of shares and to divide those series into separate classes. Each Fund currently offers one class of shares. The Funds have no intention of issuing senior securities, except that the Trust has issued its shares in separate series and may divide those series into classes of shares. Collateral arrangements with respect to forward contracts, futures contracts or options, including deposits of initial and variation margin, are not considered to be the issuance of a senior security for purposes of this restriction.

With respect to the Funds' Fundamental Policy #4 as described above, the Funds will consider, to the extent practicable and consistent with applicable rules, regulations of the SEC and applicable guidance from the staff of the SEC, investments of its underlying investment companies when determining its compliance with the policy.

&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding any of the foregoing limitations, any investment company, whether organized as a trust,

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association or corporation, or a personal holding company, may be merged or consolidated with or acquired by the Trust, provided that if such merger, consolidation or acquisition results in an investment in the securities of any issuer prohibited by said paragraphs, the Trust shall, within ninety days after the consummation of such merger, consolidation or acquisition, dispose of all of the securities of such issuer so acquired or such portion thereof as shall bring the total investment therein within the limitations imposed by said paragraphs above as of the date of consummation.

**MANAGEMENT AND OTHER SERVICE PROVIDERS**

**<u>Investment Adviser.</u>** Framework Digital Advisors LLC (the "Adviser"), 347 5<sup>th</sup> Avenue, Suite 1402-700, New York, New York 10016, is the investment adviser for the Funds. The Adviser is registered as an investment adviser under the Investment Advisers Act of 1940, as amended. The Adviser is a Delaware limited liability company and was organized in 2025.

The Adviser currently provides investment advisory services pursuant to an investment advisory agreement (the "Advisory Agreement"). Under the terms of the Advisory Agreement, the Adviser manages the investment portfolio of the Fund, subject to the policies adopted by the Trust's Board of Trustees. In addition, the Adviser: (i) furnishes office space and all necessary office facilities, equipment and executive personnel necessary for managing the assets of the Fund; and (ii) provides guidance and policy direction in connection with its daily management of the Fund's assets, subject to the authority of the Trust's Board of Trustees. Under the Advisory Agreement, the Adviser assumes and pays, at its own expense and without reimbursement from the Trust, all ordinary expenses of the Fund, except the fee paid to the Adviser pursuant to the Advisory Agreement, distribution fees or expenses under a Rule 12b-1 plan (if any), interest expenses, taxes, acquired fund fees and expenses, brokerage commissions and any other portfolio transaction related expenses and fees arising out of transactions effected on behalf of the Funds, credit facility fees and expenses, including interest expenses, and litigation and indemnification expenses and other extraordinary expenses not incurred in the ordinary course of the Funds' business.

For its services with respect to the Funds, the Adviser is entitled to receive an annual management fee calculated daily and payable monthly as a percentage of the Fund's average daily net assets noted in the table below.

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| | |
|:---|:---|
| **Fund** | **Annual Management Fee** |
| GSR Digital Asset Treasury Companies ETF | 1.50% |
| GSR Crypto Core3 ETF | 1.00% |

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The Adviser has contractually agreed to reduce its advisory fees and reimburse expenses to the extent necessary for the GSR Digital Asset Treasury Companies ETF to keep net operating expenses (excluding interest, fees payable pursuant to Rule 12b-1 Plans, taxes, brokerage commissions, acquired fund fees, expenses and extraordinary expenses and dividend expense on short sales) from exceeding 1.00% for the Fund until March 31, 2027. The waiver or reimbursement of an expense by the Adviser is subject to repayment by a Fund within three years following the date such waiver and/or reimbursement was made, provided that the Fund is able to make the repayment without exceeding the expense limitation in place at the time of the waiver or reimbursement and at the time the waiver or reimbursement is recouped.

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

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The Adviser may make payments to banks or other financial institutions that provide shareholder services and administer shareholder accounts. If a bank or other financial institution were prohibited from continuing to perform all or a part of such services, management of the Fund believes that there would be no material impact on a Fund or its shareholders. Financial institutions may charge their customers fees for offering these services to the extent permitted by applicable regulatory authorities, and the overall return to those shareholders availing themselves of the financial institution's services will be lower than to those shareholders who do not. Each Fund may purchase securities issued by financial institutions that provide such services; however, in selecting investments for the Fund, no preference will be shown for such securities.

**Manager-of-Managers Structure**

The Adviser and the Trust have filed an application for an exemptive order from the SEC that, if granted, will allow the Fund to operate in a "manager of managers" structure whereby the Adviser, as the Fund's investment adviser, can appoint and replace both wholly owned and unaffiliated sub-advisers, and enter into, amend and terminate sub-advisory agreements with such sub-advisers, each subject to Board approval but without obtaining prior shareholder approval (the "Manager of Managers Structure"). The Fund will, however, inform shareholders of the hiring of any new sub-adviser within 90 days after the hiring. If granted, the SEC exemptive order will provide the Fund with greater efficiency and without incurring the expenses and delays associated with obtaining shareholder approval of sub-advisory agreements with such sub-advisers.

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

**<u>The Sub-Adviser</u>**<u>.</u> The Adviser has retained Tuttle Capital Management, LLC (the "Sub-Adviser"), 155 Lockwood Road, Riverside, Connecticut 06878 as sub-adviser to the Funds. The Sub-Adviser is an investment adviser registered with the SEC. The Sub-Adviser is organized as a Delaware limited liability company and was organized in 2012.

Pursuant to an Investment Sub-Advisory Agreement between the Adviser and the Sub-Adviser (the "Sub-Advisory Agreement"), the Sub-Adviser assists the Adviser in providing day-to-day management of each Fund's portfolio. The Sub-Adviser is responsible for the day-to-day management of each Fund's trading process, which includes Creation and/or Redemption basket processing. The Sub-Adviser will work directly with the Fund's Custodian, Transfer Agent and Adviser to carry out the trading process for the Funds. The Sub-Adviser does not select investments for the Fund's portfolio. See below for description of the services being provided by the Custodian and the Transfer Agent.

The Sub-Advisory Agreement was approved by the Trustees (including all the Independent Trustees) in compliance with the 1940 Act and by each Fund's initial shareholder. The Sub-Advisory Agreement continues in force for an initial period of up to two years from its effective date. Thereafter, the Sub-Advisory Agreement is renewable from year to year with respect to the Funds, so long as its continuance is approved at least annually (1) by the vote, cast in person at a meeting called for that purpose, of a majority of Independent Trustees; and (2) by the majority vote of either the full Board or the vote of a majority of the outstanding shares of a Fund. The Sub-Advisory Agreement will terminate automatically in the event of its assignment, and is terminable at any time without penalty by the Board or by a majority of each of the Funds' outstanding shares or by the Adviser on not less than 60 days' written notice to the Sub-Adviser, or by the Sub-Adviser on 90 days' written notice to the Adviser and the Trust. The Sub-Advisory Agreement provides that the Sub-Adviser shall not be protected against any liability to the Trust or its shareholders by reason of willful misfeasance, bad faith, or gross negligence on its part in the performance of its duties or from reckless disregard of its obligations or duties thereunder. For its services, the Sub-Adviser is paid a fee by the Adviser, which is calculated daily and payable monthly as a percentage of each Fund's average daily net assets, at the annual rate of 0.12%

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**<u>Portfolio Managers</u>**. As described in the prospectus, Louis Camhi and Matthew Tuttle serve as the Fund's Portfolio Managers and are responsible for the day-to-day investment management of the Fund. In addition to the Fund, the Portfolio Managers are responsible for the day-to-day management of certain other accounts, as listed below. There are no accounts for which the advisory fee is based on the performance of the account. The information below is provided as of January 31, 2026:

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Manager** | **Other**<br>**Registered**<br>**Investment**<br>**Company**<br>**Accounts** | **Assets**<br>**Managed**<br>**($ millions)** | **Other Pooled**<br>**Investment**<br>**Vehicle**<br>**Accounts** | **Assets**<br>**Managed**<br>**($ millions)** | **Other**<br>**Accounts** | **Assets**<br>**Managed**<br>**($ millions)** | **Total**<br>**Assets**<br>**Managed**<br>**($ millions)** |
| Louis Camhi | 0 | $0.0 | 0 | $0.0 | 4 | $150.0 | $150.0 |
| Matthew Tuttle | 48 | $4050.0 | 0 | $0.0 | 0 | $0.0 | $4050.0 |

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**<u>Conflicts of Interests</u>**. The Portfolio Managers' management of "other accounts" may give rise to potential conflicts of interest in connection with his management of the Fund's investments, on the one hand, and the investments of the other accounts, on the other. The other accounts may have the same investment objective as the Funds. Therefore, a potential conflict of interest may arise as a result of the identical investment objectives, whereby the Portfolio Managers could favor one account over another. Another potential conflict could include each Portfolio Manager's knowledge about the size, timing and possible market impact of Fund trades, whereby the Portfolio Managers could use this information to the advantage of other accounts and to the disadvantage of the Fund. However, the Adviser has established policies and procedures to ensure that the purchase and sale of securities among all accounts it manages are fairly and equitably allocated.

&nbsp;&nbsp;&nbsp;&nbsp;**<u>Compensation.</u>** The Portfolio Managers do not receive any special or additional compensation from the Adviser for their services as Portfolio Managers. Each Portfolio Manager's compensation is based solely on the overall financial operating results of the Adviser. Each portfolio manager's compensation is not directly linked to the Funds' performance, although positive performance and growth in managed assets are factors that may contribute to the Adviser's distributable profits and assets under management.

**<u>Portfolio Managers Share Ownership</u>.** As of the date of this SAI, the Portfolio Managers did not beneficially own shares of the Funds.

**<u>Administrator.</u>** Pursuant to a Fund Services Agreement, Commonwealth Fund Services, Inc., 8730 Stony Point Parkway, Suite 205, Richmond, Virginia 23235 (the "Administrator") serves as the Funds' administrator. In its capacity as administrator, the Administrator supervises all aspects of the operations of the Funds except those performed by the Adviser. The Administrator provides certain administrative services and facilities to the Funds, including, among other responsibilities, assisting in the preparation and filing of documents required for compliance by the Funds with applicable laws and regulations and arranging for the maintenance of books and records of the Funds. The Administrator receives an asset-based fee computed daily and paid monthly on the average daily net assets of the Funds, subject to a minimum fee plus out-of-pocket expenses.

**<u>Fund Sponsor</u>.** GSR Strategies, LLC, c/o Corporation Service Company, 251 Little Falls Drive, Wilmington, DE 19808 ("Sponsor"), provides marketing support for the Funds including, but not limited to providing the Funds with access to and the use of the Sponsor's marketing capabilities, including leveraging the Sponsor's expertise in developing marketing strategies and communications through print and electronic media. For its services, the Sponsor is entitled to a fee from the Adviser, does not act as a distributor to the Funds and does not sell shares of the Funds. The Funds are distributed through the Distributor.

**<u>Fund Accountant, Transfer Agent and Other Services</u>**. Pursuant to a Fund Accounting Servicing Agreement and Services and a Transfer Agent Servicing Agreement with U.S. Bancorp Global Fund Services ("U.S. Bank"), with principal offices at 615 East Michigan Street, Milwaukee, Wisconsin 53202 provides certain financial administration services

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(other than those provided by the Administrator), and fund accounting services to the Funds. As financial administrator, US Bank performs services including but not limited to: (1) calculating Fund expenses; (2) calculating the Fund performance data; and (3) providing certain compliance support services. As fund accountant, US Bank maintains certain financial records of the Trust and provides accounting services to the Funds that include the daily calculation of each Fund's NAV. US Bank also performs certain other services on behalf of the Trust including providing financial information for the Trust's federal and state tax returns and financial reports required to be filed with the SEC. As transfer agent, US Bank shares of each Fund in Creation Units to fill purchase orders for the Funds' shares, maintains records of the issuance and redemption of the Funds' shares, and acts as the Funds' dividend disbursing agent.

For the financial administration and fund accounting services provided to the Trust, the Trust has agreed to pay to US Bank an annual asset based fee as a percentage of the aggregate net assets of the Funds, subject to certain breakpoints and minimum fee requirements. US Bank is also entitled to fees for services that it renders with respect to the filing of Form N-PORT, its services related to liquidity risk management and out-of-pocket expenses.

**<u>Custodians</u>**.

Pursuant to a Custody Agreement with the Trust, U.S. Bank National Association_ ("ETF Custodian"), located at 615 East Michigan Street, Milwaukee, Wisconsin 53202, serves as ETF Custodian for the Funds and safeguards and holds the Funds' cash and securities issued by ETFs and other non-Reference Asset securities, settles the Funds' non-Reference Asset transactions and collects income on the Funds' investments. Under the agreement, the ETF Custodian also: (1) provides data required by the Adviser to determine each Fund's Creation Basket and estimated All Cash Amount for each Business Day); (2) monitors the settlement of securities comprising the Creation Basket and any cash in connection with the purchase and redemption of Creation Units and requests the issuance of related Creation Units; (3) deposits securities comprising the Creation Basket and/or cash received from Authorized Participants in connection with purchases of Creation Units into each Fund's custody and cash accounts; (4) disburses securities comprising the Creation Basket and/or cash from the Funds' custody and cash accounts to Authorized Participants in connection with the redemptions of Creation Units; and (5) performs certain other related services, (See "Purchase and Redemption of Creation Units," below).

Pursuant to a Custody Agreement with the Trust, Anchorage Digital Bank National Association ("Crypto Custodian"), located at 101 S. Reid Street, Suite 307, Sioux Falls, South Dakota 57103, serves as Crypto Custodian for the GSR Crypto Core3 ETF and safeguards the Fund's cash, holdings in the Reference Asset, settles the Fund's Reference Asset transactions and collects staking rewards.

**<u>Distributor and Principal Underwriter</u>**. Foreside Fund Services, LLC, (the "Distributor") a wholly owned subsidiary of Foreside Financial Group, LLC (dba ACA Group) is the Funds' distributor, and is located at 190 Middle Street, Suite 301, Portland, Maine 04101. The Distributor is a broker-dealer registered under the Securities Exchange Act of 1934, as amended (the "1934 Act"), and a member of the Financial Industry Regulatory Authority, Inc. ("FINRA").

Shares will be continuously offered for sale by the Trust through the Distributor only in whole Creation Units, as described in the section of this SAI entitled "Additional Information About Purchases and Sales." The Distributor also acts as an agent for the Trust. The Distributor will deliver a prospectus to persons purchasing Shares in Creation Units and will maintain records of both orders placed with it and confirmations of acceptance furnished by it. The Distributor has no role in determining the investment policies of the Funds or which securities are to be purchased or sold by the Funds.

**Distribution Plan**. The Trust has adopted a distribution and shareholder service plan (the "Plan") with respect to the Fund in accordance with the provisions of Rule 12b-1 under the Investment Company Act, which regulates circumstances under which an investment company may directly or indirectly bear expenses relating to the distribution of its shares. There is no current intention to charge such fees pursuant to the Plan. Continuance of the Plan must be approved annually by a majority of the Trustees of the Trust and by a majority of the independent Trustees who have no direct or indirect financial interest in the Plan or in any agreements related to the Plan ("Qualified Trustees"). The Plan requires that quarterly written reports of amounts spent under the Plan and the purposes of such expenditures be furnished to and reviewed by the Trustees. The Plan may not be amended to increase materially the amount that may be spent thereunder without approval by a majority of the outstanding shares of the Fund. All material amendments of

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the Plan will require approval by a majority of the Trustees of the Trust and of the Qualified Trustees.

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

Under the Plan, subject to the supervision of the Trustees of the Trust, the Trust may, directly or indirectly, engage in any activities primarily intended to result in the sale of Shares of the Fund of the class(es) of Shares identified in Section 2(a) of this Plan, which activities may include, but are not limited to, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; payments to the Trust's distributor (the "Distributor") and to securities dealers and others in respect of the sale of Shares of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; payment of compensation to and expenses of personnel (including personnel of organizations with which the Trust has entered into agreements related to this Plan) who engage in or support distribution of Shares of the Fund or who render shareholder support services not otherwise provided by the Trust's transfer agent, administrator, or custodian, including but not limited to, answering inquiries regarding the Trust, processing shareholder transactions, providing personal services and/or the maintenance of shareholder accounts, providing other shareholder liaison services, responding to shareholder inquiries, providing information on shareholder investments in the Shares of the Fund, and providing such other distribution and shareholder services as the Trust may reasonably request, arranging for bank wires, assisting shareholders in changing dividend options, account designations and addresses, providing information periodically to shareholders showing their positions in the Fund, forwarding communications from the Fund such as proxies, shareholder reports, annual reports, and dividend distribution and tax notices to shareholders, processing purchase, exchange, and redemption requests from shareholders and placing orders with the Fund or its service providers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; formulation and implementation of marketing and promotional activities, including, but not limited to, direct mail promotions and television, radio, newspaper, magazine and other mass media advertising;

 (d) preparation, printing and distribution of sales literature;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; preparation, printing and distribution of prospectuses and statements of additional information and reports of the Trust for recipients other than existing shareholders of the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; obtaining information and providing explanations to wholesale and retail distributors of contracts regarding Fund investment objectives and policies and other information about the Fund, including the performance of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; obtaining such information, analyses and reports with respect to marketing and promotional activities as the Trust may, from time to time, deem advisable.

The Trust is authorized to engage in the activities listed above, and in any other activities primarily intended to result in the sale of Shares of the Fund, either directly or through other persons with which the Trust has entered into agreements related to this Plan.

The Adviser and its affiliates may, out of their own resources, pay amounts to third parties for distribution or marketing services on behalf of the Fund. The making of these payments could create a conflict of interest for a financial

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intermediary receiving such payments.

**<u>Legal Counsel</u>**. Practus, LLP, 11300 Tomahawk Creek Parkway, Suite 310, Leawood, Kansas 66211, serves as legal counsel to the Trust and the Funds.

**<u>Independent Registered Public Accounting Firm</u>**<u>.</u> The Funds' independent registered public accounting firm, Cohen & Company, Ltd., audits the Funds' annual financial statements, and assists in the preparation of certain reports to the SEC. Cohen & Co Advisory, LLC, an affiliate of Cohen & Company, Ltd., prepares the Trust's tax returns. Cohen & Company, Ltd. is located at 1350 Euclid Avenue, Suite 800, Cleveland, Ohio 44115.

**TRUSTEES AND OFFICERS OF THE TRUST**

**<u>Trustees and Officers</u>**<u>.</u> The Trust is governed by the Board, which is responsible for protecting the interests of shareholders. The trustees are experienced businesspersons who meet throughout the year to oversee the Trust's activities, review contractual arrangements with companies that provide services to the Funds and review performance. The names, addresses and ages of the trustees and officers of the Trust, together with information as to their principal occupations during the past five years, are listed below.

Each Trustee was nominated to serve on the Board of Trustees based on their particular experiences, qualifications, attributes and skills. Generally, the Trust believes that each Trustee is competent to serve because of their individual overall merits including: (i) experience; (ii) qualifications; (iii) attributes; and (iv) skills.

**Ms. Mary Lou H. Ivey** has business experience as a practicing tax accountant from 1996 to 2021 and, as such, brings tax, budgeting and financial reporting skills to the Board. Currently, Ms. Ivey serves as the Executive Officer for the Episcopal Church Building Fund since 2025 utilizing her financial knowledge and skills. Prior to her position as Executive Officer for the Episcopal Church Building, Ms. Ivey serves as Chief Financial Officer for the Episcopal Church Building from 2022 to 2025.

**Mr. Theo H. Pitt, Jr.** has experience as an investor, including his role as trustee of several other investment companies and business experience as Senior Partner of a financial consulting company, as a partner of a real estate partnership and as an Account Administrator for a money management firm.

**Dr. David J. Urban** is Dean Emeritus and Professor of Marketing at the Jones College of Business, Middle Tennessee State University. He earned a Ph.D. in Business Administration with a concentration in Marketing from the University of Michigan. Dr. Urban also holds a master's degree in Psychology from the University of Michigan and an undergraduate degree in Commerce with a concentration in Marketing from the University of Virginia. His extensive career is marked by significant budget responsibility and accountability, with expertise in marketing, strategic planning, organizational leadership, and management contributing to the Board's long-term goal setting.

The Trust does not believe any one factor is determinative in assessing a Trustee's qualifications, but that the collective experience of each Trustee makes them each highly qualified.

The Chairman of the Board of Trustees is Ms. Ivey, who is not an "interested person" of the Trust, within the meaning of the 1940 Act. The Trust also has an independent Audit Committee that allows the Board to access the expertise necessary of oversee the Trust, identify risks, recognize shareholder concerns and needs and highlight opportunities. The Audit Committee is able to focus Board time and attention to matters of interest to shareholders and, through its private sessions with the Trust's auditor, Chief Compliance Officer and legal counsel, stay fully informed regarding management decisions.

ETFs face a number of risks, including investment risk, compliance risk and valuation risk. The Board oversees management of the Fund's risks directly and through its officers. While day-to-day risk management responsibilities rest with the Fund's Chief Compliance Officer, investment advisers and other service providers, the Board monitors and tracks risk by: (1) receiving and reviewing quarterly reports related to the performance and operations of the Fund; (2) reviewing and approving, as applicable, the compliance policies and procedures of the Trust, including the Trust's

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valuation policies and transaction procedures; (3) periodically meeting with the portfolio manager to review investment strategies, techniques and related risks; (4) meeting with representatives of key service providers, including the Fund's investment advisers, administrator, distributor, transfer agent and the independent registered public accounting firm, to discuss the activities of the Fund; (5) engaging the services of the Chief Compliance Officer of the Fund to monitor and test the compliance procedures of the Trust and its service providers; (6) receiving and reviewing reports from the Trust's independent registered public accounting firm regarding the Fund's financial condition and the Trust's internal controls; and (7) receiving and reviewing an annual written report prepared by the Chief Compliance Officer reviewing the adequacy of the Trust's compliance policies and procedures and the effectiveness of their implementation. The Board has concluded that its general oversight of the Adviser and other service providers as implemented through the reporting and monitoring process outlined above allows the Board to effectively administer its risk oversight function.

Following is a list of the Trustees and executive officers of the Trust and their principal occupation over the last five years. The mailing address of each Trustee and officer is 8730 Stony Point Parkway, Suite 205, Richmond, Virginia, 23235, unless otherwise indicated.

***NON-INTERESTED TRUSTEES***

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| | | | | |
|:---|:---|:---|:---|:---|
| **NAME, YEAR OF BIRTH AND POSITION WITH THE TRUST** | **TERM OF OFFICE AND LENGTH OF TIME SERVED** | **PRINCIPAL OCCUPATION(S) DURING THE PAST FIVE**<br>**YEARS** | **NUMBER OF FUNDS IN FUND COMPLEX OVERSEEN BY TRUSTEE** | **OTHER DIRECTORSHIPS** <br>**HELD BY TRUSTEE IN THE PAST FIVE YEARS** |
| Mary Lou H. Ivey<br>1958<br>Trustee | Indefinite, Since December, 2019 | Chief Executive Officer, Episcopal Church Building Fund (national nonprofit organization) from September 2025, and Chief Financial Officer from January 2022 to August 2025. Accountant, Harris, Hardy & Johnstone, P.C., (accounting firm), 2008 - 2021.  | 270 | Independent Trustee of World Funds Trust for the 20 series of that trust; Independent Trustee of Precidian ETFs Trust for the 47 series of that trust; and Independent Trustee of Truth Social Funds for the 5 series of that trust (each a registered investment company). |
| Theo H. Pitt, Jr.<br>1936<br>Trustee | Indefinite, Trustee from December 2019 to December 2024, Trustee Emeritus January 2025 to September 2025, and Trustee since September 2025 | Senior Partner, Community Financial Institutions consulting (bank consulting) since 1997. | 270 | Independent Trustee of Chesapeake Investment Trust for the one series of that trust; Chairman of Hillman Capital Management Investment Trust; Independent Trustee for Starboard Investment Trust for the seven series of that trust; Independent Trustee of World Funds Trust for the 20 series of that trust; Independent Trustee of Precidian ETFs Trust for the 47 series of that trust; and Independent Trustee of Truth Social Funds for the 5 series of that trust (each a registered investment company). |
| Dr. David J. Urban<br>1955<br>Trustee | Indefinite, Since December, 2019 | Dean Emeritus (since 2023) and Professor of Marketing (since 2013), Jones College of Business, Middle Tennessee State University. | 270 | Independent Trustee of World Funds Trust for the 20 series of that trust; Independent Trustee of Precidian ETFs Trust for the 47 series of that trust; and Independent Trustee of Truth Social Funds for the 5 series of that trust (each a registered investment company). |

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***OFFICERS WHO ARE NOT TRUSTEES***

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| | | |
|:---|:---|:---|
| **NAME, YEAR OF BIRTH AND POSITION(S) WITH THE TRUST** | **TERM OF OFFICE AND LENGTH OF TIME SERVED** | **PRINCIPAL OCCUPATION(S) DURING THE PAST FIVE YEARS** |
| David Bogaert<br>1963<br>President | Indefinite, Since December 2019 | Managing Director of Business Development, Commonwealth Fund Services, Inc. (fund administration and transfer agency), October 2013 – present. |
| Thomas A. Carter<br>1966<br>Vice President | Indefinite, Since December 2019 | President Ridgeline Research September 2019 through present. |
| Karen M. Shupe<br>1964<br>Treasurer and Principal Executive Officer | Indefinite, Since December 2019 | Managing Director of Fund Operations, Commonwealth Fund Services, Inc., 2003 to present. |
| Ann T. MacDonald<br>1954<br>Assistant Treasurer and Principal Financial Officer | Indefinite, Since December 2019 | Managing Director, Fund Administration and Fund Accounting, Commonwealth Fund Services, Inc., 2003 to present. |
| John H. Lively<br>1969<br>Secretary  | Indefinite, Since December 2019 | Attorney, Practus, LLP (law firm), May 2018 to present. |
| Holly B. Giangiulio<br>1962<br>Assistant Secretary | Indefinite, Since December 2019 | Managing Director, Corporate Operations, Commonwealth Fund Services, Inc., January 2015 to present. |
| Laura Wright<br>1972<br>Assistant Secretary | Indefinite, Since July 2022 | Manager, Fund Administration, Commonwealth Fund Services, Inc., August 2023 to present, Fund Administrator, Commonwealth Fund Services, Inc., 2016 to 2023. |
| J. Stephen King<br>1962<br>Assistant Secretary | Indefinite, Since September 2022 | Attorney, Practus, LLP (law firm), 2020 to present. |
| Robert Rhatigan<br>1982<br>Assistant Secretary | Indefinite, Since October 2025 | Attorney, Practus, LLP (law firm), 2024 to present. Attorney, Dechert LLP from 2012 to 2024. |
| Soth Chin<br>1966<br>Chief Compliance Officer | Indefinite, Since March 2023 | Managing Member of Fit Compliance, LLC (financial services compliance and consulting firm) since October 2016. |
| Julian G. Winters<br>1968<br>Assistant Chief Compliance Officer | Indefinite, Since March 2023 | Managing Member of Watermark Solutions, LLC (investment compliance and consulting firm) since March 2007. |

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&nbsp;&nbsp;&nbsp;&nbsp;The Board of Trustees oversees the Trust and certain aspects of the services provided by the Adviser and the Funds' other service providers. Each Trustee will hold office until their successors have been duly elected and qualified or until their earlier resignation or removal. Each officer of the Trust serves at the pleasure of the Board and for a term of one year or until their successors have been duly elected and qualified.

&nbsp;&nbsp;&nbsp;&nbsp;The Trust has a standing Audit Committee of the Board composed of Ms. Ivey, Mr. Pitt, and Dr. Urban. The functions of the Audit Committee are to meet with the Trust's independent auditors to review the scope and findings of the annual audit, discuss the Trust's accounting policies, discuss any recommendations of the independent auditors with respect to the Trust's management practices, review the impact of changes in accounting standards on the Trust's financial statements, recommend to the Board the selection of independent registered public accounting firm, and perform such other duties as may be assigned to the Audit Committee by the Board. The Audit Committee met eleven times during the 12-month period ended December 31, 2025.

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The Nominating and Corporate Governance Committee is comprised of Ms. Ivey, Mr. Pitt, and Dr. Urban. The Nominating and Corporate Governance Committee's purposes, duties and powers are set forth in its written charter, which is described in Exhibit C – the charter also describes the process by which shareholders of the Trust may make nominations. The Nominating and Corporate Governance Committee met five times during the 12-month period ended December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;The Qualified Legal Compliance Committee is comprised of Ms. Ivey, Mr. Pitt, and Dr. Urban. The Qualified Legal Compliance Committee receives, investigates, and makes recommendations as to the appropriate remedial action in connection with any report of evidence of a material violation of the securities laws or breach of fiduciary duty or similar violation by the Trust, its officers, Trustees, or agents. The Qualified Legal Compliance Committee did not meet during the 12-month period ended December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;**<u>Trustee Compensation</u>**. Each Trustee who is not an "interested person" of the Trust receives compensation for their services to the Trust. All Trustees are reimbursed for any out-of-pocket expenses incurred in connection with attendance at meetings. Effective January 1, 2026, each Trustee receives a retainer fee at the annualized rate of $186,000 and the Independent Chairperson receives an additional annual fee of $7,500, paid quarterly. Annual fees may be adjusted quarterly based on the number of operating funds in the Trust. Additionally, each Trustee may receive a fee of $4,000 per special meeting. Compensation to be received by each Trustee from the Trust for the Funds' first fiscal year is estimated as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Name of Trustee / Position** | **Aggregate Compensation**<br>**From Fund** | **Pension or Retirement Benefits Accrued as Part of Fund Expenses** | **Estimated Annual Benefits Upon Retirement** | **Total Compensation From Fund and Fund Complex Paid To Trustees** <sup>(\*)(1)</sup> |
| Mary Lou H. Ivey, Trustee | $2750 | $0 | $0 | $5500 |
| Theo H. Pitt, Jr., Trustee | $2663 | $0 | $0 | $5326 |
| Dr. David J. Urban, Trustee | $2663 | $0 | $0 | $5326 |

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\* The Trust does not pay deferred compensation.

<sup>(1)</sup> The "Fund Complex" consists of the Funds.

**<u>Trustee Ownership of Fund Shares.</u>** The table below shows for each Trustee, the amount of Fund equity securities beneficially owned by each Trustee, and the aggregate value of all investments in equity securities of the Fund of the Trust, as of December 31, 2025, and stated as one of the following ranges: A = None; B = $1-$10,000; C = $10,001-$50,000; D = $50,001-$100,000; and E = over $100,000.

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| | | |
|:---|:---|:---|
| **Name of Trustee** | **Dollar Range of Equity Securities in the Fund** | **Aggregate Dollar Range of Equity Securities in all Registered Investment Companies Overseen by the Trustees in Family of Investment Companies** |
| <u>Non-Interested Trustees</u> | | |
| Mary Lou H. Ivey | A | A |
| Theo H. Pitt, Jr. | A | A |
| Dr. David J. Urban | A | A |

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**&nbsp;&nbsp;&nbsp;&nbsp;<u>Sales</u> <u>L</u><u>o</u><u>ads</u>**. No front-end or deferred sales charges are applied to purchase of Fund shares by current or former trustees, officers, employees or agents of the Trust, the Adviser or the principal underwriter and by the members of their immediate families. No front-end or deferred sales charges are applied to the purchase of Shares.

**&nbsp;&nbsp;&nbsp;&nbsp;<u>Policies</u> <u>Concerning</u> <u>Personal</u> <u>Investm</u><u>e</u><u>n</u><u>t</u> <u>Activities.</u>** The Funds and the Adviser have each adopted a Code of Ethics, pursuant to Rule 17j-1 under the 1940 Act that permit investment personnel, subject to their particular code of ethics, to invest in securities, including securities that may be purchased or held by the Funds, for their own account.

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&nbsp;&nbsp;&nbsp;&nbsp;The Codes of Ethics are on file with, and can be reviewed on the EDGAR Database on the SEC's Internet website at http://www.sec.gov.

**&nbsp;&nbsp;&nbsp;&nbsp;**

**CONTROL PERSONS AND PRINCIPAL SECURITIES HOLDERS**

A principal shareholder is any person who owns (either of record or beneficially) 5% or more of the outstanding shares of the Funds. A control person is one who owns, either directly or indirectly, more than 25% of the voting securities of the Funds or acknowledges the existence of such control. As a controlling shareholder, each of these persons could control the outcome of any proposal submitted to the shareholders for approval, including changes to a Fund's fundamental policies or the terms of the management agreement with the Adviser. Since the economic benefit of investing in an ETF is passed through to the underlying investors of the record owners of 25% or more of the Fund shares, these record owners are not considered the beneficial owners of the Fund's shares or control persons of the Fund.

The Funds has recently commenced operations and does not yet have ownership to report as of the date of this SAI.

**DETERMINATION OF NET ASSET VALUE**

**<u>Calculation of Share Price</u>**

The NAV of each Fund's shares is determined by dividing the total value of the Fund's portfolio investments and other assets, less any liabilities, by the total number of shares outstanding of the Fund. Shares are valued at the close of regular trading on the Exchange (normally 4:00 p.m., Eastern time) (the "Exchange Close") on each day that the Exchange is open. For purposes of calculating the NAV, a Fund normally uses pricing data for its Reference Asset and domestic and foreign equity securities (generally in ETFs) received shortly after the Exchange Close and does not normally take into account trading, clearances or settlements that take place after the Exchange Close. Domestic fixed income and foreign securities are normally priced using data reflecting the earlier closing of the principal markets for those securities. Information that becomes known to a Fund or its agents after the NAV has been calculated on a particular day will not generally be used to retroactively adjust the price of the security or the NAV determined earlier that day.

For purposes of valuing direct holdings in each Reference Asset, CF Benchmarks will provide a daily value for the Reference Asset based on aggregated trade data from multiple Reference Asset-USD markets operated by major cryptocurrency exchanges and synchronized to the traditional U.S. financial market close of 4 p.m. Eastern. This methodology used to calculate the price to value each Reference Asset in determining the net asset value of the Fund may not be deemed consistent with U.S. GAAP because it uses an amalgamated price from various markets and a trade weighted average pricing methodology.

For financial reporting purposes only, for each Reference Asset with actively quoted prices in a principal market as of the close of the U.S. stock market (4 p.m. ET), the quoted price is used as the fair value. When a quoted price in a principal market is not available, comparable data from active markets will be used. If neither a quoted price nor comparable data is available, internal models or data will be used to estimate fair value. Assumptions used in any internal models, and the valuation methods used will be appropriate and consistent with market practice.

In determining the fair value of staked ETH and other staked cryptocurrency, facts and circumstances such as the length of the lockup period, will be considered in conjunction with other factors in determining the appropriate valuation.

For purposes of income recognition for staking rewards, each Fund will recognize income from staking rewards when the amount of the staking rewards to which a Fund is entitled becomes known or calculable. Staking rewards will be included in a Fund's net asset value calculation on the day the staking reward is included on the Fund's transaction reports if such transaction reports are received prior to 4 PM ET.

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Generally, a Fund's domestic securities are valued each day at the last quoted sales price on each security's primary exchange. Securities traded or dealt in upon one or more securities exchanges for which market quotations are readily available and not subject to restrictions against resale shall be valued at the last quoted sales price on the primary exchange or, in the absence of a sale on the primary exchange, at the mean between the current bid and ask prices on such exchange. If market quotations are not readily available, securities will be valued at their fair market value as determined in good faith by the Valuation Designee (as defined below). Securities that are not traded or dealt in any securities exchange (whether domestic or foreign) and for which over-the-counter market quotations are readily available generally shall be valued at the last sale price or, in the absence of a sale, at the mean between the current bid and ask price on such over-the- counter market. The Funds may engage one or more third-party vendors to value the Reference Assets. Such third-party vendors may obtain a price from the particular Reference Asset's principal market and/or use other factors, such as volume and activity data, in determining a fair market value.

Certain securities or investments for which daily market quotes are not readily available may be valued, pursuant to methodologies established by the Board. Debt securities not traded on an exchange may be valued at prices supplied by a pricing agent(s) approved by the Board based on broker or dealer supplied valuations or matrix pricing, a method of valuing securities by reference to the value of other securities with similar characteristics, such as rating, interest rate and maturity. Short-term investments having a maturity of 60 days or less may be generally valued at amortized cost when it approximates fair value.

Exchange traded options are valued at the last quoted sales price or, in the absence of a sale, at the mean between the current bid and ask prices on the exchange on which such options are traded. Futures and options on futures are valued at the settlement price determined by the exchange, or, if no settlement price is available, at the last sale price as of the close of business prior to when a Fund calculates NAV. Other securities for which market quotes are not readily available are valued at fair value as determined in good faith by the Valuation Designee (as defined below). Swap agreements and other derivatives are generally valued daily depending on the type of instrument and reference assets based upon market prices, the mean between bid and asked price quotations from market makers or by a pricing service or Valuation Designee (as defined below) in accordance with the valuation procedures approved by the Board.

Under certain circumstances, the Funds may use an independent pricing service approved by the Board to calculate the fair market value of foreign equity securities (such as non-U.S. ETFs) on a daily basis by applying valuation factors to the last sale price or the mean price as noted above. The fair market values supplied by the independent pricing service will generally reflect market trading that occurs after the close of the applicable foreign markets of comparable securities or the value of other instruments that have a strong correlation to the fair-valued securities. The independent pricing service will also take into account the current relevant currency exchange rate. A security that is fair valued may be valued at a price higher or lower than actual market quotations or the value determined by other funds using their own fair valuation procedures. Because foreign securities may trade on days when Shares are not priced, the value of securities held by a Fund can change on days when Shares cannot be redeemed or purchased. In the event that a foreign security's market quotations are not readily available or are deemed unreliable (for reasons other than because the foreign exchange on which it trades closed before a Fund's calculation of NAV), the security will be valued at its fair market value as determined in good faith by the Fund's Valuation Designee (as defined below).

Investments initially valued in currencies other than the U.S. dollar are converted to U.S. dollars using exchange rates obtained from pricing services or other parties in accordance with the valuation procedures approved by the Board. As a result, the NAV of the Shares may be affected by changes in the value of currencies in relation to the U.S. dollar. The value of securities traded in markets outside the United States or denominated in currencies other than the U.S. dollar may be affected significantly on a day that the Exchange is closed and an investor is not able to purchase, redeem or exchange Shares.

Investments for which market quotations are not readily available are valued at fair value as determined in good faith pursuant to Rule 2a-5 under the 1940 Act. As a general principle, the fair value of a security or other asset is the price that would be received upon the sale of the security or asset in an orderly transaction between market participants at the measurement date and time. Pursuant to Rule 2a-5, the Board has designated the Adviser as the valuation designee ("Valuation Designee") for the Funds to perform fair value determinations relating to all Fund investments. The Adviser may carry out its designated responsibilities as Valuation Designee through a fair

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valuation committee, and may apply fair valuation methodologies approved by the Board, or utilize prices or inputs from pricing services, quotation reporting systems, valuation agents and other third-party sources that have been approved by the Board.

Fair valuation may require subjective determinations about the value of a security. While the Funds' and Valuation Designee's policies and procedures are intended to result in a calculation of each Fund's NAV that fairly reflects security values as of the time of pricing, the Fund cannot ensure that fair values accurately reflect the price that the Fund could obtain for a security if it were to dispose of that security as of the time of pricing (for instance, in a forced or distressed sale). The prices used by each Fund may differ from the value that would be realized if the securities were sold.

**ADDITIONAL INFORMATION ABOUT PURCHASES AND SALES**

**PURCHASE AND REDEMPTION OF CREATION UNITS**

**Creation Units**

The Trust issues and sells Shares of the Funds only in Creation Units on a continuous basis on any business day through the Distributor at the Shares' NAV next determined after receipt of an order in proper form. The Distributor processes purchase orders only on a day that the Exchange is open for trading (a "Business Day").

Generally, the consideration for the purchase and redemption of Creation Units will be made entirely in a cash amount equal to the NAV of the shares that constitute the Creation Unit(s) (an "All Cash Amount"). At the discretion of the Adviser, the Funds may elect at any time, and from time to time, to issue and redeem Creation Units at NAV for "in kind" consideration, meaning the initiator of a creation or redemption order will deposit or receive as consideration a portfolio of all or some of the securities held in each Fund's portfolio, plus a cash amount (an "In Kind Creation" and "In Kind Redemption").

**Creation Orders**

Although creation orders will generally involve payment of an All Cash Amount by the purchaser, the Fund reserves the right to accept In Kind Creations. The consideration for an In Kind Creation generally consists of the Deposit Securities for each Creation Unit constituting a substantial replication, or representation, of the securities included in a Fund's portfolio as selected by the Adviser ("Fund Securities") and the Cash Component computed as described below. Together, the Deposit Securities and the Cash Component constitute the "Fund Deposit," which represents the minimum investment amount for a Creation Unit of a Fund. The Cash Component serves to compensate the Trust or the Authorized Participant, as applicable, for any differences between the NAV per Creation Unit and the Deposit Amount (as defined below). The Cash Component is an amount equal to the difference between the NAV of the Fund Shares (per Creation Unit) and the "Deposit Amount," an amount equal to the market value of the Deposit Securities. If the Cash Component is a positive number (i.e., the NAV per Creation Unit exceeds the Deposit Amount), the Authorized Participant will deliver the Cash Component. If the Cash Component is a negative number (i.e., the NAV per Creation Unit is less than the Deposit Amount), the Authorized Participant will receive the Cash Component.

In addition, the Trust reserves the right to permit or require the substitution of an amount of cash (that is a "cash in lieu" amount) to be added to the Cash Component to replace any Deposit Security which may not be available in sufficient quantity for delivery or that may not be eligible for transfer through the systems of DTC or the Clearing Process (discussed below) or for other similar reasons. The Trust also reserves the right to permit or require a "cash in lieu" amount where the delivery of Deposit Securities by the Authorized Participant (as described below) would be restricted under the securities laws or where delivery of Deposit Securities to the Authorized Participant would result in the disposition of Deposit Securities by the Authorized Participant becoming restricted under the securities laws, and in certain other situations.

The ETF Custodian, through the NSCC (see the section of this SAI entitled "Purchase and Redemption of Creation Units—Procedures for Creation of Creation Units"), makes available on each Business Day on which the Fund has elected

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to accept In Kind Creations, prior to the opening of business on the Exchange (currently 9:30 a.m. New York time), the list of the name and the required number of shares of each Deposit Security (if any) to be included in the current Fund Deposit (based on information at the end of the previous Business Day) for the Funds.

The identity and number of shares of the Deposit Securities required for a Fund Deposit for the Funds changes as rebalancing adjustments and corporate action events are reflected within the Funds from time to time by the Adviser, with a view to the investment objective of the Funds. In addition, the Trust reserves the right to permit the substitution of an amount of cash – i.e., a "cash in lieu" amount – to be added to the Cash Component to replace any Deposit Security that may not be available in sufficient quantity for delivery or that may not be eligible for transfer through the systems of DTC or the Clearing Process (discussed below), or which might not be eligible for trading by an Authorized Participant (as defined below) or the investor for which it is acting or other relevant reason. In addition to the list of names and number of securities constituting the current Deposit Securities of a Fund Deposit, the Custodian, through the NSCC, also makes available on each Business Day on which the Fund has elected to accept In-Kind Creations the estimated Cash Component, effective through and including the previous Business Day, per outstanding Creation Unit of each Fund.

**Procedures for Creation of Creation Units**

All orders to create Creation Units must be placed with the Transfer Agent either (1) through Continuous Net Settlement System of the NSCC ("Clearing Process"), a clearing agency that is registered with the SEC, by a "Participating Party," i.e., a broker-dealer or other participant in the Clearing Process; or (2) outside the Clearing Process by a DTC Participant. In each case, the Participating Party or the DTC Participant must have executed an agreement with the Distributor with respect to creations and redemptions of Creation Units ("Participant Agreement"); such parties are collectively referred to as "APs" or "Authorized Participants." Investors should contact the Distributor for the names of Authorized Participants. All Fund Shares, whether created through or outside the Clearing Process, will be entered on the records of DTC for the account of a DTC Participant.

The Distributor will process orders to purchase Creation Units received by 10:30 a.m. New York time on the trade date ("Closing Time"), as long as they are in proper form. If an order to purchase Creation Units is received in proper form by Closing Time, then it will be processed that day. Purchase orders received in proper form after Closing Time will be processed on the following Business Day and will be priced at the NAV determined on that day. Custom orders must be received by the Transfer Agent no later than 10:30 a.m. New York time on the trade date. In the case of an In Kind Creation, a custom order may be placed by an Authorized Participant in the event that the Trust permits the substitution of an amount of cash to be added to the Cash Component to replace any Deposit Security which may not be available in sufficient quantity for delivery or which may not be eligible for trading by such Authorized Participant or the investor for which it is acting or other relevant reason. The date on which an order to create Creation Units (or an order to redeem Creation Units, as discussed below) is placed is referred to as the "Transmittal Date." Orders must be transmitted by an Authorized Participant by telephone or other transmission method acceptable to the Distributor pursuant to procedures set forth in the Participant Agreement, as described below in the sections entitled "Placement of Creation Orders Using the Clearing Process" and "Placement of Creation Orders Outside the Clearing Process."

All orders to create Creation Units from investors who are not Authorized Participants shall be placed with an Authorized Participant in the form required by such Authorized Participant. In addition, the Authorized Participant may request the investor to make certain representations or enter into agreements with respect to the order, e.g., to provide for payments of cash, when required. Investors should be aware that their particular broker may not have executed a Participant Agreement and, therefore, orders to create Creation Units of the Funds have to be placed by the investor's broker through an Authorized Participant that has executed a Participant Agreement. In such cases there may be additional charges to such investor. At any given time, there may be only a limited number of broker-dealers that have executed a Participant Agreement.

Those placing orders for Creation Units through the Clearing Process should afford sufficient time to permit proper submission of the order to the Transfer Agent prior to the Closing Time on the Transmittal Date. Orders for Creation Units that are effected outside the Clearing Process are likely to require transmittal by the DTC Participant earlier on the Transmittal Date than orders effected using the Clearing Process. Those persons placing orders outside the

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Clearing Process should ascertain the deadlines applicable to DTC and the Federal Reserve Bank wire system by contacting the operations department of the broker or depository institution effectuating such transfer of the Fund Deposit. For more information about Clearing Process and DTC, see the sections below entitled "Placement of Creation Orders Using the Clearing Process" and "Placement of Creation Orders Outside the Clearing Process."

**Placement of Creation Orders Using the Clearing Process**

The Clearing Process is the process of creating or redeeming Creation Units through the Continuous Net Settlement System of the NSCC. All Fund Deposits and/or Cash Component, as applicable, made through the Clearing Process must be delivered through a Participating Party that has executed a Participant Agreement. The Participant Agreement authorizes the Transfer Agent to transmit through the Custodian to NSCC, on behalf of the Participating Party, such trade instructions as are necessary to effect the Participating Party's creation order. Pursuant to such trade instructions to NSCC, the Participating Party agrees to deliver the requisite Fund Deposits and/or Cash Component, as applicable, to the Trust, together with such additional information as may be required by the Distributor. An order to create Creation Units through the Clearing Process is deemed received by the Distributor or transfer agent on the Transmittal Date if (1) such order is received by the Transfer Agent not later than the Closing Time on such Transmittal Date and (2) all other procedures set forth in the Participant Agreement are properly followed.

**Placement of Creation Orders Outside the Clearing Process**

All Fund Deposits and/or Cash Component, as applicable, made outside the Clearing Process must be delivered through a DTC Participant that has executed a Participant Agreement. A DTC Participant who wishes to place an order creating Creation Units to be effected outside the Clearing Process does not need to be a Participating Party, but such orders must state that the DTC Participant is not using the Clearing Process and that the creation of Creation Units will instead be effected through a transfer of cash and securities directly through DTC. The Fund Deposit transfer must be ordered by the DTC Participant on the Transmittal Date in a timely fashion so as to ensure the delivery of the requisite number of Deposit Securities through DTC to the account of the Fund by no later than 10:30 a.m. New York time on the next Business Day following the Transmittal Date ("DTC Cut-Off-Time").

All questions as to the amount of an All Cash Amount, the number of Deposit Securities to be delivered, or the amount of a Cash Component, and the validity, form and eligibility (including time of receipt) for the deposit of any tendered securities, will be determined by the Trust, whose determination shall be final and binding. The amount of cash equal to the Cash Component (including All Cash Amounts) must be transferred directly to the Custodian through the Federal Reserve Bank wire transfer system in a timely manner so as to be received by the Custodian no later than 10:30 a.m. New York time on the next Business Day following the Transmittal Date. An order to create Creation Units outside the Clearing Process is deemed received by the Distributor on the Transmittal Date if (1) such order is received by the Transfer Agent not later than the Closing Time on such Transmittal Date and (2) all other procedures set forth in the Participant Agreement are properly followed. However, if the Custodian does not receive both the requisite Deposit Securities and the Cash Component or the All Cash Amount by 10:30 a.m. on the next Business Day following the Transmittal Date, such order will be canceled. Upon written notice to the Distributor, such canceled order may be resubmitted the following Business Day using the Fund Deposits and/or Cash Components as newly constituted to reflect the then-current Deposit Securities and Cash Component, or the All Cash Amount, as applicable. The delivery of Creation Units so created will occur no later than the third Business Day following the day on which the purchase order is deemed received by the Distributor.

Additional transaction fees may be imposed with respect to transactions effected through a DTC participant outside the Clearing Process and in the limited circumstances in which any cash can be used in lieu of Deposit Securities to create Creation Units. See the section of this SAI entitled "Purchase and Redemption of Creation Units—Creation Transaction Fee."

Creation Units of an In Kind Creation may be created in advance of receipt by the Trust of all or a portion of the applicable Deposit Securities. In these circumstances, the initial deposit will have a value greater than the NAV of the Fund Shares on the date the order is placed in proper form since, in addition to available Deposit Securities, cash must be deposited in an amount equal to the sum of (1) the Cash Component plus (2) 125% of the then-current market value

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of the undelivered Deposit Securities ("Additional Cash Deposit"). The order shall be deemed to be received on the Business Day on which the order is placed provided that the order is placed in proper form prior to Closing Time and funds in the appropriate amount are deposited with the Custodian by 11:00 a.m. New York time the following Business Day. If the order is not placed in proper form by Closing Time or funds in the appropriate amount are not received by 11:00 a.m. the next Business Day, then the order may be deemed to be canceled and the Authorized Participant shall be liable to each Fund for losses, if any, resulting therefrom. An additional amount of cash shall be required to be deposited with the Trust, pending receipt of the undelivered Deposit Securities to the extent necessary to maintain the Additional Cash Deposit with the Trust in an amount at least equal to 125% of the daily marked-to-market value of the undelivered Deposit Securities. To the extent that undelivered Deposit Securities are not received by 1:00 p.m. New York time on the third Business Day following the day on which the purchase order is deemed received by the Distributor, or in the event a marked-to-market payment is not made within one Business Day following notification by the Transfer Agent that such a payment is required, the Trust may use the cash on deposit to purchase the undelivered Deposit Securities. Authorized Participants will be liable to the Trust and each Fund for the costs incurred by the Trust in connection with any such purchases. These costs will be deemed to include the amount by which the actual purchase price of the Deposit Securities exceeds the market value of such Deposit Securities on the day the purchase order was deemed received by the Distributor plus the brokerage and related transaction costs associated with such purchases. The Trust will return any unused portion of the Additional Cash Deposit once all of the undelivered Deposit Securities have been properly received by the Custodian or purchased by the Trust and deposited into the Trust's custodial account. In addition, a transaction fee will be charged in all cases. See the section below entitled "Creation Transaction Fee." The delivery of Creation Units so created will occur no later than the third Business Day following the day on which the purchase order is deemed received by the Distributor.

**Acceptance of Orders for Creation Units**

The Trust reserves the right, in its sole discretion, to accept a creation order received after the Closing Time up to 11:00 a.m. New York time on the trade date. The Trust reserves the right to reject a creation order transmitted to it by the Transfer Agent if: (1) the order is not in proper form; (2) if the Cash Component paid is incorrect; (3) the investor(s), upon obtaining the Fund Shares ordered, would own 80% or more of the currently outstanding Shares of the Funds; (4) the Deposit Securities delivered are not as disseminated for that date by the Custodian, as described above; (5) acceptance of the Fund Deposit would, in the opinion of counsel, be unlawful; or (6) there exist circumstances outside the control of the Trust, the Custodian, transfer agent, the Distributor and the Adviser that make it for all practical purposes impossible to process creation orders. Examples of such circumstances include acts of God; public service or utility problems such as fires, floods, extreme weather conditions and power outages resulting in telephone, telecopy and computer failures; market conditions or activities causing trading halts; systems failures involving computer or other information systems affecting the Trust, the Adviser, the Distributor or transfer agent, DTC, NSCC, the Custodian or sub-custodian or any other participant in the creation process and similar extraordinary events. The Distributor shall notify the Authorized Participant of its rejection of the order. The Trust, the Custodian, any sub-custodian, the transfer agent and the Distributor are under no duty, however, to give notification of any defects or irregularities in the delivery of Fund Deposits nor shall any of them incur any liability for the failure to give any such notification. All questions as to the number of shares of each security in the Deposit Securities and the validity, form, eligibility and acceptance for deposit of any securities to be delivered shall be determined by the Trust and the Trust's determination shall be final and binding.

Creation Units typically are issued on a "T+1 basis" (that is, one Business Day after trade date). To the extent contemplated by an Authorized Participant's agreement with the Distributor, the Trust will issue Creation Units of an In Kind Creation to such Authorized Participant notwithstanding the fact that the corresponding Portfolio Deposits have not been received in part or in whole, in reliance on the undertaking of the Authorized Participant to deliver the missing Deposit Securities as soon as possible, which undertaking shall be secured by such Authorized Participant's delivery and maintenance of collateral having a value equal to 110%, which the Adviser may change from time to time, of the value of the missing Deposit Securities in accordance with the Trust's then-effective procedures. Such collateral must be delivered no later than 2:00 p.m., Eastern Time, on the contractual settlement date. The only collateral that is acceptable to the Trust is cash in U.S. Dollars or an irrevocable letter of credit in form, and drawn on a bank, that is satisfactory to the Trust. The cash collateral posted by the Authorized Participant may be invested at the risk of the Authorized Participant, and income, if any, on invested cash collateral will be paid to that Authorized Participant.

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Information concerning the Trust's current procedures for collateralization of missing Deposit Securities is available from the Distributor or transfer agent. The Participant Agreement will permit the Trust to buy the missing Deposit Securities at any time and will subject the Authorized Participant to liability for any shortfall between the cost to the Trust of purchasing such securities and the cash collateral or the amount that may be drawn under any letter of credit.

In certain cases, Authorized Participants will create and redeem Creation Units (whether by In Kind Creation/Redemption or for an All Cash Amount) on the same trade date. In these instances, the Trust reserves the right to settle these transactions on a net basis. All questions as to the amount of cash required to be delivered, the number of shares of each security in the Deposit Securities and the validity, form, eligibility and acceptance for deposit of any securities to be delivered, as applicable, shall be determined by the Trust, and the Trust's determination shall be final and binding.

**Creation Transaction Fee**

Authorized Participants will be required to pay a fixed transaction fee ("Creation Transaction Fee") in connection with creation orders that is intended to offset the transfer and other transaction costs associated with the issuance of Creation Units. The standard Creation Transaction Fee will be the same regardless of the number of Creation Units purchased by an investor on the applicable Business Day. The Creation Transaction Fee charged by the Funds' custodian for each creation order is $300.

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

In order to seek to replicate the In Kind Creation order process for creation orders executed in whole or in part with cash, the Trust expects to purchase, in the secondary market or otherwise gain exposure to, the portfolio securities that could have been delivered as a result of an In Kind Creation order pursuant to local law or market convention, or for other reasons ("Creation Market Purchases"). In such cases where the Trust makes Creation Market Purchases, the Authorized Participant will reimburse the Trust for, among other things, any difference between the market value at which the securities and/or financial instruments were purchased by the Trust and the cash-in-lieu amount, applicable registration fees, brokerage commissions and certain taxes.

The Creation Transaction Fee may be waived for the Funds when the Adviser believes that waiver of the Creation Transaction Fee is in the best interest of the Funds. When determining whether to waive the Creation Transaction Fee, the Adviser considers a number of factors including whether waiving the Creation Transaction Fee will: facilitate the initial launch of each Fund; facilitate portfolio rebalancings in a less costly manner; improve the quality of the secondary trading market for the Funds' shares; and not result in a Fund bearing additional costs or expenses as a result of the waiver.

**Redemption Orders**

The process to redeem Creation Units is essentially the reverse of the process by which Creation Units are created, as described above. To redeem Shares directly from a Fund, an investor must be an Authorized Participant or must redeem through an Authorized Participant. The Trust redeems Creation Units on a continuous basis on any Business Day through the Distributor at the Shares' NAV next determined after receipt of an order in proper form. Each Fund will not redeem Shares in amounts less than Creation Units. Authorized Participants must accumulate enough Shares in the secondary market to constitute a Creation Unit in order to have such Shares redeemed by the Trust. There can be no assurance, however, that there will be sufficient liquidity in the public trading market at any time to permit assembly of a Creation Unit.

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Generally, Creation Units of the Funds will also be redeemed at NAV principally in cash, although a Fund reserves the right to redeem all or a portion in kind, in each case less a transaction fee as described below. With respect to In Kind Redemptions, the ETF Custodian, through the NSCC, makes available prior to the opening of business on the Exchange (currently 9:30 a.m. New York time) on each Business Day, the identity of the Fund Securities that will be applicable (subject to possible amendment or correction) to redemption requests received in proper form (as described below) on that day. Fund Securities received on redemption may not be identical to Deposit Securities that are applicable to creations of Creation Units. The redemption proceeds for an In Kind Redemption of a Creation Unit consists of Fund Securities – as announced on the Business Day the request for redemption is received in proper form – plus or minus cash in an amount equal to the difference between the NAV of the Fund Shares being redeemed, as next determined after a receipt of a redemption request in proper form, and the value of the Fund Securities ("Cash Redemption Amount"), less a redemption transaction fee (see the section below entitled "Redemption Transaction Fee").

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

Deliveries of redemption proceeds by each Fund generally will be made within one Business Day (that is "T+1") although the Funds reserve the right to make such payments within seven calendar days of the date of the redemption. However, each Fund reserves the right to settle redemption transactions and deliver redemption proceeds on a basis other than T+1 (E.g., redemptions that decrease the amount of staked Reference Assets) to accommodate foreign market holiday schedules, to account for different treatment among foreign and U.S. markets of dividend record dates and dividend ex-dates (that is the last date the holder of a security can sell the security and still receive dividends payable on the security sold), and in certain other circumstances.

**Placement of Redemption Orders Using the Clearing Process**

Orders to redeem Creation Units through the Clearing Process must be delivered through an Authorized Participant that has executed a Participant Agreement. Investors other than Authorized Participants are responsible for making arrangements with an Authorized Participant for an order to redeem. An order to redeem Creation Units is deemed received by the Trust on the Transmittal Date if: (1) such order is received by the Transfer Agent not later than Closing Time on such Transmittal Date (although the Fund reserves the right, in its sole discretion, to accept an order to redeem Creation Units until 11:00 a.m. New York time); and (2) all other procedures set forth in the Participant Agreement are properly followed. Such order will be effected based on the NAV of the relevant Fund as next determined. An order to redeem Creation Units using the Clearing Process made in proper form but received by the Transfer Agent after Closing Time will be deemed received on the next Business Day immediately following the Transmittal Date and will be effected at the NAV determined on such next Business Day. The requisite Fund Securities and/or the Cash Redemption Amount, as applicable, will be transferred by the third NSCC business day following the date on which such request for redemption is deemed received.

**Placement of Redemption Orders Outside the Clearing Process**

Orders to redeem Creation Units outside the Clearing Process must be delivered through a DTC Participant that has executed the Participant Agreement. A DTC Participant who wishes to place an order for redemption of Creation Units to be effected outside the Clearing Process does not need to be a Participating Party, but such orders must state that the DTC Participant is not using the Clearing Process and that redemption of Creation Units will instead be effected through transfer of Fund Shares directly through DTC. An order to redeem Creation Units outside the Clearing Process is deemed received by the Distributor on the Transmittal Date if (1) such order is received by the Transfer Agent not later than Closing Time on such Transmittal Date; (2) such order is accompanied or followed by the requisite number of Fund Shares, which delivery must be made through DTC to the Custodian no later than the DTC Cut-Off-Time, and the Cash Redemption Amount, if owed to the Fund, which delivery must be made by 2:00 p.m. New York Time; and (3) all other procedures set forth in the Participant Agreement are properly followed. After the Distributor receives an order for redemption outside the Clearing Process, the Transfer Agent will initiate procedures to transfer the requisite Fund

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Securities which are expected to be delivered and the Cash Redemption Amount, if any, by the third Business Day following the Transmittal Date.

The calculation of the value of the Fund Securities and/or the Cash Redemption Amount, as applicable, to be delivered or received upon redemption (by the Authorized Participant or the Trust, as applicable) will be made by the Custodian according to the procedures set forth the section of this SAI entitled "Determination of Net Asset Value" computed on the Business Day on which a redemption order is deemed received by the Distributor. Therefore, if a redemption order in proper form is submitted to the Transfer Agent by a DTC Participant not later than Closing Time on the Transmittal Date, and the requisite number of Shares of each Fund are delivered to the Custodian prior to the DTC Cut-Off-Time, then the value of the Fund Securities and/or the Cash Redemption Amount, as applicable, to be delivered or received (by the Authorized Participant or the Trust, as applicable) will be determined by the Custodian on such Transmittal Date. If, however, either (1) the requisite number of Shares of the relevant Fund are not delivered by the DTC Cut-Off-Time, as described above, or (2) the redemption order is not submitted in proper form, then the redemption order will not be deemed received as of the Transmittal Date. In such case, the value of the Fund Securities and/or the Cash Redemption Amount, as applicable, to be delivered or received will be computed on the Business Day following the Transmittal Date provided that the Fund Shares of the relevant Fund are delivered through DTC to the Custodian by 11:00 a.m. New York time the following Business Day pursuant to a properly submitted redemption order.

