# EDGAR Filing Document

**Accession Number:** 0001040674
**File Stem:** 0001104659-25-124143
**Filing Date:** 2025-12
**Character Count:** 1230473
**Document Hash:** bcd32622b18f962feb15efdafdb544c4
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-124143.hdr.sgml**: 20251223

**ACCESSION NUMBER**: 0001104659-25-124143

**CONFORMED SUBMISSION TYPE**: 485BPOS

**PUBLIC DOCUMENT COUNT**: 52

**FILED AS OF DATE**: 20251223

**DATE AS OF CHANGE**: 20251223

**EFFECTIVENESS DATE**: 20251223

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** TRUTH SOCIAL FUNDS
- **CENTRAL INDEX KEY:** 0001040674

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

**FILING VALUES:**
- **FORM TYPE:** 485BPOS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08255
- **FILM NUMBER:** 251600185

**BUSINESS ADDRESS:**
- **STREET 1:** 8730 STONY POINT PARKWAY
- **STREET 2:** SUITE 205
- **CITY:** RICHMOND
- **STATE:** VA
- **ZIP:** 23235
- **BUSINESS PHONE:** 8042677400

**MAIL ADDRESS:**
- **STREET 1:** 8730 STONY POINT PARKWAY
- **STREET 2:** SUITE 205
- **CITY:** RICHMOND
- **STATE:** VA
- **ZIP:** 23235

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** TRUTH SOCIAL AMERICAN FIRST FUNDS
- **DATE OF NAME CHANGE:** 20250828

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** TRUTH SOCIAL AMERICA FIRST FUNDS
- **DATE OF NAME CHANGE:** 20250828

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** WORLD FUNDS INC /MD/
- **DATE OF NAME CHANGE:** 19970609
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** TRUTH SOCIAL FUNDS
- **CENTRAL INDEX KEY:** 0001040674

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

**FILING VALUES:**
- **FORM TYPE:** 485BPOS
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-29289
- **FILM NUMBER:** 251600184

**BUSINESS ADDRESS:**
- **STREET 1:** 8730 STONY POINT PARKWAY
- **STREET 2:** SUITE 205
- **CITY:** RICHMOND
- **STATE:** VA
- **ZIP:** 23235
- **BUSINESS PHONE:** 8042677400

**MAIL ADDRESS:**
- **STREET 1:** 8730 STONY POINT PARKWAY
- **STREET 2:** SUITE 205
- **CITY:** RICHMOND
- **STATE:** VA
- **ZIP:** 23235

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** TRUTH SOCIAL AMERICAN FIRST FUNDS
- **DATE OF NAME CHANGE:** 20250828

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** TRUTH SOCIAL AMERICA FIRST FUNDS
- **DATE OF NAME CHANGE:** 20250828

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** WORLD FUNDS INC /MD/
- **DATE OF NAME CHANGE:** 19970609

## Series and Classes Contracts Data

### Truth Social American Energy Security ETF (Series ID: S000097144)

| Class ID   | Class Name                                | Ticker Symbol   |
|:---|:---|:---|
| C000266314 | Truth Social American Energy Security ETF |  |

### Truth Social American Icons ETF (Series ID: S000097145)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000266315 | Truth Social American Icons ETF |  |

### Truth Social American Next Frontiers ETF (Series ID: S000097146)

| Class ID   | Class Name                               | Ticker Symbol   |
|:---|:---|:---|
| C000266316 | Truth Social American Next Frontiers ETF |  |

### Truth Social American Red State REITs ETF (Series ID: S000097147)

| Class ID   | Class Name                                | Ticker Symbol   |
|:---|:---|:---|
| C000266317 | Truth Social American Red State REITs ETF |  |

### Truth Social American Security & Defense ETF (Series ID: S000097148)

| Class ID   | Class Name                                   | Ticker Symbol   |
|:---|:---|:---|
| C000266318 | Truth Social American Security & Defense ETF |  |

?xml version='1.0' encoding='ASCII'?

---

| |
|:---|
| As filed with the Securities and Exchange Commission on December 23, 2025 |
| Securities Act Registration No. 333-29289 |
| Investment Company Act Registration No. 811-08255 |

---

---

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

---

---

| | |
|:---|:---|
| FORM N-1A | FORM N-1A |
| **REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933** | **[X]** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pre-Effective Amendment No. <u>&nbsp;&nbsp;&nbsp;&nbsp;</u> | [ ] |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Post-Effective Amendment No. <u>100</u> | [X] |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**and/or** |  |
| **REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940** | **[X]** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amendment No. <u>101</u> | [X] |
| **<u>TRUTH SOCIAL FUNDS</u>** | **<u>TRUTH SOCIAL FUNDS</u>** |
| **Karen Shupe<br> Commonwealth Fund Services, Inc.<br> 8730 Stony Point Parkway, Suite 205<br> Richmond, VA 23235<br> <u>(804) 267-7400</u>** | **Karen Shupe<br> Commonwealth Fund Services, Inc.<br> 8730 Stony Point Parkway, Suite 205<br> Richmond, VA 23235<br> <u>(804) 267-7400</u>** |
| (Address and Telephone Number of Principal Executive Offices) | (Address and Telephone Number of Principal Executive Offices) |
| **Capitol Corporate Services, Inc.**<br> **4568 Mayfield Rd, Suite 204** | **Capitol Corporate Services, Inc.**<br> **4568 Mayfield Rd, Suite 204** |
| **<u>Cleveland, Ohio 44121</u>** | **<u>Cleveland, Ohio 44121</u>** |
| (Name and Address of Agent for Service) | (Name and Address of Agent for Service) |
| With Copy to: | With Copy to: |
| **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)

☐ <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> pursuant to paragraph (a)(2) of Rule 485.

If appropriate, check the following box:

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

Truth Social American Security & Defense ETF

Truth Social American Next Frontiers ETF

Truth Social American Icons ETF

Truth Social American Energy Security ETF

Truth Social American Red State REITs ETF

PROSPECTUS

December 23, 2025

**This prospectus describes the following ETFs which are each authorized to offer one class of shares by this prospectus.**

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| | | |
|:---|:---|:---|
| **Fund** | **Ticker** | **Principal U.S. Listing Exchange** |
| Truth Social American Security & Defense ETF | TSSD | NYSE Arca |
| Truth Social American Next Frontiers ETF | TSNF | NYSE Arca |
| Truth Social American Icons ETF | TSIC | NYSE Arca |
| Truth Social American Energy Security ETF | TSES | NYSE Arca |
| Truth Social American Red State REITs ETF | TSRS | NYSE Arca |

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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](#FUNDSUMMARY-4) | 3 |
| [Truth Social American Security & Defense ETF](#TruthSocialAmericanSecurityDefenseETF-4) | 3 |
| [Truth Social American Next Frontiers ETF](#TruthSocialAmericanNextFrontiersETF-4) | 9 |
| [Truth Social American Icons ETF](#TruthSocialAmericanIconsETF-4) | 16 |
| [Truth Social American Energy Security ETF](#TruthSocialAmericanEnergySecurityETF-4) | 22 |
| [Truth Social American Red State REITs ETF](#TruthSocialAmericanRedStateREITsETF-4) | 29 |
| [ADDITIONAL INFORMATION ABOUT THE FUNDS' INVESTMENTS](#ADDITIONALINFORMATIONABOUTTHEFUNDSINVESTMENTS-4) | 35 |
| [ADDITIONAL INFORMATION ABOUT RISK](#ADDITIONALINFORMATIONABOUTRISK-4) | 37 |
| [MANAGEMENT](#MANAGEMENT-4) | 44 |
| [DISTRIBUTION 12(b)-1 PLAN](#DISTRIBUTION12B-1PLAN-4) | 45 |
| [HOW TO BUY AND SELL SHARES](#HOWTOBUYANDSELLSHARES-4) | 45 |
| [FREQUENT PURCHASES AND REDEMPTIONS OF FUND SHARES](#FREQUENTPURCHASESANDREDEMPTIONSOFFUNDSHARES-4) | 47 |
| [DIVIDENDS, OTHER DISTRIBUTIONS AND TAXES](#DIVIDENDSOTHERDISTRIBUTIONSANDTAXES-4) | 47 |
| [FINANCIAL HIGHLIGHTS](#FINANCIALHIGHLIGHTS-4) | 51 |
| [FOR MORE INFORMATION](#FORMOREINFORMATION-4) | 52 |

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**FUND SUMMARY: Truth Social American Security & Defense ETF**

Investment Objectives

The investment objective of the Truth Social American Security & Defense ETF (the "Fund") is to seek to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of the Truth Social<sup>TM</sup> – Yorkville American Security & Defense Index.

Fees and Expenses of the Fund

This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. **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** (expenses that you pay each year as a percentage of the value of your investment) | **Annual Fund Operating Expenses** (expenses that you pay each year as a percentage of the value of your investment) |
| Management Fee<sup>1</sup> | 0.65% |
| Distribution (12b-1) and Service Fees | 0.00% |
| Other Expenses<sup>2</sup> | 0.00% |
| **Total Annual Fund Operating Expenses** | **0.65%** |

---

<sup>1</sup> Under the Investment Advisory Agreement, Yorkville America Equities, 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.

<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** |
| Truth Social American Security & Defense ETF | $66 | $208 |

---

Portfolio Turnover

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when 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.

Principal Investment Strategies

*Overview*

The Fund seeks to replicate, before fees and expenses, the performance of the Truth Social<sup>TM</sup> – Yorkville American Security & Defense Index (the "Underling Index"). The Fund employs a full replication strategy. Under this approach, the Fund generally will hold all of the securities that comprise the Underlying Index, in substantially the same proportion as they are represented in the Underlying Index. This means that the Fund's portfolio is expected to consist of each Index constituent, and that the weight of each security in the Fund will approximate its Index weight. The Underlying Index employs a modified free-float (i.e., the amount of outstanding shares available for trading by the general public without restriction) adjusted market capitalization weighting methodology, which includes issuer-specific caps designed to limit exposure to individual constituents and promote diversification. The Fund will seek to replicate the Underlying Index's weighting methodology in constructing and maintaining its portfolio.

*Information About the Truth Social<sup>TM</sup> – Yorkville American Security & Defense Index*

The Truth Social<sup>TM</sup> – Yorkville American Security & Defense Index is designed to track the performance of United States-listed companies that are involved in serving U.S. national defense and security industries. For initial

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inclusion in the Underlying Index, companies must derive at least 50% of revenues (25% for existing constituents in the Underlying Index) from activities that support national defense and security. Qualifying activities include aerospace and defense, communications systems, cybersecurity, unmanned vehicles, security intelligence software, training and simulation, digital forensics, and related technologies and services. In addition, for initial inclusion in the Underlying Index**,** companies must be incorporated and have headquarters in the United States and derive at least 25% of revenues or related assets from the United States (20% for existing constituents in the Underlying Index). The Underlying Index excludes limited partnerships, and American Depositary Receipts.

The 1792 Exchange is a nonprofit organization that publishes information regarding corporate policies and practices that it characterizes as relating to "Corporate Bias Risk." Its analysis is based on six publicly disclosed criteria, including whether a company: (i) has denied service to customers, suppliers, or vendors based on political or religious beliefs or has engaged in corporate boycotts, divestment, or sanctions involving particular regions, groups, or industries; (ii) maintains charitable-giving policies, including employee-matching programs, that differentiate among organizations based on political or religious viewpoints; (iii) maintains employment policies that do not expressly protect against discrimination based on political affiliation, political viewpoints, or religion; (iv) uses its corporate reputation to support causes the organization identifies as ideological; (v) allocates corporate funds to support policies or initiatives characterized by the organization as ideological; or (vi) makes corporate political contributions for purposes the organization identifies as non-business related. Based on its evaluation across these criteria, the 1792 Exchange assigns companies ratings that are published as informational outputs of its methodology.

The Underlying Index does not use the 1792 Exchange's overall "risk ratings" in determining the Underlying Index eligibility or constituent selection. Instead, the Underlying Index utilizes certain factual, binary indicators that relate to the following specific corporate activities identified by the organization:

• *DEI Quotas* – Whether the issuer incorporates hiring or human-resources quotas tied to Diversity, Equity, and Inclusion initiatives.

• *CEI Participation* – Whether the issuer participates in the Corporate Equality Index survey administered by the Human Rights Campaign.

• *Abortion Travel Benefits* – Whether the issuer provides employee benefits that cover travel or lodging in connection with abortion services.

• *Funding of Non-Business Causes* – Whether the issuer provides funding to organizations associated with transgender issues, racial-justice initiatives, censorship-related issues, or environmental-justice initiatives.

• *Cancellation* – Whether the issuer has terminated relationships with customers, suppliers, or vendors due to political or religious beliefs, or has engaged in boycotts, divestment, or sanctions involving particular regions, groups, or industries.

• *Transgender Coverage* – Whether the issuer provides employee benefits that include coverage for transgender-related medical care.

The Underlying Index excludes companies that violate five of the six activities described above. If the 1792 Exchange has not collected information on a specific criterion for a company, the methodology treats the company as having no disqualifying information on that specific criterion. The Underlying Index applies the 1792 Exchange's screening only if data exists for the specific criterion. Companies for which certain of the criterion are not covered by the 1792 Exchange are eligible for inclusion in the Underlying Index, and missing data is assumed not to disqualify inclusion in the Underlying Index.

New constituents in the Underlying Index must have a full market capitalization exceeding $1,000,000,000 (U.S. dollars), a free-float factor of at least 10%, an average daily trading volume of at least $1,000,000 (U.S. dollars) in the current quarter and in each of the two previous quarters, and at least 250,000 shares traded per month during the last six months. Existing constituents may remain with a market capitalization exceeding $500,000,000 (U.S. dollars), a free-float factor of at least 5%, and an average daily trading volume of at least $200,000 (U.S. dollars) in at least two of the last three quarters. The Underlying Index employs a modified free-float adjusted market capitalization weighting methodology. No single security may exceed 8% of the index. Progressively lower caps are applied to subsequent constituents: 7% for the third-largest constituent, 6.5% for the fourth, 6% for the fifth, 5.5% for the sixth, 5% for the seventh, and 4.5% for all others. Excess weight resulting from these caps is redistributed proportionally among the uncapped constituents.

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In addition, the combined weight of companies deriving less than 50% of revenues from qualifying activities is limited to 20%. Excess weight is redistributed proportionally among remaining constituents. The Underlying Index is reviewed and reconstituted semi-annually in June and December. It is also updated quarterly in March and September to reflect changes in shares outstanding and free-float factors. The Underlying Index is calculated and disseminated in real time during U.S. trading hours and is published as both a price return index and a total return net index.

*Implementation of the Fund's Investment Strategy*

Under normal circumstances, the Fund will invest at least 80% of its net assets (plus borrowings for investment purposes) in the component securities of the Underlying Index. The Underlying Index is designed to track the performance of U.S.-listed companies that derive a significant portion of their revenues from activities supporting U.S. national security and defense industries.

Although the Fund intends to replicate the Underlying Index as closely as possible, there may be circumstances in which full replication is not practicable or may result in inefficiencies, such as during periods of illiquidity or corporate actions. In these cases, the Adviser may use optimization techniques, sampling strategies, or temporary substitutes, while still maintaining substantial exposure to the Underlying Index as a whole. As a result, the Fund's performance may not perfectly track that of the Underlying Index. Tracking error may occur due to transaction costs, bid-ask spreads, corporate actions affecting the Underlying Index securities, changes in the Fund's expenses, or operational factors such as cash flows into and out of the Fund. The Adviser seeks to minimize tracking error through diligent portfolio management practices.

The Fund is a passively managed investment vehicle and does not seek to outperform the Underlying Index or take defensive positions in declining markets. Instead, the Fund's strategy is to provide investment results that, before fees and expenses, closely correspond to the performance of the Underlying Index over time. The Fund intends to make annual distribution payments to shareholders.

In addition to holding securities included in the Underlying Index, the Fund may invest its remaining assets in cash, cash equivalents, or other short-term instruments, such as U.S. Treasury bills, repurchase agreements, and money market instruments, in order to manage liquidity needs and meet redemption obligations.

The Fund is classified as non-diversified under the Investment Company Act of 1940, as amended (the "1940 Act"). There is no guarantee that the Fund's investment strategy will be properly implemented, and an investor may lose some or all of its investment.

**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.

**Equity Securities Risk.** Since it purchases equity securities, the Fund is subject to the risk that stock prices will fall over short or extended periods of time. Historically, the equity markets have moved in cycles, and the value of the Fund's equity securities may fluctuate from day to day. Individual companies may report poor results or be negatively affected by industry and/or economic trends and developments. The prices of securities issued by such companies may suffer a decline in response. These factors contribute to price volatility, which is a principal risk of investing in the Fund.

**Investment Risk.** As with all investments, an investment in the Fund is subject to loss, including the possible loss of the entire principal amount of an investment, over short or long periods of time.

**Market Risk.** The trading prices of securities and other instruments fluctuate in response to a variety of factors, such as economic, financial or political events that impact the entire market, market segments, or specific issuers. The Fund's NAV and market price may fluctuate significantly in response to these and other factors. As a result, an investor could lose money over short or long periods of time.

**Sector Risk.** To the extent the Fund invests more heavily in particular sectors of the economy, its performance will be especially sensitive to developments that significantly affect those sectors.

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• *Security Intelligence Sector Risk.* Companies that develop and provide security intelligence products and services, including security software, surveillance technologies, biometric identification systems, and related security solutions, are subject to unique risks. These companies face rapid technological change, evolving regulatory frameworks, and heightened public and governmental scrutiny regarding data privacy and civil liberties. Demand for their products may be influenced by government policies, national security concerns, or responses to specific events, which can be unpredictable. In addition, such companies may be vulnerable to reputational risks if their products are associated with misuse, surveillance controversies, or security failures. These factors could adversely affect the business operations and profitability of companies in the Index and, in turn, the Fund's performance.

**Industry Focus Risk.** The Fund from time to time may be focused to a significant degree in securities of issuers located in a single industry or industry group. By focusing its investments in an industry or industry group, the Fund may face more risks than if it were diversified broadly over numerous industries or industry groups. Such industry-based risks may include, but are not limited to, the following: general economic conditions or cyclical market patterns that could negatively affect supply and demand in a particular industry; competition for resources; adverse labor relations; political or world events; obsolescence of technologies; and increased competition or new product introductions that may affect the profitability or viability of companies in an industry. In addition, at times, such industry or industry group may be out of favor and underperform other industries or the market as a whole.

• *Aerospace and Defense Industry Risk.* Companies in the aerospace and defense industry may be significantly affected by government spending priorities, procurement policies, and the availability of defense contracts. Their revenues are often heavily dependent on a limited number of customers, primarily the U.S. government and its agencies. Reductions in defense budgets, cancellations or delays of government projects, or changes in defense policy could negatively impact such companies. In addition, these companies may be affected by cost overruns, product liability claims, supply chain disruptions, and intense global competition. Geopolitical developments, including military conflicts, terrorism, and shifts in international relations, can also create volatility in the industry. Environmental and safety regulations, export restrictions, and reputational risks associated with the use of defense products may further adversely affect the operations and profitability of aerospace and defense companies.

**Cash Redemption Risk.** The Fund generally redeems shares for cash or otherwise includes 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 Fund redeemed shares in kind.

**Passive Strategy/Index Risk.** The Fund is not actively managed. Rather, the Fund attempts to track the performance of an unmanaged index of securities. This differs from an actively managed fund, which typically seeks to outperform a benchmark index. As a result, the Fund will hold constituent securities of the Underlying Index regardless of the current or projected performance of a specific security or a particular industry or market sector. Maintaining investments in securities regardless of market conditions or the performance of individual securities could cause the Fund's return to be lower than if the Fund employed an active strategy.

**Index Tracking Risk.** While the Fund is intended to track the performance of the Underlying Index as closely as possible (i.e., to achieve a high degree of correlation with the Underlying Index), the Fund's return may not match or achieve a high degree of correlation with the return of the Underlying Index due to expenses and transaction costs incurred in adjusting the Portfolio. In addition, it is possible that the Fund may not always fully replicate the performance of the Underlying Index due to the unavailability of certain Index Securities in the secondary market or due to other extraordinary circumstances (e.g., if trading in a security has been halted).

**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. 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

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succeed, especially because the Fund does not directly control the cyber security systems of issuers or third-party service providers.

**Concentration Risk.** To the extent the Underlying Index concentrates in an industry or group of Industries, the Fund will also be concentrated in such industry or group of industries. In this regard, the Fund may be susceptible to an increased risk of loss, including losses due to adverse events that affect the Fund's investments more than the market as a whole, to the extent that the Fund's investments are focused in the securities or other assets of one or more issuers, countries or other geographic units, markets, industries, project types, or asset classes.

**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>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 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.

**Non-Diversification Risk.** The Fund is considered to be non-diversified, which means that it may invest more of its assets in the securities of a single issuer or a smaller number of issuers than if it were a diversified fund. To the extent the Fund invests a significant percentage of its assets in a limited number of issuers, the Fund is subject to the risks of investing in those few issuers and may be more susceptible to a single adverse economic or regulatory occurrence. As a result, changes in the market value of a single security could cause greater fluctuations in the value of Fund shares than would occur in a diversified fund.

**New Fund Risk.** As of the date of this prospectus, the Fund has no operating history and currently has fewer assets than larger funds. Like other new funds, large inflows and outflows may impact the Fund's market exposure for limited periods of time. This impact may be positive or negative, depending on the direction of market movement during the period affected.

**New Adviser Risk.** The Adviser is a recently formed investment adviser and has not previously served as an adviser to an exchange-traded fund. Although the Adviser's principals, affiliates, and the Fund's portfolio managers have substantial experience managing pooled investment vehicles and implementing comparable investment processes, the Adviser is a new entity with limited operating history, which may create risks. For example, the Adviser has not yet been tested in its capacity to oversee the day-to-day operations of an ETF, including managing the unique regulatory, operational, trading, portfolio-construction, and compliance requirements applicable to exchange-traded products. As a newly established adviser, the Adviser may have limited resources, personnel, or operational infrastructure relative to more established firms, which could adversely affect its ability to implement the Fund's investment strategy, monitor counterparties and service

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providers, or respond effectively to market, operational, or regulatory challenges. There can be no assurance that the Adviser's systems, policies, procedures, or internal controls will operate as intended in the ETF context, or that the Adviser will successfully manage the Fund in all market conditions. The Fund may be negatively impacted if the Adviser is unable to scale its operations, retain key personnel, or develop and maintain the capabilities necessary to support the Fund's ongoing activities.

Performance History

The Fund is new and does not have a full calendar year of 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 (201) 985-8300.

Investment Adviser and Sub-Adviser

Yorkville America Equities, LLC (the "Adviser") is the investment adviser to the Fund.

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

Portfolio Manager

Matthew Tuttle, Chief Executive Officer of the Sub-Adviser, has served as the Fund's portfolio manager since its inception.

Purchase and Sale of Fund Shares

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 the NYSE Arca (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.truthsocialfunds.com.

Tax Information

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.

Payments to Broker-Dealers and Other Financial Intermediaries

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: Truth Social American Next Frontiers ETF**

Investment Objectives

The investment objective of the Truth Social American Next Frontiers ETF (the "Fund") is to seek to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of the Truth Social<sup>TM</sup> – Yorkville American Next Frontiers Index.

Fees and Expenses of the Fund

This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. **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** (expenses that you pay each year as a percentage of the value of your investment) | **Annual Fund Operating Expenses** (expenses that you pay each year as a percentage of the value of your investment) |
| Management Fee<sup>1</sup> | 0.65% |
| Distribution (12b-1) and Service Fees | 0.00% |
| Other Expenses<sup>2</sup> | 0.00% |
| **Total Annual Fund Operating Expenses** | **0.65%** |

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<sup>1</sup> Under the Investment Advisory Agreement, Yorkville America Equities, 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.

<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** |
| Truth Social American Next Frontiers ETF | $66 | $208 |

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Portfolio Turnover

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when 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.

Principal Investment Strategies

*Overview*

The Fund seeks to replicate, before fees and expenses, the performance of the Truth Social<sup>TM</sup> – Yorkville American Next Frontiers Index (the "Underling Index"). The Fund employs a full replication strategy. Under this approach, the Fund generally will hold all of the securities that comprise the Underlying Index, in substantially the same proportion as they are represented in the Underlying Index. This means that the Fund's portfolio is expected to consist of each Index constituent, and that the weight of each security in the Fund will approximate its Index weight. The Underlying Index employs a modified free-float (i.e., the amount of outstanding shares available for trading by the general public without restriction) adjusted market capitalization weighting methodology, which includes issuer-specific caps designed to limit exposure to individual constituents and promote diversification. The Fund will seek to replicate the Underlying Index's weighting methodology in constructing and maintaining its portfolio.

*Information About the Truth Social<sup>TM</sup> – Yorkville American Next Frontiers Index*

The Truth Social<sup>TM</sup> – Yorkville American Next Frontiers Index is designed to track the performance of United States-listed companies at the forefront of technological and industrial innovation. For initial inclusion in the

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Underlying Index, companies must derive at least 50% of revenues (25% for existing constituents in the Underlying Index) from activities representing emerging frontiers of the American economy. These activities include artificial intelligence and machine learning, bioproduction and clinical diagnostics, cell tower and data center infrastructure, digital asset infrastructure, nuclear energy technology and fuel, quantum computing, semiconductors, and the commercial space industry. The Underlying Index excludes limited partnerships, and American Depositary Receipts.

The 1792 Exchange is a nonprofit organization that publishes information regarding corporate policies and practices that it characterizes as relating to "Corporate Bias Risk." Its analysis is based on six publicly disclosed criteria, including whether a company: (i) has denied service to customers, suppliers, or vendors based on political or religious beliefs or has engaged in corporate boycotts, divestment, or sanctions involving particular regions, groups, or industries; (ii) maintains charitable-giving policies, including employee-matching programs, that differentiate among organizations based on political or religious viewpoints; (iii) maintains employment policies that do not expressly protect against discrimination based on political affiliation, political viewpoints, or religion; (iv) uses its corporate reputation to support causes the organization identifies as ideological; (v) allocates corporate funds to support policies or initiatives characterized by the organization as ideological; or (vi) makes corporate political contributions for purposes the organization identifies as non-business related. Based on its evaluation across these criteria, the 1792 Exchange assigns companies ratings that are published as informational outputs of its methodology.

The Underlying Index does not use the 1792 Exchange's overall "risk ratings" in determining the Underlying Index eligibility or constituent selection. Instead, the Underlying Index utilizes certain factual, binary indicators that relate to the following specific corporate activities identified by the organization:

• *DEI Quotas* – Whether the issuer incorporates hiring or human-resources quotas tied to Diversity, Equity, and Inclusion initiatives.

• *CEI Participation* – Whether the issuer participates in the Corporate Equality Index survey administered by the Human Rights Campaign.

• *Abortion Travel Benefits* – Whether the issuer provides employee benefits that cover travel or lodging in connection with abortion services.

• *Funding of Non-Business Causes* – Whether the issuer provides funding to organizations associated with transgender issues, racial-justice initiatives, censorship-related issues, or environmental-justice initiatives.

• *Cancellation* – Whether the issuer has terminated relationships with customers, suppliers, or vendors due to political or religious beliefs, or has engaged in boycotts, divestment, or sanctions involving particular regions, groups, or industries.

• *Transgender Coverage* – Whether the issuer provides employee benefits that include coverage for transgender-related medical care.

The Underlying Index excludes companies that violate five of the six activities described above. If the 1792 Exchange has not collected information on a specific criterion for a company, the methodology treats the company as having no disqualifying information on that specific criterion. The Underlying Index applies the 1792 Exchange's screening only if data exists for the specific criterion. Companies for which certain of the criterion are not covered by the 1792 Exchange are eligible for inclusion in the Underlying Index, and missing data is assumed not to disqualify inclusion in the Underlying Index.

New constituents must generally have a full market capitalization exceeding $1,000,000,000 (U.S. dollars) ($10,000,000,000 (U.S. dollars) for semiconductor and bioproduction and clinical diagnostics companies), a free-float factor of at least 10%, an average daily trading volume of at least $1,000,000 (U.S. dollars) in both the current quarter and the two previous quarters, and at least 250,000 shares traded per month during the past six months. Existing constituents may remain with a market capitalization exceeding $500,000,000 (U.S. dollars) ($5,000,000,000 (U.S. dollars) for semiconductor and bioproduction and clinical diagnostics companies), a free-float factor of at least 5%, and an average daily trading volume of at least $200,000 (U.S. dollars) in at least two of the last three quarters. The Underlying Index uses an equal-weighting methodology. Each constituent receives the same weight. If the combined weight of companies with negative cash from operating activities in at least four of the last six quarters exceeds 30%, a cap is applied and the excess is redistributed equally among the remaining constituents. The Underlying Index is reviewed and reconstituted semi-annually in June and December. It is also updated quarterly in March and September to reflect changes in shares outstanding and free-float factors. The

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Underlying Index is calculated and disseminated in real time during U.S. trading hours and is published as both a price return index and a total return net index.

*Implementation of the Fund's Investment Strategy*

Under normal circumstances, the Fund will invest at least 80% of its net assets (plus borrowings for investment purposes) in the component securities of the Underlying Index. The Underlying Index is designed to track the performance of U.S.-listed companies that are at the forefront of innovation across a range of next-generation industries.

Although the Fund intends to replicate the Underlying Index as closely as possible, there may be circumstances in which full replication is not practicable or may result in inefficiencies, such as during periods of illiquidity or corporate actions. In these cases, the Adviser may use optimization techniques, sampling strategies, or temporary substitutes, while still maintaining substantial exposure to the Underlying Index as a whole. As a result, the Fund's performance may not perfectly track that of the Underlying Index. Tracking error may occur due to transaction costs, bid-ask spreads, corporate actions affecting Underlying Index securities, changes in the Fund's expenses, or operational factors such as cash flows into and out of the Fund. The Adviser seeks to minimize tracking error through diligent portfolio management practices.

The Fund is a passively managed investment vehicle and does not seek to outperform the Underlying Index or take defensive positions in declining markets. Instead, the Fund's strategy is to provide investment results that, before fees and expenses, closely correspond to the performance of the Underlying Index over time.

In addition to holding securities included in the Underlying Index, the Fund may invest its remaining assets in cash, cash equivalents, or other short-term instruments, such as U.S. Treasury bills, repurchase agreements, and money market instruments, in order to manage liquidity needs and meet redemption obligations.

The Fund is classified as non-diversified under the Investment Company Act of 1940, as amended (the "1940 Act"). There is no guarantee that the Fund's investment strategy will be properly implemented, and an investor may lose some or all of its investment.

**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.

**Equity Securities Risk.** Since it purchases equity securities, the Fund is subject to the risk that stock prices will fall over short or extended periods of time. Historically, the equity markets have moved in cycles, and the value of the Fund's equity securities may fluctuate from day to day. Individual companies may report poor results or be negatively affected by industry and/or economic trends and developments. The prices of securities issued by such companies may suffer a decline in response. These factors contribute to price volatility, which is a principal risk of investing in the Fund.

**Investment Risk.** As with all investments, an investment in the Fund is subject to loss, including the possible loss of the entire principal amount of an investment, over short or long periods of time.

**Market Risk.** The trading prices of securities and other instruments fluctuate in response to a variety of factors, such as economic, financial or political events that impact the entire market, market segments, or specific issuers. The Fund's NAV and market price may fluctuate significantly in response to these and other factors. As a result, an investor could lose money over short or long periods of time.

**Sector Risk.** To the extent the Fund invests more heavily in particular sectors of the economy, its performance will be especially sensitive to developments that significantly affect those sectors.

• *Information Technology Sector 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

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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, companies in the information technology sector may face dramatic and often unpredictable changes in growth rates and competition for the services of qualified personnel.

**Industry Focus Risk.** The Fund from time to time may be focused to a significant degree in securities of issuers located in a single industry or industry group. By focusing its investments in an industry or industry group, the Fund may face more risks than if it were diversified broadly over numerous industries or industry groups. Such industry-based risks may include, but are not limited to, the following: general economic conditions or cyclical market patterns that could negatively affect supply and demand in a particular industry; competition for resources; adverse labor relations; political or world events; obsolescence of technologies; and increased competition or new product introductions that may affect the profitability or viability of companies in an industry. In addition, at times, such industry or industry group may be out of favor and underperform other industries or the market as a whole.

• *Model, Data and Machine Learning Investing Risk.* The Adviser relies heavily on data and models which uses machine-learning/artificial Intelligence ("AI") technology and quantitative techniques to develop asset and stock weightings and trend analysis. AI technology is generally highly reliant on the collection and analysis of large amounts of data, and it is not possible or practicable to incorporate all relevant data into the model that such AI utilizes to operate. Certain data in such models will inevitably contain a degree of inaccuracy and error – potentially materially so – and could otherwise be inadequate or flawed, which would be likely to degrade the effectiveness of the AI technology and the Adviser's ability use it in its investment decision-making process. If the models and data relied on by the Adviser include data that is stale, missing or unavailable, investment decisions made on such data could be flawed and not produce the intended result thereby exposing the Fund to a risk of loss.

• *Digital Asset Sector Risk.* The trading prices of many digital assets, including cryptocurrencies, have experienced extreme volatility in recent periods and may continue to do so. Such volatility could materially and adversely affect the value of the Fund's investments, and the Fund's shares could lose all or substantially all of their value.

Digital assets, including cryptocurrencies, represent a new and rapidly evolving sector, and their long-term viability remains uncertain. These assets are typically bearer instruments; as such, the loss, theft, destruction, or compromise of the associated private keys required to access or transfer digital assets could result in the permanent loss of those assets. The development and adoption of blockchain and other distributed ledger technologies are still in early stages, and there is no assurance that widespread adoption will occur.

The value of digital assets is determined by supply and demand dynamics in largely unregulated global markets, which primarily consist of electronic trading and digital asset platforms. These platforms often lack the robust regulatory oversight that governs traditional securities exchanges, increasing the risks of fraud, manipulation, market disruptions, and operational failures. In addition, trading venues may face cybersecurity threats, data breaches, and other systemic vulnerabilities that could negatively impact market confidence or asset valuations.

Cryptocurrencies, which are a subset of digital assets, are often described as alternative forms of money but are not widely accepted as a medium of exchange, are not issued or backed by any government or central authority, and do not constitute legal tender. The regulatory landscape for digital assets is rapidly evolving in the United States and globally. Changes in laws, regulations, or governmental policies may significantly affect the development and use of digital assets, including the potential for restrictions, increased compliance costs, or outright bans.

In addition, governance challenges within digital asset networks may impair their ability to scale or adapt. If key updates or protocol changes do not receive sufficient support from users or validators, it may negatively impact the continued operation, security, or adoption of the digital asset.

• *Nuclear Energy Companies Risk.* Nuclear energy companies may face considerable risk as a result of incidents and accidents, breaches of security, ill-intentioned acts of terrorism, natural disasters (such as floods or earthquakes), equipment malfunctions or mishandling in storage, handling, transportation, treatment or conditioning of substances and nuclear materials. Such events could have serious consequences, especially in case of radioactive contamination and irradiation of the environment, for the

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general population, as well as a material, negative impact on the Fund's portfolio companies and thus the Fund's financial situation. In addition, nuclear energy companies are subject to competitive risk associated with the prices of other energy sources, such as natural gas and oil. Consumers of nuclear energy may have the ability to switch between nuclear energy and other energy sources and, as a result, during periods when competing energy sources are less expensive, the revenues of nuclear energy companies may decline with a corresponding impact on earnings.

• *Semiconductor Company Risk.* Competitive pressures may have a significant effect on the financial condition of semiconductor companies and, as product cycles shorten and manufacturing capacity increases, these companies may become increasingly subject to aggressive pricing, which hampers profitability. Reduced demand for end-user products, under-utilization of manufacturing capacity, and other factors could adversely impact the operating results of companies in the semiconductor sector. Semiconductor companies typically face high capital costs and may be heavily dependent on intellectual property rights. The semiconductor sector is highly cyclical, which may cause the operating results of many semiconductor companies to vary significantly. The stock prices of companies in the semiconductor sector have been and likely will continue to be extremely volatile.

Many computer software companies rely on a combination of patents, copyrights, trademarks and trade secret laws to establish and protect their proprietary rights in their products and technologies. There can be no assurance that the steps taken by computer software companies to protect their proprietary rights will be adequate to prevent misappropriation of their technology or that competitors will not independently develop technologies that are substantially equivalent or superior to such companies' technology.

**Cash Redemption Risk.** The Fund generally redeems shares for cash or otherwise includes 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 Fund redeemed shares in kind.

**Passive Strategy/Index Risk.** The Fund is not actively managed. Rather, the Fund attempts to track the performance of an unmanaged index of securities. This differs from an actively managed fund, which typically seeks to outperform a benchmark index. As a result, the Fund will hold constituent securities of the Underlying Index regardless of the current or projected performance of a specific security or a particular industry or market sector. Maintaining investments in securities regardless of market conditions or the performance of individual securities could cause the Fund's return to be lower than if the Fund employed an active strategy.

**Index Tracking Risk.** While the Fund is intended to track the performance of the Underlying Index as closely as possible (i.e., to achieve a high degree of correlation with the Underlying Index), the Fund's return may not match or achieve a high degree of correlation with the return of the Underlying Index due to expenses and transaction costs incurred in adjusting the Portfolio. In addition, it is possible that the Fund may not always fully replicate the performance of the Underlying Index due to the unavailability of certain Index Securities in the secondary market or due to other extraordinary circumstances (e.g., if trading in a security has been halted).

**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. 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.

**Concentration Risk.** To the extent the Underlying Index concentrates in an industry or group of Industries, the Fund will also be concentrated in such industry or group of industries. In this regard, the Fund may be susceptible to an increased risk of loss, including losses due to adverse events that affect the Fund's investments more than

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the market as a whole, to the extent that the Fund's investments are focused in the securities or other assets of one or more issuers, countries or other geographic units, markets, industries, project types, or asset classes.

**Robotics & Artificial Intelligence Companies Risk.** Robotics & Artificial Intelligence companies may have limited product lines, markets, financial resources or personnel. These companies typically face intense competition and potentially rapid product obsolescence. These companies are also heavily dependent on intellectual property rights and may be adversely affected by loss or impairment of those rights. There can be no assurance these companies will be able to successfully protect their intellectual property to prevent the misappropriation of their technology, or that competitors will not develop technology that is substantially similar or superior to such companies' technology. Robotics & Artificial Intelligence companies typically engage in significant amounts of spending on research and development, and there is no guarantee that the products or services produced by these companies will be successful. Robotics & Artificial Intelligence companies are potential targets for cyberattacks, which can have a materially adverse impact on the performance of these companies. Robotics & Artificial Intelligence companies, especially smaller companies, tend to be more volatile than companies that do not rely heavily on technology. In addition, robotics and artificial intelligence technology could face increasing regulatory scrutiny in the future, which may limit the development of this technology and impede the growth of companies that develop and/or utilize this technology. Similarly, the collection of data from consumers and other sources could face increased scrutiny as regulators consider how the data is collected, stored, safeguarded and used. Robotics & Artificial Intelligence companies face increased risk from trade agreements between countries that develop these technologies and countries in which customers of these technologies are based. Lack of resolution or potential imposition of trade tariffs may hinder the companies' ability to successfully deploy their inventories. The customers and/or suppliers of Robotics & Artificial Intelligence companies may focus in a particular country, region or industry. Any adverse event affecting one of these countries, regions or industries could have a negative impact on Robotics & Artificial Intelligence companies.

**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>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 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.

**Non-Diversification Risk.** The Fund is considered to be non-diversified, which means that it may invest more of its assets in the securities of a single issuer or a smaller number of issuers than if it were a diversified fund. To the extent the Fund invests a significant percentage of its assets in a limited number of issuers, the Fund is subject to the risks of investing in those few issuers and may be more susceptible to a single adverse economic or regulatory

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occurrence. As a result, changes in the market value of a single security could cause greater fluctuations in the value of Fund shares than would occur in a diversified fund.

**New Fund Risk.** As of the date of this prospectus, the Fund has no operating history and currently has fewer assets than larger funds. Like other new funds, large inflows and outflows may impact the Fund's market exposure for limited periods of time. This impact may be positive or negative, depending on the direction of market movement during the period affected.

**New Adviser Risk.** The Adviser is a recently formed investment adviser and has not previously served as an adviser to an exchange-traded fund. Although the Adviser's principals, affiliates, and the Fund's portfolio managers have substantial experience managing pooled investment vehicles and implementing comparable investment processes, the Adviser is a new entity with limited operating history, which may create risks. For example, the Adviser has not yet been tested in its capacity to oversee the day-to-day operations of an ETF, including managing the unique regulatory, operational, trading, portfolio-construction, and compliance requirements applicable to exchange-traded products. As a newly established adviser, the Adviser may have limited resources, personnel, or operational infrastructure relative to more established firms, which could adversely affect its ability to implement the Fund's investment strategy, monitor counterparties and service providers, or respond effectively to market, operational, or regulatory challenges. There can be no assurance that the Adviser's systems, policies, procedures, or internal controls will operate as intended in the ETF context, or that the Adviser will successfully manage the Fund in all market conditions. The Fund may be negatively impacted if the Adviser is unable to scale its operations, retain key personnel, or develop and maintain the capabilities necessary to support the Fund's ongoing activities.

Performance History

The Fund is new and does not have a full calendar year of 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 (201) 985-8300.

Investment Adviser and Sub-Adviser

Yorkville America Equities, LLC (the "Adviser") is the investment adviser to the Fund.

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

Portfolio Manager

Matthew Tuttle, Chief Executive Officer of the Sub-Adviser, has served as the Fund's portfolio manager since its inception.

Information about "Purchase and Sale of Fund Shares," "Tax Information" and "Payments to Broker-Dealers and Other Financial Intermediaries" may be found on page 8 of this prospectus.

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**FUND SUMMARY: Truth Social American Icons ETF**

Investment Objectives

The investment objective of the Truth Social American Icons Index ETF (the "Fund") is to seek to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of the Truth Social<sup>TM</sup> – Yorkville American Icons Index.

Fees and Expenses of the Fund

This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. **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** (expenses that you pay each year as a percentage of the value of your investment) | **Annual Fund Operating Expenses** (expenses that you pay each year as a percentage of the value of your investment) |
| Management Fee<sup>1</sup> | 0.65% |
| Distribution (12b-1) and Service Fees | 0.00% |
| Other Expenses<sup>2</sup> | 0.00% |
| **Total Annual Fund Operating Expenses** | **0.65%** |

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<sup>1</sup> Under the Investment Advisory Agreement, Yorkville America Equities, 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.