The Trust will generally redeem Fund Shares solely for consideration in the form of an All Cash Amount, and the redeeming Authorized Participant will be required to receive its redemption proceeds in cash. In the event that the Funds elect In Kind Redemptions, an investor may request a redemption in cash, which the Trust may permit, in its sole discretion. In either case, the investor will receive an All Cash Amount payment equal to the NAV of its Fund Shares based on the NAV of Shares of the relevant Fund next determined after the redemption request is received in proper form (minus a transaction fee which will include an additional charge for cash redemptions to offset the Fund's brokerage and other transaction costs associated with the disposition of Fund Securities). Each Fund may also, in its sole discretion, upon request of a shareholder, provide such redeemer a portfolio of securities that differs from the exact composition of the Fund Securities, or cash in lieu of some securities added to the Cash Redemption Amount, but in no event will the total value of the securities delivered and the cash transmitted differ from the NAV. Redemptions of Fund Shares for Fund Securities will be subject to compliance with applicable federal and state securities laws and a Fund (whether or not it otherwise permits cash redemptions) reserves the right to redeem Creation Units for cash to the extent that the Trust could not lawfully deliver specific Fund Securities upon redemptions or could not do so without first registering the Fund Securities under such laws.

An Authorized Participant or an investor for which it is acting that is subject to a legal restriction with respect to a particular security included in the Fund Securities applicable to an In Kind Redemption of a Creation Unit may be paid an equivalent amount of cash. The Authorized Participant may request the redeeming beneficial owner of the Fund Shares to complete an order form or to enter into agreements with respect to such matters as compensating cash payment, beneficial ownership of shares or delivery instructions.

**Redemption Transaction Fee**

Investors will be required to pay a fixed transaction fee ("Redemption Transaction Fee") to offset the transfer and other transaction costs associated with the redemption of Creation Units. The standard Redemption Transaction Fee will be the same regardless of the number of Creation Units redeemed by an investor on the applicable Business Day. The Redemption Transaction Fee charged by the Funds' custodian for each redemption order is $300.

An additional variable fee of up to three (3) times the fixed Transaction Fee plus all commission and fees payable to the Funds in connection with the sale of the Fund Securities (expressed as a percentage value of such Fund Securities) may be imposed for (1) redemptions effected outside the Clearing Process and (2) redemptions made in an All Cash Amount (to offset the Trust's brokerage and other transaction costs associated with the sale of Fund Securities). Investors will also bear the costs of transferring the Fund Securities from the Trust to their account or on their order.

In order to seek to replicate the In Kind Redemption order process for redemption orders executed in whole or in part with cash, the Trust expects to sell, in the secondary market, the portfolio securities or settle any financial

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instruments that may not be permitted to be re-registered in the name of the Participating Party as a result of an In Kind Redemption order pursuant to local law or market convention, or for other reasons ("Market Sales"). In such cases where the Trust makes Market Sales, the Authorized Participant will reimburse the Trust for, among other things, any difference between the market value at which the securities and/or financial instruments were sold or settled by the Trust and the cash-in-lieu amount, applicable registration fees, brokerage commissions and certain taxes.

Regardless of form, the Redemption Transaction Fee (including any reimbursements related to in cash redemptions or additional variable fees for In Kind Redemptions) will be limited in accordance with the requirements of the SEC applicable to management investment companies offering redeemable securities (currently, no more than 2% of the value of the shares redeemed).

The Redemption Transaction Fee may be waived for the Funds when the Adviser believes that waiver of the Redemption Transaction Fee is in the best interest of the Funds. When determining whether to waive the Redemption Transaction Fee, the Adviser considers a number of factors including whether waiving the Redemption Transaction Fee will: facilitate portfolio rebalancings in a less costly manner; improve the quality of the secondary trading market for the Funds' Shares; and not result in the Funds bearing additional costs or expenses as a result of the waiver.

**Custom Baskets**

The Fund Securities or other assets to be deposited for an In Kind Creation , and the Fund Securities or other assets delivered in connection with an In Kind Redemption, may differ, and the Fund may accept "custom baskets." A custom basket may include any of the following: (i) a basket that is composed of a non-representative selection of a Fund's portfolio holdings; or (ii) a representative basket that is different from the initial basket used in transactions on the same business day. The Fund has adopted policies and procedures that govern the construction and acceptance of baskets, including heightened requirements for certain types of custom baskets.

**ADDITIONAL PAYMENTS TO FINANCIAL INTERMEDIARIES**

The Adviser and its affiliates may, out of its own resources and without additional cost to the Funds or their shareholders, pay a solicitation fee to securities dealers or other financial intermediaries (collectively, a "Financial Intermediary.")

**TAXES**

The following discussion is a summary of certain U.S. federal income tax considerations affecting the Funds and their shareholders. The discussion reflects applicable U.S. federal income tax laws as of the date of this SAI, which tax laws may be changed or subject to new interpretations by the courts or the Internal Revenue Service (the "IRS"), possibly with retroactive effect. No attempt is made to present a detailed explanation of all U.S. income, estate or gift tax, or foreign, state or local tax concerns affecting the Funds and their shareholders (including shareholders owning large positions in each Fund). The discussion set forth herein does not constitute tax advice. Investors are urged to consult their own tax advisers to determine the tax consequences to them of investing in each Fund.

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a corporation or other entity treated as a corporation for U.S. federal income tax purposes, created or

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organized in or under the laws of the United States or any state thereof or the District of Columbia;

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

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

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

**<u>Taxation as a RIC</u>.** Each Fund intends to qualify and remain qualified as a RIC under the Internal Revenue Code of 1986, as amended (the " Code"). There can be no assurance that it will so qualify. Each Fund will qualify as a RIC if, among other things, it meets the source-of-income and the asset-diversification requirements. With respect to the source-of-income requirement, a Fund must derive in each taxable year at least 90% of its gross income (including tax-exempt interest) from (i) dividends, interest, payments with respect to certain securities loans, gains from the sale or other disposition of stock, securities or foreign currencies, or other income (including but not limited to gains from options, futures and forward contracts) derived with respect to its business of investing in such shares, securities or currencies and (ii) net income derived from an interest in a "qualified publicly traded partnership" (the "Income Test"). A "qualified publicly traded partnership" is generally defined as a publicly traded partnership under Code Section 7704. Income derived from a partnership (other than a qualified publicly traded partnership) or trust is qualifying income to the extent such income is attributable to items of income of the partnership or trust which would be qualifying income if realized by a Fund in the same manner as realized by the partnership or trust.

If a RIC fails the Income Test and such failure was due to reasonable cause and not willful neglect, it generally will not be subject to the U.S. federal income tax rate applicable to corporations. Instead, the amount of the penalty for non-compliance is U.S. federal corporate income tax on the amount by which the non-qualifying income exceeds one-ninth of the qualifying gross income.

With respect to the asset-diversification requirement, each Fund must diversify its holdings so that, at the end of each quarter of each taxable year (i) at least 50% of the value of the Fund's total assets is represented by cash and cash items, U.S. government securities, the securities of other RICs and other securities, if such other securities of any one issuer do not represent more than 5% of the value of the Fund's total assets or more than 10% of the outstanding voting securities of such issuer, and (ii) not more than 25% of the value of the Fund's total assets is invested in the securities other than U.S. government securities or the securities of other RICs of (a) one issuer, (b) two or more issuers that are controlled by the Fund and that are engaged in the same, similar or related trades or businesses, or (c) one or more qualified publicly traded partnerships (the "Asset Test").

If a RIC fails the Asset Test, such RIC has a 6-month period to correct any failure without incurring a penalty if such failure is "de minimis," meaning that the failure does not exceed the lesser of 1% of the RIC's assets, or $10 million.

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

If a Fund qualifies as a RIC and distributes to its shareholders, for each taxable year, at least 90% of the sum of (i) its "investment company taxable income" as that term is defined in the Internal Revenue Code (which includes, among

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other things, dividends, taxable interest, the excess of any net short-term capital gains over net long-term capital losses and certain net foreign exchange gains as reduced by certain deductible expenses) without regard to the deduction for dividends paid, and (ii) the excess of its gross tax-exempt interest, if any, over certain deductions attributable to such interest that are otherwise disallowed (the "Distribution Test"), a Fund will be relieved of U.S. federal income tax on any income of a Fund, including long-term capital gains, distributed to shareholders. However, any ordinary income or capital gain retained by a Fund will be subject to regular corporate U.S. federal income tax rates (currently at a maximum rate of 21%). The Funds intend to distribute at least annually substantially all of its investment company taxable income, net tax-exempt interest, and net capital gain.

The Funds will generally be subject to a nondeductible 4% U.S. federal excise tax on the portion of its undistributed ordinary income with respect to each calendar year and undistributed capital gains if it fails to meet certain distribution requirements with respect to the one-year period ending on October 31 in that calendar year. To avoid the 4% U.S. federal excise tax, the required minimum distribution is generally equal to the sum of (i) 98% of the Fund's ordinary income (computed on a calendar year basis), (ii) 98.2% of the Fund's capital gain net income (generally computed for the one-year period ending on October 31) and (iii) any income realized, but not distributed, and on which the Fund paid no U.S. federal income tax in preceding years. The Funds generally intend to make distributions in a timely manner in an amount at least equal to the required minimum distribution and therefore, under normal market conditions, does not expect to be subject to this excise tax.

The Funds may be required to recognize taxable income in circumstances in which it does not receive cash. For example, if a Fund hold debt obligations that are treated under applicable federal income tax rules as having original issue discount ("OID") (such as debt instruments with payment of kind interest or, in certain cases, with increasing interest rates or that are issued with warrants), the Fund must include in income each year a portion of the OID that accrues over the life of the obligation regardless of whether cash representing such income is received by the Fund in the same taxable year. Because any OID accrued will be included in the Fund's "investment company taxable income" (discussed below) for the year of accrual, the Fund may be required to make a distribution to its shareholders to satisfy the Distribution Test, even though it will not have received an amount of cash that corresponds with the accrued income.

A RIC is permitted to carry forward net capital losses indefinitely and may allow losses to retain their original character (as short or as long-term). These capital loss carryforwards may be utilized in future years to offset net realized capital gains of the Fund, if any, prior to distributing such gains to shareholders.

Except as set forth below in "Failure to Qualify as a RIC," the remainder of this discussion assumes that the Funds will qualify as a RIC for each taxable year.

**<u>Failure to Qualify as a RIC.</u>** If the Fund is unable to satisfy the Distribution Test or otherwise fail to qualify as a RIC in any year, they will be subject to corporate U.S. federal income tax on all of its income and gain, regardless of whether or not such income was distributed. Distributions to the Fund's shareholders of such income and gain will not be deductible by the Fund in computing its taxable income. In such event, the Fund's distributions, to the extent derived from the Fund's current or accumulated earnings and profits, would constitute ordinary dividends, which would generally be eligible for the dividends received deduction available to corporate U.S. shareholders, and non-corporate U.S. shareholders would generally be able to treat such distributions as "qualified dividend income" eligible for preferential rates of U.S. federal income taxation, if holding period and other requirements are satisfied.

Distributions in excess of the Fund's current and accumulated earnings and profits would be treated first as a return of capital to the extent of the shareholders' tax basis in their shares of the Fund, and any remaining distributions would be treated as a capital gain. To qualify as a RIC in a subsequent taxable year, the Fund would be required to satisfy the Income Test, Asset Test, and Distribution Test for that year and distribute any earnings and profits from any year in which the Fund failed to qualify for tax treatment as a RIC. Subject to a limited exception applicable to RICs that qualified as such under the Code for at least one year prior to disqualification and that requalify as a RIC no later than the second year following the nonqualifying year, the Fund would be subject to tax on any unrealized built-in gains in the assets held by it during the period in which the Fund failed to qualify for tax treatment as a RIC that are recognized within the subsequent 10 years, unless the Fund made a special election to pay corporate-level tax on such built-in gain at the time

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of its requalification as a RIC.

**<u>Taxation for U.S. Shareholders.</u>** Distributions paid to U.S. shareholders by the Fund from its investment company taxable income (which is, generally, the Fund's ordinary income plus net realized short-term capital gains in excess of net realized long-term capital losses) are generally taxable to U.S. shareholders as ordinary income to the extent of the Fund's earnings and profits, whether paid in cash or reinvested in additional Shares. Such distributions (if designated by the Fund) may qualify (i) for the dividends received deduction in the case of corporate U.S. shareholders under to the extent that the Fund's income consists of dividend income from U.S. corporations, excluding distributions from tax-exempt organizations, exempt farmers' cooperatives or REITs or (ii) in the case of individual U.S. shareholders, as qualified dividend income eligible to be taxed at preferential rates to the extent that the Fund receives qualified dividend income, and provided in each case certain holding period and other requirements are met. Qualified dividend income is, in general, dividend income from taxable domestic corporations and qualified foreign corporations (which generally include foreign corporations incorporated in a possession of the United States or in certain countries with a qualified comprehensive income tax treaty with the United States, or the stock with respect to which such dividend is paid is readily tradable on an established securities market in the United States). A qualified foreign corporation generally excludes any foreign corporation, which for the taxable year of the corporation in which the dividend was paid, or the preceding taxable year, is a passive foreign investment company (a "PFIC"). Distributions made to a U.S. shareholder from an excess of net long-term capital gains over net short-term capital losses ("Capital Gain Dividends"), including capital gain dividends credited to such U.S. shareholder but retained by the Fund, are taxable to such U.S. shareholder as long-term capital gain if they have been properly designated by the Fund, regardless of the length of time such U.S. shareholder owned the Shares. The maximum tax rate on Capital Gain Dividends received by individuals is generally 20%. Distributions in excess of the Fund's earnings and profits will be treated by the U.S. shareholder, first, as a tax-free return of capital, which is applied against and will reduce the adjusted tax basis of the U.S. shareholder's Shares and, after such adjusted tax basis is reduced to zero, will constitute capital gain to the U.S. shareholder. The Fund is not required to provide written notice designating the amount of any qualified dividend income or capital gain dividends and other distributions. The Forms 1099 sent to the U.S. shareholders will instead serve this notice purpose.

As a RIC, the Fund will be subject to the AMT, but any items that are treated differently for AMT purposes must be apportioned between the Fund and the shareholders and this may affect the U.S. shareholders' AMT liabilities. The Fund intends in general to apportion these items in the same proportion that dividends paid to each shareholder bear to the Fund's taxable income, determined without regard to the dividends paid deduction.

For purpose of determining (i) whether the Distribution Test is satisfied for any year and (ii) the amount of Capital Gain Dividends paid for that year, the Fund may, under certain circumstances, elect to treat a dividend that is paid during the following taxable year as if it had been paid during the prior taxable year. If the Fund makes such an election, a U.S. shareholder will still be treated as receiving the dividend in the taxable year in which the distribution is made. However, any dividend declared by the Fund in October, November or December of any calendar year, payable to shareholders of record on a specified date in such a month and actually paid during January of the following year, will be treated as if it had been received by the U.S. shareholders on December 31 of the year in which the dividend was declared.

The Funds intends to distribute all realized capital gains, if any, at least annually. If, however, the Funds were to retain any net capital gain, the Fund may designate the retained amount as undistributed capital gains in a notice to shareholders who, if subject to U.S. federal income tax on long-term capital gains, (i) will be required to include in income as long-term capital gain, their proportionate shares of such undistributed amount, and (ii) will be entitled to credit their proportionate shares of the U.S. federal income tax paid by the Fund on the undistributed amount against their U.S. federal income tax liabilities, if any, and to claim refunds to the extent the credit exceeds such liabilities. If such an event occurs, the tax basis of Shares owned will, for U.S. federal income tax purposes, generally be increased by the difference between the amount of undistributed net capital gain included in the shareholder's gross income and the tax deemed paid by the shareholder.

Sales of Shares or redemption of Creation Units and other dispositions of the Shares, such as exchanges, of the Fund generally are taxable events. U.S. shareholders should consult their own tax advisers with reference to their individual circumstances to determine whether any particular transaction in the Shares is properly treated as a sale or

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exchange for U.S. federal income tax purposes, as the following discussion assumes, and the tax treatment of any gains or losses recognized in such transactions. The sale of Shares or redemption of Creation Units or other disposition of Shares will generally result in capital gain or loss to a U.S. shareholder equal to the difference between the amount realized and the adjusted tax basis in the Shares sold or exchanged, and will be long-term capital gain or loss if the Shares have been held for more than one year at the time of sale. Any loss upon the sale or exchange of Shares held for six months or less will be treated as long-term capital loss to the extent of any Capital Gain Dividends received (including amounts credited as an undistributed Capital Gain Dividends by such shareholder with respect to such Shares. A loss realized on a sale or exchange of Shares generally will be disallowed if other substantially identical shares are acquired within a 61-day period beginning 30 days before and ending 30 days after the date that the Shares are disposed. In such case, the basis of the shares acquired will be adjusted to reflect the disallowed loss. Both long-term and short-term capital gain of corporations are taxed at the rates applicable to ordinary income of corporations. For non-corporate U.S. taxpayers, short-term capital gain is taxed at the rate applicable to ordinary income, while long-term capital gain generally is taxed at a maximum rate of 20%. Capital losses are subject to certain limitations.

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

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

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

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

The Funds are required to report their shareholders' cost basis, gain/loss, and holding period for Shares to the IRS on the Fund's shareholders' Consolidated Form 1099s.

The Fund has chosen average cost as the standing (default) tax lot identification method for all shareholders. A tax lot identification method is the way the Fund will determine which specific Shares are deemed to be sold when there are multiple purchases on different dates at differing net asset values, and the entire position is not sold at one time. The Fund's standing tax lot identification method is the method Shares will be reported on a U.S. shareholder's Consolidated Form 1099 if the shareholder does not select a different tax lot identification method. U.S. shareholders

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may choose a method different than the Fund's standing method and will be able to do so at the time of a U.S. shareholder's purchase or upon the sale of Shares.

The Funds and their service providers do not provide tax advice. U.S. shareholders should consult independent sources, which may include a tax professional, with respect to any decisions they may make with respect to choosing a tax lot identification method.

Certain U.S. shareholders, including individuals and estates and trusts, will be subject to an additional 3.8% Medicare tax on all or a portion of their "net investment income," which should include dividends from the Funds and net gains from the disposition of Shares. U.S. shareholders are urged to consult their own tax advisers regarding the implications of the additional Medicare tax resulting from an investment in the Funds.

**<u>Straddles.</u>** When the Funds enter into an offsetting position to limit the risk on another position, the "straddle" rules usually come into play. An option or other position entered into or held by a Fund in conjunction with any other position held by the Fund may constitute a "straddle" for U.S. federal income tax purposes. In general, straddles are subject to certain rules that may affect the character and timing of the Fund's gains and losses with respect to straddle positions. The key features of the straddle rules are as follows:

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

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

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

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

**<u>Original Issue Discount, Pay-In-Kind Securities, Market Discount and Commodity-Linked Notes.</u>** Some debt obligations with a fixed maturity date of more than one year from the date of issuance that may be acquired by a Fund may be treated as debt obligations that are issued originally at a discount. Generally, the amount of the OID is treated as interest income and is included in the Fund's taxable income (and required to be distributed by the Fund) over the term of the debt obligation, even though payment of that amount is not received until a later time, upon partial or full repayment or disposition of the debt security.

Some debt obligations that may be acquired by a Fund in the secondary market may be treated as having "market discount." Very generally, market discount is the excess of the stated redemption price of a debt obligation (or in the case of an obligations issued with OID, its "revised issue price") over the purchase price of such obligation. Generally, any gain recognized on the disposition of, and any partial payment of principal on, a debt obligation having market discount is treated as ordinary income to the extent the gain, or principal payment, does not exceed the "accrued market discount" on such debt obligation. Alternatively, a Fund may elect to accrue market discount currently, in which case the Fund will be required to include the accrued market discount in the Fund's income (as ordinary income) and thus distribute it over the term of the debt security, even though payment of that amount is not received until a later time, upon partial or full repayment or disposition of the debt security. The rate at which the market

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discount accrues, and thus is included in the Fund's income, will depend upon which of the permitted accrual methods the Fund elects. In the case of higher-risk securities, the amount of market discount may be unclear. See below under "Higher-Risk Securities."

Some debt obligations that may be acquired by a Fund may be treated as having "acquisition discount" (very generally, the excess of the stated redemption price over the purchase price), or OID in the case of certain types of debt obligations. The Fund will be required to include the acquisition discount, or OID, in income (as ordinary income) over the term of the debt obligation, even though payment of that amount is not received until a later time, upon partial or full repayment or disposition of the debt security. The Fund may make one or more of the elections applicable to debt obligations having acquisition discount, or OID, which could affect the character and timing of recognition of income.

In addition, payment-in-kind securities will, and commodity-linked notes may, give rise to income that is required to be distributed and is taxable even though the Fund receives no interest payment in cash on the security during the year.

If a Fund holds the foregoing kinds of securities, it may be required to pay out as an income distribution each year an amount that is greater than the total amount of cash interest the Fund actually received. Such distributions may be made from the cash assets of the Fund or by liquidation of portfolio securities, if necessary (including when it is not advantageous to do so). The Fund may realize gains or losses from such liquidations. In the event the Fund realizes net capital gains from such transactions, its shareholders may receive a larger capital gain distribution than they would in the absence of such transactions.

**<u>Higher-Risk Securities.</u>** To the extent such investments are permissible for a Fund, the Fund may invest in debt obligations that are in the lowest rating categories or are unrated, including debt obligations of issuers not currently paying interest or who are in default. Investments in debt obligations that are at risk of or in default present special tax issues for the Fund. Tax rules are not entirely clear about issues such as when the Fund may cease to accrue interest, OID or market discount, when and to what extent deductions may be taken for bad debts or worthless securities and how payments received on obligations in default should be allocated between principal and income. In limited circumstances, it may also not be clear whether the Fund should recognize market discount on a debt obligation, and if so, what amount of market discount the Fund should recognize. These and other related issues will be addressed by the Fund when, as and if it invests in such securities, in order to seek to ensure that it distributes sufficient income to preserve its status as a RIC and does not become subject to U.S. federal income or excise tax.

**<u>Issuer Deductibility of Interest.</u>** A portion of the interest paid or accrued on certain high yield discount obligations owned by a Fund may not be deductible to (and thus, may affect the cash flow of) the issuer. If a portion of the interest paid or accrued on certain high yield discount obligations is not deductible, that portion will be treated as a dividend for purposes of the corporate dividends-received deduction. In such cases, if the issuer of the high yield discount obligations is a domestic corporation, dividend payments by the Fund may be eligible for the dividends-received deduction to the extent of the deemed dividend portion of such accrued interest.

Interest paid on debt obligations owned by a Fund, if any, that are considered for U.S. federal income tax purposes to be payable in the equity of the issuer or a related party will not be deductible to the issuer, possibly affecting the cash flow of the issuer.

**<u>Tax-Exempt Shareholders.</u>** A tax-exempt U.S. shareholder could recognize unrelated taxable business income ("UBTI") by virtue of its investment in a Fund if Shares constitute debt-financed property in the hands of the tax-exempt U.S. shareholder within the meaning of Code Section 514(b). Furthermore, a tax-exempt U.S. shareholder may recognize UBTI if the Fund recognize "excess inclusion income" derived from direct or indirect investments in residual interests in real estate mortgage investment conduits ("REMICs") or equity interests in taxable mortgage pools ("TMPs") if the amount of such income recognized by the Fund exceeds the Fund's investment company taxable income (after taking into account deductions for dividends paid by the Fund).

In addition, special tax consequences apply to charitable remainder trusts ("CRTs") that invest in RICs that invest directly or indirectly in residual interests in REMICs or equity interests in TMPs. A CRT (as defined in Code Section 664)

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

**<u>Foreign Taxation.</u>** Income received by a Fund from sources within foreign countries may be subject to withholding and other taxes imposed by such countries. Tax conventions between certain countries and the United States may reduce or eliminate such taxes.

A "qualified fund of funds" is a RIC that has at least 50% of the value of its total interests invested in other RICs at the end of each quarter of the taxable year. If a Fund satisfies this requirement or if it meets certain other requirements, which include a requirement that more than 50% of the value of the Fund's total assets at the close of its taxable year consist of stocks or securities of foreign corporations, then the Fund should be eligible to file an election with the IRS that may enable its shareholders to receive either the benefit of a foreign tax credit, or a tax deduction, with respect to any foreign and U.S. possessions income taxes paid by the Fund, subject to certain limitations.

**<u>Non-U.S. Shareholders</u>.** Capital Gain Dividends are generally not subject to withholding of U.S. federal income tax. Absent a specific statutory exemption, dividends other than Capital Gain Dividends paid by a Fund to a Non-U.S. shareholder are subject to withholding of U.S. federal income tax at a rate of 30% (or lower applicable treaty rate) even if they are funded by income or gains (such as portfolio interest, short-term capital gains, or foreign-source dividend and interest income) that, if paid to a foreign person directly, would not be subject to withholding.

A RIC is not required to withhold any amounts (i) with respect to distributions (other than distributions to a Non-U.S. shareholder (a) that does not provide a satisfactory statement that the beneficial owner is not a U.S. person, (b) to the extent that the dividend is attributable to certain interest on an obligation if the Non-U.S. shareholdern is the issuer or is a 10% shareholder of the issuer, (c) that is within a foreign country that has inadequate information exchange with the United States, or (d) to the extent the dividend is attributable to interest paid by a person that is a related person of the Non-U.S. shareholder and the Non-U.S. shareholder is a controlled foreign corporation) from U.S.-source interest income of types similar to those not subject to U.S. federal income tax if earned directly by a Non-U.S. shareholder, to the extent such distributions are properly reported as such by the Fund in a written notice to shareholders ("interest-related dividends"), and (ii) with respect to distributions (other than (a) distributions to an individual Non-U.S. shareholder who is present in the United States for a period or periods aggregating 183 days or more during the year of the distribution and (b) distributions subject to special rules regarding the disposition of U.S. real property interests ("USRPIs") as described below) of net short-term capital gains in excess of net long-term capital losses to the extent such distributions are properly reported by the RIC ("Short-Term Capital Gain Dividends"). If the Fund invests in an underlying fund that pays such distributions to the Fund, such distributions retain their character as not subject to withholding if properly reported when paid by the Fund to Non-U.S. shareholders.

The Fund is permitted to report such part of its dividends as interest-related or Short-Term Capital Gain Dividends as are eligible, but is not required to do so. These exemptions from withholding will not be available to Non-U.S. shareholders that do not currently report their dividends as interest-related or Short-Term Capital Gain Dividends.

In the case of Shares held through an intermediary, the intermediary may withhold even if the Fund reports all or a portion of a payment as an interest-related or Short-Term Capital Gain Dividend to shareholders. Non-U.S. shareholders should contact their intermediaries regarding the application of these rules to their accounts.

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Under U.S. federal income tax law, a beneficial holder of Shares who is a Non-U.S. shareholder generally is not subject to U.S. federal income tax on gains (and is not allowed a deduction for losses) realized on the sale of Shares or on Capital Gain Dividends unless (i) such gain or dividend is effectively connected with the conduct of a trade or business carried on by such shareholder within the United States, (ii) in the case of an individual shareholder, the shareholder is present in the United States for a period or periods aggregating 183 days or more during the year of the sale or the receipt of the Capital Gain Dividend and certain other conditions are met, or (iii) the special rules relating to gain attributable to the sale or exchange of USRPIs apply to the Non-U.S. shareholder's sale of Shares or to the Capital Gain Dividend received by the non-U.S. shareholder (as described below).

Special rules would apply if the Fund were either a "U.S. real property holding corporation" ("USRPHC") or would be a USRPHC but for the operation of certain exceptions to the definition thereof. Very generally, a USRPHC is a U.S. corporation that holds USRPIs the fair market value of which equals or exceeds 50% of the sum of the fair market values of the corporation's USPRIs, interests in real property located outside the United States, and other assets. USRPIs are generally defined as any interest in U.S. real property and any interest (other than solely as a creditor) in a USRPHC or former USRPHC.

If the Fund were a USRPHC or would be a USRPHC but for certain exceptions, any distributions by the Fund to a Non-U.S. shareholder (including, in certain cases, distributions made by the Fund in redemption of its Shares) attributable to gains realized by the Fund on the disposition of USRPIs or to distributions received by the Fund from a lower-tier RIC or REIT that the Fund is required to treat as USRPI gain in its hands generally would be subject to U.S. federal income withholding tax. In addition, such distributions could result in a Non-U.S. shareholder being required to file a U.S. federal income tax return and pay tax on the distributions at regular U.S. federal income tax rates. The consequences to a Non-U.S. shareholder, including the rate of such withholding and character of such distributions (*<u>e.g.</u>*, as ordinary income or USRPI gain), would vary depending upon the extent of the Non-U.S. shareholder's current and past ownership of the Fund. This "look-through" USRPI treatment for distributions by the Fund, if it were either a USRPHC or would be a USRPHC but for the operation of certain exceptions, to Non-U.S. shareholders applies only to those distributions that, in turn, are attributable to distributions received by the Fund from a lower-tier REIT, unless Congress enacts legislation providing otherwise.

In addition, if the Fund were a USRPHC or former USRPHC, it could be required to withhold U.S. federal income tax on the proceeds of a Share redemption by a greater-than-5% Non-U.S. shareholder, in which case such shareholder generally would also be required to file a U.S. federal income tax return and pay any additional taxes due in connection with the redemption.

Whether or not the Fund is characterized as a USRPHC will depend upon the nature and mix of the Fund's assets. The Fund does not expect to be a USRPHC. Non-U.S. shareholders should consult their own tax advisers concerning the application of these rules to their investment in the Fund.

If a Non-U.S. shareholder has a trade or business in the United States, and the dividends from the Fund are effectively connected with the Non-U.S. shareholder's conduct of that trade or business, the dividend will be subject to U.S. federal net income taxation at regular income tax rates.

If a Non-U.S. shareholder is eligible for the benefits of a tax treaty, any effectively connected income or gain will generally be subject to U.S. federal income tax on a net basis only if it is also attributable to a permanent establishment maintained by that Non-U.S. shareholder in the United States.

To qualify for any exemptions from withholding described above or for lower withholding tax rates under income tax treaties, or to establish an exemption from backup withholding, a Non-U.S. shareholder must comply with special certification and filing requirements relating to its non-US status (including, in general, furnishing an applicable IRS Form W-8). Non-U.S. shareholders should consult their own tax advisers in this regard.

A Non-U.S. shareholder may be subject to U.S. state and local tax and to the U.S. federal estate tax in addition to the U.S. federal income tax referred to above.

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**<u>Backup Withholding.</u>** Each Fund generally is required to withhold and remit to the U.S. Treasury Department a percentage of the taxable distributions and redemption proceeds paid to any individual shareholder who fails to properly furnish the Fund with a correct taxpayer identification number, who has under-reported dividend or interest income, or who fails to certify to the Fund that he or she is not subject to such withholding. The backup withholding tax rate is currently 24%.

Backup withholding is not an additional tax. Any amounts withheld may be credited against the shareholder's U.S. federal income tax liability, provided the appropriate information is furnished to the IRS.

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

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

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

The foregoing is a general and abbreviated summary of the provisions of the Code and the Treasury regulations in effect as they directly govern the taxation of the Funds and their shareholders. These provisions are subject to change by legislative and administrative action, and any such change may be retroactive. Shareholders are urged to consult their own tax advisers regarding specific questions as to U.S. federal income, estate or gift taxes, or foreign, state, local taxes or other taxes.

**BROKERAGE ALLOCATION AND OTHER PRACTICES**

**<u>Brokerage Transactions</u>**. Generally, Reference Assets are bought and sold through transactions with Liquidity Providers and equity securities are bought and sold through brokerage transactions for which commissions are payable. Purchases from underwriters will include the underwriting commission or concession, and purchases from dealers serving as market makers will include a dealer's mark-up or reflect a dealer's mark-down. The purchase price for Reference Assets and securities bought from Liquidity Providers or dealers serving as market makers will similarly include the Liquidity Provider's or dealer's mark up or reflect a Liquidity Provider's or dealer's mark down. When a Fund executes transactions in the over-the-counter market, it will generally deal with primary market makers unless prices that are more favorable are otherwise obtainable.

In selecting brokers and dealers to execute portfolio transactions, the Adviser may consider research and brokerage services furnished to the Adviser or its affiliates. The Adviser may not consider sales of shares of the Funds as a factor in the selection of brokers and dealers, but may place portfolio transactions with brokers and dealers that promote or sell a Fund's shares so long as such transactions are done in accordance with the policies and procedures established by the Trustees that are designed to ensure that the selection is based on the quality of execution and not on sales efforts. When placing portfolio transactions with a broker or dealer, the Adviser may aggregate securities to be

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sold or purchased for the Funds with those to be sold or purchased for other advisory accounts managed by the Adviser. In aggregating such securities, the Adviser will average the transaction as to price and will allocate available investments in a manner that the Adviser believes to be fair and reasonable to the Funds and such other advisory accounts. An aggregated order will generally be allocated on a pro rata basis among all participating accounts, based on the relative dollar values of the participating accounts, or using any other method deemed to be fair to the participating accounts, with any exceptions to such methods involving the Trust being reported to the Trustees.

Section 28(e) of the 1934 Act permits the Adviser, under certain circumstances, to cause the Funds to pay a broker or dealer a commission for effecting a transaction in excess of the amount of commission another broker or dealer would have charged for effecting the transaction in recognition of the value of brokerage and research services provided by the broker or dealer. In addition to agency transactions, the Adviser may receive brokerage and research services in connection with certain riskless principal transactions, in accordance with applicable SEC guidance. Brokerage and research services include: (1) furnishing advice as to the value of securities, the advisability of investing in, purchasing or selling securities, and the availability of securities or purchasers or sellers of securities; (2) furnishing analyses and reports concerning issuers, industries, securities, economic factors and trends, Fund strategy, and the performance of accounts; and (3) effecting securities transactions and performing functions incidental thereto (such as clearance, settlement, and custody). In the case of research services, the Adviser believes that access to independent investment research is beneficial to its investment decision-making processes and, therefore, to the Funds.

To the extent that research services may be a factor in selecting brokers, such services may be in written form or through direct contact with individuals and may include information as to particular companies and securities as well as market, economic, or institutional areas and information which assists in the valuation and pricing of investments. Examples of research-oriented services for which the Adviser might utilize Fund commissions include research reports and other information on the economy, industries, sectors, groups of securities, individual companies, statistical information, political developments, technical market action, pricing and appraisal services, credit analysis, risk measurement analysis, performance and other analysis. The Adviser may use research services furnished by brokers in servicing all client accounts and not all services may necessarily be used in connection with the account that paid commissions to the broker providing such services. Information so received by the Adviser will be in addition to and not in lieu of the services required to be performed by the Adviser under its advisory agreement. Any advisory or other fees paid to the Adviser are not reduced as a result of the receipt of research services.

In some cases the Adviser may receive a service from a broker that has both a "research" and a "non-research" use. When this occurs, the Adviser makes a good faith allocation, under all the circumstances, between the research and non-research uses of the service. The percentage of the service that is used for research purposes may be paid for with client commissions, while the Adviser will use its own funds to pay for the percentage of the service that is used for non-research purposes. In making this good faith allocation, the Adviser faces a potential conflict of interest, but the Adviser believes that its allocation procedures are reasonably designed to ensure that it appropriately allocates the anticipated use of such services to their research and non-research uses.

From time to time, the Funds may purchase new issues of securities in a fixed price offering. In these situations, the seller may be a member of the selling group that will, in addition to selling securities, provide the Adviser with research services. FINRA has adopted rules expressly permitting these types of arrangements under certain circumstances. Generally, the seller will provide research "credits" in these situations at a rate that is higher than that which is available for typical secondary market transactions. These arrangements may not fall within the safe harbor of Section 28(e).

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

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commissions paid to affiliates and review these procedures periodically.

**<u>Securities of "Regular Broker-Dealers".</u>** Each Fund is required to identify any securities of its "regular brokers and dealers" (as such term is defined in the 1940 Act) which the Fund may hold at the close of its most recent fiscal year. Each Fund is newly formed and has recently commenced operations and does not have any securities of regular broker-dealers to report as of the date of this SAI.

**DISCLOSURE OF PORTFOLIO SECURITIES HOLDINGS**

On each Business Day (as defined in the Creation and Redemption of Creation Units section of this SAI), prior to the opening of regular trading on the Funds' primary listing exchange, the Funds disclose on their website (www.frameworkdigital.io) certain information relating to the portfolio holdings that will form the basis of the Funds' next net asset value per share calculation.

In addition, certain information may also be made available to certain parties:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Communications of Data Files: Each Fund may make available through the facilities of the National Securities Clearing Corporation ("NSCC") or through posting on the Fund's website, prior to the opening of trading on each business day, a list of the Fund's holdings (generally pro-rata) that Authorized Participants could deliver to the Fund to settle purchases of the Fund (i.e. Deposit Securities) or that Authorized Participants would receive from the Fund to settle redemptions of the Fund (i.e. Fund Securities). These files are known as the Portfolio Composition Files and the Fund Data Files (collectively, "Files"). The Files are applicable for the next trading day and are provided to the NSCC and/or posted on the Funds' website after the close of markets in the U.S.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Communications with Authorized Participants and Liquidity Providers: Certain employees of the Adviser, Distributor and Custodian are responsible for interacting with Authorized Participants and liquidity providers with respect to discussing custom basket proposals as described in the Custom Baskets section of this SAI. As part of these discussions, these employees may discuss with an Authorized Participant or liquidity provider the securities each Fund is willing to accept for a creation, and securities that the Fund will provide on a redemption.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Adviser may also discuss portfolio holdings-related information with broker/dealers, in connection with settling each Fund's transactions, as may be necessary to conduct business in the ordinary course in a manner consistent with the disclosure in the Funds' current registration statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Communications with Listing Exchanges: From time to time, employees of the Adviser, Distributor and/or Custodian may discuss portfolio holdings information with the applicable primary listing exchange for the Funds as needed to meet the exchange listing standards.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Communication of Other Information: Certain explanatory information regarding the Files is released to Authorized Participants and liquidity providers on a daily basis, but is only done so after the Files are posted to the Funds' website.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Third-Party Service Providers: Certain portfolio holdings information may be disclosed to the Trustees and their counsel, outside counsel for the Funds, auditors and to certain third-party service providers (i.e., fund administrator, custodian, proxy voting service, and printers), as may be necessary to conduct business in the ordinary course in a manner consistent with applicable policies, agreements with the Funds, the terms of the current registration statement and federal securities laws and regulations thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each Fund files its complete portfolio holdings schedule with the SEC on a quarterly basis. This schedule is filed with the Trust's Form N-CSR for the second and fourth fiscal quarters and on Form N-PORT for the first and third fiscal quarters. Certain portfolio information is also included on Form N-PORT that is filed for the second and fourth fiscal quarters. The portfolio holdings information provided in these reports is as of the end of the respective quarter. Form N-CSR must be filed with the SEC no later than ten (10) calendar days after the Trust transmits its annual or semi-annual report to its shareholders. Form N-PORT must be filed with the SEC and will be made publicly available no later than sixty (60) calendar days after the end of the applicable quarter. These

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portfolio holdings schedules filed on Form N-CSR and form N-PORT are posted to the Funds' website no later than sixty (60) days following the fiscal quarters.

No consideration may be received by the Funds, the Adviser, or any other person in connection with the disclosure of portfolio information. The Trust's Chief Compliance Officer or his or her delegate may authorize disclosure of portfolio holdings information pursuant to the above policy and procedures, subject to restrictions on selective disclosure imposed by applicable law. The Board reviews the policy and procedures for disclosure of portfolio holdings information at least annually.

**DESCRIPTION OF SHARES**

The Trust's Agreement and Declaration of Trust authorizes the Board to issue an unlimited number of full and fractional shares of beneficial interest in the Trust and to classify or reclassify any unissued shares into one or more series of shares. The Agreement and Declaration of Trust further authorizes the trustees to classify or reclassify any series of shares into one or more classes. The Trust's shares of beneficial interest have no par value.

&nbsp;&nbsp;&nbsp;&nbsp;Each Fund is authorized to issue one class of shares imposing no front-end or deferred sales charges, currently no 12b-1 fee and no service fee.

Shares have no preemptive rights and only such conversion or exchange rights as the Board may grant in its discretion. When issued for payment as described in the applicable prospectus, shares will be fully paid and non-assessable. In the event of a liquidation or dissolution of the Trust or an individual fund, shareholders of a fund are entitled to receive the assets available for distribution belonging to the particular fund, and a proportionate distribution, based upon the relative asset values of the respective fund, of any general assets of the Trust not belonging to any particular fund which are available for distribution.

Shareholders are entitled to one vote for each full share held, and a proportionate fractional vote for each fractional share held and will vote in the aggregate and not by class, except as otherwise expressly required by law or when the Board determines that the matter to be voted on affects only the interests of shareholders of a particular class. Voting rights are not cumulative and, accordingly, the holders of more than 50% of the aggregate of the Trust's outstanding shares may elect all of the trustees, irrespective of the votes of other shareholders.

Rule 18f-2 under the 1940 Act provides that any matter required to be submitted to the holders of the outstanding voting securities of an investment company such as the Trust shall not be deemed to have been effectively acted upon unless approved by the holders of a majority of the outstanding shares of each fund affected by the matter. A particular fund is deemed to be affected by a matter unless it is clear that the interests of each fund in the matter are substantially identical or that the matter does not affect any interest of the fund. Under the Rule, the approval of an investment management agreement or any change in an investment objective, if fundamental, or in a fundamental investment policy would be effectively acted upon with respect to a fund only if approved by a majority of the outstanding shares of such fund. However, the Rule also provides that the ratification of the appointment of independent public accountants, the approval of principal underwriting contracts and the election of trustees may be effectively acted upon by shareholders of the Trust voting without regard to series or class.

The Trust does not presently intend to hold annual meetings of shareholders except as required by the 1940 Act or other applicable law. Upon the written request of shareholders owning at least 25% of the Trust's shares, the Trust will call for a meeting of shareholders to consider the removal of one or more trustees and other certain matters. To the extent required by law, the Trust will assist in shareholder communication in such matters.

The Board has full power and authority, in its sole discretion, and without obtaining shareholder approval, to divide or combine the shares of any class or series thereof into a greater or lesser number, to classify or reclassify any issued shares or any class or series thereof into one or more classes or series of shares, and to take such other action with respect to the Trust's shares as the Board may deem desirable. The Agreement and Declaration of Trust authorizes the Trustees, without shareholder approval, to cause the Trust to merge or to consolidate with any corporation,

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association, trust or other organization in order to change the form of organization and/or domicile of the Trust or to sell or exchange all or substantially all of the assets of the Trust, or any series or class thereof, in dissolution of the Trust, or any series or class thereof. The Agreement and Declaration of Trust permits the termination of the Trust or of any series or class of the Trust by the Trustees without shareholder approval. However, the exercise of such authority by the Board without shareholder approval may be subject to certain restrictions or limitations under the 1940 Act.

**PROXY VOTING**

The Board of Trustees of the Trust has delegated responsibility for decisions regarding proxy voting for securities held by each Fund to the Adviser. The Adviser will vote such proxies in accordance with its proxy voting policies and procedures, which are included in Exhibit B to this SAI. The Board of Trustees will periodically review each Fund's proxy voting record. The proxy voting policies and procedures of the Trust are included as Exhibit A to this SAI.

The Trust is required to disclose annually each Fund's complete proxy voting record on Form N-PX. Any material changes to the proxy policies and procedures will be submitted to the Board for approval. Information regarding how each Fund voted proxies relating to portfolio securities for the most recent 12-month period ending June 30, will be available (1) without charge, upon request by calling (888) 999-5958 or by writing to the Fund at 8730 Stony Point Parkway, Suite 205, Richmond, Virginia 23235; (2) or through the Fund's website at www.frameworkdigital.io; and (3) on the SEC's Internet website at http://www.sec.gov.

**CODES OF ETHICS**

The Board of Trustees, on behalf of the Trust, has adopted a Code of Ethics pursuant to Rule 17j-1 under the 1940 Act. In addition, the Adviser and the Administrator have each adopted Codes of Ethics pursuant to Rule 17j-1. These Codes of Ethics apply to the personal investing activities of trustees, officers and certain employees ("access persons"). Rule 17j-1 and the Codes of Ethics are designed to prevent unlawful practices in connection with the purchase or sale of securities by access persons. Under each Code of Ethics, access persons are permitted to engage in personal securities transactions, but are required to report their personal securities transactions for monitoring purposes. The personnel subject to the Codes are permitted to invest in securities, including securities that may be purchased or held by the Funds. In addition, certain access persons are required to obtain approval before investing in initial public offerings or private placements, or are prohibited from making such investments. Copies of these Codes of Ethics are on file with the SEC, and are available to the public on the EDGAR Database on the SEC's Internet website at http://www.sec.gov.

**FINANCIAL STATEMENTS**

The Funds are new and do not have audited financial statements at this time. Upon completion of the Funds' first fiscal period/year, audited financial statements will become available.

**FRAMEWORK DIGITAL ADVISORS LLC**

8730 Stony Point Parkway, Suite 205

Richmond, Virginia 23235

Telephone: (888) 999-5958

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**EXHIBIT A**

**ETF OPPORTUNITIES TRUST**

**PROXY VOTING POLICY AND PROCEDURES**

&nbsp;&nbsp;&nbsp;&nbsp;The ETF Opportunities Trust (the "Trust") is registered as an open-end management investment company under the Investment Company Act of 1940, as amended ("1940 Act"). The Trust offers multiple series (each a "Fund" and, collectively, the "Funds"). Consistent with its fiduciary duties and pursuant to Rule 30b1-4 under the 1940 Act (the "Proxy Rule"), the Board of Trustees of the Trust (the "Board") has adopted this proxy voting policy on behalf of the Trust (the "Policy") to reflect its commitment to ensure that proxies are voted in a manner consistent with the best interests of the Funds' shareholders.

**<u>Delegation of Proxy Voting Authority to Fund Advisers</u>**

&nbsp;&nbsp;&nbsp;&nbsp;The Board believes that the investment adviser of each Fund (each an "Adviser"), as the entity that selects the individual securities that comprise its Fund's portfolio, is the most knowledgeable and best-suited to make decisions on how to vote proxies of portfolio companies held by that Fund. The Trust shall therefore defer to, and rely on, the Adviser of each Fund to make decisions on how to cast proxy votes on behalf of such Fund.

The Trust hereby designates the Adviser of each Fund as the entity responsible for exercising proxy voting authority with regard to securities held in the Fund's investment portfolio. Consistent with its duties under this Policy, each Adviser shall monitor and review corporate transactions of corporations in which the Fund has invested, obtain all information sufficient to allow an informed vote on all proxy solicitations, ensure that all proxy votes are cast in a timely fashion, and maintain all records required to be maintained by the Fund under the Proxy Rule and the 1940 Act. Each Adviser shall perform these duties in accordance with the Adviser's proxy voting policy, a copy of which shall be presented to this Board for its review. Each Adviser shall promptly provide to the Board updates to its proxy voting policy as they are adopted and implemented.

**<u>Conflict of Interest Transactions</u>**

&nbsp;&nbsp;&nbsp;&nbsp;

In some instances, an Adviser may be asked to cast a proxy vote that presents a conflict between the interests of a Fund's shareholders and those of the Adviser or an affiliated person of the Adviser. In such case, the Adviser is instructed to abstain from making a voting decision and to forward all necessary proxy voting materials to the Trust to enable the Board to make a voting decision. When the Board is required to make a proxy voting decision, only the Trustees without a conflict of interest with regard to the security in question or the matter to be voted upon shall be permitted to participate in the decision of how the Fund's vote will be cast. In the event that the Board is required to vote a proxy because an Adviser has a conflict of interest with respect to the proxy, the Board will vote such proxy in accordance with the Adviser's proxy voting policy, to the extent consistent with the shareholders' best interests, as determined by the Board in its discretion. The Board shall notify the Adviser of its final decision on the matter and the Adviser shall vote in accordance with the Board's decision.

**<u>Availability of Proxy Voting Policy and Records Available to Fund Shareholders</u>**

&nbsp;&nbsp;&nbsp;&nbsp;If a Fund has a website, the Fund may post a copy of its Adviser's proxy voting policy and this Policy on such website. Effective July 1, 2024, a Fund shall make publicly available its most recently filed report on Form N-PX on or through its website as soon as reasonably practicable after filing the report with the Commission. The information disclosed on Form N-PX shall be in a readable format. In addition, a copy of such policies and of each Fund's proxy voting record shall also be made available, without charge, upon request of any shareholder of the Fund, by calling the applicable Fund's toll-free telephone number as printed in the Fund's prospectus. The Trust's administrator shall reply to any Fund shareholder request within three business days of receipt of the request, by first-class mail or other means designed to ensure equally prompt delivery.

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&nbsp;&nbsp;&nbsp;&nbsp;Each Adviser shall provide a complete voting record, as required by the Proxy Rule, for each series of the Trust for which it acts as adviser, to the Trust's administrator within 30 days following the end of each 12-month period ending June 30. The Trust's administrator will file a report based on such record on Form N-PX on an annual basis with the U.S. Securities and Exchange Commission no later than August 31<sup>st</sup> of each year.

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**EXHIBIT B**

**PROXY VOTING POLICY AND PROCEDURES OF TUTTLE CAPITAL MANAGEMENT, LLC**

Proxy Voting

Background

Proxy voting is an important right of investors and reasonable care and diligence must be undertaken to ensure that such rights are properly and timely exercised.

SEC-registered investment advisers that exercise voting authority with respect to client securities, are required by Rule 206(4)-6 of the Advisers Act to (a) adopt and implement written policies and procedures that are reasonably designed to ensure that client securities are voted in the best interests of clients, which must include how an adviser addresses material conflicts that may arise between an adviser's interests and those of its clients; (b) to disclose to clients how they may obtain information from the adviser with respect to the voting of proxies for their securities; (c) to describe to clients a summary of its proxy voting policies and procedures and, upon request, furnish a copy to its clients; and (d) maintain certain records relating to the adviser's proxy voting activities when the adviser does have proxy voting authority.

Policy

TCM, as a matter of policy and as a fiduciary obligation to our clients, maintains the responsibility for voting proxies for portfolio securities held by accounts in which it has discretionary authority unless it delegates such responsibilities to Sub-Advisors. TCM's proxy voting policy must be approved by the Trust(s) Board representatives in connection with registered investment companies (including TCM ETFs) it manages. (Note: See Form N-PX policy for further information concerning TCM's obligations for its registered investment company clients.) TCM must adhere to the Board approved proxy voting policy. TCM has more latitude in regard to proxy voting for non- fund/non-ETF clients but shall follow the same guidelines herein. TCM has delegated sub-adviser oversight and proxy voting matters to its CEO or designee (e.g. Trader) with a retrospective review performed by its Brokerage Committee on a quarterly basis. Where TCM is obligated to exercise proxy voting, the Firm policy is to perform this duty consistent with the best economic interests of our clients. TCM's CEO or designee shall, prior to effectuating a client agreement, make a determination as to the obligation of proxy voting. If the CEO determines that proxy voting is the responsibility of TCM, then the procedures herein shall be followed. In cases where TCM is not obligated to vote proxies, the CEO shall confirm with the client so that both parties have a mutual understanding and, in turn, the CEO will email the CCO as to this fact to have contemporaneous supporting documentation. TCM maintains written policies and procedures as to the handling, research, voting and reporting of proxy voting and makes appropriate disclosures about our Adviser's proxy policies and practices. The Adviser will, at least annually, review its Proxy Voting policy and, where necessary, make enhancements based on the results of such review.

Consequently, for clients in which TCM maintains the proxy voting obligations attendant to other registered investment companies or separately managed account(s) for which TCM is the Adviser or Sub-Adviser, TCM shall adhere to the applicable proxy voting policies in place whether implemented by TCM or the primary investment adviser/sponsor, as may be required. Further, TCM does typically exercise the proxy voting authority for the shares it serves as ETF sub-adviser SMA sub-adviser as the Primary Investment Advisor or SMA Sponsor is typically obligated to carryout this function.

TCM will approach each corporate proxy statement on a case-by-case basis and may vote a proxy in a manner different from management's recommendation. In sum, whereupon TCM is responsible for proxy voting (inclusive of issuer proposals, corporate actions, and class action lawsuits), the Firm's CEO will consider both

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sides of each proxy issue and after appropriate evaluation will cast its votes according to the most favorable position.

As a general principle when responsible for proxy voting for clients and, in particular investment companies, the Adviser shall determine how to vote proxies based on our reasonable judgment of that vote insofar as what is most likely to produce favorable financial results for the clients or shareholders. Proxy votes typically will be cast in favor of proposals that maintain or strengthen the shared interests of shareholders and management, increase shareholder value, maintain or increase shareholder influence over the issuer's board of directors and management, and maintain or increase the rights of shareholders. Conversely, proxy votes will be cast against proposals having the opposite effect or in circumstances where (i) the cost of voting such proxy exceeds the expected benefit to the client; (ii) if the proxy authorizes a re-registration process imposing trading and transfer restrictions on the shares, commonly, referred to as "blocking."

In keeping with its fiduciary obligation, TCM and its CEO may not be influenced by outside sources who have interests which conflict with the interests of the Adviser's clients when voting proxies for such clients. Accordingly, our policy and procedures include the responsibility to receive and disclose any potential conflicts of interest and maintaining relevant and required records.

To help ensure that TCM votes proxies in the best interests of the client, the Adviser has established procedures highlighted by guidelines (i.e., best practices) aimed at setting forth practices to be followed by the CEO and to properly deal with a material conflict of interest. As an overarching principle, TCM views its obligations to exercise proxy votes on management and shareholder proposals at publicly traded companies as a means intended to assist institutional investors in circumstances the underling proposals are guided by promoting long-term shareholder value creation and risk mitigation. Public companies which maintain generally strong corporate governance cultures understand these practices should respect shareholder rights and provide appropriate transparency, taking into account relevant laws, customs, and best practice codes of each market and region, as well as the right and responsibility of shareholders to make informed voting decisions.

From time to time, it is possible that CEO will decide (i) to vote shares held in client accounts differently from the vote of another client account holding the same security. Such actions may result from situations where clients are permitted to place reasonable restrictions on TCM's voting authority in the same manner that they may place such restrictions on the actual selection of account securities; or (ii) to abstain from voting on behalf of client account(s) for good reason. For example, in the absence of specific voting guidelines from the client, TCM will generally NOT vote proxies. If, however, TCM elects to vote in these instances, TCM's policy is to vote all proxies from a specific issuer the same way for each client absent qualifying restrictions from a client. TCM may determine to abstain from voting a proxy if the CEO determines doing so is not in the best interest of the client.

In connection with administrative or clerical matters, such as formally issues proxy votes and associated record retention, TCM has engaged a third-party service provider to manage such aspects of the Adviser's proxy voting obligations. For more information concerning the tasks performed by the third-party service provider (ior "Proxy Support Vendor"), including retention of the Adviser's proxy voting records, please consult with the designated representative of Proxy Support Vendor.

Procedure

*Guidelines*. The following guidelines will serve as parameters for the CEO in rendering a proxy vote and, in particular, viewing proposals and recommendations from management in a favorable demeanor in comparison to their counterparts who do not exhibit such tendencies:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Accountability. Corporate Boards should be accountable to shareholders, the owners of the companies, by holding regular board elections, by providing sufficient information for shareholders to be able to assess directors and board composition, and by providing shareholders with the ability to remove directors. Directors should respond

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to investor input such as that expressed through vote results on management and shareholder proposals and other shareholder communications. Shareholders should have meaningful rights on structural provisions, such as approval of or amendments to the corporate governing documents and a vote on takeover defenses. As an example, the Adviser will generally vote against proposals that cause board members to become entrenched or cause unequal voting rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Stewardship. A company's governance, social, and environmental practices should meet or exceed the standards of its market regulations and general practices and should take into account relevant factors that may impact significantly the company's long-term value creation. Issuers and investors should recognize constructive engagement as both a right and responsibility. As an example, the Adviser will generally vote in favor of routine corporate housekeeping proposals such as the election of directors and selection of auditors absent conflicts of interest raised by an auditor's non-audit services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Independence. Boards should be sufficiently independent so as to ensure that they are able and motivated to effectively supervise management's performance and remuneration, for the benefit of all shareholders. Boards should include an effective independent leadership position and sufficiently independent committees that focus on key governance concerns such as audit, compensation, and the selection and evaluation of directors. The Adviser, for example, will tend to vote against a corporation's board of directors or "management" proposal should it include, among others, excessive compensation, unusual management stock options, preferential voting and poison pills.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Transparency. Companies should provide sufficient and timely information that enables shareholders to understand key issues, make informed vote decisions, and effectively engage with companies on substantive matters that impact shareholders' long-term interests in the company. In reviewing such proposals, the Adviser will further consider the opinion of management and the effect on management, and the effect on shareholder value and the issuer's business practices.

*Voting Ballots and Records*. The proxy voting practice itself is initiated at such time the company (or issuer) disseminates the proxy voting ballot ("Ballot"). Once proxy material has been received, it is promptly reviewed by the CEO (in the capacity of a CIO or PM) and the issues presented are then evaluated. In most instances, the CEO or designee receives the Ballot from the company electronically with a request to log into a secured website at which point the proxy voting proposals (e.g., Board elections, corporate governance matters, ratification of an independent registered public accounting firm, etc.) will appear for consideration. The Ballot typically contains voting selections as follows: "For" (in which a vote cast will support the measure), "Against" (in which a vote cast will oppose the measure), and "Abstain (in which no vote is cast). The CEO or designee will complete the Ballot and submit it to the company or issuer electronically. Prior to logging out of the website, the CEO will print a PDF version of the screen showing the measures voted upon and the votes recorded. Next, the CEO or designee will email the PDF attachment to the CCO who, in turn, will update the "Proxy Voting Log" (or "Log") with the requisite information on a periodic basis as part of the Brokerage Committee's retrospective review duties.

D*isclosure/Client Requests for Information*. TCM will provide conspicuously displayed information in its Disclosure Document and website (i.e., for the adviser) summarizing this proxy voting policy and procedures, including a statement that clients may request information regarding how TCM voted a client's proxies, and that clients may request a copy of these policies and procedures. Upon receiving such requests, the CCO shall forward the most current version of the Proxy Voting Policy herein and Proxy Voting Log via email or regular mail to the requestor. The requestor shall receive the proxy voting information free of charge, which also should be disclosed on the website and disclosure documents.

Co*nflicts of Interest*. TCM and, more specifically the CEO (in the capacity of a CIO/PM) will identify any conflicts that exist between the interests of the Adviser and the client by reviewing the relationship of TCM with the issuer of each security to determine if TCM or any of its Supervised Persons has any financial, business or personal relationship with the issuer. If a material conflict of interest exists, the CEO or designee will request that the CCO to advise whether it is appropriate to disclose the conflict to the affected clients, to give the clients

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an opportunity to vote the proxies themselves, or to address the voting issue through other objective means, such as, voting in a manner consistent with a predetermined voting guidelines (see above) or receiving an independent third party voting recommendation. TCM will maintain a record of the voting resolution of any conflict of interest in the aforementioned Proxy Voting Log.

Recordkeeping. TCM shall retain the following proxy voting records in a format and retention period as set forth in the Recordkeeping guidelines set forth in this Manual:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• These policies and procedures and any amendments thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each proxy statement (which shall be maintained on the Adviser's website or alternatively the Adviser's website shall include instructions for investors to obtain the proxy voting records)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Proxy Analysis Report, if applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Record of each vote cast or abstention (or "Ballot") in a manner prescribed by the Proxy Voting Form (see below). The CEO will direct the vote of proxies (including corporate actions and class action lawsuits) for which TCM is the primary investment adviser. In such instances, the CEO or designee shall enter the information required to complete the Proxy Voting Form which, too, will be used to memorialize proxy voting records in accordance with the Advisers Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Documentation, if any, created that was material to making a decision how to vote proxies, or that memorializes that decision including periodic reports to the CCO, if applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Clerical or administrative records generated on behalf of the Adviser by the Proxy Support Vendor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Form N-PX (if not maintained by the Trust/Trust CCO)

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**EXHIBIT C**

**NOMINATING AND CORPORATE GOVERNANCE COMMITTEE CHARTER**

**ETF OPPORTUNITIES TRUST**

**Nominating and Corporate Governance Committee Membership** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.The Nominating and Corporate Governance Committee of ETF Opportunities Trust (the "Trust") shall be composed entirely of Independent Trustees.

**Board Nominations and Functions** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.The Committee shall make nominations for Trustee membership on the Board of Trustees, including the Independent Trustees. The Committee shall evaluate candidates' qualifications for Board membership and their independence from the investment advisers to the Trust's series portfolios and the Trust's other principal service providers. Persons selected as Independent Trustees must not be an "interested person" as that term is defined in the Investment Company Act of 1940, nor shall Independent Trustees have any affiliations or associations that shall preclude them from voting as an Independent Trustee on matters involving approvals and continuations of Rule 12b-1 Plans, Investment Advisory Agreements and such other standards as the Committee shall deem appropriate. The Committee shall also consider the effect of any relationships beyond those delineated in the 1940 Act that might impair independence, *e.g.,* business, financial or family relationships with managers or service providers. See Appendix A for Procedures with Respect to Nominees to the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.The Committee shall periodically review Board governance procedures and shall recommend any appropriate changes to the full Board of Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.The Committee shall periodically review the composition of the Board of Trustees to determine whether it may be appropriate to add individuals with different backgrounds or skill sets from those already on the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.The Committee shall periodically review trustee compensation and shall recommend any appropriate changes to the Independent Trustees as a group.

**Committee Nominations and Functions** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.The Committee shall make nominations for membership on all committees and shall review committee assignments at least annually.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.The Committee shall review, as necessary, the responsibilities of any committees of the Board, whether there is a continuing need for each committee, whether there is a need for additional committees of the Board, and whether committees should be combined or reorganized. The Committee shall make recommendations for any such action to the full Board.

**Other Powers and Responsibilities** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.The Committee shall have the resources and authority appropriate to discharge its responsibilities, including authority to retain special counsel and other experts or consultants at the expense of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.The Committee shall review this Charter at least annually and recommend any changes to the full Board of Trustees.

**APPENDIX A TO THE NOMINATING AND CORPORATE GOVERNANCE COMMITTEE CHARTER**

**ETF OPPORTUNITIES TRUST**

**PROCEDURES WITH RESPECT TO NOMINEES TO THE BOARD** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I.*Identification of Candidates*. When a vacancy on the Board of Trustees exists or is anticipated, and such vacancy is to be filled by an Independent Trustee, the Nominating and Corporate Governance Committee shall identify

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candidates by obtaining referrals from such sources as it may deem appropriate, which may include current Trustees, management of the Trust, counsel and other advisors to the Trustees, and shareholders of the Trust who submit recommendations in accordance with these procedures. In no event shall the Nominating and Corporate Governance Committee consider as a candidate to fill any such vacancy an individual recommended by any investment adviser of any series portfolio of the Trust, unless the Nominating and Corporate Governance Committee has invited management to make such a recommendation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;II.*Shareholder Candidates.* The Nominating and Corporate Governance Committee shall, when identifying candidates for the position of Independent Trustee, consider any such candidate recommended by a shareholder if such recommendation contains: (i) sufficient background information concerning the candidate, including evidence the candidate is willing to serve as an Independent Trustee if selected for the position; and (ii) is received in a sufficiently timely manner as determined by the Nominating and Corporate Governance Committee in its discretion. Shareholders shall be directed to address any such recommendations in writing to the attention of the Nominating and Corporate Governance Committee, c/o the Secretary of the Trust. The Secretary shall retain copies of any shareholder recommendations which meet the foregoing requirements for a period of not more than 12 months following receipt. The Secretary shall have no obligation to acknowledge receipt of any shareholder recommendations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;III.*Evaluation of Candidates*. In evaluating a candidate for a position on the Board of Trustees, including any candidate recommended by shareholders of the Trust, the Nominating and Corporate Governance Committee shall consider the following: (i) the candidate's knowledge in matters relating to the mutual fund industry; (ii) any experience possessed by the candidate as a director or senior officer of public companies; (iii) the candidate's educational background; (iv) the candidate's reputation for high ethical standards and professional integrity; (v) any specific financial, technical or other expertise possessed by the candidate, and the extent to which such expertise would complement the Board's existing mix of skills, core competencies and qualifications; (vi) the candidate's perceived ability to contribute to the ongoing functions of the Board, including the candidate's ability and commitment to attend meetings regularly and work collaboratively with other members of the Board; (vii) the candidate's ability to qualify as an Independent Trustee and any other actual or potential conflicts of interest involving the candidate and the Trust; and (viii) such other factors as the Nominating and Corporate Governance Committee determines to be relevant in light of the existing composition of the Board and any anticipated vacancies. Prior to making a final recommendation to the Board, the Nominating and Corporate Governance Committee shall conduct personal interviews with those candidates it concludes are the most qualified candidates.

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**OTHER INFORMATION**

**Item 28. Exhibits**

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|:---|:---|
| (a)(1) | <u>[Certificate of Trust of ETF Opportunities Trust ("Registrant")](https://www.sec.gov/Archives/edgar/data/1771146/000138713120005672/ex99-a1.htm)</u><u>[is herein incorporated by reference from the Registrant's Pre-Effective Amendment No 1 on Form N-1A/](https://www.sec.gov/Archives/edgar/data/1771146/000138713120005672/ex99-a1.htm)</u><u>[A](https://www.sec.gov/Archives/edgar/data/1771146/000138713120005672/ex99-a1.htm)</u><u>[filed on June 15, 2020.](https://www.sec.gov/Archives/edgar/data/1771146/000138713120005672/ex99-a1.htm)</u>  |
| (a)(2) | <u>[Agreement and Declaration of Trust](https://www.sec.gov/Archives/edgar/data/1771146/000138713120005672/ex99-a2.htm)</u><u>[is herein incorporated by reference from the Registrant's Pre-Effective Amendment No 1 on Form N-1A/A filed on J](https://www.sec.gov/Archives/edgar/data/1771146/000138713120005672/ex99-a2.htm)</u><u>[une 15, 2020.](https://www.sec.gov/Archives/edgar/data/1771146/000138713120005672/ex99-a2.htm)</u>  |
| (b) | <u>[By-Laws of the Registrant](https://www.sec.gov/Archives/edgar/data/1771146/000138713120005672/ex99-b.htm)</u><u>[is herein incorporated by reference from the Registrant's Pre-Effective Amendment No 1 on Form N-1A/A filed on J](https://www.sec.gov/Archives/edgar/data/1771146/000138713120005672/ex99-b.htm)</u><u>[une 15, 2020.](https://www.sec.gov/Archives/edgar/data/1771146/000138713120005672/ex99-b.htm)</u>  |
| (c) | Articles IV, VII and VIII of the Declaration of Trust, Exhibit 28(a)(2) above, define the rights of holders of the securities being registered. (Certificates for shares are not issued.) |
| (d)(1) | <u>[Advisory Agreement between the Registrant and Ridgeline Research LLC dated December 4, 2019](https://www.sec.gov/Archives/edgar/data/1771146/000138713120005672/ex99-d1.htm)</u><u>[is herein incorporated by reference from the Registrant's Pre-Effective Amendment No. 1 on Form N-1A/A filed on J](https://www.sec.gov/Archives/edgar/data/1771146/000138713120005672/ex99-d1.htm)</u><u>[une 15, 2020.](https://www.sec.gov/Archives/edgar/data/1771146/000138713120005672/ex99-d1.htm)</u>  |
| (d)(2) | <u>[Sub-Advisory Agreement between Vident Asset Management and Ridgeline Research LLC dated October 6, 2023 is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 130 on Form N-1A filed on March 29, 2024.](https://www.sec.gov/Archives/edgar/data/1771146/000199937124004224/ex99-d2.htm)</u> |
| (d)(3) | <u>[Amended Advisory Agreement between the Registrant and Formidable Asset Management, LLC dated March 9, 2021 is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 65 on Form N-1A filed on July 31, 2023.](https://www.sec.gov/Archives/edgar/data/1771146/000138713123009115/ex99-d3.htm)</u> |
| (d)(4) | <u>[Sub-Advisory Agreement between Tidal Investments, LLC and Formidable Asset Management, LLC dated May 30, 2024 is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 223 on Form N-1A filed on February 18, 2025.](https://www.sec.gov/Archives/edgar/data/1771146/000183988225009530/ex99-d4.htm)</u> |
| (d)(5) | <u>[Advisory Agreement between the Registrant and Applied Finance Advisors, LLC dated March 9, 2021 is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 11 on Form N-1A filed on July 20, 2021](https://www.sec.gov/Archives/edgar/data/1771146/000138713121007483/ex99-d7.htm)</u>. |
| (d)(6) | <u>[Sub-Advisory Agreement between Tidal Investments, LLC and Applied Finance Advisors, LLC dated March 9, 2021 is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 201 on Form N-1A filed on December 13, 2024.](https://www.sec.gov/Archives/edgar/data/1771146/000183988224045121/ex99-d6.htm)</u>  |
| (d)(7) | <u>[Advisory Agreement between the Registrant and Kingsbarn Capital Management, LLC dated November 1, 2021 is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 45 on Form N-1A filed on March 30, 2023.](https://www.sec.gov/Archives/edgar/data/1771146/000183988223008171/ex-d13.htm)</u> |
| (d)(8) | <u>[Sub-Advisory Agreement between Vident Asset Management and Kingsbarn Capital Management, LLC dated October 6, 2023 is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 130 on Form N-1A filed on March 29, 2024](https://www.sec.gov/Archives/edgar/data/1771146/000199937124004224/ex99-d10.htm)</u>. |
| (d)(9) | <u>[Advisory Agreement between the Registrant and WealthTrust Asset Management, LLC dated November 10, 2021 is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 22 on Form N-1A filed November 23, 2021.](https://www.sec.gov/Archives/edgar/data/1771146/000138713121011469/ex99-d15.htm)</u> |

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|:---|:---|
| (d)(10) | <u>[Sub-Advisory Agreement between Tidal Investments, LLC and WealthTrust Asset Management, LLC dated November 10, 2021 as amended December 20, 2022 and May 30, 2024 is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 223 on Form N-1A filed on February 18, 2025.](https://www.sec.gov/Archives/edgar/data/1771146/000183988225009530/ex99-d11.htm)</u> |
| (d)(11) | <u>[Amended and Restated Advisory Agreement between the Registrant and Cultivar Capital, Inc. dated December 8, 2021 as amended September 28, 2022 is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 34 on Form N-1A filed on November 28, 2022](https://www.sec.gov/Archives/edgar/data/1771146/000138713122011866/ex99-d19.htm)</u>. |
| (d)(12) | <u>[Sub-Advisory Agreement between Tidal Investments, LLC and Cultivar Capital, Inc. dated December 8, 2021 as amended December 20, 2022 and May 30, 2024 is herein incorporated by reference from the Registrant's Post-Effective amendment No. 192 on Form N-1A filed on November 27, 2024](https://www.sec.gov/Archives/edgar/data/1771146/000183988224041963/ex99-d13.htm)</u>. |
| (d)(13) | <u>[Amended Investment Advisory Agreement between the Registrant and Tuttle Capital Management LLC dated April 1, 2023 as amended January 1, 2026 is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 595 on Form N-1A filed on January 30, 2026.](https://www.sec.gov/Archives/edgar/data/1771146/000177114626000266/ex99d13-tuttlecapitalinvad.htm)</u> |
| (d)(14) | Amended Investment Advisory Agreement between the Registrant and Tuttle Capital Management LLC \* |
| (d)(15) | <u>[Management Agreement between T-REX (Cayman) Portfolios SPC and Tuttle Capital Management, LLC dated March 18, 2025 is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 454 on Form N-1A filed on November 7, 2025.](https://www.sec.gov/Archives/edgar/data/1771146/000199937125017272/ex99-d15.htm)</u>  |
| (d)(16) | <u>[Amendment No. 1 to Management Agreement between T-REX (Cayman) Portfolios SPC and Tuttle Capital Management, LLC dated July 17, 2025 is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 454 on Form N-1A filed on November 7, 2025.](https://www.sec.gov/Archives/edgar/data/1771146/000199937125017272/ex99-d16.htm)</u> |
| (d)(17) | <u>[Sub-Advisory Agreement between Laffer Tengler Investments, Inc. and Tuttle Capital Management, LLC dated July 1, 2023 is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 64 on Form N-1A filed on July 28, 2023](https://www.sec.gov/Archives/edgar/data/1771146/000138713123008932/ex99-d23.htm)</u>. |
| (d)(18) | <u>[Advisory Agreement between the Registrant and REX Advisers, LLC dated August 15, 2023, September 27, 2023, February 21, 2024, September 25, 2024, March 11, 2025, and May 1, 2025](https://www.sec.gov/Archives/edgar/data/1771146/000199937125010087/ex99-d38.htm)[is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 325 on Form N-1A filed on July 28, 2025.](https://www.sec.gov/Archives/edgar/data/1771146/000199937125010087/ex99-d38.htm)</u> |
| (d)(19) | Amended Advisory Agreement between the Registrant and REX Advisers, LLC \* |
| (d)(20) | <u>[Sub-Advisory Agreement between REX Advisers, LLC and Vident Asset Management dated August 15, 2023, as amended September 27, 2023, February 21, 2024, September 25, 2024, and March 11, 2025 is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 240 on Form N-1A filed on March 24, 2025.](https://www.sec.gov/Archives/edgar/data/1771146/000199937125003046/ex99-d44.htm)</u> |
| (d)(21) | Amended Sub-Advisory Agreement between REX Advisers, LLC and Vident Asset Management \* |
| (d)(22) | Sub- Advisory Agreement between REX Advisers, LLC and Tuttle Capital Management, LLC on behalf of the T-REX 3X ETFs and T-REX 4X ETFs \* |
| (d)(23) | <u>[Sub-Advisory Agreement between Brendan Wood TopGun Partnerships Inc. and Tuttle Capital Management, LLC dated September 26, 2023 is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 101 on Form N-1A filed on October 20, 2023](https://www.sec.gov/Archives/edgar/data/1771146/000138713123012478/ex99-d23.htm).</u> |

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|:---|:---|
| (d)(24) | <u>[Advisory Agreement between the Registrant and IDX Advisors, LLC dated September 26, 2023 as amended Jun 19, 2025 is incorporated by reference from the Registrant's Post-Effective Amendment No. 438 on Form N-1A filed on October 29, 2025.](https://www.sec.gov/Archives/edgar/data/1771146/000199937125016425/ex99-d19.htm)</u>  |
| (d)(25) | <u>[Sub-Advisory Agreement between Tidal Investments, LLC and IDX Advisors, LLC dated September 26, 2023 as amended May 30, 2024 is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 201 on Form N-1A filed on December 13, 2024.](https://www.sec.gov/Archives/edgar/data/1771146/000183988224045121/ex99-d22.htm)</u> |
| (d)(26) | <u>[Form of Sub-Advisory Agreement between the Registrant and IDX Advisors, LLC dated Jun 19, 2025 is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 396 on Form N-1A filed on September 24, 2025.](https://www.sec.gov/Archives/edgar/data/1771146/000199937125013936/ex99-d22.htm)</u> |
| (d)(27) | <u>[Management Agreement between T-REX (Cayman) Portfolios SPC and IDX Advisors, LLC dated July 17, 2025 is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 396 on Form N-1A filed on September 24, 2025.](https://www.sec.gov/Archives/edgar/data/1771146/000199937125013936/ex99-d23.htm)</u> |
| (d)(28) | <u>[Advisory Agreement between the Registrant and Tapp Finance, Inc. dated December 19, 2023 as amended December 11, 2025 ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 548 on Form N-1A filed on January 5, 2026.](https://www.sec.gov/Archives/edgar/data/1771146/000199937126000146/ex99-d25.htm)</u> |
| (d)(29) | <u>[Sub-Advisory Agreement between Tuttle Capital Management, LLC and Tapp Finance, Inc. dated December 19, 2023 as amended December 11, 2025 is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 548 on Form N-1A filed on January 5, 2026.](https://www.sec.gov/Archives/edgar/data/1771146/000199937126000146/ex99-d26.htm)</u> |
| (d)(30) | <u>[Advisory Agreement between the Registrant and 3Fourteen & SMI Advisory Services, LLC dated June 25, 2024 as amended February 18, 2025 is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 223 on Form N-1A filed on February 18, 2025.](https://www.sec.gov/Archives/edgar/data/1771146/000183988225009530/ex99-d40.htm)</u> |
| (d)(31) | <u>[Sub-Advisory Agreement between 3Fourteen & SMI Advisory Services, LLC and Tidal Investments, LLC dated June 24, 2025 as amended February 18, 2025 is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 223 on Form N-1A filed on February 18, 2025.](https://www.sec.gov/Archives/edgar/data/1771146/000183988225009530/ex99-d41.htm)</u> |
| (d)(32) | <u>[Advisory Agreement between the Registrant and Brookmont Capital Management, LLC dated December 19, 2024 is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 419 on Form N-1A on October 10, 2025.](https://www.sec.gov/Archives/edgar/data/1771146/000199937125015225/ex99-d30.htm)</u> |
| (d)(33) | <u>[Sub-Advisory Agreement between Brookmont Capital Management, LLC and King Ridge Capital Advisors, LLC dated December 18, 2024 is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 223 on Form N-1A filed on February 18, 2025.](https://www.sec.gov/Archives/edgar/data/1771146/000183988225009530/ex99-d33.htm)</u> |
| (d)(34) | <u>[Amended Management Agreement between T-REX (Cayman) Portfolios SPC (a Cayman Islands exempted company) and REX Advisers, LLC dated October 18, 2024 as amended March 18, 2025](https://www.sec.gov/Archives/edgar/data/1771146/000199937125008476/ex99-d38.htm)[is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 303 on Form N-1A filed on June 27, 2025.](https://www.sec.gov/Archives/edgar/data/1771146/000199937125008476/ex99-d38.htm)</u> |
| (d)(35) | <u>[Advisory Agreement between the Registrant and Hedgeye Asset Management, LLC dated June 1, 2025 as amended October 1, 2025 is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 443 on Form N-1A filed on November 5, 2025.](https://www.sec.gov/Archives/edgar/data/1771146/000199937125016991/ex99-d49.htm)</u> |

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| | |
|:---|:---|
| (d)(36) | <u>[Sub-Advisory Agreement between Hedgeye Asset Management, LLC and Tidal Investments, LLC dated June 1, 2025 is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 288 on Form N-1A filed on June 3, 2025.](https://www.sec.gov/Archives/edgar/data/1771146/000199937125007095/ex99-d50.htm)</u> |
| (d)(37) | Amended Advisory Agreement between the Registrant and Hedgeye Asset Management, LLC\* |
| (d)(38) | <u>[Form of Sub-Advisory Agreement between Hedgeye Asset Management, LLC and Tidal Investments, LLC dated __________ is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 443 on Form N-1A filed on November 5, 2025.](https://www.sec.gov/Archives/edgar/data/1771146/000199937125016991/ex99-d50.htm)</u> |
| (d)(39) | Sub-Advisory Agreement between Hedgeye Asset Management, LLC and Brightside Capital USA Advisors Corp. \* |
| (d)(40) | Sub-Advisory Agreement between Hedgeye Asset Management, LLC and Tidal Investments, LLC \* |
| (d)(41) | <u>[Advisory Agreement between the Registrant and OTG Asset Management, Ltd. dated April 1, 2025 is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 326 on Form N-1A filed on July 29, 2025.](https://www.sec.gov/Archives/edgar/data/1771146/000199937125010167/ex99-d41.htm)</u> |
| (d)(42) | <u>[Sub-Advisory Agreement between the Registrant and Tidal Investments, LLC dated April 1, 2025 is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 326 on Form N-1A filed on July 29, 2025.](https://www.sec.gov/Archives/edgar/data/1771146/000199937125010167/ex99-d42.htm)</u> |
| (d)(43) | <u>[Advisory Agreement between the Registrant and Golden Eagle Strategies, Inc. dated June 19, 2025 is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 373 on Form N-1A filed on September 10, 2025.](https://www.sec.gov/Archives/edgar/data/1771146/000199937125013019/ex99-d43.htm)</u> |
| (d)(44) | <u>[Sub-Advisory Agreement between Golden Eagle Strategies, Inc. and Tidal Investments, LLC dated July 1, 2025 is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 373 on Form N-1A filed on September 10, 2025.](https://www.sec.gov/Archives/edgar/data/1771146/000199937125013019/ex99-d44.htm)</u> |
| (d)(45) | <u>[Advisory Agreement between the Registrant and Arlington Partners, LLC dated September 24, 2025 is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 433 on Form N-1A filed on October 27, 2025.](https://www.sec.gov/Archives/edgar/data/1771146/000199937125016188/ex99-d48.htm)</u> |
| (d)(46) | <u>[Sub-Advisory Agreement between Arlington Partners, LLC and Vident Advisory, LLC dated October 1, 2025 is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 433 on Form N-1A filed on October 27, 2025.](https://www.sec.gov/Archives/edgar/data/1771146/000199937125016188/ex99-d49.htm)</u> |
| (d)(47) | <u>[Advisory Agreement between the Registrant and Applied Finance Advisors, LLC dated March 9, 2021 as amended October 9, 2025 is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 475 on Form N-1A filed on November 25, 2025.](https://www.sec.gov/Archives/edgar/data/1771146/000199937125018689/ex99-d54.htm)</u> |
| (d)(48) | <u>Amended and Restated [Sub-Advisory Agreement between Applied Finance Advisors, LLC and Tidal Investments, LLC dated October 29, 2025 is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 475 on Form N-1A filed on November 25, 2025.](https://www.sec.gov/Archives/edgar/data/1771146/000199937125018689/ex99-d55.htm)</u> |
| (d)(49) | <u>[Advisory Agreement between the Registrant and Framework Digital Advisors LLC dated November 20, 2025 - Filed Herewith.](frameworkdigitaladvisorsll.htm)</u> |

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| | |
|:---|:---|
| (d)(50) | <u>[Sub-Advisory Agreement between Framework Digital Advisors LLC and Tuttle Capital Management, LLC dated November 20, 2025 - Filed Herewith.](frameworkdigital-tuttlesub.htm)</u> |
| (d)(51) | <u>[Management Agreement between T-REX (Cayman) Portfolios SPC and Framework Digital Advisors LLC dated February 12, 2026 - Filed Herewith.](etfopps-managementagreemen.htm)</u> |
| (d)(52) | <u>[Advisory Agreement between the Registrant and Highland Capital Management, LLC dated September 24, 2025 as amended January 21, 2026 - Filed Herewith.](ex99d52-highlandcapitalxti.htm)</u> |
| (d)(53) | <u>[Sub-Advisory Agreement between Highland Capital Management, LLC and Tidal Investments, LLC dated September 24, 2025 as amended January 21, 2026 is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 594 on Form N-1A filed on January 29, 2026.](https://www.sec.gov/Archives/edgar/data/1771146/000177114626000253/ex99d52-highlandcapitalxti.htm)</u> |
| (d)(54) | Sub-Advisory Agreement between Ai Funds, Inc. and Tuttle Capital Management, LLC \* |
| (e)(1) | <u>[Distribution Agreement between the Registrant and Foreside Fund Services, LLC dated March 24, 2020 is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 8 on Form N-1A filed on April 16, 2021.](https://www.sec.gov/Archives/edgar/data/1771146/000138713121004616/ex99-e1.htm)</u> |
| (e)(2) | <u>[First Amendment to the ETF Distribution Agreement between the Registrant and Foreside Fund Services, LLC dated November 1, 2020 is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 8 on Form N-1A filed on April 16, 2021.](https://www.sec.gov/Archives/edgar/data/1771146/000138713121004616/ex99-e2.htm)</u> |
| (e)(3) | <u>[Third Amendment to the Distribution Agreement between the Registrant and Foreside Fund Services, LLC dated July 14, 2021 is herein incorporated by reference from the Registrant's Post-Effective No. 19 on Form N-1A filed on October 12, 2021](https://www.sec.gov/Archives/edgar/data/1771146/000138713121009950/ex99-e3.htm)</u>. |
| (e)(4) | <u>[ETF Distribution Agreement between Registrant and Foreside Fund Services, LLC on behalf of the Funds in the Trust is herein incorporated by reference from Registrant's Post-Effective No 30 on Form N-1A filed on September 1, 2022.](https://www.sec.gov/Archives/edgar/data/1771146/000138713122009435/ex-e4.htm)</u> |
| (e)(5) | <u>[Fourth Amendment to ETF Distribution Agreement between the Registrant and Foreside Fund Services, LLC dated December 20, 2022 is herein incorporated by reference from the Registrant's Post-Effective No. 44 on Form N-1A filed on March 17, 2023.](https://www.sec.gov/Archives/edgar/data/1771146/000138713123003560/ex-e5.htm)</u> |
| (e)(6) | <u>[Sixth Amendment to ETF Distribution Agreement between the Registrant and Foreside Fund Services, LLC dated June 20, 2023 is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 64 on Form N-1A filed on July 28, 2023.](https://www.sec.gov/Archives/edgar/data/1771146/000138713123008932/ex99-e6.htm)</u> |
| (e)(7) | <u>[Seventh Amendment to ETF Distribution Agreement between the Registrant and Foreside Fund Services, LLC dated September 26, 2023 is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 101 on Form N-1A filed on October 20, 2023.](https://www.sec.gov/Archives/edgar/data/1771146/000138713123012478/ex99-e7.htm)</u> |
| (e)(8) | <u>[Eighth Amendment to ETF Distribution Agreement between the Registrant and Foreside Fund Services, LLC dated December 19, 2023 is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 120 on Form N-1A filed on January 8, 2024.](https://www.sec.gov/Archives/edgar/data/1771146/000199937124000230/ex99-e8.htm)</u> |
| (e)(9) | <u>[Ninth Amendment to ETF Distribution Agreement between the Registrant and Foreside Fund Services, LLC dated February 21, 2024 is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 138 on Form N-1A filed on May 21, 2024](https://www.sec.gov/Archives/edgar/data/1771146/000199937124006410/ex99-e10.htm)</u>. |

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|:---|:---|
| (e)(10) | <u>[Eleventh Amendment to ETF Distribution Agreement between the Registrant and Foreside Fund Services, LLC dated June 25, 2024 is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 156 on Form N-1A filed on August 9, 2024.](https://www.sec.gov/Archives/edgar/data/1771146/000199937124009830/ex99-e11.htm)</u>  |
| (e)(11) | <u>[Twelfth Amendment to ETF Distribution Agreement between Registrant and Foreside Fund Services, LLC dated September 25, 2024 is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 223 on Form N-1A filed on February 18, 2025.](https://www.sec.gov/Archives/edgar/data/1771146/000183988225009530/ex99-e13.htm)</u> |
| (e)(12) | <u>[Thirteenth Amendment to the ETF Distribution Agreement between the Registrant and Foreside Fund Services, LLC dated December 17, 2024 is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 223 on Form N-1A filed on February 18, 2025.](https://www.sec.gov/Archives/edgar/data/1771146/000183988225009530/ex99-e17.htm)</u> |
| (e)(13) | <u>[Fourteenth Amendment to the ETF Distribution Agreement between the Registrant and Foreside Fund Services, LLC dated March 11, 2025 is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 240 on Form N-1A filed on March 24, 2025.](https://www.sec.gov/Archives/edgar/data/1771146/000199937125003046/ex99-e18.htm)</u> |
| (e)(14) | <u>[Fifteenth Amendment to the ETF Distribution Agreement between the Registrant and Foreside Fund Services, LLC dated June 19, 2025 is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 325 on Form N-1A filed on July 28, 2025.](https://www.sec.gov/Archives/edgar/data/1771146/000199937125010087/ex99-e18.htm)</u>  |
| (e)(15) | <u>[Sixteenth Amendment to the ETF Distribution Agreement between the Registrant and Foreside Fund Services, LLC dated September 24, 2025 is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 433 on Form N-1A filed on October 27, 2025.](https://www.sec.gov/Archives/edgar/data/1771146/000199937125016188/ex99-e19.htm)</u> |
| (e)(16) | <u>[Eighteenth Amendment to the ETF Distribution Agreement between the Registrant and Foreside Fund Services, LLC dated December 11, 2025 is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 550 on Form N-1A filed on January 7, 2026.](https://www.sec.gov/Archives/edgar/data/1771146/000199937126000392/ex99-e19.htm)</u> |
| (e)(17) | Amendment to the ETF Distribution Agreement between the Registrant and Foreside Fund Services, LLC.\*  |
| (e)(18) | <u>[Form of Authorized Participant Agreement with Foreside Fund Services, LLC](https://www.sec.gov/Archives/edgar/data/1771146/000138713120005672/ex99-e2.htm)</u><u>[is herein incorporated by reference from the Registrant's Pre-Effective Amendment No 1 on Form N-1A/A filed on J](https://www.sec.gov/Archives/edgar/data/1771146/000138713120005672/ex99-e2.htm)</u><u>[une 15, 2020.](https://www.sec.gov/Archives/edgar/data/1771146/000138713120005672/ex99-e2.htm)</u>  |
| (f) | Not applicable. |
| (g)(1) | <u>[Global Custodial and Agency Services Agreement between the Registrant and Citibank, N.A. dated May 14, 2020 is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 8 on Form N-1A filed on April 16, 2021.](https://www.sec.gov/Archives/edgar/data/1771146/000138713121004616/ex99-g1.htm)</u> |
| (g)(2) | <u>[Amendment No. 1 to the Global Custodial and Agency Services Agreement between the Registrant and Citibank, N.A. dated August 28, 2020 is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 8 on Form N-1A filed on April 16, 2021.](https://www.sec.gov/Archives/edgar/data/1771146/000138713121004616/ex99-g2.htm)</u> |
| (g)(3) | <u>[Amendment No. 4 to the Global Custodial and Agency Services Agreement between the Registrant and Citibank, N.A. dated April 1, 2021 is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 11 on Form N-1A filed on July 20, 2021](https://www.sec.gov/Archives/edgar/data/1771146/000138713121007483/ex99-g5.htm)</u>. |

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|:---|:---|
| (g)(4) | <u>[Amendment No. 5 to the Global Custodial and Agency Services Agreement between the Registrant and Citibank, N.A. dated July 15, 2021 is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 11 on Form N-1A filed on July 20, 2021](https://www.sec.gov/Archives/edgar/data/1771146/000138713121007483/ex99-g4.htm)</u>. |
| (g)(5) | <u>[Amendment No. 6 to the Global Custodial and Agency Services Agreement between the Registrant and Citibank, N.A. dated September 16, 2021 is herein incorporated by reference from the Registrant's Post-Effective No. 19 on Form N-1A filed on October 12, 2021](https://www.sec.gov/Archives/edgar/data/1771146/000138713121009950/ex99-g6.htm)</u>. |
| (g)(6) | <u>[Amendment No. 7 to the Global Custodial and Agency Services Agreement between the Registrant and Citibank, N.A. dated November 29, 2021 is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 22 on Form N-1A filed November 23, 2021.](https://www.sec.gov/Archives/edgar/data/1771146/000138713121011469/ex99-g7.htm)</u> |
| (g)(7) | <u>[Amendment No. 8 to the Global Custodial and Agency Services Agreement between the Registrant and Citibank, N.A. dated December 1, 2021 is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 26 on Form N-1A filed on March 24, 2022](https://www.sec.gov/Archives/edgar/data/1771146/000138713122003929/ex99-g8.htm)</u>. |
| (g)(8) | <u>[Amendment No. 10 to the Global Custodial and Agency Services Agreement between the Registrant and Citibank, N.A. dated December 20, 2022 is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 45 on Form N-1A filed on March 30, 2023.](https://www.sec.gov/Archives/edgar/data/1771146/000183988223008171/ex-g10.htm)</u> |
| (g)(9) | <u>[Amendment No. 12 to Global Custodial and Agency Services Agreement between the Registrant and Citibank, N.A. dated July 10, 2023 is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 64 on Form N-1A filed on July 28, 2023.](https://www.sec.gov/Archives/edgar/data/1771146/000138713123008932/ex99-g9.htm)</u> |
| (g)(10) | <u>[Amendment No. 13 to Global Custodial and Agency Services Agreement between the Registrant and Citibank, N.A. dated September 26, 2023 is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 101 on Form N-1A filed on October 20, 2023.](https://www.sec.gov/Archives/edgar/data/1771146/000138713123012478/ex99-g10.htm)</u> |
| (g)(11) | <u>[Amendment No. 15 to Global Custodial and Agency Services Agreement between the Registrant and Citibank, N.A. dated December 19, 2023 is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 120 on Form N-1A filed on January 8, 2024.](https://www.sec.gov/Archives/edgar/data/1771146/000199937124000230/ex99-g11.htm)</u> |
| (g)(12) | <u>[Amendment No. 16 to Global Custodial and Agency Services Agreement between the Registrant and Citibank, N.A. dated January 12, 2024 is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 121 on Form N-1A filed on January 23, 2024.](https://www.sec.gov/Archives/edgar/data/1771146/000199937124000706/ex99-g12.htm)</u> |
| (g)(13) | <u>[Amendment No. 18 to Global Custodial and Agency Services Agreement between the Registrant and Citibank, N.A. dated March 15, 2024 is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 138 on Form N-1A filed on May 21, 2024](https://www.sec.gov/Archives/edgar/data/1771146/000199937124006410/ex99-g13.htm)</u>.  |
| (g)(14) | <u>[Amendment No. 19 to Global Custodial and Agency Services Agreement between the Registrant and Citibank, N.A. dated June 25, 2024 is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 170 on Form N-1A filed on September 23, 2024.](https://www.sec.gov/Archives/edgar/data/1771146/000199937124012278/ex99-g14.htm)</u> |
| (g)(15) | <u>[Amendment No. 20 to Global Custodial and Agency Services Agreement between the Registrant and Citibank, N.A. dated September 25, 2024 is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 223 on Form N-1A filed on February 18, 2025.](https://www.sec.gov/Archives/edgar/data/1771146/000183988225009530/ex99-g15.htm)</u> |
| (g)(16) | <u>[Amendment No. 21 to Global Custodial and Agency Services Agreement between the Registrant and Citibank, N.A. dated March 11, 2025 is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 258 on Form N-1A filed on April 30, 2025](https://www.sec.gov/Archives/edgar/data/1771146/000121390025037696/ea0239503-01_ex99g28.htm)</u>. |

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|:---|:---|
| (g)(17) | <u>[Amendment No. 22 to Global Custodial and Agency Services Agreement between the Registrant and Citibank, N.A. dated June 19, 2025 is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 373 on Form N-1A filed on September 10, 2025.](https://www.sec.gov/Archives/edgar/data/1771146/000199937125013019/ex99-g54.htm)</u> |
| (g)(18) | Amendment No. 23 to Global Custodial and Agency Services Agreement between the Registrant and Citibank, N.A. \* |
| (g)(19) | <u>[ETF Custody Agreement between the Registrant and U.S. Bank N.A. dated August 13, 2024 is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 166 on Form N-1A filed on September 13, 2024](https://www.sec.gov/Archives/edgar/data/1771146/000199937124011894/ex99-g18.htm)</u>. |
| (g)(20) | <u>[Transfer Agent Servicing Agreement between the Registrant and U.S. Bancorp Fund Services, LLC dated August 13, 2024 is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 166 on Form N-1A filed on September 13, 2024.](https://www.sec.gov/Archives/edgar/data/1771146/000199937124011894/ex99-g19.htm)</u> |
| (g)(21) | <u>First [Amendment to Custody Agreement between the Registrant and U.S. Bank N.A. dated October 1, 2024 is herein incorporated by reference from the Registrant's Post—Effective Amendment No. 188 on Form N-1A filed on November 22, 2024.](https://www.sec.gov/Archives/edgar/data/1771146/000183988224040726/ex99-g19.htm)</u> |
| (g)(22) | <u>First [Amendment to Transfer Agent Servicing Agreement between the Registrant and U.S. Bancorp Fund Services, LLC dated October 1, 2024 is herein incorporated by reference from the Registrant's Post—Effective Amendment No. 188 on Form N-1A filed on November 22, 2024.](https://www.sec.gov/Archives/edgar/data/1771146/000183988224040726/ex99-g20.htm)</u> |
| (g)(23) | <u>Second [Amendment to Custody Agreement between the Registrant and U.S. Bank N.A. dated October 22, 2024 is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 223 on Form N-1A filed on February 18, 2025.](https://www.sec.gov/Archives/edgar/data/1771146/000183988225009530/ex99-g20.htm)</u> |
| (g)(24) | <u>Second [Amendment to Transfer Agent Servicing Agreement between the Registrant and U.S. Bancorp Fund Services, LLC dated October 22, 2024 is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 223 on Form N-1A filed on February 18, 2025.](https://www.sec.gov/Archives/edgar/data/1771146/000183988225009530/ex99-g21.htm)</u> |
| (g)(25) | <u>Third [Amendment to Custody Agreement between the Registrant and U.S. Bank N.A. dated January 27, 2025 is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 223 on Form N-1A filed on February 18, 2025.](https://www.sec.gov/Archives/edgar/data/1771146/000183988225009530/ex99-g22.htm)</u> |
| (g)(26) | <u>Third [Amendment to Transfer Agent Servicing Agreement between the Registrant and U.S. Bancorp Fund Services, LLC dated January 27, 2025 is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 223 on Form N-1A filed on February 18, 2025.](https://www.sec.gov/Archives/edgar/data/1771146/000183988225009530/ex99-g24.htm)</u> |
| (g)(27) | <u>Fourth [Amendment to Custody Agreement between the Registrant and U.S. Bank N.A. dated February 20, 2025 is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 240 on Form N-1A filed on March 24, 2025.](https://www.sec.gov/Archives/edgar/data/1771146/000199937125003046/ex99-g26.htm)</u> |
| (g)(28) | <u>Fourth [Amendment to the Transfer Agent Servicing Agreement between the Registrant and U.S. Bancorp Fund Services, LLC dated February 20, 2025 is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 240 on Form N-1A filed on March 24, 2025.](https://www.sec.gov/Archives/edgar/data/1771146/000199937125003046/ex99-g27.htm)</u> |
| (g)(29) | <u>Fifth [Amendment to the Custody Agreement between the Registrant and U.S. Bank N.A. dated March 21, 2025](https://www.sec.gov/Archives/edgar/data/1771146/000199937125009530/ex99-g31.htm)[is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 317 on Form N-1A filed on July 22, 2025.](https://www.sec.gov/Archives/edgar/data/1771146/000199937125009530/ex99-g31.htm)</u>  |

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| | |
|:---|:---|
| (g)(30) | <u>Fifth [Amendment to the Transfer Agent Services Agreement between the Registrant and U.S. Bancorp Fund Services, LLC dated March 21, 2025](https://www.sec.gov/Archives/edgar/data/1771146/000199937125009530/ex99-g32.htm)[is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 317 on Form N-1A filed on July 22, 2025.](https://www.sec.gov/Archives/edgar/data/1771146/000199937125009530/ex99-g32.htm)</u>  |
| (g)(31) | <u>[Master Custody Service Agreement between the Registrant and Anchorage Digital Bank N.A. on behalf of the REX-Osprey™ SOL +Staking ETF and REX-Osprey™ ETH +Staking ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 303 on Form N-1A filed on June 27, 2025.](https://www.sec.gov/Archives/edgar/data/1771146/000199937125008476/ex99-g33.htm)</u> |
| (g)(32) | <u>Sixth [Amendment to the Custody Agreement between the Registrant and U.S. Bank N.A. dated April 10, 2025 is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 258 on Form N-1A filed on April 30, 2025](https://www.sec.gov/Archives/edgar/data/1771146/000121390025037696/ea0239503-01_ex99g35.htm)</u>. |
| (g)(33) | <u>Sixth [Amendment to the Transfer Agent Services Agreement between the Registrant and U.S. Bancorp Fund Services, LLC dated April 10, 2025 is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 258 on Form N-1A filed on April 30, 2025.](https://www.sec.gov/Archives/edgar/data/1771146/000121390025037696/ea0239503-01_ex99g37.htm)</u> |
| (g)(34) | <u>Seventh [Amendment to Custody Agreement between the Registrant and U.S. Bank N.A. dated May 29, 2025 is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 317 on Form N-1A filed on July 22, 2025.](https://www.sec.gov/Archives/edgar/data/1771146/000199937125009530/ex99-g40.htm)</u>  |
| (g)(35) | <u>Seventh [Amendment to the Transfer Agent and Servicing Agreement between the Registrant and U.S. Bancorp Fund Services, LLC dated May 29, 2025 is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 317 on Form N-1A filed on July 22, 2025.](https://www.sec.gov/Archives/edgar/data/1771146/000199937125009530/ex99-g41.htm)</u>  |
| (g)(36) | <u>Eighth [Amendment to Custody Agreement between the Registrant and U.S. Bancorp Fund Services, LLC dated June 17, 2025 is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 317 on Form N-1A filed on July 22, 2025.](https://www.sec.gov/Archives/edgar/data/1771146/000199937125009530/ex99-g42.htm)</u>  |
| (g)(37) | <u>Eighth [Amendment to the Transfer Agent Services Agreement between the Registrant and U.S. Bancorp Fund Services, LLC dated June 17, 2025 is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 317 on Form N-1A filed on July 22, 2025.](https://www.sec.gov/Archives/edgar/data/1771146/000199937125009530/ex99-g43.htm)</u>  |
| (g)(38) | <u>Ninth [Amendment to the Custody Agreement between the Registrant and U.S. Bancorp Fund Services, LLC dated July 11, 2025 herein incorporated by reference from the Registrant's Post-Effective Amendment No. 338 on Form N-1A filed on August 6, 2025.](https://www.sec.gov/Archives/edgar/data/1771146/000199937125010709/ex99g44.htm)</u> |
| (g)(39) | <u>Ninth [Amendment to the Transfer Agent Services Agreement between the Registrant and U.S. Bancorp Fund Services, LLC dated July 11, 2025 herein incorporated by reference from the Registrant's Post-Effective Amendment No. 338 on Form N-1A filed on August 6, 2025.](https://www.sec.gov/Archives/edgar/data/1771146/000199937125010709/ex99g45.htm)</u> |
| (g)(40) | <u>Tenth [Amendment to Custody Agreement between the Registrant and U.S. Bank N.A. dated August 4, 2025 is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 373 on Form N-1A filed on September 10, 2025.](https://www.sec.gov/Archives/edgar/data/1771146/000199937125013019/ex99-g55.htm)</u> |
| (g)(41) | <u>Tenth [Amendment to the Transfer Agent and Servicing Agreement between the Registrant and U.S. Bancorp Fund Services, LLC dated August 4, 2025 is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 373 on Form N-1A filed on September 10, 2025.](https://www.sec.gov/Archives/edgar/data/1771146/000199937125013019/ex99-g56.htm)</u> |

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&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| (g)(42) | <u>Eleventh [Amendment to the Custody Agreement between the Registrant and U.S. Bank N.A. dated August 20, 2025 is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 373 on Form N-1A filed on September 10, 2025.](https://www.sec.gov/Archives/edgar/data/1771146/000199937125013019/ex99-g59.htm)</u> |
| (g)(43) | <u>Eleventh [Amendment to the Transfer Agent and Servicing Agreement between the Registrant and U.S. Bancorp Fund Services, LLC August 20, 2025 is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 373 on Form N-1A filed on September 10, 2025.](https://www.sec.gov/Archives/edgar/data/1771146/000199937125013019/ex99-g60.htm)</u> |
| (g)(44) | <u>Twelfth [Amendment to the Custody Agreement between the Registrant and U.S. Bancorp Fund Services, LLC dated August 29, 2025 herein incorporated by reference from the Registrant's Post-Effective Amendment No. 365 on Form N-1A filed on August 29, 2025.](https://www.sec.gov/Archives/edgar/data/1771146/000199937125012355/ex99-g46.htm)</u> |
| (g)(45) | <u>Twelfth [Amendment to the Transfer Agent Services Agreement between the Registrant and U.S. Bancorp Fund Services, LLC dated August 29, 2025 herein incorporated by reference from the Registrant's Post-Effective Amendment No. 365 on Form N-1A filed on August 29, 2025.](https://www.sec.gov/Archives/edgar/data/1771146/000199937125012355/ex99-g49.htm)</u> |
| (g)(46) | <u>Thirteenth [Amendment to the Custody Agreement between the Registrant and U.S. Bank N.A. dated September 18, 2025 is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 422 on Form N-1A filed on October 15, 2025.](https://www.sec.gov/Archives/edgar/data/1771146/000199937125015489/ex99-g34.htm)</u> |
| (g)(47) | <u>Thirteenth [Amendment to the Transfer Agent Services Agreement between the Registrant and U.S. Bank Global Fund Services, LLC dated September 18, 2025 is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 422 on Form N-1A filed on October 15, 2025.](https://www.sec.gov/Archives/edgar/data/1771146/000199937125015489/ex99-g35.htm)</u> |
| (g)(48) | <u>Fourteenth [Amendment to the Custody Agreement between the Registrant and U.S. Bank N.A. dated September 30, 2025 is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 544 on Form N-1A filed on December 31, 2025.](https://www.sec.gov/Archives/edgar/data/1771146/000199937125021457/ex99-g61.htm)</u> |
| (g)(49) | <u>Fourteenth [Amendment to the Transfer Agent Services Agreement between the Registrant and U.S. Bancorp Fund Services, LLC dated September 30, 2025 is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 544 on Form N-1A filed on December 31, 2025.](https://www.sec.gov/Archives/edgar/data/1771146/000199937125021457/ex99-g62.htm)</u> |
| (g)(50) | <u>Fifteenth [Amendment to the Custody Agreement between the Registrant and U.S. Bank N.A. dated November 6, 2025 is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 475 on Form N-1A filed on November 25, 2025.](https://www.sec.gov/Archives/edgar/data/1771146/000199937125018689/ex99-g61.htm)</u> |
| (g)(51) | <u>Fifteenth [Amendment to the Transfer Agent and Servicing Agreement between the Registrant and U.S. Bancorp Fund Services, LLC dated November 6, 2025 is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 475 on Form N-1A filed on November 25, 2025.](https://www.sec.gov/Archives/edgar/data/1771146/000199937125018689/ex99-g62.htm)</u> |
| (g)(52) | <u>Sixteenth [Amendment to the Custody Agreement between the Registrant and U.S. Bank N.A. dated November 14, 2025 is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 523 on Form N-1A filed on December 19, 2025.](https://www.sec.gov/Archives/edgar/data/1771146/000199937125020805/ex99-g63.htm)</u>  |
| (g)(53) | <u>Sixteenth [Amendment to the Transfer Agent and Servicing Agreement between the Registrant and U.S. Bancorp Fund Services, LLC dated November 14, 2025 is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 523 on Form N-1A filed on December 19, 2025.](https://www.sec.gov/Archives/edgar/data/1771146/000199937125020805/ex99-g64.htm)</u> |
| (g)(54) | <u>Seventeenth [Amendment to the Custody Agreement between the Registrant and U.S. Bank N.A. dated December 11, 2025 is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 523 on Form N-1A filed on December 19, 2025.](https://www.sec.gov/Archives/edgar/data/1771146/000199937125020805/ex99-g65.htm)</u> |

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|:---|:---|
| (g)(55) | <u>Seventeenth [Amendment to the Transfer Agent and Servicing Agreement between the Registrant and U.S. Bancorp Fund Services, LLC dated December 11, 2025 is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 523 on Form N-1A filed on December 19, 2025.](https://www.sec.gov/Archives/edgar/data/1771146/000199937125020805/ex99-g66.htm)</u> |
| (g)(56) | <u>[Eighteenth Amendment to the Custody Agreement between the Registrant and U.S. Bancorp Fund Services, LLC dated January 7, 2026 is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 571 on Form N-1A filed on January 16, 2026.](https://www.sec.gov/Archives/edgar/data/1771146/000199937126001133/ex99-g56.htm)</u> |
| (g)(57) | <u>[Eighteenth Amendment to the Transfer Agent Services Agreement between the Registrant and U.S. Bancorp Fund Services, LLC dated January 7, 2026 is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 571 on Form N-1A filed on January 16, 2026.](https://www.sec.gov/Archives/edgar/data/1771146/000199937126001133/ex99-g57.htm)</u> |
| (g)(58) | <u>[Nineteenth Amendment to the Custody Agreement between the Registrant and U.S. Bancorp Fund Services, LLC dated January 23, 2026 - Filed Herewith.](etfopportunitiestrust-cust.htm)</u> |
| (g)(59) | <u>[Nineteenth Amendment to the Transfer Agent Services Agreement between the Registrant and U.S. Bancorp Fund Services, LLC dated January 23, 2026 - Filed Herewith.](etfopportunitiestrust-taag.htm)</u> |
| (g)(60) | Master Custody Service Agreement between the Registrant and Anchorage Digital Bank N.A. on behalf of the GSR Crypto Core3 ETF, the GSR Crypto StakingMax ETF, GSR Ethereum Staking Opportunities ETF and GSR Ethereum YieldEdge ETF.\* |
| (h)(1) | <u>[Fund Services Agreement between the Registrant and Commonwealth Fund Services, Inc. dated March 24, 2020 on behalf of the funds advised by Ridgeline Research, LLC is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 8 on Form N-1A filed on April 16, 2021.](https://www.sec.gov/Archives/edgar/data/1771146/000138713121004616/ex99-h1.htm)</u> |
| (h)(2) | <u>[Fund Services Agreement between the Registrant and Commonwealth Fund Services, Inc. dated March 9, 2021 on behalf of the funds advised by Formidable Asset Management, LLC is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 19 on Form N-1A filed on October 12, 2021](https://www.sec.gov/Archives/edgar/data/1771146/000138713121009950/ex99-h3.htm)</u>. |
| (h)(3) | <u>[Fund Services Agreement between the Registrant and Commonwealth Fund Services, Inc. dated March 9, 2021 as amended October 9, 2025 on behalf of the funds advised by Applied Finance, LLC is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 475 on Form N-1A filed on November 25, 2025.](https://www.sec.gov/Archives/edgar/data/1771146/000199937125018689/ex99-h26.htm)</u> |
| (h)(4) | <u>[Fund Services Agreement between the Registrant and Commonwealth Fund Services, Inc. dated October 4, 2021 as amended December 2022 on behalf of the funds advised by Kingsbarn Capital Management, LLC is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 45 on Form N-1A filed on March 30, 2023.](https://www.sec.gov/Archives/edgar/data/1771146/000183988223008171/ex-h6.htm)</u> |
| (h)(5) | <u>[Fund Services Agreement between the Registrant and Commonwealth Fund Services, Inc. dated October 4, 2021 on behalf of the funds advised by WealthTrust Asset Management, LLC is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 22 on Form N-1A filed November 23, 2021.](https://www.sec.gov/Archives/edgar/data/1771146/000138713121011469/ex99-h8.htm)</u> |
| (h)(6) | <u>[Fund Services Agreement between the Registrant and Commonwealth Fund Services, Inc. dated December 8, 2021 on behalf of the funds advised by Cultivar Capital, Inc. is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 26 on Form N-1A filed on March 24, 2022](https://www.sec.gov/Archives/edgar/data/1771146/000138713122003929/ex99-h10.htm)</u>. |

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|:---|:---|
| (h)(7) | <u>[Fund Services Agreement between the Registrant and Commonwealth Fund Services, Inc. dated March 17, 2023 as amended December 11, 2025 on behalf of the funds advised by Tuttle Capital Management LLC is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 571 on Form N-1A filed on January 16, 2026](https://www.sec.gov/Archives/edgar/data/1771146/000199937126001133/ex99-h7.htm)</u>  |
| (h)(8) | Amended Fund Services Agreement between the Registrant and Commonwealth Fund Services, Inc. dated _________ on behalf of the funds advised by Tuttle Capital Management LLC \* |
| (h)(9) | <u>[Fund Services Agreement between the Registrant and Commonwealth Fund Services, Inc. dated June 20, 2023 as amended May 1, 2025 on behalf of the funds advised by REX Advisers, LLC](https://www.sec.gov/Archives/edgar/data/1771146/000199937125010087/ex99-h19.htm)[is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 325 on Form N-1A filed on July 28, 2025.](https://www.sec.gov/Archives/edgar/data/1771146/000199937125010087/ex99-h19.htm)</u>  |
| (h)(10) | Amended Fund Services Agreement between the Registrant and Commonwealth Fund Services, Inc. dated _________ on behalf of the funds advised by REX Advisers, LLC \* |
| (h)(11) | <u>[Fund Services Agreement between the Registrant and Commonwealth Fund Services, Inc. dated September 26, 2023 as amended June 19, 2025 on behalf of the funds advised by IDX Advisors, LLC is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 396 on Form N-1A filed on September 24, 2025.](https://www.sec.gov/Archives/edgar/data/1771146/000199937125013936/ex99-h10.htm)</u> |
| (h)(12) | <u>[Fund Services Agreement between the Registrant and Commonwealth Fund Services, Inc. December 19, 2023 as amended on December 11, 2025 on behalf of the funds advised by Tapp Finance, Inc. is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 548 on Form N-1A filed on January 5, 2026.](https://www.sec.gov/Archives/edgar/data/1771146/000199937126000146/ex99-h11.htm)</u> |
| (h)(13) | <u>[Fund Services Agreement between the Registrant and Commonwealth Fund Services, Inc. dated June 25, 2024 as amended December 17, 2024 on behalf of the funds advised by 3Fourteen & SMI Advisory Services, LLC is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 223 on Form N-1A filed on February 18, 2025.](https://www.sec.gov/Archives/edgar/data/1771146/000183988225009530/ex99-h24.htm)</u> |
| (h)(14) | <u>[Form of Fund Services Agreement between the Registrant and Commonwealth Fund Services, Inc. dated December 17, 2024 as amended September 24, 2025 on behalf of the Brookmont Capital Management, LLC is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 419 on Form N-1A on October 10, 2025.](https://www.sec.gov/Archives/edgar/data/1771146/000199937125015225/ex99-h24.htm)</u> |
| (h)(15) | <u>[Fund Services Agreement between the Registrant and Commonwealth Fund Services, Inc. dated March 11, 2025 as amended September 24, 2025 on behalf of the funds advised by Hedgeye Asset Management, LLC is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 443 on Form N-1A filed on November 5, 2025.](https://www.sec.gov/Archives/edgar/data/1771146/000199937125016991/ex99-h25.htm)</u> |
| (h)(16) | Amended Fund Services Agreement between the Registrant and Commonwealth Fund Services, Inc. dated _________ on behalf of the funds advised by Hedgeye Asset Management, LLC \* |
| (h)(17) | <u>[Fund Services Agreement between the Registrant and Commonwealth Fund Services, Inc. dated March 11, 2025 on behalf of the funds advised by OT Advisors, LLC is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 326 on Form N-1A filed on July 29, 2025.](https://www.sec.gov/Archives/edgar/data/1771146/000199937125010167/ex99-h21.htm)</u> |
| (h)(18) | <u>[Fund Services Agreement between the Registrant and Commonwealth Fund Services, Inc. dated June 19, 2025 on behalf of the funds advised by Golden Eagle Strategies, Inc. is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 373 on Form N-1A filed on September 10, 2025.](https://www.sec.gov/Archives/edgar/data/1771146/000199937125013019/ex99-h22.htm)</u> |

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| (h)(19) | <u>[Fund Services Agreement between the Registrant and Commonwealth Fund Services, Inc. dated September 24, 2025 on behalf of the funds advised by Arlington Partners, LLC is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 433 on Form N-1A filed on October 27, 2025.](https://www.sec.gov/Archives/edgar/data/1771146/000199937125016188/ex99-h25.htm)</u> |
| (h)(20) | <u>[Fund Services Agreement between the Registrant and Commonwealth Fund Services, Inc. on behalf of the funds advised by Framework Digital Advisors LLC - Filed Herewith.](frameworkdigitalcfsetfadmi.htm)</u> |
| (h)(21) | <u>[Fund Services Agreement between the Registrant and Commonwealth Fund Services, Inc. on behalf of the fund advised by Highland Capital Management, LLC dated September 24, 2025 as amended January 21, 2026 is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 594 on Form N-1A filed on January 29, 2026.](https://www.sec.gov/Archives/edgar/data/1771146/000177114626000253/ex99h21-highlandcapitalcfs.htm)</u> |
| (h)(22) | Fund Services Agreement between the Registrant and Commonwealth Fund Services, Inc. on behalf of the fund advised by Ai Funds, Inc. \* |
| (h)(23) | <u>[Services Agreement (Fund Accounting services) between the Registrant, Citi Fund Services Ohio, Inc. and Citibank, N.A. dated May 14, 2020 is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 8 on Form N-1A filed on April 16, 2021.](https://www.sec.gov/Archives/edgar/data/1771146/000138713121004616/ex99-h5.htm)</u> |
| (h)(24) | <u>[Amendment No. 4 to the Services Agreement (Fund Accounting services) between the Registrant, Citi Fund Services Ohio, Inc. and Citibank, N.A. dated March 1, 2021 is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 8 on Form N-1A filed on April 16, 2021.](https://www.sec.gov/Archives/edgar/data/1771146/000138713121004616/ex99-h6.htm)</u> |
| (h)(25) | <u>[Amendment No. 6 to the Services Agreement (Fund Accounting services) between the Registrant, Citi Fund Services Ohio, Inc. and Citibank, N.A. dated July 15, 2021 is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 11 on Form N-1A filed on July 20, 2021](https://www.sec.gov/Archives/edgar/data/1771146/000138713121007483/ex99-h8.htm)</u>. |
| (h)(26) | <u>[Amendment No. 7 to the Services Agreement (Fund Accounting services) between the Registrant, Citi Fund Services Ohio, Inc. and Citibank, N.A. dated September 16, 2021 is herein incorporated by reference from the Registrant's Post-Effective No. 19 on Form N-1A filed on October 12, 2021.](https://www.sec.gov/Archives/edgar/data/1771146/000138713121009950/ex99-h12.htm)</u> |
| (h)(27) | <u>[Amendment No. 8 to the Services Agreement (Fund Accounting services) between the Registrant, Citi Fund Services Ohio, Inc. and Citibank, N.A. dated October 1, 2021 is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 22 on Form N-1A filed November 23, 2021.](https://www.sec.gov/Archives/edgar/data/1771146/000138713121011469/ex99-h14.htm)</u> |
| (h)(28) | <u>[Amendment No. 9 to the Services Agreement (Fund Accounting services) between the Registrant, Citi Fund Services Ohio, Inc. and Citibank, N.A. dated December 1, 2021 is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 26 on Form N-1A filed on March 24, 2022](https://www.sec.gov/Archives/edgar/data/1771146/000138713122003929/ex99-h16.htm)</u>. |
| (h)(29) | <u>[Amendment No. 10 to the Services Agreement (Fund Accounting services) between the Registrant, Citi Fund Services Ohio, Inc. and Citibank, N.A. dated July 21, 2022 is herein incorporated by reference from Registrant's Post-Effective No. 33 on Form N-1A filed on November 28, 2022.](https://www.sec.gov/Archives/edgar/data/1771146/000138713122011865/ex99-h18.htm)</u> |
| (h)(30) | <u>[Amendment No. 12 to the Services Agreement (Fund Accounting services) between the Registrant, Citi Fund Services Ohio, Inc. and Citibank, N.A. dated December 20, 2022 is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 45 on Form N-1A filed on March 30, 2023.](https://www.sec.gov/Archives/edgar/data/1771146/000183988223008171/ex-h17.htm)</u> |
| (h)(31) | <u>[Amendment No. 15 to the Services Agreement (Fund Accounting services) between the Registrant, Citi Fund Services, Ohio, Inc. and Citibank, N.A. dated September 26, 2023 is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 101 on Form N-1A filed on October 20, 2023.](https://www.sec.gov/Archives/edgar/data/1771146/000199937124000706/ex99-h27.htm)</u> |

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| (h)(32) | <u>[Amendment No. 17 to the Services Agreement (Fund Accounting services) between the Registrant Citi Fund Services Ohio, Inc. and Citibank, N.A. dated December 19, 2023 is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 64 on Form N-1A filed on July 28, 2023.](https://www.sec.gov/Archives/edgar/data/1771146/000199937124000230/ex99-h26.htm)</u> |
| (h)(33) | <u>[Amendment No. 17 to the Services Agreement (Fund Accounting services) between the Registrant, Citi Fund Services, Ohio, Inc. and Citibank, N.A. dated December 19, 2023 is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 120 on Form N-1A filed on January 8, 2024.](https://www.sec.gov/Archives/edgar/data/1771146/000199937124000706/ex99-h27.htm)</u> |
| (h)(34) | <u>[Amendment No. 20 to the Services Agreement (Fund Accounting services) between the Registrant, Citi Fund Services, Ohio, Inc. and Citibank, N.A. dated March 15, 2024 is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 138 on Form N-1A filed on May 21, 2024](https://www.sec.gov/Archives/edgar/data/1771146/000199937124006410/ex99-h31.htm)</u>. |
| (h)(35) | <u>[Amendment No. 21 to the Services Agreement (Fund Accounting services) between the Registrant, Citi Fund Services, Ohio, Inc. and Citibank, N.A. dated June 25, 2024 is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 170 on Form N-1A filed on September 23, 2024.](https://www.sec.gov/Archives/edgar/data/1771146/000199937124012278/ex99-h34.htm)</u> |
| (h)(36) | <u>[Amendment No. 22 to the Services Agreement (Fund Accounting services) between the Registrant, Citi Fund Services, Ohio, Inc. and Citibank, N.A. dated September 25, 2024 is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 223 on Form N-1A filed on February 18, 2025.](https://www.sec.gov/Archives/edgar/data/1771146/000183988225009530/ex99-h44.htm)</u> |
| (h)(37) | <u>[Amendment No. 23 to the Services Agreement (Fund Accounting Services) between the Registrant and Citibank, N.A. dated March 11, 2025 is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 258 on Form N-1A filed on April 30, 2025](https://www.sec.gov/Archives/edgar/data/1771146/000121390025037696/ea0239503-01_ex99h58.htm)</u>. |
| (h)(38) | <u>[Amendment No. 24 to the Services Agreement (Fund Accounting services) between the Registrant, Citi Fund Services, Ohio, Inc. and Citibank, N.A. dated June 19, 2025 is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 373 on Form N-1A filed on September 10, 2025.](https://www.sec.gov/Archives/edgar/data/1771146/000199937125013019/ex99-h82.htm)</u> |
| (h)(40) | <u>[Amendment No. 25 to the Services Agreement (Fund Accounting services) between the Registrant, Citi Fund Services, Ohio, Inc. and Citibank, N.A. dated September 24, 2025 is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 475 on Form N-1A filed on November 25, 2025.](https://www.sec.gov/Archives/edgar/data/1771146/000199937125018689/ex99-h88.htm)</u> |
| (h)(41) | <u>[ETF Fund Accounting Services Agreement between the Registrant and U.S. Bancorp Fund Services, LLC dated August 13, 2024 is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 166 on Form N-1A filed on September 13, 2024.](https://www.sec.gov/Archives/edgar/data/1771146/000199937124011894/ex99-h40.htm)</u> |
| (h)(42) | <u>[Fund Sub-Administration Servicing Agreement between the Registrant and U.S. Bancorp Fund Services, LLC dated August 13, 2024 is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 166 on Form N-1A filed on September 13, 2024.](https://www.sec.gov/Archives/edgar/data/1771146/000199937124011894/ex99-h41.htm)</u> |
| (h)(43) | <u>First [Amendment to the ETF Fund Accounting Services Agreement between the Registrant and U.S. Bancorp dated October 1, 2024 is herein incorporated by reference from the Registrant's Post—Effective Amendment No. 188 on Form N-1A filed on November 22, 2024.](https://www.sec.gov/Archives/edgar/data/1771146/000183988224040726/ex99-h40.htm)</u> |
| (h)(44) | <u>First [Amendment to the Fund Sub-Administration Servicing Agreement between the Registrant and U.S. Bancorp Fund Services, LLC dated October 1, 2024 is herein incorporated by reference from the Registrant's Post—Effective Amendment No. 188 on Form N-1A filed on November 22, 2024.](https://www.sec.gov/Archives/edgar/data/1771146/000183988224040726/ex99-h41.htm)</u> |
| (h)(45) | <u>Second [Amendment to the ETF Fund Accounting Services Agreement between the Registrant and U.S. Bancorp Fund Services, LLC dated October 22, 2024 is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 223 on Form N-1A filed on February 18, 2025.](https://www.sec.gov/Archives/edgar/data/1771146/000183988225009530/ex99-h49.htm)</u> |