<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** |
| Truth Social American Icons ETF | $66 | $208 |

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Portfolio Turnover

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when 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.

Principal Investment Strategies

*Overview*

The Fund seeks to replicate, before fees and expenses, the performance of the Truth Social<sup>TM</sup> – Yorkville American Icons Index (the "Underling Index"). The Fund employs a full replication strategy. Under this approach, the Fund generally will hold all of the securities that comprise the Underlying Index, in substantially the same proportion as they are represented in the Underlying Index. This means that the Fund's portfolio is expected to consist of each Index constituent, and that the weight of each security in the Fund will approximate its Index weight. The Underlying Index employs a modified free-float (i.e., the amount of outstanding shares available for trading by the general public without restriction) adjusted market capitalization weighting methodology, which includes issuer-specific caps designed to limit exposure to individual constituents and promote diversification. The Fund will seek to replicate the Underlying Index's weighting methodology in constructing and maintaining its portfolio.

*Information About the Truth Social<sup>TM</sup> – Yorkville American Icons Index*

The Truth Social<sup>TM</sup> – Yorkville American Icons Index is designed to track the performance of leading United States-listed companies that represent the American economy and lifestyle. For initial inclusion in the Underlying

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Index, companies must derive at least 33% of revenues or assets from the United States (25% for existing constituents in the Underlying Index) and be engaged in consumer-oriented industries recognized for iconic American brands. Companies must either be classified within specific Refinitiv Business Classification activities, including airlines, automotive manufacturing, apparel and accessories, restaurants, beverages, broadcasting, household products, personal products, supermarkets, retailers, and related sectors. The Underlying Index excludes limited partnerships, and American Depositary Receipts.

The 1792 Exchange is a nonprofit organization that publishes information regarding corporate policies and practices that it characterizes as relating to "Corporate Bias Risk." Its analysis is based on six publicly disclosed criteria, including whether a company: (i) has denied service to customers, suppliers, or vendors based on political or religious beliefs or has engaged in corporate boycotts, divestment, or sanctions involving particular regions, groups, or industries; (ii) maintains charitable-giving policies, including employee-matching programs, that differentiate among organizations based on political or religious viewpoints; (iii) maintains employment policies that do not expressly protect against discrimination based on political affiliation, political viewpoints, or religion; (iv) uses its corporate reputation to support causes the organization identifies as ideological; (v) allocates corporate funds to support policies or initiatives characterized by the organization as ideological; or (vi) makes corporate political contributions for purposes the organization identifies as non-business related. Based on its evaluation across these criteria, the 1792 Exchange assigns companies ratings that are published as informational outputs of its methodology.

The Underlying Index does not use the 1792 Exchange's overall "risk ratings" in determining the Underlying Index eligibility or constituent selection. Instead, the Underlying Index utilizes certain factual, binary indicators that relate to the following specific corporate activities identified by the organization:

• *DEI Quotas* – Whether the issuer incorporates hiring or human-resources quotas tied to Diversity, Equity, and Inclusion initiatives.

• *CEI Participation* – Whether the issuer participates in the Corporate Equality Index survey administered by the Human Rights Campaign.

• *Abortion Travel Benefits* – Whether the issuer provides employee benefits that cover travel or lodging in connection with abortion services.

• *Funding of Non-Business Causes* – Whether the issuer provides funding to organizations associated with transgender issues, racial-justice initiatives, censorship-related issues, or environmental-justice initiatives.

• *Cancellation* – Whether the issuer has terminated relationships with customers, suppliers, or vendors due to political or religious beliefs, or has engaged in boycotts, divestment, or sanctions involving particular regions, groups, or industries.

• *Transgender Coverage* – Whether the issuer provides employee benefits that include coverage for transgender-related medical care.

The Underlying Index excludes companies that violate five of the six activities described above. If the 1792 Exchange has not collected information on a specific criterion for a company, the methodology treats the company as having no disqualifying information on that specific criterion. The Underlying Index applies the 1792 Exchange's screening only if data exists for the specific criterion. Companies for which certain of the criterion are not covered by the 1792 Exchange are eligible for inclusion in the Underlying Index, and missing data is assumed not to disqualify inclusion in the Underlying Index.

New constituents must have a full market capitalization exceeding $15,000,000,000 (U.S. dollars), a free-float factor of at least 10%, an average daily trading volume of at least $1,000,000 (U.S. dollars) in both the current quarter and the two previous quarters, and at least 250,000 shares traded per month during the last six months. Existing constituents may remain with a market capitalization exceeding $7,500,000,000 (U.S. dollars), a free-float factor of at least 5%, and an average daily trading volume of at least $200,000 (U.S. dollars) in at least two of the last three quarters. The Underlying Index employs a modified free-float adjusted market capitalization weighting methodology with a fundamental tilt. Weights are based on free-float market capitalization adjusted by Winsorized Final Scores derived from dividend yield, free cash flow yield, and free cash flow return on invested capital. Caps are applied as follows: the largest constituent at 8%, the second-largest at 7.5%, the third at 7%, the fourth at 6.5%, the fifth at 6%, the sixth at 5.5%, the seventh at 5%, and all remaining constituents at 4.5%. Automobile manufacturers, personal care products, gas stations, and tobacco companies are also capped at 4.5%. The Underlying Index is reviewed and reconstituted semi-annually in June and December. It is also updated quarterly in March and September to reflect changes in shares outstanding and free-float factors. The Underlying

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Index is calculated and disseminated in real time during U.S. trading hours and is published as both a price return index and a total return net index.

*Implementation of the Fund's Investment Strategy*

Under normal circumstances, the Fund will invest at least 80% of its net assets (plus borrowings for investment purposes) in the component securities of the Underlying Index. The Underlying Index is designed to track the performance of leading U.S.-listed companies that define the American economic landscape and lifestyle.

Although the Fund intends to replicate the Underlying Index as closely as possible, there may be circumstances in which full replication is not practicable or may result in inefficiencies, such as during periods of illiquidity or corporate actions. In these cases, the Adviser may use optimization techniques, sampling strategies, or temporary substitutes, while still maintaining substantial exposure to the Underlying Index as a whole. As a result, the Fund's performance may not perfectly track that of the Underlying Index. Tracking error may occur due to transaction costs, bid-ask spreads, corporate actions affecting Underlying Index securities, changes in the Fund's expenses, or operational factors such as cash flows into and out of the Fund. The Adviser seeks to minimize tracking error through diligent portfolio management practices.

The Fund is a passively managed investment vehicle and does not seek to outperform the Underlying Index or take defensive positions in declining markets. Instead, the Fund's strategy is to provide investment results that, before fees and expenses, closely correspond to the performance of the Underlying Index over time.

In addition to holding securities included in the Underlying Index, the Fund may invest its remaining assets in cash, cash equivalents, or other short-term instruments, such as U.S. Treasury bills, repurchase agreements, and money market instruments, in order to manage liquidity needs and meet redemption obligations.

The Fund is classified as non-diversified under the Investment Company Act of 1940, as amended (the "1940 Act"). There is no guarantee that the Fund's investment strategy will be properly implemented, and an investor may lose some or all of its investment.

**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.

**Equity Securities Risk.** Since it purchases equity securities, the Fund is subject to the risk that stock prices will fall over short or extended periods of time. Historically, the equity markets have moved in cycles, and the value of the Fund's equity securities may fluctuate from day to day. Individual companies may report poor results or be negatively affected by industry and/or economic trends and developments. The prices of securities issued by such companies may suffer a decline in response. These factors contribute to price volatility, which is a principal risk of investing in the Fund.

**Investment Risk.** As with all investments, an investment in the Fund is subject to loss, including the possible loss of the entire principal amount of an investment, over short or long periods of time.

**Market Risk.** The trading prices of securities and other instruments fluctuate in response to a variety of factors, such as economic, financial or political events that impact the entire market, market segments, or specific issuers. The Fund's NAV and market price may fluctuate significantly in response to these and other factors. As a result, an investor could lose money over short or long periods of time.

**Sector Risk.** To the extent the Fund invests more heavily in particular sectors of the economy, its performance will be especially sensitive to developments that significantly affect those sectors.

• **Consumer Discretionary Sector Risk.** Because companies in the consumer discretionary sector manufacture products and provide discretionary services directly to the consumer, the success of these companies is tied closely to the performance of the overall domestic and international economy, including the functioning of the global supply chain, interest rates, competition and consumer confidence. Success depends heavily on disposable household income and consumer spending, and may be strongly affected by social trends and marketing campaigns. Also, companies in the consumer discretionary sector may be subject to severe competition, which may have an adverse impact on a company's profitability. Changes in

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demographics and consumer tastes also can affect the demand for, and success of, consumer discretionary products in the marketplace.

**Industry Focus Risk.** The Fund from time to time may be focused to a significant degree in securities of issuers located in a single industry or industry group. By focusing its investments in an industry or industry group, the Fund may face more risks than if it were diversified broadly over numerous industries or industry groups. Such industry-based risks may include, but are not limited to, the following: general economic conditions or cyclical market patterns that could negatively affect supply and demand in a particular industry; competition for resources; adverse labor relations; political or world events; obsolescence of technologies; and increased competition or new product introductions that may affect the profitability or viability of companies in an industry. In addition, at times, such industry or industry group may be out of favor and underperform other industries or the market as a whole.

• *Retail Industry Risk.* Companies in the retail industry are highly sensitive to changes in consumer spending patterns, competitive pricing pressure, supply chain and inventory management challenges, labor availability and costs, and risks related to online fulfillment and digital platforms. Adverse macroeconomic conditions, inflationary pressures, or disruptions in supply and logistics can significantly impact retail sales and profitability.

• *Automotive Industry Risk.* Companies in the automotive industry face cyclical demand that is affected by consumer confidence, interest rates, and fuel prices. The industry also requires large ongoing investments in new technologies such as electrification and autonomous driving. Participants are subject to risks related to raw material and supply shortages, product recalls, stringent environmental and safety regulations, and global geopolitical conditions that can disrupt production and sales.

• *Food and Beverage Industry Risk.* Companies in the food and beverage industry are exposed to volatility in the prices of agricultural commodities, packaging, transportation, and labor. Consumer preferences are changing rapidly, including growing demand for healthier products and reduced sugar content, while governments increasingly impose regulations such as sugar taxes and marketing restrictions. Companies must also manage risks related to water scarcity and environmental sustainability, which can affect production and brand reputation.

• *Apparel and Consumer Goods Industry Risk.* Companies in the apparel and consumer goods industry depend heavily on brand reputation, product innovation, and the ability to anticipate consumer fashion and lifestyle trends. These companies face risks from intense global competition, rapid shifts in consumer demand, counterfeit products, and reliance on third-party manufacturing and distribution partners. They are also exposed to foreign currency fluctuations, trade restrictions, and supply chain disruptions that can adversely affect operations.

**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>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 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

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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.

**Cash Redemption Risk.** The Fund generally redeems shares for cash or otherwise includes 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 Fund redeemed shares in kind.

**Passive Strategy/Index Risk.** The Fund is not actively managed. Rather, the Fund attempts to track the performance of an unmanaged index of securities. This differs from an actively managed fund, which typically seeks to outperform a benchmark index. As a result, the Fund will hold constituent securities of the Underlying Index regardless of the current or projected performance of a specific security or a particular industry or market sector. Maintaining investments in securities regardless of market conditions or the performance of individual securities could cause the Fund's return to be lower than if the Fund employed an active strategy.

**Index Tracking Risk.** While the Fund is intended to track the performance of the Underlying Index as closely as possible (i.e., to achieve a high degree of correlation with the Underlying Index), the Fund's return may not match or achieve a high degree of correlation with the return of the Underlying Index due to expenses and transaction costs incurred in adjusting the Portfolio. In addition, it is possible that the Fund may not always fully replicate the performance of the Underlying Index due to the unavailability of certain Index Securities in the secondary market or due to other extraordinary circumstances (e.g., if trading in a security has been halted).

**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. 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.

**Concentration Risk.** To the extent the Underlying Index concentrates in an industry or group of Industries, the Fund will also be concentrated in such industry or group of industries. In this regard, the Fund may be susceptible to an increased risk of loss, including losses due to adverse events that affect the Fund's investments more than the market as a whole, to the extent that the Fund's investments are focused in the securities or other assets of one or more issuers, countries or other geographic units, markets, industries, project types, or asset classes.

**Non-Diversification Risk.** The Fund is considered to be non-diversified, which means that it may invest more of its assets in the securities of a single issuer or a smaller number of issuers than if it were a diversified fund. To the extent the Fund invests a significant percentage of its assets in a limited number of issuers, the Fund is subject to the risks of investing in those few issuers and may be more susceptible to a single adverse economic or regulatory occurrence. As a result, changes in the market value of a single security could cause greater fluctuations in the value of Fund shares than would occur in a diversified fund.

**New Fund Risk.** As of the date of this prospectus, the Fund has no operating history and currently has fewer assets than larger funds. Like other new funds, large inflows and outflows may impact the Fund's market exposure for limited periods of time. This impact may be positive or negative, depending on the direction of market movement during the period affected.

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**New Adviser Risk.** The Adviser is a recently formed investment adviser and has not previously served as an adviser to an exchange-traded fund. Although the Adviser's principals, affiliates, and the Fund's portfolio managers have substantial experience managing pooled investment vehicles and implementing comparable investment processes, the Adviser is a new entity with limited operating history, which may create risks. For example, the Adviser has not yet been tested in its capacity to oversee the day-to-day operations of an ETF, including managing the unique regulatory, operational, trading, portfolio-construction, and compliance requirements applicable to exchange-traded products. As a newly established adviser, the Adviser may have limited resources, personnel, or operational infrastructure relative to more established firms, which could adversely affect its ability to implement the Fund's investment strategy, monitor counterparties and service providers, or respond effectively to market, operational, or regulatory challenges. There can be no assurance that the Adviser's systems, policies, procedures, or internal controls will operate as intended in the ETF context, or that the Adviser will successfully manage the Fund in all market conditions. The Fund may be negatively impacted if the Adviser is unable to scale its operations, retain key personnel, or develop and maintain the capabilities necessary to support the Fund's ongoing activities.

Performance History

The Fund is new and does not have a full calendar year of 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 (201) 985-8300.

Investment Adviser and Sub-Adviser

Yorkville America Equities, LLC (the "Adviser") is the investment adviser to the Fund.

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

Portfolio Manager

Matthew Tuttle, Chief Executive Officer of the Sub-Adviser, has served as the Fund's portfolio manager since its inception.

Information about "Purchase and Sale of Fund Shares," "Tax Information" and "Payments to Broker-Dealers and Other Financial Intermediaries" may be found on page 8 of this prospectus.

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**FUND SUMMARY: Truth Social American Energy Security ETF**

Investment Objectives

The investment objective of the Truth Social American Energy Security ETF (the "Fund") is to seek to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of the Truth Social<sup>TM</sup> – Yorkville American Energy Security Index.

Fees and Expenses of the Fund

This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. **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** (expenses that you pay each year as a percentage of the value of your investment) | **Annual Fund Operating Expenses** (expenses that you pay each year as a percentage of the value of your investment) |
| Management Fee<sup>1</sup> | 0.65% |
| Distribution (12b-1) and Service Fees | 0.00% |
| Other Expenses<sup>2</sup> | 0.00% |
| **Total Annual Fund Operating Expenses** | **0.65%** |

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<sup>1</sup> Under the Investment Advisory Agreement, Yorkville America Equities, 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.

<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** |
| Truth Social American Energy Security ETF | $66 | $208 |

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Portfolio Turnover

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when 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.

Principal Investment Strategies

*Overview*

The Fund seeks to replicate, before fees and expenses, the performance of the Truth Social<sup>TM</sup> – Yorkville American Energy Security Index (the "Underling Index"). The Fund employs a full replication strategy. Under this approach, the Fund generally will hold all of the securities that comprise the Underlying Index, in substantially the same proportion as they are represented in the Underlying Index. This means that the Fund's portfolio is expected to consist of each Index constituent, and that the weight of each security in the Fund will approximate its Index weight. The Underlying Index employs a modified free-float (i.e., the amount of outstanding shares available for trading by the general public without restriction) adjusted market capitalization weighting methodology, which includes issuer-specific caps designed to limit exposure to individual constituents and promote diversification. The Fund will seek to replicate the Underlying Index's weighting methodology in constructing and maintaining its portfolio.

*Information About the Truth Social<sup>TM</sup> – Yorkville American Energy Security Index*

The Truth Social<sup>TM</sup> – Yorkville American Energy Security Index is designed to track the performance of United States-listed companies that play a central role in America's energy security. For initial inclusion in the Underlying

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Index, companies must either be classified within specific Refinitiv Business Classification industries, including electric utilities, independent power producers, integrated oil & gas, oil & gas drilling, oil & gas exploration and production, oil & gas refining and marketing, oil & gas transportation services, and oil related services and equipment or derive at least 50% of revenues (25% for existing constituents in the Underlying Index) from qualifying energy activities.

These activities may include nuclear energy technology and fuel such as small modular reactors and microreactors, uranium mining, nuclear fuel provision, industrial batteries and energy storage, equipment used in electric power generation and grid infrastructure, and engineering services for power plants and grid projects. The Underlying Index excludes companies whose products are predominantly for electronics or electric vehicles, as well as providers of wind or solar energy technology. Limited partnerships, and American Depositary Receipts are also excluded.

The 1792 Exchange is a nonprofit organization that publishes information regarding corporate policies and practices that it characterizes as relating to "Corporate Bias Risk." Its analysis is based on six publicly disclosed criteria, including whether a company: (i) has denied service to customers, suppliers, or vendors based on political or religious beliefs or has engaged in corporate boycotts, divestment, or sanctions involving particular regions, groups, or industries; (ii) maintains charitable-giving policies, including employee-matching programs, that differentiate among organizations based on political or religious viewpoints; (iii) maintains employment policies that do not expressly protect against discrimination based on political affiliation, political viewpoints, or religion; (iv) uses its corporate reputation to support causes the organization identifies as ideological; (v) allocates corporate funds to support policies or initiatives characterized by the organization as ideological; or (vi) makes corporate political contributions for purposes the organization identifies as non-business related. Based on its evaluation across these criteria, the 1792 Exchange assigns companies ratings that are published as informational outputs of its methodology.

The Underlying Index does not use the 1792 Exchange's overall "risk ratings" in determining the Underlying Index eligibility or constituent selection. Instead, the Underlying Index utilizes certain factual, binary indicators that relate to the following specific corporate activities identified by the organization:

• *DEI Quotas* – Whether the issuer incorporates hiring or human-resources quotas tied to Diversity, Equity, and Inclusion initiatives.

• *CEI Participation* – Whether the issuer participates in the Corporate Equality Index survey administered by the Human Rights Campaign.

• *Abortion Travel Benefits* – Whether the issuer provides employee benefits that cover travel or lodging in connection with abortion services.

• *Funding of Non-Business Causes* – Whether the issuer provides funding to organizations associated with transgender issues, racial-justice initiatives, censorship-related issues, or environmental-justice initiatives.

• *Cancellation* – Whether the issuer has terminated relationships with customers, suppliers, or vendors due to political or religious beliefs, or has engaged in boycotts, divestment, or sanctions involving particular regions, groups, or industries.

• *Transgender Coverage* – Whether the issuer provides employee benefits that include coverage for transgender-related medical care.

The Underlying Index excludes companies that violate five of the six activities described above. If the 1792 Exchange has not collected information on a specific criterion for a company, the methodology treats the company as having no disqualifying information on that specific criterion. The Underlying Index applies the 1792 Exchange's screening only if data exists for the specific criterion. Companies for which certain of the criterion are not covered by the 1792 Exchange are eligible for inclusion in the Underlying Index, and missing data is assumed not to disqualify inclusion in the Underlying Index.

New constituents must have a full market capitalization exceeding $300,000,000 (U.S. dollars) ($30,000,000,000 for companies included exclusively for their Refinitiv Business Classification), a free-float factor of at least 10%, an average daily trading volume of at least $1,000,000 (U.S. dollars) in the current quarter and in each of the two previous quarters, and at least 250,000 shares traded per month during the past six months. Existing constituents may remain with a market capitalization exceeding $150,000,000 (U.S. dollars) ($20,000,000,000 for companies included exclusively for their Refinitiv Business Classification), a free-float factor of at least 5%, and an average daily trading volume of at least $200,000 (U.S. dollars) in at least two of the last three quarters. The Underlying Index employs a modified free-float adjusted market capitalization weighting methodology. No single security may

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exceed 8% of the Underlying Index. Progressively lower caps are applied to subsequent constituents: 7% for the third-largest constituent, 6.5% for the fourth, 6% for the fifth, 5.5% for the sixth, 5% for the seventh, and 4.5% for all others. Excess weight resulting from these caps is redistributed proportionally among the uncapped constituents.

Companies classified by TRBC as utilities are capped at 3.5%. The combined weight of companies not classified into a Refinitiv business classification industry listed above and deriving less than 50% of revenues from qualifying energy activities is limited to 20%. Excess is redistributed proportionally among companies with higher exposure. The Underlying Index is reviewed and reconstituted semi-annually in June and December. It is also updated quarterly in March and September to reflect changes in shares outstanding and free-float factors. The Underlying Index is calculated and disseminated in real time during U.S. trading hours and is published as both a price return index and a total return net index.

*Implementation of the Fund's Investment Strategy*

Under normal circumstances, the Fund will invest at least 80% of its net assets (plus borrowings for investment purposes) in the component securities of the Underlying Index. The Underlying Index is designed to track the performance of U.S.-listed companies that play a significant role in advancing American energy security.

Although the Fund intends to replicate the Underlying Index as closely as possible, there may be circumstances in which full replication is not practicable or may result in inefficiencies, such as during periods of illiquidity or corporate actions. In such cases, the Adviser may use optimization techniques, sampling strategies, or temporary substitutes, while still maintaining substantial exposure to the Underlying Index as a whole. As a result, the Fund's performance may not perfectly track that of the Underlying Index. Tracking error may occur due to transaction costs, bid-ask spreads, corporate actions affecting Underlying Index securities, changes in the Fund's expenses, or operational factors such as cash flows into and out of the Fund. The Adviser seeks to minimize tracking error through diligent portfolio management practices.

The Fund is a passively managed investment vehicle and does not seek to outperform the Underlying Index or take defensive positions in declining markets. Instead, the Fund's strategy is to provide investment results that, before fees and expenses, closely correspond to the performance of the Underlying Index over time.

In addition to holding securities included in the Underlying Index, the Fund may invest its remaining assets in cash, cash equivalents, or other short-term instruments, such as U.S. Treasury bills, repurchase agreements, and money market instruments, in order to manage liquidity needs and meet redemption obligations.

The Fund is classified as non-diversified under the Investment Company Act of 1940, as amended (the "1940 Act"). There is no guarantee that the Fund's investment strategy will be properly implemented, and an investor may lose some or all of its investment.

**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.

**Equity Securities Risk.** Since it purchases equity securities, the Fund is subject to the risk that stock prices will fall over short or extended periods of time. Historically, the equity markets have moved in cycles, and the value of the Fund's equity securities may fluctuate from day to day. Individual companies may report poor results or be negatively affected by industry and/or economic trends and developments. The prices of securities issued by such companies may suffer a decline in response. These factors contribute to price volatility, which is a principal risk of investing in the Fund.

**Investment Risk.** As with all investments, an investment in the Fund is subject to loss, including the possible loss of the entire principal amount of an investment, over short or long periods of time.

**Market Risk.** The trading prices of securities and other instruments fluctuate in response to a variety of factors, such as economic, financial or political events that impact the entire market, market segments, or specific issuers. The Fund's NAV and market price may fluctuate significantly in response to these and other factors. As a result, an investor could lose money over short or long periods of time.

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**Sector Risk.** To the extent the Fund invests more heavily in particular sectors of the economy, its performance will be especially sensitive to developments that significantly affect those sectors.

• *Energy Sector Risk*. The Fund may be sensitive to, and its performance may depend to a greater extent on, the overall condition of the energy sector. Companies operating in the energy sector are subject to risks including, but not limited to, economic growth, worldwide demand, political instability in the regions that the companies operate, government regulation stipulating rates charged by utilities, interest rate sensitivity, oil price volatility, energy conservation, environmental policies, depletion of resources, and the cost of providing the specific utility services and other factors that they cannot control.

**Industry Focus Risk.** The Fund from time to time may be focused to a significant degree in securities of issuers located in a single industry or industry group. By focusing its investments in an industry or industry group, the Fund may face more risks than if it were diversified broadly over numerous industries or industry groups. Such industry-based risks may include, but are not limited to, the following: general economic conditions or cyclical market patterns that could negatively affect supply and demand in a particular industry; competition for resources; adverse labor relations; political or world events; obsolescence of technologies; and increased competition or new product introductions that may affect the profitability or viability of companies in an industry. In addition, at times, such industry or industry group may be out of favor and underperform other industries or the market as a whole.

• *Oil and Gas Companies Risk*. The profitability of oil and gas companies is related to worldwide energy prices, including all sources of energy, and exploration and production costs. The price of oil and gas, the earnings of oil and gas companies, and the value of such companies' securities can be extremely volatile. Such companies are also subject to risks of changes in commodity prices, changes in the global supply of and demand for oil and gas, interest rates, exchange rates, the price of oil and gas, the prices of competitive energy services, the imposition of import controls, world events, friction with certain oil-producing countries and between the governments of the United States and other major exporters of oil to the United States, actions of OPEC, negative perception and publicity, depletion of resources, development of alternative energy sources, energy conservation, technological developments, labor relations and general economic conditions, as well as market, economic and political risks of the countries where oil and gas companies are located or do business, fluctuations caused by events relating to international politics, including political instability, expropriation, social unrest and acts of war, acts of terrorism, energy conservation, the success of exploration projects and tax and other governmental regulatory policies. Oil and gas companies operate in a highly competitive and cyclical industry, with intense price competition. A significant portion of their revenues may depend on a relatively small number of customers, including governmental entities and utilities.

Oil and gas companies are exposed to significant and numerous operating hazards. Oil and gas equipment and services, as well as oil and gas exploration and production, can be significantly affected by natural disasters and adverse weather conditions in the regions in which they operate. The revenues of oil and gas companies may be negatively affected by contract termination and renegotiation. Oil and gas companies are subject to, and may be adversely affected by, extensive federal, state, local and foreign laws, rules and regulations. Oil and gas exploration and production companies may also be adversely affected by environmental damage claims and other types of litigation. Laws and regulations protecting the environment may expose oil and gas companies to liability for the conduct of or conditions caused by others or for acts that complied with all applicable laws at the time they were performed. The international operations of oil and gas companies expose them to risks associated with instability and changes in economic and political conditions, social unrest and acts of war, foreign currency fluctuations, changes in foreign regulations and other risks inherent to international business. Such companies may also have significant capital investments or operations in, or engage in transactions involving, emerging market countries, which may increase these risks.

• *Renewable Energy Companies Risk*. Renewable energy companies can be significantly affected by the following factors: obsolescence of existing technology, short product cycles, legislation resulting in more strict government regulations and enforcement policies, fluctuations in energy prices and supply and demand of alternative energy fuels, energy conservation, the success of exploration projects, the supply of and demand for oil and gas, world events and economic conditions. In addition, shares of renewable energy companies have been significantly more volatile than shares of companies operating in other more established industries and such securities may be subject to sharp price declines. The renewable energy industry is relatively nascent in comparison to more established and mature sectors, and should therefore be regarded as having greater investment risk.

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• *Utility Companies Risk*. Utilities companies include companies that produce or distribute gas, electricity or water. These companies are subject to the risk of the imposition of rate caps, increased competition due to deregulation, the difficulty in obtaining an adequate return on invested capital or in financing large construction projects, the limitations on operations and increased costs and delays attributable to environmental considerations and the capital markets' ability to absorb utility debt. In addition, taxes, government regulation, international politics, price and supply fluctuations, volatile interest rates and energy conservation may negatively affect utilities companies.

• *Alternative Energy Companies Risk*. The alternative energy and clean technology industries can be significantly affected by obsolescence of existing technology, short product cycles, falling prices and profits, competition from new market entrants, and general economic conditions. Further, these industries can be significantly affected by intense competition and legislation resulting in more strict government regulations and enforcement policies. They can also be significantly affected by fluctuations in energy prices and the change in alternative energy needs, energy conservation efforts, the success of exploration projects, tax incentives, subsidies and other government regulations, as well as world events and economic conditions.

• *Nuclear Energy Companies Risk.* Nuclear energy companies may face considerable risk as a result of incidents and accidents, breaches of security, ill-intentioned acts of terrorism, natural disasters (such as floods or earthquakes), equipment malfunctions or mishandling in storage, handling, transportation, treatment or conditioning of substances and nuclear materials. Such events could have serious consequences, especially in case of radioactive contamination and irradiation of the environment, for the general population, as well as a material, negative impact on the Fund's portfolio companies and thus the Fund's financial situation. In addition, nuclear energy companies are subject to competitive risk associated with the prices of other energy sources, such as natural gas and oil. Consumers of nuclear energy may have the ability to switch between nuclear energy and other energy sources and, as a result, during periods when competing energy sources are less expensive, the revenues of nuclear energy companies may decline with a corresponding impact on earnings.

**Cash Redemption Risk.** The Fund generally redeems shares for cash or otherwise includes 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 Fund redeemed shares in kind.

**Passive Strategy/Index Risk.** The Fund is not actively managed. Rather, the Fund attempts to track the performance of an unmanaged index of securities. This differs from an actively managed fund, which typically seeks to outperform a benchmark index. As a result, the Fund will hold constituent securities of the Underlying Index regardless of the current or projected performance of a specific security or a particular industry or market sector. Maintaining investments in securities regardless of market conditions or the performance of individual securities could cause the Fund's return to be lower than if the Fund employed an active strategy.

**Index Tracking Risk.** While the Fund is intended to track the performance of the Underlying Index as closely as possible (i.e., to achieve a high degree of correlation with the Underlying Index), the Fund's return may not match or achieve a high degree of correlation with the return of the Underlying Index due to expenses and transaction costs incurred in adjusting the Portfolio. In addition, it is possible that the Fund may not always fully replicate the performance of the Underlying Index due to the unavailability of certain Index Securities in the secondary market or due to other extraordinary circumstances (e.g., if trading in a security has been halted).

**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. 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

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succeed, especially because the Fund does not directly control the cyber security systems of issuers or third-party service providers.

**Concentration Risk.** To the extent the Underlying Index concentrates in an industry or group of Industries, the Fund will also be concentrated in such industry or group of industries. In this regard, the Fund may be susceptible to an increased risk of loss, including losses due to adverse events that affect the Fund's investments more than the market as a whole, to the extent that the Fund's investments are focused in the securities or other assets of one or more issuers, countries or other geographic units, markets, industries, project types, or asset classes.

**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>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 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.

**Non-Diversification Risk.** The Fund is considered to be non-diversified, which means that it may invest more of its assets in the securities of a single issuer or a smaller number of issuers than if it were a diversified fund. To the extent the Fund invests a significant percentage of its assets in a limited number of issuers, the Fund is subject to the risks of investing in those few issuers and may be more susceptible to a single adverse economic or regulatory occurrence. As a result, changes in the market value of a single security could cause greater fluctuations in the value of Fund shares than would occur in a diversified fund.

**New Fund Risk.** As of the date of this prospectus, the Fund has no operating history and currently has fewer assets than larger funds. Like other new funds, large inflows and outflows may impact the Fund's market exposure for limited periods of time. This impact may be positive or negative, depending on the direction of market movement during the period affected.

**New Adviser Risk.** The Adviser is a recently formed investment adviser and has not previously served as an adviser to an exchange-traded fund. Although the Adviser's principals, affiliates, and the Fund's portfolio managers have substantial experience managing pooled investment vehicles and implementing comparable investment processes, the Adviser is a new entity with limited operating history, which may create risks. For example, the Adviser has not yet been tested in its capacity to oversee the day-to-day operations of an ETF, including managing the unique regulatory, operational, trading, portfolio-construction, and compliance requirements applicable to exchange-traded products. As a newly established adviser, the Adviser may have limited resources, personnel, or operational infrastructure relative to more established firms, which could adversely affect its ability to implement the Fund's investment strategy, monitor counterparties and service

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providers, or respond effectively to market, operational, or regulatory challenges. There can be no assurance that the Adviser's systems, policies, procedures, or internal controls will operate as intended in the ETF context, or that the Adviser will successfully manage the Fund in all market conditions. The Fund may be negatively impacted if the Adviser is unable to scale its operations, retain key personnel, or develop and maintain the capabilities necessary to support the Fund's ongoing activities.

Performance History

The Fund is new and does not have a full calendar year of 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 (201) 985-8300.

Investment Adviser and Sub-Adviser

Yorkville America Equities, LLC (the "Adviser") is the investment adviser to the Fund.

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

Portfolio Manager

Matthew Tuttle, Chief Executive Officer of the Sub-Adviser, has served as the Fund's portfolio manager since its inception.

Information about "Purchase and Sale of Fund Shares," "Tax Information" and "Payments to Broker-Dealers and Other Financial Intermediaries" may be found on page 8 of this prospectus.

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**FUND SUMMARY: Truth Social American Red State REITs ETF**

Investment Objectives

The investment objective of the Truth Social American Red State REITs ETF (the "Fund") is to seek to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of the MarketVector<sup>TM</sup> – iREIT<sup>®</sup> Red State REITs Index.

Fees and Expenses of the Fund

This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. **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** (expenses that you pay each year as a percentage of the value of your investment) | **Annual Fund Operating Expenses** (expenses that you pay each year as a percentage of the value of your investment) |
| Management Fee<sup>1</sup> | 0.65% |
| Distribution (12b-1) and Service Fees | 0.00% |
| Other Expenses<sup>2</sup> | 0.00% |
| **Total Annual Fund Operating Expenses** | **0.65%** |

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<sup>1</sup> Under the Investment Advisory Agreement, Yorkville America Equities, 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.

<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** |
| Truth Social American Red State REITs ETF | $66 | $208 |

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Portfolio Turnover

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when 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.

Principal Investment Strategies

*Overview*

The Fund seeks to replicate, before fees and expenses, the performance of the MarketVector<sup>TM</sup> – iREIT<sup>®</sup> Red State REITs Index (the "Underling Index"). The Fund employs a full replication strategy. Under this approach, the Fund generally will hold all of the securities that comprise the Underlying Index, in substantially the same proportion as they are represented in the Underlying Index. This means that the Fund's portfolio is expected to consist of each Index constituent, and that the weight of each security in the Fund will approximate its Index weight. The Underlying Index employs a modified free-float (i.e., the amount of outstanding shares available for trading by the general public without restriction) adjusted market capitalization weighting methodology, which includes issuer-specific caps designed to limit exposure to individual constituents and promote diversification. The Fund will seek to replicate the Underlying Index's weighting methodology in constructing and maintaining its portfolio.

*Information About the MarketVector<sup>TM</sup> – iREIT<sup>®</sup> Red State REITs Index*

The MarketVector<sup>TM</sup> – iREIT<sup>®</sup> Red State REITs Index (the "Underlying Index") is designed to track the performance of real estate investment trusts ("REITs") that earn the majority of their revenues or income from U.S.

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states that voted for a Republican presidential candidate in two of the last three elections. To be eligible for inclusion in the Underlying Index, securities must be organized as REITs and have revenue or income attribution thresholds from state-level political outcomes.

To qualify for initial inclusion, a company must have at least 65% of its revenues or net operating income from, or 65% of its properties in, states that voted for or carried a Republican presidential candidate in two of the last three presidential elections (i.e., as determined or called by a state's electoral college, or a majority of the electoral college for states that split electoral votes). Existing constituents may remain in the Underlying Index with at least 50% of revenues or net operating income from, or properties in, states that voted for or carried a Republican presidential candidate in two of the last three presidential elections. Revenue attribution at the state level is determined by iREIT<sup>®</sup>, which serves as a data contributor to the Underlying Index. The Underlying Index excludes Mortgage REITs, Timber REITs and American Depositary Receipts.

The 1792 Exchange is a nonprofit organization that publishes information regarding corporate policies and practices that it characterizes as relating to "Corporate Bias Risk." Its analysis is based on six publicly disclosed criteria, including whether a company: (i) has denied service to customers, suppliers, or vendors based on political or religious beliefs or has engaged in corporate boycotts, divestment, or sanctions involving particular regions, groups, or industries; (ii) maintains charitable-giving policies, including employee-matching programs, that differentiate among organizations based on political or religious viewpoints; (iii) maintains employment policies that do not expressly protect against discrimination based on political affiliation, political viewpoints, or religion; (iv) uses its corporate reputation to support causes the organization identifies as ideological; (v) allocates corporate funds to support policies or initiatives characterized by the organization as ideological; or (vi) makes corporate political contributions for purposes the organization identifies as non-business related. Based on its evaluation across these criteria, the 1792 Exchange assigns companies ratings that are published as informational outputs of its methodology.

The Underlying Index does not use the 1792 Exchange's overall "risk ratings" in determining the Underlying Index eligibility or constituent selection. Instead, the Underlying Index utilizes certain factual, binary indicators that relate to the following specific corporate activities identified by the organization:

• *DEI Quotas* – Whether the issuer incorporates hiring or human-resources quotas tied to Diversity, Equity, and Inclusion initiatives.

• *CEI Participation* – Whether the issuer participates in the Corporate Equality Index survey administered by the Human Rights Campaign.

• *Abortion Travel Benefits* – Whether the issuer provides employee benefits that cover travel or lodging in connection with abortion services.

• *Funding of Non-Business Causes* – Whether the issuer provides funding to organizations associated with transgender issues, racial-justice initiatives, censorship-related issues, or environmental-justice initiatives.

• *Cancellation* – Whether the issuer has terminated relationships with customers, suppliers, or vendors due to political or religious beliefs, or has engaged in boycotts, divestment, or sanctions involving particular regions, groups, or industries.

• *Transgender Coverage* – Whether the issuer provides employee benefits that include coverage for transgender-related medical care.

The Underlying Index excludes companies that violate five of the six activities described above. If the 1792 Exchange has not collected information on a specific criterion for a company, the methodology treats the company as having no disqualifying information on that specific criterion. The Underlying Index applies the 1792 Exchange's screening only if data exists for the specific criterion. Companies for which certain of the criterion are not covered by the 1792 Exchange are eligible for inclusion in the Underlying Index, and missing data is assumed not to disqualify inclusion in the Underlying Index.

New constituents in the Underlying Index also must be listed on a U.S. exchange and be included in the USA universe of the MarketVector(TM) Total Global Equity Index, a broad global index tracking the performance of companies from approximately 150 markets or countries. At the time of inclusion, in addition to the state-specific criteria described above, new constituents also must generally meet the following minimum criteria: (i) market capitalization exceeding $150,000,000 (U.S. dollars); (ii) Free-float factor of at least 10%; (iii) Three-month average daily trading volume of at least $1,000,000 (U.S. dollars); and (iv) At least 250,000 shares traded per month over the prior six months.

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Existing constituents may remain in the Underlying Index with lower thresholds, including: (i) market capitalization exceeding $75,000,000 (U.S. dollars); (ii) Free-float factor of at least 5%; and (iii) Average daily trading volume of at least $200,000 (U.S. dollars) in at least two of the last three quarters. Initial public offerings, spin-offs, and post-merger special purpose acquisition companies ("SPACs") may be considered for inclusion once sufficient trading history and liquidity have been established.

The Underlying Index is sponsored by MarketVector Indexes GmbH. The Underlying Index is reviewed and reconstituted quarterly, typically in March, June, September, and December. At each review, constituents may be added or removed, and the weightings of existing constituents may be adjusted to reflect changes in free float, trading volume, and revenue attribution. The Underlying Index is calculated and disseminated in real time during U.S. trading hours and is published as both a price return index and a total return net index.

Upon an Underlying Index reconstitution, new and existing constituents also are selected to the Underlying Index based on the following: constituents are assigned a quality score provided by iREIT, a contributor for the Underlying Index. The quality score used considers factors such as dividend growth, funds from operations, net debt, interest coverage ratio and debt to asset ratios. All constituents with a quality score of at least 75 are selected for the Underlying Index and existing constituents with a quality score of at least 70 also are selected for the index. The Underlying Index will include a minimum of 25 constituents. If fewer than 25 components have been selected, then the Underlying Index will select from the remaining list of eligible companies those with the highest quality scores until a total of 25 have been selected.

The Underlying Index also employs a factor-based weighting methodology whereby components are weighted in proportion to dividend yield score. Dividend scores are based on standardized dividend yields, calculated as the dividend yield of each company minus the average dividend yield of all companies in the eligible universe, then divided by the standard deviation of the dividend yield of each company in the eligible universe.

*Implementation of the Fund's Investment Strategy*

Under normal circumstances, the Fund will invest at least 80% of its net assets (plus borrowings for investment purposes) in the component securities of the Underlying Index. The Underlying Index is designed to track the performance of Real Estate Investment Trusts ("REITs") that derive the majority of their revenues from states that voted for or carried a Republican presidential candidate (i.e., as determined or called by a state's electoral college, or a majority of the electoral college for states that split electoral votes).

Although the Fund intends to replicate the Underlying Index as closely as possible, there may be circumstances in which full replication is not practicable or may result in inefficiencies, such as during periods of illiquidity or corporate actions. In such cases, the Adviser may use optimization techniques, sampling strategies, or temporary substitutes, while still maintaining substantial exposure to the Underlying Index as a whole. As a result, the Fund's performance may not perfectly track that of the Underlying Index. Tracking error may occur due to transaction costs, bid-ask spreads, corporate actions affecting Underlying Index securities, changes in the Fund's expenses, or operational factors such as cash flows into and out of the Fund. The Adviser seeks to minimize tracking error through diligent portfolio management practices.

The Fund is a passively managed investment vehicle and does not seek to outperform the Underlying Index or take defensive positions in declining markets. Instead, the Fund's strategy is to provide investment results that, before fees and expenses, closely correspond to the performance of the Underlying Index over time.

In addition to holding securities included in the Underlying Index, the Fund may invest its remaining assets in cash, cash equivalents, or other short-term instruments, such as U.S. Treasury bills, repurchase agreements, and money market instruments, in order to manage liquidity needs and meet redemption obligations.

The Fund is classified as non-diversified under the Investment Company Act of 1940, as amended (the "1940 Act"). There is no guarantee that the Fund's investment strategy will be properly implemented, and an investor may lose some or all of its investment.

**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

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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.

**Equity Securities Risk.** Since it purchases equity securities, the Fund is subject to the risk that stock prices will fall over short or extended periods of time. Historically, the equity markets have moved in cycles, and the value of the Fund's equity securities may fluctuate from day to day. Individual companies may report poor results or be negatively affected by industry and/or economic trends and developments. The prices of securities issued by such companies may suffer a decline in response. These factors contribute to price volatility, which is a principal risk of investing in the Fund.