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| | |
|:---|:---|
| (h)(46) | <u>[Second Amendment to the ETF Fund Accounting Services Agreement between the Registrant and U.S. Bancorp Fund Services, LLC dated October 22, 2024 is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 223 on Form N-1A filed on February 18, 2025.](https://www.sec.gov/Archives/edgar/data/1771146/000183988225009530/ex99-h53.htm)</u> |
| (h)(47) | <u>Third [Amendment to the ETF Fund Accounting Services Agreement between the Registrant and U.S. Bancorp Fund Services, LLC dated January 27, 2025 is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 223 on Form N-1A filed on February 18, 2025.](https://www.sec.gov/Archives/edgar/data/1771146/000183988225009530/ex99-h50.htm)</u> |
| (h)(48) | <u>Third [Amendment to the Fund Sub-Administration Servicing Agreement between the Registrant and U.S. Bancorp Fund Services, LLC dated January 27, 2025 is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 223 on Form N-1A filed on February 18, 2025.](https://www.sec.gov/Archives/edgar/data/1771146/000183988225009530/ex99-h54.htm)</u> |
| (h)(49) | <u>Fourth [Amendment to the ETF Fund Accounting Services Agreement between the Registrant and U.S. Bancorp Fund Services, LLC dated February 20, 2025 is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 240 on Form N-1A filed on March 24, 2025.](https://www.sec.gov/Archives/edgar/data/1771146/000199937125003046/ex99-h54.htm)</u> |
| (h)(50) | <u>Fourth [Amendment to the Fund Sub-Administration Servicing Agreement between the Registrant and U.S. Bancorp Fund Services, LLC dated February 20, 2025 is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 240 on Form N-1A filed on March 24, 2025.](https://www.sec.gov/Archives/edgar/data/1771146/000199937125003046/ex99-h58.htm)</u> |
| (h)(51) | <u>Fifth [Amendment to t](https://www.sec.gov/Archives/edgar/data/1771146/000199937125009530/ex99-h56.htm)[he ETF Fund Accounting Services Agreement between the Registrant and U.S. Bancorp Fund Services, LLC dated March 21, 2025 is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 317 on Form N-1A filed on July 22, 2025.](https://www.sec.gov/Archives/edgar/data/1771146/000199937125009530/ex99-h56.htm)</u>  |
| (h)(52) | <u>Fifth [Amendment to the Fund Sub-Administration Servicing Agreement between the Registrant and U.S. Bancorp](https://www.sec.gov/Archives/edgar/data/1771146/000199937125009530/ex99-h57.htm)[Fund Services, LLC dated March 21, 2025 is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 317 on Form N-1A filed on July 22, 2025.](https://www.sec.gov/Archives/edgar/data/1771146/000199937125009530/ex99-h57.htm)</u>  |
| (h)(53) | <u>Sixth [Amendment to the ETF Fund Accounting Servicing Agreement between the Registrant and U.S. Bancorp Fund Services, LLC dated April 10, 205 is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 258 on Form N-1A filed on April 30, 2025.](https://www.sec.gov/Archives/edgar/data/1771146/000121390025037696/ea0239503-01_ex99h63.htm)</u> |
| (h)(54) | <u>Sixth [Amendment to the Fund Sub-Administration Servicing Agreement between the Registrant and U.S. Bancorp Fund Services, LLC dated April 10, 2025 is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 258 on Form N-1A filed on April 30, 2025.](https://www.sec.gov/Archives/edgar/data/1771146/000121390025037696/ea0239503-01_ex99h64.htm)</u> |
| (h)(55) | <u>Seventh [Amendment to the ETF Fund Accounting Services Agreement between the Registrant and U.S. Bancorp Fund Services, LLC dated on May 29, 2025 is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 317 on Form N-1A filed on July 22, 2025.](https://www.sec.gov/Archives/edgar/data/1771146/000199937125009530/ex99-h63.htm)</u>  |
| (h)(56) | <u>Seventh [Amendment to the Fund Sub-Administration Servicing Agreement between the Registrant and U.S. Bancorp Fund Services, LLC dated May 29, 2025 is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 317 on Form N-1A filed on July 22, 2025.](https://www.sec.gov/Archives/edgar/data/1771146/000199937125009530/ex99-h64.htm)</u> |
| (h)(57) | <u>Eighth [Amendment to the ETF Fund Accounting Services Agreement between the Registrant and U.S. Bancorp Fund Services, LLC dated June 17, 2025 is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 317 on Form N-1A filed on July 22, 2025.](https://www.sec.gov/Archives/edgar/data/1771146/000199937125009530/ex99-h65.htm)</u>  |

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| | |
|:---|:---|
| (h)(58) | <u>Eighth [Amendment to the Fund Sub-Administration Servicing Agreement between the Registrant and U.S. Bancorp Fund Services, LLC dated June 17, 2025 is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 317 on Form N-1A filed on July 22, 2025.](https://www.sec.gov/Archives/edgar/data/1771146/000199937125009530/ex99-h66.htm)</u>  |
| (h)(59) | <u>Ninth [Amendment to the ETF Fund Accounting Services Agreement between the Registrant and U.S. Bancorp Fund Services, LLC dated July 11, 2025 herein incorporated by reference from the Registrant's Post-Effective Amendment No. 338 on Form N-1A filed on August 6, 2025.](https://www.sec.gov/Archives/edgar/data/1771146/000199937125010709/ex99h69.htm)</u> |
| (h)(60) | <u>Ninth [Amendment to the Fund Sub-Administration Servicing Agreement between the Registrant and U.S. Bancorp Fund Services, LLC dated July 11, 2025 herein incorporated by reference from the Registrant's Post-Effective Amendment No. 338 on Form N-1A filed on August 6, 2025.](https://www.sec.gov/Archives/edgar/data/1771146/000199937125010709/ex99h70.htm)</u> |
| (h)(61) | <u>Tenth [Amendment to the ETF Fund Accounting Services Agreement between the Registrant and U.S. Bancorp Fund Services, LLC dated August 4, 2025 is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 373 on Form N-1A filed on September 10, 2025.](https://www.sec.gov/Archives/edgar/data/1771146/000199937125013019/ex99-h83.htm)</u> |
| (h)(62) | <u>Eleventh [Amendment to the ETF Fund Accounting Services Agreement between the Registrant and U.S. Bancorp Fund Services, LLC dated August 20, 2052 is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 373 on Form N-1A filed on September 10, 2025.](https://www.sec.gov/Archives/edgar/data/1771146/000199937125013019/ex99-h76.htm)</u> |
| (h)(63) | <u>Eleventh [Amendment to the Fund Sub-Administration Servicing Agreement between the Registrant and U.S. Bancorp Fund Services, LLC dated August 20, 2025 is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 373 on Form N-1A filed on September 10, 2025.](https://www.sec.gov/Archives/edgar/data/1771146/000199937125013019/ex99-h77.htm)</u> |
| (h)(64) | <u>Twelfth [Amendment to the ETF Fund Accounting Services Agreement between the Registrant and U.S. Bancorp Fund Services, LLC dated August 29, 2025 herein incorporated by reference from the Registrant's Post-Effective Amendment No. 365 on Form N-1A filed on August 29, 2025.](https://www.sec.gov/Archives/edgar/data/1771146/000199937125012355/ex99-h76.htm)</u> |
| (h)(65) | <u>Twelfth [Amendment to the Fund Sub-Administration Servicing Agreement between the Registrant and U.S. Bancorp Fund Services, LLC dated August 29, 2025 herein incorporated by reference from the Registrant's Post-Effective Amendment No. 365 on Form N-1A filed on August 29, 2025.](https://www.sec.gov/Archives/edgar/data/1771146/000199937125012355/ex99-h77.htm)</u> |
| (h)(66) | <u>Thirteenth [Amendment to the ETF Fund Accounting Services Agreement between the Registrant and U.S. Bancorp Fund Services, LLC dated September 18, 2025 is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 422 on Form N-1A filed on October 15, 2025.](https://www.sec.gov/Archives/edgar/data/1771146/000199937125015489/ex99-h87.htm)</u> |
| (h)(67) | <u>Thirteenth [Amendment to the Fund Sub-Administration Servicing Agreement between the Registrant and U.S. Bancorp Fund Services, LLC dated September 18, 2025 is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 422 on Form N-1A filed on October 15, 2025.](https://www.sec.gov/Archives/edgar/data/1771146/000199937125015489/ex99-h88.htm)</u> |
| (h)(68) | <u>Fourteenth [Amendment to the ETF Fund Accounting Services Agreement between the Registrant and U.S. Bancorp Fund Services, LLC dated September 30, 2025 is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 544 on Form N-1A filed on December 31, 2025.](https://www.sec.gov/Archives/edgar/data/1771146/000199937125021457/ex99-h87.htm)</u> |
| (h)(69) | <u>Fourteenth [Amendment to the Fund Sub-Administration Servicing Agreement between the Registrant and U.S. Bancorp Fund Services, LLC dated September 30, 2025 is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 544 on Form N-1A filed on December 31, 2025.](https://www.sec.gov/Archives/edgar/data/1771146/000199937125021457/ex99-h88.htm)</u> |
| (h)(70) | <u>Fifteenth [Amendment to the ETF Fund Accounting Services Agreement between the Registrant and U.S. Bancorp Fund Services, LLC dated November 6, 2025 is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 475 on Form N-1A filed on November 25, 2025.](https://www.sec.gov/Archives/edgar/data/1771146/000199937125018689/ex99-h89.htm)</u> |

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|:---|:---|
| (h)(71) | <u>Fifteenth [Amendment to the Fund Sub-Administration Servicing Agreement between the Registrant and U.S. Bancorp Fund Services, LLC dated November 6, 2025 is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 475 on Form N-1A filed on November 25, 2025.](https://www.sec.gov/Archives/edgar/data/1771146/000199937125018689/ex99-h90.htm)</u> |
| (h)(72) | <u>Sixteenth [Amendment to the ETF Fund Accounting Services Agreement between the Registrant and U.S. Bancorp Fund Services, LLC dated November 14, 2025 is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 523 on Form N-1A filed on December 19, 2025.](https://www.sec.gov/Archives/edgar/data/1771146/000199937125020805/ex99-h92.htm)</u> |
| (h)(73) | <u>Sixteenth [Amendment to the Fund Sub-Administration Servicing Agreement between the Registrant and U.S. Bancorp Fund Services, LLC dated November 14, 2025 is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 523 on Form N-1A filed on December 19, 2025.](https://www.sec.gov/Archives/edgar/data/1771146/000199937125020805/ex99-h93.htm)</u> |
| (h)(74) | <u>Seventeenth [Amendment to the ETF Fund Accounting Services Agreement between the Registrant and U.S. Bancorp Fund Services, LLC dated December 11, 2025 is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 523 on Form N-1A filed on December 19, 2025.](https://www.sec.gov/Archives/edgar/data/1771146/000199937125020805/ex99-h94.htm)</u> |
| (h)(75) | <u>Seventeenth [Amendment to the Fund Sub-Administration Servicing Agreement between the Registrant and U.S. Bancorp Fund Services, LLC dated December 11, 2025 is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 523 on Form N-1A filed on December 19, 2025.](https://www.sec.gov/Archives/edgar/data/1771146/000199937125020805/ex99-h95.htm)</u> |
| (h)(76) | <u>Eighteenth [Amendment to the ETF Fund Accounting Services Agreement between the Registrant and U.S. Bancorp Fund Services, LLC dated January 7, 2026 is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 571 on Form N-1A filed on January 16, 2026.](https://www.sec.gov/Archives/edgar/data/1771146/000199937126001133/ex99-h76.htm)</u> |
| (h)(77) | <u>Eighteenth [Amendment to the Fund Sub-Administration Servicing Agreement between the Registrant and U.S. Bancorp Fund Services, LLC dated January 7, 2026 is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 571 on Form N-1A filed on January 16, 2026.](https://www.sec.gov/Archives/edgar/data/1771146/000199937126001133/ex99-h77.htm)</u> |
| (h)(78) | <u>[Nineteenth Amendment to the ETF Fund Accounting Services Agreement between the Registrant and U.S. Bancorp Fund Services, LLC dated January 23, 2026 - Filed Herewith.](etfopportunitiestrust-acco.htm)</u> |
| (h)(79) | <u>[Nineteenth Amendment to the Fund Sub-Administration Servicing Agreement between the Registrant and U.S. Bancorp Fund Services, LLC dated January 23, 2026 - Filed Herewith.](etfopportunitiestrust-subx.htm)</u> |
| (h)(80) | <u>[Fund of Funds Investment Agreement Pursuant to Rule 12d1-4 between the Registrant and BNY Mellon ETF Trust on behalf of the SMI 3Fourteen REAL Asset Allocation ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 324 on Form N-1A filed on July 25, 2025.](https://www.sec.gov/Archives/edgar/data/1771146/000199937125009863/ex99-h76.htm)</u> |
| (h)(81) | <u>[Fund of Funds Investment Agreement Pursuant to Rule 12d1-4 between the Registrant and Franklin Templeton ETF Trust on behalf of the SMI 3Fourteen REAL Asset Allocation ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 324 on Form N-1A filed on July 25, 2025.](https://www.sec.gov/Archives/edgar/data/1771146/000199937125009863/ex99-h77.htm)</u> |
| (h)(82) | <u>[Fund of Funds Investment Agreement Pursuant to Rule 12d1-4 between the Registrant and Litman Gregory Funds ETF Trust on behalf of the SMI 3Fourteen REAL Asset Allocation ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 324 on Form N-1A filed on July 25, 2025.](https://www.sec.gov/Archives/edgar/data/1771146/000199937125009863/ex99-h78.htm)</u> |
| (h)(83) | <u>[Fund of Funds Investment Agreement Pursuant to Rule 12d1-4 between the Registrant and Schwab Strategic Trust ETF Trust on behalf of the SMI 3Fourteen REAL Asset Allocation ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 324 on Form N-1A filed on July 25, 2025.](https://www.sec.gov/Archives/edgar/data/1771146/000199937125009863/ex99-h79.htm)</u> |

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| (h)(84) | <u>[Fund of Funds Investment Agreement Pursuant to Rule 12d1-4 between the Registrant and Volatility Shares ETF Trust on behalf of the RE](https://www.sec.gov/Archives/edgar/data/1771146/000199937125009863/ex99-h80.htm)[X-OspreyTM ETH + Staking ETF and REX-OspreyTM SOL + Staking ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 324 on Form N-1A filed on July 25, 2025.](https://www.sec.gov/Archives/edgar/data/1771146/000199937125009863/ex99-h80.htm)</u> |
| (h)(85) | <u>[Fee Waiver Letter dated January 16, 2025, between the Registrant and Kingsbarn Capital Management, LLC on behalf of the Kingsbarn Tactical Bond ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 244 on Form N-1A filed on March 28, 2025.](https://www.sec.gov/Archives/edgar/data/1771146/000199937125003395/ex99-h70.htm)</u> |
| (h)(86) | <u>[Fee Waiver Letter dated November 7, 2025 between Registrant and Tuttle Capital Management LLC on behalf of the Brendan Wood TopGun ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 530 on Form N-1A filed on December 29, 2025.](https://www.sec.gov/Archives/edgar/data/1771146/000199937125021257/ex99-h108.htm)</u> |
| (h)(87) | <u>[Fee Waiver Letter dated June 25, 2024 between the Registrant and 3Fourteen & SMI Advisory Services, LLC on behalf of the SMI 3Fourteen Full-Cycle Trend ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 145 on Form N-1A filed on June 26, 2024.](https://www.sec.gov/Archives/edgar/data/1771146/000199937124007817/ex99-h36.htm)</u> |
| (h)(88) | <u>[Fee Waiver Letter dated February 18, 2025 between the Registrant and 3Fourteen & SMI Advisory Services, LLC on behalf of the SMI 3Fourteen REAL Asset Allocation ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 223 on Form N-1A filed on February 19, 2025.](https://www.sec.gov/Archives/edgar/data/1771146/000183988225009530/ex99-h66.htm)</u> |
| (h)(89) | <u>[Expense Limitation Agreement between the Registrant and Brookmont Capital Management, LLC on behalf of the Brookmont Catastrophic Bond ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 223 on Form N-1A filed on February 18, 2025.](https://www.sec.gov/Archives/edgar/data/1771146/000183988225009530/ex99-h67.htm)</u>  |
| (h)(90) | <u>[Fee Waiver Letter dated August 21, 2025 between the Registrant and Brookmont Capital Management, LLC on behalf of the Brookmont Dividend Growth ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 419 on Form N-1A filed on October 10, 2025.](https://www.sec.gov/Archives/edgar/data/1771146/000199937125015225/ex99-h110.htm)</u> |
| (h)(91) | <u>[Fee Waiver Letter dated February 13, 2026 between the Registrant and Framework Digital Advisors LLC on behalf of the GSR Crypto StakingMax ETF, GSR Digital Assets Treasury Companies ETF and GSR Ethereum YieldEdge ETF - Filed Herewith.](etfopps-gsrframeworkfeewai.htm)</u> |
| (i)(1) | <u>[Opinion and Consent of Practus, LLP regarding the legality of securities registered with respect to the American Conservative Values ETF and the American Conservative Values Small-Cap ETF](https://www.sec.gov/Archives/edgar/data/1771146/000138713120005672/ex99-i1.htm)</u><u>[is herein incorporated by reference from the Registrant's Pre-Effective Amendment No. 1 on Form N-1A/A filed on J](https://www.sec.gov/Archives/edgar/data/1771146/000138713120005672/ex99-i1.htm)</u><u>[une 15, 2020.](https://www.sec.gov/Archives/edgar/data/1771146/000138713120005672/ex99-i1.htm)</u>  |
| (i)(2) | <u>[Consent of Legal Counsel for the American Conservative Values ETF and the American Conservative Values Small-Cap ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 480 on Form N-1A filed on November 26, 2025.](https://www.sec.gov/Archives/edgar/data/1771146/000199937125018902/ex99-i12.htm)</u> |
| (i)(3) | <u>[Opinion and Consent of Counsel regarding the legality of securities registered with respect to the Formidable ETFs is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 6 on Form N-1A filed on March 12, 2021](https://www.sec.gov/Archives/edgar/data/1771146/000138713121003509/ex99-i3.htm)</u>. |
| (i)(4) | <u>[Consent of Legal Counsel for the Formidable ETFs is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 324 on Form N-1A filed on July 25, 2025.](https://www.sec.gov/Archives/edgar/data/1771146/000199937125009863/ex99-i4.htm)</u>  |

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| (i)(5) | <u>[Opinion and Consent of Counsel regarding the legality of securities registered with respect to the Applied Finance Valuation Large Cap ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 8 on Form N-1A filed on April 16, 2021.](https://www.sec.gov/Archives/edgar/data/1771146/000138713121004616/ex99-i4.htm)</u> |
| (i)(6) | <u>[Consent of Legal Counsel for the Applied Finance Valuation Large Cap ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 255 on Form N-1A filed on April 30, 2025.](https://www.sec.gov/Archives/edgar/data/1771146/000199937125005132/ex99-i6.htm)</u>  |
| (i)(7) | <u>[Opinion and Consent of Counsel regarding the legality of securities registered with respect to the Kingsbarn Tactical Bond ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 21 on Form N-1A filed on November 9, 2021.](https://www.sec.gov/Archives/edgar/data/1771146/000138713121010900/ex-99i6.htm)</u> |
| (i)(8) | <u>[Consent of Legal Counsel for Kingsbarn Tactical Bond ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 244 on Form N-1A filed on March 28, 2025.](https://www.sec.gov/Archives/edgar/data/1771146/000199937125003395/ex99-i8.htm)</u> |
| (i)(9) | <u>[Opinion and Consent of Counsel regarding the legality of securities registered with respect to the Kingsbarn Dividend Opportunity ETF is herein incorporated by reference form the Registration's Post-Effective Amendment No 28 on Form N-1A filed on June 7, 2022.](https://www.sec.gov/Archives/edgar/data/1771146/000138713122006798/ex99-i9.htm)</u>  |
| (i)(10) | <u>[Consent of Counsel for the Kingsbarn Dividend Opportunity ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 233 on Form N-1A filed on February 28, 2025.](https://www.sec.gov/Archives/edgar/data/1771146/000183988225012455/ex99-i10.htm)</u> |
| (i)(11) | <u>[Opinion and Consent of Counsel regarding the legality of securities registered with respect to the WealthTrust DBS Long Term Growth is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 22 on Form N-1A filed November 23, 2021](https://www.sec.gov/Archives/edgar/data/1771146/000138713121011469/ex99-i8.htm).</u> |
| (i)(12) | Consent of Counsel for the WealthTrust DBS Long Term Growth ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment n o. 484 on Form N-1A filed on November 26, 2025. |
| (i)(13) | <u>[Opinion and Consent of Counsel regarding the legality of securities registered with respect to the Cultivar ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 26 on Form N-1A filed on March 24, 2022](https://www.sec.gov/Archives/edgar/data/1771146/000138713122003929/ex99-i11.htm).</u> |
| (i)(14) | <u>[Consent of Counsel for the Cultivar ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 481 on Form N-1A filed on November 26, 2025.](https://www.sec.gov/Archives/edgar/data/1771146/000199937125018836/ex99-i14.htm)</u> |
| (i)(15) | Opinion and Consent of Counsel regarding legality of securities registered with respect to the Tuttle Capital 2X DBMF ETF \* |
| (i)(16) | <u>[Opinion and Consent of Counsel regarding legality of shares registered with respect to T-REX 2X Long Tesla Daily Target ETF, T-REX 2X Inverse Tesla Daily Target ETF, T-REX 2X Long NVIDIA Daily Target ETF and T-REX 2X Inverse NVIDIA Daily Target ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 97 on Form N-1A filed on October 6, 2023.](https://www.sec.gov/Archives/edgar/data/1771146/000138713123012026/ex99_i14.htm)</u> |
| (i)(17) | <u>[Consent of Counsel for the T-REX 2X Long Tesla Daily Target ETF, T-REX 2X Inverse Tesla Daily Target ETF, T-REX 2X Long NVIDIA Daily Target ETF and T-REX 2X Inverse NVIDIA Daily Target ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 437 on Form N-1A filed on October 28, 2025.](https://www.sec.gov/Archives/edgar/data/1771146/000199937125016313/ex99-i17.htm)</u>  |

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|:---|:---|
| (i)(18) | <u>[Opinion and Consent of Counsel regarding legality of shares registered with respect to LAFFER\\|TENGLER Equity Income ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 64 on Form N-1A filed on July 28, 2023.](https://www.sec.gov/Archives/edgar/data/1771146/000138713123008932/ex99-i15.htm)</u> |
| (i)(19) | <u>[Consent of Counsel for the LAFFER \\| TENGLER Equity Income ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 482 on Form N-1A filed on November 26, 2025.](https://www.sec.gov/Archives/edgar/data/1771146/000199937125018858/ex99-i19.htm)</u> |
| (i)(20) | <u>[Opinion and Consent of Counsel regarding legality of shares registered with respect to the REX ETFs is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 88 on Form N-1A filed on September 20, 2023.](https://www.sec.gov/Archives/edgar/data/1771146/000138713123011414/ex99-i16.htm)</u> |
| (i)(21) | <u>[Opinion and Consent of Counsel regarding legality of shares registered with respect to the REX FANG & Innovation Equity Premium Income ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 81 on Form N-1A filed on September 1, 2023](https://www.sec.gov/Archives/edgar/data/1771146/000183988223023297/ex99-i17.htm)</u>. |
| (i)(22) | <u>[Consent of Counsel for the REX FANG & Innovation Equity Premium Income ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 483 on Form N-1A filed on November 26, 2025.](https://www.sec.gov/Archives/edgar/data/1771146/000199937125018874/ex99-i22.htm)</u> |
| (i)(23) | <u>[Opinion and Consent of Counsel regarding legality of shares registered with respect to the Tuttle Capital Daily 2X Inverse Regional Banks ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 106 on Form N-1A filed on October 31, 2023](https://www.sec.gov/Archives/edgar/data/1771146/000138713123012961/ex99-i18.htm)</u>. |
| (i)(24) | <u>[Consent of Counsel for the Tuttle Capital Daily 2X Inverse Regional Banks ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 531 on Form N-1A filed on December 29, 2025.](https://www.sec.gov/Archives/edgar/data/1771146/000199937125021263/ex99-i24.htm)</u> |
| (i)(25) | <u>[Opinion and Consent of Counsel regarding legality of shares registered with respect to the Brendan Wood TopGun ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 101 on Form N-1A filed on October 20, 2023](https://www.sec.gov/Archives/edgar/data/1771146/000138713123012478/ex99-i19.htm)</u> |
| (i)(26) | <u>[Consent of Counsel for Brendan Wood TopGun ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 530 on Form N-1A filed on December 29, 2025.](https://www.sec.gov/Archives/edgar/data/1771146/000199937125021257/ex99-i26.htm)</u> |
| (i)(27) | <u>[Opinion and Consent of Counsel regarding legality of shares registered with respect to the Tuttle Capital Daily 2X Long AI ETF and the Tuttle Capital Daily 2X Inverse AI ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 112 on Form N-1A filed on November 17, 2023](https://www.sec.gov/Archives/edgar/data/1771146/000199937123000365/ex99-i20.htm)</u>. |
| (i)(28) | <u>[Opinion and Consent of Counsel regarding legality of shares registered with respect to the IDX Dynamic Innovation ETF and IDX Dynamic Fixed Income ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 109 on Form N-1A filed on November 7, 2023](https://www.sec.gov/Archives/edgar/data/1771146/000183988223030055/ex99-i20.htm)</u>. |
| (i)(29) | <u>[Consent of Legal Counsel for the IDX Dynamic Innovation ETF and IDX Dynamic Fixed Income ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 232 on Form N-1A filed on February 28, 2025.](https://www.sec.gov/Archives/edgar/data/1771146/000183988225012441/ex99-i28.htm)</u> |
| (i)(30) | <u>[Opinion and Consent of Counsel regarding legality of shares registered with respect to the T-REX 2X Long Apple Daily Target ETF, T-REX 2X Inverse Apple Daily Target ETF, T-REX 2X Long Alphabet Daily Target ETF, T-REX 2X Inverse Alphabet Daily Target ETF, T-REX 2X Long Microsoft Daily Target ETF and T-REX 2X Inverse Microsoft Daily Target ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 120 on Form N-1A filed on January 8, 2024](https://www.sec.gov/Archives/edgar/data/1771146/000199937124000230/ex99-d26.htm)</u>. |

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|:---|:---|
| (i)(31) | <u>[Consent of Legal Counsel for the T-REX 2X LONG GME DAILY TARGET ETF, T-REX 2X LONG HOOD DAILY TARGET ETF, T-REX 2X LONG DJT DAILY TARGET ETF, T-REX 2X LONG MARA DAILY TARGET ETF, T-REX 2X INVERSE MARA DAILY TARGET ETF, T-REX 2X LONG RBLX DAILY TARGET ETF, T-REX 2X INVERSE PLTR DAILY TARGET ETF, T-REX 2X LONG ARM DAILY TARGET ETF, T-REX 2X LONG SHOP DAILY TARGET ETF, T-REX 2X INVERSE SHOP DAILY TARGET ETF, T-REX 2X INVERSE AMD DAILY TARGET ETF, T-REX 2X INVERSE BA DAILY TARGET ETF, T-REX 2X LONG SNOW DAILY TARGET ETF, T-REX 2X INVERSE SNOW DAILY TARGET ETF, T-REX 2X LONG AVGO DAILY TARGET ETF, T-REX 2X INVERSE AVGO DAILY TARGET ETF, T-REX 2X LONG PANW DAILY TARGET ETF, T-REX 2X INVERSE PANW DAILY TARGET ETF, T-REX 2X LONG TSM DAILY TARGET ETF, T-REX 2X INVERSE TSM DAILY TARGET ETF, T-REX 2X LONG SQ DAILY TARGET ETF, T-REX 2X INVERSE SQ DAILY TARGET ETF, T-REX 2X INVERSE COIN DAILY TARGET ETF, T-REX 2X LONG APPLE DAILY TARGET ETF, T-REX 2X INVERSE APPLE DAILY TARGET ETF, T-REX 2X LONG ALPHABET DAILY TARGET ETF, T-REX 2X INVERSE ALPHABET DAILY TARGET ETF, T-REX 2X LONG MICROSOFT DAILY TARGET ETF and T-REX 2X INVERSE MICROSOFT DAILY TARGET ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 258 on Form N-1A filed on April 30, 2025.](https://www.sec.gov/Archives/edgar/data/1771146/000121390025037696/ea0239503-01_ex99i31.htm)</u> |
| (i)(32) | <u>[Opinion and Consent of Counsel regarding legality of shares registered with respect to the TappAlpha SPY Daily Growth & Income ETF and TappAlpha Innovation 100 Daily Growth & Income ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 121 on Form N-1A filed on January 23, 2024](https://www.sec.gov/Archives/edgar/data/1771146/000199937124000706/ex99-i24.htm)</u>. |
| (i)(33) | <u>[Consent of Legal Counsel for the TappAlpha Innovation 100 Growth & Daily Income ETF and TappAlpha SPY Growth & Daily Income ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 257 on Form N-1A filed on April 30, 2025.](https://www.sec.gov/Archives/edgar/data/1771146/000199937125005141/ex99-i32.htm)</u> |
| (i)(34) | <u>[Opinion and Consent of Counsel regarding legality of shares registered with respect to the REX AI Equity Premium Income ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 138 on Form N-1A filed on May 21, 2024](https://www.sec.gov/Archives/edgar/data/1771146/000199937124006410/ex99-i27.htm)</u>. |
| (i)(35) | <u>[Consent of Legal Counsel for the REX AI Equity Premium Income ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 402 on Form N-1A filed on September 29, 2025.](https://www.sec.gov/Archives/edgar/data/1771146/000199937125014172/ex99-i35.htm)</u> |
| (i)(36) | <u>[Opinion and Consent of Counsel regarding legality of shares registered with respect to the SMI 3Fourteen Full-Cycle Trend ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 145 on Form N-1A filed on June 26, 2024.](https://www.sec.gov/Archives/edgar/data/1771146/000199937124007817/ex99-i29.htm)</u> |
| (i)(37) | <u>[Consent of Legal Counsel for the SMI 3Fourteen Full-Cycle Trend ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 256 on Form N-1A filed on April 30, 2025.](https://www.sec.gov/Archives/edgar/data/1771146/000199937125005134/ex99-i34.htm)</u> |
| (i)(38) | <u>[Opinion and Consent of Counsel regarding legality of shares registered with respect to the Tuttle Capital Congressional Trading ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 201 on Form N-1A filed on December 13, 2024.](https://www.sec.gov/Archives/edgar/data/1771146/000183988224045121/ex99-i31.htm)</u>  |
| (i)(39) | <u>[Opinion and Consent of Counsel regarding legality of shares registered with respect to the T-REX 2X Hedge ETFs is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 170 on Form N-1A filed on September 23, 2024.](https://www.sec.gov/Archives/edgar/data/1771146/000199937124012278/ex99-i29.htm)</u> |
| (i)(40) | <u>[Opinion and Consent of Counsel regarding legality of shares registered with respect to the T-REX 2X Inverse MSTR Daily Target ETF and the T-REX 2X Long MSTR Daily Target ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 166 on Form N-1A filed on September 13, 2024.](https://www.sec.gov/Archives/edgar/data/1771146/000199937124011894/ex99-i32.htm)</u>  |

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| (i)(41) | <u>[Consent of Counsel for T-REX 2X Long MSTR Daily Target ETF, T-REX 2X Inverse MSTR Daily Target ETF, T-REX 2X Long NFLX Daily Target ETF, T-REX 2X Inverse NFLX Daily Target ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 532 on Form N-1A filed on December 29, 2025.](https://www.sec.gov/Archives/edgar/data/1771146/000199937125021276/ex99-i41.htm)</u> |
| (i)(42) | <u>[Opinion and Consent of Counsel regarding legality of shares registered with respect to the Brookmont Catastrophic Bond ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 212 on Form-N-1A filed on January 17, 2025.](https://www.sec.gov/Archives/edgar/data/1771146/000199937125000464/ex99-i36.htm)</u> |
| (i)(43) | Opinion and Consent of Counsel regarding legality of shares registered with respect to the Tuttle Option Income ETFs \* |
| (i)(44) | <u>[Opinion and Consent of Counsel regarding the legality of shares registered with respect to the REX Crypto Equity Premium Income ETF is herein incorporated by reference from the Registrant's Post—Effective Amendment No. 188 on Form N-1A filed on November 22, 2024.](https://www.sec.gov/Archives/edgar/data/1771146/000183988224040726/ex99-i34.htm)</u> |
| (i)(45) | <u>[Opinion and Consent of Counsel regarding the legality of shares registered with respect to the Put Write ETFs is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 229 on Form N-1A filed on February 24, 2025.](https://www.sec.gov/Archives/edgar/data/1771146/000183988225010571/ex99-i40.htm)</u> |
| (i)(46) | <u>[Opinion and Consent of Counsel regarding the legality of shares registered with respect to the SMI 3Fourteen SMI REAL Asset Allocation ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 223 on Form N-1A filed on February 18, 2025.](https://www.sec.gov/Archives/edgar/data/1771146/000183988225009530/ex99-i41.htm)</u> |
| (i)(47) | <u>[Opinion and Consent of Counsel regarding the legality of shares registered with respect to the REX Bitcoin Corporate Treasury Convertible Bond ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 236 on Form N-1A filed on March 11, 2025.](https://www.sec.gov/Archives/edgar/data/1771146/000183988225015121/ex99-i44.htm)</u> |
| (i)(48) | <u>[Opinion and Consent of Counsel regarding the legality of shares registered with respect to the Opportunistic Trader ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 240 on Form N-1A filed on March 24, 2025.](https://www.sec.gov/Archives/edgar/data/1771146/000199937125003046/ex99-i45.htm)</u> |
| (i)(49) | <u>[Opinion and Consent of Counsel regarding the legality of shares registered with respect to the Tuttle Capital AAPL 0DTE Covered Call ETF, Tuttle Capital GOOGL 0DTE Covered Call ETF, Tuttle Capital META 0DTE Covered Call ETF, Tuttle Capital TSLA 0DTE Covered Call ETF, Tuttle Capital NVDA 0DTE Covered Call ETF, Tuttle Capital AMZN 0DTE Covered Call ETF, Tuttle Capital MSFT 0DTE Covered Call ETF, Tuttle Capital MSTR 0DTE Covered Call ETF, Tuttle Capital COIN 0DTE Covered Call ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 245 on Form N-1A filed on March 28, 2025.](https://www.sec.gov/Archives/edgar/data/1771146/000199937125003397/ex99-i46.htm)</u>  |
| (i)(50) | <u>[Opinion and Consent of Counsel regarding the legality of shares registered with respect to the Tuttle Capital IBIT 0DTE Covered Call ETF herein incorporated by reference from the Registrant's Post-Effective Amendment No. 365 on Form N-1A filed on August 29, 2025.](https://www.sec.gov/Archives/edgar/data/1771146/000199937125012355/ex99-i49.htm)</u> |
| (i)(51) | <u>[Opinion and Consent of Counsel regarding legality of shares registered with respect to the REX-Osprey](https://www.sec.gov/Archives/edgar/data/1771146/000199937125008476/ex99-i49.htm)</u><sup>TM</sup><u>[SOL +Staking ETF and the REX Osprey™ ETH +Staking ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 303 on Form N-1A filed on June 27, 2025.](https://www.sec.gov/Archives/edgar/data/1771146/000199937125008476/ex99-i49.htm)</u> |
| (i)(52) | <u>[Opinion and Consent of Counsel regarding legality of shares registered with respect to the REX Osprey™ XRP ETF and the REX Osprey™ DOGE ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 383 on Form N-1A filed on September 12, 2025.](https://www.sec.gov/Archives/edgar/data/1771146/000199937125013188/ex99-i51.htm)</u> |

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| (i)(53) | <u>[Opinion and Consent of Counsel regarding legality of shares registered with respect to the T-REX 2X Long XRP Daily Target ETF and T-REX 2X Long SOL Daily Target ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 454 on Form N-1A filed on November 7, 2025.](https://www.sec.gov/Archives/edgar/data/1771146/000199937125017272/ex99-i53.htm)</u> |
| (i)(54) | <u>[Opinion and Consent of Counsel regarding legality of shares registered with respect to the T-REX 2X Long Trump Daily Target ETF, T-REX 2X Long LTC Daily Target ETF, T-REX 2X Long DOGE Daily Target ETF, T-REX 2X Long Bonk Daily Target ETF, T-REX 2X Long BNB Daily Target ETF, T-REX 2X Long ADA Daily Target ETF, T-REX 2X Long LINK Daily Target ETF, and T-REX 2X Long SUI Daily Target ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 550 on Form N-1A filed on January 7, 2026.](https://www.sec.gov/Archives/edgar/data/1771146/000199937126000392/ex99-i55.htm)</u> |
| (i)(55) | Opinion and Consent of Counsel regarding legality of shares registered with respect to the Tuttle Capital AI Powered ETFs \* |
| (i)(56) | <u>[Opinion and Consent of Counsel regarding legality of shares registered with respect to the Hedgeye ETFs is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 288 on Form N-1A filed on June 3, 2025.](https://www.sec.gov/Archives/edgar/data/1771146/000199937125007095/ex99-i52.htm)</u> |
| (i)(57) | <u>[Opinion and Consent of Counsel regarding legality of shares registered with respect to the Tuttle Capital No Bleed Tail Risk ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 276 on Form N-1A filed on May 21, 2025.](https://www.sec.gov/Archives/edgar/data/1771146/000121390025046379/ea024280801_ex99-i53.htm)</u> |
| (i)(58) | <u>[Opinion and Consent of Counsel regarding legality of shares registered with respect to the OTG Latin America ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 286 on Form N-1A filed on May 30, 2025.](https://www.sec.gov/Archives/edgar/data/1771146/000199937125006943/ex99-i54.htm)</u> |
| (i)(59) | <u>[Consent of Legal Counsel for the OTG Latin America ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 326 on Form N-1A filed on July 29, 2025.](https://www.sec.gov/Archives/edgar/data/1771146/000199937125010167/ex99-i55.htm)</u> |
| (i)(60) | <u>[Opinion and Consent of Counsel regarding legality of shares registered with respect to the T-REX 2X Long DKNG Daily Target ETF, T-REX 2X Long BULL Daily Target ETF, T-REX 2X Long CRWV Daily Target ETF, and T-REX 2X Long SMR Daily Target ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 317 on Form N-1A filed on July 22, 2025.](https://www.sec.gov/Archives/edgar/data/1771146/000199937125009530/ex99-i55.htm)</u>  |
| (i)(61) | <u>[Opinion and Consent of Counsel regarding legality of shares registered with respect to the T-REX 2X Long XXI Daily Target ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 544 on Form N-1A filed on December 31, 2025.](https://www.sec.gov/Archives/edgar/data/1771146/000199937125021457/ex99-i62.htm)</u> |
| (i)(62) | <u>[Opinion and Consent of Counsel regarding legality of shares registered with respect to the T-REX 2X Long AVAV Daily Target ETF, T-REX 2X Long AFRM Daily Target ETF, T-REX 2X Long ACHR Daily Target ETF, T-REX 2X Long AUR Daily Target ETF, T-REX 2X Long AXON Daily Target ETF, T-REX 2X Long B Daily Target ETF, T-REX 2X Long BBAI Daily Target ETF, T-REX 2X Long BKNG Daily Target ETF, T-REX 2X Long CVNA Daily Target ETF, T-REX 2X Long CEG Daily Target ETF, T-REX 2X Long DDOG Daily Target ETF, T-REX 2X Long WGS Daily Target ETF, T-REX 2X Long DNA Daily Target ETF, T-REX 2X Long KTOS Daily Target ETF, T-REX 2X Long OKLO Daily Target ETF, T-REX 2X Long QUBT Daily Target ETF, T-REX 2X Long RXRX Daily Target ETF, T-REX 2X Long TEM Daily Target ETF, T-REX 2X Long TTD Daily Target ETF, T-REX 2X Long UPXI Daily Target ETF, T-REX 2X Long UPST Daily Target ETF, T-REX 2X Long SOUN Daily Target ETF, T-REX 2X Long SMLR Daily Target ETF, T-REX 2X Long GLXY Daily Target ETF, and T-REX 2X Long DOUL Daily Target ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 318 on Form N-1A filed on July 22, 2025.](https://www.sec.gov/Archives/edgar/data/1771146/000199937125009578/ex99i56.htm)</u> |

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| (i)(63) | <u>[Opinion and Consent of Counsel regarding legality of shares registered with respect to the T-REX 2X Long GEV Daily Target ETF and T-REX 2X Long HHH Daily Target ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 325 on Form N-1A filed on July 28, 2025.](https://www.sec.gov/Archives/edgar/data/1771146/000199937125010087/ex99-i57.htm)</u> |
| (i)(64) | Opinion and Consent of Counsel regarding legality of shares registered with respect to the Tuttle Capital 1X Inverse Volatility ETF and Tuttle Capital 2X Inverse Volatility ETF \* |
| (i)(65) | <u>[Opinion and Consent of Counsel regarding legality of shares registered with respect to the T-REX 2X Long BYDDY Daily Target ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 384 on Form N-1A filed on September 12, 2025.](https://www.sec.gov/Archives/edgar/data/1771146/000199937125013194/ex99-i62.htm)</u> |
| (i)(66) | <u>[Opinion and Consent of Counsel regarding legality of shares registered with respect to the T-REX 2X Long CRCL Daily Target ETF herein incorporated by reference from the Registrant's Post-Effective Amendment No. 338 on Form N-1A filed on August 6, 2025.](https://www.sec.gov/Archives/edgar/data/1771146/000199937125010709/ex99i61.htm)</u> |
| (i)(67) | <u>[Opinion and Consent of Counsel regarding legality of shares registered with respect to the Golden Eagle Dynamic Hypergrowth ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 373 on Form N-1A filed on September 10, 2025.](https://www.sec.gov/Archives/edgar/data/1771146/000199937125013019/ex99-i64.htm)</u> |
| (i)(68) | <u>[Opinion and Consent of Counsel regarding the legality of shares registered with respect to the IDX Alternative FIAT ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 396 on Form N-1A filed on September 24, 2025.](https://www.sec.gov/Archives/edgar/data/1771146/000199937125013936/ex99-i65.htm)</u> |
| (i)(69) | <u>[Opinion and Consent of Counsel regarding the legality of shares registered with respect to the Tuttle Capital Government Grift ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 409 on Form N-1A filed on October 3, 2025.](https://www.sec.gov/Archives/edgar/data/1771146/000199937125014680/ex99-i67.htm)</u> |
| (i)(70) | Opinion and Consent of Counsel regarding legality of shares registered with respect to the T-REX 2X TRON Daily Target ETF \* |
| (i)(71) | <u>[Opinion and Consent of Counsel regarding legality of shares with respect to the T-REX 2X Long BRR Daily Target ETF, T-REX 2X Long LMND Daily Target ETF, T-REX 2X Long OSCR Daily Target ETF, T-REX 2X Long OUST Daily Target ETF, T-REX 2X Long SPOT Daily Target ETF, T-REX 2X Long SYM Daily Target ETF, T-REX 2X Long RDW Daily Target ETF, T-REX 2X Long UNH Daily Target ETF, T-REX 2X Long VOYG Daily Target ETF, T-REX 2X Long ETOR Daily Target ETF, T-REX 2X Long CHYM Daily Target ETF, T-REX 2X Long BMNR Daily Target ETF, T-REX 2X Long APLD Daily Target ETF, T-REX 2X Inverse CRWV Daily Target ETF and T-REX 2X Inverse CRCL Daily Target ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 397 on Form N-1A filed on September 24, 2025.](https://www.sec.gov/Archives/edgar/data/1771146/000199937125013950/ex99-i68.htm)</u> |
| (i)(72) | <u>[Opinion and Consent of Counsel regarding legality of shares with respect to the Brookmont Dividend Growth ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 419 on Form N-1A on October 10, 2025.](https://www.sec.gov/Archives/edgar/data/1771146/000199937125015225/ex99-i70.htm)</u> |
| (i)(73) | <u>[Opinion and Consent of Counsel regarding legality of shares with respect to the T-REX 2X Long FIG Daily Target ETF and the T-REX 2X Long SBET Daily Target ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 422 on Form N-1A filed on October 15, 2025.](https://www.sec.gov/Archives/edgar/data/1771146/000199937125015489/ex99-i71.htm)</u> |
| (i)(74) | <u>[Opinion and Consent of Counsel regarding legality of shares with respect to the T-REX 2X Long FLY Daily Target ETF, T-REX 2X Inverse FLY Daily Target ETF, and T-REX 2X Inverse FIG Daily Target ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 427 on Form N-1A filed on October 20, 2025.](https://www.sec.gov/Archives/edgar/data/1771146/000199937125015693/ex99-i72.htm)</u> |

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|:---|:---|
| (i)(75) | <u>[Opinion and Consent of Counsel regarding legality of shares with respect to the AQE Core ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 433 on Form N-1A filed on October 27, 2025.](https://www.sec.gov/Archives/edgar/data/1771146/000199937125016188/ex99-i73.htm)</u> |
| (i)(76) | <u>[Opinion and Consent of Counsel regarding legality of shares with respect to the T-REX 2X Long BLSH Daily Target ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 436 on Form N-1A filed on October 28, 2025.](https://www.sec.gov/Archives/edgar/data/1771146/000199937125016310/ex99-i74.htm)</u>  |
| (i)(77) | <u>[Opinion and Consent of Counsel regarding legality of shares with respect to the T-REX 2X Long STUB Daily Target ETF, T-REX 2X Long MP Daily Target ETF, T-REX 2X Long SRPT Daily Target ETF, T-REX 2X Long CIFR Daily Target ETF, T-REX 2X Long ASTS Daily Target ETF, T-REX 2X Long BTBT Daily Target ETF, T-REX 2X Long WULF Daily Target ETF, T-REX 2X Long QS Daily Target ETF and T-REX 2X Inverse BLSH Daily Target ETF is incorporated by reference from the Registrant's Post-Effective Amendment No. 438 on Form N-1A filed on October 29, 2025.](https://www.sec.gov/Archives/edgar/data/1771146/000199937125016425/ex99-i75.htm)</u> |
| (i)(78) | <u>[Opinion and Consent of Counsel regarding legality of shares with respect to the Hedgeye 130/30 Equity ETF and Hedgeye Fourth Turning ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 443 on Form N-1A filed on November 5, 2025.](https://www.sec.gov/Archives/edgar/data/1771146/000199937125016991/ex99-i76.htm)</u> |
| (i)(79) | Opinion and Consent of Counsel regarding legality of shares with respect to the REX-Osprey™ BNB +Staking ETF \* |
| (i)(80) | <u>[Opinion and Consent of Counsel regarding legality of shares with respect to the Tuttle Capital MSTR Income Blast ETF, Tuttle Capital NVIDIA Income Blast ETF, Tuttle Capital Coinbase Income Blast ETF, Tuttle Capital Tesla Income Blast ETF, Tuttle Capital Palantir Income Blast ETF, Tuttle Capital HOOD Income Blast ETF, Tuttle Capital Magnificent 7 Income Blast ETF, and Tuttle Capital Meme Stock Income Blast ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 523 on Form N-1A filed on December 19, 2025.](https://www.sec.gov/Archives/edgar/data/1771146/000199937125020805/ex99-i79.htm)</u> |
| (i)(81) | Opinion and Consent of Counsel regarding legality of shares with respect to the Tuttle Capital Quantum Computing Income Blast ETF, Tuttle Capital Drone Income Blast ETF, Tuttle Capital Space Industry Income Blast ETF, Tuttle Capital AI Infrastructure Income Blast ETF, Tuttle Capital Nuclear Power Income Blast ETF, Tuttle Capital AI Emerging Leaders Income Blast ETF, Tuttle Capital Crypto Treasury Income Blast ETF, Tuttle Capital AI Healthcare Income Blast ETF, Tuttle Capital Agentic AI Income Blast ETF, Tuttle Capital Emerging Markets AI Income Blast ETF, Tuttle Capital Robotics Income Blast ETF, Tuttle Capital Ethereum Income Blast ETF and Tuttle Capital IBIT Income Blast ETF, Tuttle Capital SOL Income Blast ETF, Tuttle Capital XRP Income Blast ETF, Tuttle Capital DOGE Income Blast ETF, Tuttle Capital Cardano Income Blast ETF, Tuttle Capital Chainlink Income Blast ETF, Tuttle Capital BNB Income Blast ETF, Tuttle Capital AVAX Income Blast ETF, Tuttle Capital Bonk Income Blast ETF, Tuttle Capital Litecoin Income Blast ETF and Tuttle Capital SUI Income Blast ETF \* |
| (i)(82) | Opinion and Consent of Counsel regarding legality of shares with respect to the T-REX 2X Long KLAR Daily Target ETF \* |
| (i)(83) | <u>[Opinion and Consent of Counsel regarding legality of shares with respect to the Applied Finance IVS US SMID ETF, Applied Finance IVS International Large ETF and Applied Finance IVS International SMID ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 475 on Form N-1A filed on November 25, 2025.](https://www.sec.gov/Archives/edgar/data/1771146/000199937125018689/ex99-i81.htm)</u> |

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| (i)(84) | <u>[Opinion and Consent of Counsel regarding legality of shares with respect to the Tuttle Capital UFO Disclosure ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 596 on Form N-1A filed on February 2, 2026.](https://www.sec.gov/Archives/edgar/data/1771146/000177114626000276/ex99i89-tuttlecapitalufodi.htm)</u> |
| (i)(85) | <u>[Opinion and Consent of Counsel regarding legality of shares with respect to the GSR Crypto ETFs - Filed Herewith.](gscryptocore3anddigitalass.htm)</u> |
| (i)(86) | <u>[Opinion and Consent of Counsel regarding legality of shares with respect to the Highland Capital Large Cap Growth ETF and the Highland Capital Large Cap Value ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 594 on Form N-1A filed on January 29, 2026.](https://www.sec.gov/Archives/edgar/data/1771146/000177114626000253/ex99i87-highlandcapitaletf.htm)</u> |
| (i)(87) | Opinion and Consent of Counsel regarding legality of shares with respect to the T-REX 2X Long ASST Daily Target ETF, T-REX 2X Long ABTC Daily Target ETF, T-REX 2X Long BNC Daily Target ETF, T-REX 2X Long BTDR Daily Target ETF, T-REX 2X Long CANG Daily Target ETF, T-REX 2X Long CAVA Daily Target ETF, T-REX 2X Long CELH Daily Target ETF, T-REX 2X Long CHWY Daily Target ETF, T-REX 2X Long CLS Daily Target ETF, T-REX 2X Long CORZ Daily Target ETF, T-REX 2X Long DNUT Daily Target ETF, T-REX 2X Long EMPD Daily Target ETF, T-REX 2X Long EOSE Daily Target ETF, T-REX 2X Long ETHM Daily Target ETF, T-REX 2X Long ETHZ Daily Target ETF, T-REX 2X Long GPRO Daily Target ETF, T-REX 2X Long GTLS Daily Target ETF, T-REX 2X Long ICHR Daily Target ETF, T-REX 2X Long ICLR Daily Target ETF, T-REX 2X Long IREN Daily Target ETF, T-REX 2X Long KSS Daily Target ETF, T-REX 2X Long MBLY Daily Target ETF, T-REX 2X Long MEIP Daily Target ETF, T-REX 2X Long NVTS Daily Target ETF, T-REX 2X Long OPEN Daily Target ETF, T-REX 2X Long POOL Daily Target ETF, T-REX 2X Long PTON Daily Target ETF, T-REX 2X Long SUIG Daily Target ETF, T-REX 2X Long TMUS Daily Target ETF, T-REX 2X Long TONX Daily Target ETF, and T-REX 2X Long VEEV Daily Target ETF \* |
| (i)(88) | <u>[Opinion and Consent of Counsel regarding legality of shares with respect to the T-REX 2X Long DFDV Daily Target ETF, T-REX 2X Long FIGR Daily Target ETF, T-REX 2X Long FMCC Daily Target ETF, T-REX 2X Long FNMA Daily Target ETF, T-REX 2X Long FWDI Daily Target ETF, T-REX 2X Long ORBS Daily Target ETF, T-REX 2X Long VKTX Daily Target ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 595 on Form N-1A filed on January 30, 2026.](https://www.sec.gov/Archives/edgar/data/1771146/000177114626000266/ex99i89-txrex2xlong7newetf.htm)</u> |
| (i)(89) | Opinion and Consent of Counsel regarding legality of shares with respect to the T-REX 2X Long GRNY Daily Target ETF \* |
| (i)(90) | Opinion and Consent of Counsel regarding legality of shares with respect to the T-REX 2X Long APH Daily Target ETF, T-REX 2X Long SLMT Daily Target ETF, T-REX 2X Long DEFT Daily Target ETF, T-REX 2X Long FLGC Daily Target ETF, T-REX 2X Long HIVE Daily Target ETF, T-REX 2X Long HOLO Daily Target ETF, T-REX 2X Long HSDT Daily Target ETF, T-REX 2X Long NAKA Daily Target ETF, T-REX 2X Long NXTT Daily Target ETF, T-REX 2X Long SRFM Daily Target ETF, T-REX 2X Long STSS Daily Target ETF, and T-REX 2X Long UI Daily Target ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 574 on Form N-1A filed on January 21, 2026. |
| (i)(91) | Opinion and Consent of Counsel regarding legality of shares with respect to the REX-Osprey™ ADA + Staking ETF, REX-Osprey™ AAVE ETF, REX-Osprey™ ATOM + Staking ETF, REX-Osprey™ AVAX + Staking ETF, REX-Osprey™ BCH ETF, REX-Osprey™ CRO + Staking ETF, REX-Osprey™ DOT + Staking ETF, REX-Osprey™ ENA ETF, REX-Osprey™ HBAR ETF, REX-Osprey™ HYPE + Staking ETF, REX-Osprey™ INJ + Staking ETF, REX-Osprey™ LINK ETF, REX-Osprey™ LTC ETF, REX-Osprey™ NEAR + Staking ETF, REX-Osprey™ OKB ETF, REX-Osprey™ SEI + Staking ETF, REX-Osprey™ SUI + Staking ETF, REX-Osprey™ TAO + Staking ETF, REX-Osprey™ TRX + Staking ETF, REX-Osprey™ UNI ETF, and REX-Osprey™ XLM ETF \* |
| (i)(92) | Opinion and Consent of Counsel regarding legality of shares with respect to the T-REX 3X ETFs \* |

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| (i)(93) | Opinion and Consent of Counsel regarding legality of shares with respect to the Tuttle Capital Permanent Portfolio 2.0 ETF \* |
| (i)(94) | <u>[Opinion and Consent of Counsel regarding legality of shares with respect to the TSPY Lift ETF and TDAQ Lift ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 548 on Form N-1A filed on January 5, 2026.](https://www.sec.gov/Archives/edgar/data/1771146/000199937126000146/ex99-i95.htm)</u> |
| (i)(95) | <u>[Opinion and Consent of Counsel regarding legality of shares with respect to the T-REX 2X Long AQMS Daily Target ETF, T-REX 2X Long AREC Daily Target ETF, T-REX 2X Long BLBX Daily Target ETF, T-REX 2X Inverse BMNR Daily Target ETF, T-REX 2X Long FTEL Daily Target ETF, T-REX 2X Long IDR Daily Target ETF, T-REX 2X Long ONDS Daily Target ETF, T-REX 2X Long PC Daily Target ETF, T-REX 2X Long PCH Daily Target ETF, T-REX 2X Long PGY Daily Target ETF, T-REX 2X Long PL Daily Target ETF, T-REX 2X Long TBH Daily Target ETF, T-REX 2X Long TMQ Daily Target ETF, T-REX 2X Long UEC Daily Target ETF, T-REX 2X Long USAR Daily Target ETF, T-REX 2X Long UUU Daily Target ETF, and T-REX 2X Long ZIM Daily Target ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 571 on Form N-1A filed on January 16, 2026.](https://www.sec.gov/Archives/edgar/data/1771146/000199937126001133/ex99-i96.htm)</u> |
| (i)(96) | Opinion and Consent of Counsel regarding legality of shares with respect to the T-REX 2X Long ABAT Daily Target ETF, T-REX 2X Long ALB Daily Target ETF, T-REX 2X Long BTG Daily Target ETF, T-REX 2X Long BITF Daily Target ETF, T-REX 2X Long CRML Daily Target ETF, T-REX 2X Long DVLT Daily Target ETF, T-REX 2X Long ENVX Daily Target ETF, T-REX 2X Long GSIT Daily Target ETF, T-REX 2X Long LAC Daily Target ETF, T-REX 2X Long LAES Daily Target ETF, T-REX 2X Long LYSDY Daily Target ETF, T-REX 2X Long NAVN Daily Target ETF, and T-REX 2X Long QSI Daily Target ETF \* |
| (i)(97) | Opinion and Consent of Counsel regarding legality of shares with respect to the REX-Osprey<sup>TM</sup> Top 10 Crypto Index ETF, REX-Osprey<sup>TM</sup> Top 10 Ex-BTC Crypto Index ETF, REX-Osprey<sup>TM</sup> Top 10 Capped Weightings Crypto Index ETF, and REX-Osprey<sup>TM</sup> Crypto Yield ETF \* |
| (i)(98) | Opinion and Consent of Counsel regarding legality of shares with respect to the Tuttle Capital MSTR Crypto Blast ETF, Tuttle Capital NVDA Crypto Blast ETF, Tuttle Capital COIN Crypto Blast ETF, Tuttle Capital TSLA Crypto Blast ETF, Tuttle Capital PLTR Crypto Blast ETF, and Tuttle Capital HOOD Crypto Blast ETF \* |
| (i)(99) | Opinion and Consent of Counsel regarding legality of shares with respect to the and T-REX 2X Long INFQ Daily Target ETF \* |
| (i)(100) | Opinion and Consent of Counsel regarding legality of shares with respect to the REX-Osprey<sup>TM</sup> Canton Coin ETF \* |
| (i)(101) | Opinion and Consent of Counsel regarding legality of shares with respect to the and T-REX 2X Long GPCR Daily Target ETF, T-REX 2X Long IWC Daily Target ETF, T-REX 2X Long LITE Daily Target ETF, T-REX 2X Long PAAS Daily Target ETF, T-REX 2X Long SNDK Daily Target ETF, T-REX 2X Long WLTH Daily Target ETF, and T-REX 2X Long WVE Daily Target ETF \* |
| (i)(102) | Opinion and Consent of Counsel regarding legality of shares with respect to the Hedgeye Brightside Family Office ETF.\* |
| (i)(103) | Opinion and Consent of Counsel regarding legality of shares with respect to the Ai Funds High Conviction US Equity AI-Managed ETF, Ai Funds Multi Crypto Coin AI-Managed ETF and Ai Funds Downside Defense AI-Managed ETF.\* |

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| (i)(104) | Opinion and Consent of Counsel regarding legality of shares with respect to the Tuttle Capital Ultra Income Blast ETF.\* |
| (i)(105) | Opinion and Consent of Counsel regarding legality of shares with respect to the T-REX 2X Long ALMU Daily Target ETF, T-REX 2X Long AMPX Daily Target ETF, T-REX 2X Long AXTI Daily Target ETF, T-REX 2X Long BHP Daily Target ETF, T-REX 2X Long Discord Daily Target ETF, T-REX 2X Long ERO Daily Target ETF, T-REX 2X Long FER Daily Target ETF, T-REX 2X Long HBM Daily Target ETF, T-REX 2X Long HOUS Daily Target ETF, T-REX 2X Long NU Daily Target ETF, T-REX 2X Long RCT Daily Target ETF, T-REX 2X Long RIO Daily Target ETF, T-REX 2X Long SATS Daily Target ETF, T-REX 2X Long SCCO Daily Target ETF, T-REX 2X Long SIL Daily Target ETF, T-REX 2X Long TE Daily Target ETF, T-REX 2X Long TECK Daily Target ETF, and T-REX 2X Long ZETA Daily Target ETF \* |
| (i)(106) | Opinion and Consent of Counsel regarding legality of shares with respect to the T-REX 3X Long IREN Daily Target ETF, T-REX 3X Long LITE Daily Target ETF and T-REX 3X Long SNDK Daily Target ETF.\* |
| (i)(107) | Opinion and Consent of Counsel regarding legality of shares with respect to the T-REX 4X Long AMD Daily Target ETF, T-REX 4X Long AMZN Daily Target ETF, T-REX 4X Long AVGO Daily Target ETF, T-REX 4X Long COIN Daily Target ETF, T-REX 4X Long GOOG Daily Target ETF, T-REX 4X Long META Daily Target ETF, T-REX 4X Long MSFT Daily Target ETF, T-REX 4X Long NVDA Daily Target ETF, T-REX 4X Long PLTR Daily Target ETF, and T-REX 4X Long TSLA Daily Target ETF\* |
| (j)(1) | <u>[Consent of Independent Registered Public Accounting Firm on behalf of the American Conservative Values ETF and the American Conservative Values Small-Cap ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 480 on Form N-1A filed on November 26, 2025.](https://www.sec.gov/Archives/edgar/data/1771146/000199937125018814/ex99-j1.htm)</u> |
| (j)(2) | <u>[Consent of Independent Registered Public Accounting Firm on behalf of the Formidable ETFs is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 324 on Form N-1A filed on July 25, 2025.](https://www.sec.gov/Archives/edgar/data/1771146/000199937125009863/ex99-j2.htm)</u>  |
| (j)(3) | <u>[Consent of Independent Registered Public Accounting Firm on behalf of the Applied Finance Valuation Large Cap ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 255 on Form N-1A filed on April 30, 2025.](https://www.sec.gov/Archives/edgar/data/1771146/000199937125005132/ex99-j3.htm)</u> |
| (j)(4) | <u>[Consent of Independent Registered Public Accounting Firm on behalf of the Cultivar ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 481 on Form N-1A filed on November 26, 2025.](https://www.sec.gov/Archives/edgar/data/1771146/000199937125018836/ex99-j4.htm)</u> |
| (j)(5) | <u>[Consent of Independent Registered Public Accounting Firm on behalf of the WealthTrust DBS Long Term Growth ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 484 on Form N-1A filed on November 26, 2025.](https://www.sec.gov/Archives/edgar/data/1771146/000199937125018902/ex99-j5.htm)</u> |
| (j)(6) | <u>[Consent of Independent Registered Public Accounting Firm on behalf of the Kingsbarn Tactical Bond ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 244 on Form N-1A filed on March 28, 2025.](https://www.sec.gov/Archives/edgar/data/1771146/000199937125003395/ex99-j6.htm)</u> |
| (j)(7) | <u>[Consent of Independent Registered Public Accounting Firm on behalf of the T-REX 2X Long Tesla Daily Target ETF, T-REX 2X Inverse Tesla Daily Target ETF, T-REX 2X Long NVIDIA Daily Target ETF and T-REX 2X Inverse NVIDIA Daily Target ETF](https://www.sec.gov/Archives/edgar/data/1771146/000199937125016313/ex99-j7.htm)</u><u>[–](https://www.sec.gov/Archives/edgar/data/1771146/000199937125016313/ex99-j7.htm)</u><u>[is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 437 on Form N-1A filed on October 28, 2025.](https://www.sec.gov/Archives/edgar/data/1771146/000199937125016313/ex99-j7.htm)</u>  |