**Investment Risk.** As with all investments, an investment in the Fund is subject to loss, including the possible loss of the entire principal amount of an investment, over short or long periods of time.

**Market Risk.** The trading prices of securities and other instruments fluctuate in response to a variety of factors, such as economic, financial or political events that impact the entire market, market segments, or specific issuers. The Fund's NAV and market price may fluctuate significantly in response to these and other factors. As a result, an investor could lose money over short or long periods of time.

**Sector Risk.** To the extent the Fund invests more heavily in particular sectors of the economy, its performance will be especially sensitive to developments that significantly affect those sectors.

• *Real Estate Sector Risk.* The real estate sector contains companies operating in real estate development and operation, as well as companies related to the real estate sector, including REITs. Investments in securities of these companies are subject to risks such as: fluctuations in the value of the underlying properties; defaults by borrowers or tenants; market saturation; changes in general and local economic conditions; decreases in market rates for rents; changes in the availability, cost and terms of mortgage funds; increased competition, property taxes, capital expenditures, or operating expenses; and other economic, political or regulatory occurrences, including the impact of changes in environmental laws. The real estate sector is particularly sensitive to economic downturns and changes to interest rates.

**Industry Focus Risk**. The Fund from time to time may be focused to a significant degree in securities of issuers located in a single industry or industry group. By focusing its investments in an industry or industry group, the Fund may face more risks than if it were diversified broadly over numerous industries or industry groups. Such industry-based risks may include, but are not limited to, the following: general economic conditions or cyclical market patterns that could negatively affect supply and demand in a particular industry; competition for resources; adverse labor relations; political or world events; obsolescence of technologies; and increased competition or new product introductions that may affect the profitability or viability of companies in an industry. In addition, at times, such industry or industry group may be out of favor and underperform other industries or the market as a whole.

• *REITs Industry Risk.* The Fund invests primarily in Real Estate Investment Trusts ("REITs"). REITs are subject to the risks of the real estate market in general, including declines in property values, fluctuations in rental income, changes in interest rates, increased competition, and the costs and potential liabilities associated with owning, operating, and financing properties. The value of REIT securities may also be affected by changes in tax and regulatory requirements, including those applicable to the favorable tax treatment that REITs receive under the Internal Revenue Code. REITs may be affected by their failure to qualify for such treatment, or by changes in laws or regulations affecting their operations. In addition, REITs are often dependent on the management skill of their operators, may not be diversified, and are subject to heavy cash flow dependency. Equity REITs may be more sensitive to changes in the value of underlying properties, while mortgage REITs may be more sensitive to interest rate and credit risks. As a result, the Fund may be more volatile than funds with broader diversification across industries.

**Cash Redemption Risk.** The Fund generally redeems shares for cash or otherwise includes 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 Fund redeemed shares in kind.

**Passive Strategy/Index Risk.** The Fund is not actively managed. Rather, the Fund attempts to track the performance of an unmanaged index of securities. This differs from an actively managed fund, which typically seeks to outperform a benchmark index. As a result, the Fund will hold constituent securities of the Underlying Index regardless of the current or projected performance of a specific security or a particular industry or market

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sector. Maintaining investments in securities regardless of market conditions or the performance of individual securities could cause the Fund's return to be lower than if the Fund employed an active strategy.

**Index Tracking Risk.** While the Fund is intended to track the performance of the Underlying Index as closely as possible (i.e., to achieve a high degree of correlation with the Underlying Index), the Fund's return may not match or achieve a high degree of correlation with the return of the Underlying Index due to expenses and transaction costs incurred in adjusting the Portfolio. In addition, it is possible that the Fund may not always fully replicate the performance of the Underlying Index due to the unavailability of certain Index Securities in the secondary market or due to other extraordinary circumstances (e.g., if trading in a security has been halted).

**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. 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.

**Concentration Risk.** To the extent the Underlying Index concentrates in an industry or group of Industries, the Fund will also be concentrated in such industry or group of industries. In this regard, the Fund may be susceptible to an increased risk of loss, including losses due to adverse events that affect the Fund's investments more than the market as a whole, to the extent that the Fund's investments are focused in the securities or other assets of one or more issuers, countries or other geographic units, markets, industries, project types, or asset classes.

**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>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 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.

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**Non-Diversification Risk.** The Fund is considered to be non-diversified, which means that it may invest more of its assets in the securities of a single issuer or a smaller number of issuers than if it were a diversified fund. To the extent the Fund invests a significant percentage of its assets in a limited number of issuers, the Fund is subject to the risks of investing in those few issuers and may be more susceptible to a single adverse economic or regulatory occurrence. As a result, changes in the market value of a single security could cause greater fluctuations in the value of Fund shares than would occur in a diversified fund.

**New Fund Risk.** As of the date of this prospectus, the Fund has no operating history and currently has fewer assets than larger funds. Like other new funds, large inflows and outflows may impact the Fund's market exposure for limited periods of time. This impact may be positive or negative, depending on the direction of market movement during the period affected.

**New Adviser Risk.** The Adviser is a recently formed investment adviser and has not previously served as an adviser to an exchange-traded fund. Although the Adviser's principals, affiliates, and the Fund's portfolio managers have substantial experience managing pooled investment vehicles and implementing comparable investment processes, the Adviser is a new entity with limited operating history, which may create risks. For example, the Adviser has not yet been tested in its capacity to oversee the day-to-day operations of an ETF, including managing the unique regulatory, operational, trading, portfolio-construction, and compliance requirements applicable to exchange-traded products. As a newly established adviser, the Adviser may have limited resources, personnel, or operational infrastructure relative to more established firms, which could adversely affect its ability to implement the Fund's investment strategy, monitor counterparties and service providers, or respond effectively to market, operational, or regulatory challenges. There can be no assurance that the Adviser's systems, policies, procedures, or internal controls will operate as intended in the ETF context, or that the Adviser will successfully manage the Fund in all market conditions. The Fund may be negatively impacted if the Adviser is unable to scale its operations, retain key personnel, or develop and maintain the capabilities necessary to support the Fund's ongoing activities.

Performance History

The Fund is new and does not have a full calendar year of 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 (201) 985-8300.

Investment Adviser and Sub-Adviser

Yorkville America Equities, LLC (the "Adviser") is the investment adviser to the Fund.

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

Portfolio Manager

Matthew Tuttle, Chief Executive Officer of the Sub-Adviser, has served as the Fund's portfolio manager since its inception.

Information about "Purchase and Sale of Fund Shares," "Tax Information" and "Payments to Broker-Dealers and Other Financial Intermediaries" may be found on page 8 of this prospectus.

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**ADDITIONAL INFORMATION ABOUT THE FUNDS' INVESTMENTS**

Investment Objective

The investment objective of the Truth Social American Security & Defense ETF (the "Fund") is to seek to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of the Truth Social<sup>TM</sup> – Yorkville American Security & Defense Index.

The investment objective of the Truth Social American Next Frontiers ETF (the "Fund") is to seek to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of the Truth Social<sup>TM</sup> – Yorkville American Next Frontiers Index.

The investment objective of the Truth Social American Icons ETF (the "Fund") is to seek to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of the Truth Social<sup>TM</sup> – Yorkville American Icons Index.

The investment objective of the Truth Social American Energy Security ETF (the "Fund") is to seek to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of the Truth Social<sup>TM</sup> – Yorkville American Energy Security Index.

The investment objective of the Truth Social American Red State REITs ETF (the "Fund") is to seek to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of the MarketVector<sup>TM</sup> iREIT<sup>®</sup> Red State REITs Index.

The Funds' investment objectives may be changed by the Board of Trustees (the "Board") of Truth Social Funds (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.

**<u>PRINCIPAL INVESTMENT STRATEGIES</u>**

Truth Social American Security & Defense ETF

The Fund seeks to replicate, before fees and expenses, the performance of the Truth Social<sup>TM</sup> – Yorkville American Security & Defense Index (the "Underling Index"). The Fund employs a full replication strategy. Under this approach, the Fund generally will hold all of the securities that comprise the Underlying Index, in substantially the same proportion as they are represented in the Underlying Index. This means that the Fund's portfolio is expected to consist of each Index constituent, and that the weight of each security in the Fund will approximate its Index weight. The Underlying Index employs a modified free-float adjusted market capitalization weighting methodology, which includes issuer-specific caps designed to limit exposure to individual constituents and promote diversification. The Fund will seek to replicate the Underlying Index's weighting methodology in constructing and maintaining its portfolio.

Under normal circumstances, the Fund will invest at least 80% of its net assets (plus borrowings for investment purposes) in the component securities of the Underling Index. The Underlying Index is designed to track the performance of U.S.-listed companies that derive a significant portion of their revenues from activities supporting U.S. national security and defense industries.

Truth Social American Next Frontiers ETF

The Fund seeks to replicate, before fees and expenses, the performance of the Truth Social<sup>TM</sup> – Yorkville American Next Frontiers Index (the "Underling Index"). The Fund employs a full replication strategy. Under this approach, the Fund generally will hold all of the securities that comprise the Underlying Index, in substantially the same proportion as they are represented in the Underlying Index. This means that the Fund's portfolio is expected to consist of each Index constituent, and that the weight of each security in the Fund will approximate its Index weight. The Underlying Index employs a modified free-float adjusted market capitalization weighting methodology, which includes issuer-specific caps designed to limit exposure to individual constituents and promote diversification. The Fund will seek to replicate the Underlying Index's weighting methodology in constructing and maintaining its portfolio.

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Under normal circumstances, the Fund will invest at least 80% of its net assets (plus borrowings for investment purposes) in the component securities of the Underlying Index. The Underlying Index is designed to track the performance of U.S.-listed companies that are at the forefront of innovation across a range of next-generation industries.

Truth Social American Icons ETF

The Fund seeks to replicate, before fees and expenses, the performance of the Truth Social<sup>TM</sup> – Yorkville American Icons Index (the "Underling Index"). The Fund employs a full replication strategy. Under this approach, the Fund generally will hold all of the securities that comprise the Underlying Index, in substantially the same proportion as they are represented in the Underlying Index. This means that the Fund's portfolio is expected to consist of each Index constituent, and that the weight of each security in the Fund will approximate its Index weight. The Underlying Index employs a modified free-float adjusted market capitalization weighting methodology, which includes issuer-specific caps designed to limit exposure to individual constituents and promote diversification. The Fund will seek to replicate the Underlying Index's weighting methodology in constructing and maintaining its portfolio.

Under normal circumstances, the Fund will invest at least 80% of its net assets (plus borrowings for investment purposes) in the component securities of the Underlying Index. The Underlying Index is designed to track the performance of leading U.S.-listed companies that define the American economic landscape and lifestyle.

Truth Social American Energy Security ETF

The Fund seeks to replicate, before fees and expenses, the performance of the Truth Social<sup>TM</sup> – Yorkville American Energy Security Index (the "Underling Index"). The Fund employs a full replication strategy. Under this approach, the Fund generally will hold all of the securities that comprise the Underlying Index, in substantially the same proportion as they are represented in the Underlying Index. This means that the Fund's portfolio is expected to consist of each Index constituent, and that the weight of each security in the Fund will approximate its Index weight. The Underlying Index employs a modified free-float adjusted market capitalization weighting methodology, which includes issuer-specific caps designed to limit exposure to individual constituents and promote diversification. The Fund will seek to replicate the Underlying Index's weighting methodology in constructing and maintaining its portfolio.

Under normal circumstances, the Fund will invest at least 80% of its net assets (plus borrowings for investment purposes) in the component securities of the Underlying Index. The Underlying Index is designed to track the performance of U.S.-listed companies that play a significant role in advancing American energy security.

Truth Social American Red State REITs ETF

The Fund seeks to replicate, before fees and expenses, the performance of the MarketVector<sup>TM</sup> – iREIT<sup>®</sup> Red State REITs Index (the "Underling Index"). The Fund employs a full replication strategy. Under this approach, the Fund generally will hold all of the securities that comprise the Underlying Index, in substantially the same proportion as they are represented in the Underlying Index. This means that the Fund's portfolio is expected to consist of each Index constituent, and that the weight of each security in the Fund will approximate its Index weight. The Fund will seek to replicate the Underlying Index's weighting methodology in constructing and maintaining its portfolio.

Under normal circumstances, the Fund will invest at least 80% of its net assets (plus borrowings for investment purposes) in the component securities of the Underlying Index. The Underlying Index is designed to track the performance of Real Estate Investment Trusts ("REITs") that derive the majority of their revenues from states that voted for a Republican presidential candidate.

All Funds

Although the Funds intend to replicate the Underlying Indexes as closely as possible, there may be circumstances in which full replication is not practicable or may result in inefficiencies, such as during periods of illiquidity or corporate actions. In these cases, the Adviser may use optimization techniques, sampling strategies, or temporary substitutes, while still maintaining substantial exposure to the Underlying Indexes as a whole. As a result, the performance of the Funds may not perfectly track that of the Underlying Indexes. Tracking error may occur due to transaction costs, bid-ask spreads, corporate actions affecting securities in the Underlying Indexes, changes in Fund expenses, or operational factors such as cash flows into and out of the Funds. The Adviser seeks to minimize tracking error through diligent portfolio management practices.

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The Funds are passively managed investment vehicles and do not seek to outperform the Underlying Indexes or take defensive positions in declining markets. Instead, the strategies of the Funds are to provide investment results that, before fees and expenses, closely correspond to the performance of the Underlying Indexes over time. The Funds intend to make weekly distribution payments to shareholders.

In addition to holding securities included in the Underlying Indexes, the Funds may invest their remaining assets in cash, cash equivalents, or other short-term instruments, such as U.S. Treasury bills, repurchase agreements, and money market instruments, in order to manage liquidity needs and meet redemption obligations.

The Funds are classified as non-diversified under the Investment Company Act of 1940, as amended (the "1940 Act"). There is no guarantee that the investment strategies of the Funds will be properly implemented, and an investor may lose some or all of its investment.

**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.

**Equity Securities Risk.** Since it purchases equity securities, a Fund is subject to the risk that stock prices will fall over short or extended periods of time. Historically, the equity markets have moved in cycles, and the value of a Fund's equity securities may fluctuate from day to day. Individual companies may report poor results or be negatively affected by industry and/or economic trends and developments. The prices of securities issued by such companies may suffer a decline in response. These factors contribute to price volatility, which is a principal risk of investing in a Fund.

**Investment Risk.** As with all investments, an investment in each Fund is subject to loss, including the possible loss of the entire principal amount of an investment, over short or long periods of time.

**Market Risk.** The trading prices of securities and other instruments fluctuate in response to a variety of factors, such as economic, financial or political events that impact the entire market, market segments, or specific issuers. Each Fund's NAV and market price may fluctuate significantly in response to these and other factors. As a result, an investor could lose money over short or long periods of time.

**Sector Risk.** To the extent a Fund invests more heavily in particular sectors of the economy, its performance will be especially sensitive to developments that significantly affect those sectors.

• *Consumer Discretionary Sector Risk (Truth Social American Icons ETF only).* Because companies in the consumer discretionary sector manufacture products and provide discretionary services directly to the consumer, the success of these companies is tied closely to the performance of the overall domestic and international economy, including the functioning of the global supply chain, interest rates, competition and consumer confidence. Success depends heavily on disposable household income and consumer spending, and may be strongly affected by social trends and marketing campaigns. Also, companies in the consumer discretionary sector may be subject to severe competition, which may have an adverse impact on a company's profitability. Changes in demographics and consumer tastes also can affect the demand for, and success of, consumer discretionary products in the marketplace.

• *Energy Sector Risk (Truth Social American Energy Security ETF only)*. The Fund may be sensitive to, and its performance may depend to a greater extent on, the overall condition of the energy sector. Companies operating in the energy sector are subject to risks including, but not limited to, economic growth, worldwide demand, political instability in the regions that the companies operate, government regulation stipulating rates charged by utilities, interest rate sensitivity, oil price volatility, energy conservation, environmental policies, depletion of resources, and the cost of providing the specific utility services and other factors that they cannot control.

• *Information Technology Sector Risk. (Truth Social American Security & Defense ETF only)* 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,

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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, companies in the information technology sector may face dramatic and often unpredictable changes in growth rates and competition for the services of qualified personnel.

• *Real Estate Sector Risk. (Truth Social American Red States REITs ETF only).* The real estate sector contains companies operating in real estate development and operation, as well as companies related to the real estate sector, including REITs. Investments in securities of these companies are subject to risks such as: fluctuations in the value of the underlying properties; defaults by borrowers or tenants; market saturation; changes in general and local economic conditions; decreases in market rates for rents; changes in the availability, cost and terms of mortgage funds; increased competition, property taxes, capital expenditures, or operating expenses; and other economic, political or regulatory occurrences, including the impact of changes in environmental laws. The real estate sector is particularly sensitive to economic downturns and changes to interest rates.

• *Security Intelligence Sector Risk. (Truth Social American Next Frontiers ETF only)* Companies that develop and provide security intelligence products and services, including security software, surveillance technologies, biometric identification systems, and related security solutions, are subject to unique risks. These companies face rapid technological change, evolving regulatory frameworks, and heightened public and governmental scrutiny regarding data privacy and civil liberties. Demand for their products may be influenced by government policies, national security concerns, or responses to specific events, which can be unpredictable. In addition, such companies may be vulnerable to reputational risks if their products are associated with misuse, surveillance controversies, or security failures. These factors could adversely affect the business operations and profitability of companies in the Index and, in turn, the Fund's performance.

**Industry Focus Risk.** A Fund from time to time may be focused to a significant degree in securities of issuers located in a single industry or industry group. By focusing its investments in an industry or industry group, a Fund may face more risks than if it were diversified broadly over numerous industries or industry groups. Such industry-based risks may include, but are not limited to, the following: general economic conditions or cyclical market patterns that could negatively affect supply and demand in a particular industry; competition for resources; adverse labor relations; political or world events; obsolescence of technologies; and increased competition or new product introductions that may affect the profitability or viability of companies in an industry. In addition, at times, such industry or industry group may be out of favor and underperform other industries or the market as a whole.

• *Aerospace and Defense Industry Risk. (Truth Social American Security & Defense ETF only)* Companies in the aerospace and defense industry may be significantly affected by government spending priorities, procurement policies, and the availability of defense contracts. Their revenues are often heavily dependent on a limited number of customers, primarily the U.S. government and its agencies. Reductions in defense budgets, cancellations or delays of government projects, or changes in defense policy could negatively impact such companies. In addition, these companies may be affected by cost overruns, product liability claims, supply chain disruptions, and intense global competition. Geopolitical developments, including military conflicts, terrorism, and shifts in international relations, can also create volatility in the industry. Environmental and safety regulations, export restrictions, and reputational risks associated with the use of defense products may further adversely affect the operations and profitability of aerospace and defense companies.

• *Alternative Energy Companies Risk (Truth Social American Energy Security ETF only)*. The alternative energy and clean technology industries can be significantly affected by obsolescence of existing technology, short product cycles, falling prices and profits, competition from new market entrants, and general economic conditions. Further, these industries can be significantly affected by intense competition and legislation resulting in more strict government regulations and enforcement policies. They can also be significantly affected by fluctuations in energy prices and the change in alternative

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energy needs, energy conservation efforts, the success of exploration projects, tax incentives, subsidies and other government regulations, as well as world events and economic conditions.

• *Apparel and Consumer Goods Industry Risk (Truth Social American Icons ETF only).* Companies in the apparel and consumer goods industry depend heavily on brand reputation, product innovation, and the ability to anticipate consumer fashion and lifestyle trends. These companies face risks from intense global competition, rapid shifts in consumer demand, counterfeit products, and reliance on third-party manufacturing and distribution partners. They are also exposed to foreign currency fluctuations, trade restrictions, and supply chain disruptions that can adversely affect operations.

• *Automotive Industry Risk (Truth Social American Icons ETF only).* Companies in the automotive industry face cyclical demand that is affected by consumer confidence, interest rates, and fuel prices. The industry also requires large ongoing investments in new technologies such as electrification and autonomous driving. Participants are subject to risks related to raw material and supply shortages, product recalls, stringent environmental and safety regulations, and global geopolitical conditions that can disrupt production and sales.

• *Digital Asset Sector Risk (Truth Social American Next Frontiers ETF only).* The trading prices of many digital assets, including cryptocurrencies, have experienced extreme volatility in recent periods and may continue to do so. Such volatility could materially and adversely affect the value of the Fund's investments, and the Fund's shares could lose all or substantially all of their value.

Digital assets, including cryptocurrencies, represent a new and rapidly evolving sector, and their long-term viability remains uncertain. These assets are typically bearer instruments; as such, the loss, theft, destruction, or compromise of the associated private keys required to access or transfer digital assets could result in the permanent loss of those assets. The development and adoption of blockchain and other distributed ledger technologies are still in early stages, and there is no assurance that widespread adoption will occur.

The value of digital assets is determined by supply and demand dynamics in largely unregulated global markets, which primarily consist of electronic trading and digital asset platforms. These platforms often lack the robust regulatory oversight that governs traditional securities exchanges, increasing the risks of fraud, manipulation, market disruptions, and operational failures. In addition, trading venues may face cybersecurity threats, data breaches, and other systemic vulnerabilities that could negatively impact market confidence or asset valuations.

Cryptocurrencies, which are a subset of digital assets, are often described as alternative forms of money but are not widely accepted as a medium of exchange, are not issued or backed by any government or central authority, and do not constitute legal tender. The regulatory landscape for digital assets is rapidly evolving in the United States and globally. Changes in laws, regulations, or governmental policies may significantly affect the development and use of digital assets, including the potential for restrictions, increased compliance costs, or outright bans.

In addition, governance challenges within digital asset networks may impair their ability to scale or adapt. If key updates or protocol changes do not receive sufficient support from users or validators, it may negatively impact the continued operation, security, or adoption of the digital asset.

• *Food and Beverage Industry Risk (Truth Social American Icons ETF only).* Companies in the food and beverage industry are exposed to volatility in the prices of agricultural commodities, packaging, transportation, and labor. Consumer preferences are changing rapidly, including growing demand for healthier products and reduced sugar content, while governments increasingly impose regulations such as sugar taxes and marketing restrictions. Companies must also manage risks related to water scarcity and environmental sustainability, which can affect production and brand reputation.

• *Model, Data and Machine Learning Investing Risk. (Truth Social American Next Frontiers ETF only)* The Adviser relies heavily on data and models which uses machine-learning/artificial Intelligence ("AI") technology and quantitative techniques to develop asset and stock weightings and trend analysis. AI technology is generally highly reliant on the collection and analysis of large amounts of data, and it is not possible or practicable to incorporate all relevant data into the model that such AI utilizes to operate. Certain data in such models will inevitably contain a degree of inaccuracy and error – potentially materially so – and could otherwise be inadequate or flawed, which would be likely to degrade the effectiveness of the AI technology and the Adviser's ability use it in its investment decision-making

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process. If the models and data relied on by the Adviser include data that is stale, missing or unavailable, investment decisions made on such data could be flawed and not produce the intended result thereby exposing the Fund to a risk of loss.

• *Nuclear Energy Companies Risk (Truth Social American Next Frontiers ETF and Truth Social American Energy Security ETF only).* Nuclear energy companies may face considerable risk as a result of incidents and accidents, breaches of security, ill-intentioned acts of terrorism, natural disasters (such as floods or earthquakes), equipment malfunctions or mishandling in storage, handling, transportation, treatment or conditioning of substances and nuclear materials. Such events could have serious consequences, especially in case of radioactive contamination and irradiation of the environment, for the general population, as well as a material, negative impact on the Fund's portfolio companies and thus the Fund's financial situation. In addition, nuclear energy companies are subject to competitive risk associated with the prices of other energy sources, such as natural gas and oil. Consumers of nuclear energy may have the ability to switch between nuclear energy and other energy sources and, as a result, during periods when competing energy sources are less expensive, the revenues of nuclear energy companies may decline with a corresponding impact on earnings.

• *Oil and Gas Companies Risk (Truth Social American Energy Security ETF only)*. The profitability of oil and gas companies is related to worldwide energy prices, including all sources of energy, and exploration and production costs. The price of oil and gas, the earnings of oil and gas companies, and the value of such companies' securities can be extremely volatile. Such companies are also subject to risks of changes in commodity prices, changes in the global supply of and demand for oil and gas, interest rates, exchange rates, the price of oil and gas, the prices of competitive energy services, the imposition of import controls, world events, friction with certain oil-producing countries and between the governments of the United States and other major exporters of oil to the United States, actions of OPEC, negative perception and publicity, depletion of resources, development of alternative energy sources, energy conservation, technological developments, labor relations and general economic conditions, as well as market, economic and political risks of the countries where oil and gas companies are located or do business, fluctuations caused by events relating to international politics, including political instability, expropriation, social unrest and acts of war, acts of terrorism, energy conservation, the success of exploration projects and tax and other governmental regulatory policies. Oil and gas companies operate in a highly competitive and cyclical industry, with intense price competition. A significant portion of their revenues may depend on a relatively small number of customers, including governmental entities and utilities.

Oil and gas companies are exposed to significant and numerous operating hazards. Oil and gas equipment and services, as well as oil and gas exploration and production, can be significantly affected by natural disasters and adverse weather conditions in the regions in which they operate. The revenues of oil and gas companies may be negatively affected by contract termination and renegotiation. Oil and gas companies are subject to, and may be adversely affected by, extensive federal, state, local and foreign laws, rules and regulations. Oil and gas exploration and production companies may also be adversely affected by environmental damage claims and other types of litigation. Laws and regulations protecting the environment may expose oil and gas companies to liability for the conduct of or conditions caused by others or for acts that complied with all applicable laws at the time they were performed. The international operations of oil and gas companies expose them to risks associated with instability and changes in economic and political conditions, social unrest and acts of war, foreign currency fluctuations, changes in foreign regulations and other risks inherent to international business. Such companies may also have significant capital investments or operations in, or engage in transactions involving, emerging market countries, which may increase these risks.

• *REITs Industry Risk (Truth Social American Red State REITs ETF only).* The Fund invests primarily in Real Estate Investment Trusts ("REITs"). REITs are subject to the risks of the real estate market in general, including declines in property values, fluctuations in rental income, changes in interest rates, increased competition, and the costs and potential liabilities associated with owning, operating, and financing properties. The value of REIT securities may also be affected by changes in tax and regulatory requirements, including those applicable to the favorable tax treatment that REITs receive under the Internal Revenue Code. REITs may be affected by their failure to qualify for such treatment, or by changes in laws or regulations affecting their operations. In addition, REITs are often dependent on the management skill of their operators, may not be diversified, and are subject to heavy cash flow

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dependency. Equity REITs may be more sensitive to changes in the value of underlying properties, while mortgage REITs may be more sensitive to interest rate and credit risks. As a result, the Fund may be more volatile than funds with broader diversification across industries.

• *Renewable Energy Companies Risk (Truth Social American Energy Security ETF only)*. Renewable energy companies can be significantly affected by the following factors: obsolescence of existing technology, short product cycles, legislation resulting in more strict government regulations and enforcement policies, fluctuations in energy prices and supply and demand of alternative energy fuels, energy conservation, the success of exploration projects, the supply of and demand for oil and gas, world events and economic conditions. In addition, shares of renewable energy companies have been significantly more volatile than shares of companies operating in other more established industries and such securities may be subject to sharp price declines. The renewable energy industry is relatively nascent in comparison to more established and mature sectors, and should therefore be regarded as having greater investment risk.

• *Retail Industry Risk (Truth Social American Icons ETF only).* Companies in the retail industry are highly sensitive to changes in consumer spending patterns, competitive pricing pressure, supply chain and inventory management challenges, labor availability and costs, and risks related to online fulfillment and digital platforms. Adverse macroeconomic conditions, inflationary pressures, or disruptions in supply and logistics can significantly impact retail sales and profitability.

• *Semiconductor Company Risk (Truth Social American Next Frontiers ETF only).* Competitive pressures may have a significant effect on the financial condition of semiconductor companies and, as product cycles shorten and manufacturing capacity increases, these companies may become increasingly subject to aggressive pricing, which hampers profitability. Reduced demand for end-user products, under-utilization of manufacturing capacity, and other factors could adversely impact the operating results of companies in the semiconductor sector. Semiconductor companies typically face high capital costs and may be heavily dependent on intellectual property rights. The semiconductor sector is highly cyclical, which may cause the operating results of many semiconductor companies to vary significantly. The stock prices of companies in the semiconductor sector have been and likely will continue to be extremely volatile.

Many computer software companies rely on a combination of patents, copyrights, trademarks and trade secret laws to establish and protect their proprietary rights in their products and technologies. There can be no assurance that the steps taken by computer software companies to protect their proprietary rights will be adequate to prevent misappropriation of their technology or that competitors will not independently develop technologies that are substantially equivalent or superior to such companies' technology.

*Utility Companies Risk (Truth Social American Energy Security ETF only)*. Utilities companies include companies that produce or distribute gas, electricity or water. These companies are subject to the risk of the imposition of rate caps, increased competition due to deregulation, the difficulty in obtaining an adequate return on invested capital or in financing large construction projects, the limitations on operations and increased costs and delays attributable to environmental considerations and the capital markets' ability to absorb utility debt. In addition, taxes, government regulation, international politics, price and supply fluctuations, volatile interest rates and energy conservation may negatively affect utilities companies.

**Cash Redemption Risk.** Each Fund can redeem shares in-kind and/or in cash. To the extent that any part of a redemption is in cash or otherwise includes 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 Fund redeemed shares in kind.

**Passive Strategy/Index Risk.** Each Fund is not actively managed. Rather, the Funds attempts to track the performance of an unmanaged index of securities. This differs from an actively managed fund, which typically seeks to outperform a benchmark index. As a result, each Fund will hold constituent securities of the Underlying Index regardless of the current or projected performance of a specific security or a particular industry or market sector. Maintaining investments in securities regardless of market conditions or the performance of individual securities could cause each Fund's return to be lower than if the Funds employed an active strategy.

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**Index Tracking Risk.** While each Fund is intended to track the performance of the Underlying Index as closely as possible (i.e., to achieve a high degree of correlation with the Underlying Index), a Fund's return may not match or achieve a high degree of correlation with the return of the Underlying Index due to expenses and transaction costs incurred in adjusting the Portfolio. In addition, it is possible that a Fund may not always fully replicate the performance of the Underlying Index due to the unavailability of certain Index Securities in the secondary market or due to other extraordinary circumstances (e.g., if trading in a security has been halted).

**Cyber Security Risk.** A 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. 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.

**Concentration Risk.** To the extent the Underlying Index concentrates in an industry or group of Industries, the Fund will also be concentrated in such industry or group of industries. In this regard, the Fund may be susceptible to an increased risk of loss, including losses due to adverse events that affect the Fund's investments more than the market as a whole, to the extent that the Fund's investments are focused in the securities or other assets of one or more issuers, countries or other geographic units, markets, industries, project types, or asset classes.

**Robotics & Artificial Intelligence Companies Risk (Truth Social American Next Frontiers ETF only).** Robotics & Artificial Intelligence companies may have limited product lines, markets, financial resources or personnel. These companies typically face intense competition and potentially rapid product obsolescence. These companies are also heavily dependent on intellectual property rights and may be adversely affected by loss or impairment of those rights. There can be no assurance these companies will be able to successfully protect their intellectual property to prevent the misappropriation of their technology, or that competitors will not develop technology that is substantially similar or superior to such companies' technology. Robotics & Artificial Intelligence companies typically engage in significant amounts of spending on research and development, and there is no guarantee that the products or services produced by these companies will be successful. Robotics & Artificial Intelligence companies are potential targets for cyberattacks, which can have a materially adverse impact on the performance of these companies. Robotics & Artificial Intelligence companies, especially smaller companies, tend to be more volatile than companies that do not rely heavily on technology. In addition, robotics and artificial intelligence technology could face increasing regulatory scrutiny in the future, which may limit the development of this technology and impede the growth of companies that develop and/or utilize this technology. Similarly, the collection of data from consumers and other sources could face increased scrutiny as regulators consider how the data is collected, stored, safeguarded and used. Robotics & Artificial Intelligence companies face increased risk from trade agreements between countries that develop these technologies and countries in which customers of these technologies are based. Lack of resolution or potential imposition of trade tariffs may hinder the companies' ability to successfully deploy their inventories. The customers and/or suppliers of Robotics & Artificial Intelligence companies may focus in a particular country, region or industry. Any adverse event affecting one of these countries, regions or industries could have a negative impact on Robotics & Artificial Intelligence companies.

**ETF Structure Risk.** Each 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

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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>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 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.

**New Fund Risk.** As of the date of this prospectus, each Fund has no operating history and currently has fewer assets than larger funds. Like other new funds, large inflows and outflows may impact the Fund's market exposure for limited periods of time. This impact may be positive or negative, depending on the direction of market movement during the period affected.

**New Adviser Risk**. The Adviser is a recently formed investment adviser and has not previously served as an adviser to an exchange-traded fund. Although the Adviser's principals, affiliates, and the Fund's portfolio managers have substantial experience managing pooled investment vehicles and implementing comparable investment processes, the Adviser is a new entity with limited operating history, which may create risks. For example, the Adviser has not yet been tested in its capacity to oversee the day-to-day operations of an ETF, including managing the unique regulatory, operational, trading, portfolio-construction, and compliance requirements applicable to exchange-traded products. As a newly established adviser, the Adviser may have limited resources, personnel, or operational infrastructure relative to more established firms, which could adversely affect its ability to implement the Fund's investment strategy, monitor counterparties and service providers, or respond effectively to market, operational, or regulatory challenges. There can be no assurance that the Adviser's systems, policies, procedures, or internal controls will operate as intended in the ETF context, or that the Adviser will successfully manage the Fund in all market conditions. The Fund may be negatively impacted if the Adviser is unable to scale its operations, retain key personnel, or develop and maintain the capabilities necessary to support the Fund's ongoing activities.

**Non-Diversification Risk.** Each Fund is considered to be non-diversified, which means that it may invest more of its assets in the securities of a single issuer or a smaller number of issuers than if it were a diversified fund. To the extent the Fund invests a significant percentage of its assets in a limited number of issuers, the Fund is subject to the risks of investing in those few issuers and may be more susceptible to a single adverse economic or regulatory occurrence. As a result, changes in the market value of a single security could cause greater fluctuations in the value of Fund shares than would occur in a diversified fund.

***Affiliates of the Adviser have existing business relationships with Trump Media & Technology Group Corp.***

Yorkville, a direct parent company of the Adviser, is a party to several commercial agreements with Trump Media & Technology Group Corp. ("TMTG"), the licensor of certain of its intellectual property to the Trust. Yorkville also may engage in additional future agreements or transactions with TMTG. These relationships could give rise to conflicts of interest that may negatively affect the Trust, the Funds and the Shareholders. Additionally, the withdrawal in the future by TMTG of its license to the Trust of certain of TMTG's intellectual property could also make the shares of the Funds less attractive to potential investors in the Funds, adversely affect investor sentiment about the Funds and negatively affect the Funds.

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For example, Yorkville has been selected by TMTG to advise it on the creation, implementation and operation of various investments and financial products for Truth.Fi, a platform designed to offer investment products aligned with "America First" economic priorities. Such products may include additional exchange-traded products that may hold digital assets, including bitcoin. Additionally, an affiliate of Yorkville has entered into a standby equity purchase agreement (the "SEPA") with TMTG pursuant to which Yorkville has committed to purchase up to $2.5 billion in shares of TMTG's common stock, subject to certain limitations and conditions set forth in the SEPA. Further, in connection with a $2.44 billion private placement of TMTG's securities in May 2025, the proceeds of which will be used by TMTG to establish a bitcoin treasury, Yorkville Securities, LLC, an affiliate of the Sponsor, served as a co-lead placement agent.

These existing or future relationships with TPMG may be viewed by potential investors as affecting the Adviser's decisions concerning the Fund, for example by causing the Adviser to refrain from taking actions that are in the best interests of the Funds but that could harm TMTG. This could make the shares of the Funds less attractive to potential investors in the Funds than the shares of similar vehicles that do not present these concerns, adversely affect investor sentiment about the Funds and negatively affect the Funds.

**MANAGEMENT**

*The Investment Adviser*. Yorkville America Equities, LLC (the "Adviser"), 1012 Springfield Avenue, Mountainside, New Jersey 07092, 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 Florida 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; and (iii) is responsible for oversight of the Sub-Adviser. For its services, the Adviser is entitled to receive an annual management fee calculated daily and payable monthly, at the annual rate of 0.65% of the Funds' average daily net assets.

*The Sub-Adviser*. The Adviser has retained Tuttle Capital Management, LLC (the "Sub-Adviser"), an investment adviser registered with the SEC, to provide sub-advisory services for the Fund. The Sub-Adviser is organized as a Delaware limited liability company with its principal offices located at 155 Lockwood Road, Riverside, Connecticut 06878, and was established in 2012. The Sub-Adviser will provide the day-to-day portfolio management and trading services for each Fund. Pursuant to the sub-advisory agreement, the sub-adviser also is responsible for the selection, acquisition, and disposition of portfolio securities.

For its services, the Sub-Adviser is paid a sub-advisory fee by the Adviser, which is calculated daily and payable monthly as a percentage of the Fund's average daily net assets, as set forth in the table below:

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| | |
|:---|:---|
| **Threshold** | **Fee\*** |
| First $500 million | 0.03% |
| Next $500 million | 0.025% |
| Over $1 billion | 0.02% |

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\* Subject to $25,000 minimum for all five Funds as set forth in this prospectus.

A discussion regarding the basis for the Board approving the Investment Advisory Agreement and Sub-Advisory Agreement for the Funds will be available in the Funds' report filed on Form N-CSR once that report is available.

The Portfolio Manager

Matthew Tuttle, Chief Executive Officer of the Sub-Adviser, has served as the Fund's portfolio manager since its inception in 2025. 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 Grandparents and How Harvard and Yale Beat the Market. He has been launching and managing ETFs since 2015.

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**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. 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 is subject to certain conditions that are 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.

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

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 Fund is authorized to pay an amount up to 0.25% of its average daily net assets each year for certain distribution-related activities and shareholder services.

No Rule 12b-1 fees are currently paid by the Fund, and there are no 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 the 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.

The Trust

Each Fund is a series of the Truth Social Funds, an open-end management investment company organized as an Ohio business trust on October 8, 2025; prior to this time the Trust operated as a corporation organized in another jurisdiction. 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.

Portfolio Holdings

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.truthsocialfunds.com. 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.

**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

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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** |
| Truth Social American Security & Defense ETF | TSSD |
| Truth Social American Next Frontiers ETF | TSNF |
| Truth Social American Icons ETF | TSIC |
| Truth Social American Energy Security ETF | TSES |
| Truth Social American Red State REITs ETF | TSRS |

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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.

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 or in-kind redemptions. However, each Fund reserves the right to pay all or portion of the redemption proceeds to an AP in cash. 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.

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**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**

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. 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. Each Fund expects to typically satisfy redemptions in-kind. However, if a Fund satisfies a redemption in cash this may result in a 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 a Fund, whereas the shares' in-kind redemption mechanism generally will not lead to a tax event for a Fund or its ongoing shareholders.

Ordinarily, dividends from net investment income, if any, are declared and paid monthly by each Fund. 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

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long-term 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 of which 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 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

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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 "Co-Administrator") is the Funds' Co-Administrator. The firm is primarily in the business of providing administrative services to retail and institutional mutual funds and exchange-traded funds.

*U.S. Bancorp Fund Services, LLC ("U.S. Bancorp")* serves as the Funds' fund accountant, co-administrator, and it provides certain other services to the Funds not provided by the Co-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 Funds; make dividend and other distributions to shareholders of the Funds; effect transfers of shares; mail communications to shareholders of the Funds, 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 Funds. As such, U.S. Bank N.A. holds all securities and cash of the Funds, 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 Funds, the purchase and sale of securities, or the payment of distributions to shareholders.

*PINE Distributors, LLC* (the "Distributor") serves as the Distributor of Creation Units for the Funds 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 Funds.

*KPMG LLP* serves as the Funds' independent registered public accounting firm. The independent registered public accounting firm is responsible for auditing the annual financial statements of the Funds.

**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)I 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.

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.truthsocialfunds.com.

------

**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.

------

**FOR MORE INFORMATION**

You will find more information about the Funds 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 December 23, 2025, 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 Truth Social Funds, 8730 Stony Point Parkway, Suite 205, Richmond, Virginia 23235, by calling the Fund toll free at (201) 985-8300 , 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.truthsocialfunds.com. 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. 811-08255)

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Truth Social American Security & Defense ETF (Ticker: TSSD)

Truth Social American Next Frontiers ETF (Ticker: TSNF)

Truth Social American Icons ETF (Ticker: TSIC)

Truth Social American Energy Security ETF (Ticker: TSES)

Truth Social American Red State REITs ETF (Ticker: TSRS)

**(each a "Fund", together the "Funds")**

**Each Fund is a series of the Truth Social Funds**

**Listing Exchange of the Funds: NYSE Arca**

**8730 Stony Point Parkway, Suite 205**

**Richmond, Virginia 23235**

**(201) 985-8300**

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

**Dated December 23, 2025**

This Statement of Additional Information ("SAI") is not a prospectus. It should be read in conjunction with the current prospectus for the Fund dated December 23, 2025 as it may be supplemented or revised from time to time. This SAI is incorporated by reference into the Fund's prospectus. You can obtain a free copy of the annual and semi-annual reports (once available), prospectus and SAI by writing to Truth Social Funds, 8730 Stony Point Parkway, Suite 205, Richmond, Virginia 23235, by calling the Fund toll free at (201) 985-8300 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.truthsocialfunds.com. General inquiries regarding the Fund may also be directed to the above address or telephone number.

**Investment Adviser:**

Yorkville America Equities, LLC

1012 Springfield Avenue

Mountainside, New Jersey 07092

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| [THE TRUST](#sai_001) | [1](#sai_001) |
| [ADDITIONAL INFORMATION ABOUT INVESTMENT OBJECTIVES AND POLICIES](#sai_002) | [1](#sai_002) |
| [INVESTMENT LIMITATIONS](#sai_004) | [6](#sai_004) |
| [MANAGEMENT AND OTHER SERVICE PROVIDERS](#sai_005) | [7](#sai_005) |
| [TRUSTEES AND OFFICERS OF THE TRUST](#sai_006) | [13](#sai_006) |
| [CONTROL PERSONS AND PRINCIPAL SECURITIES HOLDERS](#sai_007) | [17](#sai_007) |
| [DETERMINATION OF NET ASSET VALUE](#sai_008) | [18](#sai_008) |
| [ADDITIONAL INFORMATION ABOUT PURCHASES AND SALES](#sai_009) | [19](#sai_009) |
| [ADDITIONAL PAYMENTS TO FINANCIAL INTERMEDIARIES](#sai_010) | [28](#sai_010) |
| [TAXES](#sai_011) | [28](#sai_011) |
| [BROKERAGE ALLOCATION AND OTHER PRACTICES](#sai_012) | [39](#sai_012) |
| [DISCLOSURE OF PORTFOLIO SECURITIES HOLDINGS](#sai_013) | [41](#sai_013) |
| [DESCRIPTION OF SHARES](#sai_014) | [42](#sai_014) |
| [PROXY VOTING](#sai_015) | [43](#sai_015) |
| [CODES OF ETHICS](#sai_016) | [44](#sai_016) |
| [EXHIBIT A](#sai_018) | [45](#sai_018) |
| [EXHIBIT B](#sai_019) | [47](#sai_019) |
| [EXHIBIT C](#sai_020) | [51](#sai_020) |

---

**THE TRUST**

**<u>General</u>**<u>.</u> This SAI relates to relates to multiple series of the Trust (each, a "Fund" and collectively, the "Funds") listed in the table below 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 Truth Social Funds, an Ohio business trust (the "Trust").

The Trust is registered as an open-end management investment company. The Trust is an Ohio business trust and is governed by its Board of Trustees (the "Board" or "Trustees"). Prior to October 8, 2025, the Trust was a corporation organized in another jurisdiction.

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 a Fund 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"). Each Fund will issue and redeem Creation Units principally in-kind. Each Fund reserve the right to offer creations and redemptions of Shares in exchange for a basket of securities (the "Deposit Securities"), 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.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Fund** | **Ticker** | **Principal U.S. Listing Exchange** |
| &nbsp;&nbsp;Truth Social American Security & Defense ETF | &nbsp;&nbsp;TSSD | &nbsp;&nbsp;NYSE Arca |
| &nbsp;&nbsp;Truth Social American Next Frontiers ETF | &nbsp;&nbsp;TSNF | &nbsp;&nbsp;NYSE Arca |
| &nbsp;&nbsp;Truth Social American Icons ETF | &nbsp;&nbsp;TSIC | &nbsp;&nbsp;NYSE Arca |
| &nbsp;&nbsp;Truth Social American Energy Security ETF | &nbsp;&nbsp;TSES | &nbsp;&nbsp;NYSE Arca |
| &nbsp;&nbsp;Truth Social American Red State REITs ETF | &nbsp;&nbsp;TSRS | &nbsp;&nbsp;NYSE Arca |

---

Shares will trade on the Exchange at market prices that may be below, at, or above NAV. In the event of the liquidation of a 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 Purchase and Redemptions" below.

**ADDITIONAL INFORMATION ABOUT INVESTMENT OBJECTIVES AND POLICIES**

The Funds' 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.

**<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 a Fund and may result in the realization of net capital gains, which would be taxable to shareholders when distributed. As of the date of this Prospectus, the Fund has not yet commenced operations and therefore does not have any portfolio turnover information available.

**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 Fund's prospectus. In seeking to meet its investment objective, a Fund may invest in any type of security whose characteristics are consistent with its investment programs. This section contains a discussion of some of the investments the Funds, or the Underlying Funds, may make and some of the techniques each Fund, or the underlying funds, may use. 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>Equity Securities.</u>** Equity securities, such as the common stocks of an issuer, are subject to stock market fluctuations and therefore may experience volatile changes in value as market conditions, consumer sentiment or the financial condition of the issuers change. A decrease in value of the equity securities in a Fund's portfolio may also cause the value of the Fund Shares to decline.

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

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

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

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

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

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

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

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

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

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

**<u>U.S. Government Securities.</u>** U.S. government securities are high-quality debt securities issued or guaranteed by the U.S. Treasury or by an agency or instrumentality of the U.S. government. Not all U.S. government securities are backed by the full faith and credit of the United States or guaranteed by the United States Treasury. For example, securities issued by the Farm Credit Banks or by the Federal National Mortgage Association are supported by the instrumentality's right to borrow money from the U.S. Treasury under certain circumstances. Moreover, securities issued by other agencies or instrumentalities are supported only by the credit of the entity that issued them.

**<u>Borrowing.</u>** Although a 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. A Fund will borrow money only for short-term or emergency purposes. Such borrowing is not for investment purposes and will be repaid by a 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. A 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>Money Market Funds.</u>** Each 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 a 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 a 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.

**<u>Other Short-Term Instruments.</u>** Each 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>Securities Lending.</u>** Each Fund may lend portfolio securities to certain creditworthy borrowers. The borrowers provide collateral that is maintained in an amount at least equal to the current value of the securities loaned. Each Fund may terminate a loan at any time and obtain the return of the securities loaned. A 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. A Fund is compensated by the difference between the amount earned on the reinvestment of cash collateral and the fee paid to the borrower. In the case of collateral other than cash, a 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.

A 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 a 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 a 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>Repurchase Agreements.</u>** A Fund may invest in repurchase agreements with commercial banks, brokers or dealers to generate income from its excess cash balances. A repurchase agreement is an agreement under which a Fund acquires a financial instrument (e.g., a security issued by the U.S. government or an agency thereof, a bankers' acceptance or a certificate of deposit) from a seller, subject to resale to the seller at an agreed upon price and date (normally, the next Business Day). A Business Day is any day on which the New York Stock Exchange (NYSE) is open for regular trading. A repurchase agreement may be considered a loan collateralized by 5ecurityes. The resale price reflects an agreed upon interest rate effective for the period the instrument is held by the Fund and is unrelated to the interest rate on the underlying instrument.

In these repurchase agreement transactions, the securities acquired by a Fund (including accrued interest earned thereon) must have a total value in excess of the value of the repurchase agreement and are held by the Fund's custodian bank until repurchased. No more than an aggregate of 15% of the Fund's net assets will be invested in illiquid securities, including repurchase agreements having maturities longer than seven days and securities subject to legal or contractual restrictions on resale, or for which there are no readily available market quotations.

The use of repurchase agreements involves certain risks. For example, if the other party to the agreement defaults on its obligation to repurchase the underlying security at a time when the value of the security has declined, the Fund may incur a loss upon disposition of the security. If the other party to the agreement becomes insolvent and subject to liquidation or reorganization under the U.S. Bankruptcy Code or other laws, a court may determine that the underlying security is collateral for a loan by the Fund not within the control of the Fund and, therefore, the Fund may not be able to substantiate its interest in the underlying security and may be deemed an unsecured creditor of the other party to the agreement.

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

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

**INVESTMENT LIMITATIONS**

**<u>Fundamental</u>.** The investment limitations described below have been adopted by the Trust with respect to each Fund 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 a Fund means the lesser of: (1) 67% or more of the outstanding shares of the Fund present at a meeting, if the holders of more than 50% of the outstanding shares of reach Fund are present or represented at such meeting; or (2) more than 50% of the outstanding shares of the Fund. Other investment practices which may be changed by the Board of Trustees without the approval of shareholders to the extent permitted by applicable law, regulation or regulatory policy are considered non-fundamental ("Non-Fundamental").

Each Fund:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. 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;2. 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;3. May not underwrite securities issued by
 others except to the extent the Fund may be deemed to be an underwriter under the federal
 securities laws, in connection with the disposition of portfolio securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. 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; except that if the Fund's principal investment objective/strategy
 is to target the performance of a specific index, the Fund will invest more than 25% of its
 total assets in securities of issuers in a particular industry to approximately the same
 extent that the Fund's target index concentrates in the securities of issuers in a
 particular industry. The limitation against industry concentration does not apply to investments
 in securities of the U.S. government, its agencies and instrumentalities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. 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;6. 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;7. May invest in commodities only as 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 Fund.

Except with respect to borrowing and circumstances where a Fund is required to "cover" its positions, 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 a Fund will not be considered a violation. Currently, subject to modification to conform to the 1940 Act as interpreted or modified, a Fund is 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 the 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 the 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. Each Fund 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 each Fund's Fundamental Policy #4 as described above, each Fund 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.

Notwithstanding any of the foregoing limitations, any investment company, whether organized as a trust, 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>** Yorkville America Equities, LLC (the "Adviser"), 1012 Springfield Avenue, Mountainside, New Jersey 07092, 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 Florida 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 Funds, 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 Funds' 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 Funds, 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 0.65%, calculated daily and payable monthly as a percentage of each Fund's average daily net assets.

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 will continue in force for an initial period of up to two years. 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.

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 Funds believe that there would be no material impact on the Funds or their 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. The Funds may purchase securities issued by financial institutions that provide such services; however, in selecting investments for the Funds, 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 will continue in force for an initial period of up to two years. Thereafter, the Sub-Advisory Agreement is renewable from year to year with respect to the Funds, so long as its continuance is approved at least annually (1) by the vote, cast in person at a meeting called for that purpose, of a majority of those Trustees who are not "interested persons" of the Trust; and (2) by the majority vote of either the full Board or the vote of a majority of the outstanding shares 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, as set forth in the table below:

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| | |
|:---|:---|
| &nbsp;&nbsp;**Threshold** | &nbsp;&nbsp;**Fee\*** |
| &nbsp;&nbsp;First $500 million | &nbsp;&nbsp;0.03% |
| &nbsp;&nbsp;Next $500 million | &nbsp;&nbsp;0.025% |
| &nbsp;&nbsp;Over $1 billion | &nbsp;&nbsp;0.02% |
| &nbsp;&nbsp;\*Subject to $25,000 minimum for all five Funds | &nbsp;&nbsp;\*Subject to $25,000 minimum for all five Funds |

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**<u>Portfolio Manager</u>**. As described in the prospectus, Matthew Tuttle serves as the Funds' Portfolio Manager and is responsible for the day-to-day investment management of the Funds. In

addition to the Funds, the Portfolio Manager is responsible for the day-to-day management of certain other accounts, as listed below. The information below is provided as of November 30, 2025:

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Portfolio<br> Manager** | &nbsp;&nbsp;**Other**<br> **Registered**<br> **Investment**<br> **Company**<br> **Accounts** | &nbsp;&nbsp;**Assets**<br> **Managed**<br> **($ billions)** | &nbsp;&nbsp;**Other<br> Pooled**<br> **Investment**<br> **Vehicle**<br> **Accounts** | &nbsp;&nbsp;**Assets**<br> **Managed**<br> **($ millions)** | &nbsp;&nbsp;**Other**<br> **Accounts** | &nbsp;&nbsp;**Assets**<br> **Managed**<br> **($ millions)** | &nbsp;&nbsp;**Total**<br> **Assets**<br> **Managed**<br> **($ billions)** |
| &nbsp;&nbsp;Matthew Tuttle | &nbsp;&nbsp;45 | &nbsp;&nbsp;$4.1 | &nbsp;&nbsp;0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$4.1 |

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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 their 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 the Portfolio Managers' 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 Funds. 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.

**<u>Compensation.</u>** Each Portfolio Managers does not receive any special or additional compensation from the Adviser for his services as Portfolio Manager. Each Portfolio Manager's compensation is based solely on the overall financial operating results of the Adviser. The portfolio manager's compensation is not directly linked to the Funds' performance, although positive performance and growth in managed assets are factors that may contribute to 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>Co-Administrator.</u>** Pursuant to a Fund Services Agreement, Commonwealth Fund Services, Inc., 8730 Stony Point Parkway, Suite 205, Richmond, Virginia 23235 ("CFS" or the "Co-Administrator") serves as the Funds' co-administrator. In its capacity as co-administrator, CFS supervises certain aspects of the operations of the Funds. CFS provides certain administrative services and facilities to the Funds, including, among other responsibilities, assisting the other service providers 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 Trust and the Funds. In addition, CFS makes available the office space, equipment, personnel and facilities required to provide such services. CFS also provides persons satisfactory to the Board to serve as officers of the Trust. CFS receives an asset-based fee computed daily and paid monthly on the average daily net assets of the Funds.

**<u>Fund Accountant, Co-Administrator, Transfer Agency and Other Services.</u>** Pursuant to a Fund Servicing Agreement with U.S. Bank Global Fund Services, LLC ("US Bank"), located at 777 E. Wisconsin Avenue, Milwaukee, Wisconsin 53202, US Bank provides certain financial co-administration services (other than those provided by the Co-Administrator), and fund accounting services to the Funds. As financial co-administrator, US Bank performs services including but not limited to: (1) calculating Fund expenses; (2) calculating the Funds 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.

For the financial co-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>Custodian</u>**. Pursuant to a ETF Custody Agreement with the Trust, US Bank National Association ("Custodian"), located at 5065 Wooster Rd, Cincinnati, Ohio 45226, serves as Custodian for the Funds and safeguards and holds the Funds' cash and securities, settles the Funds' securities transactions and collects income on the Funds' investments. Under the agreement, the 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). As transfer agent, the Custodian issues 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.

**<u>Distributor and Principal Underwriter</u>**. PINE Distributors, LLC (the "Distributor") the Funds' distributor, is located at 501 S. Cherry Street, Suite 610, Denver Colorado 80246. 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.

<u>Distribution Plan</u>

The Trust has adopted a distribution and shareholder service plan (the "Plan") with respect to the Funds in accordance with the provisions of Rule 12b-1 under the 1940 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 each Fund. All material amendments of the Plan will require approval by a majority of the Trustees of the Trust and of the Qualified Trustees.

The Plan provides that each 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 a 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 a 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 a 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 a Fund. The making of these payments could create a conflict of interest for a financial 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 Fund's independent registered public accounting firm, KPMG LLP audits the Funds' annual financial statements, assists in the preparation of certain reports to the SEC, and prepares the Trust's tax returns. KPMG LLP is located at 191 West Nationwide Blvd., Suite 500, Columbus, Ohio 43215.

**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 Chair 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 to 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 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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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**NAME, YEAR <br> OF BIRTH<br> AND <br> POSITION <br> WITH THE <br> TRUST** | &nbsp;&nbsp;**TERM OF <br> OFFICE AND <br> LENGTH OF <br> TIME <br> SERVED** | &nbsp;&nbsp;**PRINCIPAL <br> OCCUPATION(S) DURING<br> THE PAST FIVE**<br> **YEARS** | &nbsp;&nbsp;**NUMBER OF <br> FUNDS IN FUND<br> COMPLEX <br> OVERSEEN BY<br> TRUSTEE** | &nbsp;&nbsp;**OTHER <br> DIRECTORSHIPS**<br> **HELD BY <br> TRUSTEE**  |
| &nbsp;&nbsp;Mary Lou H. Ivey<br> 1958<br> Trustee<br>| &nbsp;&nbsp;Indefinite, Since October 2025 | &nbsp;&nbsp;Chief Executive Officer, Episcopal Church Building Fund (national nonprofit organization) since January 2022, and Chief Financial Officer from January 2022 to 2025. Accountant, Harris, Hardy & Johnstone, P.C., (accounting firm), 2008 - 2021. | &nbsp;&nbsp;5 | &nbsp;&nbsp;Independent Trustee of World Funds Trust for the 22 series of that trust; Independent Trustee of Precidian ETFs Trust for the 48 series of that trust; and Independent Trustee of ETF Opportunities Trust for the 187 series of that trust (each a registered investment company). |

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**NAME, YEAR <br> OF BIRTH<br> AND <br> POSITION <br> WITH THE <br> TRUST** | &nbsp;&nbsp;**TERM OF <br> OFFICE AND <br> LENGTH OF <br> TIME <br> SERVED** | &nbsp;&nbsp;**PRINCIPAL <br> OCCUPATION(S) DURING<br> THE PAST FIVE**<br> **YEARS** | &nbsp;&nbsp;**NUMBER OF <br> FUNDS IN FUND<br> COMPLEX <br> OVERSEEN BY<br> TRUSTEE** | &nbsp;&nbsp;**OTHER <br> DIRECTORSHIPS**<br> **HELD BY <br> TRUSTEE**  |
| &nbsp;&nbsp;Theo H. Pitt, Jr.<br> 1936<br> Trustee<br>| &nbsp;&nbsp;Indefinite, Since October 2025 | &nbsp;&nbsp;Senior Partner, Community Financial Institutions consulting (bank consulting) since 1997. | &nbsp;&nbsp;5 | &nbsp;&nbsp;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 22 series of that trust; Independent Trustee of Precidian ETFs Trust for the 48 series of that trust; and Independent Trustee of ETF Opportunities Trust for the 187 series of that trust (each a registered investment company). |
| &nbsp;&nbsp;Dr. David J. Urban<br> 1955<br> Trustee | &nbsp;&nbsp;Indefinite, Since October 2025 | &nbsp;&nbsp;Dean Emeritus (since 2023) and Professor of Marketing (since 2013), Jones College of Business, Middle Tennessee State University. | &nbsp;&nbsp;5 | &nbsp;&nbsp;Independent Trustee of World Funds Trust for the 22 series of that trust; Independent Trustee of Precidian ETFs Trust for the 48 series of that trust; and Independent Trustee of ETF Opportunities Trust for the 187 series of that trust (each a registered investment company). |

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 **

***OFFICERS WHO ARE NOT TRUSTEES***

 **

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**NAME, YEAR OF BIRTH AND<br> POSITION(S) WITH THE TRUST** | &nbsp;&nbsp;**TERM OF OFFICE <br> AND LENGTH OF <br> TIME SERVED** | &nbsp;&nbsp;**PRINCIPAL OCCUPATION(S) DURING THE <br> PAST FIVE**<br> **YEARS** |
| &nbsp;&nbsp;David Bogaert<br> 1963<br> President | &nbsp;&nbsp;Indefinite, Since October 2025 | &nbsp;&nbsp;Managing Director of Business Development, Commonwealth Fund Services, Inc. (fund administration and transfer agency), October 2013 – present. |
| &nbsp;&nbsp;Karen M. Shupe<br> 1964<br> Treasurer and Principal Executive Officer<br>| &nbsp;&nbsp;Indefinite, Since October 2025 | &nbsp;&nbsp;Managing Director of Fund Operations, Commonwealth Fund Services, Inc., 2003 to present. |
| &nbsp;&nbsp;Ann T. MacDonald<br> 1954<br> Assistant Treasurer and Principal Financial Officer<br>| &nbsp;&nbsp;Indefinite, Since October 2025 | &nbsp;&nbsp;Managing Director, Fund Administration and Fund Accounting, Commonwealth Fund Services, Inc., 2003 to present. |
| &nbsp;&nbsp;John H. Lively<br> 1969<br> Secretary | &nbsp;&nbsp;Indefinite, Since October 2025 | &nbsp;&nbsp;Attorney, Practus, LLP (law firm), May 2018 to present.<br>|
| &nbsp;&nbsp;Holly B. Giangiulio<br> 1962<br> Assistant Secretary<br>| &nbsp;&nbsp;Indefinite, Since October 2025 | &nbsp;&nbsp;Managing Director, Corporate Operations, Commonwealth Fund Services, Inc., January 2015 to present.<br>|
| &nbsp;&nbsp;Laura Wright<br> 1972<br> Assistant Secretary | &nbsp;&nbsp;Indefinite, Since October 2025 | &nbsp;&nbsp;Manager, Fund Administration, Commonwealth Fund Services, Inc., August 2023 to present, Fund Administrator, Commonwealth Fund Services, Inc., 2016 to 2023. |
| &nbsp;&nbsp;J. Stephen King<br> 1962<br> Assistant Secretary | &nbsp;&nbsp;Indefinite, Since October 2025 | &nbsp;&nbsp;Attorney, Practus, LLP (law firm), 2020 to present; The TCW Group, Inc. (investment management firm), 2017 to 2020. |
| &nbsp;&nbsp;Robert Rhatigan<br> 1982<br> Assistant Secretary<br>| &nbsp;&nbsp;Indefinite, Since October 2025 | &nbsp;&nbsp;Attorney, Practus, LLP (law firm), 2024 to present. Attorney, Dechert LLP from 2012 to 2024. |
| &nbsp;&nbsp;Soth Chin<br> 1966<br> Chief Compliance Officer<br>| &nbsp;&nbsp;Indefinite, Since Ocrober 2025 | &nbsp;&nbsp;Managing Member of Fit Compliance, LLC (financial services compliance and consulting firm) since October 2016.<br>|
| &nbsp;&nbsp;Julian G. Winters<br> 1968<br> Assistant Chief Compliance Officer | &nbsp;&nbsp;Indefinite, Since October 2025 | &nbsp;&nbsp;Managing Member of Watermark Solutions, LLC (investment compliance and consulting firm) since March 2007. |

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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.

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 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 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.

**<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 November 1, 2025, each Trustee receives a retainer fee at the annual rate of $0 and the Independent Chairperson will receive an additional annual fee of $10,000, 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 $2,500 per special meeting. Because the Trust has not commenced operations, the Trustees did not receive any compensation for the period.

**<u>Trustee Ownership of Fund Shares.</u>** The Funds have not yet commenced operations as of the date of this SAI; therefore, no Trustee currently owns shares of any of the Funds.

**<u>Sales Loads</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.

**<u>Policies Concerning Personal Investment 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.

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.

**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 have not yet commenced operations 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 use pricing data for domestic equity securities 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.

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.

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 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 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 sell 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**

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 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, 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. This Fund Deposit is applicable, subject to any adjustments as described below, to orders to effect creations of Creation Units of the Funds until such time as the next-announced composition of the Deposit Securities is made available, or unless the Adviser elects to receive an All Cash Amount in connection with the creation of Creation Units.

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 the estimated Cash Component, effective through and including the previous Business Day, per outstanding Creation Unit of each Fund.

The process for a creation order involving an All Cash Amount will be the same as the process for an In Kind Creation, except that the Cash Component will be the entirety of the amount deposited as consideration for the Creation Unit(s).

**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 the closing time of the regular trading session on the Exchange ("Closing Time") (normally 4:00 p.m. New York 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 3:00 p.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 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 11:00 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 2:00 p.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, as applicable, by 11:00 a.m. and 2:00 p.m., respectively, 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 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 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.

Information concerning the Trust's current procedures for collateralization of missing Deposit Securities is available from the Distributor or transfer agent. The Authorized 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 to the Custodian 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 $300.00.

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.

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 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"). However, each Fund reserves the right to settle redemption transactions and deliver redemption proceeds on a basis other than T+1 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.

The process for a redemption order involving an All Cash Amount will be the same as the process for an In-Kind Redemption, except that the proceeds of the redemption will be paid entirely in cash. Proceeds of redemptions of Creation Units payable in an All Cash Amount will be paid to the Authorized Participant redeeming Shares on behalf of the redeeming investor as soon as practicable after the date of redemption (within seven calendar days thereafter).

**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; 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 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 may in its discretion at any time, or from time to time, exercise its option to 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 addition, an investor may request a redemption in cash that 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 the 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 to the Custodian 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 $300.00.

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 creation 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 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 to be deposited for the purchase of a Creation Unit, and the Fund Securities delivered in connection with a 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 Funds ("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:

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

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

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

● 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 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 its 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, generally it 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 are 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 are 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 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 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 their 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 holds debt obligations that are treated under applicable U.S. 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 above) 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 fails 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 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 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 (<u>which</u> 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 ("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 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 of the Fund. 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 a U.S. shareholders on December 31 of the year in which the dividend was declared.

The Fund intends to distribute all realized capital gains, if any, at least annually. If, however, the Fund 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 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 U.S. corporations are taxed at the rates applicable to ordinary income of corporations. For non-corporate U.S. taxpayers, short-term capital gain will currently be taxed at the rate applicable to ordinary income, while long-term capital gain 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).

Each Fund has 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 specific tax lot identification method. U.S. shareholders 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 are not responsible for the reliability or accuracy of the information for those securities that are not "covered." 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 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 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) 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 own tax 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 an individual 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.

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 of the Fund 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 holder 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 of the Fund 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 U.S. federal income tax returns 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 tax advisors 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 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.

**<u>Backup Withholding.</u>** Each Fund generally is required to backup 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 properly 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.

**<u>Tax Shelter Reporting Regulations</u>**<u>.</u> If a shareholder recognizes a loss with respect to the Shares of $2 million or more for an individual U.S. shareholder or $10 million or more for a corporate U.S. shareholder, the U.S. shareholder must file with the IRS a disclosure statement on Form 8886. Direct shareholders of portfolio securities are in many cases excepted from this reporting requirement, but under current guidance, shareholders of a RIC are not excepted. Future guidance may extend the current exception from this reporting requirement to shareholders of most or all RICs. The fact that a loss is reportable does not affect the legal determination of whether the taxpayer's treatment of the loss is proper. U.S. shareholders should consult their tax own advisers to determine the applicability of this requirement in light of their individual circumstances.

**<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 the Fund and (ii) possibly in the future, certain capital gain distributions and the proceeds arising from the sale of Shares paid by the Fund. 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 tax advisors to determine the suitability of Shares as an investment through such plans, and the precise effect of an investment on their particular tax situation.

**<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 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, 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 securities bought from dealers serving as market makers will similarly include the dealer's mark up or reflect a dealer's mark down. When a Fund executes transactions in the over-the-counter market, it will generally deal with primary market makers unless prices that are more favorable are otherwise obtainable.

In selecting brokers and dealers to execute portfolio transactions, the Sub-Adviser may consider research and brokerage services furnished to the Sub-Adviser or its affiliates. The Sub-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 Sub-Adviser may aggregate securities to be sold or purchased for the Funds with those to be sold or purchased for other advisory accounts managed by the Sub-Adviser. In aggregating such securities, the Sub-Adviser will average the transaction as to price and will allocate available investments in a manner that the Sub-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 Sub-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 Sub-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 Sub-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 Sub-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 Sub-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 Sub-Adviser will be in addition to and not in lieu of the services required to be performed by the Sub-Adviser under its advisory agreement. Any advisory or other fees paid to the Sub-Adviser are not reduced as a result of the receipt of research services.

In some cases the Sub-Adviser may receive a service from a broker that has both a "research" and a "non-research" use. When this occurs, the Sub-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 Sub-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 Sub-Adviser faces a potential conflict of interest,

but the Sub-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 Sub-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 Sub-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 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 not commenced operations 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.truthsocialfunds.com) 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;• 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;• 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.

● 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;• 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;• 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;• 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;• Each
 Fund files its complete portfolio holdings schedule with the SEC on a quarterly basis. This
 schedule is filed with the Trust's report on 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 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 Restated Declaration of Trust (the "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 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.

Each Fund is authorized to issue one class of shares imposing no front-end or deferred sales charges, 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 Declaration of Trust authorizes the Trustees, without shareholder approval, to cause the Trust to merge or to consolidate with any corporation, 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 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.

The Declaration of Trust provides that a Shareholder may not bring a derivative court action, proceeding or claim on behalf of the Trust or any Fund without first making demand upon the Board requesting the Trustees to bring or maintain the action, proceeding or claim.

**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 or the Sub-Adviser. The Adviser or the Sub-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 201-985-8300 or by writing to the Fund at 8730 Stony Point Parkway, Suite 205, Richmond, Virginia 23235; (2) on or through the Fund's website at www.truthsocialfunds.com; 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.

Truth Social Funds

8730 Stony Point Parkway, Suite 205

Richmond, Virginia 23235

Telephone: 201-985-8300

**EXHIBIT A**

**TRUTH SOCIAL FUNDS**

**PROXY VOTING POLICY AND PROCEDURES**

The Truth Social Funds (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>**

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>**

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>**

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.

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.

**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 Investment Committee or designee (e.g. CAO) 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 Investment Committee or CAO shall, prior to effectuating a client agreement, make a determination as to the obligation of proxy voting. If the Investment Committee or designee 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 Investment Committee or designee 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 Investment Committee will consider both 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 Investment Committee 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 Investment Committee 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 Investment Committee 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 Investment Committee 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 Investment Committee 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:

● *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 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.

● *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.

● *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.

● *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 Investment Committee or designee 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 Investment Committee or designee will complete the Ballot and submit it to the company or issuer electronically. Prior to logging out of the website, the Investment Committee or designee will print a PDF version of the screen showing the measures voted upon and the votes recorded. Next, the Investment Committee or designee will email the PDF attachment to the CCO who, in turn, will update the electronic "Proxy Voting Log" (or "Log") or similar form with the requisite information. The Brokerage Committee will confirm with the Investment Committee or designee that all required proxy

voting for the given calendar quarter and on behalf of TCM Clients has been completed or, where not the case, obtain an explanatory statement for purposes of completing its quarterly retrospective reviews of the Firm's proxy voting obligations.

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 CAO 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 Investment Committee 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 Investment Committee 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 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 or similar form.

*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:

● These policies and procedures and any amendments thereto;

● 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)

● Proxy Analysis Report, if applicable;

● Record of each vote cast or abstention (or "Ballot") in a manner prescribed by the Proxy Voting Form (see below). The Investment Committee or designee 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 Investment Committee 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;

● 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.

● Clerical or administrative records generated on behalf of the Adviser by the Proxy Support Vendor.

● Form N-PX (if not maintained by the Trust/Trust CCO)

**EXHIBIT C**

**Nominating and Corporate Governance Committee Charter**

**TRUTH SOCIAL FUNDS**

**Nominating and Corporate Governance Committee Membership** 

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

**Board Nominations and Functions** 

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

&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;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;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**

**TRUTH SOCIAL FUNDS**

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

&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 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;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;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.

**PART C. OTHER INFORMATION**

**Item 28. Exhibits**

Unless otherwise noted, documents containing Accession Numbers below have previously been filed with the Securities and Exchange Commission and are incorporated herein by reference.

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| | | |
|:---|:---|:---|
| (a) | Articles of Incorporation | Articles of Incorporation |
|  | [(1)](tm2525602d3_ex99-xax1.htm) | [Certificate of Trust – Filed Herewith](tm2525602d3_ex99-xax1.htm) |
|  | [(2)](tm2525602d3_ex99-xax2.htm) | [Amended and Restated Agreement and Declaration of Trust effective October 22, 2025 – Filed Herewith](tm2525602d3_ex99-xax2.htm) |
| (b) | [By-laws effective October 22, 2025 – Filed Herewith](tm2525602d3_ex99-xb.htm) | [By-laws effective October 22, 2025 – Filed Herewith](tm2525602d3_ex99-xb.htm) |
| (c) | Instruments Defining Rights of Security Holders | Instruments Defining Rights of Security Holders |
|  | (1) | [Declaration of Trust: Articles III, V, and VI defines the rights of holders of the securities being registered. (Certificates for units are not issued.) – see Exhibit (a)2](tm2525602d3_ex99-xax2.htm) |
| (d) | Investment Advisory Agreements | Investment Advisory Agreements |
|  | [(1)](tm2525602d3_ex99-xdx1.htm) | [Investment Advisory Agreement between the Registrant and Yorkville America Equities, LLC – Filed Herewith](tm2525602d3_ex99-xdx1.htm) |
|  | [(2)](tm2525602d3_ex99-xdx2.htm) | [Sub-Advisory Agreement between the Registrant and Tuttle Capital Management, LLC – Filed Herewith](tm2525602d3_ex99-xdx2.htm) |
| (e) | Underwriting Contracts | Underwriting Contracts |
|  | [(1)](tm2525602d3_ex99-xex1.htm) | [Distribution Agreement between the Registrant and PINE Distributors, LLC – Filed Herewith](tm2525602d3_ex99-xex1.htm) |
|  | [(2)](tm2525602d3_ex99-xex2.htm) | [Form of Truth Social Funds Authorized Participant Agreement – Filed Herewith](tm2525602d3_ex99-xex2.htm) |
| (f) | Bonus or Profit Sharing Contracts – Not Applicable | Bonus or Profit Sharing Contracts – Not Applicable |
| (g) | Custodian Agreements | Custodian Agreements |
|  | [(1)](tm2525602d3_ex99-xgx1.htm) | [Custody Agreement between the Registrant and US Bank National Association – Filed Herewith](tm2525602d3_ex99-xgx1.htm) |
| (h) | Other Material Contracts | Other Material Contracts |
|  | [(1)](tm2525602d3_ex99-xhx1.htm) | [Fund Servicing Agreement between the Registrant and U.S. Bank Global Fund Services, LLC – Filed Herewith](tm2525602d3_ex99-xhx1.htm) |
|  | [(2)](tm2525602d3_ex99-xhx2.htm) | [Fund Services Agreement between the Registrant and Commonwealth Fund Services, Inc. – Filed Herewith](tm2525602d3_ex99-xhx2.htm) |
|  | [(3)](tm2525602d3_ex99-xhx3.htm) | [Sub-License Agreement – Filed Herewith](tm2525602d3_ex99-xhx3.htm) |
| (i) | Legal Opinion | Legal Opinion |
|  | [(1)](tm2525602d3_ex99-xix1.htm) | [Opinion and Consent of Practus, LLP regarding the legality of securities registered with respect to all series of the Truth Social Funds – Filed Herewith.](tm2525602d3_ex99-xix1.htm) |
| (j) | Other Opinions – None | Other Opinions – None |

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| | | |
|:---|:---|:---|
| (k) | Omitted Financial Statements – Not Applicable | Omitted Financial Statements – Not Applicable |
| <br> (l) | <br> Not applicable | <br> Not applicable |
| (m) | Rule 12b-1 Plan | Rule 12b-1 Plan |
|  | [(1)](tm2525602d3_ex99-xmx1.htm) | [Distribution and Shareholder Services Plan Pursuant to Rule 12b-1 of the Registrant – Filed Herewith](tm2525602d3_ex99-xmx1.htm) |
| (n) | Rule 18f-3 Plan – Not Applicable | Rule 18f-3 Plan – Not Applicable |
| (o) | Reserved. | Reserved. |
| (p) | Codes of Ethics | Codes of Ethics |
|  | [(1)](tm2525602d3_ex99-xpx1.htm) | [Code of Ethics of Registrant – Filed Herewith](tm2525602d3_ex99-xpx1.htm) |
|  | [(2)](tm2525602d3_ex99-xpx2.htm) | [Code of Ethics of Yorkville America Equities, LLC – Filed Herewith](tm2525602d3_ex99-xpx2.htm) |
|  | [(3)](tm2525602d3_ex99-xpx3.htm) | [Code of Ethics of Tuttle Capital Management, LLC – Filed Herewith](tm2525602d3_ex99-xpx3.htm) |
| (q) | [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 Pre-Effective Amendment No. 97 on Form N-1A filed on November 21, 2025.](https://www.sec.gov/Archives/edgar/data/1040674/000110465925114945/tm2525602d2_ex99-xq.htm) | [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 Pre-Effective Amendment No. 97 on Form N-1A filed on November 21, 2025.](https://www.sec.gov/Archives/edgar/data/1040674/000110465925114945/tm2525602d2_ex99-xq.htm) |

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|:---|:---|
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| EX-101.SCH XBRL | Taxonomy Extension Schema Document |
| EX-101.CAL XBRL | Taxonomy Extension Calculation Linkbase |
| EX-101.DEF XBRL | Taxonomy Extension Definition Linkbase |
| EX-101.LAB XBRL | Taxonomy Extension Labels Linkbase |
| EX-101.PRE XBRL | Taxonomy Extension Presentation Linkbase |

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

Not Applicable.

**Item 30. Indemnification**

See Article VIII, Section 5 of the Registrant's Agreement and Declaration of Trust and the section titled "Insurance of Officers, Trustees, and Employees" in Article IX of 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 32.** **Principal Underwriters**

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

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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;•Listed Funds 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;•Manager Directed Portfolios 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;•THOR Financial Technologies 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;•Hamilton Lane Private Secondary Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Hamilton Lane Venture Capital and Growth Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Crossmark ETF Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Keystone Private Income Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•EA Series 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;•Series Portfolios 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;•Truth Social Funds

---

| | |
|:---|:---|
| Item 32(b) | The following are the Officers and Manager of the Distributor, the Registrant's underwriter. The Distributor's main business address is 501 S. Cherry Street, Suite 610, Denver, Colorado 80246. |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Name\* | Position with Underwriter | <u>Position with Registrant</u><br>|
| &nbsp;&nbsp;Mark Fairbanks | President | N/A |
| &nbsp;&nbsp;Alexander Woodcock | Senior Vice President, Chief Compliance Officer | N/A |
| &nbsp;&nbsp;Daryn Levesque | Vice President, Chief Operating Officer | N/A |

---

\*The principal business address for each of the above directors and executive officers is 501 S. Cherry St., Suite 610 Denver, CO 80246

---

| | |
|:---|:---|
| Item 32(c) | Not applicable. |

---

**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) Adviser Yorkville America Equities, LLC, 1012 Springfield Avenue, Mountainside, New Jersey 07092

b) Sub-Adviser Tuttle Capital Management, LLC, 155 Lockwood Rd., Riverside Connecticut 06878

c) Custodian US Bank National Association, 5065 Wooster Rd, Cincinnati, Ohio 45226

d) Co-Administrator, Fund Accountant, Transfer Agent U.S. Bank Global Fund Services, LLC, 777 E. Wisconsin Avenue, Milwaukee, Wisconsin 53202

e) Co-Administrator Commonwealth Fund Services, Inc., 8730 Stony Point Parkway, Suite 205, Richmond, Virginia 23235.

f) Distributor PINE
 Distributors, LLC, 501 S. Cherry Street, Suite 610, Denver, Colorado 80246 .

**Item 34. Management Services**

Not applicable.

**Item 35. Undertakings** 

Not applicable.

**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) under the Securities Act and has duly caused this Post-Effective Amendment No. 100 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 23rd day of December, 2025.