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| (j)(8) | <u>[Consent of Independent Registered Public Accounting Firm on behalf of the LAFFER \\| TENGLER Equity Income ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 482 on Form N-1A filed on November 26, 2025.](https://www.sec.gov/Archives/edgar/data/1771146/000199937125018858/ex99-j8.htm)</u> |
| (j)(9) | <u>[Consent of Independent Registered Public Accounting Firm on behalf of the REX FANG & Innovation Equity Premium Income ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 483 on Form N-1A filed on November 26, 2025.](https://www.sec.gov/Archives/edgar/data/1771146/000199937125018874/ex99-j9.htm)</u> |
| (j)(10) | <u>[Consent of Independent Registered Public Accounting Firm on behalf of Brendan Wood TopGun ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 530 on Form N-1A filed on December 29, 2025.](https://www.sec.gov/Archives/edgar/data/1771146/000199937125021257/ex99-j10.htm)</u> |
| (j)(11) | <u>[Consent of Independent Registered Public Accounting Firm on behalf of Tuttle Capital Daily 2X Inverse Regional Banks ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 531 on Form N-1A filed on December 29, 2025.](https://www.sec.gov/Archives/edgar/data/1771146/000199937125021263/ex99-j11.htm)</u> |
| (j)(12) | <u>[Consent of Independent Registered Public Accounting Firm on behalf of the IDX Dynamic Innovation ETF and IDX Dynamic Fixed Income ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 232 on Form N-1A filed on February 28, 2025.](https://www.sec.gov/Archives/edgar/data/1771146/000183988225012441/ex99-j12.htm)</u> |
| (j)(13) | <u>[Consent of Independent Registered Public Accounting Firm on behalf of the Kingsbarn Dividend Opportunity ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 233 on Form N-1A filed on February 28, 2025.](https://www.sec.gov/Archives/edgar/data/1771146/000183988225012455/ex99-j13.htm)</u> |
| (j)(14) | <u>[Consent of Independent Registered Public Accounting Firm on behalf of the SMI 3Fourteen Full-Cycle Trend ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 256 on Form N-1A filed on April 30, 2025.](https://www.sec.gov/Archives/edgar/data/1771146/000199937125005134/ex99-j14.htm)</u> |
| (j)(15) | <u>[Consent of Independent Registered Public Accounting Firm on behalf of the TappAlpha Innovation 100 Growth & Daily Income ETF and TappAlpha SPY Growth & Daily Income ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 257 on Form N-1A filed on April 30, 2025.](https://www.sec.gov/Archives/edgar/data/1771146/000199937125005141/ex99-j15.htm)</u>  |
| (j)(16) | <u>[Consent of Independent Registered Public Accounting Firm on behalf of the T-REX 2X LONG GME DAILY TARGET ETF, T-REX 2X LONG HOOD DAILY TARGET ETF, T-REX 2X LONG DJT DAILY TARGET ETF, T-REX 2X LONG MARA DAILY TARGET ETF, T-REX 2X INVERSE MARA DAILY TARGET ETF, T-REX 2X LONG RBLX DAILY TARGET ETF, T-REX 2X INVERSE PLTR DAILY TARGET ETF, T-REX 2X LONG ARM DAILY TARGET ETF, T-REX 2X LONG SHOP DAILY TARGET ETF, T-REX 2X INVERSE SHOP DAILY TARGET ETF, T-REX 2X INVERSE AMD DAILY TARGET ETF, T-REX 2X INVERSE BA DAILY TARGET ETF, T-REX 2X LONG SNOW DAILY TARGET ETF, T-REX 2X INVERSE SNOW DAILY TARGET ETF, T-REX 2X LONG AVGO DAILY TARGET ETF, T-REX 2X INVERSE AVGO DAILY TARGET ETF, T-REX 2X LONG PANW DAILY TARGET ETF, T-REX 2X INVERSE PANW DAILY TARGET ETF, T-REX 2X LONG TSM DAILY TARGET ETF, T-REX 2X INVERSE TSM DAILY TARGET ETF, T-REX 2X LONG SQ DAILY TARGET ETF, T-REX 2X INVERSE SQ DAILY TARGET ETF, T-REX 2X INVERSE COIN DAILY TARGET ETF, T-REX 2X LONG APPLE DAILY TARGET ETF, T-REX 2X INVERSE APPLE DAILY TARGET ETF, T-REX 2X LONG ALPHABET DAILY TARGET ETF, T-REX 2X INVERSE ALPHABET DAILY TARGET ETF, T-REX 2X LONG MICROSOFT DAILY TARGET ETF and T-REX 2X INVERSE MICROSOFT DAILY TARGET ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 258 on Form N-1A filed on April 30, 2025.](https://www.sec.gov/Archives/edgar/data/1771146/000121390025037696/ea0239503-01_ex99j16.htm)</u> |
| (j)(17) | <u>[Consent of Independent Registered Public Accounting Firm on behalf of the OTG Latin America ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 326 on Form N-1A filed on July 29, 2025.](https://www.sec.gov/Archives/edgar/data/1771146/000199937125010167/ex99-j17.htm)</u> |

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|:---|:---|
| (j)(18) | <u>[Consent of Independent Registered Public Accounting Firm on behalf of the OTG Latin America ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 326 on Form N-1A filed on July 29, 2025.](https://www.sec.gov/Archives/edgar/data/1771146/000199937125010167/ex99-j18.htm)</u> |
| (j)(19) | <u>[Consent of Independent Registered Public Accounting Firm on behalf of the REX AI Equity Premium Income ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 402 on Form N-1A filed on September 29, 2025.](https://www.sec.gov/Archives/edgar/data/1771146/000199937125014172/ex99-j19.htm)</u> |
| (j)(20) | <u>[Consent of Independent Registered Public Accounting Firm on behalf of T-REX 2X Long MSTR Daily Target ETF, T-REX 2X Inverse MSTR Daily Target ETF, T-REX 2X Long NFLX Daily Target ETF, T-REX 2X Inverse NFLX Daily Target ETF is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 532 on Form N-1A filed on December 29, 2025.](https://www.sec.gov/Archives/edgar/data/1771146/000199937125021276/ex99-j20.htm)</u> |
| (l) | <u>[Initial Capital Agreement](https://www.sec.gov/Archives/edgar/data/1771146/000138713120005672/ex99-l.htm)</u><u>[is herein incorporated by reference from the Registrant's Pre-Effective Amendment No. 1 on Form N-1A/A filed on J](https://www.sec.gov/Archives/edgar/data/1771146/000138713120005672/ex99-l.htm)</u><u>[une 15, 2020.](https://www.sec.gov/Archives/edgar/data/1771146/000138713120005672/ex99-l.htm)</u>  |
| (m)(1) | <u>[Distribution Plan Pursuant to Rule 12b-1 for the funds advised by 3Fourteen & SMI Advisory Services, LLC is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 223 on Form N-1A filed on February 18, 2025.](https://www.sec.gov/Archives/edgar/data/1771146/000183988225009530/ex99-m5.htm)</u> |
| (m)(2) | <u>[Distribution Plan Pursuant to Rule 12b-1 for the funds advised by Brookmont Capital Management LLC is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 419 on Form N-1A on October 10, 2025.](https://www.sec.gov/Archives/edgar/data/1771146/000199937125015225/ex99-m2.htm)</u> |
| (m)(3) | <u>[Distribution Plan Pursuant to Rule 12b-1 for the funds advised by Tuttle Capital Management, LLC is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 571 on Form N-1A filed on January 16, 2026.](https://www.sec.gov/Archives/edgar/data/1771146/000199937126001133/ex99-m3.htm)</u>  |
| (m)(4) | Distribution Plan Pursuant to Rule 12b-1 for funds advised by Tuttle Capital Management, LLC \* |
| (m)(5) | <u>[Distribution Pla](https://www.sec.gov/Archives/edgar/data/1771146/000199937125010087/ex99-m9.htm)[n Pursuant to Rule 12b-1 for the funds advised by REX Advisers, LLC is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 325 on Form N-1A filed on July 28, 2025.](https://www.sec.gov/Archives/edgar/data/1771146/000199937125010087/ex99-m9.htm)</u>  |
| (m)(6) | Distribution Plan Pursuant to Rule 12b-1 for funds advised by REX Advisers, LLC \* |
| (m)(7) | <u>[Distribution Plan Pursuant to Rule 12b-1 for the funds advised by Hedgeye Asset Mangement, LLC is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 443 on Form N-1A filed on November 5, 2025.](https://www.sec.gov/Archives/edgar/data/1771146/000199937125016991/ex99-m13.htm)</u> |
| (m)(8) | Distribution Plan Pursuant to Rule 12b-1 for funds advised by Hedgeye Asset Management, LLC \* |
| (m)(9) | <u>[Distribution Plan Pursuant to Rule 12b-1 for the funds advised by OTG Asset Management, Ltd. is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 286 on Form N-1A filed on May 30, 2025.](https://www.sec.gov/Archives/edgar/data/1771146/000199937125006943/ex99-m14.htm)</u> |
| (m)(10) | <u>[Distribution Plan Pursuant to Rule 12b-1 for the funds advised by Golden Eagle Strategies, LLC is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 373 on Form N-1A filed on September 10, 2025.](https://www.sec.gov/Archives/edgar/data/1771146/000199937125013019/ex99-m10.htm)</u> |

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&nbsp;&nbsp;&nbsp;&nbsp;

------

---

| | |
|:---|:---|
| (m)(11) | <u>[Distribution Plan Pursuant to Rule 12b-1 for the funds advised by IDX Advisors, LLC is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 396 on Form N-1A filed on September 24, 2025.](https://www.sec.gov/Archives/edgar/data/1771146/000199937125013936/ex99-m11.htm)</u> |
| (m)(12) | <u>[Distribution Plan Pursuant to Rule 12b-1 for the funds advised by Arlington Partners, LLC is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 433 on Form N-1A filed on October 27, 2025.](https://www.sec.gov/Archives/edgar/data/1771146/000199937125016188/ex99-m12.htm)</u> |
| (m)(13) | <u>[Distribution Plan Pursuant to Rule 12b-1 for the fund advised by Applied Finance Advisors, LLC is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 475 on Form N-1A filed on November 25, 2025.](https://www.sec.gov/Archives/edgar/data/1771146/000199937125018689/ex99-m15.htm)</u> |
| (m)(14) | <u>[Distribution Plan Pursuant to Rule 12b-1 for the funds advised by Tapp Finance, Inc. is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 548 on Form N-1A filed on January 5, 2026.](https://www.sec.gov/Archives/edgar/data/1771146/000199937126000146/ex99-m16.htm)</u> |
| (m)(15) | <u>[Distribution Plan Pursuant to Rule 12b-1 for the funds advised by Framework Digital Advisors LLC](frameworkdigitalrule12b-1p.htm)[- Filed Herewith.](frameworkdigitalrule12b-1p.htm)</u> |
| (m)(16) | <u>[Distribution Plan Pursuant to Rule 12b-1 for the funds advised by Highland Capital Management, LLC dated September 24, 2025 as amended January 21, 2026 is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 594 on Form N-1A filed on January 29, 2026.](https://www.sec.gov/Archives/edgar/data/1771146/000177114626000253/ex99m16-highlandcapitalrul.htm)</u> |
| (m)(17) | Distribution Plan Pursuant to Rule 12b-1 for the funds advised by Ai Funds, Inc. \* |
| (n)(1) | Rule 18f-3 Multi-Class Plan. Not applicable. |
| (o) | Reserved. |
| (p)(1) | <u>[Code of Ethics for the Registrant is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 121 on Form N-1A filed on January 23, 2024.](https://www.sec.gov/Archives/edgar/data/1771146/000138713120005672/ex99-p1.htm)</u>  |
| (p)(2) | <u>[Code of Ethics for Ridgeline Research, LLC](https://www.sec.gov/Archives/edgar/data/1771146/000138713120005672/ex99-p2.htm)</u><u>[is herein incorporated by reference from the Registrant's Pre-Effective Amendment No. 1 on Form N-1A/A filed on J](https://www.sec.gov/Archives/edgar/data/1771146/000138713120005672/ex99-p2.htm)</u><u>[une 15, 2020.](https://www.sec.gov/Archives/edgar/data/1771146/000138713120005672/ex99-p2.htm)</u>  |
| (p)(3) | <u>[Code of Ethics for Vident Asset Management is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 145 on Form N-1A filed on June 26, 2024.](https://www.sec.gov/Archives/edgar/data/1771146/000199937124007817/ex99-p3.htm)</u>  |
| (p)(4) | <u>[Code of Ethics for Formidable Asset Management, LLC is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 6 on Form N-1A filed on March 12, 2021](https://www.sec.gov/Archives/edgar/data/1771146/000138713121003509/ex99-p6.htm)</u>. |
| (p)(5) | <u>[Code of Ethics for Toroso Asset Management is herein incorporated by reference filed from the Registrant's Post-Effective Amendment No. 27 on Form N-1A filed on April 29, 2022.](https://www.sec.gov/Archives/edgar/data/1771146/000138713122005489/ex99-p7.htm)</u> |
| (p)(6) | <u>[Code of Ethics for Applied Finance Advisors, LLC is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 255 on Form N-1A filed on April 30, 2025.](https://www.sec.gov/Archives/edgar/data/1771146/000199937125005132/ex99-p6.htm)</u> |
| (p)(7) | <u>[Code of Ethics for Gea Sphere, LLC is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 65 on Form N-1A filed on July 31, 2023](https://www.sec.gov/Archives/edgar/data/1771146/000138713123009115/ex99-p7.htm)</u>. |

---

&nbsp;&nbsp;&nbsp;&nbsp;

------

---

| | |
|:---|:---|
| (p)(8) | <u>[Code of Ethics for Kingsbarn Capital Management, LLC is herein incorporated by reference filed from the Registrant's Post-Effective Amendment No. 27 on Form N-1A filed on April 29, 2022](https://www.sec.gov/Archives/edgar/data/1771146/000138713122005489/ex99-p10.htm).</u> |
| (p)(9) | <u>[Code of Ethics for WealthTrust Asset Management, LLC is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 65 on Form N-1A filed on July 31, 2023](https://www.sec.gov/Archives/edgar/data/1771146/000138713123009115/ex99-p9.htm)</u>. |
| (p)(10) | <u>[Code of Ethics for Cultivar Capital, Inc. is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 65 on Form N-1A filed on July 31, 2023.](https://www.sec.gov/Archives/edgar/data/1771146/000138713123009115/ex99-p10.htm)</u> |
| (p)(11) | <u>[Code of Ethics for Tuttle Capital Management LLC is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 318 on Form N-1A filed on July 22, 2025.](https://www.sec.gov/Archives/edgar/data/1771146/000199937125009578/ex99-p11.htm)</u> |
| (p)(12) | <u>[Code of Ethics for Laffer Tengler Investments, Inc. is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 64 on Form N-1A filed on July 28, 2023.](https://www.sec.gov/Archives/edgar/data/1771146/000138713123008932/ex99-p12.htm)</u> |
| (p)(13) | <u>[Code of Ethics for REX Advisers, LLC is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 81 on Form N-1A filed on September 1, 2023.](https://www.sec.gov/Archives/edgar/data/1771146/000138713123008932/ex99-p12.htm)</u> |
| (p)(14) | <u>[Code of Ethics for Brendan Wood TopGun Partnerships Inc. is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 101 on Form N-1A filed on October 20, 2023](https://www.sec.gov/Archives/edgar/data/1771146/000138713123012478/ex99-p14.htm)</u>. |
| (p)(15) | <u>[Code of Ethics for IDX Advisors, LLC is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 109 on Form N-1A filed on November 7, 2023.](https://www.sec.gov/Archives/edgar/data/1771146/000183988223030055/ex99-p15.htm)</u> |
| (p)(16) | <u>[Code of Ethics for Tapp Finance, Inc. is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 121 on Form N-1A filed on January 23, 2024.](https://www.sec.gov/Archives/edgar/data/1771146/000199937124000706/ex99-p16.htm)</u> |
| (p)(17) | <u>[Code of Ethics for 3Fourteen & SMI Advisory Services, LLC is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 145 on Form N-1A filed on June 26, 2024.](https://www.sec.gov/Archives/edgar/data/1771146/000199937124007817/ex99-p17.htm)</u> |
| (p)(18) | <u>[Code of Ethics for Brookmont Capital Management, LLC is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 212 on Form-N-1A filed on January 17, 2025.](https://www.sec.gov/Archives/edgar/data/1771146/000199937125000464/ex99-p18.htm)</u> |
| (p)(19) | <u>[Code of Ethics for King Ridge Capital Advisors, LLC is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 212 on Form-N-1A filed on January 17, 2025.](https://www.sec.gov/Archives/edgar/data/1771146/000199937125000464/ex99-p19.htm)</u> |
| (p)(20) | <u>[Code of Ethics for OT Advisors, LLC is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 240 on Form N-1A filed on March 24, 2025.](https://www.sec.gov/Archives/edgar/data/1771146/000199937125003046/ex99-p20.htm)</u> |
| (p)(21) | <u>[Code of Ethics for Hedgeye Asset Management, LLC is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 288 on Form N-1A filed on June 3, 2025.](https://www.sec.gov/Archives/edgar/data/1771146/000199937125007095/ex99-p21.htm)</u> |
| (p)(22) | <u>[Code of Ethics for OTG Asset Management, Ltd. is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 237 on Form N-1A filed on March 12, 2025.](https://www.sec.gov/Archives/edgar/data/1771146/000183988225015469/ex99-p22.htm)</u> |
| (p)(23) | <u>[Code of Ethics for Golden Eagle Strategies, Inc. is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 373 on Form N-1A filed on September 10, 2025.](https://www.sec.gov/Archives/edgar/data/1771146/000199937125013019/ex99-p23.htm)</u> |

---

&nbsp;&nbsp;&nbsp;&nbsp;

------

---

| | | |
|:---|:---|:---|
| (p)(24) |  | <u>[Code of Ethics for Arlington Partners, LLC is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 433 on Form N-1A filed on October 27, 2025.](https://www.sec.gov/Archives/edgar/data/1771146/000199937125016188/ex99-p24.htm)</u> |
| (p)(25) |  | <u>[Code of Ethics for Framework Digital Advisors LLC - Filed Herewith.](frameworkcoe.htm)</u> |
| (p)(26) |  | Code of Ethics for Highland Capital Management, LLC\* |
| (q) |  | <u>[Power of Attorney for Mary Lou H. Ivey, Dr. David J. Urban, and Theo H. Pitt, Jr. is herein incorporated by reference from the Registrant's Post-Effective Amendment No. 395 on Form N-1A filed on September 24, 2025.](https://www.sec.gov/Archives/edgar/data/1771146/000199937125013876/ex99q.htm)</u> |
|  | \* | Certain exhibits relate only to Series that have not yet commenced operations. Such exhibits will be filed in a subsequent amendment corresponding to the launch of each applicable Series. |

---

**Item 29. Persons Controlled By or Under Common Control With Registrant**

The REX-Osprey™ SOL + Staking ETF, a series of the Registrant, wholly owns and controls REX-Osprey™ SOL (Cayman) Portfolio S.P. (the "SOL Subsidiary"), an exempt company organized under the laws of Cayman Islands. The SOL Subsidiary's financial statements will be included on a consolidated basis in the REX-Osprey™ SOL + Staking ETF's report filed on Form N-CSR.

The REX-Osprey™ ETH + Staking ETF, a series of the Registrant, wholly owns and controls REX-Osprey™ ETH ETF (Cayman) Portfolio S.P. (the "ETH Subsidiary"), an exempt company organized under the laws of Cayman Islands. The ETH Subsidiary's financial statements will be included on a consolidated basis in the REX-Osprey™ ETH + Staking ETF's report filed on Form N-CSR.

The REX-Osprey™ XRP ETF, a series of the Registrant, wholly owns and controls REX-Osprey™ XRP ETF (Cayman) Portfolio S.P. (the "XRP Subsidiary"), an exempt company organized under the laws of Cayman Islands. The XRP Subsidiary's financial statements will be included on a consolidated basis in the REX-Osprey™ XRP ETF's report filed on Form N-CSR.

The REX-Osprey™ DOGE ETF, a series of the Registrant, wholly owns and controls REX-Osprey™ DOGE (Cayman) Portfolio S.P. (the "DOGE Subsidiary"), an exempt company organized under the laws of Cayman Islands. The DOGE Subsidiary's financial statements will be included on a consolidated basis in the REX-Osprey™ DOGE ETF's report filed on Form N-CSR.

The IDX Alternative FIAT ETF, a series of the Registrant, wholly owns and controls IDX Alternative FIAT (Cayman) Portfolio S.P. (the "IDX Subsidiary"), an exempt company organized under the laws of Cayman Islands. The IDX Subsidiary's financial statements will be included on a consolidated basis in the IDX Alternative FIAT ETF's report filed on Form N-CSR.

The T-REX 2X Long XRP Daily Target ETF, a series of the Registrant, wholly owns and controls T-REX 2X Long XRP Daily Target (Cayman) Portfolio S.P. (the "T-REX 2X Long XRP Subsidiary"), an exempt company organized under the laws of Cayman Islands. The T-REX 2X Long XRP Subsidiary's financial statements will be included on a consolidated basis in the T-REX 2X Long XRP Daily Target ETF's report filed on Form N-CSR.

The T-REX 2X Long SOL Daily Target ETF, a series of the Registrant, wholly owns and controls T-REX 2X Long XRP Daily Target (Cayman) Portfolio S.P. (the "T-REX 2X Long SOL Subsidiary"), an exempt company organized under the laws of Cayman Islands. The T-REX 2X Long SOL Subsidiary's financial statements will be included on a consolidated basis in the T-REX 2X Long SOL Daily Target ETF's report filed on Form N-CSR.

The GSR Crypto Core3 ETF, a series of the Registrant, wholly owns and controls GSR Crypto Core3 (Cayman) Portfolio S.P. (the "GSR Crypto Core3 Subsidiary"), an exempt company organized under the laws of Cayman Islands. The GSR Crypto Core3 Subsidiary's financial statements will be included on a consolidated basis in the GSR Crypto Core3 ETF's report filed on Form N-CSR.

&nbsp;&nbsp;&nbsp;&nbsp;

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**Item 30. Indemnification**

See Article VIII, Section 2 of the Registrant's Agreement and Declaration of Trust and the section titled "Indemnification of Trustees, Officers, Employees and Other Agents" in the Registrant's By-Laws.

Insofar as indemnification for liabilities arising under the Securities Act of 1933, as amended ("Securities Act"), may be permitted to trustees, officers and controlling persons of the Registrant by the Registrant pursuant to the Declaration of Trust or otherwise, the Registrant is aware that in the opinion of the Securities and Exchange Commission, such indemnification is against public policy as expressed in the Securities Act and, therefore, is 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 trustees, officers or controlling persons of the Registrant in connection with the successful defense of any act, suit or proceeding) is asserted by such trustees, officers or controlling persons in connection with the shares 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 issues.

**Item 31. Business and other Connections of the Investment Adviser**

The description of the Investment Adviser is found under the caption "Management," "The Investment Adviser" in the Prospectus and under the caption "Investment Adviser" in the Statement of Additional Information constituting Parts A and B, respectively, of this Registration Statement, which are incorporated by reference herein. The Investment Adviser may provide investment advisory services to persons or entities other than the Registrant.

Item 32.&nbsp;&nbsp;&nbsp;&nbsp;Foreside Fund Services, LLC

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

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

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

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

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

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

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

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.American Century ETF Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.AMG ETF Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.Amplify ETF Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.Applied Finance Dividend Fund, Series of World Funds Trust

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.Ardian Access LLC

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.ARK ETF Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.ARK Venture Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.Bitwise Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.BondBloxx ETF Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.Bramshill Multi-Strategy Income Fund, Series of Investment Managers Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.Bridgeway Funds, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.Brinker Capital Destinations Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.Brookfield Real Assets Income Fund Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.Build Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.Calamos Convertible and High Income Fund

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32.Calamos Global Dynamic Income Fund

&nbsp;&nbsp;&nbsp;&nbsp;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33.Calamos Global Total Return Fund

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35.Carlyle Tactical Private Credit Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36.Cascade Private Capital Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37.Catalyst/Perini Strategic Income Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38.CBRE Global Real Estate Income Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39.Center Coast Brookfield MLP & Energy Infrastructure Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40.Cliffwater Corporate Lending Fund

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42.Coatue Innovative Strategies Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43.Cohen & Steers ETF Trust

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47.Curasset Capital Management Core Bond Fund, Series of World Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48.Curasset Capital Management Limited Term Income Fund, Series of World Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49.CYBER HORNET S&P 500® and Bitcoin 75/25 Strategy ETF, Series of CYBER HORNET Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50.Davis Fundamental ETF Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51.Defiance BMNR Option Income ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52.Defiance Connective Technologies ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53.Defiance Drone and Modern Warfare ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54.Defiance Quantum ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55.Denali Structured Return Strategy Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56.Dodge & Cox Funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57.DoubleLine ETF Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58.DoubleLine Income Solutions Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59.DoubleLine Opportunistic Credit Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60.DoubleLine Yield Opportunities Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61.DriveWealth ETF Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62.EIP Investment Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63.Ellington Income Opportunities Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64.ETF Opportunities Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65.Exchange Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66.Exchange Place Advisors Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67.FIS Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68.FlexShares Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69.Fortuna Hedged Bitcoin Fund, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70.Forum Funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71.Forum Funds II

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72.Forum Real Estate Income Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73.Fundrise Growth Tech Fund, LLC

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74.GMO ETF Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75.GoldenTree Opportunistic Credit Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76.Gramercy Emerging Markets Debt Fund, Series of Investment Managers Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77.Grayscale Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78.Guinness Atkinson Funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79.Harbor ETF Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80.Harris Oakmark ETF Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81.Hawaiian Tax-Free Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82.Horizon Kinetics Blockchain Development ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83.Horizon Kinetics Energy and Remediation ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84.Horizon Kinetics Inflation Beneficiaries ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85.Horizon Kinetics Japan Owner Operator ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86.Horizon Kinetics Medical ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87.Horizon Kinetics SPAC Active ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88.Innovator ETFs Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89.Ironwood Institutional Multi-Strategy Fund LLC

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90.Ironwood Multi-Strategy Fund LLC

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91.Jensen Quality Growth ETF, Series of Trust for Professional Managers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92.John Hancock Exchange-Traded Fund Trust

&nbsp;&nbsp;&nbsp;&nbsp;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93.Kurv ETF Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94.Lazard Active ETF Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95.LDR Real Estate Value-Opportunity Fund, Series of World Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96.Lone Peak Value Fund, Series of World Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97.Mairs & Power Balanced Fund, Series of Trust for Professional Managers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98.Mairs & Power Growth Fund, Series of Trust for Professional Managers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99.Mairs & Power Minnesota Municipal Bond ETF, Series of Trust for Professional Managers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.Mairs & Power Small Cap Fund, Series of Trust for Professional Managers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101.Manor Investment Funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102.MoA Funds Corporation

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103.Moerus Worldwide Value Fund, Series of Northern Lights Fund Trust IV

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104.Morgan Stanley ETF Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105.Morgan Stanley Pathway Large Cap Equity ETF, Series of Morgan Stanley Pathway Funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106.Morgan Stanley Pathway Small-Mid Cap Equity ETF, Series of Morgan Stanley Pathway Funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107.Morningstar Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108.NEOS ETF Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109.Niagara Income Opportunities Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110.NXG Cushing® Midstream Energy Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111.NXG NextGen Infrastructure Income Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112.OTG Latin American Fund, Series of World Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113.Overlay Shares Core Bond ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114.Overlay Shares Foreign Equity ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115.Overlay Shares Hedged Large Cap Equity ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116.Overlay Shares Large Cap Equity ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117.Overlay Shares Municipal Bond ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118.Overlay Shares Short Term Bond ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119.Overlay Shares Small Cap Equity ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120.Palmer Square Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121.Palmer Square Opportunistic Income Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122.Partners Group Private Income Opportunities, LLC

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123.Perkins Discovery Fund, Series of World Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124.Philotimo Focused Growth and Income Fund, Series of World Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125.Plan Investment Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126.Point Bridge America First ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127.Precidian ETFs Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128.Rareview 2x Bull Cryptocurrency & Precious Metals ETF, Series of Collaborative Investment Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129.Rareview Dynamic Fixed Income ETF, Series of Collaborative Investment Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130.Rareview Systematic Equity ETF, Series of Collaborative Investment Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131.Rareview Tax Advantaged Income ETF, Series of Collaborative Investment Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132.Rareview Total Return Bond ETF, Series of Collaborative Investment Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133.Renaissance Capital Greenwich Funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134.REX ETF Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135.Reynolds Funds, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136.RMB Investors Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137.Robinson Opportunistic Income Fund, Series of Investment Managers Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138.Robinson Tax Advantaged Income Fund, Series of Investment Managers Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139.Roundhill Ball Metaverse ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140.Roundhill Cannabis ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141.Roundhill ETF Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142.Roundhill Magnificent Seven ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143.Roundhill Sports Betting & iGaming ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144.Roundhill Video Games ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145.Rule One Fund, Series of World Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146.Russell Investments Exchange Traded Funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147.Securian AM Real Asset Income Fund, Series of Investment Managers Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148.Six Circles Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149.Sound Shore Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150.SP Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151.Sparrow Funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152.Spear Alpha ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153.STF Tactical Growth & Income ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154.STF Tactical Growth ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155.Strategic Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156.Strategy Shares

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157.Swan Hedged Equity US Large Cap ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158.Tekla World Healthcare Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159.Tema ETF Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160.The 2023 ETF Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161.The Community Development Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162.The Cook & Bynum Fund, Series of World Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163.The Private Shares Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164.The SPAC and New Issue ETF, Series of Collaborative Investment Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165.Third Avenue Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166.Third Avenue Variable Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167.Tidal Trust I

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168.Tidal Trust II

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169.Tidal Trust III

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170.Tidal Trust IV

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171.TIFF Investment Program

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172.Timothy Plan High Dividend Stock ETF, Series of The Timothy Plan

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173.Timothy Plan International ETF, Series of The Timothy Plan

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174.Timothy Plan Market Neutral ETF, Series of The Timothy Plan

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175.Timothy Plan US Large/Mid Cap Core ETF, Series of The Timothy Plan

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176.Timothy Plan US Small Cap Core ETF, Series of The Timothy Plan

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;177.Total Fund Solution

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178.Touchstone ETF Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179.Trailmark Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180.T-Rex 2X Inverse Bitcoin Daily Target ETF, Series of World Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181.T-Rex 2x Inverse Ether Daily Target ETF, Series of World Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182.T-Rex 2X Long Bitcoin Daily Target ETF, Series of World Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183.T-Rex 2x Long Ether Daily Target ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184.U.S. Global Investors Funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185.Union Street Partners Value Fund, Series of World Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186.Vest Bitcoin Strategy Managed Volatility Fund, Series of World Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187.Vest S&P 500® Dividend Aristocrats Target Income Fund, Series of World Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188.Vest US Large Cap 10% Buffer Strategies Fund, Series of World Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189.Vest US Large Cap 20% Buffer Strategies Fund, Series of World Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190.Virtus Stone Harbor Emerging Markets Income Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191.Volatility Shares Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192.WEBs ETF Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193.Wedbush Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;194.Wellington Global Multi-Strategy Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195.Wilshire Mutual Funds, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196.Wilshire Variable Insurance Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197.WisdomTree Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198.XAI Octagon Floating Rate & Alternative Income Term Trust

Item 32(b)&nbsp;&nbsp;&nbsp;&nbsp;The following are the Officers and Manager of the Distributor, the Registrant's underwriter. The Distributor's main business address is 190 Middle Street, Suite 301, Portland, Maine 04101.

&nbsp;&nbsp;&nbsp;&nbsp;

------

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **Address** | **Position with Underwriter** | **Position with Registrant** |
| Teresa Cowan | 190 Middle Street, Suite 301, Portland, ME 04101 | President/Manager |  |
| Chris Lanza | 190 Middle Street, Suite 301, Portland, ME 04101 | Vice President |  |
| Kate Macchia | 190 Middle Street, Suite 301, Portland, ME 04101 | Vice President |  |
| Alicia Strout | 190 Middle Street, Suite 301, Portland, ME 04101 | Vice President and Chief Compliance Officer |  |
| Kelly B. Whetstone | 190 Middle Street, Suite 301, Portland, ME 04101 | Secretary |  |
| Susan L. LaFond | 190 Middle Street, Suite 301, Portland, ME 04101 | Treasurer |  |
| Weston Sommers | 190 Middle Street, Suite 301, Portland, ME 04101 | Financial and Operations Principal and Chief Financial Officer |  |

---

Item 32(c)&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.

**&nbsp;&nbsp;&nbsp;&nbsp;**

**Item 33. Location of Accounts and Records** 

The accounts, books or other documents of the Registrant required to be maintained by Section 31(a) of the Investment Company Act of 1940, as amended, and the rules promulgated thereunder are kept in several locations:

---

| | | |
|:---|:---|:---|
| a)&nbsp;&nbsp;&nbsp;&nbsp; | Adviser | &nbsp;&nbsp;Ridgeline Research LLC, 14961 Finegan Farm Drive, Darnestown, Maryland 20874 (records relating to its function as investment adviser to the funds listed in the Investment Advisory Agreement). |
| b)&nbsp;&nbsp;&nbsp;&nbsp; | Sub-Adviser | &nbsp;&nbsp;Vident Advisory, LLC (d/b/a Vident Asset Management), 1125 Sanctuary Parkway, Suite 515, Alpharetta, Georgia 30009 (records relating to its function as sub-adviser to the funds listed in the Sub-Advisory Agreement). |
| c)&nbsp;&nbsp;&nbsp;&nbsp; | Adviser | &nbsp;&nbsp;Formidable Asset Management, LLC, 221 East fourth Street, Suite 2700, Cincinnati, Ohio 45202 (records relating to its function as investment adviser to the funds listed in the Investment Advisory Agreement). |
| d)&nbsp;&nbsp;&nbsp;&nbsp; | Sub-Adviser | &nbsp;&nbsp;Tidal Investments, LLC, 898 N. Broadway, Suite 2, Massapequa, New York 11758 (records relating to its function as sub-adviser to the funds listed in the Sub-Advisory Agreement). |
| e)&nbsp;&nbsp;&nbsp;&nbsp; | Adviser | &nbsp;&nbsp;Applied Finance Advisors, LLC, 17806 IH 10, Suite 300, San Antonio, Texas 78257 ((records relating to its function as investment adviser to the funds listed in the Investment Advisory Agreement). |
| f)&nbsp;&nbsp;&nbsp;&nbsp; | Adviser | &nbsp;&nbsp;Kingsbarn Capital Management, LLC, 1645 Village Center Circle, Suite 200, Las Vegas, Nevada 89134 (records relating to its function as investment adviser to the funds listed in the Investment Advisory Agreement). |
| g)&nbsp;&nbsp;&nbsp;&nbsp; | Adviser | &nbsp;&nbsp;WealthTrust Asset Management, LLC, 4458 Legendary Drive, Suite 140, Destin, Florida 32541 (records relating to its function as investment adviser to the funds listed in the Investment Advisory Agreement). |
| h)&nbsp;&nbsp;&nbsp;&nbsp; | Adviser | &nbsp;&nbsp;Cultivar Capital, Inc., 421 E. Hickory Street, Suite 103, Denton, Texas 76201 (records relating to its function as investment adviser to the funds listed in the Investment Advisory Agreement). |
| i)&nbsp;&nbsp;&nbsp;&nbsp; | Adviser | Tuttle Capital Management LLC, 155 Lockwood Rd., Riverside CT 06878 (records relating to its function as investment adviser to the funds listed in the Investment Advisory Agreement). |
| j)&nbsp;&nbsp;&nbsp;&nbsp; | Sub-Adviser | &nbsp;&nbsp;Laffer Tengler Investments, Inc., 103 Murphy Court, Nashville, TN 37203 (records relating to its function as sub-adviser to the funds listed in the Sub-Advisory Agreement). |

---

&nbsp;&nbsp;&nbsp;&nbsp;

------

---

| | | |
|:---|:---|:---|
| k)&nbsp;&nbsp;&nbsp;&nbsp; | Adviser | &nbsp;&nbsp;REX Advisers, LLC, 1241 Post Road, Second Floor, Fairfield, Connecticut 06824 (records relating to its function as investment adviser to the funds listed in the Investment Advisory Agreement). |
| l)&nbsp;&nbsp;&nbsp;&nbsp; | Sub-Adviser | &nbsp;&nbsp;Brendan Wood TopGun Partnerships Inc., 15 Prince Arthur Avenue, Toronto, Ontario, Canada M5R 1B2 (records relating to its function as sub-adviser to the funds listed in the Sub-Advisory Agreement). |
| m)&nbsp;&nbsp;&nbsp;&nbsp; | Adviser | &nbsp;&nbsp;Tapp Finance, Inc., 3700 W. Lawton St., Seattle, Washington 98199 (records relating to its function as investment adviser to the funds listed in the Investment Advisory Agreement). |
| n)&nbsp;&nbsp;&nbsp;&nbsp; | Sub-Adviser | &nbsp;&nbsp;Tuttle Capital Management, LLC, 155 Lockwood Rd., Riverside CT 06878 (records relating to its function as sub-adviser to the funds listed in the Sub-Advisory Agreement). |
| o)&nbsp;&nbsp;&nbsp;&nbsp; | Adviser | &nbsp;&nbsp;IDX Advisors, LLC, 2201 E. Camelback Road, Suite 605, Phoenix, AZ 85016 (records relating to its function as investment adviser to the funds listed in the Investment Advisory Agreement). |
| p)&nbsp;&nbsp;&nbsp;&nbsp; | Adviser | &nbsp;&nbsp;3Fourteen & SMI Advisory Services, LLC, 4400 Ray Blvd., Columbus, Indiana 47203 (records relating to its function as investment adviser to the funds listed in the Investment Advisory Agreement). |
| q)&nbsp;&nbsp;&nbsp;&nbsp; | Adviser | &nbsp;&nbsp;Brookmont Capital Management, LLC, 5950 Berkshire Lane, Suite 1420, Dallas, TX 75225 (records relating to its function as investment adviser to the funds listed in the Investment Advisory Agreement). |
| r)&nbsp;&nbsp;&nbsp;&nbsp; | Sub-Adviser | &nbsp;&nbsp;King Ridge Capital Advisors, LLC, 87 Summit Road, New London, NH 03257 (records relating to its function as sub-adviser to the funds listed in the Sub-Advisory Agreement). |
| s)&nbsp;&nbsp;&nbsp;&nbsp; | Sub-Advisor | &nbsp;&nbsp;OT Advisors, LLC, 7284 West Palmetto Park Road, Suite 303, Boca Raton, Florida 33433 (records relating to its function as sub-adviser to the funds listed in the Sub-Advisory Agreement). |
| t)&nbsp;&nbsp;&nbsp;&nbsp; | Adviser | &nbsp;&nbsp;Hedgeye Asset Management, LLC, 1 High Ridge Park, 3<sup>rd</sup> Floor, Stamford, CT 06905 (records relating to its function as investment adviser to the funds listed in the Investment Advisory Agreement). |
| u)&nbsp;&nbsp;&nbsp;&nbsp; | Adviser | &nbsp;&nbsp;OTG Asset Management, Ltd., Montenegro #1439 Torre Infrabol Piso 6, La Paz, Bolivia (records relating to its function as investment adviser to the funds listed in the Investment Advisory Agreement). |
| v)&nbsp;&nbsp;&nbsp;&nbsp; | Adviser | &nbsp;&nbsp;Golden Eagle Strategies, Inc., 2103 South Ocean Boulevard, Unit B, Delray Beach, Florida 33483 (records relating to its function as investment adviser to the funds listed in the Investment Advisory Agreement). |
| w)&nbsp;&nbsp;&nbsp;&nbsp; | Adviser | &nbsp;&nbsp;Arlington Partners, LLC, 2000 Morris Avenue, Suite 1300, Birmingham, Alabama 35203 (records relating to its function as investment adviser to the funds listed in the Investment Advisory Agreement). |
| x)&nbsp;&nbsp;&nbsp;&nbsp; | Adviser | &nbsp;&nbsp;Highland Capital Management, LLC, 850 Ridge Lake Blvd., Suite 205, Memphis, Tennessee 38120 (records relating to its function as investment adviser to the funds listed in the Investment Advisory Agreement). |
| y)&nbsp;&nbsp;&nbsp;&nbsp; | Sub-Adviser | &nbsp;&nbsp;Vident Advisory LLC (records relating to its function as sub-adviser to the funds listed in the Sub-Advisory Agreement). |
| z)&nbsp;&nbsp;&nbsp;&nbsp; | Adviser | &nbsp;&nbsp;Framework Digital Advisors LLC, 347 5<sup>th</sup> Avenue, Suite 1402-700, New York, New York 10016 (records relating to its function as investment adviser to the funds listed in the Investment Advisory Agreement). |
| aa)&nbsp;&nbsp;&nbsp;&nbsp; | Sub-Adviser | &nbsp;&nbsp;Brightside USA Advisor Corp., 850 New Burton Road, Suite 201, Dover, County of Kent, Delaware 19904 (records relating to its function as sub-adviser to the funds listed in the Sub-Advisory Agreement). |
| bb)&nbsp;&nbsp;&nbsp;&nbsp; | Adviser | &nbsp;&nbsp;Ai Funds, Inc., 75 Gate 5 Road, Sausalito, California 94965 (records relating to its function as investment adviser to the funds listed in the Investment Advisory Agreement). |
| cc)&nbsp;&nbsp;&nbsp;&nbsp; | Sub-Adviser | &nbsp;&nbsp;Milliman Financial Risk Management, LLC, 71 S. Wacker Drive, 31<sup>st</sup> Floor, Chicago, Illinois 60606 (records relating to its function as sub-adviser to the funds listed in the Sub-Advisory Agreement). |

---

&nbsp;&nbsp;&nbsp;&nbsp;

------

---

| | | |
|:---|:---|:---|
| dd)&nbsp;&nbsp;&nbsp;&nbsp; | Custodian, Transfer Agency | &nbsp;&nbsp;Citibank, N.A., 390 Greenwich Street, 6<sup>th</sup> Floor, New York, New York 10013. |
| ee)&nbsp;&nbsp;&nbsp;&nbsp; | Transfer Agent | &nbsp;&nbsp;U.S. Bancorp Fund Services, LLC, 615 East Michigan Street, Milwaukee, WI 53202. |
| ff)&nbsp;&nbsp;&nbsp;&nbsp; | Custodian | &nbsp;&nbsp;U.S. Bank, N.A., 425 Walnut St., Cincinnati, Ohio 45202. |
| gg)&nbsp;&nbsp;&nbsp;&nbsp; | Administrator | &nbsp;&nbsp;Commonwealth Fund Services, Inc., 8730 Stony Point Parkway, Suite 205, Richmond, Virginia 23235. |
| hh)&nbsp;&nbsp;&nbsp;&nbsp; | Distributor | &nbsp;&nbsp;Foreside Fund Services, LLC, 190 Middle Street, Suite 301, Portland, Maine 04101. |
| ii)&nbsp;&nbsp;&nbsp;&nbsp; | Fund Accountant | &nbsp;&nbsp;Citi Fund Services Ohio, Inc., located at 4400 Easton Commons, Suite 200, Columbus, Ohio, 43219. |

---

**Item 34. Management Services**

 Not applicable.

**Item 35. Undertakings** 

 Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;

------

**SIGNATURES**

Pursuant to the requirements of the Securities Act of 1933, as amended (the "Securities Act"), and the Investment Company Act of 1940, as amended, the Registrant certifies that it meets all of the requirements for effectiveness of this registration statement under Rule 485(b) of the Securities Act and has duly caused this Post-Effective Amendment No. 618 to the Registrant's Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Richmond, Commonwealth of Virginia on the 17th day of February, 2026.

ETF OPPORTUNITIES TRUST

<u>By: /s/ Karen M. Shupe</u> Karen M. Shupe Treasurer and Principal Executive Officer

Pursuant to the requirements of the Securities Act, this Post-Effective Amendment No. 618 to the Registration Statement on Form N-1A has been signed below by the following persons in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
| <u>Signature</u> | <u>Title</u> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Date</u> |
| \*Mary Lou H. Ivey | Trustee | &nbsp;&nbsp;February 17, 2026 |
| \*Theo H. Pitt, Jr. | Trustee | &nbsp;&nbsp;February 17, 2026 |
| \*Dr. David J. Urban | Trustee | &nbsp;&nbsp;February 17, 2026 |
| <u>/s/ Karen M. Shupe</u> | Treasurer and Principal Executive Officer | &nbsp;&nbsp;February 17, 2026 |
| Karen M. Shupe |  |  |
| <u>/s/ Ann T. MacDonald</u> | Assistant Treasurer and Principal Financial Officer | &nbsp;&nbsp;February 17, 2026 |
| Ann T. MacDonald |  |  |
| \*By<u>: /s/ Karen M. Shupe</u> |  |  |
| Karen M. Shupe |  |  |

---

\*<u>[Attorney-in-fact pursuant to Powers of Attorney filed as Exhibit (q) on September 24, 2025 (Accession No. 0001999371-25-013876).](https://www.sec.gov/Archives/edgar/data/1771146/000199937125013876/ex99q.htm)</u> 

&nbsp;&nbsp;&nbsp;&nbsp;

------

<u>EXHIBITS</u>

---

| | |
|:---|:---|
| (d)(49) | <u>[Advisory Agreement between the Registrant and Framework Digital Advisors LLC dated November 20, 2025](frameworkdigitaladvisorsll.htm)</u> |
| (d)(50) | <u>[Sub-Advisory Agreement between Framework Digital Advisors LLC and Tuttle Capital Management, LLC dated November 20, 2025](frameworkdigital-tuttlesub.htm)</u> |
| (d)(51) | <u>[Management Agreement between T-REX (Cayman) Portfolios SPC and Framework Digital Advisors LLC dated February 12, 202](etfopps-managementagreemen.htm)</u>6  |
| (d)(52) | <u>[Advisory Agreement between the Registrant and Highland Capital Management, LLC dated September 24, 2025 as amended January 21, 2026](ex99d52-highlandcapitalxti.htm)</u> |
| (g)(58) | <u>[Nineteenth Amendment to the Custody Agreement between the Registrant and U.S. Bancorp Fund Services, LLC dated January 23, 2026](etfopportunitiestrust-cust.htm)</u> |
| (g)(59) | <u>[Nineteenth Amendment to the Transfer Agent Services Agreement between the Registrant and U.S. Bancorp Fund Services, LLC dated January 23, 2026](etfopportunitiestrust-taag.htm)</u> |
| (h)(20) | <u>[Fund Services Agreement between the Registrant and Commonwealth Fund Services, Inc. on behalf of the funds advised by Framework Digital Advisors LLC](frameworkdigitalcfsetfadmi.htm)</u> |
| (h)(78) | <u>[Nineteenth Amendment to the ETF Fund Accounting Services Agreement between the Registrant and U.S. Bancorp Fund Services, LLC dated January 23, 2026](etfopportunitiestrust-acco.htm)</u> |
| (h)(79) | <u>[Nineteenth Amendment to the Fund Sub-Administration Servicing Agreement between the Registrant and U.S. Bancorp Fund Services, LLC dated January 23, 2026](etfopportunitiestrust-subx.htm)</u> |
| (h)(91) | <u>[Fee Waiver Letter dated February 13, 2026 between the Registrant and Framework Digital Advisors LLC on behalf of the GSR Crypto StakingMax ETF, GSR Digital Assets Treasury Companies ETF and GSR Ethereum YieldEdge ETF](etfopps-gsrframeworkfeewai.htm)</u> |
| (i)(85) | <u>[Opinion and Consent of Counsel regarding legality of shares with respect to the GSR Crypto ETFs](gscryptocore3anddigitalass.htm)</u> |
| (m)(15) | <u>[Distribution Plan Pursuant to Rule 12b-1 for the funds advised by Framework Digital Advisors LLC](frameworkdigitalrule12b-1p.htm)</u> |
| (p)(25) | <u>[Code of Ethics for Framework Digital Advisors LLC](frameworkcoe.htm)</u> |

---

&nbsp;&nbsp;&nbsp;&nbsp;

## Ex-99.(D)(49)

**INVESTMENT ADVISORY AGREEMENT**

**THIS AGREEMENT** made the 20<sup>th</sup> day of November 2025, by and between **ETF Opportunities Trust**, a Delaware statutory trust (hereinafter referred to as the "Trust"), and **Framework Digital Advisors, LLC**, a Delaware limited liability company (hereinafter referred to as "Advisor") with its principal place of business located at 347 5<sup>th</sup> Avenue, Suite 1402-700 New York, New York 10016 with respect to the series portfolios of the Trust identified in this Agreement (each a "Fund").

**WHEREAS,** the Trust is an open-end management investment company registered as such with the Securities and Exchange Commission (the "Commission") pursuant to the Investment Company Act of 1940, as amended (the "Investment Company Act"), and Advisor is an investment adviser registered as such with the Commission under the Investment Advisers Act of 1940, as amended (the "Advisers Act"); and

**WHEREAS,** This Agreement is made effective as to each Fund as of the date set forth on the set of schedules to this Agreement identified as "Schedule A" and then numerically designated (e.g., Schedule A-1) attached hereto as of the "Effective Date" noted on each Schedule A with respect to each of the Funds;

**NOW, THEREFORE,** in consideration of the mutual promises and covenants hereinafter set forth, it is agreed by and between the parties, as follows:

**1. General Provision.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The Trust hereby engages Advisor and Advisor hereby accepts such engagement, to act as the investment adviser of the Fund identified in each Schedule A to this Agreement and to perform for the Fund such other duties and functions as are hereinafter set forth. Advisor shall, in all matters, give to the Fund and the Trust's Board of Trustees the benefit of its best judgment, effort, advice and recommendations and shall at all times use its best efforts to conform to and enable the Fund to conform to: (i) the provisions of the Investment Company Act and any rules or regulations thereunder; (ii) any order or no-action relief of the Commission applicable to the operation of the Fund; (iii) any other applicable provisions of state or federal law; (iv) the provisions of the Declaration of Trust and By-Laws of the Trust, as amended from time to time; (v) any other policies, procedures and determinations of the Board of Trustees of the Trust; (vi) the fundamental policies and investment restrictions of the Fund as reflected in the Trust's registration statement under the Investment Company Act; and (vii) the Prospectus and Statement of Additional Information of the Trust in effect from time to time. The appropriate officers, contractors and employees of Advisor shall be available upon reasonable notice for consultation with any of the trustees and officers of the Trust with respect to any matters dealing with the business and affairs of the Trust as they pertain to the Fund, including the valuation of any of the Fund's portfolio securities which do not have readily available market quotations per Section 3 hereof.

**2. Investment Management.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Advisor shall, subject to the direction and control by the Trust's Board of Trustees: (i) regularly provide investment advice and recommendations to the Fund with respect to its investments, investment policies and the purchase and sale of securities; (ii) designate the identity, quantity and weighting of the securities (and amount of cash, if any) to be accepted in exchange for "creation units" of the Fund or that will be applicable that day to redemption requests received by the Fund; (iii) supervise continuously the investment program of the Fund and the composition of its portfolio and determine what securities shall be purchased or sold by the Fund; and (iv) arrange, subject to the provisions of Section 7 hereof, for the purchase of securities and other investments for the Fund and the sale of securities and other investments held in the portfolio of the Fund.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Provided that the Trust shall not be required to pay any compensation other than as provided by the terms of this Agreement and subject to the provisions of Section 7 hereof, Advisor may

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obtain investment information, research or assistance from any other person, firm or corporation to supplement, update or otherwise improve its investment management services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.The Advisor may, from time to time, hire one or more sub-advisers, including, without limitation, affiliates of Advisor, to perform investment advisory services with respect to the Fund(s) or any portion thereof. In addition, the Advisor has the authority to (i) select new or additional sub-advisers for each Fund, (ii) enter into and materially modify existing sub-advisory agreements, and (iii) terminate and replace any sub-adviser. Each such action described in this paragraph is subject to the approval of the Board of Trustees, including a majority of the Trustees of the Trust who are not "interested persons" (as defined in the Investment Company Act) of the Trust or the Advisor, and the terms of any applicable exemptive relief obtained from the Commission. The retention of a sub-adviser by the Advisor shall not relieve the Advisor of its responsibilities under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Provided that nothing herein shall be deemed to protect Advisor from willful misfeasance, bad faith or gross negligence in the performance of its duties, or reckless disregard of its obligations and duties under the Agreement, Advisor shall not be liable for any loss sustained by reason of good faith errors or omissions in connection with any matters to which this Agreement relates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Nothing in this Agreement shall prevent Advisor or any officer or contractor or other related party thereof from acting as investment adviser for any other person, firm or corporation and shall not in any way limit or restrict Advisor or any of its directors, officers, stockholders, contractors, other related parties or employees from buying, selling or trading any securities 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 Advisor of its duties and obligations under this Agreement and under the Advisers Act.

f. To carry out the duties and responsibilities provided hereunder, Advisor is hereby authorized, as agent and attorney-in-fact for the Trust, for the account of, at the risk of and in the name of the Fund, to place orders and issue instructions for the Fund. In all purchases, sales and other transactions in securities for the Fund, Advisor is authorized to exercise full discretion and act for the Fund in the same manner and with the same force and effect as the Fund might or could do with respect to such purchases, sales or other transactions, as well as with respect to all other things necessary or incidental to the furtherance or conduct of such purchases, sales or other transactions, including, but not limited to, entering into and executing on behalf of the Fund, master agreements, confirmations, account opening documents, and other related documents, and making related undertakings and representations on behalf of the Fund.

**3. Other Duties of Advisor.**

Advisor shall, at its own expense, provide and supervise the activities of all administrative and clerical personnel as shall be required to provide effective corporate management and administration for the Fund, including (i) the compilation and maintenance of such records with respect to its operations as may reasonably be required; (ii) the preparation and filing of such reports with respect thereto as shall be required by the Commission; (iii) the composition of periodic reports with respect to its operations for shareholders of the Fund; (iv) the composition of proxy materials for meetings of the Fund's shareholders; (v) the composition of such registration statements as may be required by Federal securities laws for continuous public sale of shares of the Fund and (vi) at Advisor's discretion, the development and implementation, if appropriate, of management and shareholder services designed to enhance the value or convenience of the Fund as an investment vehicle.

**4. Allocation of Expenses.**

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During the term of this Agreement, Advisor shall pay all of the expenses of the Fund (including compensation of members of the Board of Trustees who are not "interested persons" (as that term is defined in the Investment Company Act) of a Fund), except for (i) the fee payment under this Agreement, (ii) distribution fees or expenses under the Fund's 12b-1 plan (if any), (iii) interest expenses, (iv) taxes, (v) acquired fund fees and expenses, (vi) brokers' commissions and any other portfolio transaction-related expenses and fees arising out of transactions effected on behalf of the Fund, (vii) credit facility fees and expenses, including interest expenses and (viii) litigation and indemnification expenses and other extraordinary expenses not incurred in the ordinary course of the Fund's business. For the avoidance of doubt, Advisor's payment of such expenses may be accomplished through the Fund's payment of such expenses and a corresponding reduction in the fee payable to Advisor pursuant to Section 5 hereof; provided, however, that if the amount of expenses paid by the Fund exceeds the fee payable to Advisor pursuant to Section 5 hereof, Advisor will reimburse the Fund for such excess amount.

Any officers or employees of Advisor or any entity controlling, controlled by or under common control with Advisor, who may also serve as officers, trustees or employees of the Trust shall not receive any compensation from the Trust for their services. The expenses with respect to any two or more series of the Trust shall be allocated in proportion to the net assets of the respective series except where allocations of direct expenses can be made.

**5. Compensation of Advisor.**

The Trust agrees to pay Advisor on behalf of the Fund and Advisor agrees to accept as full compensation for the performance of all functions and duties on its part to be performed pursuant to the provisions hereof, a management fee payable monthly and calculated on the daily net assets of the Fund at an annual rate as noted in each <u>S</u><u>ched</u><u>u</u><u>l</u><u>e A</u> of this Agreement.

**6. Portfolio Transactions and Brokerage.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Advisor is authorized, in arranging the Fund's portfolio transactions, to employ or deal with such members of securities or commodities exchanges, brokers or dealers, including "affiliated" broker-dealers (as that term is defined in the Investment Company Act) (hereinafter "broker-dealers"), as may, in its best judgment, implement the policy of the Fund to obtain "best execution," for these transactions, which is understood to mean prompt and reliable execution at the most favorable price obtainable . The Advisor shall not be precluded from obtaining, consistent with the provisions of Subsection (c) of this Section the benefit of such investment information or research as will be of significant assistance to the performance by Advisor of its investment management functions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Advisor shall select broker-dealers to effect the Fund's portfolio transactions on the basis of its estimate of their ability to obtain best execution of particular and related portfolio transactions. The abilities of a broker-dealer to obtain best execution of particular portfolio transaction(s) will be judged by Advisor on the basis of all relevant factors and considerations including, insofar as feasible, the execution capabilities required by the transaction or transactions; the ability and willingness of the broker-dealer to facilitate the Fund's portfolio transactions by participating therein for its own account; the importance to the Fund of speed, efficiency or confidentiality; the broker-dealer's apparent familiarity with sources from or to whom particular securities might be purchased or sold; as well as any other matters relevant to the selection of a broker-dealer for particular and related transactions of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Advisor shall have discretion, in the interests of the Fund, to allocate brokerage on the Fund's portfolio transactions to broker-dealers, other than an affiliated broker-dealer, qualified to obtain best execution

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of such transactions who provide brokerage and/or research services (as such services are defined in Section 28(e)(3) of the Securities Exchange Act of 1934) for the Fund and/or other accounts for which Advisor or its affiliates exercise "investment discretion" (as that term is defined in Section 3(a)(35) of the Securities Exchange Act of 1934) and to cause the Trust to pay such broker-dealers a commission for effecting a portfolio transaction for the Fund that is in excess of the amount of commission another broker-dealer adequately qualified to effect such transaction would have charged for effecting that transaction, if Advisor determines, in good faith, that such commission is reasonable in relation to the value of the brokerage and/or research services provided by such broker-dealer, viewed in terms of either that particular transaction or the overall responsibilities of Advisor and its investment advisory affiliates with respect to the accounts as to which they exercise investment discretion. In reaching such determination, Advisor will not be required to place or attempt to place a specific dollar value on the brokerage and/or research services provided or being provided by such broker-dealer. In demonstrating that such determinations were made in good faith, Advisor shall be prepared to show that all commissions were allocated for the purposes contemplated by this Agreement and that the total commissions paid by the Trust over a representative period selected by the Trust's trustees were reasonable in relation to the benefits to the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Advisor shall have no duty or obligation to seek advance competitive bidding for the most favorable commission rate applicable to any particular portfolio transactions or to select any broker- dealer on the basis of its purported or "posted" commission rate but will, to the best of its ability, endeavor to be aware of the current level of the charges of eligible broker-dealers and to minimize the expense incurred by the Fund for effecting its portfolio transactions to the extent consistent with the interests and policies of the Fund as established by the determinations of the Board of Trustees of the Trust and the provisions of this Section 7.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. On occasions when Advisor deems the purchase or sale of a security to be in the best interest of the Fund as well as other clients of Advisor and its affiliates, Advisor to the extent permitted by applicable laws and regulations, may, but will be under no obligation to, aggregate the securities to be purchased or sold to attempt to obtain a more favorable price or lower brokerage commissions and efficient execution. Allocation of the securities so purchased or sold, as well as the expenses incurred in the transaction, will be made by Advisor in the manner which Advisor considers to be the most equitable and consistent with its fiduciary obligations to the Fund and to its other clients over time. The Trust agrees that Advisor and its affiliates may give advice and take action in the performance of their duties with respect to any of their other clients that may differ from advice given, or the timing or nature of actions taken, with respect to the Funds. The Trust acknowledges that Advisor and its affiliates are fiduciaries to other entities, some of which have the same or similar investment objectives (and will hold the same or similar investments) as the Funds, and that Advisor will carry out its duties hereunder together with its duties under such relationships.

f. The Trust recognizes that an affiliated broker-dealer: (i) may act as one of the Fund's regular brokers so long as it is lawful for it so to act; (ii) may be a major recipient of brokerage commissions paid by the Trust; and (iii) may effect portfolio transactions for the Fund only if the commissions, fees or other remuneration received or to be received by it are determined in accordance with procedures contemplated by any rule, regulation or order adopted under the Investment Company Act for determining the permissible level of such commissions.

**7. Duration.**

This Agreement, with respect to each Fund (including any series of the Trust added to this Agreement by execution of an amended or new <u>S</u><u>ch</u><u>e</u><u>du</u><u>l</u><u>e</u> <u>A</u>), will take effect on the date set forth next to that Fund's name in the applicable <u>S</u><u>c</u><u>h</u><u>e</u><u>du</u><u>l</u><u>e</u> <u>A</u>. Unless earlier terminated pursuant to Section 10 hereof, this Agreement, with respect to each Fund, shall remain in effect until two years from the effective date specified in the appliable <u>S</u><u>c</u><u>h</u><u>e</u><u>d</u><u>u</u><u>l</u><u>e</u> <u>A</u>, and thereafter will continue in effect from year to year, so long as such continuance shall be approved at least

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annually by the Trust's Board of Trustees, including the vote of the majority of the Trustees of the Trust who are not parties to this Agreement or "interested persons" (as defined in the Investment Company Act) of any such party, cast in person at a meeting called for the purpose of voting on such approval, or by the holders of a "majority" (as defined in the Investment Company Act) of the outstanding voting securities of the Fund and by such a vote of the Trust's Board of Trustees.

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**8. Termination.**

This Agreement may be terminated: (i) by Advisor at any time without penalty upon giving the Trust sixty days' written notice (which notice may be waived by the Trust); or (ii) by the Trust at any time without penalty upon sixty days' written notice to Advisor (which notice may be waived by Advisor) provided that such termination by the Trust shall be directed or approved by the vote of a majority of all of the trustees of the Trust then in office or by the vote of the holders of a majority of the outstanding voting securities of the Fund, as defined in the Investment Company Act.

**9. Assignment or Amendment.**

This Agreement may not be amended without the affirmative vote of the Board of Trustees of the Trust, including a majority of the Trustees who are not parties to this Agreement or interested persons of any such party, cast in person at a meeting called for the purposes of voting on such approval and, where required by the Investment Company Act, by a vote or written consent of a majority of the outstanding voting securities of the Fund, and shall automatically and immediately terminate in the event of its "assignment," as defined in the Investment Company Act.

**10. Disclaimer of Trustee or Shareholder Liability**

Advisor understands and agrees that the obligations of the Trust under this Agreement are not binding upon any Trustee or shareholder of the Trust or Fund personally but bind only the Trust and the Trust's property. Advisor represents that it has notice of the provisions of the Declaration of Trust of the Trust disclaiming Trustee or shareholder liability for acts or obligations of the Trust and agrees that obligations, if any, assumed by the Trust pursuant to this Agreement will be limited in all cases to the Trust and its assets, and if the liability relates to one or more series, the obligations hereunder will be limited to the respective assets of the Fund.

**11. Definitions.**

The terms and provisions of this Agreement shall be interpreted and defined in a manner consistent with the provisions and definitions of the Investment Company Act.

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ETF OPPORTUNIES TRUST, FOR THE FUNDS LISTED IN EACH <u>SCHEDULE A</u> HEREOF:

/s/ David A. Bogaert

Signature

By: David A. Bogaert &nbsp;&nbsp;&nbsp;&nbsp;

Title: President

Framework Digital Advisors, LLC

/s/ Louis Camhi

Signature

By: Louis Camhi

Title: Managing Member

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**<u>Schedu</u><u>l</u><u>e</u> <u>A-1</u>**

**Funds, Effective Date and Compensation to Advisor**

The fee payable by the Trust on behalf of each Fund shall be calculated on the daily net assets of each Fund at an annual rate as noted below:

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| | | |
|:---|:---|:---|
| **Fund** | **Effective Date** | **Compensation** |
| GSR Digital Asset Treasury Companies ETF | December 1, 2025 | 1.50% |
| GSR Digital Asset Treasury Companies ETF | December 1, 2025 |  |
| GSR Ethereum Staking Opportunity ETF | December 1, 2025 | 1.00% |
| GSR Ethereum Staking Opportunity ETF | December 1, 2025 |  |
| GSR Crypto StakingMax ETF | December 1, 2025 | 1.50% |
| GSR Crypto StakingMax ETF | December 1, 2025 |  |
| GSR Crypto Core3 ETF | December 1, 2025 | 1.00% |
| GSR Crypto Core3 ETF | December 1, 2025 |  |
| GSR Ethereum YieldEdge ETF | December 1, 2025 | 1.25% |
| GSR Ethereum YieldEdge ETF | December 1, 2025 |  |

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## Ex-99.(D)(50)

**INVESTMENT SUB-ADVISORY AGREEMENT**

**with** 

**Tuttle Capital Management, LLC**

This Investment Sub-Advisory Agreeement (the "Agreement") is made as of this 20<sup>th</sup> day of November 2025, made by and among **Framework Digital Advisors, LLC**, a Delaware limited liability company (hereinafter referred to as "Advisor") with its principal place of business located at 347 5<sup>th</sup> Avenue, Suite 1402-700 New York, New York 10016, **ETF Opportunities Trust** (the "Trust"), and **Tuttle Capital Management, LLC**, a Delaware limited liability company with its principal place of business located at 155 Lockwood Road, Riverside, Connecticut 06878 (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 dated November 20, 2025, with the Trust; and

**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 each of the series portfolios of the Trust (each a "Fund" and collectively, the "Funds") to the Adviser and as identified in "Schedule A" and then numerically designated (e.g., Schedule A-1) attached hereto as of the "Effective Date" noted on each Schedule A with respect to each of the Funds.

**&nbsp;&nbsp;&nbsp;&nbsp;A G R E E M E N T&nbsp;&nbsp;&nbsp;&nbsp;**

**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.**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 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

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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;(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;(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;(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

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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;(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;(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;(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;(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;(h)The Sub-Adviser shall, unless and until otherwise directed by the Adviser or the Board and consistent with the best interests of each Fund, be responsible for exercising (or not exercising in its discretion) all rights of security holders with respect to securities held by each Fund, including but not limited to: reviewing

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proxy solicitation materials, voting and handling proxies and converting, tendering exchanging or redeeming securities. 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;(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;(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;(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;(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. 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

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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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;&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;(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;&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;(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;(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;(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;(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

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(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;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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

The Adviser shall indemnify and hold harmless the Sub-Adviser and all affiliated persons thereof 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 Section 6 shall be

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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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;(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;(b)The Sub-Adviser will immediately 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 (other than any routine regulatory examinations);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)The Sub-Adviser will notify the Adviser immediately 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;(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;

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&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;(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;(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;(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;(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;(j)The Sub-Adviser agrees to maintain an appropriate level of errors and omissions or professional liability insurance coverage.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>Duration</u>. This Agreement shall become effective with respect to a Fund upon the latest of (i) the effectiveness of the Transaction; (ii) 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; (iii) the approval of a majority of the Fund's outstanding voting securities, if required by the 1940 Act; and (iv) 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

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

&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 ninety (90) days' written notice to the Adviser and the Board.

This Agreement shall terminate automatically and immediately in the event of its assignment, or in the event of a termination of the Advisory Agreement with the Trust 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.**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;(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;(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 (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").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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,

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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 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.**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;(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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;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;(ii)&nbsp;&nbsp;&nbsp;&nbsp;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;(iii)&nbsp;&nbsp;&nbsp;&nbsp;a copy of the Sub-Adviser's chief compliance officer's report (or similar document(s) which serve the same purpose) regarding his or her annual review of the Sub-Adviser's Compliance Program, as required by Rule 206(4)-7 under the Advisers Act; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;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 Section <u>9</u> of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.**The Name "**Framework Digital." The Adviser grants to the Sub-Adviser a sub-license to use the name "Framework Digital" (the "Name"). The foregoing authorization by the

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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. 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

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| | |
|:---|:---|
| To the Adviser at: | Framework Digital Advisors, LLC<br>347 5<sup>th</sup> Avenue, Suite 1402-700 <br>New York, New York 10016 |
| To the Trust at: | ETF Opportunities Trust<br>8730 Stony Point Parkway, Suite 205<br>Richmond, Virginia 23235 |
| To the Sub-Adviser at: | Tuttle Capital Management, LLC<br>155 Lockwood Road<br>Riverside, CT 06878 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.**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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.**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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.**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.

&nbsp;&nbsp;&nbsp;&nbsp;12

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.**Miscellaneous.**

&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)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;&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.

[*Signature page follows*]

&nbsp;&nbsp;&nbsp;&nbsp;13

------

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

---

| |
|:---|
| <br>Framework Digital Advisors, LLC<br>By: <u>/s/ Louis Camhi&nbsp;&nbsp;&nbsp;&nbsp;</u><br>Name: Louis Camhi<br>Title: Managing Member |
| <br>Tuttle Capital Management, LLC<br>By: <u>/s/ Matthew Tuttle&nbsp;&nbsp;&nbsp;&nbsp;</u><br>Name: Matthew Tuttle<br>Title: Chief Executive Officer, Chief Investment Officer |
| <br>On Behalf of the ETF Opportunities Trust <br>By: <u>/s/ David Bogaert&nbsp;&nbsp;&nbsp;&nbsp;</u><br>Name: David A. Bogaert<br>Title: President |

---

------

**SCHEDULE A-1** 

**to the**

**INVESTMENT SUB-ADVISORY AGREEMENT**

**FRAMEWORK DIGITAL ADVISORS, LLC**

**and**

**TUTTLE CAPITAL MANAGEMENT, LLC**

**and**

**ETF OPPORTUNITIES TRUST**

The Adviser will pay to the Sub-Adviser as compensation for the Sub-Adviser's services rendered, a fee, computed daily at an annual rate based on the daily net assets of the respective Fund in accordance with the following fee schedule:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Minimum Fee** | **Rate** | **Effective Date** |
| GSR Digital Asset Treasury Companies ETF |  | 0.12% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;December 1, 2025 |
| GSR Ethereum Staking Opportunity ETF  |  | 0.12% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;December 1, 2025 |
| GSR Crypto StakingMax ETF |  | 0.12% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;December 1, 2025 |
| GSR Crypto Core3 ETF |  | 0.12% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;December 1, 2025 |
| GSR Ethereum YieldEdge ETF |  | 0.12% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;December 1, 2025 |

---

---

| |
|:---|
| <br>Framework Digital Advisors, LLC<br>By: <u>/s/ Louis Camhi&nbsp;&nbsp;&nbsp;&nbsp;</u><br>Name: Louis Camhi<br>Title: Managing Member |
| <br>Tuttle Capital Management, LLC<br>By: <u>/s/ Matthew Tuttle&nbsp;&nbsp;&nbsp;&nbsp;</u><br>Name: Matthew Tuttle<br>Title: Chief Executive Officer, Chief Investment Officer |
| <br>On Behalf of the ETF Opportunities Trust <br>By: <u>/s/ David A. Bogaert&nbsp;&nbsp;&nbsp;&nbsp;</u><br>Name: David A. Bogaert<br>Title: President |

---

## Ex-99.(D)(51)

**MANAGEMENT AGREEMENT**

**Framework Digital Advisors LLC**

This Agreement entered into on February 12, 2026, between T-REX (Cayman) Portfolios SPC (the "Fund"), on behalf of each Segregated Portfolio listed on Appendix A hereto (each a "Segregated Portfolio" and collectively, the "Segregated Portfolios"), and Framework Digital Advisors LLC, a Delaware limited liability company with its principal place of business in New York, New York, (referred to herein as "Framework"), to provide certain management and investment advisory services to the Fund, for and on behalf of the Segregated Portfolios.

The Fund is a Cayman Islands segregated portfolio company which maintains segregated portfolios (as defined in the Companies Act (Revised) of the Cayman Islands) in order to segregate the assets and liabilities of each such segregated portfolios from the assets and liabilities of other segregated portfolios and from the general assets of the Fund. The sole shareholder of each Segregated Portfolio is the corresponding series of ETF Opportunities Trust listed on Appendix A hereto (the "Sole Shareholder"). ETF Opportunities Trust (the "Trust"), is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (collectively with the rules and regulations promulgated thereunder and any exemptive orders thereunder, the "1940 Act"), and consists of more than one series, including each Sole Shareholder. Each Segregated Portfolio's principal purpose is to provide its corresponding Sole Shareholder with exposure to certain assets such as commodities and exchange traded products or funds within the limitations of the U.S. federal tax requirements that apply to the Sole Shareholder. Each Segregated Portfolio (unlike the Sole Shareholder) may invest without limitation in commodities, commodity index-linked securities, exchange traded products or funds, other commodity-linked securities and derivative instruments. However, each Segregated Portfolio otherwise is subject to such Sole Shareholder's investment restrictions and other policies. The Fund and each Segregated Portfolio wishes to have the benefit of the investment advisory services of Framework and Framework desires to furnish services for the Fund and the Segregated Portfolios and to perform the functions assigned to it under this Agreement for the considerations provided. Accordingly, the parties have agreed as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.Appointment.** The Fund on behalf of each Segregated Portfolio hereby appoints Framework as the Fund's investment adviser with respect to each Segregated Portfolio listed on Appendix A for the period and on the terms set forth in this Agreement. Framework accepts such appointment and agrees to render or cause to be rendered the services set forth for the compensation herein specified.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.Duties.** In its capacity as investment adviser to the Fund and the Segregated Portfolios, Framework shall have the following duties:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Framework shall regularly provide the Fund and each Segregated Portfolio with investment advisory services, including management, supervision and investment research and advice and shall furnish a continuous investment program for each Segregated Portfolio's portfolio of securities and other investments consistent with each such Segregated Portfolio's investment objectives, policies and restrictions, as stated in the corresponding Sole Shareholder's current Prospectus and Statement of Additional Information. The investment advisory services to be provided shall be subject to the supervision of the Fund's Board of Directors (the "Board") and shall include the design, development and ongoing review and evaluation of each Segregated Portfolio and its investment strategy; ongoing portfolio trading oversight and analysis; risk management oversight and analysis; design, development, implementation and ongoing review and evaluation of a process for the valuation of the Segregated Portfolio's investments; design, development, implementation and ongoing review and evaluation of a compliance program for the Segregated Portfolio ; design, development, implementation and ongoing review and evaluation of a process for the voting of proxies and rights to consent to corporate action for the Segregated Portfolio's investments; participation in Board meetings and oversight of preparation of materials for the Board, including materials for Board meetings and regular communications with the Board; and ongoing cash management services.

------

In furtherance of the foregoing, without limitation, Framework shall determine from time to time what securities and other investments and instruments will be purchased, retained, sold or exchanged by the particular Segregated Portfolio and what portion of the assets of such Segregated Portfolio will be held in the various securities and other investments in which the Segregated Portfolio invests, and shall implement those decisions (including the execution of investment documentation and agreements), all subject to the provisions of the Fund's Memorandum and Articles of Association (as may be amended from time to time, the "Articles"), the 1940 Act and the applicable rules and regulations promulgated thereunder by the Securities and Exchange Commission (the "SEC") and any applicable Cayman Islands law and U.S. state and federal law, as well as the investment objectives, policies and restrictions of each Segregated Portfolio and, to the extent applicable, each Sole Shareholder, and any other specific policies adopted by the Board and disclosed to Framework. Framework is authorized as the agent of the Fund to give instructions to the custodian of the Fund as to deliveries of securities and other investments and payments of cash for the account of the Fund and each Segregated Portfolio. Subject to applicable provisions of the 1940 Act and direction from the Board, the investment program to be provided hereunder may entail the investment of all or substantially all of the assets of the Fund in one or more investment companies.

Except as specifically provided above, in no event shall Framework be deemed to have assumed any duties with respect to, or be responsible for, the distribution of the shares of the Fund or any Segregated Portfolio, nor shall Framework be deemed to have assumed, or have any responsibility with respect to, functions specifically assumed by any transfer agent, fund accounting agent, custodian or shareholder servicing or other agent, in each case employed by the Fund to perform such functions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Framework will place orders pursuant to its investment determinations for each Segregated Portfolio either directly with the issuer or with any broker or dealer, foreign currency dealer, futures commission merchant or others selected by it. In connection with the selection of such brokers or dealers and the placing of such orders, subject to applicable law, brokers or dealers may be selected who also provide brokerage and research services (as those terms are defined in Section 28(e) of the Securities Exchange Act of 1934, as amended (the "Exchange Act")) to the Fund, the Segregated Portfolios and/or the other accounts over which Framework or its affiliates exercise investment discretion. Framework is authorized to pay a broker or dealer who provides such brokerage and research services a commission for executing a portfolio transaction for a Segregated Portfolio which is in excess of the amount of commission another broker or dealer would have charged for effecting that transaction if Framework determines in good faith that such amount of commission is reasonable in relation to the value of the brokerage and research services provided by such broker or dealer. This determination may be viewed in terms of either that particular transaction or the overall responsibilities which Framework, and its affiliates have with respect to accounts over which they exercise investment discretion. The Board may adopt policies and procedures that modify and restrict Framework' authority regarding the execution of each Segregated Portfolio's portfolio transactions provided herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)The Fund, on behalf of each Segregated Portfolio, hereby authorizes any entity or person associated with Framework which is a member of a national securities exchange to effect any transaction on the exchange for the account of a Segregated Portfolio which is permitted by Section 11(a) of the Exchange Act and Rule 11a2-2(T) thereunder, and the Fund and each Segregated Portfolio hereby consents to the retention of compensation for such transactions in accordance with Rule 11a2- 2(T)(a)(2)(iv). Notwithstanding the foregoing, Framework agrees that it will not deal with itself, or with the Directors of the Fund or any principal underwriter of the Fund, as principals or agents in making purchases or sales of securities or other property for the account of the Fund or a Segregated Portfolio, nor will it purchase any securities from an underwriting or selling group in which Framework or its affiliates is participating, or arrange for purchases and sales of securities

4904-9542-1568, v. 4

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between the Fund, a Segregated Portfolio and another account advised by Framework or its affiliates, except in each case as permitted by the 1940 Act and in accordance with such policies and procedures as may be adopted by the Fund from time to time, and will comply with all other provisions of the Articles and each Sole Shareholder's then- current 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;(d)Framework shall, at the request of the Board, exercise voting rights, rights to consent to corporate action and any other rights pertaining to each Segregated Portfolio's portfolio securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)Framework may execute on behalf of the Fund certain agreements, instruments and documents in connection with the services performed by it under this Agreement. These may include, without limitation, brokerage agreements, clearing agreements, account documentation, futures and option agreements, swap agreements, other investment related agreements, and any other agreements, documents or instruments Framework believes are appropriate or desirable in performing its duties under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.Activities of Framework.** Nothing in this Agreement shall limit or restrict the right of any director, officer, or employee of Framework, whether or not a director, officer or employee of the Fund, to engage in any other business or to devote his or her time and attention in part to the management or other aspects of any other business, whether of a similar nature or a dissimilar nature, nor to limit or restrict the right of Framework to engage in any other business or to render services of any kind, including investment advisory, administrative and management services, to any other fund, firm, individual or association. If the purchase or sale of securities or investments for a Segregated Portfolio and one or more other accounts of Framework is considered at or about the same time, transactions in such securities or investments will be allocated among the accounts in a manner deemed equitable by Framework. Such transactions may be combined, in accordance with applicable laws and regulations, and consistent with Framework' policies and procedures as presented to the Board from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.Allocation of Charges and Expenses.** During the term of this Agreement, Framework shall pay all of the expenses of the Fund (including compensation of members of the Board), except for (i) the fee payment under this Agreement, (ii) interest expenses, (iii) taxes, (iv) acquired fund fees and expenses, (v) brokers' commissions and any other portfolio transaction-related expenses and fees arising out of transactions effected on behalf of the Fund or a Segregated Portfolio, (vi) credit facility fees and expenses, including interest expenses and (vii) litigation and indemnification expenses and other extraordinary expenses not incurred in the ordinary course of the Fund's business. For the avoidance of doubt, Framework' payment of such expenses may be accomplished through the Fund's payment of such expenses and a corresponding reduction in the fee payable to Framework pursuant to Section 6 hereof; provided, however, that if the amount of expenses paid by the Fund exceeds the fee payable to Framework pursuant to Section 6 hereof, Framework will reimburse the Fund for such excess amount.

**5. Obligation to Provide Information.** Each party's obligation to provide information shall be as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The Fund shall at all times keep Framework fully informed with regard to the securities owned by the Fund and the Segregated Portfolio's, the Fund's and the Segregated Portfolio's funds available, or to become available, for investment, and generally as to the condition of the Fund's and each Segregated Portfolio's affairs. The Fund shall furnish Framework with such other documents and information with regard to the Fund's affairs as Framework may from time to time reasonably request. The Fund shall provide Framework with access to all information, documents, and records of and about the Fund and the Segregated Portfolios that are necessary for Framework to carry out the performance of its duties under this Agreement. Each Sole Shareholder shall furnish Framework with a certified copy of any financial statement or report prepared for the Sole Shareholder by certified or independent public accountants, and with copies of any financial statements or reports made by such Sole Shareholder to its shareholders or to any governmental body or securities exchange.

4904-9542-1568, v. 4

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Framework shall at all times keep the Fund fully informed with regard to each Segregated Portfolio's investment performance and investment mandate compliance, and generally as to the condition of the Fund's and each Segregated portfolio's affairs. Framework shall furnish the Fund with such other documents and information with regard to the Fund as the Fund may from time to time reasonably request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Framework acknowledges the Fund is subject to the Data Protection Act (Revised) of the Cayman Islands (the "DPA") and acknowledges and agrees that, to the extent that the Fund or one of its delegates desires or is required to transfer "personal data" (as defined under the DPA) to the Framework, the Fund may only do so in accordance with the DPA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.Compensation of Framework.** The Fund agrees to pay Framework and Framework agrees to accept as full compensation for the performance of all functions and duties on its part to be performed pursuant to the provisions hereof, a management fee payable monthly and calculated as of the daily net assets of each Segregated Portfolio included on Appendix <u>A</u> of this Agreement, as such Appendix A may be amended from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.Compensation of Trustees, Officers and Employees.** No Director, officer or employee of the Fund shall receive from the Fund any salary or other compensation as such Director, officer or employee while he is at the same time a director, officer, or employee of Framework, a sub-adviser or principal underwriter, or affiliate of any of the foregoing, or a consultant, independent contractor or other person who receives remuneration or other benefits from any of the foregoing, except as the Board may decide.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.Term.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)This Agreement will become effective with respect to the Fund on the date set forth above and shall continue in effect with respect to the Fund and each Segregated Portfolio, unless sooner terminated in accordance with its terms, for two years from its effective date, and shall continue in effect from year to year thereafter, provided that, subject to clause 8(b), such continuance is specifically approved at least annually by an authorized person of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The Trust's authority to approve the continuance of this Agreement by an authorized person of the Trust pursuant to clause 8(a) above shall be revoked, and shall not be required, in the event Framework with respect to the Sole Shareholder of each Segregated Portfolio no longer serves in an investment advisory capacity with respect to such Sole Shareholder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.Termination.** This Agreement may be terminated with respect to the Fund and each Segregated Portfolio at any time, without penalty, by the Board or the affirmative vote of a majority of the outstanding voting securities of the Fund provided that 60 days' written notice of termination be given to Framework at its principal place of business. This Agreement may be terminated with respect to the Fund by Framework at any time by giving 60 days' written notice of termination to the Fund, addressed to its principal place of business. For so long as each Sole Shareholder is the sole shareholder of its corresponding Segregated Portfolio, this Agreement may be terminated with respect to such Segregated Portfolio at any time by the Trust, on behalf of such Sole Shareholder, or by vote of a majority of the outstanding voting securities of the Sole Shareholder, upon 60 days' written notice of termination to Framework. This Agreement may be terminated with respect to the Fund or a Segregated Portfolio upon the mutual written consent of Framework and, for so long as each Sole Shareholder is the sole shareholder of its corresponding Segregated Portfolio, the Trust. This Agreement shall terminate automatically in the event of its assignment by Framework and shall not be assignable by the Fund without the consent of Framework.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.Liability of Framework.** Framework may rely on information reasonably believed by it to be accurate and reliable. Framework assumes no responsibility under this Agreement other than to render the services called for hereunder, in good faith, and shall not be liable for any error of judgment or mistake of law, or for any

4904-9542-1568, v. 4

------

loss arising out of any investment or for any act or omission in the execution of securities or investment transactions for the Fund or a Segregated Portfolio, provided that nothing in this Agreement shall protect Framework against any liability to the Fund or a Segregated Portfolio to which Framework would otherwise be subject 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 hereunder. As used in this Section 10, the term "Framework" shall include any affiliates of Framework performing services for the Fund contemplated hereby and the partners, shareholders, directors, officers and employees of Framework and such affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.Meanings of Certain Terms.** For the purposes of this Agreement, the terms "assignment," "interested person," and "majority of the outstanding voting securities" shall have the meanings given to them by Section 2(a) of the 1940 Act, subject to such exemptions as may be granted by the Securities and Exchange Commission by any rule, regulation or order.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.Amendments.** No provision of this Agreement may be changed, waived, discharged or terminated orally with respect to the Fund, but only by an instrument in writing signed by the party against which enforcement of the change, waiver, discharge or termination is sought. No material amendment of the Agreement shall be effective with respect to the Fund until approved by the Board of Trustees of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.Miscellaneous.** This Agreement embodies the entire agreement and understanding between the parties hereto, and supersedes all prior agreements and understandings relating to the subject matter hereof. Should any part of this Agreement be held or made invalid by a court decision, statute, rule or otherwise, the remainder of this Agreement shall not be affected thereby. This Agreement shall be binding on and shall inure to the benefit of the parties hereto and their respective successors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.Governing Law.** This Agreement shall be construed and the provisions thereof interpreted under and in accordance with the laws of the State of Delaware and the applicable provisions of the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.Confidential Information.** Each party to this Agreement acknowledges that in order to perform the duties called for in this Agreement, it may be necessary for a party ("owner") to disclose to the other party(ies) certain "Confidential Information." Confidential Information means non-public, proprietary information, data or know- how of an owner, including, but not limited to, personal information of an owner's customers. No party will use another party's Confidential Information except as required for the performance of this Agreement. Each party will use commercially reasonable efforts in a manner fully consistent with industry standards and applicable federal, state and international laws and regulations to hold in confidence a party's Confidential Information. Notwithstanding the foregoing, Confidential Information does not include information which is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) already in the possession of the receiving party or its subsidiaries and not subject to a confidentiality obligation to the providing party; (ii) independently developed by the receiving party; (iii) publicly disclosed or in the public domain through no fault of the receiving party; (iv) rightfully received by the receiving party or its subsidiaries from a third party that is not under any obligation to keep such information confidential; (v) approved for release by written agreement with the owner; or (vi) disclosed pursuant to the requirements of law, regulation or court order or as required or requested by any regulatory authority.

Each party to this Agreement represents, warrants and agrees that it has adopted and implemented, and will continue to have in place and follow for the term of this Agreement and thereafter, appropriate policies and procedures designed to detect, prevent and mitigate the risk of identity theft and other breaches of privacy concerning Confidential Information. Each party agrees to take immediate and appropriate measures to respond to any breach of privacy concerning Confidential Information of the owner, and to notify the owner in writing regarding such breach in the most expedient time possible and without unreasonable delay; provided, however, that a party may postpone providing such notice as the party deems consistent with the legitimate needs of law enforcement. Each party further agrees to provide the owner with a copy of its plan to remediate any such breach and to pay for all costs associated with such remediation and with providing written notice of such breach to the applicable party.

4904-9542-1568, v. 4

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Each party agrees to establish and maintain (i) administrative, technical and physical safeguards against the destruction, loss or alteration of Confidential Information, and (ii) appropriate security measures to protect Confidential Information, which measures are consistent applicable Cayman Islands, federal, state and international laws and regulations relating to personal information security.

The provisions found in this Section on Confidential Information will survive any expiration or termination of the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16.Limitation of Liability.** The undersigned Director of the Fund has executed this Agreement not individually, but as a Director under the Fund's Articles and the obligations of this Agreement are not binding upon any of the Directors, officers or shareholders of the Fund individually. Framework agrees that for services rendered to the Fund or a particular Segregated Portfolio, or for any claim by it in connection with services rendered to the Fund or such Segregated Portfolio, it shall look only to assets of the Fund or the particular Segregated Portfolio for satisfaction.

**[Remainder of page intentionally left blank.]**

4904-9542-1568, v. 4

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The parties hereto have caused this Agreement to be executed by their duly authorized signatories as of the date and year first above written.

**FRAMEWORK DIGITAL ADVISORS LLC**

By:_<u>/s/ Louis Camhi&nbsp;&nbsp;&nbsp;&nbsp;</u> Name: Louis Camhi

Title: Chief Investment Officer

**T-REX (CAYMAN) PORTFOLIOS SPC**

FOR AND ON BEHALF OF EACH SEGREGATED PORTFOLIO LISTED ON APPENDIX A HERETO

By:_<u>/s/ Mary Lou Ivey&nbsp;&nbsp;&nbsp;&nbsp;</u> Name: Mary Lou Ivey

Title: Director

------

**APPENDIX A**

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| | | |
|:---|:---|:---|
| <u>Fund</u> | <u>Segregated</u> <u>Portfolio</u> | <u>Management Fee</u> |
| GSR Crypto Core3 ETF | GSR Crypto Core3 (Cayman) Portfolio S.P. | <br>1.00% |
| GSR Crypto StakingMax ETF  | GSR Crypto StakingMax (Cayman) Portfolio S.P. | <br>1.50% |
| GSR Ethereum Staking Opportunity ETF  | GSR Ethereum Staking Opportunity (Cayman) Portfolio S.P. | <br>1.00% |
| GSR Ethereum YieldEdge ETF | GSR Ethereum Yieldedge (Cayman) Portfolios S.P. | 1.25% |

---

## Ex-99.(D)(52)

**DELEGATED SERVICES**

**SUB-ADVISORY AGREEMENT**

This Delegated Services Sub-Advisory Agreement (the "<u>Agreement</u>") is made as of this 24th day of September 2025, and amended as of January 21, 2026, by and between **Highland Capital Management, LLC** a Tennessee limited liability company, with its principal place of business at 850 Ridge Lake Blvd., Suite 205, Memphis, Tennessee 38120 (the "<u>Adviser</u>"), and **Tidal Investments LLC**, a Delaware limited liability company, with its principal place of business at 234 West Florida Street, Suite 203, Milwaukee, Wisconsin 53204 (the "<u>Sub-Adviser</u>"), with respect to the series of **ETF Opportunities Trust** (the "<u>Trust</u>") identified on Schedule A to this Agreement, as may be amended from time to time (each, a "<u>Fund</u>," and collectively, the "<u>Funds</u>").

**BACKGROUND**

A.The Adviser is registered as an investment adviser under the Investment Advisers Act of 1940, as amended (the "<u>Advisers Act</u>"), and engages in the business of providing investment advisory services.

B.The Adviser has entered into an Investment Advisory Agreement dated as of September 24, 2025, as amended, (the "<u>Investment Advisory Agreement</u>") with the Trust, an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "<u>1940 Act</u>"), on behalf of the Funds.

C.The Sub-Adviser is registered as an investment adviser under the Advisers Act and engages in the business of providing investment advisory services.

D.The Investment Advisory Agreement contemplates that the Adviser may appoint one or more sub-advisers to perform some or all of the services for which the Adviser is responsible.

E.Subject to the terms of this Agreement, the Sub-Adviser is willing to furnish such services to the Adviser and each Fund.

**TERMS**

NOW, THEREFORE, in consideration of the mutual covenants herein contained, the sufficiency of which is hereby acknowledged, and each of the parties hereto intending to be legally bound, it is agreed as follows:

1.<u>Appointment of the Sub-Adviser</u>. The Adviser hereby appoints the Sub-Adviser to act as an investment adviser for each Fund (or each portion of a Fund's assets allocated to the Sub-Adviser by the Adviser), subject to the supervision and oversight of the Adviser and the Board of Trustees of the Trust (the "<u>Board</u>"), and in accordance with the terms and conditions of this Agreement. The Sub-Adviser will be an independent contractor and will have no authority to act for or represent the Trust or the Adviser in any way or otherwise be deemed an agent of the Trust

------

or the Adviser except as expressly authorized in this Agreement or another writing by the Trust, the Adviser and the Sub-Adviser. The Sub-Adviser accepts that appointment and agrees to render the services herein set forth, for the compensation herein provided.

2.<u>Sub-Advisory Services</u>. The Sub-Adviser shall be primarily responsible, at the direction of the Adviser, for portfolio management and managing each Fund's daily creation and redemption and portfolio rebalancing processes, as needed. Portfolio management duties shall include, but not be limited to, in consultation with the Adviser, performing daily monitoring of: (i) Fund positions and variances from the most recently received portfolio disposition and creation unit basket instructions from the Adviser, (ii) portfolio positioning with investment guidelines and alignment with the Fund's target strategy, (iii) adherence to cash and holdings reconciliations and related trading of cash positions, and (iv) overall portfolio risk management with respect to daily portfolio disposition and acquisition activities. The Sub-Adviser shall also implement trading decisions for each Fund in accordance with instructions provided by the Adviser in writing pursuant to mutually agreed upon notification protocols. In the event the Sub-Adviser requires clarification on a particular Adviser instruction (*e.g.*, due to a potential regulatory or compliance issue), the Sub-Adviser will seek guidance from the Adviser prior to executing any transaction in question. The Sub-Adviser shall also assist in liquidity and valuation determinations for portfolio assets where reasonably requested by the Adviser.

The Adviser hereby grants the Sub-Adviser the authority to exercise full trading authority (subject to the Adviser's instructions and oversight) for each Fund with respect to creation unit, redemption and rebalancing processes, including corresponding with the Authorized Participants, and implementing activities necessary or incidental thereto, such as purchases, sales or other transactions, as well as with respect to all other such things necessary or incidental to the furtherance or conduct of such purchases, sales or other transactions. In particular, the Sub-Adviser shall have the authority to select broker-dealers to effect trade executions in its sole discretion (subject to its best obligations as stated in Section 7). The Sub-Adviser may consider input from the Adviser regarding broker selection or trading strategies; while retaining discretion over such decisions to act in a manner consistent with its best execution obligations.

The Sub-Adviser acknowledges that the Board retains ultimate authority over the Funds and may take any and all actions necessary and reasonable to protect the interests of the Funds' shareholders.

3.<u>Representations of the Sub-Adviser</u>.

3.1.The Sub-Adviser has all requisite power and authority to enter into and perform its obligations under this Agreement, and has taken all necessary corporate action to authorize its execution, delivery and performance of this Agreement.

3.2.The Sub-Adviser is registered as an investment adviser under the Advisers Act and has provided its current Form ADV, including the firm brochure and applicable brochure supplements to the Adviser.

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3.3.The Sub-Adviser maintains errors and omissions insurance coverage in an appropriate amount and shall provide prior written notice to the Adviser and the Trust (i) of any material changes in its insurance policies or insurance coverage or (ii) if any material claims will be made on its insurance policies. Furthermore, the Sub-Adviser shall upon reasonable request provide the Adviser and the Trust with any information they may reasonably require concerning the amount of or scope of such insurance.

3.4.None of the Sub-Adviser, its affiliates, or any officer, director or employee of the Sub-Adviser or its affiliates is subject to any event set forth in Section 9 of the 1940 Act that would disqualify the Sub-Adviser from acting as an investment adviser to an investment company under the 1940 Act. The Sub-Adviser will promptly notify the Adviser and the Trust upon the Sub-Adviser's discovery of the occurrence of any event that would disqualify the Sub-Adviser from serving as an investment adviser of an investment company pursuant to Section 9(a) of the 1940 Act or otherwise. The Sub-Adviser agrees to comply with the requirements of the 1940 Act, the Advisers Act, the 1933 Act, the Securities Exchange Act of 1934, as amended (the "<u>1934 Act</u>"), the Commodity Exchange Act and the rules and regulations thereunder, as applicable to its provision of services under this Agreement, as well all other applicable federal and state laws, rules, and regulations, and any exchange listing requirements, as applicable to its provision of services and receipt of compensation in connection therewith described under this Agreement and to the conduct of its business as a registered investment adviser and to maintain all licenses and registrations necessary to perform its duties hereunder in good order. The Sub-AdviserAdviser shall maintain compliance procedures that it reasonably believes are adequate to ensure its compliance with the foregoing.

3.5.The Sub-Adviser has adopted and implemented written policies and procedures, as required by Rule 206(4)-7 under the Advisers Act, which are reasonably designed to prevent violations of federal securities laws by the Sub-Adviser, its employees, officers, and agents. Upon reasonable notice to and reasonable request, the Sub-Adviser shall provide the Adviser and the Trust with access to the records relating to such policies and procedures as they relate to the Funds. The Sub-Adviser will also provide, at the reasonable request of the Adviser or the Trust, periodic certifications, in a form reasonably acceptable to the Adviser or the Trust, attesting to such written policies and procedures.

3.6.The Sub-Adviser shall implement and maintain a business continuity plan and policies and procedures reasonably designed to prevent, detect and respond to cybersecurity threats and to implement such internal controls and other safeguards as the Sub-Adviser reasonably believes are necessary to protect each Fund's confidential information and the nonpublic personal information of Fund shareholders. The Sub-Adviser shall promptly notify the Adviser and the Trust of any material violations or breaches of such policies and procedures.

3.7.The Sub-Adviser will not engage in any futures transactions, options on futures transactions or transactions in other commodity interests on behalf of a Fund prior to the

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Sub-Adviser becoming registered or filing a notice of exemption on behalf of the Fund with the National Futures Association (the "<u>NFA</u>").

3.8.The Sub-Adviser agrees to provide reasonable assistance with the liquidity classifications required under each Fund's liquidity risk management program.

4.<u>Representations of the Adviser</u>.

4.1.The Adviser has all requisite power and authority to enter into and perform its obligations under this Agreement, and has taken all necessary corporate action to authorize its execution, delivery and performance of this Agreement.

4.2.The Adviser is registered as an investment adviser under the Advisers Act. None of the Adviser, its affiliates, or any officer, manager, partner or employee of the Adviser or its affiliates is subject to any event set forth in Section 9 of the 1940 Act that would disqualify the Adviser from acting as an investment adviser to an investment company under the 1940 Act. The Adviser will promptly notify the Sub-Adviser upon the Adviser's discovery of an occurrence of any event that would disqualify the Adviser from serving as an investment adviser of an investment company pursuant to Section 9(a) of the 1940 Act or otherwise. The Adviser agrees to comply with the requirements of the 1940 Act, the Advisers Act, the 1933 Act, the Securities Exchange Act of 1934, as amended (the "<u>1934 Act</u>"), the Commodity Exchange Act and the rules and regulations thereunder, as applicable, as well all other applicable federal and state laws, rules, regulations and case law, and any exchange listing requirements, that relate to the Adviser's services described hereunder and to the conduct of its business as a registered investment adviser and to maintain all licenses and registrations necessary to perform its duties hereunder in good order. The Adviser shall maintain compliance procedures that it reasonably believes are adequate to ensure its compliance with the foregoing.

4.3.The Adviser has the authority under the Investment Advisory Agreement to appoint the Sub-Adviser.

4.4.The Adviser further represents and warrants that it has received a copy of the Sub-Adviser's current Form ADV.

4.5.The Adviser has provided the Sub-Adviser with each Fund's most current prospectus and statement of additional information contained in each Fund's registration statement and the Investment Policies, as in effect from time to time. The Adviser shall promptly furnish to the Sub-Adviser copies of all material amendments or supplements to the foregoing documents.

4.6.The Adviser or its delegate will provide timely information to the Sub-Adviser regarding such matters as inflows to and outflows from each Fund and the cash requirements of, and cash available for investment in, the Fund.

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4.7.The Adviser or its delegate will timely provide the Sub-Adviser with copies of monthly accounting statements for each Fund, and such other information as may be reasonably necessary or appropriate in order for the Sub-Adviser to perform its responsibilities hereunder.

4.8.The Adviser agrees that the Sub-Adviser may rely on specific information, instructions or requests made to the Sub-Adviser by the Adviser with respect to the management of each Fund's assets, which are believed to be in good faith by the Sub-Adviser to be reliable.

5.<u>Compliance</u>. The Adviser shall be responsible for ensuring that the instructions and guidance it provides to the Sub-Adviser comply with (a) the objectives, policies, and restrictions set forth in each Fund's registration statement, as amended or supplemented, and with any policies, guidelines, instructions, and procedures approved by the Board, and (b) applicable federal and state laws, rules, and regulations, including those related to trades, Regulation M, and other similar requirements. The Sub-Adviser shall be entitled to rely on such instructions and guidance from the Adviser in performing its obligations under this Agreement.

6.<u>Proxy Voting</u>.

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, which has subsequently determined to delegate the authority and responsibility to vote proxies for each Fund's securities to the Sub-Adviser. So long as proxy voting authority for a Fund has been delegated to the Sub-Adviser, the Sub-Adviser shall exercise its proxy voting responsibilities. The Sub-Adviser shall carry out such responsibility in accordance with any instructions that the Board or Adviser 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 Trust. The Sub-Adviser shall provide periodic reports and keep records relating to proxy voting as the Board or Adviser 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 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 Trust 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 Sub-Adviser, subject to the Sub-Adviser's oversight, in exercising the Sub-Adviser's proxy voting responsibilities. The Trust further acknowledges that, to the extent consistent with its fiduciary duty to the Trust and with Rule 206(4)-6 under the Advisers Act, the 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 Sub-Adviser's clients.

7.<u>Brokerage</u>. The Adviser has delegated trading authority to the Sub-Adviser and, to that end, the Sub-Adviser shall have the trading authority set forth below in this Section 7 (Brokerage) for each Fund's entire portfolio.

7.1.The Sub-Adviser shall arrange for the placing and execution of Fund orders for the purchase and sale of portfolio securities with members of securities exchanges, brokers,

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dealers, futures commission merchants, issuers, and other permissible intermediaries, and may negotiate brokerage commissions, if applicable, and other transaction terms. The Sub-Adviser shall seek to obtain "best execution" consistent with its relevant policies and procedures and its obligations under applicable laws and regulations considering all circumstances, the Sub-Adviser is authorized to place orders for the purchase and sale of portfolio securities for the Funds with such members of securities exchanges, brokers, dealers, futures commission merchants, issuers, and other permissible intermediaries as it may select from time to time. The Sub-Adviser is authorized to execute account documentation, agreements, contracts and other documents on behalf of the Funds, as the Sub-Adviser shall be requested by brokers, dealers or other intermediaries, counterparties and other persons or entities in connection with the services provided hereunder. Subject to Section 7.2 below, the Sub-Adviser is also authorized to place transactions with brokers who provide research or statistical information or analyses to the Funds, to the Sub-Adviser, or to any other client for which the Sub-Adviser provides investment advisory services. The Sub-Adviser also agrees that it will cooperate with the Trust and the Adviser to allocate brokerage transactions to brokers or dealers who provide benefits directly to the Funds; provided, however, that such allocation comports with applicable law including, without limitation, Rule 12b-1(h) under the 1940 Act. Should the Adviser elect the right to direct brokerage, the Sub-Adviser and its delegates shall not be obligated to seek best execution on such directed brokerage transactions.

7.2.Notwithstanding the provisions of Section 7.1 above and subject to such policies and procedures as may be adopted by the Board and officers of the Trust or the direction of the Adviser and consistent with Section 28(e) of the 1934 Act, the Sub-Adviser is authorized to cause the Fund to pay a member of an exchange, broker or dealer an amount of commission for effecting a securities transaction in excess of the amount of commission another member of an exchange, broker or dealer would have charged for effecting that transaction, in such instances where the Sub-Adviser has determined in good faith that such amount of commission was reasonable in relation to the value of the brokerage and research services provided by such member, broker or dealer, viewed in terms of either that particular transaction or the Sub-Adviser's overall responsibilities with respect to the Funds and to other funds or clients for which the Sub-Adviser exercises investment discretion.

7.3.The Sub-Adviser is authorized to direct portfolio transactions to a broker that is an affiliated person of the Adviser, the Sub-Adviser, or the Funds in accordance with such standards and procedures as may be approved by the Board in accordance with Rule 17e-1 under the 1940 Act, or other rules or guidance promulgated by the SEC. Any transaction placed with an affiliated broker must (i) be placed at best execution, and (ii) may not be a principal transaction.

7.4.On occasions when the Sub-Adviser deems the purchase or sale of a security to be in the best interest of a Fund as well as other clients of the Sub-Adviser, the Sub-Adviser to the extent permitted by applicable laws and regulations and subject to its policies on trade aggregation and allocation, is authorized to aggregate the securities to be purchased or

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sold to attempt to obtain a more favorable price or lower brokerage commissions and efficient execution. Allocation of the securities so purchased or sold, as well as the expenses incurred in the transaction, will be made by the Sub-Adviser in the manner which the Sub-Adviser considers to be equitable and consistent with its fiduciary obligations to the Funds and to its other clients over time and subject to its policies on trade aggregation and allocation.

7.5.Subject to Sections 3.4 and 5 (*e.g.*, adherence to each Fund's registration statement), the Sub-Adviser may, at the direction of the Adviser, make decisions for the Fund as to derivative instruments and foreign currency matters and make determinations as to the retention or disposition of derivative instruments, foreign currencies or securities or other instruments denominated in foreign currencies, or derivative instruments based upon foreign currencies, including forward foreign currency contracts and options and futures on foreign currencies, and may execute and perform the same on behalf of a Fund. The Sub-Adviser, on behalf of each Fund, is authorized to negotiate ISDA master agreements and related documents, and to open accounts and take other necessary or appropriate actions related thereto.

8.<u>Records/Reports</u>.

8.1.<u>Recordkeeping</u>. The Sub-Adviser shall not be responsible for the provision of administrative, bookkeeping or accounting services to the Funds, except as otherwise provided herein or as may be necessary for the Sub-Adviser to supply to the Adviser, the Board or the Trust's chief compliance officer (the "<u>Chief Compliance Officer</u>") the information required to be supplied under this Agreement.

8.2.The Sub-Adviser shall maintain separate books and detailed records of all matters pertaining to Fund assets advised by the Sub-Adviser required by Rule 31a-1 under the 1940 Act (other than those records being maintained by any administrator, sub-administrator, custodian or transfer agent appointed by the Funds) relating to its responsibilities provided hereunder with respect to the Funds, and shall preserve such records for the periods and in a manner prescribed therefore by Rule 31a-2 under the 1940 Act (the "<u>Funds' Books and Records</u>"). The Funds' Books and Records shall be available to the Adviser, the Board and the Chief Compliance Officer at any time upon request, shall be delivered to the Adviser upon the termination of this Agreement and shall be available without delay during any day the Adviser is open for business.

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8.3.<u>Holdings Information and Pricing</u>. 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. The Sub-Adviser agrees to notify the Adviser if the Sub-Adviser reasonably believes that the value of any security held by a Fund may not reflect its fair value. The Sub-Adviser agrees to provide any pricing information of which the Sub-Adviser is aware to the Trust, the Board, the Adviser and/or any Fund pricing agent to assist in the determination of the fair value of any Fund holdings for which market quotations are not readily available or as otherwise required in accordance with the 1940 Act or the Trust's valuation procedures for the purpose of calculating each Fund's net asset value in accordance with procedures and methods established by the Board.

8.4.<u>Cooperation with Agents of the Trust</u>. The Sub-Adviser agrees to cooperate with and provide reasonable assistance to the Adviser, the Trust, the Chief Compliance Officer, any Trust custodian or foreign sub-custodians, any Trust pricing agents and all other agents and representatives of the Trust, such information with respect to the Funds as they may reasonably request from time to time in the performance of their obligations, provide prompt responses to reasonable requests made by such persons and establish appropriate interfaces with each so as to promote the efficient exchange of information and compliance with applicable laws and regulations.

8.5.<u>Information and Reporting</u>. The Sub-Adviser shall provide the Adviser and the Trust, and its respective officers, with such periodic reports concerning the obligations the Sub-Adviser has assumed under this Agreement as the Board or the Adviser may from time to time reasonably request.

8.6.<u>Notification of Breach/Compliance Reports</u>. The Sub-Adviser shall notify the Adviser 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 Sub-Adviser's policies, guidelines or procedures. The Sub-Adviser agrees to correct any such failure promptly and to take any action that the Adviser or the Board may reasonably request in connection with any such breach. Upon request, the Sub-Adviser shall also provide the officers of the Trust with supporting certifications in connection with such certifications of Fund financial statements and the Trust's disclosure controls adopted pursuant to the Sarbanes-Oxley Act of 2002 (the "<u>Sarbanes-Oxley Act</u>"), and the implementing regulations adopted thereunder, and agrees to inform the Trust of any material development related to a Fund that the Adviser reasonably believes is relevant to the Fund's certification obligations under the Sarbanes-Oxley Act. The Sub-Adviser will promptly notify the Adviser in the event (i) the Sub-Adviser is served or otherwise receives notice of any action, suit, proceeding, inquiry or investigation, at law or in equity, before or by any court, public board, or body, involving the affairs of the Trust or the Adviser (excluding class action suits in which a Fund is a member of the plaintiff class by reason of the Fund's ownership of shares in the defendant) or the compliance by the Sub-Adviser with the federal or state securities laws

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or (ii) an actual change in control of the Sub-Adviser resulting in an "assignment" (as defined in the 1940 Act) has occurred or is otherwise proposed to occur.

8.7.<u>Board and Filings Information</u>. The Sub-Adviser will also provide the Adviser and the Board with any information reasonably requested regarding 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 from time to time on reasonable notice to review its investment management services to the Funds in light of current and prospective economic and market conditions and shall furnish to the Board such information as may reasonably be requested by the Board under Section 15(c) of the 1940 Act in order for the Board to evaluate this Agreement or any proposed amendments thereto.

8.8.<u>Transaction Information</u>. The Sub-Adviser shall furnish to the Adviser, the Board or a designee such information concerning portfolio transactions as may be necessary to enable the Adviser, the Board or a designated agent to perform such compliance testing on the Funds and the Sub-Adviser's services as the Adviser may, in its sole discretion, determine to be appropriate. The provision of such information by the Sub-Adviser to the Adviser, the Board or a designated agent in no way relieves the Sub-Adviser of its own responsibilities under this Agreement.

9.<u>Code of Ethics</u>. The Sub-Adviser has adopted a written code of ethics that it reasonably believes complies with the requirements of Rule 17j-1 under the 1940 Act, which it will provide to the Adviser and Trust. The Sub-Adviser shall ensure that its Access Persons (as defined in the Sub-Adviser's Code of Ethics) comply in all material respects with the Sub-Adviser's Code of Ethics, as in effect from time to time. Upon request, the Sub-Adviser shall provide the Adviser and the Trust with a copy of the Sub-Adviser's current Code of Ethics, as in effect from time to time. The Sub-Adviser certifies 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 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 notify the Adviser of any material violation of the Code of Ethics, whether or not such violation relates to a security held by any Fund.

10.<u>Members and Employees</u>. Members and employees of the Sub-Adviser may be trustees, officers or employees of the Trust.

11.<u>Custody</u>. Nothing in this Agreement shall permit the Sub-Adviser to take or receive physical possession of cash, securities or other investments of a Fund.

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12.<u>Compensation</u>.

12.1.<u>Sub-Advisory Fee</u>. During the term of this Agreement, the Sub-Adviser shall bear its own costs of providing services under this Agreement. The Adviser agrees to pay to the Sub-Adviser or its designated paying agent, an annual sub-advisory fee equal to the amount of the daily average net assets of each Fund shown on Schedule A attached hereto, payable on a monthly basis.

12.2.The initial fee under this Agreement shall be payable on the first business day of the first month following the effective date of this Agreement with respect to a Fund and shall be prorated as set forth below. If this Agreement is terminated with respect to a Fund prior to the end of any calendar month, the sub-advisory fee shall be prorated for the portion of any month in which this Agreement is in effect according to the proportion which the number of calendar days, during which the Agreement is in effect, bears to the number of calendar days in the month, and shall be payable within 30 days after the date of termination.

12.3.The Sub-Adviser shall look exclusively to the Adviser for payment of the sub-advisory fee.

13.<u>Non-Exclusivity</u>. The services to be rendered by the Sub-Adviser under the provisions of this Agreement are not to be deemed to be exclusive, and the Sub-Adviser shall be free to render similar or different services to others so long as its ability to render the services provided for in this Agreement shall not be impaired thereby. Without limiting the foregoing, the Sub-Adviser, its members, employees and agents may engage in other businesses, may render investment advisory services to other investment companies, or to any other corporation, association, firm, entity or individual, and may render underwriting services to the Trust on behalf of a Fund or to any other investment company, corporation, association, firm, entity or individual.

14.<u>Liability and Standard of Care</u>.

14.1.The Sub-Adviser shall exercise due care and diligence and use the same skill and care in providing its services hereunder as it uses in providing services to other investment companies, accounts and customers, but the Sub-Adviser and its affiliates and their respective agents, control persons, directors, officers, employees, supervised persons and access persons shall not be liable for any action taken or omitted to be taken by the Sub-Adviser in the absence of willful misfeasance, bad faith, gross negligence or reckless disregard of its duties. Notwithstanding the foregoing, federal securities laws and certain state laws impose liabilities under certain circumstances on persons who have acted in good faith, and therefore nothing herein shall in any way constitute a waiver or limitation of any right which the Trust, a Fund or any shareholder of a Fund may have under any federal securities law or state law the applicability of which is not permitted to be contractually waived.

14.2.The Sub-Adviser shall indemnify the Trust, each Fund, the Adviser and each of their respective affiliates, agents, control persons, directors, members of the Board, officers,

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employees and shareholders (the "<u>Adviser Indemnified Parties</u>") against, and hold them harmless from, any costs, expense, claim, loss, liability, judgment, fine, settlement or damage (including reasonable legal and other expenses) (collectively, "<u>Losses</u>") arising out of any claim, demands, actions, suits or proceedings (civil, criminal, administrative or investigative) asserted or threatened to be asserted by any third party (collectively, "<u>Proceedings</u>") in so far as such Loss (or actions with respect thereto) arises out of or is based upon: (i) any material misstatement or omission of a material fact in information regarding the Sub-Adviser furnished in writing to the Adviser by the Sub-Adviser for use in a Fund's registration statement, proxy materials or reports filed with the SEC; or (ii) the willful misfeasance, bad faith, gross negligence, or reckless disregard of obligations or duties of the Sub-Adviser in the performance of its duties under this Agreement (collectively, "<u>Sub-Adviser Disabling Conduct</u>").

14.3.Notwithstanding anything to the contrary contained herein, the Sub-Adviser, its affiliates and their respective agents, control persons, directors, partners, officers, employees, supervised persons and access persons shall not be liable to, nor shall they have any indemnity obligation to, the Adviser, its officers, directors, agents, employees, controlling persons or shareholders or to a Fund, Trust or their shareholders for: (i) any material misstatement or omission of a material fact in a Fund's Prospectus, registration statement, proxy materials or reports filed with the SEC, unless and to the extent such material misstatement or omission was made in reliance upon, and is consistent with, the information furnished to the Adviser by the Sub-Adviser specifically for use therein; (ii) any action taken or failure to act in good faith reliance upon (A) information, instructions or requests, whether oral or written, with respect to a Fund made to the Sub-Adviser by a duly authorized officer of the Adviser or the Trust; (B) the advice of counsel to the Trust; or (C) any written instruction of the Board; or (iii) acts of the Sub-Adviser which result from or are based upon acts or omissions of the Adviser, including, but not limited to, a failure of the Adviser to provide accurate and current information with respect to any records maintained by Adviser, which records are not also maintained by the Sub-Adviser; provided, however, that the limitations on the Sub-Adviser's liability and indemnification obligations described in (i) through (iii) above shall not apply with respect to, and to the extent, any portion of liability is attributable to Sub-Adviser Disabling Conduct.

14.4.The Sub-Adviser shall not be deemed by virtue of this Agreement to have made any representation or warranty that any level of investment performance or level of investment results, either relative or absolute, will be achieved.

14.5.For the avoidance of doubt, neither Fund shareholders nor the members of the Board shall be personally liable under this Agreement.

14.6.The Adviser shall indemnify the Sub-Adviser and each of its respective affiliates, agents, control persons, directors, officers, employees and shareholders (the "<u>Sub-Adviser Indemnified Parties</u>") against, and hold them harmless from, any Losses arising out of any Proceedings in so far as such Loss (or actions with respect thereto) arises out of or is

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based upon: (i) any material misstatement or omission of a material fact in information regarding the Adviser furnished by or on behalf of the Adviser in writing for use in a Fund's registration statement, proxy materials or reports filed with the SEC; or (ii) the willful misfeasance, bad faith, gross negligence, or reckless disregard of obligations or duties of the Adviser in the performance of its duties under this Agreement (collectively, "<u>Adviser Disabling Conduct</u>").

15.<u>Term/Approval/Amendments</u>.

15.1.This Agreement shall become effective with respect to a Fund, as of the date set forth on the Schedue A attached hereto, if approved: (i) by a vote of the Board, including a majority of those trustees of the Trust who are not "interested persons" (as defined in the 1940 Act) of any party to this Agreement (the "<u>Independent Trustees</u>"), cast in person at a meeting called for the purpose of voting on such approval (or in another manner permitted by the 1940 Act or pursuant to exemptive relief therefrom), and (ii) by vote of a majority of the Fund's outstanding securities (to the extent required under the 1940 Act). This Agreement shall continue in effect with respect to a Fund for an initial period of two years thereafter, and may be renewed annually thereafter only so long as such renewal and continuance is specifically approved at least annually by the Board provided that in such event such renewal and continuance shall also be approved by the vote of a majority of the Independent Trustees cast in person at a meeting called for the purpose of voting on such approval (or in another manner permitted by the 1940 Act or pursuant to exemptive relief therefrom).

15.2.No material amendment to this Agreement shall be effective unless the terms thereof have been approved as required by the 1940 Act. The modification of any of the non-material terms of this Agreement may be approved by the vote, cast in person at a meeting called for such purpose (or in another manner permitted by the 1940 Act or pursuant to exemptive relief therefrom), of a majority of the Independent Trustees.

15.3.In connection with such renewal or amendment, the Sub-Adviser shall furnish such information as may be reasonably necessary by the Adviser or the Board to evaluate the terms of this Agreement and any amendment thereto.

15.4.This Agreement may be terminated at any time, without the payment of any penalty, by the Board, including a majority of the Independent Trustees, by the vote of a majority of the outstanding voting securities of a Fund, on sixty (60) days' written notice to the Adviser and the Sub-Adviser, or by the Adviser or Sub-Adviser on sixty (60) days' written notice to the Trust and the other party. This Agreement will automatically terminate, without the payment of any penalty, in the event the Investment Advisory Agreement between the Adviser and the Trust is assigned (as defined in the 1940 Act) or terminates for any other reason. This Agreement will also terminate upon written notice to the other party that the other party is in material breach of this Agreement, unless the other party in material breach of this Agreement cures such breach to the reasonable satisfaction of the party alleging the breach within thirty (30) days after written notice. This Agreement will also automatically terminate in the event of its assignment (as

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defined in the 1940 Act) unless the parties hereto, by agreement, obtain an exemption from the SEC from the provisions of the 1940 Act pertaining to the subject matter of this subsection.

16.<u>Use of the Sub-Adviser's Name</u>.

16.1.The parties agree that the name of the Sub-Adviser, the names of any affiliates of the Sub-Adviser and any derivative or logo or trademark or service mark or trade name are the valuable property of the Sub-Adviser and its affiliates. The Adviser and the Trust shall have the right to use such name(s), derivatives, logos, trademarks or service marks or trade names only with the prior written approval of the Sub-Adviser, which approval shall not be unreasonably withheld or delayed so long as this Agreement is in effect.

16.2.Upon termination of this Agreement, the Adviser and the Trust shall forthwith cease to use such name(s), derivatives, logos, trademarks or service marks or trade names. The Adviser and the Trust agree that they will review with the Sub-Adviser any advertisement, sales literature, or notice prior to its use that makes reference to the Sub-Adviser or its affiliates or any such name(s), derivatives, logos, trademarks, service marks or trade names so that the Sub-Adviser may review the context in which it is referred to, it being agreed that the Sub-Adviser shall have no responsibility to ensure the adequacy of the form or content of such materials for purposes of the 1940 Act or other applicable laws and regulations. If the Adviser or the Trust makes any unauthorized use of the Sub-Adviser's names, derivatives, logos, trademarks or service marks or trade names, the parties acknowledge that the Sub-Adviser shall suffer irreparable harm for which monetary damages may be inadequate and thus, the Sub-Adviser shall be entitled to injunctive relief, as well as any other remedy available under law.

17.<u>Nonpublic Personal Information</u>. Notwithstanding any provision herein to the contrary, the Sub-Adviser agrees on behalf of itself and its directors, shareholders, officers, and employees (1) to treat confidentially and as proprietary information of the Adviser and the Trust (a) all records and other information relative to each Fund's prior, present, or potential shareholders (and clients of said shareholders) and (b) any Nonpublic Personal Information, as defined under Section 248.3(t) of Regulation S-P ("<u>Regulation S-P</u>"), promulgated under the Gramm-Leach-Bliley Act (the "<u>G-L-B Act</u>"), and (2) except after prior notification to and approval in writing by the Adviser or the Trust, not to use such records and information for any purpose other than the performance of its responsibilities and duties hereunder, or as otherwise permitted by Regulation S-P or the G-L-B Act, and if in compliance therewith, the privacy policies adopted by the Trust and communicated in writing to the Sub-Adviser. Such written approval shall not be unreasonably withheld by the Adviser or the Trust and may not be withheld where the Sub-Adviser may be exposed to civil or criminal contempt or other proceedings for failure to comply after being requested to divulge such information by duly constituted authorities.

18.<u>Anti-Money Laundering Compliance</u>. The Sub-Adviser acknowledges that, in compliance with the Bank Secrecy Act, as amended, the USA PATRIOT Act, and any implementing regulations thereunder (together, "<u>AML Laws</u>"), the Trust has adopted an Anti-Money Laundering Policy. The Sub-Adviser agrees to comply with the Trust's Anti-Money

------

Laundering Policy and the AML Laws, as the same may apply to the Sub-Adviser, now and in the future. The Sub-Adviser further agrees to provide to the Trust, the Trust's administrator, sub-administrator and/or the Trust's anti-money laundering compliance officer such reports, certifications and contractual assurances as may be reasonably requested by the Trust. The Trust may disclose information regarding the Sub-Adviser to governmental and/or regulatory or self-regulatory authorities to the extent required by applicable law or regulation and may file reports with such authorities as may be required by applicable law or regulation.

19.<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, or such other address(es) as may be specified in writing by one party to the other party.

Notices to Adviser shall be sent to:

Highland Capital Management, LLC

850 Ridge Lake Blvd., Suite 205

Memphis, TN 38120

Attn: Benjamin J. Granger, CFA

Notices to Sub-Adviser shall be sent to:

Tidal Investments, LLC

234 W. Florida Street, Suite 203

Milwaukee, WI 53204

Attn: Chief Financial Officer

20.<u>Successors</u>. This Agreement shall extend to and bind the heirs, executors, administrators and successors of the parties hereto.