TRUTH SOCIAL FUNDS

By: /s/ Karen M. Shupe

Karen M. Shupe Principal Executive Officer

Pursuant to the requirements of the Securities Act, this Post-Effective Amendment No. 100 to the Registration Statement on Form N-1A has been signed below by the following persons in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
| Signature | Title | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Date |
| \*Mary Lou H. Ivey | Trustee | &nbsp;&nbsp;&nbsp;December 23, 2025 |
| \*Theo H. Pitt, Jr. | Trustee | &nbsp;&nbsp;&nbsp;December 23, 2025 |
| \*Dr. David J. Urban | Trustee | &nbsp;&nbsp;&nbsp;December 23, 2025 |
| /s/ Karen M. Shupe | Treasurer and Principal Executive Officer | &nbsp;&nbsp;&nbsp;December 23, 2025 |
| Karen M. Shupe |  |  |
| /s/ Ann T. MacDonald | Assistant Treasurer and Principal Financial Officer | &nbsp;&nbsp;&nbsp;December 23, 2025 |
| Ann T. MacDonald |  |  |
| \*By<u>: /s/ Karen M. Shupe</u> |  |  |
| Karen M. Shupe |  |  |

---

\*[Attorney-in-fact pursuant to Powers of Attorney filed as Exhibit (q) on November 21, 2025 (Accession No. 0001104659-25-114945)](https://www.sec.gov/Archives/edgar/data/1040674/000110465925114945/tm2525602d2_ex99-xq.htm)

<u>EXHIBITS</u>

---

| | |
|:---|:---|
| [(a)(1)](tm2525602d3_ex99-xax1.htm) | [Certificate of Trust](tm2525602d3_ex99-xax1.htm) |
| [(a)(2)](tm2525602d3_ex99-xax2.htm) | [Amended and Restated Agreement and Declaration of Trust effective October 22, 2025](tm2525602d3_ex99-xax2.htm) |
| [(b)](tm2525602d3_ex99-xb.htm) | [By-laws effective October 22, 2025](tm2525602d3_ex99-xb.htm) |
| [(d)(1)](tm2525602d3_ex99-xdx1.htm) | [Investment Advisory Agreement between the Registrant and Yorkville America Equities, LLC](tm2525602d3_ex99-xdx1.htm) |
| [(d)(2)](tm2525602d3_ex99-xdx2.htm) | [Sub-Advisory Agreement between the Registrant and Tuttle Capital Management, LLC](tm2525602d3_ex99-xdx2.htm) |
| [(e)(1)](tm2525602d3_ex99-xex1.htm) | [Distribution Agreement between the Registrant and PINE Distributors, LLC](tm2525602d3_ex99-xex1.htm) |
| [(e)(2)](tm2525602d3_ex99-xex2.htm) | [Form of Truth Social Funds Authorized Participant Agreement](tm2525602d3_ex99-xex2.htm) |
| [(g)(1)](tm2525602d3_ex99-xgx1.htm) | [Custody Agreement between the Registrant and US Bank National Association](tm2525602d3_ex99-xgx1.htm) |
| [(h)(1)](tm2525602d3_ex99-xhx1.htm) | [Fund Servicing Agreement between the Registrant and U.S. Bank Global Fund Services, LLC](tm2525602d3_ex99-xhx1.htm) |
| [(h)(2)](tm2525602d3_ex99-xhx2.htm) | [Fund Services Agreement between the Registrant and Commonwealth Fund Services, Inc.](tm2525602d3_ex99-xhx2.htm) |
| [(h)(3)](tm2525602d3_ex99-xhx3.htm) | [Sub-License Agreement](tm2525602d3_ex99-xhx3.htm) |
| [(i)(1)](tm2525602d3_ex99-xix1.htm) | [Opinion and Consent of Practus, LLP regarding the legality of securities registered with respect to all series of the Truth Social Funds](tm2525602d3_ex99-xix1.htm) |
| [(m)(1)](tm2525602d3_ex99-xmx1.htm) | [Distribution and Shareholder Services Plan Pursuant to Rule 12b-1 of the Registrant](tm2525602d3_ex99-xmx1.htm) |
| [(p)(1)](tm2525602d3_ex99-xpx1.htm) | [Codes of Ethics of Registrant](tm2525602d3_ex99-xpx1.htm) |
| [(p)(2)](tm2525602d3_ex99-xpx2.htm) | [Code of Ethics of Yorkville America Equities, LLC](tm2525602d3_ex99-xpx2.htm) |
| [(p)(3)](tm2525602d3_ex99-xpx3.htm) | [Code of Ethics of Tuttle Capital Management, LLC](tm2525602d3_ex99-xpx3.htm) |

---

---

| | |
|:---|:---|
| EX-110.INS XBRL Instance Document – the Instance Document does not appear in the Interactive Data File because its XBRL tags are embedded within the inline XBRL document. | EX-110.INS XBRL Instance Document – the Instance Document does not appear in the Interactive Data File because its XBRL tags are embedded within the inline XBRL document. |
| EX-101.SCH XBRL | Taxonomy Extension Schema Document |
| EX-101.CAL XBRL | Taxonomy Extension Calculation Linkbase |
| EX-101.DEF XBRL | Taxonomy Extension Definition Linkbase |
| EX-101.LAB XBRL | Taxonomy Extension Labels Linkbase |
| EX-101.PRE XBRL | Taxonomy Extension Presentation Linkbase |

---

## Ex-99.(A)(1)

**Exhibit 99.(a)(1)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2525602d3_ex99-xax1img01.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DOC ID ----> 202528101470 |

---

## Ex-99.(A)(2)

**Exhibit 99.(a)(2)**

**TRUTH SOCIAL FUNDS**

**AMENDED AND RESTATED AGREEMENT AND DECLARATION OF TRUST**

**October 22, 2025**

TRUTH SOCIAL FUNDS

<u>AMENDED AND RESTATED AGREEMENT AND DECLARATION OF TRUST</u>

---

| | | |
|:---|:---|:---|
|  |  | <u>PAGE</u> |
| <u>ARTICLE I.</u> | <u>NAME AND DEFINITIONS</u> | 1 |
| Section 1.1 | Name | 1 |
| Section 1.2 | Definitions | 1 |
| (a) | "Trust" | 2 |
| (b) | "Trustees" | 2 |
| (c) | "Shares" | 2 |
| (d) | "Series" | 2 |
| (e) | "Shareholder" | 2 |
| (f) | "1940 Act" | 2 |
| (g) | "Commission" | 2 |
| (h) | "Declaration of Trust" | 2 |
| (i) | "Bylaws" | 2 |
| (j) | "Class" | 2 |
| (k) | "Creation Unit" | 2 |
| (l) | "ETF" | 2 |
| ARTICLE II. | PURPOSE OF TRUST | 2 |
| ARTICLE III. | THE TRUSTEES | 3 |
| Section 3.1 | Number, Designation, Election, Term, etc | 3 |
| (a) | Trustees | 3 |
| (b) | Number | 2 |
| (c) | Term | 2 |
| (d) | Resignation and Retirement | 3 |
| (e) | Mandatory Retirement | 3 |
| (f) | Removal | 3 |
| (g) | Vacancies | 4 |
| (h) | Effect of Death, Resignation, etc | 4 |
| (i) | No Accounting | 4 |
| (j) | Delegation of Power to Other Trustees | 4 |
| Section 3.2 | Powers of the Trustees | 5 |
| (a) | Investments | 5 |
| (b) | Disposition of Assets | 5 |
| (c) | Ownership Powers | 6 |
| (d) | Subscription | 6 |
| (e) | Form of Holding | 6 |
| (f) | Reorganization, etc. | 6 |
| (g) | Voting Trusts, etc | 6 |
| (h) | Compromise | 6 |
| (i) | Partnerships, etc. | 6 |
| (j) | Borrowing and Security | 6 |
| (k) | Guarantees, etc | 6 |
| (l) | Insurance | 7 |
| (m) | Pensions, etc | 7 |
| (n) | Investment in Other Investment Companies | 7 |
| (o) | Valuation | 7 |
| Section 3.3 | Certain Contracts | 7 |
| (a) | Advisory | 8 |
| (b) | Administration | 8 |
| (c) | Distribution | 8 |

---

---

| | | |
|:---|:---|:---|
| (d) | Custodian and Depository | 8.0 |
| (e) | Transfer and Dividend Disbursing Agency | 8.0 |
| (f) | Shareholder Servicing | 8.0 |
| (g) | Legal, Accounting, Taxes and Other | 8.0 |
| Section 3.4 | Payment of Trust Expenses and Compensation of Trustees | 9.0 |
| Section 3.5 | Ownership of Assets of the Trust | 9.0 |
| <u>ARTICLE IV.</u> | <u>SHARES</u> | 10.0 |
| Section 4.1 | Description of Shares | 10.0 |
| Section 4.2 | Establishment and Designation of Series | 11.0 |
| (a) | Assets Belonging to Series | 12.0 |
| (b) | Liabilities Belonging to Series | 12.0 |
| (c) | Dividends | 13.0 |
| (d) | Liquidation | 13.0 |
| (e) | Voting | 14.0 |
| (f) | Redemption by Shareholder | 14.0 |
| (g) | Redemption by Trust | 15.0 |
| (h) | Net Asset Value | 15.0 |
| (i) | Transfer | 16.0 |
| (j) | Equality | 16.0 |
| (k) | Fractions | 16.0 |
| (l) | Conversion Rights | 16.0 |
| Section 4.3 | Ownership of Shares | 16.0 |
| Section 4.4 | Investments in the Trust | 16.0 |
| Section 4.5 | No Preemptive Rights | 17.0 |
| Section 4.6 | Status of Shares and Limitation of Personal Liability | 17.0 |
| <u>ARTICLE V.</u> | <u>SHAREHOLDERS' VOTING POWERS AND MEETINGS</u> | 17.0 |
| <u>ARTICLE VI.</u> | <u>LIMITATION OF LIABILITY; INDEMNIFICATION</u> | 18.0 |
| Section 6.1 | Trustees, Shareholders, etc. Not Personally Liable; Notice | 18.0 |
| Section 6.2 | Trustee's or Officer's Good Faith Action; Expert Advice; No Bond or Surety | 18.0 |
| Section 6.3 | Indemnification of Shareholders | 19.0 |
| Section 6.4 | Indemnification of Trustees, Officers, etc | 19.0 |
| Section 6.5 | Advances of Expenses | 19.0 |
| Section 6.6 | Indemnification Not Exclusive, etc | 20.0 |
| Section 6.7 | Liability of Third Persons Dealing with Trustees | 20.0 |
| Section 6.8 | Derivative Actions | 20.0 |
| <u>ARTICLE VII.</u> | <u>MISCELLANEOUS</u> | 21.0 |
| Section 7.1 | Duration and Termination of Trust | 21.0 |

---

---

| | | |
|:---|:---|:---|
| Section 7.2 | Reorganization | 21 |
| Section 7.3 | Amendments | 22 |
| Section 7.4 | Use of Names | 23 |
| Section 7.5 | Filing of Copies; References; Headings | 23 |
| Section 7.6 | Applicable Law | 23 |
| Appendix A | Trustees | Appendix A |
| Appendix B | Series of the Trust | Appendix B |

---

**TRUTH SOCIAL FUNDS**

**<u>AMENDED AND RESTATED AGREEMENT AND DECLARATION OF TRUST</u>**

AMENDED AND RESTATED AGREEMENT AND DECLARATION OF TRUST made this 22<sup>nd</sup> day of October, 2025, by the Trustees hereunder, and by the holders of Shares of beneficial interest to be issued hereunder as hereinafter provided (the "Declaration of Trust").

WITNESSETH:

WHEREAS, the Trust was originally formed pursuant to that certain Declaration of Trust dated October 7, 2025 (the "Original Declaration"), executed by the initial trustee and filed with the Ohio Secretary of State under Chapter 1746 of the Ohio Revised Code;

WHEREAS, the Trustees desire to amend and restate the Original Declaration in its entirety to reflect the current structure, governance, and operation of the Trust;

WHEREAS, this Trust is being continued to carry on the business of an investment company and to engage in any lawful business, investment, or activity permitted to a statutory trust under the laws of the State of Ohio, including but not limited to acting as an investment or management vehicle for affiliated series or funds; and

WHEREAS, the Trustees have agreed to manage all property coming into their hands as trustees of an Ohio business trust in accordance with the provisions hereinafter set forth;

NOW, THEREFORE, the Trustees hereby declare that they will hold all cash, securities and other assets which they may from time to time acquire in any manner as Trustees hereunder IN TRUST to manage and dispose of the same upon the following terms and conditions for the benefit of the holders from time to time of shares of beneficial interest in this Trust as hereinafter set forth.

**ARTICLE I**

**<u>NAME AND DEFINITIONS</u>**

<u>Section 1.1</u> <u>Name</u>. This Trust shall be known as "Truth Social Funds" and the Trustees shall conduct the business of the Trust under that name or any other name as they may from time to time determine.

<u>Section 1.2</u> <u>Definitions</u>. Whenever used herein, unless otherwise required by the context or specifically provided:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 "Trust" refers to the Ohio business trust established by and the Declaration of
 Trust, as amended from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "Trustees"
 refers to the Trustees of the Trust named herein or elected in accordance with Article III;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) "Shares"
 refers to the transferable units of interest into which the beneficial interest in the Trust
 or any Series or Class of shares of the Trust (as the context may require) shall
 be divided from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "Series"
 refers to Series of Shares established and designated under or in accordance with the
 provisions of Article IV;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) "Shareholder"
 means a record owner of Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The
 "1940 Act" refers to the Investment Company Act of 1940 and the Rules and
 Regulations thereunder, all as amended from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) "Commission"
 shall have the meaning given it in the 1940 Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) "Declaration
 of Trust" shall mean this Declaration of Trust as amended or restated from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) "Bylaws" shall
 mean the Bylaws of the Trust as amended from time to time; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) "Class"
 refers to any Class of Shares established and designated under or in accordance with
 the provisions of Article IV hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) A
 "Creation Unit" is Shares of any Series or Class organized in lots
 of such aggregate number of Shares as determined at any time by the Board of Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) An
 "ETF" is a Series that operates as an exchange-traded fund.

**<u>ARTICLE II</u>**

**<u>PURPOSE OF TRUST</u>**

The purpose of the Trust is to operate as an investment company, to offer Shareholders one or more investment programs primarily in securities and financial instruments and to engage in any and all lawful acts or activities for which business trusts may be formed under Chapter 1746.01 through 1746.99 of the Ohio Revised Code. Until the Trustees determine otherwise, the Trust will maintain an office within Ohio located at [ ]. ____________________________________________.

**<u>ARTICLE III</u>**

**<u>THE TRUSTEES</u>**

<u>Section 3.1</u> <u>Number, Designation, Election, Term, etc.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Trustees.</u> The Trust's Trustees are listed on Appendix A as such Appendix A may be amended
 from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Number</u>.
 The Trustees serving as such, whether named above or hereafter becoming a Trustee, may increase
 or decrease the number of Trustees to a number other than the number theretofore determined.
 No decrease in the number of Trustees shall have the effect of removing any Trustee from
 office prior to the expiration of his term, but the number of Trustees may be decreased in
 conjunction with the removal of a Trustee pursuant to subsection (f) of this Section 3.1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Term</u>.
 Subject to the provisions set forth below, and subject to the applicable provisions of the
 1940 Act, each Trustee shall serve as a Trustee during the lifetime of the Trust and until
 its termination as hereinafter provided or until such Trustee sooner dies, resigns, retires
 or is removed or the election and qualification of his successor, provided however that any
 Trustee who has served to the end of his term of office as has been established pursuant
 to any written policy adopted from time to time by a majority of the Trustees shall, automatically
 and without action of such Trustee or the remaining Trustees, be deemed to have retired in
 accordance with the terms of such policy, effective as of the date determined in accordance
 with such policy. The Trustees may elect their own successors and may, pursuant to Section 3.1(g) hereof,
 appoint Trustees to fill vacancies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Resignation and Retirement</u>. Any Trustee may resign his trust or retire as a Trustee, by written instrument
 signed by him and delivered to the other Trustees or to any officer of the Trust, and such
 resignation or retirement shall take effect upon such delivery or upon such later date as
 is specified in such instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Mandatory Retirement</u>. Any Trustee who has attained a mandatory retirement age established pursuant
 to any written policy adopted from time to time by a majority of the Trustees shall, automatically
 and without action of such Trustee or the remaining Trustees, be deemed to have retired in
 accordance with the terms of such policy, effective as of the date determined in accordance
 with such policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Removal</u>.
 Any Trustee may be removed with or without cause at any time: (i) by written instrument,
 signed by at a majority of the Trustees prior to such removal, specifying the date upon which
 such removal shall become effective, (ii) by vote of the Shareholders holding not less
 than a majority of the Shares then outstanding, cast in person or by proxy at any meeting
 called for the purpose, or (iii) by a declaration in writing signed by Shareholders
 holding not less than a majority of the Shares then outstanding and filed with the Trust's
 Custodian.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Vacancies</u>.
 Any vacancy or anticipated vacancy resulting from any reason, including without limitation,
 the death, resignation, retirement, removal or incapacity of any of the Trustees or resulting
 from an increase in the number of Trustees by the Trustees, may (but so long as there are
 at least two remaining Trustees, need not unless required by the 1940 Act) be filled either
 by a majority of the remaining Trustees through the appointment of such other person as such
 remaining Trustees in their discretion shall determine (unless a shareholder election is
 required by the 1940 Act) or by the election by the Shareholders, at a meeting called for
 the purpose, of a person to fill such vacancy, and such appointment or election shall be
 effective upon the written acceptance of the person named therein to serve as a Trustee and
 agreement by such person to be bound by the provisions of this Declaration of Trust, except
 that any such appointment or election in anticipation of a vacancy to occur by reason of
 retirement, resignation, or increase in

number of Trustees to be effective at a later date shall become effective only at or after the effective date of said retirement, resignation, or increase in number of Trustees. As soon as any Trustee so appointed or elected shall have accepted such appointment or election and shall have agreed in writing to be bound by this Declaration of Trust and the appointment or election is effective, the Trust estate shall vest in the new Trustee, together with the continuing Trustees, without any further act or conveyance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Effect of Death, Resignation, etc</u>. The death, resignation, retirement, removal, or incapacity
 of the Trustees, or any one of them, shall not operate to annul or terminate the Trust or
 to revoke or terminate any existing agency or contract created or entered into pursuant to
 the terms of this Declaration of Trust. Whenever a vacancy in the number of Trustees shall
 occur, until such vacancy is filled as provided herein, the other Trustees in office, regardless
 of their number, shall have all the powers granted to the Trustees and shall discharge all
 the duties imposed upon the Trustees by this Declaration of Trust, and only such other Trustees
 shall be counted for the purposes of the existence of a quorum or the taking of any action
 to be taken by the Trustees. A written instrument certifying the existence of such vacancy
 signed by a majority of the Trustees shall be conclusive evidence of the existence thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>No Accounting</u>. Except to the extent required by the 1940 Act or under circumstances which
 would justify his removal for cause, no person ceasing to be a Trustee as a result of his
 death, resignation, retirement, removal or incapacity (nor the estate of any such person)
 shall be required to make an accounting to the Shareholders or remaining Trustees upon such
 cessation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <u>Delegation of Power to Other Trustees</u>. Any Trustee may, by power of attorney, delegate his power
 for a period not exceeding six months at any one time to any other Trustee or Trustees; provided
 that in no case shall fewer than two Trustees personally exercise the powers granted to the
 Trustees under this Declaration of Trust except as otherwise expressly provided herein.

<u>Section 3.2</u> <u>Powers of the Trustees</u>. Subject to the provisions of this Declaration of Trust, the business of the Trust shall be managed by the Trustees, and they shall have all powers necessary or convenient to carry out that responsibility and the purpose of the Trust. Without limiting the foregoing, the Trustees may adopt Bylaws not inconsistent with this Declaration of Trust providing for the conduct of the business and affairs of the Trust and may amend and repeal them to the extent that such Bylaws do not reserve that right to the Shareholders; they may as they consider appropriate elect and remove officers and appoint and terminate agents and consultants and hire and terminate employees, any one or more of the foregoing of whom may be a Trustee, and may provide for the compensation of all of the foregoing; they may appoint from their own number, and terminate, any one or more committees consisting of two or more Trustees, including without implied limitation an executive committee, which may, when the Trustees are not in session and subject to the 1940 Act, exercise some or all of the power and authority of the Trustees as the Trustees may determine; in accordance with Section 3.3 they may employ one or more advisers, administrators, depositories and custodians and may authorize any depository or custodian to employ subcustodians or agents and to deposit all or any part of such assets in a system or systems for the central handling of securities and debt instruments, retain transfer, dividend, accounting or shareholder servicing agents or any of the foregoing, provide for the distribution of Shares by the Trust through one or more distributors, principal underwriters or otherwise, set record dates or times for the determination of Shareholders or various of them with respect to various matters; they may compensate or provide for the compensation of the Trustees, officers, investment advisers, investment sub-advisers, administrators, custodians, other agents, consultants and employees of the Trust or the Trustees on such terms as they deem appropriate; and in general they may delegate to any officer of the Trust, to any committee of the Trustees and to any employee, adviser, administrator, distributor, principal underwriter, depository, custodian, transfer and dividend disbursing agent, or any other agent or consultant of the Trust such authority, powers, functions and duties as they consider desirable or appropriate for the conduct of the business and affairs of the Trust, including without implied limitation the power and authority to act in the name of the Trust and of the Trustees, to sign documents and to act as attorney-in-fact for the Trustees.

Without limiting the foregoing and to the extent not inconsistent with the 1940 Act or other applicable law, the Trustees, acting collectively or pursuant to a committee, shall have power and authority:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Investments</u>.
 To purchase, sell and sell short securities of any kind including, without limitation, common
 and preferred stocks, bonds, call options, put options, futures contracts, derivative instruments,
 debentures, notes, bank certificates of deposit, bankers' acceptances, mortgage-backed
 securities and other debt obligations, and any certificates, receipts, warrants or other
 instruments representing rights to receive, purchase or subscribe for the same, or evidencing
 or representing any other rights or interests therein; and to hold cash or other property
 uninvested without in any event being bound or limited by any present or future law or custom
 in regard to investments by trustees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Disposition of Assets</u>. To sell, exchange, lend, pledge, mortgage, hypothecate, write options on and
 lease any or all of the assets of the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Ownership Powers</u>. To vote or give assent, or exercise any rights of ownership, with respect to
 stock or other securities, instruments or property; and to execute and deliver proxies or
 powers of attorney to such person or persons as the Trustees shall deem proper, granting
 to such person or persons such power and discretion with relation to securities, instruments
 or property as the Trustees shall deem proper;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Subscription</u>.
 To exercise powers and rights of subscription or otherwise which in any manner arise out
 of ownership of securities or debt instruments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Form of Holding</u>. To hold any security, debt instrument or property in a form not indicating any
 trust, whether in bearer, unregistered or other negotiable form, or in the name of the Trustees
 or of the Trust or in the name of a custodian, subcustodian or other depository or a nominee
 or nominees or otherwise;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Reorganization, etc</u>.
 To consent to or participate in any plan for the reorganization, consolidation or merger
 of any corporation or issuer, any security or instrument of which is or was held in the Trust;
 to consent to any contract, lease, mortgage, purchase or sale of property by such corporation
 or issuer, and to pay calls or subscriptions with respect to any security or instrument held
 in the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Voting Trusts, etc</u>. To join with other holders of any securities or debt instruments in
 acting through a committee, depository, voting trustee or otherwise, and in that connection
 to deposit any security or debt instrument with, or transfer any security or debt instrument
 to, any such committee, depository or trustee, and to delegate to them such power and authority
 with relation to any security or debt instrument (whether or not so deposited or transferred)
 as the Trustees shall deem proper, and to agree to pay, and to pay, such portion of the expenses
 and compensation of such committee, depository or trustee as the Trustees shall deem proper;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Compromise</u>.
 To pay, defend, abandon, compromise, arbitrate or otherwise adjust claims in favor of or
 against the Trust or any matter in controversy, including but not limited to claims for taxes,
 and to enter into releases, agreements and other instruments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Partnerships, etc</u>.
 To enter into joint ventures, general or limited partnerships and any other combinations
 or associations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <u>Borrowing and Security</u>. To borrow funds and to mortgage and pledge the assets of the Trust or any
 part thereof to secure obligations arising in connection with such borrowing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) <u>Guarantees, etc</u>.
 To endorse or guarantee the payment of any notes or other obligations of any person; to make
 contracts of guaranty or suretyship, or otherwise assume liability for payment thereof; and
 to mortgage and pledge the Trust property or any part thereof to secure any of or all such
 obligations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) <u>Insurance</u>.
 To purchase and pay for partially or entirely out of Trust property such insurance as they
 may deem necessary or appropriate for the conduct of the business, including, without limitation,
 insurance policies insuring the assets of the Trust and payment of distributions and principal
 on its portfolio investments, and insurance policies insuring the Shareholders, Trustees,
 officers, employees, agents, consultants, investment advisers, managers, administrators,
 distributors, principal underwriters, or independent contractors, or any thereof (or any
 person connected therewith), of the Trust individually against all claims and liabilities
 of every nature arising by reason of holding, being or having held any such office or position,
 or by reason of any action alleged to have been taken or omitted by any such person in any
 such capacity, including any action taken or omitted that may be determined to constitute
 negligence; provided, however, that insurance which protects the Trustees and officers against
 liabilities rising from action involving willful misfeasance, bad faith, gross negligence
 or reckless disregard of the duties involved in the conduct of their offices may not be purchased
 with Trust property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) <u>Pensions, etc</u>.
 To pay pensions for faithful service, as deemed appropriate by the Trustees, and to adopt,
 establish and carry out pension, profit-sharing, share bonus, share purchase, deferred compensation,
 savings, thrift and other retirement, incentive and benefit plans, trusts and provisions,
 including the purchasing of life insurance and annuity contracts as a means of providing
 such retirement and other benefits, for any or all of the Trustees, officers, employees and
 agents of the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) <u>Investment in Other Investment Companies</u>. To either invest all or a portion of the property of the
 Trust or, as applicable, all or a portion of the property of one or more Series of the
 Trust, or sell all or a portion of such property and invest the proceeds of such sales, in
 one or more other investment companies, in each case without any requirement of approval
 by Shareholders, to the extent not prohibited by the 1940 Act; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) <u>Valuation</u>.
 To determine the value of the Trust's assets in accordance with Section 2(a)(41)
 of the 1940 Act.

Except as otherwise provided by the 1940 Act or other applicable law, this Declaration of Trust or the Bylaws, any action to be taken by the Trustees may be taken by a majority of the Trustees present at a meeting of Trustees (a quorum, consisting of at least a majority of the Trustees then in office, being present), within or without Ohio, including (to the extent permissible under the 1940 Act) any meeting held by means of a conference telephone or other communications equipment by means of which all persons participating in the meeting can hear each other at the same time and participation by such means shall constitute presence in person at a meeting, or by written consents of a majority of the Trustees then in office (or such larger or different number as may be required by the 1940 Act or other applicable law).

<u>Section 3.3</u> <u>Certain Contracts</u>. Subject to compliance with the provisions of the 1940 Act, but notwithstanding any limitations of present and future law or custom in regard to delegation of powers by trustees generally, the Trustees may, at any time and from time to time and without limiting the generality of their powers and authority otherwise set forth herein, enter into one or more contracts with any one or more corporations, limited liability companies, trusts, associations, partnerships, limited partnerships, other type of organizations, or individuals ("Contracting Party") to provide for the performance and assumption of some or all of the following services, duties and responsibilities to, for or of the Trust or any Series or Class thereof and/or the Trustees, and to provide for the performance and assumption of such other services, duties and responsibilities in addition to those set forth below as the Trustees may determine appropriate:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Advisory</u>.
 Subject to the general supervision of the Trustees and in conformity with the stated policy
 of the Trustees with respect to the investments of the Trust or of the assets belonging to
 any Series of Shares of the Trust (as that phrase is defined in subsection (a) of
 Section 4.2), to manage such investments and assets, make investment decisions with
 respect thereto, and to place purchase and sale orders for portfolio transactions relating
 to such investments and assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Administration</u>.
 Subject to the general supervision of the Trustees and in conformity with any policies of
 the Trustees with respect to the operations of the Trust, to supervise all or any part of
 the operations of the Trust, and to provide all or any part of the administrative and clerical
 personnel, office space and office equipment and services appropriate for the efficient administration
 and operations of the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Distribution</u>.
 To distribute the Shares of the Trust, to be principal underwriter of such Shares, and/or
 to act as agent of the Trust in the sale of Shares and the acceptance or rejection of orders
 for the purchase of Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Custodian and Depository</u>. To act as depository for and to maintain custody of the property of the
 Trust and accounting records in connection therewith;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Transfer and Dividend Disbursing Agency</u>. To maintain records of the ownership of outstanding Shares,
 the issuance and redemption and the transfer thereof, and to disburse any dividends declared
 by the Trustees and in accordance with the policies of the Trustees and/or the instructions
 of any particular Shareholder to reinvest any such dividends;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Shareholder Servicing</u>. To provide service with respect to the relationship of the Trust and its Shareholders,
 records with respect to Shareholders and their Shares, and similar matters; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Legal, Accounting, Taxes and Other</u>. To handle all or any part of the legal, compliance, accounting,
 tax or other responsibilities, whether with respect to the Trust's properties, Shareholders
 or otherwise.

The same person may be the Contracting Party for some or all of the services, duties and responsibilities to, for and of the Trust or any Series or Class thereof and/or the Trustees, and the contracts with respect thereto may contain such terms interpretive of or in addition to the delineation of the services, duties and responsibilities provided for, including provisions that are not inconsistent with the 1940 Act relating to the standard of duty of and the rights to indemnification of the Contracting Party and others, as the Trustees may determine. Nothing herein shall preclude, prevent or limit the Trust or a Contracting Party from entering into subcontractual arrangements relative to any of the matters referred to in Sections 3.3(a) through (g) hereof.

Subject to the provisions of the 1940 Act, the fact that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any of the Shareholders, Trustees or officers of the Trust is a shareholder, director, officer, partner, trustee, employee, manager, adviser, principal underwriter or distributor or agent of or for any Contracting Party, or of or for any parent or affiliate of any Contracting Party or that the Contracting Party or any parent or affiliate thereof is a Shareholder or has an interest in the Trust, or that

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any Contracting Party may have a contract providing for the rendering of any similar services to one or more other corporations, trusts, associations, partnerships, limited partnerships or other organizations, or has other business or interests,

shall not affect the validity of any contract for the performance and assumption of services, duties and responsibilities to, for or of the Trust or any Series or Class thereof and/or the Trustees or disqualify any Shareholder, Trustee or officer of the Trust from voting upon or executing the same or create any liability or accountability to the Trust or its Shareholders, provided that in the case of any relationship or interest referred to in the preceding clause (i) on the part of any Trustee or officer of the Trust either (1) the material facts as to such relationship or interest have been disclosed to or are known by the Trustees not having any such relationship or interest and the contract involved is approved in good faith reasonably justified by such facts by a majority of such Trustees not having any such relationship or interest (even though such unrelated or disinterested Trustees are less than a quorum of all of the Trustees), or (2) the specific contract involved is fair to the Trust as of the time it is authorized, approved or ratified by the Trustees or by the Shareholders.

<u>Section 3.4</u> <u>Payment of Trust Expenses and Compensation of Trustees</u>. The Trustees are authorized to pay or to cause to be paid out of the principal or income of the Trust, or partly out of principal and partly out of income, and to charge or allocate the same to, between or among such one or more of the Series or Classes that may be established and designated pursuant to Article IV, as the Trustees deem fair, all expenses, fees, charges, taxes and liabilities incurred or arising in connection with the Trust, or in connection with the management thereof, including, but not limited to, the Trustees' compensation and such expenses and charges for the services of the Trust's officers, employees, investment adviser, administrator, distributor, principal underwriter, auditor, counsel, depository, custodian, transfer agent, dividend disbursing agent, accounting agent, Shareholder servicing agent, and such other agents, consultants, and independent contractors and such other expenses and charges as the Trustees may deem necessary or proper to incur. Without limiting the generality of any other provision hereof, the Trustees shall be entitled to reasonable compensation from the Trust for their services as Trustees and may fix the amount of such compensation.

<u>Section 3.5</u> <u>Ownership of Assets of the Trust</u>. Title to all of the assets of the Trust shall at all times be considered as vested in the Trustees.

**ARTICLE IV**

**<u>SHARES</u>**

<u>Section 4.1</u> <u>Description of Shares</u>. The beneficial interest in the Trust shall be divided into Shares, all without par value, but the Trustees shall, subject to the applicable requirements of the 1940 Act, have the authority from time to time to divide the Shares into two or more Series of Shares, as they deem necessary or desirable, to establish and designate such Series, and to fix and determine the relative rights and preferences as between the different Series of Shares as to right of redemption and the price, terms and manner of redemption, special and relative rights as to dividends and other distributions and on liquidation, sinking or purchase fund provisions, conversion rights, and conditions under which the several Series shall have separate voting rights. Except as aforesaid all Shares of the different Series shall be identical.

Notwithstanding anything contained herein to the contrary, the Board of Trustees in its sole discretion may, from time to time, without vote or consent of the Shareholders, determine to issue Shares of any Series or Class only in lots of such aggregate number of Shares as shall be determined at any time by the Board of Trustees in its sole discretion to be called "Creation Units," and in connection with the issuance of such Creation Units, to charge such transaction fees or such other fees as the Board of Trustees shall determine, provided however that the Board of Trustees in its sole discretion may, from time to time, without vote or consent of the Shareholders, alter the number of Shares constituting a Creation Unit or the fees associated with a Creation Unit. Without limiting the general authority of the Board of Trustees under this Declaration of Trust to delegate its authority, the authority of the Board of Trustees under this paragraph with respect to the establishing and altering of the size of Creation Units and the fees associated with Creation Units may be delegated to any officer of the Trust or the investment adviser to a Series or otherwise as the Board of Trustees considers desirable.

The Trustees may from time to time close the transfer books or establish record dates and times for the purposes of determining the holders of Shares entitled to be treated as such, to the extent provided or referred to in the Bylaws.

The establishment and designation of any Series of Shares in addition to that established and designated in Section 4.2, or of any Class of Shares, shall be effective (a) upon the execution by a majority of the then Trustees of an instrument setting forth such establishment and designation and the relative rights and preferences of such Series or Class, (b) upon the vote of a majority of the Trustees as set forth in an instrument executed by an officer of the Trust, or (c) otherwise or at such other time as the instrument referred to in the foregoing clause (a) or the vote referred to in the foregoing clause (b) may provide. At any time that there are no Shares outstanding of any particular Series or Class previously established and designated the Trustees may by an instrument executed by a majority of their number abolish that Series or Class and the establishment and designation thereof. Each instrument referred to in this paragraph shall have the status of an amendment to this Declaration of Trust.

Any Trustee, officer or other agent of the Trust, and any organization in which any such person is interested may acquire, own, hold and dispose of Shares of any Series of the Trust to the same extent as if such person were not a Trustee, officer or other agent of the Trust; and the Trust may issue and sell or cause to be issued and sold and may purchase Shares of any Series from any such person or any such organization subject only to the general limitations, restrictions or other provisions applicable to the sale or purchase of Shares of such Series generally.

<u>Section 4.2</u> <u>Establishment and Designation of Series</u>. Without limiting the authority of the Trustees set forth in Section 4.1 to establish and designate any further Series, the Trustees hereby establish the initial Series of the Trust set for in Appendix B and reserve the power to establish and designate additional Series from time to time by resolution or other written instrument of the Trustees. The Shares of each Series established and designated by the Trustees shall (unless the Trustees otherwise determine with respect to some further Series or Class at the time of establishing and designating the same) have the following relative rights and preferences:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Assets Belonging to Series</u>. All consideration received by the Trust for the issue or sale of
 Shares of a particular Series, together with all assets in which such consideration is invested
 or reinvested, all income, earnings, profits, and proceeds thereof, including any proceeds
 derived from the sale, exchange or liquidation of such assets, and any funds or payments
 derived from any reinvestment of such proceeds in whatever form the same may be, shall irrevocably
 belong to that Series for all purposes, subject only to the rights of creditors of such
 Series, and shall be so recorded upon the books of account of the Trust. Such consideration,
 assets, income, earnings, profits and proceeds thereof,

including any proceeds derived from the sale, exchange or liquidation of such assets, and any funds or payments derived from any reinvestment of such proceeds, in whatever form the same may be, together with any General Items allocated to that Series as provided in the following sentence, are herein referred to as "assets belonging to" that Series. In the event that there are any assets, incomes, earnings, profits, and proceeds thereof, funds, or payments which are not readily identifiable as belonging to any particular Series (collectively "General Items"), the Trustees shall allocate such General Items to and among any one or more of the Series established and designated from time to time in such manner and on such basis as they, in their sole discretion, deem fair and equitable; and any General Items so allocated to a particular Series shall belong to that Series. Each such allocation by the Trustees shall be conclusive and binding upon the Shareholders of all Series for all purposes. No holder of Shares or creditors of any particular Series shall have any claim on or right to any assets allocated or belonging to any other Series of Shares. No holder of Shares of any particular Series shall be entitled to participate in a derivative or class action on behalf of any other Series or the Shareholders of any other Series.

The Trustees shall have full discretion, to the extent not inconsistent with the 1940 Act, to determine which items shall be treated as income and which items as capital; and each such determination and allocation shall be conclusive and binding upon the Shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Liabilities Belonging to Series</u>. The assets belonging to each particular Series shall be charged
 with the liabilities of the Trust in respect of that Series and all expenses, costs,
 charges and reserves attributable to that Series, and any general liabilities, expenses,
 costs, charges or reserves of the Trust which are not readily identifiable as belonging to
 any particular Series shall be allocated and charged by the Trustees to and among any
 one or more of the Series established and designated from time to time in such manner
 and on such basis as the Trustees in their sole discretion deem fair and equitable. The liabilities,
 expenses, costs, charges and reserves allocated and so charged to a Series are herein
 referred to as "liabilities belonging to" that Series. Each allocation of liabilities,
 expenses, costs, charges and reserves by the Trustees shall be conclusive and binding upon
 the holders of all Series for all purposes. Under no circumstances shall the assets
 allocated or belonging to any particular Series be charged with liabilities attributable
 to any other Series. All persons who have extended credit which has been allocated to a particular
 Series, or who have a claim or contract which has been allocated to any particular Series,
 shall look only to the assets of that particular Series for payment of such credit,
 claim or contract.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Dividends</u>.
 Dividends and distributions on Shares of a particular Series may be paid with such frequency
 as the Trustees may determine, which may be daily or otherwise pursuant to a standing resolution
 or resolutions adopted only once or with such frequency as the Trustees may determine, to
 the holders of Shares of that Series, from such of the estimated income and capital gains,
 accrued or realized, from the assets belonging to that Series, as the Trustees may determine,
 after providing for actual and accrued liabilities belonging to that Series. All dividends
 and distributions on Shares of a particular Series shall be distributed pro rata to
 the holders of that Series in proportion to the number of Shares of that Series held
 by such holders at the date and time of record established for the payment of such dividends
 or distributions, except that in connection with any dividend or distribution program or
 procedure the Trustees may determine that no dividend or distribution shall be payable on
 Shares as to which the Shareholder's purchase order and/or payment have not been received
 by the time or times established by the Trustees under such program or procedure, and except
 that if Classes have been established for any Series, the rate of dividends or distributions
 may vary among such Classes pursuant to resolution, which may be a standing resolution, of
 the Board of Trustees. Such dividends and distributions may be made in cash or Shares or
 a combination thereof as determined by the Trustees or pursuant to any program that the Trustees
 may have in effect at the time for the election by each Shareholder of the mode of the making
 of such dividend or distribution to that Shareholder. Any such dividend or distribution paid
 in Shares will be paid at the net asset value thereof as determined in accordance with subsection
 (h) of Section 4.2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Liquidation</u>.
 In event of the liquidation or dissolution of a Series, or of the Trust as a whole, the Shareholders
 of each Series that has been established and designated shall be entitled to receive,
 as a Series, when and as declared by the Trustees, the excess of the assets belonging to
 that Series over the liabilities belonging to that Series. The assets so distributable
 to the Shareholders of any particular Series shall be distributed among such Shareholders
 in proportion to the number of Shares of that Series held by them and recorded on the
 books of the Trust. The liquidation of any particular Series or the Trust as a whole
 may be authorized by vote of a majority of the Trustees then in office without Shareholder
 approval.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Voting</u>.
 All shares of all Series shall have "equal voting rights" as such term is
 defined in the 1940 Act and except as otherwise provided by the 1940 Act. Shareholders entitled
 to vote on any matter will have one vote for each Share owned. On each matter submitted to
 a vote of the Shareholders, all Shares of all Series shall vote as a single class ("Single
 Class Voting"); provided, however, that (a) as to any matter with respect
 to which a separate vote of any Series or Class is required by the 1940 Act, such
 requirements as to a separate vote by that Series or Class shall apply in lieu
 of Single Class Voting as described above; (b) in the event that the separate vote
 requirements referred to in (a) above apply with respect to one or more Series or
 Class, then, subject to (c) below, the Shares of all other Series or Classes shall
 vote as a single class; and (c) as to any matter which does not affect the interest
 of a particular Series or Class, only the holders of Shares of the one or more affected
 Series or Class shall be entitled to vote.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Redemption by Shareholder</u>. Each holder of Shares of a particular Series shall have the right
 at such times as may be permitted by the Trust, but no less frequently than required by the
 1940 Act, to require the Trust to redeem all or any part of his Shares of that Series or
 Class (including Creation Units) at a redemption price equal to the net asset value
 per Share of that Series or Class next determined in accordance with subsection
 (h) of this Section 4.2, less any applicable redemption fee or sales charge, after
 the Shares are properly tendered for redemption. Payment of the redemption price shall be
 made from the assets of the applicable Series in cash; provided, however, that if the
 Trustees determine, which determination shall be conclusive, that conditions exist which
 make payment wholly in cash unwise or undesirable (including, without limitation, where a
 Series operates as an exchange-traded fund ("ETF")), the Trust may make
 payment wholly or partly in securities or other assets belonging to the Series of which
 the Shares being redeemed are part at the value of such securities or assets used in such
 determination of net asset value.

Notwithstanding the foregoing, the Trust may postpone payment of the redemption price and may suspend the right of the holders of Shares of any Series or Class to require the Trust to redeem Shares of that Series or Class during any period or at any time when and to the extent permissible under the 1940 Act, and such redemption is conditioned upon the Trust having funds or property legally available therefor.

The Trustees shall have exclusive power, without the requirement of Shareholder approval, to operate one or more Series (or class) as an ETF and to list the Shares of any such ETF on one or more securities exchanges and to cease such operation or listing at any time. Further, notwithstanding anything to the contrary herein, the Trustees may in their sole discretion determine that Shares of any Series or Class issued after July 12, 2021 shall be issued and redeemed only in Creation Units, pursuant to procedures or methods prescribed or approved by, the Trustees from time to time with respect to any Series or Class.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Redemption by Trust</u>. Each Share of each Series that has been established and designated is
 subject to redemption by the Trust at the redemption price which would be applicable if such
 Share was then being redeemed by the Shareholder pursuant to subsection (f) of this
 Section 4.2 at any time and for any reason under the terms set by the Trustees, including
 but not limited to: (a) the failure of a Shareholder to supply a tax identification
 number if required to do so, (b) the failure of a Shareholder to pay when due for the
 purchase of Shares issued to that Shareholder, (c) the value of a Shareholder's Shares
 being less than a minimum amount established from time to time by the Trustees, (d) the
 failure of a Shareholder to meet or maintain the qualifications for ownership of a particular
 Series or Class of Shares, (e) the determination by the Trustees or pursuant
 to policies adopted by the Trustees that ownership of Shares by a particular Shareholder
 is not in the best interests of the remaining Shareholders of the Trust or applicable Series or
 Class, (f) if the Trustees determine in their sole discretion that failure to so redeem
 may have materially adverse consequences to all or any of the holders of the Shares, or any
 Series or Class thereof, of the Trust, or (g) the merger, reorganization or
 liquidation of a Series or the Trust. Upon such redemption the holders of the Shares
 so redeemed shall have no further right with respect thereto other than to receive payment
 of such redemption price.

Notwithstanding the foregoing, if the Trustees determine to issue Shares of any Series or Class in Creation Units, then only Shares of such Series or Class comprising a Creation Unit shall be redeemable by the Trust with respect to any applicable Series or Class. Unless the Trustees otherwise shall determine, there shall be no redemption of any partial or fractional Creation Unit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Net Asset Value</u>. The net asset value per Share of any Series shall be the quotient obtained
 by dividing the value of the net assets of that Series (being the value of the assets
 belonging to that Series less the liabilities belonging to that Series (excluding,
 with respect to the redemption of Creation Units, any transaction fees charged in connection
 with such a redemption)) by the total number of Shares of that Series outstanding, all
 determined in accordance with the methods and procedures, including without limitation those
 with respect to rounding, established by the Trustees from time to time. The Trustees may
 determine to maintain the net asset value per Share of any Series at a designated constant
 dollar amount and in connection therewith may reduce the number of outstanding Shares of
 the Series by reducing the number of Shares in the account of each Shareholder on a
 pro rata basis, so as to maintain the net asset value per Share of such Series at a
 constant dollar amount.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Transfer</u>.
 All Shares of each particular Series shall be transferable, but transfers of Shares
 of a particular Series will be recorded on the Share transfer records of the Trust applicable
 to that Series only at such times as Shareholders shall have the right to require the
 Trust to redeem Shares of that Series and at such other times as may be permitted by
 the Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <u>Equality</u>.
 All Shares of each particular Series shall represent an equal proportionate interest
 in the assets belonging to that Series (subject to the liabilities belonging to that
 Series), and each Share of any particular Series shall be equal to each other Share
 of that Series; but the provisions of this sentence shall not restrict any distinctions among
 Classes permissible under this Section 4.2 that may exist with respect to Shares of
 the same Series. The Trustees may from time to time divide or combine the Shares of any particular
 Series into a greater or lesser number of Shares of that Series without thereby
 changing the proportionate beneficial interest in the assets belonging to that Series or
 in any way affecting the rights of Shares of any other Series.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) <u>Fractions</u>.
 Any fractional Share of any Series or Class, if any such fractional Share is outstanding,
 shall carry proportionately all the rights and obligations of a whole Share of that Series or
 Class, including with respect to voting, receipt of dividends and distributions, redemption
 of Shares, and liquidation of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) <u>Conversion Rights</u>. Subject to compliance with the requirements of the 1940 Act, the Trustees shall
 have the authority to provide that holders of Shares of any Series shall have the right
 to convert said Shares into Shares of one or more other Series of Shares in accordance
 with such requirements and procedures as may be established by the Trustees.

<u>Section 4.3</u> <u>Ownership of Shares</u>. The ownership of Shares shall be recorded on the books of the Trust or of a transfer or similar agent for the Trust, which books shall be maintained separately for the Shares of each Series that has been established and designated. No certificates certifying the ownership of Shares need be issued except as the Trustees may otherwise determine from time to time, and, if so issued, may be retired by the Trustees at any time. The Trustees may make such rules as they consider appropriate for the issuance of Share certificates, the use of facsimile signatures, the transfer of Shares and similar matters. The record books of the Trust as kept by the Trust or any transfer or similar agent, as the case may be, shall be conclusive as to who are the Shareholders and as to the number of Shares of each Series and Class held from time to time by each such Shareholder.

<u>Section 4.4</u> <u>Investments in the Trust</u>. The Trustees may accept investments in the Trust from such persons and on such terms and for such consideration, not inconsistent with the provisions of the 1940 Act, as they from time to time authorize. The Trustees may authorize any distributor, principal underwriter, custodian, transfer agent or other person to accept orders for the purchase of Shares that conform to such authorized terms and to reject any purchase orders for Shares whether or not conforming to such authorized terms.