21.<u>Meanings</u>. For the purposes of this Agreement, the terms "vote of a majority of the outstanding voting securities;" "interested persons;" and "assignment" shall have the meaning defined in the 1940 Act or the rules promulgated thereunder; subject, however, to such exemptions as may be granted by the SEC under the 1940 Act or any interpretations of the SEC staff.

22.<u>Entire Agreement and Amendments</u>. This Agreement represents the entire agreement among the parties with regard to the investment management matters described herein and may not be added to or changed orally and may not be modified or rescinded except by a writing signed by the parties hereto except as otherwise noted herein.

23.<u>Enforceability</u>. Any term or provision of this Agreement which is invalid or unenforceable in any jurisdiction shall, as to such jurisdiction be ineffective to the extent of such invalidity or unenforceability without rendering invalid or unenforceable the remaining terms or

------

provisions of this Agreement or affecting the validity or enforceability of any of the terms or provisions of this Agreement in any other jurisdiction.

24.<u>Jurisdiction</u>. This Agreement shall be governed by and construed in accordance with the substantive laws of the state of Delaware and the Adviser and Sub-Adviser consent to the jurisdiction of courts, both state or federal, in Delaware, with respect to any dispute under this Agreement.

25.<u>Section Headings</u>. The headings of sections contained in this Agreement are provided for convenience only, form no part of this Agreement and shall not affect its construction.

26.<u>Counterparts</u>. This Agreement may be executed simultaneously in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.

[Signature Page Follows]

------

IN WITNESS WHEREOF, the parties hereto have this Agreement to be executed by their duly authorized officers on the day and year first written above.

**HIGHLAND CAPITAL MANAGEMENT, LLC** 

By:&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Benjamin J. Granger&nbsp;&nbsp;&nbsp;&nbsp;</u>

Name: Benjamin J. Granger, CFA

Title: Senior Analyst & Portfolio Manager

**TIDAL INVESTMENTS LLC**

By:&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Jay Pestrichelli&nbsp;&nbsp;&nbsp;&nbsp;</u>

Name: Jay Pestrichelli

Title: Chief of Trading

------

**Schedule A**

**to the**

**Sub-Advisory Agreement**

**by and between**

**Highland Capital Management, LLC**

**and**

**Tidal Investments LLC**

**As of September 24, 2025**

**Amended as of January 21, 2026**

The Adviser will pay to the Sub-Adviser as compensation for the Sub-Adviser's services rendered, a fee, computed daily at an annual rate based on the daily net assets of the respective Fund in accordance with the following fee schedule:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Minimum Fee** | **Rate** | **Effective Date** |
| Highland Capital Large Cap Growth ETF | $23000 | 0.045% | October 1, 2025 |
| Highland Capital Large Cap Value ETF | $23000 | 0.045% | October 1, 2025 |

---

**HIGHLAND CAPITAL MANAGEMENT, LLC**

By:&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Benjamin J. Granger&nbsp;&nbsp;&nbsp;&nbsp;</u>

Name: Benjamin J. Granger, CFA

Title: Senior Analyst & Portfolio Manager

**TIDAL INVESTMENTS, LLC**

By:&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Jay Pestrichelli&nbsp;&nbsp;&nbsp;&nbsp;</u>

Name: Jay Pestrichelli

Title: Chief of Trading

## Ex-99.(G)(58)

**NINETEENTH AMENDMENT TO THE** 

**CUSTODY AGREEMENT**

**THIS NINETEENTH AMENDMENT** effective as the last date of the signature block (the "Effective Date"), to the Custody Agreement dated as of August 13, 2024, as amended (the "Agreement"), is entered into by and between **ETF OPPORTUNITIES TRUST**, a Delaware statutory trust (the "Trust"), and **U.S. BANK NATIONAL ASSOCIATION**, a national banking association organized and existing under the laws of the United States of America with its principal place of business at Minneapolis, Minnesota (the "Custodian").

**RECITALS**

**WHEREAS,** the parties have entered into the Agreement; and

**WHEREAS,** the parties desire to amend the Agreement to update Exhibit A to add the following ETFs and take into account present circumstances; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• T-REX 2X Long RDW Daily Target ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• T-REX 2X Long SNDK Daily Target ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• T-REX 2x Long GRNY Daily Target ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• T-REX 2X Long PAAS Daily Target ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• T-REX 2X Long APH Daily Target ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• T-REX 2X Long FIGR Daily Target ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Tuttle Capital UFO Disclosure ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Tuttle Capital Space Industry Income Blast ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Tuttle Capital Robotics Income Blast ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Hedgeye Brightside Family Office ETF

**WHEREAS,** the parties desire to amend the Agreement to update Exhibit A to remove the following ETFs and take into account present circumstances; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• T-REX 2X Long ONDS Daily Target ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• T-REX 2X Long STUB Daily Target ETF

**WHEREAS,** the parties desire to amend Exhibit A of the Agreement to reflect the following name change; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Tuttle Capital Bitcoin 0DTE Covered Call ETF (f/k/a Tuttle Capital IBIT 0DTE Covered Call ETF)

**WHEREAS,** Section 15.02 of the Agreement allows for its amendment by a written instrument executed by both parties and authorized or approved by the Board of Trustees of the Trust.

**NOW, THEREFORE,** the parties agree as follows:

**Exhibit A of the Agreement is hereby superseded and replaced in its entirety with Exhibit A attached hereto.**

------

Except to the extent amended hereby, the Agreement shall remain in full force and effect.

**[SIGNATURES ON NEXT PAGE]**

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

**ETF OPPORTUNITIES TRUST**&nbsp;&nbsp;&nbsp;&nbsp;**U.S. BANK NATIONAL ASSOCIATION**

By:&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ David Bogaert&nbsp;&nbsp;&nbsp;&nbsp;</u>&nbsp;&nbsp;&nbsp;&nbsp;By:&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Greg Farley&nbsp;&nbsp;&nbsp;&nbsp;</u>

Name:&nbsp;&nbsp;&nbsp;&nbsp;<u>David Bogaert&nbsp;&nbsp;&nbsp;&nbsp;</u>&nbsp;&nbsp;&nbsp;&nbsp;Name:&nbsp;&nbsp;&nbsp;&nbsp;<u>Greg Farley&nbsp;&nbsp;&nbsp;&nbsp;</u>

Title:&nbsp;&nbsp;&nbsp;&nbsp;<u>President&nbsp;&nbsp;&nbsp;&nbsp;</u>&nbsp;&nbsp;&nbsp;&nbsp;Title:&nbsp;&nbsp;&nbsp;&nbsp;<u>Senior Vice President&nbsp;&nbsp;&nbsp;&nbsp;</u>

Date:&nbsp;&nbsp;&nbsp;&nbsp;<u>1/23/2026&nbsp;&nbsp;&nbsp;&nbsp;</u>&nbsp;&nbsp;&nbsp;&nbsp;Date:&nbsp;&nbsp;&nbsp;&nbsp;<u>1/23/2026&nbsp;&nbsp;&nbsp;&nbsp;</u>

------

**Exhibit A**

**Custody Agreement**

Separate Series of ETF Opportunities Trust

<u>Name of Series:</u>

---

| |
|:---|
| Hedgeye Capital Allocation ETF |
| Hedgeye Quality Growth ETF |
| IDX Alternative FIAT ETF |
| OTG Latin America ETF |
| REX Bitcoin Corporate Treasury Convertible Bond ETF |
| REX Crypto Equity Premium Income ETF |
| REX IncomeMax IBIT Strategy ETF |
| REX-Osprey<sup>™</sup> BONK ETF |
| REX-Osprey<sup>™</sup> BTC ETF |
| REX-Osprey<sup>™</sup> DOGE ETF |
| REX-Osprey<sup>™</sup> ETH + Staking ETF |
| REX-Osprey<sup>™</sup> SOL + Staking ETF |
| REX-Osprey<sup>™</sup> TRUMP ETF |
| REX-Osprey<sup>™</sup> XRP ETF |
| SMI 3Fourteen REAL Asset Allocation ETF |
| TappAlpha SPY Growth & Daily Income ETF |
| T-Rex 2X Long ARM Daily Target ETF |
| T-Rex 2X Long DJT Daily Target ETF |
| T-Rex 2X Long GME Daily Target ETF |
| T-Rex 2X Long HOOD Daily Target ETF |
| T-Rex 2X Long RBLX Daily Target ETF |
| T-Rex 2X Long SNOW Daily Target ETF |
| T-Rex 2X Long DKNG Daily Target ETF |
| T-REX 2X Long BUL Daily Target ETF |
| T-REX 2X Long XXI Daily Target ETF |
| T-REX 2X Long CRWV Daily Target ETF |
| T-REX 2X Long SMR Daily Target ETF |
| Tuttle Capital AI in Healthcare ETF |
| Tuttle Capital DeepSeek Global AI Innovation and Disruption ETF |
| Tuttle Capital MSTR 0DTE Covered Call ETF |
| Tuttle Capital NVDA 0DTE Covered Call ETF |
| Tuttle Capital Quantum Computing AI Powered Covered Call ETF |
| Tuttle Capital TSLA 0DTE Covered Call ETF |

---

------

---

| |
|:---|
| Tuttle Capital No Bleed Tail Risk ETF |
| T-Rex 2X Long CRCL Daily Target ETF |
| T-REX 2X Long GLXY Daily Target ETF |
| TappAlpha Innovation 100 Growth & Daily Income ETF |
| T-REX 2X Long BMNR Daily Target ETF |
| T-Rex 2X Long AFRM Daily Target ETF |
| Tuttle Capital Bitcoin 0DTE Covered Call ETF |
| T-Rex 2x Long AXON Daily Target ETF |
| T-REX 2X Long KTOS Daily Target ETF |
| T-REX 2X Long UPXI Daily Target ETF |
| T-REX 2X Long TTD Daily Target ETF |
| T-REX 2X Long BKNG Daily Target ETF |
| T-REX 2X Inverse CRWV Daily Target ETF |
| T-REX 2X Inverse CRCL Daily Target ETF |
| T-REX 2X Long SPOT Daily Target ETF |
| Tuttle Capital Government Grift ETF |
| AQE Core ETF |
| Hedgeye 130/30 Equity ETF |
| Hedgeye Fourth Turning ETF |
| T-REX 2X Long DOGE Daily Target ETF |
| T-REX 2X Long SBET Daily Target ETF |
| T-REX 2X Long Solana Daily Target ETF |
| T-REX 2X Long SUI Daily Target ETF |
| T-REX 2X Long XRP Daily Target ETF |
| REX-Osprey™ BNB + Staking ETF |
| Argent Large Cap Growth ETF |
| Argent Large Cap Value ETF |
| Applied Finance IVS International Large ETF |
| Applied Finance IVS International SMID ETF |
| T-REX 2X Long CIFR Daily Target ETF |
| T-REX 2X Long BTBT Daily Target ETF |
| GSR Crypto Core3 ETF |
| GSR Crypto StakingMax ETF |
| GSR Digital Asset Treasury Companies ETF |
| GSR Ethereum Staking Opportunity ETF |
| GSR Ethereum YieldEdge ETF |
| TDAQ Lift ETF |
| TSPY Lift ETF |
| Tuttle Capital Magnificent 7 Income Blast ETF |
| Tuttle Capital Meme Stock Income Blast ETF |
| Tuttle Capital Palantir Income Blast ETF |
| Tuttle Capital Tesla Income Blast ETF |
| Tuttle Capital NVIDIA Income Blast ETF<br>T-REX 2X Long ABTC Daily Target ETF |

---

------

---

| |
|:---|
| T-REX 2X Long EOSE Daily Target ETF |
| T-REX 2X Long HSDT Daily Target ETF |
| T-REX 2X Long RDW Daily Target ETF |
| T-REX 2X Long SNDK Daily Target ETF<br>T-REX 2x Long GRNY Daily Target ETF<br>T-REX 2X Long PAAS Daily Target ETF<br>T-REX 2X Long APH Daily Target ETF<br>T-REX 2X Long FIGR Daily Target ETF |
| Tuttle Capital UFO Disclosure ETF |
| Tuttle Capital Space Industry Income Blast ETF |
| Tuttle Capital Robotics Income Blast ETF |
| Hedgeye Brightside Family Office ETF |

---

## Ex-99.(G)(59)

**NINETEENTH AMENDMENT TO THE** 

**TRANSFER AGENT SERVICING AGREEMENT** 

**THIS NINETEENTH AMENDMENT** effective as of the last date in the signature block (the "Effective Date"), to the Transfer Agent Servicing Agreement dated as of August 13, 2024, as amended (the "Agreement"), is entered into by and between **ETF OPPORTUNITIES TRUST**, a Delaware statutory trust (the "Trust"), and **U.S. BANCORP FUND SERVICES, LLC d/b/a U.S. BANK GLOBAL FUND SERVICES**, a Wisconsin limited liability company ("Fund Services").

**RECITALS**

**WHEREAS,** the parties have entered into the Agreement; and

**WHEREAS,** the parties desire to amend the Agreement to update Exhibit A to add the following ETFs and take into account present circumstances; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• T-REX 2X Long RDW Daily Target ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• T-REX 2X Long SNDK Daily Target ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• T-REX 2x Long GRNY Daily Target ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• T-REX 2X Long PAAS Daily Target ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• T-REX 2X Long APH Daily Target ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• T-REX 2X Long FIGR Daily Target ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Tuttle Capital UFO Disclosure ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Tuttle Capital Space Industry Income Blast ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Tuttle Capital Robotics Income Blast ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Hedgeye Brightside Family Office ETF

**WHEREAS,** the parties desire to amend the Agreement to update Exhibit A to remove the following ETFs and take into account present circumstances; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• T-REX 2X Long ONDS Daily Target ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• T-REX 2X Long STUB Daily Target ETF

**WHEREAS,** the parties desire to amend Exhibit A of the Agreement to reflect the following name change; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Tuttle Capital Bitcoin 0DTE Covered Call ETF (f/k/a Tuttle Capital IBIT 0DTE Covered Call ETF)

**WHEREAS,** Section 13(E) of the Agreement allows for its amendment by a written instrument executed by both parties and authorized or approved by the Board of Trustees of the Trust.

**NOW, THEREFORE,** the parties agree as follows:

**Exhibit A of the Agreement is hereby superseded and replaced in its entirety with Exhibit A attached hereto.**

------

Except to the extent amended hereby, the Agreement shall remain in full force and effect.

**[SIGNATURES ON NEXT PAGE]**

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

**ETF OPPORTUNITIES TRUST**&nbsp;&nbsp;&nbsp;&nbsp;**U.S. BANCORP FUND SERVICES, LLC**

By:&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ David Bogaert&nbsp;&nbsp;&nbsp;&nbsp;</u>&nbsp;&nbsp;&nbsp;&nbsp;By:&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Greg Farley&nbsp;&nbsp;&nbsp;&nbsp;</u>

Name:&nbsp;&nbsp;&nbsp;&nbsp;<u>David Bogaert&nbsp;&nbsp;&nbsp;&nbsp;</u>&nbsp;&nbsp;&nbsp;&nbsp;Name:&nbsp;&nbsp;&nbsp;&nbsp;<u>Greg Farley&nbsp;&nbsp;&nbsp;&nbsp;</u>

Title:&nbsp;&nbsp;&nbsp;&nbsp;<u>President&nbsp;&nbsp;&nbsp;&nbsp;</u>&nbsp;&nbsp;&nbsp;&nbsp;Title:&nbsp;&nbsp;&nbsp;&nbsp;<u>Senior Vice President&nbsp;&nbsp;&nbsp;&nbsp;</u>

Date:&nbsp;&nbsp;&nbsp;&nbsp;<u>1/23/2026&nbsp;&nbsp;&nbsp;&nbsp;</u>&nbsp;&nbsp;&nbsp;&nbsp;Date:&nbsp;&nbsp;&nbsp;&nbsp;<u>1/23/2026&nbsp;&nbsp;&nbsp;&nbsp;</u>

------

**Exhibit A**

**Transfer Agent Servicing Agreement**

Separate Series of ETF Opportunities Trust

<u>Name of Series:</u>

---

| |
|:---|
| Hedgeye Capital Allocation ETF |
| Hedgeye Quality Growth ETF |
| IDX Alternative FIAT ETF |
| OTG Latin America ETF |
| REX Bitcoin Corporate Treasury Convertible Bond ETF |
| REX Crypto Equity Premium Income ETF |
| REX IncomeMax IBIT Strategy ETF |
| REX-Osprey<sup>™</sup> BONK ETF |
| REX-Osprey<sup>™</sup> BTC ETF |
| REX-Osprey<sup>™</sup> DOGE ETF |
| REX-Osprey<sup>™</sup> ETH + Staking ETF |
| REX-Osprey<sup>™</sup> SOL + Staking ETF |
| REX-Osprey<sup>™</sup> TRUMP ETF |
| REX-Osprey<sup>™</sup> XRP ETF |
| SMI 3Fourteen REAL Asset Allocation ETF |
| TappAlpha SPY Growth & Daily Income ETF |
| T-Rex 2X Long ARM Daily Target ETF |
| T-Rex 2X Long DJT Daily Target ETF |
| T-Rex 2X Long GME Daily Target ETF |
| T-Rex 2X Long HOOD Daily Target ETF |
| T-Rex 2X Long RBLX Daily Target ETF |
| T-Rex 2X Long SNOW Daily Target ETF |
| T-Rex 2X Long DKNG Daily Target ETF |
| T-REX 2X Long BUL Daily Target ETF |
| T-REX 2X Long XXI Daily Target ETF |
| T-REX 2X Long CRWV Daily Target ETF |
| T-REX 2X Long SMR Daily Target ETF |
| Tuttle Capital AI in Healthcare ETF |
| Tuttle Capital DeepSeek Global AI Innovation and Disruption ETF |
| Tuttle Capital MSTR 0DTE Covered Call ETF |
| Tuttle Capital NVDA 0DTE Covered Call ETF |
| Tuttle Capital Quantum Computing AI Powered Covered Call ETF |
| Tuttle Capital TSLA 0DTE Covered Call ETF |

---

------

---

| |
|:---|
| Tuttle Capital No Bleed Tail Risk ETF |
| T-Rex 2X Long CRCL Daily Target ETF |
| T-REX 2X Long GLXY Daily Target ETF |
| TappAlpha Innovation 100 Growth & Daily Income ETF |
| T-REX 2X Long BMNR Daily Target ETF |
| T-Rex 2X Long AFRM Daily Target ETF |
| Tuttle Capital Bitcoin 0DTE Covered Call ETF |
| T-Rex 2x Long AXON Daily Target ETF |
| T-REX 2X Long KTOS Daily Target ETF |
| T-REX 2X Long UPXI Daily Target ETF |
| T-REX 2X Long TTD Daily Target ETF |
| T-REX 2X Long BKNG Daily Target ETF |
| T-REX 2X Inverse CRWV Daily Target ETF |
| T-REX 2X Inverse CRCL Daily Target ETF |
| T-REX 2X Long SPOT Daily Target ETF |
| Tuttle Capital Government Grift ETF |
| AQE Core ETF |
| Hedgeye 130/30 Equity ETF |
| Hedgeye Fourth Turning ETF |
| T-REX 2X Long DOGE Daily Target ETF |
| T-REX 2X Long SBET Daily Target ETF |
| T-REX 2X Long Solana Daily Target ETF |
| T-REX 2X Long SUI Daily Target ETF |
| T-REX 2X Long XRP Daily Target ETF |
| REX-Osprey™ BNB + Staking ETF |
| Argent Large Cap Growth ETF |
| Argent Large Cap Value ETF |
| Applied Finance IVS International Large ETF |
| Applied Finance IVS International SMID ETF |
| T-REX 2X Long CIFR Daily Target ETF |
| T-REX 2X Long BTBT Daily Target ETF |
| GSR Crypto Core3 ETF |
| GSR Crypto StakingMax ETF |
| GSR Digital Asset Treasury Companies ETF |
| GSR Ethereum Staking Opportunity ETF |
| GSR Ethereum YieldEdge ETF |
| TDAQ Lift ETF |
| TSPY Lift ETF |
| Tuttle Capital Magnificent 7 Income Blast ETF |
| Tuttle Capital Meme Stock Income Blast ETF |
| Tuttle Capital Palantir Income Blast ETF |
| Tuttle Capital Tesla Income Blast ETF |

---

------

---

| |
|:---|
| Tuttle Capital NVIDIA Income Blast ETF<br>T-REX 2X Long ABTC Daily Target ETF |
| T-REX 2X Long EOSE Daily Target ETF |
| T-REX 2X Long HSDT Daily Target ETF |
| T-REX 2X Long RDW Daily Target ETF |
| T-REX 2X Long SNDK Daily Target ETF<br>T-REX 2x Long GRNY Daily Target ETF<br>T-REX 2X Long PAAS Daily Target ETF<br>T-REX 2X Long APH Daily Target ETF<br>T-REX 2X Long FIGR Daily Target ETF |
| Tuttle Capital UFO Disclosure ETF |
| Tuttle Capital Space Industry Income Blast ETF |
| Tuttle Capital Robotics Income Blast ETF |
| Hedgeye Brightside Family Office ETF |

---

## Ex-99.(H)(20)

**Commonwealth Fund Services, Inc.** 

![image_0a.jpg](image_0a.jpg)

**&nbsp;&nbsp;&nbsp;&nbsp;**

**FUND SERVICES AGREEMENT**

Administration Services

Between

**Commonwealth Fund Services, Inc.**

**and**

**ETF Opportunities Trust**

**For Funds Advised by Framework Digital Advisors, LLC**

**Dated October 29, 2025**

Exhibit A – Series Portfolios

Exhibit B – Administrative Services

Exhibit C – Fees and Expenses

------

 **FUND SERVICES AGREEMENT**

**AGREEMENT** (this "Agreement"), dated as of October 29, 2025, between Commonwealth Fund Services, Inc., a corporation organized in accordance with the laws of the Commonwealth of Virginia ("CFS") and ETF Opportunities Trust, a statutory trust organized and existing under the laws of the State of Delaware (the "Trust").

**WITNESSETH:**

**WHEREAS,** the Trust is registered as an open-end, management investment company under the Investment Company Act of 1940, as amended (the "1940 Act") and consists of one more series portfolios listed on ***Exhibit A*** (the "Funds"), each of which may consist of one or more classes of shares of beneficial interest; and

**WHEREAS,** the Trust wishes to retain CFS to provide certain administration and other general services (the "Services") with respect to the Funds and CFS is willing to furnish such Services;

**NOW, THEREFORE**, in consideration of the premises and mutual covenants contained herein, the parties hereto hereby agree as follows:

**Section 1.**&nbsp;&nbsp;&nbsp;&nbsp;**<u>Appointment</u>.** 

The Trust hereby appoints CFS as administrator for the Trust on the terms and conditions set forth in this agreement, and CFS hereby accepts such appointment and agrees to perform the Services as set forth in this Agreement. The Services of CFS shall be confined to those matters expressly set forth herein or as may be agreed to from time to time, and no implied duties are assumed by or may be asserted against CFS hereunder. Notwithstanding the foregoing, to the extent the Trust determines that it would be appropriate to engage another service provider (either directly or through CFS) as the , sub-administrator, CFS responsibilities with respect to such function shall be confined to overseeing such function – any such relationship shall be noted and described in Exhibit C to this Agreement.

**Section 2. &nbsp;&nbsp;&nbsp;&nbsp;<u>Representations and Warranties of CFS</u>.** 

CFS hereby represents and warrants to the Trust that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;It is a corporation duly organized and existing and in good standing under the laws of the Commonwealth of Virginia;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;It is duly qualified to carry on its business in the Commonwealth of Virginia;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)It is empowered under applicable laws and by its By-Laws to enter into this Agreement and perform its duties under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)All requisite corporate proceedings have been taken to authorize it to enter into this Agreement and perform its duties under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)It has access to the necessary facilities, equipment, and personnel to perform its duties and obligations under this Agreement; and,

This Agreement, when executed and delivered, will constitute a legal, valid and binding obligation of CFS, enforceable against CFS in accordance with its terms, subject to bankruptcy, insolvency, reorganization,

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moratorium and other laws of general application affecting the rights and remedies of creditors and securities parties.

**Section 3. &nbsp;&nbsp;&nbsp;&nbsp;<u>Representations and Warranties of the Trust</u>.** 

The Trust hereby represents and warrants to CFS that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;It is a statutory trust duly organized and 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;(b) &nbsp;&nbsp;&nbsp;&nbsp;It is empowered under applicable laws and by its organizational documents to enter into this Agreement and perform its duties under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;All requisite corporate proceedings have been taken to authorize it to enter into this Agreement and perform its duties under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;It is an open-end management investment company registered under the 1940 Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;This Agreement, when executed and delivered, will constitute a legal, valid and binding obligation of the Trust, enforceable against the Trust 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;(f)&nbsp;&nbsp;&nbsp;&nbsp;A registration statement under the Securities Act of 1933, as amended, is currently effective and will remain effective, and appropriate state securities laws filings have been made and will continue to be made, with respect to all shares of the Funds and any classes thereof being offered for sale.

**Section 4. &nbsp;&nbsp;&nbsp;&nbsp;<u>Trust Reports to CFS</u> <u>Delivery of Documents and Other Materials</u>.** 

&nbsp;&nbsp;&nbsp;&nbsp;The Trust shall furnish or otherwise make available to CFS such copies of each Fund's prospectus, statement of additional information, financial statements, proxy statements, shareholder reports, each current plan of distribution or similar document adopted by the Trust under Rule 12b-1 under the 1940 Act, each current shareholder services plan or similar document adopted by the Fund, each Fund's net asset value per share, declaration, record and payment dates, amounts of any dividends or income, special actions relating to each Fund's securities and other information relating to the Trust's business and affairs as CFS may, at any time or from time to time, reasonably require in order to discharge its obligations under this Agreement. CFS shall maintain such information as required by regulation and as agreed upon between the Trust and CFS. The Trust will complete all necessary prospectus and compliance reports, as well as monitoring the various limitations and restrictions.

&nbsp;&nbsp;&nbsp;&nbsp;**Section 5. &nbsp;&nbsp;&nbsp;&nbsp;<u>Services Provided by CFS</u>.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) &nbsp;&nbsp;&nbsp;&nbsp;CFS will provide, or supervise the performance of others, the Services described herein subject to the direction and supervision of the Trust's Board of Trustees (the "Board"), and in compliance with the objectives, policies and limitations set forth in the Trust's currently effective Registration Statement, Declaration of Trust and By-Laws, applicable laws and regulations, and all resolutions, policies and procedures adopted by the Board, and further subject to CFS's policies and procedures as in effect from time to time. CFS shall be responsible for all necessary office space, equipment, personnel, and facilities necessary for it to perform its obligations under this Agreement. CFS may sub-contract with third parties to perform certain of the Services to be performed by CFS hereunder; provided, however, that CFS shall remain principally responsible to the Trust for the acts and omissions of such other entities and provided further that

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CFS shall be responsible for the payment of such third parties unless the Board approves such payment in a separate agreement or otherwise approves passing the costs associated with such third party onto the Funds as an out-of-pocket expense of CFS.

&nbsp;&nbsp;&nbsp;&nbsp;Except with respect to CFS's duties as set forth in this Agreement, and except as otherwise specifically provided herein, the Trust assumes all responsibility for ensuring that each Fund complies with all applicable requirements of the Securities Act of 1933, the 1940 Act, the USA PATRIOT Act of 2001, and any other laws, rules and regulations, or interpretations thereof, of governmental authorities with jurisdiction over each Fund.

&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;<u>Administrative Services</u> – set forth in Exhibit B.

&nbsp;&nbsp;&nbsp;&nbsp;CFS shall be responsible for promptly communicating any conflicts between its policies and procedures in effect from time to time and the resolutions, policies and procedures adopted by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp; CFS shall keep records relating to the Services to be performed hereunder in the form and manner, and for such period, as it may deem advisable and is agreeable to the Trust, but not inconsistent with the rules and regulations of appropriate government authorities, in particular, Section 31 of the 1940 Act and the rules thereunder. CFS agrees that all such records prepared or maintained by CFS relating to the Services to be performed by CFS 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. The Trust and the Trust's authorized representatives shall have access to CFS's records relating to the Services under this Agreement at all times during CFS's normal business hours. Upon the reasonable request of the Trust, copies of any such records shall be provided promptly by CFS to the Trust or the Trust's authorized representatives.

**Section 6. &nbsp;&nbsp;&nbsp;&nbsp;<u>Compensation and Expenses</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Compensation. The Trust agrees to pay CFS as compensation for its services according to the fee schedule set forth in Schedule C hereto. Fees will begin to accrue for each Fund on the later of the date of this Agreement or the date of commencement of operations of the Fund. If fees begin to accrue in the middle of a month or if this Agreement terminates before the end of any month, all fees for the period from that date to the end of that month or from the beginning of that month to the date of termination, as the case may be, shall be prorated according to the proportion that the period bears to the full month in which the effectiveness or termination occurs. Upon the termination of this Agreement with respect to a Fund, the Fund shall pay to CFS such compensation as shall be payable prior to the effective date of termination.

&nbsp;&nbsp;&nbsp;&nbsp;In addition, the Trust shall reimburse CFS from the assets of each Fund certain reasonable expenses incurred by CFS on behalf of each Fund individually in connection with the performance of this Agreement. Such out-of-pocket expenses shall include, but not be limited to: documented fees and costs of obtaining advice of Fund counsel or accountants in connection with its services to each Fund; postage; long distance telephone; special forms required by each Fund; any economy class travel which may be required in the performance of its duties to each Fund; and any other extraordinary expenses it may incur in connection with its services to each Fund, provided that such extraordinary expenses must be approved by the Board prior to any reimbursement.

&nbsp;&nbsp;&nbsp;&nbsp;In connection with the services provided by CFS pursuant to this Agreement, the Trust, on behalf of each Fund, agrees to reimburse CFS for expenses set forth in Schedule C hereto. In addition, the Trust, on behalf of the applicable Fund, shall reimburse CFS for all reasonable expenses and employee time (at 150%

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of salary) attributable to any review of the Trust's accounts and records by the Trust's independent accountants or any regulatory body outside of routine and normal periodic reviews.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Taxes. Except as required by applicable law or as otherwise provided in this Agreement, CFS shall not be liable for any taxes, assessments or governmental charges that may be levied or assessed on any basis whatsoever in connection with the Trust or any customer, excluding taxes, if any, assessed against CFS related to its income or assets.

&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;<u>Invoices/Billing</u>. All fees and reimbursements are payable in arrears on a monthly basis and the Trust, on behalf of the applicable Fund, agrees to pay all fees and reimbursable expenses within five (5) business days following receipt of the respective billing notice. Without prejudice to CFS's other rights, CFS reserves the right to charge interest on overdue amounts (except to the extent the amount is subject to a bona fide dispute) from the due date until actual payment at an annual rate equal to the sum of the overnight Fed Funds rate as in effect from time to time plus 2 percentage points.

**Section 7. &nbsp;&nbsp;&nbsp;&nbsp;<u>Confidentiality</u>.** 

CFS agrees on behalf of itself and its employees to treat confidentially all records and other information relative to the Trust and its shareholders received by CFS in connection with this Agreement, including any non-public personal information as defined in Regulation S-P, and that it shall not use or disclose any such information except for the purpose of carrying out the terms of this Agreement; provided, however, that CFS may disclose such information as required by law or in connection with any requested disclosure to a regulatory authority with appropriate jurisdiction after prior notification to the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Trust acknowledges that the databases, computer programs, screen formats, report formats, interactive design techniques, and documentation manuals maintained by CFS on databases under the control and ownership of CFS or a third party constitute copyrighted, trade secret, or other proprietary information (collectively, "Proprietary Information") of substantial value to CFS or the third party. The Trust agrees to treat all Proprietary Information as proprietary to CFS and further agrees that it shall not divulge any Proprietary Information to any person or organization except as may be provided under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;Upon termination of this Agreement, CFS shall return to the Trust all copies of confidential or non-public personal information received from the Trust hereunder, other than materials or information required to be retained by CFS under applicable laws or regulations. CFS hereby agrees to dispose of any "consumer report information," as such term is defined in Regulation S-P.

**Section 8. &nbsp;&nbsp;&nbsp;&nbsp;<u>Standard of Care / Limitation of Liability</u>.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Responsibility for Losses. CFS shall be under no duty to take any action on behalf of a Fund except as necessary to fulfill its duties and obligations as specifically set forth herein or as may be specifically agreed to by CFS in writing. CFS shall at all times act in good faith and agrees to use its best efforts within reasonable limits to ensure the accuracy of all services performed under this Agreement, but assumes no responsibility for any loss arising out of any act or omission in carrying out its duties hereunder, except a loss resulting from CFS, its employees' or its agents' willful misfeasance, bad faith or gross negligence in the performance of CFS's duties under this Agreement, or by reason of reckless disregard of CFS, its employees' or its agents' obligations and duties hereunder. Notwithstanding the foregoing, the limitation on CFS's liability shall not apply to the extent any loss or damage results from any fraud committed by CFS or any intentionally bad or malicious acts (that is, acts or breaches undertaken

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purposefully under circumstances in which the person acting knows or has reason to believe that such act or breach violates such person's obligations under this Agreement or can cause danger or harm) of CFS.

&nbsp;&nbsp;&nbsp;&nbsp;Without limiting the generality of the foregoing or of any other provision of this Agreement, (i) CFS shall not be liable for losses beyond its control, provided that CFS has acted in accordance with the standard of care set forth above; and (ii) CFS shall not be liable for (A) the validity or invalidity or authority or lack thereof of any oral or written instructions provided by the Fund, notice or other instrument which conforms to the applicable requirements of this Agreement, and which CFS reasonably believes to be genuine; or (B) subject to Section 15, delays or errors or loss of data occurring by reason of circumstances beyond CFS's control, including fire, flood, catastrophe, acts of God, insurrection, war, riots or failure of the mails, transportation, communication or power supply.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Limitations on Liability.

&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)CFS is responsible for the performance of only those duties as are expressly set forth herein and in the Exhibits and Schedules as they may be amended from time to time. CFS will have no implied duties or obligations. Each party to the Agreement shall mitigate damages for which the other party may become responsible 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)CFS shall have no responsibility to review, confirm or otherwise assume any duty with respect to the accurateness or completeness of any instruction or any other information it receives from a Fund, and shall be without liability for any loss or damage suffered by a Fund or any of a Fund's customers as a result of CFS's reasonable reliance on and utilization of any such instruction or other such information. For the avoidance of doubt, CFS shall not be liable and shall be indemnified by the Trust for any action taken or omitted by it in good faith in reliance on any instruction believed by it in good faith to have been authorized by an authorized person.

&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)CFS shall have no responsibility and shall be without liability for any loss or damage caused by the failure of the Trust to provide CFS with any 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;(iv)CFS is not responsible for the acts, omissions, defaults or insolvency of any third party including, but not limited to, any investment advisers, custodians, intermediaries or non-discretionary subcontractors.

&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)CFS shall have no responsibility for the management of the investments or any other assets of the Trust or its customers, and CFS shall have no obligation to review, monitor or otherwise ensure compliance by a Fund with the policies, restrictions, guidelines or disclosures applicable to the Fund or any other term or condition of the original documents, operating documents, policies and procedures or registration statement. Further, CFS shall have no liability to the Trust for any loss or damage suffered by the Trust as a result of any breach of the investment policies, objectives, guidelines or restrictions applicable to the Trust or any misstatement or omission in the registration statement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)Except as set forth in the exhibits hereto, the Trust acknowledges that the reporting obligations of CFS do not constitute a duty to monitor compliance and CFS shall not be liable for any failure of the Fund to comply with any laws, regulations or other applicable requirements 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;(vii)CFS shall not be liable for the errors of other service providers of the Trust, including the errors of pricing services (other than to pursue all reasonable claims against the pricing service based on the pricing services' standard contracts entered into by CFS) and errors in information provided by an investment adviser to a Fund custodian (including prices and pricing formulas and untimely transmission of trade 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;(viii)CFS will not be responsible or liable for any loss or damage arising from the misuse or sharing of online access by any authorized person of the Trust who has been issued a User ID by CFS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix)Except as expressly provided in this Agreement, CFS hereby disclaims all representations and warranties, express or implied, made to the Trust or any other person, including, without limitation, any warranties regarding quality, suitability or otherwise (irrespective of any course of dealing, custom or usage of trade), of any services or any goods provided incidental to services provided under this Agreement. CFS disclaims any warranty of title or non-infringement except as otherwise set forth in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Mutual Exclusion of Consequential Damages. Except for any liquidated damages agreed to by the parties to this Agreement related to an unexcused termination of this Agreement, under no circumstances will either party be liable to the other party for special or punitive damages, or consequential loss or damage, or any loss of profits, goodwill, business opportunity, business, or revenue or anticipated savings, in relation to this Agreement, whether or not the relevant loss was foreseeable, or the party was advised of the possibility of such loss or damage or that such loss was in contemplation of the other party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Limited Recourse. CFS hereby acknowledges that a Fund's obligations hereunder with respect to the Fund are binding only on the assets and property belonging to the Fund. The obligations of the parties hereunder shall not be binding upon any of the Trustees, shareholders, nominees, officers, agents or employees of the Fund personally, but shall bind only the property of the Fund. The execution and delivery of this Agreement 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 Fund's property.

&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding any other provision of this Agreement, the parties agree that the assets and liabilities of each Fund of the Trust are separate and distinct from the assets and liabilities of each other series portfolios of the Trust and that no series shall be liable or shall be charged for any debt, obligation or liability of any other Fund, whether arising under this Agreement or otherwise.

**Section 9.** &nbsp;&nbsp;&nbsp;&nbsp;**<u>Indemnification</u>**.

Indemnification by the Funds. Each Fund shall indemnify CFS and hold it harmless from and against any and all losses, damages and expenses, including reasonable attorneys' fees and expenses, incurred by

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CFS that result from: (i) any claim, action, suit or proceeding in connection with CFS's entry into or performance of this Agreement with respect to such Fund; or (ii) any action taken or omission to act committed by CFS in the performance of its obligations hereunder with respect to such Fund; or (iii) any action of CFS upon instructions believed in good faith by it to have been executed by a duly authorized officer or representative of the Trust with respect to such Fund; (iv) the offer or sale of shares of the Funds in violation of federal or state securities laws or regulations requiring that such shares be registered or in violation of any stop order or other determination or ruling by any federal or any state agency with respect to the offer or sale of such shares; (v) the processing of any checks or wires, including without limitation for deposit into the Trust's demand deposit account maintained by CFS; (vi) the breach of any representation or warranty set forth in Section 3 above; or (vii) any error, omission, inaccuracy or other deficiency of any information provided to CFS by the Trust, or the failure of the Trust to provide or make available any information requested by CFS knowledgeably to perform its functions hereunder; provided, that CFS shall not be entitled to such indemnification in respect of actions or omissions constituting gross negligence, bad faith or willful misfeasance in the performance of its duties, or by reckless disregard of such duties, on the part of CFS or its employees, agents or contractors.

&nbsp;&nbsp;&nbsp;&nbsp;The reliance upon, and any subsequent use of or action taken or omitted, by CFS, or its agents or subcontractors on: (i) the materials or any other information, records, documents, data, stock certificates or services, which are received by CFS or its agents or subcontractors by machine readable input, facsimile, CRT data entry, electronic instructions or other similar means authorized by a Fund, and which have been prepared, maintained or performed by the Trust or any other person or firm on behalf of the Trust; (ii) any instructions or requests of the Trust or any of its officers; (iii) any instructions or opinions of legal counsel with respect to any matter arising in connection with the services to be performed by CFS under this Agreement which are provided to CFS after consultation with such legal counsel; or (iv) any paper or document, reasonably believed to be genuine, authentic, or signed by the proper person or persons;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Indemnification by CFS. CFS shall indemnify each Fund and hold it harmless from and against any and all losses, damages and expenses, including reasonable attorneys' fees and expenses, incurred by such Fund which result from: (i) CFS's failure to comply with the terms of this Agreement with respect to such Fund; or (ii) CFS's bad faith or willful misfeasance in performing its obligations hereunder with respect to such Fund; or (iii) CFS's gross negligence or misconduct or that of its employees, agents or contractors in connection herewith with respect to such Fund.

&nbsp;&nbsp;&nbsp;&nbsp;In order that the indemnification provisions contained in this Section 9 shall apply, upon the assertion of an indemnification claim, the party seeking the indemnification shall promptly notify the other party of such assertion, and shall keep the other party advised with respect to all developments concerning such claim. The Trust shall have the option to participate with CFS in the defense of such claim or to defend against said claim in its own name or that of CFS. The party seeking indemnification shall in no case confess any claim or make any compromise in any case in which the other party may be required to indemnify it except with the indemnifying party's written consent, which consent shall not be unreasonably withheld.

**Section 10. &nbsp;&nbsp;&nbsp;&nbsp;<u>Term and Termination</u>.** 

&nbsp;&nbsp;&nbsp;&nbsp;This Agreement shall remain in effect with respect to a Fund from the "Effective Date" until the "End Date," each as set forth in Exhibit A to this Agreement (the "Initial Term"); thereafter, this Agreement shall automatically renew for a period of one year and continue in effect from year to year thereafter (the initial and any subsequent such periods are referred to as "Term").

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&nbsp;&nbsp;&nbsp;&nbsp;This Agreement may be terminated by either party at any time, without the payment of a penalty upon at least ninety (90) days' written notice to other party prior to the end of the then current Term. Any termination shall be effective as of the date specified in the notice or upon such later date as may be mutually agreed upon by the parties. Upon notice of termination of this Agreement by either party, CFS shall promptly transfer to the successor administrator the original or copies of all books and records maintained by CFS under this Agreement including, in the case of records maintained on computer systems, copies of such records in machine-readable form, and shall cooperate with, and provide reasonable assistance to, the successor administrator in the establishment of the books and records necessary to carry out the successor administrator's responsibilities. If this Agreement is terminated by the Trust, the Trust shall be responsible for all reasonable out-of-pocket expenses or costs associated with the movement of records and materials to the successor administrator. Additionally, CFS reserves the right to charge for any other reasonable expenses associated with such termination.

**Section 11. &nbsp;&nbsp;&nbsp;&nbsp;<u>Notices</u>.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Any notice required or permitted hereunder shall be in writing and shall be deemed to have been given and effective when delivered in person or by certified mail, return receipt requested, at the following address (or such other address as a party may specify by notice to the other):

&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 to the Trust, to:

ETF Opportunities Trust

8730 Stony Point Parkway, Suite 205

Richmond, Virginia 23235

Attention: President

With copy to:

Practus, LLP

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11300 Tomahawk Creek Parkway, Suite 310

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Leawood, Kansas 66211

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Attention: John H. Lively

&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)If to CFS, to:

Commonwealth Fund Services, Inc.

8730 Stony Point Parkway, Suite 205

Richmond, Virginia 23235

Attention: President

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Notice also shall be deemed given and effective *upon receipt* by any party or other person at the preceding address (or such other address as a party may specify by notice to the other) if sent by regular mail, private messenger, courier service, telex, facsimile, or otherwise, if such notice bears on its first page in 14 point (or larger) bold type the heading "Notice Pursuant to Fund Services Agreement."

**Section 12. &nbsp;&nbsp;&nbsp;&nbsp;<u>Assignment.</u>** 

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No party may assign or transfer any of its rights or obligations under this Agreement without the other's prior written consent, which consent will not be unreasonably withheld or delayed. This Agreement shall insure to the benefit of and be binding upon the parties and their respective permitted successors and assigns. For the avoidance of doubt, a transaction involving a merger or sale of substantially all of the assets of a Fund shall not require the written consent of CFS.

**Section 13.&nbsp;&nbsp;&nbsp;&nbsp;<u>Holidays</u>.** 

Except as required by laws and regulations governing investment companies, nothing contained in this Agreement is intended to or shall require CFS, in any capacity hereunder, to perform any functions or duties on any holiday or other day of special observance on which CFS is closed. Functions or duties normally scheduled to be performed on such days shall be performed on, and as of, the next business day on which both the Trust and CFS are open. CFS will be open for business on days when the Trust is open for business and/or as otherwise set forth in each Fund's prospectus(es) and Statement(s) of Additional Information.

**Section 14. &nbsp;&nbsp;&nbsp;&nbsp;<u>Waiver</u>.** 

Any term or provision of this Agreement may be waived at any time by the party entitled to the benefit thereof by written instrument executed by such party. No failure of either party hereto to exercise any power or right granted hereunder, or to insist upon strict compliance with any obligation hereunder, and no custom or practice of the parties with regard to the terms of performance hereof, will constitute a waiver of the rights of such party to demand full and exact compliance with the terms of this Agreement.

**Section 15. &nbsp;&nbsp;&nbsp;&nbsp;<u>Force Majeure.</u>** 

In the event either party is unable to perform its obligations under the terms of this Agreement because of acts of God, acts of war or terrorism, strikes, equipment or transmission failure or damage reasonably beyond its control, or other causes reasonably beyond its control, such party shall not be liable for damages to the other for any damages resulting from such failure to perform or otherwise from such causes; provided, however, that this provision shall not imply that CFS is excused from maintaining reasonable business continuity plans to address potential service outages.

**Section 16. &nbsp;&nbsp;&nbsp;&nbsp;<u>Amendments</u>.** 

This Agreement may be modified or amended from time to time by mutual written agreement between the parties. No provision of this Agreement may be changed, discharged or terminated verbally, but only by an instrument in writing signed by the party against which enforcement of the change, discharge or termination is sought. The compensation stated in Schedule E attached hereto may be adjusted from time to time by the execution of a new schedule signed by the parties thereto.

**Section 17. &nbsp;&nbsp;&nbsp;&nbsp;<u>Severability</u>.** 

If any part, term or provision of this Agreement is held to be illegal, in conflict with any law or otherwise invalid, the remaining portion or portions shall be considered severable and not be affected, and the rights and obligations of the parties shall be construed and enforced as if the Agreement did not contain the particular part, term or provision held to be illegal or invalid.

**Section 18.&nbsp;&nbsp;&nbsp;&nbsp;<u>Headings.</u>** 

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Titles to clauses of this Agreement are included for convenience of reference only and will be disregarded in construing the language contained in this Agreement.

**Section 19.&nbsp;&nbsp;&nbsp;&nbsp;<u>Counterparts</u>.** 

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

**Section 20.&nbsp;&nbsp;&nbsp;&nbsp;<u>No Strict Construction</u>.** 

The language used in this Agreement shall be deemed to be the language chosen by the parties hereto to express their mutual intent, and no rule of strict construction shall be applied against any party.

**Section 21. &nbsp;&nbsp;&nbsp;&nbsp;<u>Entire Agreement; Governing Law</u>.** 

This Agreement, the Exhibits and Schedules hereto, and any subsequent amendments of the foregoing embody the entire understanding between the parties with respect to the subject matter hereof, and supersedes all prior negotiations and agreements between the parties relating to the subject matter hereof. This Agreement shall be governed by and construed to be in accordance with the laws of the Commonwealth of Virginia, without reference to choice of law principles thereof, and in accordance with the applicable provisions of the 1940 Act. To the extent that the applicable laws of the Commonwealth of Virginia, or any of the provisions herein, conflict with the applicable provision of the 1940 Act, the latter shall control.

**Section 22.&nbsp;&nbsp;&nbsp;&nbsp;Services Not Exclusive.**

The services of CFS to the Trust are not deemed exclusive, and CFS shall be free to render similar services to others, to the extent that such service does not affect CFS's ability to perform its duties and obligations hereunder.

**Section 23.&nbsp;&nbsp;&nbsp;&nbsp;Special or Consequential Damages.**

Neither party to this Agreement shall be liable to the other party for special or consequential damages under any provision of this Agreement.

**Section 24.&nbsp;&nbsp;&nbsp;&nbsp;Reliance on Trust Instructions and Experts.**

CFS may rely upon the written advice of the Trust and upon statements of the Trust's legal counsel, accountants and other person believed by it in good faith to be expert in matters upon which they are consulted, and CFS shall not be liable for any actions taken in good faith upon such statements.

**Section 25.&nbsp;&nbsp;&nbsp;&nbsp;Survival.** 

The obligations of Sections 6, 7, 8, 9, 14, 15, 17, 21, 23, 24 and this 25 shall survive any termination 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;\****

***Signature Page 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;\****

------

**IN WITNESS WHEREOF,** the parties hereto have caused this Fund Services Agreement to be signed by their respective duly authorized officers as of the day and year first above written.

&nbsp;&nbsp;&nbsp;&nbsp;COMMONWEALTH FUND SERVICES, INC.

By: <u>/s/ Karen M. Shupe&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Date: October 29, 2025

&nbsp;&nbsp;&nbsp;&nbsp;Print Name: Karen M. Shupe&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;Title: Managing Director

&nbsp;&nbsp;&nbsp;&nbsp;ETF OPPORTUNITIES TRUST

&nbsp;&nbsp;&nbsp;&nbsp; WITH RESPECT TO THE FUNDS IDENTIFIED ON EXHIBIT A

&nbsp;&nbsp;&nbsp;&nbsp;By: <u>/s/ David A. Bogaert&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Date: October 29, 2025

&nbsp;&nbsp;&nbsp;&nbsp;Print Name: David A. Bogaert&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;Title: President

------

***EXHIBIT A***

***to***

***Fund Services Agreement***

**<u>List of Funds</u>**

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Effective Date** | **End Date of Initial Term** |
| GSR Crypto StakingMax ETF | November 1, 2025 | October 31, 2028 |
| GSR Digital Asset Treasury Companies ETF | November 1, 2025 | October 31, 2028 |
| GSR Ethereum Staking Opportunity ETF | November 1, 2025 | October 31, 2028 |
| GSR Crypto Core3 ETF | November 1, 2025 | October 31, 2028 |
| GSR Ethereum YieldEdge ETF | November 1, 2025 | October 31, 2028 |

---

------

**EXHIBIT B**

To

Fund Services Agreement

**<u>Administrative Services</u>**

1. Subject to the direction and control of the Board of Trustees (the "Board") of the Trust, CFS shall manage all aspects of each Fund's operations with respect to each Fund except those that are the specific responsibility of any other service provider hired by the Trust, all in such manner and to such extent as may be authorized by the Board.

2. Oversee the performance of administrative and professional services rendered to each Fund by others, including its custodian, fund accounting agent, transfer agent and dividend disbursing agent as well as legal, auditing, shareholder servicing and other services performed for each Fund, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The preparation and maintenance by each Fund's custodian, transfer agent, dividend disbursing agent and fund accountant in such form, for such periods and in such locations as may be required by applicable law, of all documents and records relating to the operation of each Fund required to be prepared or maintained by the Trust or its agents pursuant to applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The reconciliation of account information and balances among each Fund's custodian, transfer agent, dividend disbursing agent and fund accountant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)The transmission of purchase and redemption orders for shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)The performance of fund accounting, including the accounting services agent's calculation of the net asset value ("NAV") of each Fund's shares.

3. For new series or classes, obtain CUSIP numbers, as necessary, and estimate organizational costs and expenses and monitor against actual disbursements.

4. Prepare and assist with reports for the Board as may be mutually agreed upon by the parties.

5. Prepare quarterly and annual Code of Ethics forms for: (i) disinterested Board members; and (ii) officers of the Trust, if any, that are also employees of CFS, including a review of returned forms against portfolio holdings and reporting to the Board.

6. Prepare and mail annual Trustees' and Officers' questionnaires.

7. Maintain general Board calendars and regulatory filings calendars.

8. As mutually agreed to by the parties, prepare updates to and maintain copies of the Trust's trust instrument and by-laws.

9. Coordinate with insurance providers, including soliciting bids for Trustees & Officers/Errors & Omissions insurance and fidelity bond coverage, coordinate the filing of fidelity bonds with the SEC and make related Board presentations.

------

10. Advise the Trust and the Board on matters concerning each Fund and its affairs.

11. With the assistance of the counsel to the Trust, the investment adviser, officers of the Trust and other relevant parties, prepare and disseminate materials for meetings of the Board on behalf of each Fund, and any committees thereof, including agendas and selected financial information as agreed upon by the Trust and CFS from time to time; attend and participate in Board meetings to the extent requested by the Board.

12. Prepare and maintain each Fund's operating expense budget to determine proper expense accruals to be charged to each Fund in order to calculate its daily NAV.

13. In consultation with counsel for the Trust, assist in and oversee the preparation, filing, printing and where applicable, dissemination to shareholders of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Amendments to each Fund's Registration Statement on Form N-1A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Periodic reports to each Fund's shareholders and the U.S. Securities and Exchange Commission (the "SEC"), including but not limited to annual reports and semi-annual reports.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Notices pursuant to Rule 24f-2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Proxy materials.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)Reports to the SEC on Form N-SAR, Form N-CSR, Form N-Q, and Form N-PX.

14. Coordinate each Fund's annual or SEC audit by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Assisting each Fund's independent auditors, or, upon approval of each Fund, any regulatory body in any requested review of each Fund's accounts and records.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Providing appropriate financial schedules (as requested by each Fund's independent public accountants or SEC examiners); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Providing office facilities as may be required.

15. Assist the Trust in the handling of routine regulatory examinations and work closely with the Trust's legal counsel in response to any non-routine regulatory matters.

16. Prepare, or cause to be prepared, expense and financial reports, including Fund budgets, expense reports, pro-forma financial statements, expense and profit/loss projections and fee waiver/expense reimbursement projections on a periodic basis.

17. Authorize the payment of Fund expenses and pay, from Fund assets, all bills of each Fund.

18. Assist each Fund in the selection of other service providers, such as independent accountants, law firms and proxy solicitors; and perform such other recordkeeping, reporting and other tasks as may be

------

specified from time to time in the procedures adopted by the Board; provided that CFS need not begin performing any such task except upon 65 days' notice and pursuant to mutually acceptable compensation agreements.

19. Assist the Trust's Chief Compliance Officer with issues regarding the Trust's compliance program (as approved by the Board in accordance with Rule 38a-1 under the 1940 Act) as reasonably requested.

20. Perform certain compliance procedures for the Trust which will include, among other matters, monitoring compliance with personal trading guidelines by the Trust's Board.

21. Assist the Trust with its obligations under Section 302 and 906 of the Sarbanes-Oxley Act of 2002 and Rule 30a-2 under the 1940 Act, including the establishment and maintenance of internal controls and procedures that are reasonably designed to ensure that information prepared or maintained in connection with administration services provided hereunder is properly recorded, processed, summarized, or reported by CFS or its affiliates on behalf of the Trust so that it may be included in financial information certified by the Trust's officers on Form N-CSR and Form N-Q.

22. Prepare and file any claims in connection with class actions involving portfolio securities, handle administrative matters in connection with the litigation or settlement of such claims, and prepare a report to the Board regarding such matters.

23. CFS shall provide such other services and assistance relating to the affairs of each Fund as the Trust may, from time to time, reasonably request pursuant to mutually acceptable compensation agreements.

------

**EXHIBIT C**

to

Fund Services Agreement

**Administration and Compliance Fees**

## Ex-99.(H)(78)

**NINETEENTH AMENDMENT TO THE**

**ETF FUND ACCOUNTING SERVICING AGREEMENT**

**THIS NINETEENTH AMENDMENT** effective as of the last date in the signature block (the "Effective Date"), to the ETF Fund Accounting Servicing Agreement dated as of August 13, 2024, as amended (the "Agreement"), is entered into by and between **ETF OPPORTUNITIES TRUST**, a Delaware statutory trust (the "Trust"), and **U.S. BANCORP FUND SERVICES, LLC d/b/a U.S. BANK GLOBAL FUND SERVICES**, a Wisconsin limited liability company ("Fund Services").

**RECITALS**

**WHEREAS**, the parties have entered into the Agreement; and

**WHEREAS,** the parties desire to amend the Agreement to update Exhibit A to add the following ETFs and take into account present circumstances; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• T-REX 2X Long RDW Daily Target ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• T-REX 2X Long SNDK Daily Target ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• T-REX 2x Long GRNY Daily Target ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• T-REX 2X Long PAAS Daily Target ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• T-REX 2X Long APH Daily Target ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• T-REX 2X Long FIGR Daily Target ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Tuttle Capital UFO Disclosure ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Tuttle Capital Space Industry Income Blast ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Tuttle Capital Robotics Income Blast ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Hedgeye Brightside Family Office ETF

**WHEREAS**, the parties desire to amend the Agreement to update Exhibit A to add the following ETFs and take into account present circumstances; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• T-REX 2X Long ONDS Daily Target ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• T-REX 2X Long Daily STUB Target ETF

**WHEREAS,** the parties desire to amend Exhibit A of the Agreement to reflect the following name change; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Tuttle Capital Bitcoin 0DTE Covered Call ETF (f/k/a Tuttle Capital IBIT 0DTE Covered Call ETF)

**WHEREAS**, Section 15(E) of the Agreement allows for its amendment by a written instrument executed by both parties and authorized or approved by the Board of Trustees of the Trust.

**NOW, THEREFORE,** the parties agree as follows:

**Exhibit A of the Agreement is hereby superseded and replaced in its entirety with Exhibit A attached hereto.**

------

Except to the extent amended hereby, the Agreement shall remain in full force and effect.

**[SIGNATURES ON NEXT PAGE]**

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

**ETF OPPORTUNITIES TRUST**&nbsp;&nbsp;&nbsp;&nbsp;**U.S. BANCORP FUND SERVICES, LLC**

By:&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ David Bogaert&nbsp;&nbsp;&nbsp;&nbsp;</u>&nbsp;&nbsp;&nbsp;&nbsp;By:&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Greg Farley&nbsp;&nbsp;&nbsp;&nbsp;</u>

Name:&nbsp;&nbsp;&nbsp;&nbsp;<u>David Bogaert&nbsp;&nbsp;&nbsp;&nbsp;</u>&nbsp;&nbsp;&nbsp;&nbsp;Name:&nbsp;&nbsp;&nbsp;&nbsp;<u>Greg Farley&nbsp;&nbsp;&nbsp;&nbsp;</u>

Title:&nbsp;&nbsp;&nbsp;&nbsp;<u>President&nbsp;&nbsp;&nbsp;&nbsp;</u>&nbsp;&nbsp;&nbsp;&nbsp;Title:&nbsp;&nbsp;&nbsp;&nbsp;<u>Senior Vice President&nbsp;&nbsp;&nbsp;&nbsp;</u>

Date:&nbsp;&nbsp;&nbsp;&nbsp;<u>1/23/2026&nbsp;&nbsp;&nbsp;&nbsp;</u>&nbsp;&nbsp;&nbsp;&nbsp;Date:&nbsp;&nbsp;&nbsp;&nbsp;<u>1/23/2026&nbsp;&nbsp;&nbsp;&nbsp;</u>

------

**Exhibit A**

**Accounting Agreement**

Separate Series of ETF Opportunities Trust

<u>Name of Series:</u>

---

| |
|:---|
| Hedgeye Capital Allocation ETF |
| Hedgeye Quality Growth ETF |
| IDX Alternative FIAT ETF |
| OTG Latin America ETF |
| REX Bitcoin Corporate Treasury Convertible Bond ETF |
| REX Crypto Equity Premium Income ETF |
| REX IncomeMax IBIT Strategy ETF |
| REX-Osprey<sup>™</sup> BONK ETF |
| REX-Osprey<sup>™</sup> BTC ETF |
| REX-Osprey<sup>™</sup> DOGE ETF |
| REX-Osprey<sup>™</sup> ETH + Staking ETF |
| REX-Osprey<sup>™</sup> SOL + Staking ETF |
| REX-Osprey<sup>™</sup> TRUMP ETF |
| REX-Osprey<sup>™</sup> XRP ETF |
| SMI 3Fourteen REAL Asset Allocation ETF |
| TappAlpha SPY Growth & Daily Income ETF |
| T-Rex 2X Long ARM Daily Target ETF |
| T-Rex 2X Long DJT Daily Target ETF |
| T-Rex 2X Long GME Daily Target ETF |
| T-Rex 2X Long HOOD Daily Target ETF |
| T-Rex 2X Long RBLX Daily Target ETF |
| T-Rex 2X Long SNOW Daily Target ETF |
| T-Rex 2X Long DKNG Daily Target ETF |
| T-REX 2X Long BUL Daily Target ETF |
| T-REX 2X Long XXI Daily Target ETF |
| T-REX 2X Long CRWV Daily Target ETF |
| T-REX 2X Long SMR Daily Target ETF |
| Tuttle Capital AI in Healthcare ETF |
| Tuttle Capital DeepSeek Global AI Innovation and Disruption ETF |
| Tuttle Capital MSTR 0DTE Covered Call ETF |
| Tuttle Capital NVDA 0DTE Covered Call ETF |
| Tuttle Capital Quantum Computing AI Powered Covered Call ETF |
| Tuttle Capital TSLA 0DTE Covered Call ETF |

---

------

---

| |
|:---|
| Tuttle Capital No Bleed Tail Risk ETF |
| T-Rex 2X Long CRCL Daily Target ETF |
| T-REX 2X Long GLXY Daily Target ETF |
| TappAlpha Innovation 100 Growth & Daily Income ETF |
| T-REX 2X Long BMNR Daily Target ETF |
| T-Rex 2X Long AFRM Daily Target ETF |
| Tuttle Capital Bitcoin 0DTE Covered Call ETF |
| T-Rex 2x Long AXON Daily Target ETF |
| T-REX 2X Long KTOS Daily Target ETF |
| T-REX 2X Long UPXI Daily Target ETF |
| T-REX 2X Long TTD Daily Target ETF |
| T-REX 2X Long BKNG Daily Target ETF |
| T-REX 2X Inverse CRWV Daily Target ETF |
| T-REX 2X Inverse CRCL Daily Target ETF |
| T-REX 2X Long SPOT Daily Target ETF |
| Tuttle Capital Government Grift ETF |
| AQE Core ETF |
| Hedgeye 130/30 Equity ETF |
| Hedgeye Fourth Turning ETF |
| T-REX 2X Long DOGE Daily Target ETF |
| T-REX 2X Long SBET Daily Target ETF |
| T-REX 2X Long Solana Daily Target ETF |
| T-REX 2X Long SUI Daily Target ETF |
| T-REX 2X Long XRP Daily Target ETF |
| REX-Osprey™ BNB + Staking ETF |
| Argent Large Cap Growth ETF |
| Argent Large Cap Value ETF |
| Applied Finance IVS International Large ETF |
| Applied Finance IVS International SMID ETF |
| T-REX 2X Long CIFR Daily Target ETF |
| T-REX 2X Long BTBT Daily Target ETF |
| GSR Crypto Core3 ETF |
| GSR Crypto StakingMax ETF |
| GSR Digital Asset Treasury Companies ETF |
| GSR Ethereum Staking Opportunity ETF |
| GSR Ethereum YieldEdge ETF |
| TDAQ Lift ETF |
| TSPY Lift ETF |
| Tuttle Capital Magnificent 7 Income Blast ETF |
| Tuttle Capital Meme Stock Income Blast ETF |
| Tuttle Capital Palantir Income Blast ETF |
| Tuttle Capital Tesla Income Blast ETF |
| Tuttle Capital NVIDIA Income Blast ETF<br>T-REX 2X Long ABTC Daily Target ETF |

---

------

---

| |
|:---|
| T-REX 2X Long EOSE Daily Target ETF |
| T-REX 2X Long HSDT Daily Target ETF |
| T-REX 2X Long RDW Daily Target ETF |
| T-REX 2X Long SNDK Daily Target ETF<br>T-REX 2x Long GRNY Daily Target ETF<br>T-REX 2X Long PAAS Daily Target ETF<br>T-REX 2X Long APH Daily Target ETF<br>T-REX 2X Long FIGR Daily Target ETF |
| Tuttle Capital UFO Disclosure ETF |
| Tuttle Capital Space Industry Income Blast ETF |
| Tuttle Capital Robotics Income Blast ETF |
| Hedgeye Brightside Family Office ETF |

---

## Ex-99.(H)(79)

**NINETEENTH AMENDMENT TO THE**

**FUND SUB-ADMINISTRATION SERVICING AGREEMENT**

**THIS NINETEENTH AMENDMENT** effective as of the last date in the signature block (the "Effective Date"), to the Fund Sub-Administration Servicing Agreement dated as of August 13, 2024, as amended (the "Agreement"), is entered into by and between **ETF OPPORTUNITIES TRUST**, a Delaware statutory trust (the "Trust"), Commonwealth Fund Services, Inc, a Virginia corporation (the "Administrator") and **U.S. BANCORP FUND SERVICES, LLC d/b/a U.S. BANK GLOBAL FUND SERVICES**, a Wisconsin limited liability company ("Fund Services").