<u>Section 4.5</u> <u>No Preemptive Rights</u>. Shareholders shall have no preemptive or other right to subscribe to any additional Shares or other securities issued by the Trust.

<u>Section 4.6</u> <u>Status of Shares and Limitation of Personal Liability</u>. Shares shall be deemed to be personal property giving only the rights provided in this instrument. Every Shareholder by virtue of having become a Shareholder shall be held to have expressly assented and agreed to the terms hereof and to have become a party hereto. The death of a Shareholder during the continuance of the Trust shall not operate to terminate the Trust nor entitle the representative of any deceased Shareholder to an accounting or to take any action in court or elsewhere against the Trust or the Trustees, but only to the rights of said decedent under this Trust. Ownership of Shares shall not entitle the Shareholder to any title in or to the whole or any part of the Trust property or right to call for a partition or division of the same or for an accounting, nor shall the ownership of Shares constitute the Shareholders as partners. Neither the Trust nor the Trustees, nor any officer, employee or agent of the Trust shall have any power to bind personally any Shareholder, nor except as specifically provided herein 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 personally agree to pay.

**ARTICLE V**

**<u>SHAREHOLDERS' VOTING POWERS AND MEETINGS</u>**

The Shareholders shall have power to vote only (i) for the election or removal of Trustees as provided in Section 3.1, (ii) with respect to any contract with a Contracting Party as provided in Section 3.3 as to which Shareholder approval is required by the 1940 Act, (iii) with respect to any reorganization of the Trust or any Series, but only to the extent required by Section 7.2, (iv) with respect to any amendment of this Declaration of Trust to the extent and as provided in Section 7.3, (v) to the same extent as the stockholders of an Ohio business corporation as to whether or not a court action, proceeding or claim should or should not be brought or maintained derivatively or as a class action on behalf of the Trust or the Shareholders, and (vi) with respect to such additional matters relating to the Trust as may be required by the 1940 Act, this Declaration of Trust, the Bylaws or any registration of the Trust with the Commission (or any successor agency) or any state, or as the Trustees may consider necessary or desirable. There shall be no cumulative voting in the election of any Trustee or Trustees. Shares may be voted in person or by proxy. A proxy with respect to Shares held in the name of two or more persons shall be valid if executed by any one of them unless at or prior to exercise of the proxy the Trust receives a specific written notice to the contrary from any one of them. A proxy purporting to be executed by or on behalf of a Shareholder shall be deemed valid unless challenged at or prior to its exercise and the burden of proving invalidity shall rest on the challenger. Until Shares are issued, the Trustees may exercise all rights of Shareholders and may take any action required by law, this Declaration of Trust or the Bylaws to be taken by Shareholders. A majority of the Shares present in person or by proxy, at a meeting of which a quorum is present, shall decide any questions and a plurality shall elect a Trustee, except when a different vote is required or permitted by any provision of the 1940 Act or other applicable law or by this Declaration of Trust or the Bylaws.

The Bylaws may include further provisions for Shareholders' votes and meetings, including the establishment of record dates, the determination of a quorum and related matters not inconsistent with the provisions hereof.

**<u>ARTICLE VI</u>**

**<u>LIMITATION OF LIABILITY; INDEMNIFICATION</u>**

<u>Section 6.1</u> <u>Trustees, Shareholders, etc. Not Personally Liable; Notice</u>. No Trustee, officer, employee or agent of the Trust shall be subject to any personal liability whatsoever to any person in connection with Trust property or the affairs of the Trust; and all persons shall look solely to the Trust property for satisfaction of claims of any nature arising in connection with the affairs of the Trust. No Shareholder or former Shareholder shall be subject to any personal liability whatsoever to any person in connection with Trust property or the acts, obligations or affairs of the Trust solely by reason of being or having been a Shareholder.

All persons extending credit to, contracting with or having any claim against the Trust shall look only to the assets of the Trust for payment under such credit, contract or claim; and neither the Shareholders nor the Trustees, nor any of the Trust's officers, employees or agents, whether past, present or future, shall be personally liable therefor. Every note, bond, contract, instrument, certificate or undertaking and every other act or thing whatsoever executed or done by or on behalf of the Trust or the Trustees or any of them in connection with the Trust shall be conclusively deemed to have been executed or done only by or for the Trust or the Trustees and not personally. Nothing in this Declaration of Trust shall protect any Trustee or officer against any liability to the Trust or the Shareholders to which such Trustee or officer would otherwise be subject by reason of willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of the office of Trustee or of such officer.

Every written note, bond, contract, instrument, certificate or undertaking made or issued by the Trustees or by any officers or officer shall give notice that this Declaration of Trust is on file with the Secretary of the State of Ohio and shall recite to the effect that the same was executed or made by or on behalf of the Trust or by them as Trustees or Trustee or as officers or officer and not individually and that the obligations of such instrument are not binding upon any of them or the Shareholders individually but are binding only upon the assets and property of the Trust, but the omission thereof shall not operate to bind any Trustees or Trustee or officers or officer or Shareholders or Shareholder individually.

<u>Section 6.2</u> <u>Trustee's or Officer's Good Faith Action; Expert Advice; No Bond or Surety</u>. The exercise by the Trustees or the officers of the Trust of their powers and discretions hereunder shall be binding upon everyone interested. A Trustee or officer of the Trust shall be liable for his own willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of the office of Trustee or officer, and for nothing else, and shall not be liable for errors of judgment or mistakes of fact or law. Subject to the foregoing, (a) neither the Trustees nor the officers shall be responsible or liable in any event for any neglect or wrongdoing of any officer, agent, employee, consultant, investment adviser or investment sub-adviser, administrator, distributor or principal underwriter, custodian or transfer, dividend disbursing, shareholder servicing or accounting agent of the Trust, nor shall any Trustee be responsible for the act or omission of any other Trustee; (b) the Trustees and the officers may take advice of counsel or other experts with respect to the meaning and operation of this Declaration of Trust and their duties as Trustees and officers, and shall be under no liability for any act or omission in accordance with such advice or for failing to follow such advice; and (c) in discharging their duties, the Trustees and officers, when acting in good faith, shall be entitled to rely upon the books of account of the Trust and upon written reports made to the Trustees by any of its officers, any independent public accountant, and (with respect to the subject matter of the contract involved) any officer, partner or responsible employee of a Contracting Party appointed by the Trustees pursuant to Section 3.3. The Trustees as such shall not be required to give any bond or surety or any other security for the performance of their duties. Nothing stated herein is intended to detract from the protection accorded to Trustees by Ohio Revised Code Sections 1746.08 and 1701.59, as amended from time to time.

<u>Section 6.3</u> <u>Indemnification of Shareholders</u>. In case any Shareholder or former Shareholder shall be charged or held to be personally liable for any obligation or liability of the Trust or any Series solely by reason of being or having been a Shareholder (other than taxes payable by virtue of owning shares) and not because of such Shareholder's acts or omissions or for some other reason, the Trust (upon proper and timely request by the Shareholder) shall assume the defense against such charge and satisfy any judgment thereon, and the Shareholder or former Shareholder (or his heirs, executors, administrators or other legal representatives or in the case of a corporation or other entity, its corporate or other general successor) shall be entitled out of the assets of the applicable series to be held harmless from and indemnified against all loss and expense arising from such liability.

<u>Section 6.4</u> <u>Indemnification of Trustees, Officers, etc.</u> Subject to and except as otherwise provided in the Securities Act of 1933, as amended, and the 1940 Act, the Trust shall indemnify each of its Trustees and officers, including persons who serve at the Trust's request as directors, officers or trustees of another organization in which the Trust has any interest as a shareholder, creditor or otherwise (hereinafter referred to as a "Covered Person") against all liabilities, including but not limited to amounts paid in satisfaction of judgments, in compromise or as fines and penalties, and expenses, including reasonable accountants' and counsel fees, incurred by any Covered Person in connection with the defense or disposition of any action, suit or other proceeding, whether civil or criminal, before any court or administrative or legislative body, in which such Covered Person may be or may have been involved as a party or otherwise or with which such person may be or may have been threatened, while in office or thereafter, by reason of being or having been such a Trustee or officer, director or trustee, and except that no Covered Person shall be indemnified against any liability to the Trust or its Shareholders to which such Covered Person would otherwise be subject by reason of willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of such Covered Person's office.

<u>Section 6.5</u> <u>Advances of Expenses</u>. The Trust shall advance attorneys' fees or other expenses incurred by a Covered Person in defending a proceeding to the full extent permitted by the Securities Act of 1933, as amended, the 1940 Act, and Ohio Revised Code Chapter 1707, as amended. In the event any of these laws conflict with Ohio Revised Code Section 1701.13(E), as amended, these laws, and not Ohio Revised Code Section 1701.13(E), shall govern.

<u>Section 6.6</u> <u>Indemnification Not Exclusive, etc.</u> The right of indemnification provided by this Article VI shall not be exclusive of or affect any other rights to which any such Covered Person may be entitled. As used in this Article VI, "Covered Person" shall include such person's heirs, executors and administrators. Nothing contained in this article shall affect any rights to indemnification to which personnel of the Trust, other than Trustees and officers, and other persons may be entitled by contract or otherwise under law, nor the power of the Trust to purchase and maintain liability insurance on behalf of any such person.

<u>Section 6.7</u> <u>Liability of Third Persons Dealing with Trustees</u>. No person dealing with the Trustees shall be bound to make any inquiry concerning the validity of any transaction made or to be made by the Trustees or to see to the application of any payments made or property transferred to the Trust or upon its order.

<u>Section 6.8</u>. <u>Derivative Actions</u>. No Shareholder shall have the right to bring or maintain any court action, proceeding or claim on behalf of the Trust or any Series or Class thereof without first making demand on the Trustees requesting the Trustees to bring or maintain such action, proceeding or claim. Such demand shall be excused only when the plaintiff makes a specific showing that irreparable injury to the Trust or any Series or Class thereof would otherwise result, or if a majority of the Trustees, or a majority of any committee established to consider the merits of such action, has a personal financial interest in the action at issue. A Trustee shall not be deemed to have a personal financial interest in an action or otherwise be disqualified from ruling on a Shareholder demand by virtue of the fact that such Trustee receives remuneration from his or her service on the Board of Trustees of the Trust or on the boards of one or more investment companies with the same or an affiliated investment advisor or underwriter, or the amount of such remuneration.

Such demand shall be mailed to the Secretary of the Trust at the Trust's principal office and shall set forth in reasonable detail the nature of the proposed court action, proceeding or claim and the essential facts relied upon by the Shareholder to support the allegations made in the demand. The Trustees shall consider such demand within 45 days of its receipt by the Trust. In their sole discretion, the Trustees may submit the matter to a vote of Shareholders of the Trust or any Series or Class thereof, as appropriate. Any decision by the Trustees to bring, maintain or settle (or not to bring, maintain or settle) such court action, proceeding or claim, or to submit the matter to a vote of Shareholders, shall be made by the Trustees in their business judgment and shall be binding upon the Shareholders. Any decision by the Trustees to bring or maintain a court action, proceeding or suit on behalf of the Trust or any Series or Class thereof shall be subject to the right of the Shareholders under Article V of this Declaration of Trust to vote on whether or not such court action, proceeding or suit should or should not be brought or maintained.

**<u>ARTICLE VII</u>**

**<u>MISCELLANEOUS</u>**

<u>Section 7.1</u> <u>Duration and Termination of Trust, Series or Class</u>. Unless terminated as provided herein, the Trust shall continue without limitation of time. Any Series or Class of the Trust, or the Trust itself, may be terminated at any time by a majority of the Trustees then in office, subject in each case to any Shareholder vote that may be required by applicable law.

Upon termination, after paying or otherwise providing for all charges, taxes, expenses and liabilities, whether due or accrued or anticipated as may be determined by the Trustees, the Trust shall in accordance with such procedures as the Trustees consider appropriate reduce the remaining assets to distributable form in cash, securities or other property, or any combination thereof, and distribute the proceeds to the Shareholders, in conformity with the provisions of subsection (d) of Section 4.2.

<u>Section 7.2</u> <u>Reorganization</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Trustees may sell, convey and transfer the assets of the Trust, or the assets belonging to
 any one or more Series, to another trust, partnership, association or corporation organized
 under the laws of any state of the United States, or to the Trust to be held as assets belonging
 to another Series of the Trust, in exchange for cash, shares or other securities (including,
 in the case of a transfer to another Series of the Trust, Shares of such other Series)
 with such transfer being made subject to, or with the assumption by the transferee of, all
 or substantially all the liabilities belonging to each Series the assets of which are
 so transferred, subject in each case to any Shareholder vote that may be required by
 applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding
 Section 7.2(a) above, any one or more Series may, either as the successor,
 survivor or non-survivor, (1) consolidate or merge with one or more other trusts, partnerships,
 associations or corporations, including any series or class thereof, organized under the
 laws of the State of Ohio or any other state of the United States; or (2) transfer a
 substantial portion of its assets to one or more other trusts, partnerships, associations
 or corporations, including any series or class thereof, organized under the laws of the State
 of Ohio or any other state of the United States, any such consolidation, merger or transfer
 to be upon such terms and conditions as are specified in an agreement and plan of reorganization
 authorized and approved by the Trustees and entered into by the relevant series in connection
 therewith. Any such consolidation, merger or transfer may be authorized by vote of a majority
 of the Trustees then in office and may include the merger of consolidation of one or more
 Classes or Series, in each case subject to applicable law and any Shareholder vote that may
 be required by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Following
 such transfer, the Trustees shall distribute such cash, shares or other securities (giving
 due effect to the assets and liabilities belonging to and any other differences among the
 various Series the assets belonging to which have so been transferred) among the Shareholders
 of the Series the assets belonging to which have been so transferred; and if all of
 the assets of the Trust have been so transferred, the Trust shall be terminated.

<u>Section 7.3</u> <u>Amendments</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All
 rights granted to the Shareholders under this Declaration of Trust are granted subject to
 the reservation of the right to amend this Declaration of Trust as herein provided. Subject
 to the foregoing, the Trustees may, by an instrument in writing signed by a majority of the
 then Trustees (or by an officer of the Trust pursuant to the vote of a majority of such Trustees),
 without any Shareholder vote, amend or otherwise supplement this Declaration of Trust by
 making an amendment, a Declaration of Trust supplemental hereto or an amended and restated
 Declaration of Trust. Without limiting the foregoing power reserved to the Trustees, the
 Trustees may, without any Shareholder vote, amend this Declaration of Trust in order to (i) establish
 and designate any new Series of Shares not established and designated in Section 4.2,
 or any Class, (ii) merge or consolidate any one or more Series or Classes, (iii) abolish
 or amend any such establishment or designation; (iv) change the name of the Trust or
 the name of any Series or Class theretofore established and designated or the name
 of its principal office or agent, as applicable; (v) supply any omission, cure any ambiguity
 or cure, correct or supplement any provision hereof which is internally inconsistent with
 any other

provision hereof; or (vi) if the Trustees deem it necessary and advisable, to conform this Declaration of Trust to the requirements of applicable law, including the 1940 Act and the Internal Revenue Code and applicable regulations, in order that the Trust may obtain the most favorable treatment thereunder available to regulated investment companies, but the Trustees shall not be liable for failing to do so. Subject to the foregoing, any such amendment shall be effective as provided in the instrument containing the terms of such amendment or, if there is no provision therein with respect to effectiveness, upon the execution of such instrument and of a certificate (which may be a part of such instrument) executed by a Trustee or officer of the Trust to the effect that such amendment has been duly adopted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Shareholders
 shall have the right to vote on (i) any amendment that would affect their right to vote
 granted hereunder; (ii) any amendment to this Section; (iii) any amendment as may
 be required by law, or by the Trust's then current registration statement, to be approved
 by Shareholders; and (iv) any amendment submitted to them by the Trustees. Any amendment
 on which Shareholders have the right to vote shall require the vote, or the written consent,
 without a meeting, of the holders of Shares representing not less than a majority of the
 outstanding Shares of the Trust. Notwithstanding the foregoing, if the Trustees shall determine
 that any amendment required or permitted to be submitted to Shareholders would affect only
 the interest of Shareholders of particular Series or Classes of Shares, then only Shareholders
 of such Series or Classes, as applicable, shall be entitled to vote thereon, and no
 vote of Shareholders of any other Series or Classes shall be required. Subject to the
 foregoing, any such amendment shall be effective as provided in the instrument containing
 the terms of such amendment or, if there is no provision therein with respect to effectiveness,
 upon the execution of such instrument and of a certificate (which may be a part of such instrument)
 executed by a Trustee or officer of the Trust to the effect that such amendment has been
 duly adopted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Nothing
 contained in this Declaration of Trust shall permit the amendment of this Declaration of
 Trust to impair the exemption from personal liability of the Shareholders, former Shareholders,
 Trustees, officers, employees and agents of the Trust or to permit assessments upon Shareholders
 or former Shareholders. Notwithstanding anything else herein, any amendment to Section 6.4
 shall not limit the rights to indemnification or insurance provided therein with respect
 to actions or omissions of persons entitled to indemnification under such Section prior
 to such amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Notwithstanding
 any other provision hereof, until such time as Shares of a particular Series or Class are
 first issued, this Declaration of Trust may be terminated or amended in any respect as to
 that Series or Class, and as to any Series or Class in which Shares are not
 outstanding, by the affirmative vote of a majority of the Trustees or by an instrument signed
 by a majority of the Trustees.

<u>Section 7.4</u> <u>Filing of Copies; References; Headings</u>. The original or a copy of this instrument and of each amendment hereto shall be kept at the office of the Trust where it may be inspected by any Shareholder. A copy of this instrument and of each amendment hereto shall be filed by the Trust with the Secretary of the State of Ohio, as well as any other governmental office where such filing may from time to time be required, but the failure to make any such filing shall not impair the effectiveness of this instrument or any such amendment. Anyone dealing with the Trust may rely on a certificate by an officer of the Trust as to whether or not any such amendments have been made, as to the identities of the Trustees and officers, and as to any matters in connection with the Trust hereunder; and, with the same effect as if it were the original, may rely on a copy certified by an officer of the Trust to be a copy of this instrument or of any such amendments. In this instrument and in any such amendment, references to this instrument, and all expressions like "herein," "hereof" and "hereunder" shall be deemed to refer to this instrument as a whole as the same may be amended or affected by any such amendments. The masculine gender shall include the feminine and neuter genders. Headings are placed herein for convenience of reference only and shall not be taken as a part hereof or control or affect the meaning, construction or effect of this instrument. This instrument may be executed in any number of counterparts each of which shall be deemed an original.

<u>Section 7.5</u> <u>Applicable Law</u>**.** This Declaration of Trust is created under and is to be governed by and construed and administered according to the laws of the State of Ohio, including the Ohio General Corporation Law as the same may be amended from time to time, but the reference to said Corporation Law is not intended to give the Trust, the Trustees, the Shareholders or any other person any right, power, authority or responsibility available only to or in connection with an entity organized in corporate form. The Trust shall be of the type referred to in Section 1746.01 of the Ohio Revised Code, and without limiting the provisions hereof, the Trust may exercise all powers which are ordinarily exercised by such a trust.

IN WITNESS WHEREOF, the undersigned has hereunto set his/her hand for himself and his/her assigns, as of the day and year first above written. This document may be executed in multiple counterparts.

&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Karen M. Shupe</u> 

Karen M. Shupe, Trustee

&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Ann T. MacDonald</u> 

Ann T. MacDonald, Trustee

&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ David Bogaert</u> 

David Bogaert, Trustee

**APPENDIX A**

**TRUSTEES OF TRUTH SOCIAL FUNDS**

---

| | |
|:---|:---|
| **<u>Name</u>** | **<u>Complete Address</u>** |
| Karen M. Shupe | 8730 Stony Point Parkway, Suite 205, Richmond VA 23235 |
| Ann T. MacDonald | 8730 Stony Point Parkway, Suite 205, Richmond VA 23235 |
| David Bogaert | 8730 Stony Point Parkway, Suite 205, Richmond VA 23235 |

---

**APPENDIX B**

**SERIES OF TRUTH SOCIAL FUNDS**

Truth Social American Security & Defense ETF

Truth Social American Next Frontiers ETF

Truth Social American Icons ETF

Truth Social American Energy Security ETF

Truth Social American Red State REITs ETF

## Ex-99.(B)

**Exhibit 99.(b)**

**BYLAWS**

**OF**

**<u>TRUTH SOCIAL FUNDS</u>**

**<u>ARTICLE 1</u>**

**<u>Agreement and Declaration of Trust and Offices</u>**

1.1 <u>Agreement and Declaration of Trust</u>. These Bylaws shall be subject to the Agreement and Declaration of Trust, as from time to time in effect (the "Declaration of Trust"), of Truth Social Funds (the "Trust"), the Ohio business trust established by the Declaration of Trust.

1.2 <u>Offices</u>. The Trust may maintain one or more other offices, including its principal office, in or outside of Ohio, in such cities as the Trustees may determine from time to time. Unless the Trustees otherwise determine, at least one office of the Trust shall be located in Cincinnati, Ohio.

**<u>ARTICLE 2</u>**

**<u>Meetings of Trustees</u>**

2.1 <u>Regular Meetings</u>. Regular meetings of the Trustees may be held without call or notice at such places and at such times as the Trustees may from time to time determine, provided that notice of the first regular meeting following any such determination shall be given to absent Trustees. A regular meeting of the Trustees may be held without call or notice immediately after and at the same place as any meeting of the shareholders.

2.2 <u>Special Meetings</u>. Special meetings of the Trustees may be held at any time and at any place designated in the call of the meeting when called by the President or the Treasurer of the Trust or by two or more Trustees, sufficient notice thereof being given to each Trustee by the Trust's Secretary or an Assistant Secretary or by the officer or the Trustees calling the meeting.

2.3 <u>Notice</u>. It shall be sufficient notice to a Trustee of a special meeting to send notice by mail at least forty-eight hours or by facsimile, electronic mail or other commercially acceptable electronic means at least twenty-four hours before the meeting addressed to the Trustee at his or her usual or last known business or residence address or to give notice to him or her in person or by telephone at least twenty-four hours before the meeting. Notice of a meeting need not be given to any Trustee if a written waiver of notice, executed by him or her before or after the meeting, is filed with the records of the meeting, or to any Trustee who attends the meeting without protesting, prior thereto or at its commencement, the lack of notice to him or her. Neither notice of a meeting nor a waiver of a notice need specify the purposes of the meeting.

2.4 <u>Quorum</u>. At any meeting of the Trustees a majority of the Trustees then in office shall constitute a quorum. Any meeting may be adjourned from time to time by a majority of the votes cast upon the question, whether or not a quorum is present, and the meeting may be held as adjourned without further notice.

2.5 <u>Participation by Telephone</u>. One or more of the Trustees or a member of any committee of the Trustees may participate in a meeting thereof by means of a conference telephone or similar communications equipment allowing all persons participating in the meeting to hear each other at the same time. Participation by such means shall constitute presence in person at a meeting except as otherwise provided by the Investment Company Act of 1940 (the "1940 Act").

2.6 <u>Action by Consent</u>. Any action required or permitted to be taken at any meeting of the Trustees or any committee thereof, other than actions that the 1940 Act requires to be taken at an in-person meeting, may be taken without a meeting, if a written consent of such action is signed by a majority of the Trustees then in office or a majority of the members of such committee, as the case may be, and such written consent is filed with the minutes of the proceedings of the Trustees or such committee.

**<u>ARTICLE 3</u>**

**<u>Officers</u>**

3.1 <u>Enumeration; Qualification</u>. The officers of the Trust shall be a President, a Treasurer, a Secretary, a Chief Compliance Officer and such other officers, including Vice Presidents, if any, as the Trustees from time to time may in their discretion elect. The Trust may also have such agents as the Trustees from time to time may in their discretion appoint. Any officer of the Trust may be, but none need be, a Trustee or shareholder. Any two or more offices may be held by the same person.

3.2 <u>Election</u>. The President, the Treasurer and the Secretary shall be elected annually by the Trustees. Other officers, if any, may be elected or appointed by the Trustees at any time. Vacancies in any office may be filled at any time.

3.3 <u>Tenure</u>. The President, the Treasurer and the Secretary shall hold office for one year and until their respective successors are chosen and qualified, or in each case until he or she sooner dies, resigns, is removed or becomes disqualified. Each other officer shall hold office and each agent shall retain authority at the pleasure of the Trustees.

3.4 <u>Powers</u>. Subject to the other provisions of these Bylaws, each officer shall have, in addition to the duties and powers herein and in the Declaration of Trust set forth, such duties and powers as are commonly incident to the office occupied by him or her as if the Trust were organized as an Ohio business corporation and such other duties and powers as the Trustees may from time to time designate.

3.5 <u>President</u>. The President shall preside at all meetings of the shareholders and, unless the Trustees have appointed a Chairman, the President shall also preside at all meetings of the Trustees. The President shall be the chief executive officer of the Trust.

3.6 <u>Treasurer</u>. The Treasurer shall be the chief financial and accounting officer of the Trust, and shall, subject to the provisions of the Declaration of Trust and to any arrangement made by the Trustees with a custodian, investment adviser, sub-adviser or manager, administrator or transfer, shareholder servicing or similar agent, be in charge of the valuable papers, books of account and accounting records of the Trust, and shall have such other duties and powers as may be designated from time to time by the Trustees or by the President.

3.7 <u>Secretary</u>. The Secretary shall record all proceedings of the shareholders and the Trustees in books to be kept therefor, which books or a copy thereof shall be kept at the principal office of the Trust. In the absence of the Secretary from any meeting of the shareholders or Trustees, an assistant secretary, or if there be none or if he or she is absent, a temporary secretary chosen at such meeting shall record the proceedings thereof in the aforesaid books.

3.8 <u>Chief Compliance Officer</u>. The Chief Compliance Officer shall be responsible for administering the policies and procedures adopted by the Trust pursuant to Rule 38a-1 promulgated under the 1940 Act and performing all necessary functions of a chief compliance officer thereunder. The designation and compensation of the Chief Compliance Officer, including any changes to such compensation, must be approved by the Trustees, including a majority of the Trustees who are not "interested persons" of the Trust, as that term is defined by the 1940 Act. The Chief Compliance Officer may be removed from his or her responsibilities by action of (and only with the approval of) the Trustees, including a majority of the Trustees who are not "interested persons" of the Trust.

3.9 <u>Resignations and Removals</u>. Any Trustee or officer may resign at any time by written instrument signed by him or her and delivered to the President or the Secretary or to a meeting of the Trustees. Such resignation shall be effective upon receipt unless specified to be effective at some other time. The Trustees, upon a majority vote, may remove any officer elected by them with or without cause. Except to the extent expressly provided in a written agreement with the Trust, no Trustee or officer resigning and no officer removed shall have any right to any compensation for any period following his or her resignation or removal, or any right to damages on account of such removal.

**<u>ARTICLE 4</u>**

**<u>Board Chairman</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 <u>Chairman of the Board</u>. The Trustees may elect from their number a Chairman of the Board who shall at all times be a Trustee. The Chairman of the Board shall be an officer of the Board but not of the Trust and, as such, shall preside over all meetings of the Trustees and shall have such other responsibilities in furthering the Board's functions as may be prescribed from time to time by resolution of the Trustees. It shall be understood that each Trustee, including the Chairman, shall have equal responsibility to act in good faith, in a manner which he or she reasonably believes to be in the interest of the Trust and with the care that an ordinary prudent person in a like position as a Trustee would use under similar circumstances and that the Chairman shall have no greater liability, nor be held to a higher standard of duty than any other Trustee. The Chairman shall be elected by the Trustees annually to hold office until his or her successor shall have been duly elected and shall have qualified, or until his or her death, resignation or removal, as herein provided in these Bylaws. Each Trustee, including the Chairman of the Board, shall have one vote.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 <u>Resignation</u>. The Chairman of the Board may resign at any time by giving written notice of resignation to the Trustees. Any such resignation shall take effect at the time specified therein or, if the time when it shall become effective is not be specified therein, immediately upon its receipt; and, unless otherwise specified therein, the acceptance of such resignation shall not be necessary to make it effective.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3 <u>Removal of the Chairman</u>. The Chairman of the Board may be removed from his or her office by the Trustees with or without cause at any time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4 <u>Vacancy</u>. A vacancy in the office of the Chairman of the Board, either arising from death, resignation, removal or any other cause, may be filled for the unexpired portion of the term by the vote of the Trustees.

**<u>ARTICLE 5</u>**

**<u>Committees</u>**

The Trustees, by vote of a majority of the Trustees then in office, may elect from their number an Audit Committee, a Nominating Committee, an Executive Committee or other committees and may delegate thereto some or all of their powers except those which by law, by the Declaration of Trust, or by these Bylaws may not be delegated. Except as the Trustees may otherwise determine, any such committee may make rules for the conduct of its business, but unless otherwise provided by the Trustees or in such rules, its business shall be conducted so far as possible in the same manner as is provided by these Bylaws for the Trustees themselves. All members of such committees shall hold such offices at the pleasure of the Trustees. The Trustees may abolish any such committee at any time. Any committee to which the Trustees delegate any of their powers or duties shall keep records of its meetings and shall report its action to the Trustees. The Trustees shall have power to rescind any action of any committee, but no such rescission shall have retroactive effect.

**<u>ARTICLE 6</u>**

**<u>Reports</u>**

The Trustees and officers shall render reports at the time and in the manner required by the Declaration of Trust or any applicable law. Officers and committees shall render such additional reports as they may deem desirable or as may from time to time be required by the Trustees.

**<u>ARTICLE 7</u>**

**<u>Fiscal Year</u>**

The fiscal year of each Series of the Trust shall be fixed and shall end on such date as the Trustees from time to time shall determine, and shall be subject to change by the Trustees. Different Series may have different fiscal years.

**<u>ARTICLE 8</u>**

**<u>Seal</u>**

If required by applicable law, the seal of the Trust shall consist of a flat-faced die with the word "Ohio", together with the name of the Trust and the year of its organization cut or engraved thereon, but, unless otherwise required by the Trustees, the seal shall not be necessary to be placed on, and its absence shall not impair the validity of, any document, instrument or other paper executed and delivered by or on behalf of the Trust.

**<u>ARTICLE 9</u>**

**<u>Execution of Papers</u>**

Except as the Trustees may generally or in particular cases authorize the execution thereof in some other manner, all deeds, leases, contracts, notes and other obligations made by or on behalf of the Trustees shall be signed by the President, any Vice President, the Secretary or the Treasurer and need not bear the seal of the Trust, but shall state the substance of or make reference to the provisions of Section 6.1 of the Declaration of Trust.

**<u>ARTICLE 10</u>**

**<u>No Issuance of Share Certificates</u>**

In lieu of issuing certificates for shares, the Trustees or the transfer agent may either issue receipts therefor or may keep accounts upon the books of the Trust for the record holders of such shares, who shall in either case be deemed, for all purposes hereunder, to be the holders of certificates for such shares as if they had accepted such certificates and shall be held to have expressly assented and agreed to the terms hereof.

**<u>ARTICLE 11</u>**

**<u>Custodian</u>**

The Trust shall at all times employ a bank as defined in Section 2(a)(5) of the 1940 Act having a capital, surplus and undivided profits of at least Five Hundred Thousand ($500,000) Dollars as Custodian of the capital assets of the Trust. The Custodian shall be compensated for its services by the Trust and upon such basis as shall be agreed upon from time to time between the Trust and the Custodian or shall otherwise maintain its assets in custody in accordance with the 1940 Act or the rules, regulations or orders thereunder.

**<u>ARTICLE 12</u>**

**<u>Dealings with Trustees and Officers</u>**

Any Trustee, officer or other agent of the Trust may acquire, own and dispose of shares of the Trust to the same extent as if he were not a Trustee, officer or agent; and the Trustees may accept subscriptions to shares or repurchase shares from any firm or company in which he is interested.

**<u>ARTICLE 13</u>**

**<u>Shareholders</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1 <u>Meetings</u>. Meetings (including meetings involving only the shareholders of one or more but less than all classes or series) of shareholders may be called by the Trustees from time to time for the purpose of taking action upon any matter requiring the vote or authority of the shareholders or upon any other matter deemed by the Trustees to be necessary or desirable. Written notice of any meeting of shareholders of the Trust or of any class or series of the Trust shall be given or caused to be given by the Trustees by mailing such notice at least seven days before such meeting, postage prepaid, stating the time, place and purpose of the meeting, to each shareholder entitled to vote at the meeting at the shareholder's address as it appears on the records of the Trust. Any meeting shall be held on such day and at such time as the President or the Trustees may fix in the notice of the meeting. The Trustees shall promptly call and give notice of a meeting of shareholders for the purpose of voting upon removal of any Trustee of the Trust when requested to do so in writing by shareholders holding not less than 10% of the shares of the Trust then outstanding. If the Trustees shall fail to call or give notice of any meeting of shareholders (including a meeting involving only the shareholders of one or more but less than all classes or series) for a period of 30 days after written application by shareholders holding at least 25% of the shares then outstanding requesting a meeting be called for any other purpose requiring action by the shareholders as provided herein or in the Bylaws, then shareholders holding at least 25% of the shares then outstanding may call and give notice of such meeting, and thereupon the meeting shall be held in the manner provided for herein in case of call thereof by the Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.2 <u>Record Dates</u>. For the purpose of determining the shareholders who are entitled to vote or act at any meeting or any adjournment thereof, or who are entitled to participate in any dividend or distribution, or for the purpose of any other action, the Trustees may from time to time close the transfer books for such period, not exceeding 30 days (except at or in connection with the termination of the Trust), as the Trustees may determine; or without closing the transfer books the Trustees may fix a date and time not more than 90 days prior to the date of any meeting of shareholders or other action as the date and time of record for the determination of shareholders entitled to vote at such meeting or any adjournment thereof or to be treated as shareholders of record for purposes of such other action, and any shareholder who was a shareholder at the date and time so fixed shall be entitled to vote at such meeting or any adjournment thereof or (subject to any provisions permissible under subsection (c) of Section 4.2 of the Declaration of Trust with respect to dividends or distributions on shares that have not been ordered and/or paid for by the time or times established by the Trustees under the applicable dividend or distribution program or procedure then in effect) to be treated as a shareholder of record for purposes of such other action, even though he or she has since that date and time disposed of his shares of the Trust or any class or series of the Trust, and no shareholder becoming such after that date and time shall be so entitled to vote at such meeting or any adjournment thereof or to be treated as a shareholder of record for purposes of such other action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.3 <u>Quorum and Required Vote</u>. A majority of the shares entitled to vote shall be a quorum for the transaction of business at a shareholders' meeting, but any lesser number shall be sufficient for adjournments. Any adjourned session or sessions may be held, within a reasonable time after the date set for the original meeting without the necessity of further notice. A majority of the shares of the Trust present in person or by proxy, at a meeting of which a quorum is present, shall decide any questions and a plurality shall elect a Trustee, except when a different vote is required or permitted by any provision of the 1940 Act or other applicable law or by the Declaration of Trust or these Bylaws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.4 <u>Action by Written Consent</u>. Subject to the provisions of the 1940 Act and other applicable law, any action taken by shareholders may be taken without a meeting if a majority of shareholders entitled to vote on the matter (or such other proportion thereof as shall be required by the 1940 Act or by any express provision of the Declaration of Trust or these Bylaws) consent to the action in writing and such written consents are filed with the records of the meetings of shareholders. Such consent shall be treated for all purposes as a vote taken at a meeting of shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.5 <u>Inspection of Records</u>. The records of the Trust shall be open to inspection by shareholders to the same extent as is permitted stockholders of an Ohio corporation under the Ohio General Corporation Law.

**<u>ARTICLE 14</u>**

**<u>Amendments to the Bylaws</u>**

These Bylaws may be amended or repealed, in whole or in part, by a majority of the Trustees then in office at any meeting of the Trustees, or by one or more writings signed by such a majority.

## Ex-99.(D)(1)

**Exhibit 99.(d)(1)**

**INVESTMENT ADVISORY AGREEMENT**

**THIS AGREEMENT** made the 29<sup>th</sup> day of October 2025, by and between **Truth Social Funds**, an Ohio statutory trust (hereinafter referred to as the "Trust"), and **Yorkville America Equities, LLC**, a Florida limited liability company (hereinafter referred to as "Advisor") with its principal place of business located at 1012 Springfield Avenue, Mountainside, New Jersey 07092 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 respective date set forth on the schedules to this Agreement, collectively identified as "Schedule A" and individually designated numerically (e.g., Schedule A-1), each of which is attached hereto. The Agreement shall be effective with respect to each Fund as of the "Effective Date" noted on the applicable Schedule A.

**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, sub-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;a. Advisor,
 or its Designee (as defined below), 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. 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 (each, a "Designee"). In addition, the Advisor has the authority
 to (i) obtain investment information, research or assistance from any other person,
 firm or corporation to supplement, update or otherwise improve its investment management
 services, (ii) select new or additional sub-advisers for each Fund, (iii) enter
 into and materially modify existing sub-advisory agreements, and (iv) 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 Adviser shall not relieve the Advisor of its responsibilities under
 this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. 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, except for errors or omissions caused by the
 Advisor's willful misfeasance, bad faith or gross negligence in the performance of
 its duties, or reckless disregard of its obligations and duties under the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Nothing in this Agreement
 shall prevent Advisor or any officer, contractor, sub-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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. To carry out the duties
 and responsibilities provided hereunder, Advisor or its Designee 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 or its Designee 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, or its Designee, 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.<sup>1</sup>** 

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 this Agreement, a management fee payable monthly and calculated on the daily net assets of the Fund at an annual rate as noted in <u>Schedule 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 of such transactions who provide brokerage and/or research services (as such services are defined in Section 28(e)(3)

<sup>1</sup> NTD: To be confirmed.

of the Securities Exchange Act of 1934, as amended (the "Exchange Act")) 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 Exchange Act) 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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>Schedule A</u>), will take effect on the date set forth next to that Fund's name in the applicable <u>Schedule 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>Schedule A</u>, and thereafter will continue in effect from year to year, so long as such continuance shall be approved at least 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 Trustee.

**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.** **Liability and Standard of Care.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The Advisor 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 Advisor 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 Advisor 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. The Advisor shall indemnify the Trust, each Fund and each of their respective affiliates, agents, control persons, directors, members of the Board, officers, employees and shareholders (the "Trust Indemnified Parties") against, and hold them harmless from, any costs, expense, claim, loss, liability, judgment, fine, settlement or damage (including reasonable legal and other expenses) (collectively, "Losses") 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, "Proceedings") 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 Advisor furnished in writing to the Trust by the Advisor for use in the 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 Advisor in the performance of its duties under this Agreement (collectively, "Advisor Disabling Conduct").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. The Trust shall indemnify and hold harmless the Advisor and its members, trustees, officers and employees of the other party (any such person, an "Advisor Indemnified Party") against any Losses arising out of any Proceedings in so far as such Loss or actions with respect thereto, arise out of, or is based upon the Trust's performance or non-performance of any duties under this Agreement; provided, however, that nothing herein shall be deemed to protect any Advisor Indemnified Party against any portion of liability that is attributable to Advisor Disabling Conduct.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Notwithstanding anything to the contrary contained herein, the Advisor, 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 Trust, its officers, directors, agents, employees, controlling persons or shareholders or to a Fund or any Fund 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 Trust by the Advisor 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 Advisor by a duly authorized officer of the Trust who is not an affiliated person of the Advisor or any affiliated person of the Advisor; (B) the advice of counsel to the Trust; or (C) any written instruction of the Board; provided, however, that the limitations on the Advisor's liability and indemnification obligations described in (i) through (ii) above shall not apply with respect to, and to the extent, any portion of liability is attributable to Advisor Disabling Conduct.

**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.

**12. No Individual Liability.** Advisor is hereby notified that the Trust's Declaration of Trust is on file with the Secretary of the State of Ohio and that the same was executed or made by or on behalf of the Trust or by the Trust's Board of Trustees (each a "Trustee") as Trustees or Trustee or as officers or officer, as the case may be, and not individually and that the obligations of such instrument are not binding upon any of the Trustees or officers of the Trust or the Shareholders of the Trust individually but are binding only upon the assets and property of the Trust.

---

| |
|:---|
| TRUTH SOCIAL FUNDS, FOR THE FUNDS LISTED IN EACH <u>SCHEDULE A</u> HEREOF: |
| /s/ David A. Bogaert |
| Signature |
| By: David A. Bogaert |
| Title: President |
| YORKVILLE AMERICA EQUITIES, LLC |
| /s/ Troy Rillo |
| Signature |
| By: Troy Rillo |
| Title: Chief Executive Officer |

---

**<u>Schedule 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:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Fund** | &nbsp;&nbsp;**Effective Date** | &nbsp;&nbsp;**Compensation** |
| Truth Social American Security & Defense ETF | &nbsp;&nbsp;&nbsp;&nbsp;November 1, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;0.65% |
| Truth Social American Next Frontiers ETF | &nbsp;&nbsp;&nbsp;&nbsp;November 1, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;0.65% |
| Truth Social American Icons ETF | &nbsp;&nbsp;&nbsp;&nbsp;November 1, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;0.65% |
| Truth Social American Energy Security ETF | &nbsp;&nbsp;&nbsp;&nbsp;November 1, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;0.65% |
| Truth Social American Red State REITs ETF | &nbsp;&nbsp;&nbsp;&nbsp;November 1, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;0.65% |

---

## Ex-99.(D)(2)

**Exhibit 99.(d)(2)**

**INVESTMENT SUB-ADVISORY AGREEMENT**

**with**

**TUTTLE CAPITAL MANAGEMENT, LLC**

This Investment Sub-Advisory Agreement (the "Agreement") is made by and among Yorkville America Equities, LLC, a Florida limited liability company (hereinafter referred to as ("Adviser") with its principal place of business located at 1012 Springfield Avenue, Mountainside, New Jersey 07092, Truth Social Funds (the "Trust"), an Ohio business trust with its principal place of business located at 8750 Stony Point Parkway, Suite 205, Richmond, VA 23235 and Tuttle Capital Management, LLC, a Delaware limited liability company with its principal place of business at 155 Lockwood Road, Riverside, Connecticut (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");

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

**WHEREAS,** the Adviser has entered into an Investment Advisory Agreement dated October 29, 2025 with the Trust;

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

**WHEREAS,** the Investment Advisory Agreement contemplates that the Adviser may appoint a sub-adviser to perform some or all of the services for which the Adviser is responsible; and

**WHEREAS,** the Sub-Adviser is willing to furnish such services to each of the series portfolios of the Trust (each a "Fund" and collectively, the "Funds") to the Adviser and as identified in "Schedule A".

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

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

&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 of the Trust (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 this Assets, in accordance with the Funds' respective investment objectives, guidelines, policies and restrictions as stated in each Fund's prospectus and statement of additional information, as

currently in effect and as amended or supplemented from time to time (referred to collectively as the "Prospectus"), and subject to the following:

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

Assets be purchased from or sold to the Adviser, Sub-Adviser, the Trust's principal underwriter, or any affiliated person of the Trust, Adviser, the Sub-Adviser or the principal underwriter, acting as principal in the transaction, except to the extent permitted by the U.S. Securities and Exchange Commission ("SEC") and the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;(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;(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;(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;(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
 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;(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;(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;(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;(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
 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 (or its delegee) 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 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;3. **Delivery of Documents.** The Adviser has furnished the Sub-Adviser with copies of each of the following documents:

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

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

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

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

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

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

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

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

&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.

&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.

&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 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 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;(a) The Sub-Adviser is (i) registered
 with the U.S. Securities and Exchange Commission as an investment adviser under the Advisers
 Act, (ii) holds all necessary licenses, consents, and approvals to provide the sub-advisory
 services and will continue to comply with (i) and (ii) above so long as this Agreement
 remains in effect;

&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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Sub-Adviser will 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;(d) The Sub-Adviser will notify the Adviser
 (and the Fund, if applicable) 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; (b) any material breach
 of any of the Fund(s)' or the Sub-Adviser's policies, guidelines or procedures
 relating to the Funds; and (c) any known or suspected cybersecurity incident, data breach,
 or unauthorized access that could reasonably affect client or fund information, accounts,
 or operations..

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) 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;(g) The execution, delivery, and performance
 by the Sub-Adviser of this Agreement and the sub-advisory services (i) are within the
 Sub-Adviser's powers and have been duly authorized by all necessary action of its governing
 body; (ii) require no action by or filing with any governmental body, agency, or official;
 (iii) do not contravene or constitute a default under (A) any applicable law, rule,
 or regulation, (B) the Sub-Adviser's governing documents, or (C) any agreement,
 judgment, injunction, order, decree, or other instrument binding upon the Sub-Adviser; and
 (iv) will not place the Sub-Adviser in violation of its fiduciary duties or create any
 undisclosed conflict of interest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) This Agreement is a valid and binding
 agreement of the Sub-Adviser, enforceable against it;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) 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 as of the date hereof, 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;8. **Covenants of the Sub-Adviser**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) 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;(b) 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;(c) Sub-Adviser agrees to perform services
 in a manner consistent with industry standards, fiduciary duties, and the investment objectives/policies
 of the Fund.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Duration</u>.
 This Agreement shall become effective with respect to a Fund upon the latest of (i) the
 effectiveness of the prospectus covering the transactions by the SEC; (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 Agreement or interested
 persons of any such party, cast in person at a meeting called for the purpose of voting on
 such approval. Prior to voting on the renewal of this Agreement, the Board may request and
 evaluate, and the Sub-Adviser shall furnish, such information as may reasonably be necessary
 to enable the Board to evaluate the terms of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Termination</u>.
 Notwithstanding whatever may be provided herein to the contrary, this Agreement may be terminated
 at any time with respect to a Fund, without payment of any penalty:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;(ii) By the Adviser upon breach by the Sub-Adviser
 of any representation or warranty contained in Section 7 and Section 10 hereof,
 which shall not have been cured within twenty (20) days of the Sub-Adviser's receipt
 of written notice of such breach; provided, that it may be terminated immediately to the
 extent such breach makes it unlawful for Sub-Adviser to perform the services hereunder;

&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;(iv) By either party upon ninety (90) days'
 written notice to such other party. In the event of termination of this Agreement by the
 Adviser, the fee provided in Section 4 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.

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 Section 9, 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;10. **Regulatory Compliance Program of the Sub-Adviser.** The Sub-Adviser hereby represents and warrants that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;(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 Section 10(b), along with the policies and procedures referred to in Section 10(a),
 are referred to herein as the Sub-Adviser's "Compliance Program").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. **Confidentiality**. Subject to the duty of the Adviser or Sub-Adviser to comply with applicable law and regulation, including any demand or request of any regulatory, governmental or tax authority having jurisdiction, the parties hereto shall treat as confidential all non-public information pertaining to the Funds and the actions of the Sub-Adviser and the Funds in respect thereof. It is understood that any information or recommendation supplied by the Sub-Adviser in

connection with the performance of its obligations hereunder 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;12. **Reporting of Compliance Matters.** 

&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;(i) a report of any material violations of
 the Sub-Adviser's Compliance Program or any "material compliance matters"
 (as such term is defined in Rule 38a-1 under the 1940 Act) that have occurred with respect
 to the Sub-Adviser's Compliance Program;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) on a quarterly basis, a report of any material changes to the
policies and procedures that compose the Sub-Adviser's Compliance Program;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a copy of the Sub-Adviser's chief compliance officer's
report (or similar document(s) which serve the same purpose) regarding his or her annual review of the Sub-Adviser's Compliance
Program, as required by Rule 206(4)-7 under the Advisers Act; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) an annual (or more frequently as the Trust's CCO may reasonably
request) representation regarding the Sub-Adviser's compliance with Section 7 and Section 10 of this Agreement.

&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;13. **Governing Law.** This Agreement shall be governed by the laws of the State of Florida, 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.

To the Adviser at: Yorkville America Equities, LLC <br> 1012 Springfield Avenue <br> Mountainside, New Jersey 07092

To the Trust at: Truth Social Funds <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, Connecticut 06878

&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 9</u> of this Agreement with respect to such Fund shall be the execution date of the relevant Schedule.

&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;(a) A copy of the Certificate of Trust is on
 file with the Secretary of State of Ohio, and notice is hereby given that the obligations
 of this instrument are not binding upon any of the Board members, officers or shareholders
 of the Fund or the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Where the effect of a requirement of the
 1940 Act or Advisers Act reflected in any provision of this Agreement is altered by a rule,
 regulation or order of the SEC, whether of special or general application, such provision
 shall be deemed to incorporate the effect of such rule, regulation or order.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The parties agree that this Agreement, and
 any other documents to be delivered in connection herewith, may be executed and delivered
 by electronic transmission (including, without limitation, by .pdf, DocuSign, or other electronic
 signature platform). Any such execution and delivery shall be deemed to have the same force
 and effect as delivery of an original manually executed copy of this Agreement. Each party
 agrees that it will not contest the validity or enforceability of this Agreement solely because
 it was executed by means of an electronic signature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The provisions of this Agreement that by
 their nature are intended to survive termination or expiration shall so survive, including
 without limitation: (i) the representations and warranties of the parties; (ii) confidentiality
 and data protection obligations; (iii) indemnification and limitation of liability provisions;
 (iv) recordkeeping and inspection rights; (v) governing law and dispute resolution;
 and (vi) this Survival clause.

[*Signature page follows*]

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

---

| | |
|:---|:---|
| Yorkville America Equities, LLC | Yorkville America Equities, LLC |
| By: | /s/ Troy Rillo |
| Name: | Troy Rillo |
| Title: | Chief Executive Officer |
| Tuttle Capital Management, LLC | Tuttle Capital Management, LLC |
| By: | /s/ Matthew Tuttle |
| Name: | Matthew Tuttle |
| Title: | Chief Executive Officer & CIO |
| On Behalf of the Truth Social Funds | On Behalf of the Truth Social Funds |
| By: | /s/ David A. Bogaert |
| Name: | David A. Bogaert |
| Title: | President |

---

**SCHEDULE A**

**to the**

**INVESTMENT SUB-ADVISORY AGREEMENT**

**YORKVILLE AMERICA EQUITIES, LLC**

**and**

**TUTTLE CAPITAL MANAGEMENT, LLC**

**and**

**TRUTH SOCIAL FUNDS**

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<br> Per Fund** | **Rate For Each Fund<sup>1</sup>** | **Rate For Each Fund<sup>1</sup>** | **Effective Date** |
| Truth Social American Security & Defense ETF<br> Truth Social American Next Frontiers ETF<br> Truth Social American Icons ETF<br> Truth Social American Energy Security ETF<br> Truth Social American Red State REITs ET | $25,000 (for all 5 funds) | · | 0.03% on assets up to $500 million; | November 1, 2025 |
| Truth Social American Security & Defense ETF<br> Truth Social American Next Frontiers ETF<br> Truth Social American Icons ETF<br> Truth Social American Energy Security ETF<br> Truth Social American Red State REITs ET | $25,000 (for all 5 funds) | · | 0.025% on assets greater than $500 million up to $1 billion; and |  |
| Truth Social American Security & Defense ETF<br> Truth Social American Next Frontiers ETF<br> Truth Social American Icons ETF<br> Truth Social American Energy Security ETF<br> Truth Social American Red State REITs ET | $25,000 (for all 5 funds) | · | 0.02% on assets greater than $1 billion |  |

---

<sup>1</sup> To be determined by aggregating the amounts of all Assets in each of the Funds.

---

| | |
|:---|:---|
| Yorkville America Equities, LLC | Yorkville America Equities, LLC |
| By: | /s/ Troy Rillo |
| Name: | Troy Rillo |
| Title: | Chief Executive Officer |
| Tuttle Capital Management, LLC | Tuttle Capital Management, LLC |
| By: | /s/ Matthew Tuttle |
| Name: | Matthew Tuttle |
| Title: | Chief Executive Officer and CIO |
| On Behalf of the Truth Social ETFs Trust | On Behalf of the Truth Social ETFs Trust |
| By: | /s/ David A. Bogaert |
| Name: | David A. Bogaert |
| Title: | President |

---

## Ex-99.(E)(1)

**Exhibit 99.(e)(1)**

**DISTRIBUTION AGREEMENT**

This ETF Distribution Agreement (the <u>"Agreemen</u>t") is effective this 29th day of October 2025, and made by and between Truth Social Funds, an Ohio statutory trust <u>(the</u> "Client") having its principal place of business at 8730 Stony Point Parkway, Suite 205, Richmond, Virginia 23235 and PINE Distributors LLC, a Delaware limited lia<u>bility comp</u>any (the "Distributor"), with respect to the series of the Client set forth in **Exhibit A** attached hereto.

**RECITALS**

WHEREAS, the Client is a registered open-end management investment company organized under the Investment Company Act of 1940, as amended (the "<u>1940 Act</u>") with separate and distinct series (each series a "<u>Fund</u>") registered with the United States Securities and Exchange Commission (the "<u>SEC</u>") under the Securities Act of 1933, as amended (the "<u>1933 Act</u>");

WHEREAS, the Client desires to retain the Distributor to (i) act as the principal underwriter of the Funds with respect to the creation and redemption of Creation Units of each series of the Client listed on Exhibit A hereto (as amended from time to time) (each a "Fund" and collectively the "Funds"), and (ii) hold itself available to review and approve orders for such Creation Units in the manner set forth in the Client's Prospectus; and

WHEREAS, the Client intends to create and redeem shares of beneficial interest (the "<u>Shares</u>") of each Fund on a continuous basis and list the Shares on one or more national securities exchanges (toge<u>ther, the "Listing</u> Exchanges");

WHEREAS, the Distributor is registered with the SEC as a broker-dealer under the Securities Exchange Act of 1934, as amended (the "1934 Act"), and is a member of the Financial Industry Regulatory Authority, Inc. ("FINRA");

WHEREAS, this Agreement has been approved by a vote of the Client's board of directors (the "Board") and its disinterested directors in conformity with Section 15(c) under the 1940 Act; and

WHEREAS, the Distributor is willing to provide the services described herein to the Client is subject to the terms and conditions set forth below.

**AGREEMENT**

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. <u>Appointment of Distributor</u>**.

The Client hereby appoints the Distributor to serve as the principal underwriter of the Funds with respect to the creation and redemption of Creation Units of each Fund listed in Exhibit A hereto (as may be amended by the Client from time to time on written notice to the Distributor) on the terms and for the

period set forth in this Agreement and subject to the registration requirements of the federal securities laws and of the laws governing the sale of securities in the various states, and the Distributor hereby accepts such appointment and agrees to act in such capacity hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **<u>Definitions</u>**.

Wherever they are used herein, the following terms have the following respective meanings:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "<u>Prospectus</u>" means the Prospectus and Statement of Additional Information constituting parts of the Registration Statement of the Client under the 1933 Act and the 1940 Act as such Prospectus and Statement of Additional Information may be amended or supplemented and filed with the SEC from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "<u>Registration Statement</u>" means the registration statement most recently filed from time to time by the Client with the SEC and effective under the 1933 Act and the 1940 Act, as such registration statement is amended by any amendments thereto at the time in effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) All other capitalized terms used but not defined in this Agreement shall have the meanings ascribed to such terms in the Registration Statement and the Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **<u>Services and Duties of the Distributor</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Distributor agrees to serve as the principal underwriter of the Funds in connection with the review and approval of all Purchase and Redemption Orders of Creation Units of each Fund by Authorized Participants that have executed an Authorized Participant Agreement with the Distributor and Transfer Agent/ Index Receipt Agent. Nothing herein shall affect or limit the right and ability of the Transfer Agent/ Index Receipt Agent to accept Fund Securities, Deposit Securities, and related Cash Components through or outside the Clearing Process, and as provided in and in accordance with the Registration Statement and Prospectus. The Client acknowledges that the Distributor shall not be obligated to approve any certain number of orders for Creation Units.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Distributor agrees to use commercially reasonable efforts to provide the following services to the Client with respect to the continuous distribution of Creation Units of each Fund: (i) at the request of the Client, the Distributor shall enter into Authorized Participant Agreements between and among Authorized Participants, the Distributor and the Transfer Agent/Index Receipt Agent, for the purchase and redemption of Creation Units of the Funds, (ii) the Distributor shall approve and maintain copies of confirmations of Creation Unit purchase and redemption order acceptances; (iii) upon request, the Distributor will make available copies of the Prospectus to purchasers of such Creation Units and, upon request, the Statement of Additional Information; and (iv) the Distributor shall maintain telephonic, facsimile and/or access to direct computer communications links with the Transfer Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Distributor shall ensure that all direct requests to the Distributor for Prospectuses, Statements of Additional Information, product descriptions and periodic fund reports, as applicable, are fulfilled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Distributor agrees to make available, at the Client's request, one or more members of its staff to attend, either via telephone or in person, Board meetings of the Client in order to provide information with regard to the Distributor's services hereunder and for such other purposes as may be requested by the Board of Trustees of the Client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Distributor agrees to review all proposed marketing materials provided by the Client for compliance with applicable SEC and FINRA advertising rules and regulations and shall file with FINRA those marketing materials it believes are in compliance with such applicable laws and regulations. The Distributor agrees to furnish to the Client any comments provided by regulators with respect to such marketing materials.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Distributor shall not offer any Shares and shall not approve any creation or redemption order hereunder if and so long as the effectiveness of the Registration Statement then in effect or any necessary amendments thereto shall be suspended under any of the provisions of the 1933 Act or if and so long as a current prospectus as required by Section 10 of the 1933 Act is not on file with the SEC; provided, however, that nothing contained in this paragraph shall in any way restrict or have any application to or bearing upon the Client's obligation to redeem or repurchase any Shares from any shareholder in accordance with provisions of the Prospectus or Registration Statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Distributor shall work with the [Index Receipt Agent/Transfer Agent] to review and approve orders placed by Authorized Participants and transmitted to the [Index Receipt Agent/Transfer Agent].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The Distributor agrees to maintain and preserve for the periods prescribed by Rule 31a-2 under the 1940 Act, such records as are required to be maintained by Rule 31a-1(d) under the 1940 Act. The Distributor agrees that all records which it maintains pursuant to the 1940 Act for the Client shall at all times remain the property of the Client, shall be readily accessible during normal business hours, and shall be promptly surrendered upon the termination of the Agreement or otherwise on written request; provided, however, that Distributor may retain all such records required to be maintained by Distributor pursuant to applicable FINRA or SEC rules and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Distributor agrees to maintain compliance policies and procedures (a "<u>Compliance Program</u>") that are reasonably designed to prevent violations of the Federal Securities Laws (as defined in Rule 38a-1 under the 1940 Act) with respect to the Distributor's services under this Agreement, and to provide any and all information with respect to the Compliance Program, including without limitation, information and certifications with respect to material violations of the Compliance Program and any material deficiencies or changes therein, as may be reasonably requested by the Client's Chief Compliance Officer or Board of Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) The Distributor may enter into agreements ("Subcontracts") with qualified third parties to carry out some or all of the Distributor's obligations under this Agreement, with the prior written consent of the Client, such consent not to be unreasonably withheld; provided that execution of a Subcontract shall not relieve the Distributor of any of its responsibilities hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) The services furnished by the Distributor hereunder are not to be deemed exclusive and the Distributor shall be free to furnish similar services to others so long as its services under this Agreement are not impaired thereby.

The Distributor may enter into agreements ("Subcontracts") with qualified third parties to carry out some or all of the Distributor's obligations under this Agreement, with the prior written consent of the Client, such consent not to be unreasonably withheld; provided that execution of a Subcontract shall not relieve the Distributor of any of its responsibilities hereunder.

(m). The Distributor undertakes to perform such duties and only such duties as are expressly set forth herein, or expressly incorporated herein by reference, and no implied covenants or obligations shall be read into this Agreement against the Distributor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4. <u>Duties of the Client</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Client agrees to create, issue, and redeem Creation Units of each Fund in accordance with the procedures described in the Prospectus. Upon reasonable notice to the Distributor and in accordance with the procedures described in the Prospectus, the Client reserves the right to reject any order for Creation Units or to stop all receipts of such orders at any time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Client agrees that it will take all actions necessary to register an indefinite number of Shares under the 1933 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Client will make available to the Distributor such number of copies as Distributor may reasonably request of (i) its then currently effective Prospectus and Statement of Additional Information and product description, (ii) copies of semi-annual reports and annual audited reports of the Client's books and accounts made by independent public accountants regularly retained by the Client, and (iii) such other publicly available information for use in connection with the distribution of Creation Units.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Client shall inform the Distributor of any such jurisdictions in which the Client has filed notice filings for Shares for sale under the securities laws thereof and shall promptly notify the Distributor of any change in this information. The Distributor shall not be liable for damages resulting from the sale of Shares in authorized jurisdictions where the Distributor had no information from the Client that such sale or sales were unauthorized at the time of such sale or sales.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Distributor acknowledges and agrees that the Client reserves the right to suspend sales and the Distributor's authority to review and approve orders for Creation Units on behalf of the Client. Upon due notice to the Distributor, the Client shall suspend the Distributor's authority to review and approve Creation Units if, in the judgment of the Client, it is in the best interests of the Client to do so. Suspension will continue for such period as may be determined by the Client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Client shall arrange to provide the Listing Exchanges with copies of Prospectuses, Statements of Additional Information, and product descriptions to be provided to purchasers in the secondary market.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Client will make it known that Prospectuses and Statements of Additional Information and product descriptions are available by making sure such disclosures are in all marketing and advertising materials prepared by or at the direction of the Client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The Client shall not file any amendment to the Registration Statement or Prospectus that materially amends any provision therein which pertains to Distributor, the distribution of the Shares or public offering price without giving Distributor reasonable advance notice thereof; provided, however, that nothing contained in this Agreement shall in any way limit the Client's right to file at any time such amendments to the Registration Statement or Prospectus, of whatever character, as the Client may deem advisable, such right being in all respects absolute and unconditional.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Client shall not list the Distributor as the principal underwriter or distributor in any post-effective amendment to the Registration Statement, which is filed for the purpose of creating a new Fund, without receiving prior written permission from the Distributor. At or before such time as a new Fund becomes effective, Client and Distributor agree to amend this Agreement for purposes of updating Exhibit A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) The Client agrees to advise the Distributor promptly in writing: (i) of any material action, correspondence, or other communication by the SEC or its staff relating to the Funds, including requests by the SEC for amendments to the Registration Statement or Prospectus (for purposes of clarification, this provision does not require notice of a routine inspection, or a risk targeted or sweep inspection that does not relate to distribution matters); (ii) in the event of the issuance by the SEC of any stop-order suspending the effectiveness of the Registration Statement then in effect or the initiation of any proceeding for that purpose; (iii) of the happening of any event which makes untrue any statement of a material fact made in the Prospectus or which requires the making of a change in such Prospectus in order to make the statements therein not misleading; (iv) in the event that it determines to suspend the sale of Shares at any time in response to conditions in the securities markets or otherwise or to suspend the redemption of Shares of any Fund at any time as permitted by the 1940 Act or the rules of the SEC; and (v)of the commencement of any material litigation or proceedings against the Client or any of its officers or directors in connection with the issue and sale of any of the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.** **<u>Fees and Expenses</u>.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Distributor shall be entitled to no compensation or reimbursement of expenses from the Client for the services provided by the Distributor pursuant to this Agreement. The Distributor may receive compensation from the Investment Adviser related to its services hereunder or for additional services as may be agreed to between the Investment Adviser and Distributor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Client shall bear the cost and expenses of: (i) the registration of the Shares for sale under the 1933 Act; and (ii) the registration or qualification of the Shares for sale under the securities laws of the various States.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Distributor shall pay (i) all expenses relating to Distributor's broker-dealer qualification and registration under the 1934 Act; and (ii) the expenses incurred by the Distributor in connection with routine FINRA filing fees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Notwithstanding anything in this Agreement to the contrary, the Distributor and its affiliates may receive compensation or reimbursement from the Client's Investment Adviser with respect to any services performed under this Agreement, as may be agreed upon by the parties from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Client shall bear any costs associated with printing Prospectuses, Statements of Additional Information and all other such materials.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.** **<u>Indemnification</u>.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Fund, severally, and not jointly, shall indemnify and hold harmless the Distributor, its affiliates and each of their respective directors, officers and employees and agents and any person who controls the Distributor within the meaning of Section 15 of the 1933 Act (any of the Distributor, its officers, employees, agents and directors or such control persons, for purposes of this paragraph, a "<u>Distributor Indemnitee</u>") against any loss, liability, claim, damages or expense (including the reasonable cost of investigating or defending any alleged loss, liability, claim, damages or expense and reasonable counsel fees incurred in connection therewith) ("<u>Losses</u>") that a Distributor Indemnitee may incur arising out of or based upon: (i) Distributor serving as distributor for the Client pursuant to this Agreement; (ii) the allegation of any wrongful act of the Client or any of its directors, officers, employees or affiliates in connection with its duties, representations, and responsibilities in this Agreement; (iii) any claim that the Registration Statement, Prospectus, Statement of Additional Information, product description, shareholder reports, Marketing Materials and advertisements specifically approved by the Client and Investment Adviser or other information filed or made public by the Client (as from time to time amended) included an untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary in order to make the statements therein (and in the case of the Prospectus, Statement of Additional Information and product description, in light of the circumstances under which they were made) not misleading under the 1933 Act, or any other statute or the common law; (iv) the breach by the Client of any obligation, representation or warranty contained in this Agreement; or (v) the Client's failure to comply in any material respect with applicable securities laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Distributor agrees to indemnify and hold harmless the Client and each of its Trustees and officers and any person who controls the Client within the meaning of Section 15 of the 1933 Act (for purposes of this paragraph, the Client and each of its Trustees and officers and its controlling persons are collectively referred to as the "<u>Client Indemnitees</u>") against any Losses arising out of or based upon (i) the allegation of any wrongful act of the Distributor or any of its directors, officers, employees or affiliates in connection with its activities as Distributor pursuant to this Agreement; (ii) the breach of any obligation, representation or warranty contained in this Agreement by the Distributor; (iii) the Distributor's failure to comply in any material respect with applicable securities laws, including applicable FINRA regulations; or (iv) any allegation that the Registration Statement, Prospectus, Statement of Additional Information, product description, shareholder reports, any information or materials relating to the Funds (as described in section 3(g)) or other information filed or made public by the Client (as from time to time amended) included an untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary in order to make the statements not misleading, insofar as such statement or omission was made in reasonable reliance upon, and in conformity with information furnished to the Client, in writing, by the Distributor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In no case (i) is the indemnification provided by an indemnifying party to be deemed to protect against any liability the indemnified party would otherwise be subject to by reason of willful misfeasance, bad faith or gross negligence in the performance of its duties or by reason of its reckless disregard of its obligations and duties under this Agreement, or (ii) is the indemnifying party to be liable under this Section with respect to any claim made against any indemnified party unless the indemnified party notifies the indemnifying party in writing of the claim within a reasonable time after the summons or other first written notification giving information of the nature of the claim shall have been served upon the indemnified party (or after the indemnified party shall have received notice of service on any designated agent).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Failure to notify the indemnifying party of any claim shall not relieve the indemnifying party from any liability that it may have to the indemnified party against whom such action is brought, on account of this Section, unless failure or delay to so notify the indemnifying party prejudices the indemnifying party's ability to defend against such claim. The indemnifying party shall be entitled to participate at its own expense in the defense or, if it so elects, to assume the defense of any suit brought to enforce the claim, but if the indemnifying party elects to assume the defense, the defense shall be conducted by counsel chosen by it and satisfactory to the indemnified party. In the event that indemnifying party elects to assume the defense of any suit and retain counsel, the indemnified party shall bear the fees and expenses of any additional counsel retained by them. If the indemnifying party does not elect to assume the defense of any suit, it will reimburse the indemnified party for the reasonable fees and expenses of any counsel retained by them. The indemnifying party agrees to notify the indemnified party promptly of the commencement of any litigation or proceedings against it or any of its officers or directors in connection with the purchase or redemption of any of the Creation Units or the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) No indemnified party shall settle any claim against it for which it intends to seek indemnification from the indemnifying party, under the terms of section 6(a) or 6(b) above, without prior written notice to and consent from the indemnifying party, which consent shall not be unreasonably withheld. No indemnified or indemnifying party shall settle any claim unless the settlement contains a full release of liability with respect to the other party in respect of such action. This section 6 shall survive the termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Client acknowledges and agrees that as part of its duties, the Distributor will enter into agreements with certain authorized participants (each an "<u>AP</u>") for the purchase and redemption of Creation Units (each such agreement an "<u>AP Agreement</u>"). The APs may insert and require that Distributor agree to certain provisions in the AP Agreements that contain certain representations, undertakings and indemnification that are not included in the form-of AP Agreement (each such modified AP Agreement a "<u>Non-Standard AP Agreement</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) To the extent that Distributor is requested or required to make any such representations mentioned above, the Client shall indemnify, defend and hold the Distributor Indemnitees free and harmless from and against any and all Losses that any Distributor Indemnitee may incur arising out of or relating to (a) the Distributor's actions or failures to act pursuant to any Non-Standard AP Agreement; (b) any representations made by the Distributor in any Non-Standard AP Agreement to the extent that the Distributor is not required to make such representations in the form-of AP Agreement; or (c) any

indemnification provided by the Distributor under a Non-Standard AP Agreement. In no event shall anything contained herein be so construed as to protect the Distributor Indemnitees against any liability to the Client or its shareholders to which the Distributor Indemnitees would otherwise be subject by reason of willful misfeasance, bad faith, or gross negligence in the performance of Distributor's obligations or duties under the Non-Standard AP Agreement or by reason of Distributor's reckless disregard of its obligations or duties under the Non-Standard AP Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) [reserved.]<sup>1</sup>

<br> **7.** **<u>Representations</u>.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Distributor represents and warrants that: (i) it is duly organized as a Delaware limited liability company and is and at all times will remain duly authorized and licensed under applicable law to carry out its services as contemplated herein; (ii) the execution, delivery and performance of this Agreement are within its power and have been duly authorized by all necessary action; (iii) its entering into this Agreement or providing the services contemplated hereby does not conflict with or constitute a default or require a consent under or breach of any provision of any agreement or document to which the Distributor is a party or by which it is bound; (iv) it is registered as a broker-dealer under the 1934 Act and is a member of FINRA; and (v) it has in place compliance policies and procedures reasonably designed to prevent violations of the Federal Securities Laws as that term is defined in Rule 38a-1 under the 1940 Act. All activities by the Distributor and its agents and employees in connection with the services provided in this Agreement shall comply with the Registration Statement and Prospectus, the instructions of the Client, and all applicable laws, rules and regulations including, without limitation, all rules and regulations made or adopted pursuant to the 1940 Act by the SEC or any securities association registered under the 1934 Act, including FINRA and the Listing Exchanges.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Distributor and the Client each individually represent that its anti-money laundering program ("<u>AML Program</u>"), at a minimum, (i) designates a compliance officer to administer and oversee the AML Program, (ii) provides ongoing employee training, (iii) includes an independent audit function to test the effectiveness of the AML Program, (iv) establishes internal policies, procedures, and controls that are tailored to its particular business, (v) provides for the filing of all necessary anti-money laundering reports including, but not limited to, currency transaction reports and suspicious activity reports, and (vi) allows for appropriate regulators to examine its anti-money laundering books and records. Notwithstanding the foregoing, the Client acknowledges that the Authorized Participants are not "customers" for the purposes of 31 CFR 103.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Distributor and the Client each individually represent and warrant that: (i) it has procedures in place reasonably designed to protect the privacy of non-public personal consumer/customer financial information to the extent required by applicable law, rule and regulation; and (ii) it will comply with all of the applicable terms and provisions of the 1934 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Client represents and warrants that: (i) it is duly organized as a Ohio statutory trust and is and at all times will remain duly authorized to carry out its obligations as contemplated herein; (ii) it is registered as an investment company under the 1940 Act; (iii) the execution, delivery and performance of this Agreement are within its power and have been duly authorized by all necessary

action; (iv) entering into this Agreement does not conflict with or constitute a default or require a consent under or breach of any provision of any agreement or document to which the Client is a party or by which it is bound; (v) the Registration Statement and each Fund's Prospectus have been prepared, and all Marketing Materials have been prepared by or at the direction of the Client and have been approved by the Client and shall be prepared, in all material respects, in conformity with all applicable law, including without limitation, the 1933 Act, the 1940 Act and the rules and regulations of the SEC (the "<u>Rules and Regulations</u>"); (vi) the Registration Statement and each Fund's Prospectus contain, and all Marketing Materials shall contain, all statements required to be stated therein in accordance with the 1933 Act, the 1940 Act and the Rules and Regulations; (vii) all statements of fact contained therein, or to be contained in all Marketing Materials, are or will be true and correct in all material respects at the time indicated or the effective date, as the case may be, and none of the Registration Statement, any Fund's Prospectus, nor any Marketing Materials shall include any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein, in the case of each Fund's Prospectus in light of the circumstances in which made, not misleading; (viii) except as otherwise noted in the Registration Statement and Prospectus, the offering price for all Creation Units will be the aggregate net asset value of the Shares per Creation Unit of the relevant Fund, as determined in the manner described in the Registration Statement and Prospectus; (ix) the Prospectus is effective, no stop order of the SEC or any other federal, state or foreign regulatory authority, with respect thereto has been issued, no proceedings for such purpose have been instituted, or to its knowledge are being contemplated; (x) the Fund Shares, when issued and delivered against payment of consideration will be duly and validly authorized, issued fully paid and non-assessable and free of statutory and contractual preemptive rights, rights of first refusal and similar rights; (xi) no consent, approval, authorization, order, registration or qualification of or with any court or governmental agency or body is required for the issuance and sale of Fund shares, except the registration of the Fund Shares under the 1933 Act; (xii) Fund Shares will be listed on Listing Exchanges; (xiii) it will not lend securities pursuant to any securities lending arrangement that would prevent any Fund from settling a Redemption Order when due; and (xiv) it will not name the Authorized Participant as an authorized participant and/or as underwriter in the Prospectus, Marketing Materials or on its or any Fund's website without prior written consent of the Authorized Participant, unless such naming is required by law, rule or regulation; (xv) and it shall file such amendment or amendments to the Registration Statement and each Fund's Prospectus as, in the light of future developments, shall, in the opinion of the Client's counsel, be necessary in order to have the Registration Statement and each Fund's Prospectus at all times contain all material facts required to be stated therein or necessary to make the statements therein, in light of the circumstances in which made, not misleading.

(e) The Client shall not file any amendment to the Registration Statement or each Fund's Prospectus without giving the Distributor reasonable notice thereof in advance, provided that nothing in this Agreement shall in any way limit the Client's right to file at any time such amendments to the Registration Statement or any Fund's Prospectus as the Client may deem advisable. The Client will also promptly notify the Distributor in writing in the event of any stop order suspending the effectiveness of the Registration Statement. Notwithstanding the foregoing, the Client shall not be deemed to make any representation or warranty as to any information or statement provided by the Distributor for inclusion in the Registration Statement or any Fund's Prospectus; and upon delivery of Deposit or Fund Securities to an Authorized Participant in connection with a purchase or redemption of Creation Units, the Authorized Participant will acquire good and unencumbered title to such securities, free and clear of all liens, restrictions, charges and encumbrances, and not subject to any adverse claims and that such Fund

and Deposit Securities will not be "restricted securities" as such term is used in Rule 144(a)(3)(i) under the 1933 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8. <u>Duration, Termination and Amendment</u>.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement shall be effective on the date set forth above, and unless terminated as provided herein, shall continue for two years from its effective date, and thereafter from year to year, provided such continuance is approved annually (i) by vote of a majority of the Trustees or by the vote of a majority of the outstanding voting securities of the Fund and (ii) by the vote of a majority of those Trustees who are not parties to this Agreement or interested persons of any such party cast in person at a meeting called for the purpose of voting on such approval. This Agreement may be terminated at any time, without the payment of any penalty, as to each Fund (i) by vote of a majority of those Trustees who are not parties to this Agreement or interested persons of any such party or (ii) by vote of a majority of the outstanding voting securities of the Fund, or by the Distributor, on at least sixty (60) days prior written notice. This Agreement shall automatically terminate without the payment of any penalty in the event of its assignment. As used in this paragraph, the terms "vote of a majority of the outstanding voting securities," "assignment," "affiliated person" and "interested person" shall have the respective meanings specified in the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No provision of this Agreement may be changed, waived, discharged or terminated except by an instrument in writing signed by both parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9. <u>Notice</u>.**

Any notice or other communication authorized or required by this Agreement to be given to either party shall be in writing and deemed to have been given when delivered in person or by email, or posted by certified mail, return receipt requested, to the following address (or such other address as a party may specify by written notice to the other):

---

| | |
|:---|:---|
| &nbsp;&nbsp;(i) **To the Distributor:** | &nbsp;&nbsp;(ii) **To the Client:** |
| &nbsp;&nbsp;PINE Distributors LLC<br> Attn: BD Compliance<br> 501 S. Cherry Street, Suite 610<br> Denver, CO 80246<br> Telephone: 720-651-8092<br> Email: bdcompliance@pineadvisorsolutions.com | &nbsp;&nbsp;Truth Social Funds<br> 8730 Stony Point Parkway, Suite 250<br> Richmond, Virginia 23235<br> Telephone: 804-267-7400<br> Email: mgt@ccofva.com |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10. <u>Transfer Agent</u>**

Marketing Agent and the Client agree that in the course of Marketing Agent's services that Marketing Agent may need information from time to time from the Transfer Agent (identified below). The Client shall promptly notify Marketing Agent in writing of any changes to the Transfer Agent or its contact information.

U.S. Bancorp Fund Services, LLC (d/b/a U.S. Bank Global Fund Services), a Wisconsin limited liability company

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>11.</u>**  **<u>Choice of Law</u>.**

This Agreement shall be governed by, and construed in accordance with, the laws of the state of Delaware, without giving effect to the choice of laws provisions thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>12.</u>**  **<u>Counterparts</u>.**

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>13.</u>**  **<u>Severability</u>.**

If any provisions of this Agreement shall be held or made invalid, in whole or in part, then the other provisions of this Agreement shall remain in force. Invalid provisions shall, in accordance with this Agreement's intent and purpose, be amended, to the extent legally possible, in order to effectuate the intended results of such invalid provisions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>14.</u>**  **<u>Insurance</u>.**

The Distributor will maintain at its expense an errors and omissions insurance policy adequate to cover services provided by the Distributor hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>15.</u>**  **<u>Confidentiality</u>.**

During the term of this Agreement, the Distributor and the Client may have access to confidential information relating to such matters as either party's business, trade secrets, systems, procedures, manuals, products, contracts, personnel, and Client s. As used in this Agreement, "<u>Confidential Information</u>" means information belonging to one of the parties that is of value to such party and the disclosure of which could result in a competitive or other disadvantage to such party. Confidential Information includes, without limitation, financial information, proposal and presentations, reports, forecasts, inventions, improvements and other intellectual property; trade secrets; know-how; designs, processes or formulae; software; market or sales information or plans; customer lists; and business plans, prospects and opportunities (such as possible acquisitions or dispositions of businesses or facilities). Confidential Information includes information developed by either party in the course of engaging in the activities provided for in this Agreement, unless: (i) the information is or becomes publicly known through lawful means; (ii) the information is disclosed to the other party without a confidential restriction by a third party who rightfully possesses the information and did not obtain it, either directly or indirectly, from one of the parties, as the case may be, or any of their respective principals, employees, affiliated persons, or affiliated entities. The parties understand and agree that all Confidential Information shall be kept confidential by the other both during and after the term of this Agreement. Each party shall maintain commercially reasonable information security policies and procedures for protecting Confidential Information. The parties further agree that they will not, without the prior written approval by the other party, disclose such Confidential Information, or use such

Confidential Information in any way, either during the term of this Agreement or at any time thereafter, except as required in the course of this Agreement and as provided by the other party or as required by law. Upon termination of this Agreement for any reason, or as otherwise requested by the Client, all Confidential Information held by or on behalf of Client shall be promptly returned to the Client, or an authorized officer of the Distributor will certify to the Client in writing that all such Confidential Information has been destroyed. This section 14 shall survive the termination of this Agreement. Notwithstanding the foregoing, a party may disclose the other's Confidential Information if (i) required by law, regulation or legal process or if requested by the SEC or other governmental regulatory agency with jurisdiction over the parties hereto or (ii) requested to do so by the other party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16.** **<u>Limitation of Liability</u>.**

This Agreement is executed by or on behalf of the Client with respect to each of the Client Funds and the obligations hereunder are not binding upon any of the trustees, officers or shareholders of the Client individually but are binding only upon the Fund to which such obligations pertain and the assets and property of such Fund. Separate and distinct records are maintained for each Fund and the assets associated with any such Fund are held and accounted for separately from the other assets of the Client, or any other Fund of the Client. The debts, liabilities, obligations, and expenses incurred, contracted for, or otherwise existing with respect to a particular Fund of the Client shall be enforceable against the assets of that Fund only, and not against the assets of the Client generally or any other Fund, and none of the debts, liabilities, obligations, and expenses incurred, contracted for, or otherwise existing with respect to the Client generally or any other Fund shall be enforceable against the assets of that Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.** **<u>Use of Names; Publicity</u>.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Client shall not use the Distributor's name in any offering material, shareholder report, advertisement or other material relating to the Client, in a manner not approved by the Distributor in writing prior to such use, such approval not to be unreasonably withheld. The Distributor hereby consents to all uses of its name required by the SEC, any state securities commission, or any federal or state regulatory authority.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Distributor shall not use the Client's name in any advertisement or other material relating to the Client, in a manner not approved by the Client in writing prior to such use, such approval not to be unreasonably withheld. The Client hereby consents to all uses of its name required by the SEC, any state securities commission, or any federal or state regulatory authority.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**18.** **<u>Exclusivity</u>.**

Nothing herein contained shall prevent the Distributor from entering into similar distribution arrangements or from providing the services contemplated hereunder to other investment companies or investment vehicles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**19.** **<u>Governing Language</u>.**

This Agreement has been negotiated and executed by the parties in English. In the event any translation of this Agreement is prepared for convenience or any other purpose, the provisions of the English version shall prevail.

*[SIGNATURE PAGE FOLLOWS]*

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their officers designated below as of the date first set forth above.

---

| | | | |
|:---|:---|:---|:---|
| PINE Distributors LLC | PINE Distributors LLC |  | Truth Social Funds, on behalf of each series listed in Exhibit A hereto |
| By: | /s/ Mark Fairbanks | By: | /s/ David Bogaert |
| Name: Mark Fairbanks | Name: Mark Fairbanks |  | Name: David Bogaert |
| Title: Head of Distribution Services | Title: Head of Distribution Services |  | Title: President |
| Date: October 29, 2025 | Date: October 29, 2025 |  | Date: October 29, 2025 |

---

**EXHIBIT A**

Truth Social American Security & Defense ETF<br> Truth Social American Next Frontiers ETF<br> Truth Social American Icons ETF<br> Truth Social American Energy Security ETF<br> Truth Social American Red State REITs ETF

## Ex-99.(E)(2)

**Exhibit 99.(e)(2)**

**FORM OF AUTHORIZED PARTICIPANT AGREEMENT**

**[TRUST]**

This Authorized Participant Agreement (the "Agreement") is entered into by and between PINE Distributors LLC (the "Distributor") and __________ (the "Participant") and is subject to acceptance by [TRANSFER AGENT] (the "Transfer Agent"), and is further subject to acknowledgement and agreement by [TRUST](the "Trust"), a series trust offering a number of portfolios of securities (each a "Fund" and collectively the "Funds"), solely with respect to Sections 4(c) and 12(c) herein. Capitalized terms used but not defined herein are defined in the current prospectus for each Fund as it may be supplemented or amended from time to time, and included in the Trust's Registration Statement on Form N-1A, as it may be amended from time to time, or otherwise filed with the U.S. Securities and Exchange Commission ("SEC") (together with such Fund's Statement of Additional Information incorporated therein, the "Prospectus").

The Distributor provides services as principal underwriter of the Funds acting on an agency basis in connection with the distribution of shares of beneficial interest of each Fund (the "Shares"). The Transfer Agent has been retained to provide certain transfer agency services and to be the order taker with respect to the purchase and redemption of Shares.

This Agreement is intended to set forth certain procedures by which the Participant may purchase and/or redeem Creation Units through the Federal Reserve/Treasury Automated Debt Entry System maintained at the Federal Reserve Bank of New York (the "Federal Reserve Book-Entry System") and the Continuous Net Settlement ("CNS") clearing processes of National Securities Clearing Corporation ("NSCC") (as such processes have been enhanced to effect purchases and redemptions of Creation Units, the "CNS Clearing Process") or, outside of the CNS Clearing Process, the manual process of The Depository Trust Company ("DTC").