**RECITALS**

**WHEREAS,** the parties have entered into the Agreement; and

**WHEREAS,** the parties desire to amend the Agreement to update Exhibit A to add the following ETFs and take into account present circumstances; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• T-REX 2X Long RDW Daily Target ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• T-REX 2X Long SNDK Daily Target ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• T-REX 2x Long GRNY Daily Target ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• T-REX 2X Long PAAS Daily Target ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• T-REX 2X Long APH Daily Target ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• T-REX 2X Long FIGR Daily Target ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Tuttle Capital UFO Disclosure ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Tuttle Capital Space Industry Income Blast ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Tuttle Capital Robotics Income Blast ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Hedgeye Brightside Family Office ETF

**WHEREAS,** the parties desire to amend the Agreement to update Exhibit A to remove the following ETFs and take into account present circumstances; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• T-REX 2X Long ONDS Daily Target ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• T-REX 2X Long STUB Daily Target ETF

**WHEREAS,** the parties desire to amend Exhibit A of the Agreement to reflect the following name change; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Tuttle Capital Bitcoin 0DTE Covered Call ETF (f/k/a Tuttle Capital IBIT 0DTE Covered Call ETF)

**WHEREAS,** Section 11(E) of the Agreement allows for its amendment by a written instrument executed by both parties and authorized or approved by the Board of Trustees of the Trust.

**NOW, THEREFORE,** the parties agree as follows:

**Exhibit A of the Agreement is hereby superseded and replaced in its entirety with Exhibit A attached hereto.**

Except to the extent amended hereby, the Agreement shall remain in full force and effect.

------

**[SIGNATURES ON NEXT PAGE]**

------

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

**ETF OPPORTUNITIES TRUST**&nbsp;&nbsp;&nbsp;&nbsp;**U.S. BANCORP FUND SERVICES, LLC**

By:&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ David Bogaert&nbsp;&nbsp;&nbsp;&nbsp;</u>&nbsp;&nbsp;&nbsp;&nbsp;By:&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Greg Farley&nbsp;&nbsp;&nbsp;&nbsp;</u>

Name:&nbsp;&nbsp;&nbsp;&nbsp;<u>David Bogaert&nbsp;&nbsp;&nbsp;&nbsp;</u>&nbsp;&nbsp;&nbsp;&nbsp;Name:&nbsp;&nbsp;&nbsp;&nbsp;<u>Greg Farley&nbsp;&nbsp;&nbsp;&nbsp;</u>

Title:&nbsp;&nbsp;&nbsp;&nbsp;<u>President&nbsp;&nbsp;&nbsp;&nbsp;</u>&nbsp;&nbsp;&nbsp;&nbsp;Title:&nbsp;&nbsp;&nbsp;&nbsp;<u>Senior Vice President&nbsp;&nbsp;&nbsp;&nbsp;</u>

Date:&nbsp;&nbsp;&nbsp;&nbsp;<u>1/23/2026&nbsp;&nbsp;&nbsp;&nbsp;</u>&nbsp;&nbsp;&nbsp;&nbsp;Date:&nbsp;&nbsp;&nbsp;&nbsp;<u>1/23/2026&nbsp;&nbsp;&nbsp;&nbsp;</u>

------

**Exhibit A**

**Fund Sub-Administration Servicing Agreement**

Separate Series of ETF Opportunities Trust

<u>Name of Series:</u>

---

| |
|:---|
| Hedgeye Capital Allocation ETF |
| Hedgeye Quality Growth ETF |
| IDX Alternative FIAT ETF |
| OTG Latin America ETF |
| REX Bitcoin Corporate Treasury Convertible Bond ETF |
| REX Crypto Equity Premium Income ETF |
| REX IncomeMax IBIT Strategy ETF |
| REX-Osprey<sup>™</sup> BONK ETF |
| REX-Osprey<sup>™</sup> BTC ETF |
| REX-Osprey<sup>™</sup> DOGE ETF |
| REX-Osprey<sup>™</sup> ETH + Staking ETF |
| REX-Osprey<sup>™</sup> SOL + Staking ETF |
| REX-Osprey<sup>™</sup> TRUMP ETF |
| REX-Osprey<sup>™</sup> XRP ETF |
| SMI 3Fourteen REAL Asset Allocation ETF |
| TappAlpha SPY Growth & Daily Income ETF |
| T-Rex 2X Long ARM Daily Target ETF |
| T-Rex 2X Long DJT Daily Target ETF |
| T-Rex 2X Long GME Daily Target ETF |
| T-Rex 2X Long HOOD Daily Target ETF |
| T-Rex 2X Long RBLX Daily Target ETF |
| T-Rex 2X Long SNOW Daily Target ETF |
| T-Rex 2X Long DKNG Daily Target ETF |
| T-REX 2X Long BUL Daily Target ETF |
| T-REX 2X Long XXI Daily Target ETF |
| T-REX 2X Long CRWV Daily Target ETF |
| T-REX 2X Long SMR Daily Target ETF |
| Tuttle Capital AI in Healthcare ETF |
| Tuttle Capital DeepSeek Global AI Innovation and Disruption ETF |
| Tuttle Capital MSTR 0DTE Covered Call ETF |
| Tuttle Capital NVDA 0DTE Covered Call ETF |
| Tuttle Capital Quantum Computing AI Powered Covered Call ETF |
| Tuttle Capital TSLA 0DTE Covered Call ETF |
| Tuttle Capital No Bleed Tail Risk ETF |

---

------

---

| |
|:---|
| T-Rex 2X Long CRCL Daily Target ETF |
| T-REX 2X Long GLXY Daily Target ETF |
| TappAlpha Innovation 100 Growth & Daily Income ETF |
| T-REX 2X Long BMNR Daily Target ETF |
| T-Rex 2X Long AFRM Daily Target ETF |
| Tuttle Capital Bitcoin 0DTE Covered Call ETF |
| T-Rex 2x Long AXON Daily Target ETF |
| T-REX 2X Long KTOS Daily Target ETF |
| T-REX 2X Long UPXI Daily Target ETF |
| T-REX 2X Long TTD Daily Target ETF |
| T-REX 2X Long BKNG Daily Target ETF |
| T-REX 2X Inverse CRWV Daily Target ETF |
| T-REX 2X Inverse CRCL Daily Target ETF |
| T-REX 2X Long SPOT Daily Target ETF |
| Tuttle Capital Government Grift ETF |
| AQE Core ETF |
| Hedgeye 130/30 Equity ETF |
| Hedgeye Fourth Turning ETF |
| T-REX 2X Long DOGE Daily Target ETF |
| T-REX 2X Long SBET Daily Target ETF |
| T-REX 2X Long Solana Daily Target ETF |
| T-REX 2X Long SUI Daily Target ETF |
| T-REX 2X Long XRP Daily Target ETF |
| REX-Osprey™ BNB + Staking ETF |
| Argent Large Cap Growth ETF |
| Argent Large Cap Value ETF |
| Applied Finance IVS International Large ETF |
| Applied Finance IVS International SMID ETF |
| T-REX 2X Long CIFR Daily Target ETF |
| T-REX 2X Long BTBT Daily Target ETF |
| GSR Crypto Core3 ETF |
| GSR Crypto StakingMax ETF |
| GSR Digital Asset Treasury Companies ETF |
| GSR Ethereum Staking Opportunity ETF |
| GSR Ethereum YieldEdge ETF |
| TDAQ Lift ETF |
| TSPY Lift ETF |
| Tuttle Capital Magnificent 7 Income Blast ETF |
| Tuttle Capital Meme Stock Income Blast ETF |
| Tuttle Capital Palantir Income Blast ETF |
| Tuttle Capital Tesla Income Blast ETF |
| Tuttle Capital NVIDIA Income Blast ETF<br>T-REX 2X Long ABTC Daily Target ETF |

---

------

---

| |
|:---|
| T-REX 2X Long EOSE Daily Target ETF |
| T-REX 2X Long HSDT Daily Target ETF |
| T-REX 2X Long RDW Daily Target ETF |
| T-REX 2X Long SNDK Daily Target ETF<br>T-REX 2x Long GRNY Daily Target ETF<br>T-REX 2X Long PAAS Daily Target ETF<br>T-REX 2X Long APH Daily Target ETF<br>T-REX 2X Long FIGR Daily Target ETF |
| Tuttle Capital UFO Disclosure ETF |
| Tuttle Capital Space Industry Income Blast ETF |
| Tuttle Capital Robotics Income Blast ETF |
| Hedgeye Brightside Family Office ETF |

---

## Ex-99.(H)(91)

![image_1a.jpg](image_1a.jpg)

**Framework Digital Advisors LLC**<br> Louis Camhi, Chief Investment Officer<br>347 5th Avenue, Suite 1402-700<br>New York, NY 10016<br>Mobile: (917) 300-0081

February 17, 2026

Board of Trustees

ETF Opportunities Trust

8370 Stony Point Parkway, Suite 205

Richmond, VA 23235

RE: ETF Opportunities Trust (the "Trust") – Fee Waiver for the GSR ETFs listed below (collectively, the "Funds")

Dear Trustees:

This letter confirms the agreement of Framework Digital Advisors, LLC ("Adviser") to waive its investment advisory fee under the Investment Advisory Agreement between the Adviser and the Trust with respect to the Funds as set forth below:

---

| | | |
|:---|:---|:---|
| **Fund** | **Gross Advisory Fee Rate** | **Fee Waiver** |
| GSR Crypto StakingMax ETF | 1.50% | 50 basis points |
| GSR Digital Assets Treasury Companies ETF | 1.50% | 50 basis points |
| GSR Ethereum YieldEdge ETF | 1.25% | 25 basis points |

---

.

The Trust and the Adviser agree that the foregoing fee waiver for each Fund is effective from the date each Fund commences investment operations through March 31, 2027. This waiver may only be terminated by the Fund's Board of Trustees (and not by the Adviser) prior to such date.

Your signature below acknowledges acceptance of this letter agreement:

---

| | |
|:---|:---|
| Framework Digital Advisors, LLC | Framework Digital Advisors, LLC |
| By: | /s/ Louis Camhi |
| Name: | Louis Camhi |
| Title: | Chief Executive Officer and Chief Investment Officer |
| ETF Opportunities Trust | ETF Opportunities Trust |

---

------

![image_1a.jpg](image_1a.jpg)

---

| | |
|:---|:---|
| By: | /s/ David A. Bogaert |
| Name: | David A. Bogaert |
| Title: | President |

---

4929-0204-0694, v. 2

## Ex-99.(I)(85)

![image_11.jpg](image_11.jpg)

JOHN H. LIVELY, Managing Partner

john.lively@practus.com

11300 Tomahawk Creek Pkwy., Suite 310

Leawood, KS 66211

(913) 660-0778

February 17, 2026

ETF Opportunities Trust

8730 Stony Point Parkway, Suite 205

Richmond, Virginia 23235

**RE: &nbsp;&nbsp;&nbsp;&nbsp;Opinion of Counsel regarding the Registration Statement filed on Form N-1A under the Investment Company Act of 1940, as amended (the "1940 Act"), and Securities Act of 1933, as amended (the "Securities Act") (File Nos. 333-234544 and 811-23439)**

Ladies and Gentlemen:

We have acted as counsel to ETF Opportunities Trust (the "Trust"), a statutory trust organized under the laws of the state of Delaware and registered under the 1940 Act as an open-end series management investment company.

This opinion relates to the Trust's registration statement on Form N-1A (the "Registration Statement") and is given in connection with the filing with the Securities and Exchange Commission (the "Commission") of a post-effective amendment under the Securities Act and an amendment under the 1940 Act (collectively, the "Amendment"), each to the Registration Statement. The Amendment relates to the registration of an indefinite number of shares of beneficial interest (collectively, the "Shares"), with no par value per share, for the GSR Digital Asset Treasury Companies ETF and GSR Crypto Core3 ETF, each a new series of the Trust (the "Fund").

We understand that the Amendment is being filed with the Commission pursuant to the requirements of the Securities Act and that our opinion is required to be filed as an exhibit to the Registration Statement.

In reaching the opinions set forth below, we have examined, among other things, copies of the Trust's Certificate of Trust, Agreement and Declaration of Trust, applicable resolutions of the Board of Trustees, and originals or copies, certified or otherwise identified to our satisfaction, of such other documents, records and other instruments as we have deemed necessary or advisable for purposes of this opinion. We have also examined the prospectus and statement of additional information for the Fund, substantially in the form in which they are being filed in the Amendment (collectively, the "Prospectus").

As to any facts or questions of fact material to the opinions set forth below, we have relied exclusively upon the aforesaid documents and upon representations and declarations of the officers or other representatives of the Trust. We have made no independent investigation whatsoever as to such factual matters.

&nbsp;&nbsp;&nbsp;&nbsp;The Prospectus provides for issuance of the Shares from time to time at the net asset value thereof. In reaching the opinions set forth below, we have assumed that upon sale of the Shares, the Trust will receive the net asset value thereof.

We have also assumed, without independent investigation or inquiry, that:

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;all documents submitted to us as originals are authentic; all documents submitted to us as certified or photostatic copies conform to the original documents; all signatures on all documents submitted to us for examination are genuine; and all documents and public records reviewed are accurate and complete; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;all representations, warranties, certifications and statements with respect to matters of fact and other factual information (i) made by public officers, or (ii) made by officers or representatives of the Trust are accurate, true, correct and complete in all material respects.

&nbsp;&nbsp;&nbsp;&nbsp;The Delaware Statutory Trust Act provides that shareholders of the Trust shall be entitled to the same limitation on personal liability as is extended under the Delaware General Corporation Law to stockholders of private corporations for profit. There is a remote possibility, however, that, under certain circumstances, shareholders of a Delaware statutory trust may be held personally liable for that trust's obligations to the extent that the courts of another state which does not recognize such limited liability were to apply the laws of such state to a controversy involving such obligations. The Agreement and Declaration of Trust provides that neither the Trust nor the Trustees, nor any officer, employee or agent of the Trust shall have any power to bind personally any shareholder, or to call upon any shareholder for the payment of any sum of money or assessment whatsoever other than such as the shareholder may at any time agree to pay. Therefore, the risk of any shareholder incurring financial loss beyond such shareholder's investment due to shareholder liability is limited to circumstances in which a Fund is unable to meet its obligations and the express limitation of shareholder liabilities is determined not to be effective.

Based on our review of the foregoing and subject to the assumptions and qualifications set forth herein, it is our opinion that, as of the date of this letter:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Shares to be offered for sale pursuant to the Prospectus are duly and validly authorized by all necessary actions on the part of the Trust; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Shares, when issued and sold by the Trust for consideration pursuant to and in the manner contemplated by the Agreement and Declaration of Trust and the Prospectus, will be validly issued and fully paid and non-assessable, subject to compliance with the Securities Act, the 1940 Act, and the applicable state laws regulating the sale of securities

&nbsp;&nbsp;&nbsp;&nbsp;We express no opinion as to any other matters other than as expressly set forth above and no other opinion is intended or may be inferred herefrom. The opinions expressed herein are given as of the date hereof and we undertake no obligation and hereby disclaim any obligation to advise you of any change after the date of this opinion pertaining to any matter referred to herein.

&nbsp;&nbsp;&nbsp;&nbsp;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;We consent to the filing of this opinion as an exhibit to the Registration Statement and to the reference to our firm under the caption "Legal Counsel" in the statement of additional information for the Funds, which is included in the Registration Statement. In rendering this opinion and giving this consent, we do not admit that we are in the category of persons whose consent is required under Section 7 of the Securities Act or the rules or regulations of the Commission thereunder.

Sincerely,

/s/ PRACTUS, LLP

Practus, LLP

## Ex-99.(M)(15)

**ETF OPPORTUNITIES TRUST**

**DISTRIBUTION AND SHAREHOLDER SERVICES PLAN PURSUANT TO RULE 12b-1**

**For Funds Advised by Framework Digital Advisors, LLC**

**WHEREAS**, the ETF Opportunities Trust (the "Trust") a statutory trust organized and existing under the laws of the state of Delaware, engages in business as an open-end management investment company and is registered as such under the Investment Company Act of 1940, as amended (the "1940 Act"); and

**WHEREAS**, the Trust is authorized to issue an unlimited number of shares of beneficial interest (the "Shares"), in separate series representing the interests in separate funds of securities and other assets; and

**WHEREAS**, the Trust offers a series of such Shares representing interests in the Fund(s) (a "Fund") listed in Schedule A attached hereto; and

**WHEREAS**, the Trust desires to adopt a Distribution and Shareholder Services Plan ("Plan") with respect to the class(es) of Shares of the Fund identified in Section 2(a) of this Plan pursuant to Rule 12b-1 under the 1940 Act; and

**WHEREAS**, the Trustees of the Trust as a whole, including the Trustees who are not interested persons of the Trust (as defined in the 1940 Act) and who have no direct or indirect financial interest in the operation of this Plan or in any agreement relating hereto (the "Non-Interested Trustees"), having determined, in the exercise of reasonable business judgment and in light of their fiduciary duties under state law and under Section 36(a) and (b) of the 1940 Act, that there is a reasonable likelihood that this Plan will benefit the Fund and its shareholders, have approved this Plan by votes cast at a meeting held in person and called for the purpose of voting hereon and on any agreements related hereto;

**NOW, THEREFORE**, the Trust hereby adopts this Plan in accordance with Rule 12b-1 under the 1940 Act, with respect to the class(es) of Shares of the Fund identified in Section 2(a) of this Plan and on the following terms and conditions:

**1. Servicing Activities.** Subject to the supervision of the Trustees of the Trust, the Trust may, directly or indirectly, engage in any activities primarily intended to result in the sale of Shares of the Fund of the class(es) of Shares identified in Section 2(a) of this Plan, which activities may include, but are not limited to, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)payments to the Trust's distributor (the "Distributor") and to securities dealers and others in respect of the sale of Shares of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)payment of compensation to and expenses of personnel (including personnel of organizations with which the Trust has entered into agreements related to this Plan) who engage in or support distribution of Shares of the Fund or who render shareholder support services not otherwise provided by the Trust's transfer agent, administrator, or custodian, including but not limited to, answering inquiries regarding the Trust, processing shareholder transactions, providing personal services and/or the maintenance of shareholder accounts, providing other shareholder liaison services, responding to shareholder inquiries, providing information on shareholder investments in the Shares of the Fund, and providing such other distribution and shareholder services as the Trust may reasonably request, arranging for bank wires, assisting shareholders in changing dividend options, account designations and addresses, providing information periodically to shareholders showing their positions in the Fund, forwarding communications from the Fund such as proxies, shareholder reports, annual reports, and dividend distribution and tax notices to shareholders, processing purchase, exchange, and redemption requests from shareholders and placing orders with the Fund or its service providers;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)formulation and implementation of marketing and promotional activities, including, but not limited to, direct mail promotions and television, radio, newspaper, magazine and other mass media advertising;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)preparation, printing and distribution of sales literature;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)preparation, printing and distribution of prospectuses and statements of additional information and reports of the Trust for recipients other than existing shareholders of the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)obtaining information and providing explanations to wholesale and retail distributors of contracts regarding Fund investment objectives and policies and other information about the Fund, including the performance of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)obtaining such information, analyses and reports with respect to marketing and promotional activities as the Trust may, from time to time, deem advisable.

The Trust is authorized to engage in the activities listed above, and in any other activities primarily intended to result in the sale of Shares of the Fund, either directly or through other persons with which the Trust has entered into agreements related to this Plan.

&nbsp;&nbsp;&nbsp;&nbsp;**2.Maximum Expenditures.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The expenditures to be made by the Fund pursuant to this Plan and the basis upon which payment of such expenditures will be made shall be determined by the Trustees of the Trust, but in no event may such expenditures exceed the following:

&nbsp;&nbsp;&nbsp;&nbsp;The Funds may pay an amount calculated at the rate of up to 0.25% per annum of the average daily net asset value of the Funds for each year or portion thereof included in the period for which the computation is being made, elapsed since the commencement of operations to the date of such expenditures.

**3. Term and Termination.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)This Plan shall become effective with respect to each class on the date that such class commences operation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Unless terminated as herein provided, this Plan shall continue in effect with respect to each class of the Fund for one year from the effective date of the Plan for such class and shall continue in effect for successive periods of one year thereafter, but only so long as each such continuance is specifically approved by votes of a majority of both (i) the Trustees of the Trust and (ii) the Non-Interested Trustees, cast at an in-person meeting called for the purpose of voting on such approval.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)This Plan may be terminated at any time with respect to a particular class of the Fund by a vote of a majority of the Non-Interested Trustees or by a vote of a majority of the outstanding voting securities (as defined in the 1940 Act) of such class of the respective Fund.

**4. Amendments.** No material amendment to this Plan shall be made unless: (a) it is approved in the manner provided for annual renewal of this Plan in Section 3(b) hereof; and (b) if the proposed amendment will increase materially the maximum expenditures permitted by Section 2 hereof with respect to any class, it is approved by a vote of the majority of the outstanding voting securities (as defined in the 1940 Act) of such class.

------

**5. Selection and Nomination of Trustees.** While this Plan is in effect, the selection and nomination of the Non-Interested Trustees of the Trust shall be committed to the discretion of such Non-Interested Trustees.

**6. Quarterly Reports.** The Trust's Distributor or Treasurer shall provide to the Trustees of the Trust and the Trustees shall review quarterly a written report of the amounts expended pursuant to this Plan and any related agreement and the purposes for which such expenditures were made.

**7. Recordkeeping.** The Trust shall preserve copies of this Plan and any related agreement and all reports made pursuant to Section 6 hereof, for a period of not less than six years from the date of this Plan. Any such related agreement or such reports for the first two years will be maintained in an easily accessible place.

**8. Limitation of Liability.** Any obligations of the Trust hereunder shall not be binding upon any of the Trustees, officers or shareholders of the Trust personally, but shall bind only the assets and property of the Trust. The term "World Funds Trust" means and refers to the Trustees from time to time serving under the Trust's Declaration of Trust ("Declaration of Trust"), which may be amended from time to time. This Plan has been authorized by the Trustees (including, the Non-Interested Trustees), acting as such and not individually, and such authorization by such Trustees 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 assets and property of the Trust as provided in the Trust's Declaration of Trust.

This Plan was first authorized with respect to the class(es) of Shares identified in Section 2(a) of this Plan on October 29, 2025.

------

**SCHEDULE A**

**<u>Funds</u>**

GSR Crypto StakingMax ETF

GSR Digital Asset Treasury Companies ETF

GSR Ethereum Staking Opportunity EFT

GSR Crypto Core3 ETF

GSR Ethereum YieldEdge ETF

## Ex-99.(P)(25)

**Code of Ethics**

***Background***

Investment advisers are fiduciaries that owe their undivided loyalty to their clients. Investment advisers are trusted to represent clients' interests in many matters, and advisers must hold themselves to the highest standard of fairness in all such matters.

Rule 204A-1 under the Advisers Act requires each registered investment adviser to establish, maintain and enforce a written code of ethics that contains, at a minimum, provisions regarding:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.A standard of business conduct required of supervised persons that reflects fiduciary obligations of the adviser and supervised persons;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Compliance with all applicable Federal Securities Laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Reporting and review of personal Securities transactions and holdings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.Reporting of violations of the code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.Distribution of the code and any amendments to each supervised person and a written acknowledgment of their receipt.

The Code has been adopted in compliance with the requirements of Rule 204A-1 of the Advisers Act, Rule 17j-1 under the ("1940 Act"), and other applicable state and federal regulations (collectively the "Securities Laws").

Rule 17j-1 under the 1940 Act requires each investment Adviser to a registered investment Firm ("RIC") to adopt a written code of ethics containing provisions reasonably necessary to prevent the Adviser and its Employees from:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Employing any device, scheme or artifice to defraud the RIC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Making any untrue statement of a material fact to the RIC or omit to state a material fact necessary in order to make the statements made to the RIC, in light of the circumstances under which they were made, not misleading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Engaging in any act, practice or course of business that operates or would operate as a fraud or deceit on the RIC; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Engaging in any manipulative practice with respect to the RIC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• As required by Rule 17j-1(c)(2)(ii), no less frequently than annually, the Firm shall furnish to the board of directors/trustees of a RIC, a written report that:

oDescribes any issues arising under the Code or the related procedures adopted hereunder since the last report to the board of trustees, including, but not limited to, information about material violations of the Code or procedures and the sanctions imposed in response to such material violations; and

oCertifies that the Adviser has adopted procedures reasonably necessary to prevent Access Persons (as defined in Rule 17j-1) from violating the Code.

------

***Risks***

In developing these policies and procedures, Framework Digital considered the material risks associated with administering the *Code of Ethics*. This analysis includes risks such as:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Employees do not understand the fiduciary duty that they, and Framework Digital, owe to Clients;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Employees and/or Framework Digital fail to identify and comply with all applicable Federal Securities Laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Access Persons do not report personal Securities transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Access Persons trade personal accounts ahead of recommendations to Clients or prior to providing recommendations to model portfolio or index subscribers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Violations of the Federal Securities Laws, the *Code of Ethics*, or the policies and procedures set forth in this Manual, are not reported to the CCO and/or appropriate supervisory personnel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Framework Digital does not provide its *Code of Ethics* and any amendments to all Employees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Employees do not understand the potential Conflicts of Interest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Framework Digital Employees may obtain access to market moving research ideas before the ideas are disseminated broadly;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Framework Digital Employees may possess information regarding recommendations before the recommendations are made to Clients or provided to model portfolio or index subscribers; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Framework Digital does not retain Employees' written acknowledgements that they received the

*Code of Ethics* and any amendments.

Framework Digital has established the following guidelines to mitigate these risks.

***Policies and Procedures***

**<u>Code</u> <u>of</u> <u>Conduct,</u> <u>Fiduciary</u> <u>Standards,</u> <u>and</u> <u>Compliance</u> <u>with</u> <u>the</u> <u>Federal</u> <u>Securities</u> <u>Laws</u>**

At all times, Framework Digital and its Employees must comply with the spirit and the letter of the Federal Securities Laws and the rules governing the capital markets. The CCO administers the *Code of Ethics* (or the "*Code*"). All questions regarding the *Code* should be directed to the CCO or his designee. Employees must cooperate to the fullest extent reasonably requested by the CCO to enable (i) Framework Digital to comply with all applicable Federal Securities Laws; and (ii) the CCO to discharge his duties under the Manual.

All Employees will act with competence, dignity, integrity, and in an ethical manner, when dealing with Clients, the public, prospects, third-party service providers and fellow Employees. Employees must use reasonable care and exercise independent professional judgment when conducting investment analysis, making investment recommendations, trading, promoting Framework Digital's services, and

------

engaging in other professional activities.

Framework Digital expects all Employees to adhere to the highest standards with respect to any potential conflicts of interest with Clients. As a fiduciary, Framework Digital must act in its Clients' best interests. Notify the CCO or his designee, promptly about any practice that creates, or gives the appearance of, a material conflict of interest.

Employees are generally expected to discuss any perceived risks, or concerns about Framework Digital's business practices, with their direct supervisor. However, if an Employee is uncomfortable discussing an issue with their supervisor, or if they believe that an issue has not been appropriately addressed, they should bring the matter to the CCO's attention.

**<u>Reporting</u> <u>Violations</u>**

Improper actions by Framework Digital or its Employees could have severe negative consequences for Framework Digital, its Clients, and its Employees. Impropriety, or even the appearance of impropriety, could negatively impact all Employees, including people who had no involvement in the problematic activities.

Employees must promptly report any improper or suspicious activities, including any suspected violations of the *Code of Ethics* or the Federal Securities Laws to the CCO. Issues can be reported to the CCO in person, or by telephone, email, or written letter. Reports of potential issues may be made anonymously. Any reports of potential problems will be thoroughly investigated by the CCO. Any problems identified during the review, may be further escalated to senior management, and will be addressed in ways that reflect Framework Digital's fiduciary duty to its Clients.

An Employee's identification of a material compliance issue will be viewed favorably by the Firm's senior management. Retaliation against any Employee who reports a violation of the *Code of Ethics* in good faith is strictly prohibited and will be cause for corrective action, up to and including dismissal. If an Employee believes that he or she has been retaliated against, he or she should notify the CCO directly.

Violations of this *Code of Ethics*, or the other policies and procedures set forth in the Manual, may warrant sanctions including, without limitation, requiring that personal trades be reversed, requiring the disgorgement of profits or gifts, issuing a letter of caution or warning, reporting to the Employee's supervisor or to senior management, suspending personal trading rights, imposing a fine, suspending employment (with or without compensation), demotion or loss of responsibilities; loss or forfeiture of bonuses or incentive compensation; making a civil referral to the SEC, making a criminal referral, terminating employment for cause, and/or a combination of the foregoing. Violations may also subject an Employee to civil, regulatory or criminal sanctions. No Employee will determine whether he or she committed a violation of the *Code of Ethics* or impose any sanction against himself or herself.<sup>3</sup> All sanctions and other actions taken will be in accordance with applicable employment laws and regulations.

For the avoidance of doubt, nothing in this Manual prohibits Employees from reporting potential

<sup>3</sup> Acts or actions by the CCO which may give rise to investigation as a violation shall be referred to the Firm's senior management.

------

violations of federal law or regulation to any governmental agency or entity, including but not limited to the Department of Justice, the SEC, or any agency's inspector general, or from making other disclosures that are protected under the whistleblower provisions of federal law or regulation.

Employees do not need prior authorization from their supervisor, the CCO, or any other person or entity affiliated with Framework Digital to make any such reports or disclosures and do not need to notify Framework Digital that they have made such reports or disclosures. Additionally, nothing in this Manual prohibits Employees from recovering an award pursuant to a whistleblower program of a government agency or entity.

**<u>Distribution</u> <u>of</u> <u>the</u> <u>Code</u> <u>and</u> <u>Acknowledgement</u> <u>of</u> <u>Receipt</u>**

Framework Digital will distribute this Manual, which contains the Firm's *Code of Ethics*, to each Employee upon the commencement of employment, annually, and upon any change to the *Code of Ethics* or any material change to another portion of the Manual.

All Employees must acknowledge that they have received, read, understood, and agree to comply with Framework Digital's policies and procedures described in this Manual, including this *Code of Ethics*.

**Acknowledgement Reporting Procedure**

By signing below, I certify that I have received, read, understood, abided by, and will continue to abide by Framework Digital's Compliance Manual, which includes Framework Digital's *Code of Ethics*. I understand that any questions about Framework Digital's Manual (including the *Code*) should be directed to the CCO.

**<u>Personal</u> <u>Securities</u> <u>Transactions</u>** 

**Application**

For purposes of this **Personal Securities Transactions** section, the term "Access Person" includes:

(1) any Employee who (a) has access to nonpublic information regarding the investment recommendations made to Clients or provided to model portfolio or index subscribers, (b) who is involved in making securities recommendations to Clients or providing model portfolios or indices to subscribers; and (2) any other person subject to the Firm's Compliance Manual and so designated by the CCO by notice to such person due to the nature of their access to certain non-public information.

Not all Employees may be an Access Person subject to the **Personal Securities Transaction Section** of this Code.

Any Access Person who trades in or for their personal benefit (i.e. personal trading or "PA" trading) should execute trades in a manner consistent with our fiduciary obligations to our Clients: trades should avoid actual improprieties, as well as the appearance of impropriety. Employee personal trades must not be timed to precede orders placed for any Client, nor should personal trading activity be so excessive as to conflict with the Employee's ability to fulfill daily job responsibilities.

------

**Personal Trading Policy Summary**

*Prohibited Securities – Asset Management Professionals*

Generally, and subject to certain exceptions defined more fully below, Access Persons deemed to be involved in the asset management of a specific Fund, may not engage in self-directed personal trading in the equities issued by publicly-traded companies (i.e. stocks) considered for the Fund<sup>4</sup> or equities issued by publicly-traded companies held by the Fund, including options thereon (collectively "Prohibited Securities"). Access Persons may only dispose of Prohibited Securities held in their respective personal trading accounts within five (5) days of commencing employment with Framework Digital or with prior approval from the CCO (see **Pre-Clearance Procedures** section below).

*Non-Prohibited Securities Transactions – Single Issuer Equities (i.e. Stocks)*

Generally, Access Persons are permitted to transact in equities issued by publicly-traded companies (i.e. stocks) not held in, or considered for, a Fund for which the Access Person is involved in the asset management, provided the Access Person obtains pre-clearance in writing from the CCO or his designee (see **Pre-Clearance Procedures** section below). Generally, Access Persons who purchase equities issued by publicly-traded companies under this section approved by the CCO or his designee will be required to hold such equities for a minimum of thirty (30) days.

*Mutual Funds and Exchange Traded Funds—Non-Framework Digital Managed*

Access Persons may purchase and sell open-end mutual funds and open-ended, broad-based exchange traded funds ("ETFs") not managed by the Adviser, without pre-clearance in reported accounts.

However, transactions in ETFs are subject to this Policy's Transaction Reporting Requirements (see

**Transaction Reporting Requirements** section below).

*Framework Digital Managed Mutual Funds and ETFs*

Mutual Funds and ETFs managed by Framework Digital6 (collectively "Framework Digital Managed Funds") must be pre-cleared (see **Pre-Clearance Procedures** section below). Generally, Access Persons who purchase Framework Digital Managed Funds under this section approved by the CCO or his designee will be required to hold such equities for a minimum of thirty (30) days.

*Private Placements and Private Offerings*

Access Persons may also participate in limited offerings such as hedge funds, private equity funds, or other types of private offerings, subject to the **Pre-Clearance** and/or **Reporting Requirements** sections stated below. Generally, accounts in which an Access Person does have or maintain the authority to self-direct the sale or purchase of Prohibited Securities are exempt from the reporting requirement (e.g. Automatic Transaction Accounts such as 401(k), 529(b), 503(b), equity compensation plans and Dividend Reinvestment Accounts). Generally, Access Persons who make investments under this section approved by the CCO or his designee will be required to hold such investments for a minimum of thirty (30) days.

<sup>4</sup> The Framework Digital's CCO or his designee will maintain a document defining the Portfolio Manager's definition as to the universe of investible securities considered for that Fund and apply such to Access Persons involved in such Fund.

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**De Minimis Exception**

Notwithstanding the above-noted restrictions, personal trading by Access Persons may be exempted where the purchases and sales do not exceed the lesser of either: (1) 0.1% of the Fund's total assets under management ("AUM") at the time of purchase or sale; or (2) $25,000, provided issuer's market capitalization exceeds $5bn at the time of purchase or sale ("De Minimis Transaction"). Such De Minimis Transactions are subject to a thirty (30) day holding period and a blackout period of either: (1) seven (7) days after a transaction in the Fund for personal transactions in the same security; or (2) seven (7) days after a personal transaction for a transaction for the Fund in the same equity.

Personal Securities Transactions meeting the De Minimis Transaction requirements are still subject to pre- clearance requirements.

**Other Exceptions**

Additionally, personal trading by Access Persons may qualify for an exception due to liquidity, stop-loss, or any other rationale as deemed appropriate within the sole discretion of the CCO and subject to pre- clearance.

**Accounts Covered by the Policies and Procedures**

Framework Digital's **Personal Securities Transactions** policies and procedures apply to all accounts holding any Securities over which Access Persons have any beneficial ownership interest, which typically includes accounts held by immediate family members sharing the same household, or non-Clients over which Employees or Access Persons exercise investment discretion. Immediate family members include children, step-children, grandchildren, parents, step-parents, grandparents, spouses, domestic partners, siblings, parents-in-law, and children-in-law, as well as adoptive relationships that meet the above criteria.

It may be possible for Access Persons to exclude accounts held personally by the Access Person or by immediate family members sharing the same household if the Access Person does not have any direct or indirect influence or control over the accounts (i.e. releases management to authority to a fiduciary such an unaffiliated investment adviser), or if the Access Person can rebut the presumption of beneficial ownership over family members' accounts because the existence of separate finances and/or economic independence without influence. Access Persons should consult with the CCO before excluding any accounts held by immediate family members sharing the same household.

**Reportable Securities**

Framework Digital requires Access Persons to provide periodic reports regarding transactions and holdings in all "Reportable Securities," which include any Security, **<u>except</u>** the following list of **Reporting-Exempt Accounts & Securities**:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Direct obligations of the Government of the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Bankers' acceptances, bank certificates of deposit, commercial paper and high-quality short-term debt instruments, including repurchase agreements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shares issued by money market funds;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shares issued by open-end investment companies (such as mutual funds) registered under the Investment Firm Act of 1940, other than investment companies advised or underwritten by Framework Digital or an affiliate; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shares issued by unit investment trusts that are invested exclusively in one or more open-end investment companies registered under the Investment Firm Act of 1940, none of which are advised or underwritten by Framework Digital or an affiliate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shares issued by the employer of an Access Persons or their immediate family (as defined above).

**Pre-clearance Procedures**

Access Persons wishing to pre-clear a transaction, whether a Prohibited Security, a Framework Digital Managed Fund, or otherwise required to be pre-cleared, must have written clearance before completing the transactions. Request shall be submitted to CCO or his designee. Access Persons must wait for written confirmation that their request has been approved before effectuating the transaction.

Approvals are good for seven (7) days from the date that permission is granted, unless revoked earlier in writing.

Framework Digital may disapprove any proposed transaction, particularly if the transaction appears to pose a conflict of interest or otherwise appears improper. If clearance is granted for a specified period of time, the Access Person receiving the approval is responsible for ensuring that his or her trading is completed before the clearance's expiration. Access Persons should be cautious when submitting good-until-cancelled orders to avoid inadvertent violations of Framework Digital's pre-clearance procedures.

Framework Digital's CCO will maintain a Restricted List of Securities with the assistance of investment management personnel that Framework Digital is actively evaluating for purchase or sale in Client accounts, or about which Framework Digital might have received Material Nonpublic Information. The CCO will not pre-clear any personal transactions in Securities that are associated with any issuers on the Restricted List.

**Reporting**

Framework Digital must collect information regarding the personal trading activities and holdings of all Access Persons. Access Persons must, within ten (10) days of becoming an Access Person and at least annually thereafter, report to the CCO their personal securities holdings on the brokerage statement of the account in which the transaction occurred. Each reported transaction and holding must contain, at a minimum, the following information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The title and type of security, and as applicable, the exchange ticker symbol or CUSIP number, number of shares, and principal amount of each Reportable Security in which the Access Person has any direct or indirect beneficial ownership.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The name of any broker, dealer, or bank with which the Access Person maintains an account in which any securities are held for the Access Person's direct or indirect benefit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The date the Access Person submits the report.

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Each quarter, Access Persons must report/confirm all Reportable Securities transactions in accounts in which they have a Beneficial Interest.

To assist in the monitoring of employee trading, the Access Person will arrange to ensure duplicate statements of such accounts are forwarded directly from the brokerage firm to the CCO, or provide the same directly to the CCO, on at least a quarterly basis.

*Exceptions from Reporting Requirements*

There are limited exceptions from certain reporting requirements. Specifically, an Access Person is not required to submit:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Quarterly reports for any transactions effected pursuant to an Automatic Investment Plan (529 college savings plans; 401(k), 503(b), Dividend Reinvestment Accounts or employer compensation equity plans);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any reports with respect to Securities held in accounts over which the Access Person had no direct or indirect influence or control, such as an account managed by an investment adviser on a discretionary basis or held in a blind or managed Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Accounts established for the sole purpose of holding shares of an issuer with whom an Access Person or an immediate family member of an Access Person holds or had held employment with the issuer and the shares were issued as part of the account holder's compensation as an employee of issuer; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Accounts in the name of immediate family members living in the same household who are of the age of majority and are economically independent.

Any investment plans or accounts that may be eligible for these exceptions should be brought to the attention of the CCO who will, on a case-by-case basis, determine whether the plan or account qualifies for an exception from the reporting requirement. In making this determination, the CCO may ask for supporting documentation, such as a copy of the Automatic Investment Plan, a copy of the discretionary account management agreement and/or a written certification from the unaffiliated investment adviser, and may provide Access Persons with the exact wording and a clear definition of "no direct or indirect influence or control" that the adviser consistently applies to all Access Persons. On a sample basis, the CCO may request reports on holdings and/or transactions made in the trust or discretionary account to identify transactions that would have been prohibited pursuant to Framework Digital's Code, absent reliance on the reporting exception. Employees or Access Persons who claim they have no direct or indirect influence or control over an account are also required to complete the attached Exempt Accounts Certification upon commencement of their employment and on an annual basis thereafter.

Reliance on this independent or separately managed account exception is conditioned on Framework Digital's receipt of the attached *Exempt Accounts Certification* and other satisfactory documentary evidence (e.g., copy of advisory agreement, certification from adviser, etc.) as directed by the CCO*.*

*Personal Trading and Holdings Reviews*

Framework Digital's *Personal Securities Transactions* policies and procedures are designed to

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mitigate any potential material conflicts of interest associated with Access Persons' personal trading activities. Accordingly, the CCO will closely monitor Access Persons' investment patterns to detect the following potentially abusive behavior:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Frequent and/or short-term trades in any Security, with particular attention paid to potential market- timing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Trading opposite of recommendations made for Clients or provided to model portfolio or index subscribers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Trading ahead of recommendations made for Clients or provided to model portfolio or index subscribers and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Trading that appears to be based on Material Nonpublic Information ("MNPI").

The CCO will review all reports submitted pursuant to the **Personal Securities Transactions** policies and procedures for potentially abusive behavior and will compare Access Person trading with recommendations made to Clients or provided to model portfolio or index subscribers as necessary.

Upon review of the report, the CCO will sign-off and date each report quarterly and will prepare a written memorandum of any issues noted. Any personal trading that appears abusive may result in further inquiry by the CCO, with such actions potentially resulting in sanctions, reprimand, additional trainings, fines, forced trade unwinds, demotion, loss of trading rights, terminating employment for cause, and/or a combination of the foregoing.

<u>Disclosure</u> <u>of</u> <u>the</u> <u>Code</u> <u>of</u> <u>Ethics</u>

Framework Digital will describe its *Code of Ethics* to its Clients and, upon request, furnish Clients with a copy of the *Code of Ethics*. All Client requests for Framework Digital's *Code of Ethics* should be directed to the CCO or his designee.

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***Exempt Accounts Certification***

In accordance with Rule 204A-1 under the Investment Advisers Act of 1940 (the "Rule"), I am considered to be an "access person" of Framework Digital Advisors LLC ("Framework Digital") and subject to the Rule's terms and conditions. The Rule requires periodic reporting of my personal securities transactions and holdings to be made to Framework Digital. However, as specified in the Rule, I am not required to submit any report with respect to securities held in accounts over which I have "no direct or indirect influence or control."

I have retained a trustee or third-party manager (the "Manager") to manage certain of my accounts. Following is a list of the accounts over which I have no direct or indirect influence or control (the "Accounts"):

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Name of Broker, Dealer, or Bank** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Account Name** | **Relationship to Manager**<br>(independent professional, friend, relative, etc.) |

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By signing below, I acknowledge and certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• I have no direct or indirect influence or control over the Accounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If my control over the Accounts should change in any way, I will immediately notify you in writing of such a change and will provide any required information regarding holdings and transactions in the Accounts pursuant to the Rule; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• I agree to provide reports of holdings and/or transactions (including, but not limited to, duplicate account statements and trade confirmations) made in the Accounts at the request of Framework Digital's Chief Compliance Officer.

Access persons completing this certification on an annual basis, also acknowledge and certify the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• I did not direct or suggest any purchases or sales of specific securities for the Accounts during the period ;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any discussions with the Manager about my Accounts related to general guidelines involving my investment objectives, risk tolerance and investment timeline.

Name:&nbsp;&nbsp;&nbsp;&nbsp;<u>&nbsp;&nbsp;&nbsp;&nbsp;</u>

Signature:&nbsp;&nbsp;&nbsp;&nbsp;<u>&nbsp;&nbsp;&nbsp;&nbsp;</u>

Date:&nbsp;&nbsp;&nbsp;&nbsp;<u>&nbsp;&nbsp;&nbsp;&nbsp;</u>

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**Conflicts of Interest**

***Background***

Conflicts of interest may exist between various individuals and entities, including Framework Digital, Employees, and current or prospective Clients. Any failure to identify or properly address a conflict can have severe negative repercussions for Framework Digital, its Employees, and/or Clients. In some cases, the improper handling of a conflict could result in litigation and/or disciplinary action.

Section 206(2) of the Advisers Act prohibits investment advisers from engaging in any transaction, practice, or course of business which operates as a fraud or deceit upon any client or prospective client whereas Section 206(4) of the Advisers Act prohibits investment advisers from engaging in any act, practice, or course of business which is fraudulent, deceptive, or manipulative. Rule 206(4)-8(a) under the Advisers Act effectively extends this prohibition so as to apply to pooled investment vehicle. A failure to identify, disclose and/or manage a conflict of interest could constitute a violation of any of these provisions.

***Risks***

In developing these policies and procedures, Framework Digital considered the material risks associated with conflicts of interest. This analysis includes risks such as:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Employees do not understand what could constitute an actual or apparent conflict of interest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Employees engage in conduct that could entail an actual or apparent conflict of interest without giving Framework Digital the opportunity to prevent such activity or take sufficient steps to manage and/or disclose the actual or apparent conflict of interest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Framework Digital engages in conduct that could entail an actual or apparent conflict of interest without taking sufficient steps to manage and/or disclose the actual or apparent conflict of interest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Framework Digital fails to disclose outside business activities or affiliations as required by applicable law or regulation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The interests of more than one Client or Investor or subscriber to the Firm's index or model portfolio services are in conflict with each other and Framework Digital does not resolve this conflict or resolves it in a way that is not fair and reasonable to all affected parties, or that disproportionately disadvantages one or more parties.

***Policies and Procedures***

Framework Digital's policy is to disclose, mitigate, and/or eliminate all identified conflicts of interest in the best interests of its Clients. In the event that a conflict of interest arises between Framework Digital and its Clients, Framework Digital's policy is to seek to resolve such conflict as fairly as possible in relation to all parties.

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**<u>Understanding</u> <u>and</u> <u>Identifying</u> <u>Conflicts</u> <u>of</u> <u>Interest</u>**

Framework Digital's policies and procedures have been designed to identify and properly disclose, mitigate, and/or eliminate applicable conflicts of interest. Employees should refer to applicable sections of this Manual when conducting the activities addressed therein. To the extent such activities entail an actual, potential or apparent conflict of interest, the relevant Manual section will typically provide guidance or instructions as to how to proceed. If an Employee has any questions about the contents of this Manual or any particular section thereof, they should contact the CCO or his designee to discuss further.

Framework Digital requires Employees to complete the attached *Compliance Questionnaire* upon joining the Firm and at least annually thereafter by submitting the completed questionnaire to the CCO. Many of these questions are intended to identify actual or potential conduct that could constitute an actual, potential or apparent conflict of interest. If an Employee has any questions about the questions included in the *Compliance Questionnaire*, they should contact the CCO or his designee, to discuss further.

However, written policies and procedures cannot address, and a compliance questionnaire cannot anticipate, every potential conflict. With this in mind, Employees should be cognizant of any and all potential conflicts of interest regardless of whether Framework Digital has contemplated them or not in its existing policies and procedures and/or the *Compliance Questionnaire.* Upon identifying such a potential conflict of interest, Employees should bring it to the attention of the CCO as soon as possible so that Framework Digital can assess the potential conflict and take the necessary steps to properly address it.

While it is not possible to provide a precise or comprehensive definition of a conflict of interest, Framework Digital is providing the following guidance to better enable Employees to recognize potential conflicts of interest:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• One factor that is common to many conflict of interest situations is the possibility that Framework Digital's or an Employee's actions or decisions will be affected because of actual or potential differences between or among the interests of Framework Digital, Clients, and/or the Employee's own personal interests. If you suspect that any of these parties' interests may not be aligned and that this could affect your or Framework Digital's decisions or actions, a potential conflict of interest may exist.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A situation may be found to involve a conflict of interest even if it does not result in any financial loss to Framework Digital, Clients, or any gain to Framework Digital, certain Clients, certain and/or the Employee, and irrespective of the motivations of Framework Digital or the Employees involved. Such factors should not prevent you from notifying the CCO of a potential conflict of interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Another situation that is common to many conflict of interest situations is when a Framework Digital Employee, officer, owner or principal has outside business activities or conducts work for another entity or an affiliate of the Firm and the interests of that work are in conflict, or present the appearance of conflicts, with the Employee's work for Framework Digital.

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**<u>Addressing</u> <u>Conflicts</u> <u>of</u> <u>Interest</u>**

As stated above, Framework Digital's policies and procedures have been designed to identify and properly disclose, mitigate, and/or eliminate applicable conflicts of interest. The following procedures apply to potential conflicts of interest that may not currently be anticipated by such existing policies and procedures.

The CCO is responsible for determining how to address a newly identified potential conflict of interest. Employees should not seek to address a potential conflict of interest without the involvement of the CCO

or his designee, unless it is not possible to contact the CCO or his designee, on a timely basis. In such situations, Employees should use good judgment in identifying and responding appropriately to actual or apparent conflicts and notify the CCO or his designee of the potential conflict and their conduct in response as soon as possible thereafter.

The following principles govern Framework Digital's approach to addressing conflicts of interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• To the extent possible, potential conflicts of interest should be resolved in such a way so as to prevent the potential conflict of interest from becoming an actual or apparent conflict of interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• To the extent possible, conflicts of interest that involve Framework Digital and/or its Employees on one hand, and Clients on the other hand, will generally be disclosed and resolved in a way that favors the interests of Clients over the interests of Framework Digital and its Employees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In some instances, conflicts of interest may arise between Clients. Framework Digital will seek to resolve these conflicts in a way that is as fair and reasonable for all affected parties, even if the ultimate resolution could nevertheless disadvantage or appear to disadvantage one or more of the parties to some extent. If possible, Framework Digital will seek to obtain informed consent to its proposed resolution from the affected parties or their representatives. In all cases, Framework Digital will disclose both the conflict and its ultimate resolution to (at least) the affected parties.

It may sometimes be beneficial for Framework Digital to be able to demonstrate that it carefully considered particular conflicts of interest. The CCO may use the attached *Conflicts of Interest Log* to document the Firm's assessment of, and response to, such conflicts.

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***Compliance Questionnaire***

Please answer the following questions accurately. If you mark any shaded boxes, explain your response in the space following the table.

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| | | |
|:---|:---|:---|
| **Question** | &nbsp;&nbsp;&nbsp;&nbsp;**Yes** | **No** |
| 1. Are you or any members of your immediate family employed by a financial services Firm other than Framework Digital? |  |  |
| 2. Are you or any members of your immediate family employed by a Firm that provides products or services to Framework Digital? |  |  |
| 3. Do you or any member of your immediate family serve as a general partner or managing member for an investment-related pooled investment vehicle? |  |  |
| 4. Do you or any members of your immediate family have some other business or personal relationship with, or substantive investment in, a financial services Firm or a Firm that provides products or services to Framework Digital? |  |  |
| 5. Do you or any members of your immediate family serve as trustee, executor, or in a similar capacity for any client or investor? |  |  |
| 6. Do you or any members of your immediate family have any other business or personal relationship with any client or investor? |  |  |
| 7. Are you or any members of your immediate family employed by any government? |  |  |
| 8. Do you or any members of your immediate family serve as officers or directors of any organizations (including private companies, public companies, and not-for-profit organizations)? |  |  |
| 9. Are you aware of any conflicts of interest that have not already been disclosed to the CCO involving Framework Digital, you or your immediate family members, and any client or investor? |  |  |
| 10. Have you complied with Framework Digital's requirements regarding the disclosure and approval of outside business activities? |  |  |
| 11. Are you aware of any potentially material, non-public information that has not been previously disclosed to the CCO? (If yes, please indicate the capacity in which you received the information at the end of this form, but do not include the specific information in question on this form.) |  |  |
| 12. Have you improperly transmitted proprietary information between Framework Digital and any prior employers or other individuals or entities? |  |  |

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| | | |
|:---|:---|:---|
| **Question** | &nbsp;&nbsp;&nbsp;&nbsp;**Yes** | **No** |
| 13. Have you reported all political contributions that you made in the past two years? |  |  |
| 14.In the past 10 years, have you been charged with or convicted of or plead guilty or no contest in a domestic, foreign, or military court to any:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Felony<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Misdemeanor involving investments or an investment-related business, or any fraud, false statements, filings or omissions, wrongful taking of property, bribery, perjury, forgery, counterfeiting, extortion, or a conspiracy to commit any of these offenses? |  |  |
| 15.In the past 10 years, has any federal regulatory agency, the U.S. Postal Service, any state regulatory agency, or any foreign financial regulatory authority found you to have:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Made a false statement or omission, or been dishonest, unfair, or unethical?<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Been involved in a violation of investment-related regulations or statutes?<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Been a cause of an investment-related business having its authorization to do business denied, suspended, revoked, or restricted? |  |  |
| 16.In the past 10 years, has any federal regulatory agency, the U.S. Postal Service, any state regulatory agency, or any foreign financial regulatory authority:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Entered an order or injunction against you in connection with an investment-related activity or the making of false representations?<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Denied, suspended, or revoked your registration or license, or otherwise prevented you, by order, from associating with an investment-related business or restricted your activity? |  |  |
| 17.In the past 10 years, has any self-regulatory organization or commodities exchange found you to have:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Made a false statement or omission?<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Been involved in a violation of its rules (other than a violation designated as a "minor rule violation" under a plan approved by the SEC)?<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Been the cause of an investment-related business having its authorization to do business denied, suspended, revoked, or restricted? |  |  |
| 18. In the past 10 years, has any self-regulatory organization or commodities exchange disciplined you by expelling or suspending you from membership, barring or suspending you from association with other members, or otherwise restricting your activities? |  |  |
| 19. Has an authorization to act as an attorney, accountant, or federal contractor granted to you ever been revoked or suspended? |  |  |

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| | | |
|:---|:---|:---|
| **Question** | &nbsp;&nbsp;&nbsp;&nbsp;**Yes** | **No** |
| 20.In the past 10 years, has any domestic or foreign court:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Enjoined or restrained you in connection with any investment or securities-related activity, or in connection with any false SEC filing?<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Found that you were involved in a violation of investment-related statutes or regulations?<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Dismissed, pursuant to a settlement agreement, an investment-related civil action brought against you by a state or foreign financial regulatory authority? |  |  |
| 21. Are you now the subject of any proceeding that could result in a "yes" answer to any of the preceding questions? |  |  |
| 22.Have you been convicted within ten years of any felony or misdemeanor:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In connection with the purchase or sale of any security;<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Involving the making of any false filing with the SEC; or<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Arising out of the conduct of the business of an underwriter, broker, dealer, municipal securities dealer, investment adviser or paid solicitor of purchasers of securities? |  |  |
| 23.Are you subject to any order, judgment or decree of any court of competent jurisdiction, entered within the past five years, that restrains or enjoins you from engaging or continuing to engage in any conduct or practice:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In connection with the purchase or sale of any security;<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Involving the making of any false filing with the SEC; or<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Arising out of the conduct of the business of an underwriter, broker, dealer, municipal securities dealer, investment adviser, or paid solicitor of purchasers of securities? |  |  |
| 24.Are you subject to a final order of a state securities commission (or an agency or officer of a state performing like functions); a state authority that supervises or examines banks, savings associations, or credit unions; a state insurance commission (or an agency or officer of a state performing like functions); a federal banking agency; the U.S. Commodity Futures Trading Commission; or the National Credit Union Administration that:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Bars you from association with an entity regulated by such commission, authority, agency, or officer;<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Bars you from engaging in the business of securities, insurance or banking;<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Bars you from engaging in savings association or credit union activities; or<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Constitutes a final order based on a violation of any law or regulation that prohibits fraudulent, manipulative, or deceptive conduct entered within the past ten years? |  |  |

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| | | |
|:---|:---|:---|
| **Question** | &nbsp;&nbsp;&nbsp;&nbsp;**Yes** | **No** |
| 25.Are you subject to an SEC order that:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Suspends or revokes your registration as a broker, dealer, municipal securities dealer or investment adviser;<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Places limitations on your activities, functions or operations; or<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Bars you from being associated with any entity or from participating in the offering of any penny stock? |  |  |
| 26.Are you subject to any order of the SEC within the past five years that orders you to cease and desist from committing or causing a violation or future violation of:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any scienter-based anti-fraud provision of the federal securities laws; or<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Section 5 of the Securities Act of 1933? |  |  |
| 27. Have you been suspended or expelled from membership in, or suspended or barred from association with a member of, a registered national securities exchange, or a registered national or affiliated securities association for any act or omission to act constituting conduct inconsistent with just and equitable principles of trade? |  |  |
| 28. In the past five years have you filed (as a registrant or issuer), or were you named as an underwriter in, any registration statement or Regulation A offering statement filed with the SEC that was the subject of a refusal order, stop order, or order suspending the Regulation A exemption, or are you the subject of an investigation or proceeding to determine whether a stop order or suspension order should be issued? |  |  |
| 29. In the past five years have you been subject to a U.S. Postal Service false representation order, or are you subject to a temporary restraining order or preliminary injunction with respect to conduct alleged by the U.S. Postal Service to constitute a scheme or device for obtaining money or property through the mail by means of false representations? |  |  |

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| |
|:---|
| **New employees should skip the remaining questions and explain any marks in shaded boxes below the table.** |
| 30. During the past 12 months, have you reported all personal securities transactions and reportable accounts in accordance with Framework Digital's reporting policies and any policy exceptions granted to you by the CCO or his designee? |
| 31. During the past 12 months, have you reported gifts and entertainment in accordance with Framework Digital's reporting policies? |
| 32. During the past 12 months, have you traded on or improperly transmitted any material, non-public information? |

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|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33. During the past 12 months, have you become aware of any violation of Framework Digital's<br>*Code of Ethics* that you did not disclose to the CCO? |
| 34. Are you aware of any unreported identity theft, cyber security, or privacy issues that have arisen in the past 12 months?? |
| 35. To the best of your knowledge, during the past 12 months, has Framework Digital and its employees (including yourself) complied with the Firm's written policies and procedures? |
| 36. Have you had any life events (i.e., birth of a child, marriage, divorce, children/parents moving in) occur over the last 12 months that resulted in accounts (i.e., 529 plans, spouse 401(k) accounts, etc.) that should be reported? |

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Please use the space below to explain any marks in shaded boxes. For each explanation, indicate the relevant question number. Use additional pages as necessary.

By signing below, I certify that I have responded to the questions set forth in this *Annual Compliance Questionnaire* completely and accurately.

Print Name: <u>&nbsp;&nbsp;&nbsp;&nbsp;</u>&nbsp;&nbsp;&nbsp;&nbsp;Date: <u>&nbsp;&nbsp;&nbsp;&nbsp;</u>

Signature: <u>&nbsp;&nbsp;&nbsp;&nbsp;</u>

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***Conflicts of Interest Log***

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Actual or Apparent Conflict between:** | &nbsp;&nbsp;&nbsp;&nbsp;**Actual or Apparent Conflict between:** | &nbsp;&nbsp;&nbsp;&nbsp;<br>**Conflict Description** | &nbsp;&nbsp;&nbsp;<br>**Mitigating Disclosures Summary** | &nbsp;&nbsp;&nbsp;&nbsp;<br>**Mitigating Controls Summary** | <br>**Date of Inclusion on the Log**<sup>9</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Party or Parties** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Party or Parties** | &nbsp;&nbsp;&nbsp;&nbsp;<br>**Conflict Description** | &nbsp;&nbsp;&nbsp;<br>**Mitigating Disclosures Summary** | &nbsp;&nbsp;&nbsp;&nbsp;<br>**Mitigating Controls Summary** | <br>**Date of Inclusion on the Log**<sup>9</sup> |

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<sup>9</sup> Conflicts of interest may have been recognized and appropriately addressed prior to their addition to this Conflicts log.

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