The parties agree as follows:

1.  **<u>Status, Representations And Warranties Of Participant</u>** 

(a) The Participant represents and warrants that it has the ability to transact through the Federal Reserve Book-Entry System and, with respect to orders for the purchase of Creation Units ("Purchase Orders") or orders for redemption of Creation Units ("Redemption Orders" and, together with Purchase Orders, the "Orders"), (i) through the CNS Clearing Process, because it is a member of NSCC and a participant in the CNS System of NSCC, and/or (ii) outside the CNS Clearing Process, because it is a DTC participant (a "DTC Participant"). Any change in the foregoing status of the Participant shall automatically and immediately terminate this Agreement. The Participant shall give prompt written notice of any such change to the Distributor and the Transfer Agent.

The Participant may place Orders either through the CNS Clearing Process or outside the CNS Clearing Process, subject to the procedures for purchase and redemption set forth in the Prospectus and Section 2 of this Agreement.

(b) The Participant represents and warrants that: (i) it is a broker-dealer registered with the SEC, and it is a member of the Financial Industry Regulatory Authority ("FINRA"), or it is exempt from registration, or it is otherwise not required to be registered as, a broker-dealer or a member of FINRA; (ii) it is registered

and/or licensed to act as a broker or dealer, as required under all applicable laws, rules and regulations in the states or other jurisdictions in which the Participant conducts its activities, or it is otherwise exempt; and (iii) it is a Qualified Institutional Buyer, as defined in Rule 144A under the U.S. Securities Act of 1933, as amended (the "1933 Act").

The Participant agrees that it will: (i) maintain such registrations, licenses, qualifications, and memberships in good standing and in full force and effect throughout the term of this Agreement; (ii) comply with applicable FINRA rules and the securities laws of any jurisdiction in which it sells Shares, directly or indirectly, to the extent such laws, rules and regulations relate to the Participant's transactions in, and activities with respect to, the Shares; and (iii) not offer or sell Shares of any Fund in any state or jurisdiction where such Shares may not lawfully be offered and/or sold.

Any change in the foregoing status of the Participant shall terminate this Agreement. The Participant shall give prompt written notice of any such change to the Distributor and the Transfer Agent.

(c) In the event Shares are authorized for sale in jurisdictions outside the several states, territories and possessions of the United States and the Participant offers and sells Shares in such jurisdictions and is not otherwise required to be registered or qualified as a broker or dealer, or to be a member of FINRA as set forth above, the Participant nevertheless agrees to observe the applicable laws, rules and regulations of the jurisdiction in which such offer and/or sale is made, to comply with the full disclosure requirements under the 1933 Act and the regulations promulgated thereunder, and to conduct its business in accordance with the FINRA rules, to the extent the foregoing relates to the Participant's transactions in, and activities with respect to, the Shares.

(d) The Participant understands and acknowledges that the method by which Creation Units will be created and traded may raise certain issues under certain interpretations of applicable U.S. federal securities laws. For example, because new Creation Units of Shares may be issued and sold by a Fund on an ongoing basis, a "distribution", as such term is used in the 1933 Act, may occur at any point. The Participant understands and acknowledges that some activities on its part, depending on the circumstances, may result in it being deemed a participant in a distribution in a manner which could, under certain interpretations of applicable law, render it a statutory underwriter and subject it to the prospectus delivery and liability provisions under the 1933 Act. The Participant also understands and acknowledges that dealers who are not "underwriters," but who effect transactions in Shares, whether or not participating in the distribution of Shares, are generally required to deliver a prospectus. For the avoidance of doubt, the Participant does not admit to being an underwriter of the Shares.

2. **<u>Execution Of Purchase And Redemption Orders</u>**

(a) All Orders must comply with the procedures for Orders set forth in the Prospectus and in this Agreement, which includes the attachments. The Participant, the Distributor, and the Transfer Agent each agrees to comply with the provisions of the Prospectus, this Agreement, and the laws, rules, and regulations that are applicable to it in its respective role under this Agreement. If there is a conflict between the terms of the Prospectus and the terms of this Agreement, the terms of the Prospectus control.

(b) Phone lines used in connection with Orders will be recorded. The Participant hereby consents to the recording of all calls in connection with the Orders, provided that the Participant may reasonably

request that the recording party promptly provide to the Participant copies of recordings of any such calls, which have been retained in accordance with the recording party's usual document retention policy. If a recording party becomes legally compelled to disclose to any third party any recording involving communications with the Participant, to the extent legally permitted to do so, such recording party shall provide the Participant with reasonable advance written notice identifying the recordings to be disclosed, together with copies of such recordings, so that the Participant may seek a protective order or other appropriate remedy with respect to the recordings or waive its right to do so.

(c) The Participant understands that a Creation Unit generally will not be issued until the requisite cash and/or the designated basket of securities (the "Deposit Securities"), as well as applicable Transaction Fee and taxes, are transferred to the Trust on or before the settlement date in accordance with the Prospectus.

3. **<u>Authorization Of [Transfer Agent]</u>**

Solely with respect to Orders submitted through the CNS Clearing Process, the Participant hereby authorizes the Transfer Agent, or its designee, to transmit to the NSCC on behalf of the Participant such instructions, including share and cash amounts as are necessary with respect to the purchase and redemption of Creation Units, and Orders consistent with the instructions and Orders issued by the Participant to the Transfer Agent. The Participant agrees to be bound by the terms of such instructions and Orders as reported by the Transfer Agent or its designee to the NSCC as though such instructions were issued by the Participant directly to the NSCC.

4. **<u>Marketing Materials And Representations</u>**

(a) The Participant represents and warrants that it will not make any representations concerning a Fund, Creation Units or Shares, other than those consistent with the Prospectus or any Marketing Materials (as defined below) furnished to the Participant by the Distributor, the Trust, or the Funds' adviser.

(b) The Participant agrees not to furnish, or cause to be furnished by it or its employees, to any person, or to display or publish, any information or materials relating to a Fund or the Shares, including, without limitation, promotional materials and sales literature, advertisements, press releases, announcements, statements, posters, signs or other similar materials ("Marketing Materials"), unless (i) such Marketing Materials: (a) are either furnished to the Participant by the Distributor, or (b) if prepared by the Participant, are consistent in all material respects with the Prospectus, and clearly indicate that such Marketing Materials are prepared and distributed by the Participant, and (ii) Participant and such Marketing Materials prepared by the Participant comply with applicable FINRA rules and regulations. The Participant shall file all such Marketing Materials that it prepares with FINRA, if required by applicable laws, rules or regulations.

(c) The Trust represents and warrants that (i) the Prospectus is effective, no stop order of the SEC has been issued, no proceedings for such purpose have been instituted or, to its knowledge, are being contemplated; (ii) the Prospectus conforms in all material respects to the requirements of all applicable law, and the rules and regulations of the SEC thereunder and does not and will not contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading;

(iii) the Shares, when issued and delivered against payment of consideration thereof, as provided in this Agreement, will be duly and validly authorized, issued, fully paid and non-assessable and free of statutory and contractual preemptive rights, rights of first refusal and similar rights; (iv) no consent, approval, authorization, order, registration or qualification of or with any court or governmental agency or body is required for the issuance and sale of the Shares, except the registration of the Shares under the 1933 Act; (v) Shares will be listed for trading on a national exchange; (vi) it will not lend Shares pursuant to any securities lending arrangement that would prevent the Trust from settling a Redemption Order when due; (vii) any and all Marketing Materials prepared by the Trust and provided to the Participant in connection with the offer and sale of Shares shall comply with applicable law, including without limitation, the provisions under the 1933 Act and the rules and regulations thereunder and applicable requirements of FINRA, and will not contain any untrue statement of a material fact related to a Fund or the Shares or omit to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading; and (viii) it will not name the Participant in the Prospectus, Marketing Materials, or on the Fund's website without the prior written consent of Participant, unless such naming is required by law, rule, or regulation.

(d) Notwithstanding anything to the contrary in this Agreement, the term Marketing Materials shall not include (i) written materials of any kind that generally mention a Fund without recommending the Fund (including in connection with a list of products sold through Participant or in the context of asset allocations), (ii) materials prepared and used for the Participant's internal use only, (iii) brokerage communications, including correspondence and institutional communications, as defined under FINRA rules, prepared by the Participant in the normal course of its business, and (iv) research reports; provided, however, that any such materials prepared by Participant comply with applicable FINRA rules and regulations and other applicable laws, rules and regulations.

5. **<u>Title To Securities; Restricted Shares</u>**

The Participant represents and warrants on behalf of itself and any party for which it acts that Deposit Securities delivered by it to the custodian and/or any relevant sub-custodian in connection with a Purchase Order will not be "restricted securities," as such term is used in Rule 144(a)(3)(i) under the 1933 Act, and, at the time of delivery, the Fund will acquire good and unencumbered title to such Deposit Securities, free and clear of all liens, restrictions, charges and encumbrances, and not be subject to any adverse claims.

6. **<u>Cash Component</u>**

The Participant hereby agrees that, in connection with a Purchase Order, whether for itself or any party for which it acts, it will make available on or before the contractual settlement date (the "Contractual Settlement Date"), by means satisfactory to the Trust, and in accordance with the provisions of the Prospectuses, immediately available or same day funds estimated by the Trust to be sufficient to pay the Cash Component next determined after acceptance of the Purchase Order, together with the applicable Transaction Fee. Any excess funds will be returned following settlement of the Purchase Order. The Participant agrees to ensure that the Cash Component will be received by the issuing Fund in accordance with the terms of the Prospectuses, but in any event on or before the Contractual Settlement Date, and in the event payment of such Cash Component has not been made in accordance with the provisions of the Prospectuses or by such Contractual Settlement Date, the Participant agrees in connection with a Purchase

Order to pay the amount of the Cash Component, plus interest, computed at such reasonable rate as may be specified by the Fund from time to time. The Participant shall be liable to the custodian, any sub-custodian, or the Trust for any amounts advanced by the custodian or any sub-custodian in its sole discretion to the Participant for payment of the amounts due and owing for the Cash Component. Computation of the Cash Component shall exclude any taxes, duties or other fees and expenses payable upon the transfer of beneficial ownership of the Deposit Securities, which shall be the sole responsibility of the Participant and not the Trust.

7. **<u>Role Of Participant</u>**

(a) Each Party acknowledges and agrees that, for all purposes of this Agreement, the Participant will be deemed to be an independent contractor and will have no authority to act as agent for the Funds or the Distributor in any matter or in any respect under this Agreement. The Participant agrees to make itself and its employees available, upon reasonable request, during normal business hours to consult with the Funds or the Distributor or their designees concerning the performance of the Participant's responsibilities under this Agreement.

(b) The Participant agrees as a DTC Participant and in connection with any purchase or redemption transactions in which it acts on behalf of a third party, that it shall extend to such party all of the rights, and shall be bound by all of the obligations, of a DTC Participant in addition to any obligations that it undertakes hereunder or in accordance with the Prospectuses.

(c) The Participant represents that from time to time, it may be a beneficial owner of Shares ("Beneficial Owner"). To the extent that it is a Beneficial Owner, the Participant agrees to irrevocably appoint the Distributor as its attorney and proxy with full authorization and power to vote (or abstain from voting) the Participant's beneficially owned Shares with no input from the Participant. The Distributor will vote (or abstain from voting) the Participant's beneficially owned Shares in the same proportion (or abstentions) as the other beneficial owners of Shares of the applicable Fund or the Trust. The Distributor, as attorney and proxy for the Participant hereunder: (i) is hereby given full power of substitution and revocation; (ii) may act through such agents, nominees, or attorneys as it may appoint from time to time; and (iii) may provide voting instructions to such agents, nominees, or substitute attorneys. The Distributor may terminate this irrevocable proxy within sixty (60) days' written notice to the Participant. This irrevocable proxy terminates upon termination of the Agreement.

(d) The Participant represents and warrants that it has implemented, and agrees to maintain and implement on an on-going basis, an anti-money laundering program reasonably designed to comply with all applicable anti-money laundering laws and regulations, including but not limited to the Bank Secrecy Act of 1970 and the USA PATRIOT Act of 2001, each as amended from time to time, and any rules adopted thereunder and/or any applicable anti-money laundering laws and regulations of other jurisdictions where Participant conducts business, and any rules adopted thereunder or guidelines issued, administered or enforced by any governmental agency.

8. **<u>Authorized Persons Of The Participant</u>**

(a) Concurrently with the execution of this Agreement, and from time to time thereafter as may be requested by the Funds, the Transfer Agent, or the Distributor, the Participant shall deliver to the Funds and the Transfer Agent, with copies to the Distributor, a certificate in the format of Attachment A to this

Agreement, duly certified by the Participant's Secretary or other duly authorized officer of Participant, setting forth the names and signatures of all persons authorized by the Participant to give Orders and instructions relating to any activity contemplated by this Agreement on behalf of the Participant(each an "Authorized Person"). Such certificate may be relied upon by the Distributor, the Transfer Agent and the Funds as conclusive evidence of the facts set forth therein and shall be considered to be in full force and effect until receipt by the Funds, the Distributor, and the Transfer Agent of a superseding certificate or of written notice (via e-mail is permissible) from the Participant that an individual should be added to, or removed from, the certificate. Whenever the Participant wants to add an Authorized Person or revoke the authority of an Authorized Person, the Participant shall give prompt written notice (via e-mail is permissible) of such fact to the Funds and the Transfer Agent, with a copy to the Distributor, and such notice shall be effective upon receipt by the Funds, the Transfer Agent, and the Distributor.

(b) Orders and instructions relating to any activity contemplated by this Agreement on behalf of the Participant may be processed through a third-party platform (the "Order Entry System") selected by the Transfer Agent. The Participant and its Authorized Persons must establish their own credentials with the Order Entry System for placing Orders electronically, and the Participant is solely responsible for restricting access to such credentials to prevent persons other than Authorized Persons from using the Order Entry System to place or modify Orders. Authorized Persons must provide relevant login credentials and be listed as a duly authorized person of Participant on the most recent certificate in the form of Attachment A to be properly authenticated and to place or modify Orders electronically or telephonically. If the Participant has set up a unique personal identification number ("PIN Number") with the Order Entry System, any changes made to the Participant's trade desk settings shall require Participant's PIN Number for authentication. The Participant and each Authorized Person shall keep Participant's PIN Number and all Authorized Person login credentials confidential and only those Authorized Persons shall submit instructions on behalf of the Participant to the Funds, Transfer Agent, and Distributor.

(c) The Transfer Agent and Distributor shall not have any obligation to verify instructions and Orders given by properly authenticated Authorized Persons per paragraph (b) of this section and shall assume that all instructions and Orders issued to it by a properly authenticated Authorized Person have been properly placed, unless the Transfer Agent and Distributor have actual knowledge to the contrary because they received from the Participant written notice as set forth in paragraph (a) of this section that such person is no longer authorized to act on behalf of the Participant. The Participant agrees that none of the Distributor, the Transfer Agent, or the Funds shall be liable, absent gross negligence, bad faith or willful misconduct, for Losses (as defined in Section 12(a), below) incurred by the Participant as a result of the unauthorized use of an Authorized Person's Order Entry System login credentials. The Participant further agrees that none of the Distributor, the Transfer Agent/Index Receipt Agent, or the Trust or the Funds shall be liable, absent gross negligence, bad faith or willful misconduct, for Losses incurred by the Participant as a result of the unauthorized use of a Participant's PIN Number, unless the Transfer Agent, Distributor, and the Funds previously received from Participant written notice to revoke such Authorized Person's authority as set forth in paragraph (a) of this section. This paragraph (c) shall survive the termination of this Agreement.

9. **<u>Redemptions</u>**

(a) The Participant understands and agrees that Redemption Orders may be submitted only on days that the Trust is open for business, as required by Section 22(e) of the 1940 Act.

(b) The Participant represents and warrants that it will not attempt to place a Redemption Order for the purpose of redeeming any Creation Units unless it first ascertains that it owns outright or has full legal authority and legal and beneficial right to tender for redemption the requisite number of Shares, and that such Shares have not been loaned or pledged to another party and are not the subject of a repurchase agreement, securities lending agreement, or any other agreement that would preclude the delivery of such Shares to the Fund.

(c) The Participant understands that Shares of any Fund may be redeemed only when one or more Creation Units are held in its account.

(d) In the event that the Distributor, Transfer Agent and/or the Trust reasonably believes in good faith that a Participant would not be able to deliver the requisite number of Shares to be redeemed as a Creation Unit on the settlement date, the Distributor, Transfer Agent and/or Trust may, without liability, reject the Participant's Redemption Order.

(e) In the event that the Participant receives Fund Securities the value of which exceeds the value of the applicable Creation Unit at the time of redemption, the Participant agrees to pay, on the same business day it is notified, or cause the Participant Client to pay, on such day, to the applicable Fund an amount in cash equal to the difference or return such Fund Securities to the Fund, unless the parties otherwise agree.

10. **<u>Beneficial Ownership</u>**

(a) The Participant represents and warrants that, based upon the number of outstanding Shares of any particular Fund, either (i) it does not, and will not in the future as the result of one or more Purchase Orders, hold for the account of any single Beneficial Owner, or group of related Beneficial Owners, 80 percent or more of the currently outstanding Shares of such Fund, so as to cause the Fund to have a basis in the portfolio securities deposited with the Fund different from the market value of such portfolio securities on the date of such deposit, pursuant to sections 351 and 362 of the Internal Revenue Code of 1986, as amended, or (ii) it is carrying some or all of the Deposit Securities as a dealer and as inventory in connection with its market making activities.

(b) A Fund, the Distributor, and the Transfer Agent have the right to require, as a condition to the acceptance of a deposit of Deposit Securities, information from the Participant regarding ownership of the Shares by such Participant and its customers, and to rely thereon to the extent necessary to make a determination regarding ownership of 80 percent or more of the Fund's currently outstanding Shares by a Beneficial Owner.

11. **<u>Obligations Of Participant</u>**

(a) Pursuant to its obligations under the federal securities laws, the Participant agrees to maintain all books and records of all sales of Shares made by or through it and to furnish copies of such records to the Trust, Transfer Agent and/or the Distributor upon their reasonable request.

(b) The Participant affirms that it has procedures in place reasonably designed to protect the privacy of non-public personal consumer/customer financial information to the extent required by applicable law, rule and regulation and that it will maintain such procedures throughout the term of this Agreement.

(c) The Participant represents, covenants, and warrants that it has taken affirmative steps so that will not be an affiliated person of a Fund, a promoter or principal underwriter of a Fund or an affiliated person of such persons due to ownership of Shares, including through its grant of an irrevocable proxy relating to the Shares to the Distributor.

12. **<u>Indemnification</u>**

This Section 12 shall survive the termination of this Agreement.

(a) The Participant hereby agrees to indemnify and hold harmless the Distributor, the Trust, the Funds, the Transfer Agent, their respective subsidiaries, affiliates, directors, trustees, officers, employees, and agents, and each person, if any, who controls such persons within the meaning of Section 15 under the 1933 Act (each a "Participant Indemnified Party"), from and against any claim, loss, liability, cost, or expense (including reasonable attorneys' fees) ("Loss") incurred by such Participant Indemnified Party as a result of (i) any material breach by the Participant of any provision of this Agreement that relates to the Participant; (ii) any material failure on the part of the Participant to perform any of its obligations set forth in this Agreement; (iii) any failure by the Participant to comply with applicable laws, including rules and regulations of self-regulatory organizations in relation to its role as an authorized participant under this Agreement; (iv) actions of a Participant Indemnified Party taken in reasonable reliance upon any instructions reasonably believed by the Distributor, the Trust, and/or the Transfer Agent to be genuine and to have been given by the Participant; or (v) the Participant's failure to complete an Order that has been accepted.

(b) The Distributor hereby agrees to indemnify and hold harmless the Participant, its affiliates, directors, partners, members, officers, employees and agents, and each person, if any, who controls such persons within the meaning of Section 15 under the 1933 Act (each a "Distributor Indemnified Party") from and against any Loss incurred by such Distributor Indemnified Party as a result of: (i) any material breach by the Distributor of any provision of this Agreement that relates to the Distributor; (ii) any material failure on the part of the Distributor to perform any of its obligations set forth in this Agreement; or (iii) any failure by the Distributor to comply with applicable laws, rules and regulations, including rules and regulations of SROs, in relation to its role as distributor under this Agreement.

(c) The Trust hereby agrees to indemnify and hold harmless the Participant, its respective affiliates, directors, partners, members, officers, employees and agents, and each person, if any, who controls such persons within the meaning of Section 15 under the 1933 Act (each a "Trust Indemnified Party") from and against any Loss, as may be limited by Section 13 hereof, incurred by such Trust Indemnified Party as a result of any material breach by the Trust of its representations in Section 4(c). All Shares represent interests in their underlying series, the assets and liabilities of which are separate and distinct. Any indemnification provided by the Trust in connection with the Shares shall be limited to the corresponding assets of such Fund.

13. **<u>Limitation Of Liability</u>**

This Section 13 shall survive the termination of this Agreement.

(a) In no event shall any party be liable for any special, indirect, incidental, exemplary, punitive or consequential loss or damage of any kind whatsoever (including but not limited to loss of revenue, loss of

actual or anticipated profit, loss of contracts, loss of the use of money, loss of anticipated savings, loss of business, loss of opportunity, loss of market share, loss of goodwill or loss of reputation), even if such parties have been advised of the likelihood of such loss or damage and regardless of the form of action. In no event shall any party be liable for the acts or omissions of DTC, NSCC or any other securities depository or clearing corporation.

(b) Neither the Trust, the Distributor, the Transfer Agent, nor the Participant shall be responsible or liable for any failure or delay in the performance of its obligations under this Agreement arising out of or caused, directly or indirectly, by circumstances beyond its reasonable control, including without limitation: acts of God; earthquakes; fires; floods; wars; civil or military disturbances; terrorism; sabotage; epidemics; riots; interruptions; loss or malfunction of utilities, computer (hardware or software) or communications service; accidents; labor disputes; acts of civil or military authority or governmental actions.

(c) The Distributor, the Trust, and the Transfer Agent may conclusively rely upon, and shall be fully protected in acting or refraining from acting upon, any communication authorized under this Agreement and upon any written or oral instruction, notice, request, direction or consent reasonably believed by them to be genuine.

(d) In the absence of bad faith, gross negligence or willful misconduct on its part, the Transfer Agent, whether acting directly or through its agents, affiliates or attorneys, shall not be liable for any action taken, suffered or omitted or for any error of judgment made by it in the performance of its duties hereunder. The Transfer Agent shall not be liable for any error of judgment made in good faith unless in exercising such it shall have been grossly negligent in ascertaining the pertinent facts necessary to make such judgment.

(e) The Distributor shall not be liable for any action or failure to take any action with respect to the voting matters set forth in Section 7(c).

14. **<u>Information About Deposit Securities</u>**

On each day that the Trust is open for business, through the facilities of the NSCC, the names and amounts of Deposit Securities to be included in the current Fund Deposit for each Fund will be published.

15. **<u>Receipt Of Prospectuses By Participant</u>**

The Participant acknowledges receipt of the Prospectuses and represents that it has reviewed and understands the terms thereof.

16. **<u>Consent To Electronic Delivery Of Prospectuses</u>**

The Distributor may electronically deliver the Prospectus, annual or semi-annual report, or other shareholder information (each, a "<u>Shareholder Document</u>") to persons who have effectively consented to such electronic delivery. The Distributor will deliver Shareholder Documents electronically by sending consenting persons an e-mail message informing them that the applicable Shareholder Document has been posted and is available on the Fund's website and providing a hypertext link to the document.

The Distributor shall electronically deliver all Shareholder Documents to the Participant at the e-mail address set forth on the signature page attached to this Agreement, unless and until the Participant provides written notice to the Distributor requesting otherwise. Until such notice is provided, the Participant can only obtain access to the Shareholder Documents electronically. Participant shall promptly notify Distributor if its e-mail address changes.

17. **<u>Notices</u>**

Except as otherwise specifically provided in this Agreement, all notices required or permitted to be given pursuant to this Agreement shall be given in writing and delivered by personal delivery; by Federal Express or other similar delivery service; by registered or certified United States first class mail, return receipt requested; or by electronic mail or similar means of same day delivery. All notices to the Participant, the Distributor, and the Transfer Agent shall be directed to the address or telephone number or electronic mail address indicated below the signature line of such party.

18. **<u>Effectiveness, Termination, And Amendment Of Agreement</u>**

(a) This Agreement shall become effective on the date set forth below and may be terminated at any time by any party upon sixty (60) days' prior written notice to the other parties, and may be terminated earlier by the Fund, the Participant or the Distributor at any time in the event of a material breach by another party of any provision of this Agreement.

(b) No party may assign its rights or obligations under this Agreement (in whole or in part) without the prior written consent of the other party, which shall not be unreasonably withheld.

<u>(c)</u> This Agreement may not be amended except by a writing signed by all the parties hereto. This Agreement is intended to, and shall apply to, each of the current and future Funds of the Trust, such that no amendment shall be required in the event that the Trust creates new Funds or terminates existing Funds, provided, however, that notice shall be provided to the Participant of such creation or termination of Funds.

19. **<u>Governing Law</u>**

This Section 19 shall survive the termination of this Agreement.

This Agreement shall be governed by and interpreted in accordance with the laws of the State of Delaware without regard to the conflicts of laws provisions thereof. The parties irrevocably submit to the personal jurisdiction and service and venue of any Delaware State or United States Federal court sitting in Delaware having subject matter jurisdiction, for the purposes of any suit, action or proceeding arising out of or relating to this Agreement.

20. **<u>Arbitration</u>**

Any controversy or claim arising out of or relating to this Agreement, or any breach thereof, shall be settled by arbitration in accordance with the then existing FINRA Code of Arbitration Procedure. Any arbitration shall be conducted in the State of Colorado, and each arbitrator shall be from the securities industry. Judgment upon the award rendered by the arbitrators may be entered in any court having jurisdiction thereof.

21. **<u>Counterparts</u>**

This Agreement may be executed in several counterparts, each of which shall be an original and all of which shall constitute one and the same instrument.

22. **<u>Severance</u>**

If any provision of this Agreement is held by any court or any act, regulation, rule or decision of any other governmental or supra-national body or authority or regulatory or self-regulatory organization to be invalid, illegal or unenforceable for any reason, it shall be invalid, illegal or unenforceable only to the extent so held and shall not affect the validity, legality or enforceability of the other provisions of this Agreement and this Agreement shall be construed as if such invalid, illegal, or unenforceable provision had never been contained herein.

23. **<u>Headings</u>**

Headings and sub-headings are included solely for convenient reference and shall not affect the meaning, construction, operation, or effect of the terms of this Agreement.

24. **<u>Entire Agreement</u>**

This Agreement, which includes the attachments, supersedes any prior agreement between the parties with respect to the subject matter contained herein and constitutes the entire agreement between the parties regarding the matters contained herein.

*[Signature Page Follows]*

The duly authorized representatives of the below parties have executed this Agreement, the effective date of which shall be the date of the most recent signature below.

**PINE Distributors LLC**

By: _________________________________

Name: ______________________________

Title: _______________________________

Address: 501 S. Cherry Street, Suite 610

&nbsp;&nbsp;&nbsp;&nbsp;Denver, CO 80243

Telephone: 720-651-8092

Email: _____________________________

Date: ______________________________

**[NAME OF PARTICIPANT]**

**DTC/NSCC Clearing Participant Code:**

By: _________________________________

Name: ______________________________

Title: _______________________________

Address: ____________________________

Telephone: __________________________

Email: _____________________________

Date: ______________________________

ACCEPTED BY:

**[TRANSFER AGENT]** as Transfer Agent

By: _________________________________

Name: ______________________________

Title: _______________________________

Address: ____________________________

Telephone: __________________________

Email: _____________________________

Date: ______________________________

ACKNOWLEDGED AND AGREED, SOLELY WITH RESPECT TO

SECTIONS 4(c) and 12(c) HEREOF:

[**TRUST]**

By: _________________________________

Name: ______________________________

Title: _______________________________

Address: ____________________________

Telephone: __________________________

Email: _____________________________

Date: ______________________________

**ATTACHMENT A**

**AUTHORIZED PERSONS**

**[** **Insert AP Form of Certification for Authorized Persons]**

## Ex-99.(G)(1)

**Exhibit 99 (g)(1)**

**ETF CUSTODY AGREEMENT**

THIS AGREEMENT is made and entered into as of the last date on the signature page, by and between **TRUTH SOCIAL FUNDS,** an Ohio statutory trust (the "Trust"), and **U.S. BANK NATIONAL ASSOCIATION,** a national banking association organized and existing under the laws of the United States of America with its principal place of business at Minneapolis, Minnesota (the "Custodian").

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

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

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

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

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

**ARTICLE I**

**CERTAIN DEFINITIONS**

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

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.07 <u>"FINRA"</u> shall mean the Financial Industry Regulatory Authority, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.08 <u>"Foreign Securities"</u> means any investments of the Fund (including foreign currencies) for which the primary market is outside the United States and such cash and cash equivalents as are reasonably necessary to effect such Fund's transactions in such investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.09 <u>"Fund Custody Account"</u> shall mean any of the accounts in the name of the Trust, which is provided for in Section 3.02 below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10 "IRS" shall mean the Internal Revenue Service.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.12 <u>"SEC"</u> shall mean the U.S. Securities and Exchange Commission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13 <u>"Securities"</u> shall include, without limitation, common and preferred stocks, bonds, call options, put options, debentures, notes, bank certificates of deposit, bankers' acceptances, mortgage-backed securities or other obligations, and any certificates, receipts, warrants or other instruments or documents representing rights to receive, purchase or subscribe for the same, or evidencing or representing any other rights or interests therein, or any similar property or assets that the Custodian or its agents have the facilities to clear and service.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.14 <u>"Securities Depository"</u> shall mean The Depository Trust Company and any other clearing agency registered with the SEC under Section 17A of the Securities Exchange Act of 1934, as amended (the "1934 Act"), which acts as a system for the central handling of

Securities where all Securities of any particular class or series of an issuer deposited within the system are treated as fungible and may be transferred or pledged by bookkeeping entry without physical delivery of the Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.15 <u>"Shares"</u> shall mean, with respect to the Fund, the shares of common stock issued by the Trust on account of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.16 <u>"Straight Through Processing"</u> shall have the meaning assigned to it in Section 4.07 of this Agreement.

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

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

**ARTICLE II.**

**APPOINTMENT OF CUSTODIAN**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.01 <u>Appointment.</u> The Trust hereby appoints the Custodian as custodian of all Securities and cash owned by or in the possession of the Fund at any time during the period of this Agreement, on the terms and conditions set forth in this Agreement, and the Custodian

hereby accepts such appointment and agrees to perform the services and duties set forth in this Agreement. The Trust hereby delegates to the Custodian, subject to Rule 17f-5(b), the responsibilities with respect to the Fund's Foreign Securities, and the Custodian hereby accepts such delegation as foreign custody manager with respect to the Fund. The services and duties of the Custodian shall be confined to those matters expressly set forth herein, and no implied duties are assumed by or may be asserted against the Custodian hereunder.

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

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

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

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

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

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

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

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

**ARTICLE III.**

**CUSTODY OF CASH AND SECURITIES**

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.02 <u>Fund Custody Accounts.</u> As to each Fund, the Custodian shall open and maintain in its trust department a custody account in the name of the Fund, subject only to draft or

order of the Custodian, in which the Custodian shall enter and carry all Securities, cash and other assets of such Fund which are delivered to it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.03 <u>Appointment of Agents.</u>

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) With respect to its responsibilities under this Section 3.03,
 the Custodian hereby warrants to the Trust that it agrees to exercise reasonable care, prudence
 and diligence such as a person having responsibility for the safekeeping of property of

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| | |
|:---|:---|
|  | the Fund. The Custodian further warrants that the Fund's assets will be subject to reasonable care if maintained with a Sub-Custodian, after considering all factors relevant to the safekeeping of such assets, including, without limitation: (i) the Sub-Custodian's practices, procedures, and internal controls for certificated securities (if applicable), its method of keeping custodial records, and its security and data protection practices; (ii) whether the Sub-Custodian has the requisite financial strength to provide reasonable care for Fund assets; (iii) the Sub-Custodian's general reputation and standing and, in the case of a Securities Depository, the Securities Depository's operating history and number of participants; and (iv) whether the Fund will have jurisdiction over and be able to enforce judgments against the Sub-Custodian, such as by virtue of the existence of any offices of the Sub-Custodian in the United States or the Sub-Custodian's consent to service of process in the United States. |
| (g) | The Custodian shall establish a system or ensure that its Sub-Custodian has established a system to monitor on a continuing basis (i) the appropriateness of maintaining the Fund's assets with a Sub-Custodian or Eligible Foreign Custodians who are members of a Sub-Custodian's network; (ii) the performance of the contract governing the Fund's arrangements with such Sub-Custodian or Eligible Foreign Custodian's members of a Sub-Custodian's network; and (iii) the custody risks of maintaining assets with an Eligible Securities Depository. The Custodian must promptly notify the Fund or its investment adviser of any material change in these risks. |

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

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

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

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

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| | |
|:---|:---|
|  | limitation, in connection with settlements of purchases and sales of Securities, loans of Securities, and deliveries and returns of collateral consisting of Securities. |
| (b) | Securities of the Fund kept in a Book-Entry System or Securities Depository shall be kept in an account ("Depository Account") of the Custodian in such Book-Entry System or Securities Depository which includes only assets held by the Custodian as a fiduciary, custodian or otherwise for customers. |

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) With respect to its responsibilities under this Section 3.05
 and pursuant to Rule 17f-4 under the 1940 Act, the Custodian hereby warrants to the
 Trust that it agrees to (i) exercise due care in accordance with reasonable commercial
 standards in discharging its duty as a securities intermediary to obtain and

thereafter maintain such assets, (ii) provide, promptly upon request by the Trust, such reports as are available concerning the Custodian's internal accounting controls and financial strength, and (iii) require any Sub-Custodian to exercise due care in accordance with reasonable commercial standards in discharging its duty as a securities intermediary to obtain and thereafter maintain assets corresponding to the security entitlements of its entitlement holders.

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) For transfer in accordance with the provisions of any agreement
 among the Trust, the Custodian and a broker-dealer registered under the 1934 Act and a member
 of

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| | |
|:---|:---|
|  | FINRA, relating to compliance with rules of the Options Clearing Corporation and of any registered national securities exchange (or of any similar organization or organizations) regarding escrow or other arrangements in connection with transactions by the Fund; |
| (g) | For transfer in accordance with the provisions of any agreement among the Trust, the Custodian and a futures commission merchant registered under the Commodity Exchange Act, relating to compliance with the rules of the Commodity Futures Trading Commission and/or any contract market (or any similar organization or organizations) regarding account deposits in connection with transactions by the Fund; |

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

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

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) For exchange or conversion pursuant to any plan of merger, consolidation,
 recapitalization, reorganization or readjustment of the issuer of such Securities, or pursuant
 to provisions for conversion contained in such Securities, or pursuant to any deposit agreement,
 including surrender or receipt of underlying Securities in

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| | |
|:---|:---|
|  | connection with the issuance or cancellation of depository receipts; provided that, in any such case, the new Securities and cash, if any, are to be delivered to the Custodian; |
| (g) | Upon receipt of payment therefor pursuant to any repurchase or reverse repurchase agreement entered into by the Fund; |

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) For delivery in accordance with the provisions of any agreement
 among the Trust, the Custodian and a broker-dealer registered under the 1934 Act and a member
 of FINRA, relating to compliance with the rules of the Options Clearing Corporation
 and of any registered national securities exchange (or of any similar organization or organizations)
 regarding escrow or other arrangements in connection with transactions by the Fund;

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

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

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

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

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

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

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.09 <u>Registration and Transfer of Securities.</u> All Securities held for the Fund that are issued or issuable only in bearer form shall be held by the Custodian in that form, provided that any such Securities shall be held in a Book-Entry System if eligible therefor. All other Securities held for the Fund may be registered in the name of the Fund, the Custodian, a Sub-Custodian or any nominee thereof, or in the name of a Book-Entry System, Securities

Depository or any nominee of either thereof. The records of the Custodian with respect to the Trust's Foreign Securities that are maintained with a Sub-Custodian in an account that is identified as belonging to the Custodian for the benefit of its customers shall identify those securities as belonging to the Fund. The Trust shall furnish to the Custodian appropriate instruments to enable the Custodian to hold or deliver in proper form for transfer, or to register in the name of any of the nominees referred to above or in the name of a Book-Entry System or Securities Depository, any Securities registered in the name of the Fund.

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.13 <u>Proxies and Other Materials.</u> The Custodian shall cause all proxies relating to Securities which are not registered in the name of the Fund to be promptly executed by the

registered holder of such Securities, without indication of the manner in which such proxies are to be voted, and shall promptly deliver to the Trust such proxies, all proxy soliciting materials and all notices relating to such Securities. With respect to the foreign Securities, the Custodian will use reasonable commercial efforts to facilitate the exercise of voting and other shareholder rights, subject to the laws, regulations and practical constraints that may exist in the country where such securities are issued. The Trust acknowledges that local conditions, including lack of regulation, onerous procedural obligations, lack of notice and other factors may have the effect of severely limiting the ability of the Trust to exercise shareholder rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.14 <u>Information on Corporate Actions.</u> The Custodian shall promptly deliver to the Trust all information received by the Custodian and pertaining to Securities being held by the Fund with respect to optional tender or exchange offers, calls for redemption or purchase, or expiration of rights. If the Trust desires to take action with respect to any tender offer, exchange offer or other similar transaction, the Trust shall notify the Custodian at least three Business Days prior to the date on which the Custodian is to take such action. The Trust will provide or cause to be provided to the Custodian all relevant information for any Security which has unique put/option provisions at least three Business Days prior to the beginning date of the tender period.

**ARTICLE IV.**

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.03 <u>Sale of Securities.</u> Promptly upon each sale of Securities by the Fund, Written Instructions shall be delivered to the Custodian, specifying (i) the name of the issuer or writer of such Securities, and the title or other description thereof, (ii) the number of shares, principal amount (and accrued interest, if any), or other units sold, (iii) the date of sale and settlement, (iv) the sale price per unit, (v) the total amount payable upon such sale, and (vi)

the person to whom such Securities are to be delivered. Upon receipt of the total amount payable to the Fund as specified in such Written Instructions, the Custodian shall deliver such Securities to the person specified in such Written Instructions. Subject to the foregoing, the Custodian may accept payment in such form as shall be satisfactory to it, and may deliver Securities and arrange for payment in accordance with the customs prevailing among dealers in Securities.

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.07 <u>Straight Through Processing.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Fund directs Custodian to process Fund-initiated cash and security
 instructions received by Custodian via online portal, SWIFT, secure file transfer protocol,
 or equivalent method in an automated, electronic process without manual review by Custodian
 ("Straight Through Processing").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Fund (1) acknowledges and agrees that it is solely responsible
 for and assumes all risks and liabilities associated with instructions given to Custodian
 regarding any transactions eligible for Straight Through Processing and (2) understands
 that any non-repetitive wire instructions concerning cash or securities to be transferred
 out of Custodian or to a different entity will be deemed not eligible for Straight Through
 Processing. Such non-repetitive wire instructions may be subject to a call back process in
 order to obtain further verification and/or

additional authorized direction or other documentation as reasonably requested for verification purposes by Custodian.

**ARTICLE V.**

**REDEMPTION OF FUND SHARES**

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

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

**ARTICLE VI.**

**SEGREGATED ACCOUNTS**

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

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

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

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

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

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

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

**ARTICLE VII.**

**COMPENSATION OF CUSTODIAN**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.01 <u>Compensation.</u> The Custodian shall be compensated for providing the services set forth in this Agreement in accordance with the fee schedule set forth on <u>Exhibit B</u> hereto (as amended from time to time). The Custodian shall also be compensated for such out-of-pocket expenses (e.g., telecommunication charges, postage and delivery charges, and reproduction charges) as are reasonably incurred and reasonably documented by the Custodian in performing its duties hereunder. The Trust shall pay all such fees and reimbursable expenses within 30 calendar days following receipt of the billing notice, except for any fee or expense subject to a good faith dispute. The Trust shall notify the Custodian in writing within 30 calendar days following receipt of each invoice if the Trust is disputing any amounts in good faith. The Trust shall pay such disputed amounts within 10 calendar days of the day on which the parties agree to the amount to be paid. With the exception of any fee or expense the Trust is disputing in good faith as set forth above, unpaid invoices shall accrue a finance charge of 1<sup>1</sup>/<sub>2</sub>% per month after the due date. Notwithstanding anything to the contrary, amounts owed by the Trust to the Custodian shall only be paid out of the assets and property of the particular Fund involved.

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

**ARTICLE VIII.**

**REPRESENTATIONS AND WARRANTIES**

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) It, on behalf of itself and any of its agents and/or intermediaries
 who may initiate and deliver Straight Through Processing instruction(s) to Custodian
 and its operations group, has been granted the authority to provide the direction as required
 hereunder, and that such instruction meets all applicable requirements hereunder.

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

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

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

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

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

**ARTICLE IX.**

**CONCERNING THE CUSTODIAN**

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.06 <u>Cooperation.</u> The Custodian shall cooperate with and supply necessary information to the entity or entities appointed by the Trust to keep the books of account of the Fund and/or compute the value of the assets of the Fund. The Custodian shall take all such reasonable actions as the Trust may from time to time request to enable the Trust to obtain, from year to year, favorable opinions from the Trust's independent accountants with respect to the Custodian's activities hereunder in connection with (i) the preparation of the Trust's reports on Form N-SAR, Form N-CSR and any other reports required by the SEC or any future registration statement on Form N-2, and (ii) the fulfillment by the Trust of any other requirements of the SEC, CFTC, and the NFA.

**ARTICLE X.**

**INDEMNIFICATION**

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.03 <u>Security.</u> If the Custodian advances cash or Securities to the Fund for any purpose, either at the Trust's request or as otherwise contemplated in this Agreement, or in the event that the Custodian or its nominee incurs, in connection with its performance under this Agreement, any claim, demand, loss, expense or liability (including reasonable attorneys' fees) (except such as may arise from its or its nominee's bad faith, gross negligence or willful misconduct), then, in any such event, any property at any time held for the account of the Fund shall be security therefor, and should the Fund fail promptly to repay or indemnify the Custodian, the Custodian shall be entitled to utilize available cash of such Fund and to

dispose of other assets of such Fund to the extent necessary to obtain reimbursement or indemnification.

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

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

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

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

**ARTICLE XI.**

**FORCE MAJEURE**

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

**ARTICLE XII.**

**PROPRIETARY AND CONFIDENTIAL INFORMATION**

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.04 Notwithstanding anything herein to the contrary, (i) the Trust shall be permitted to disclose the identity of the Custodian as a service provider, redacted copies of this Agreement, and such other information as may be required in the Trust's registration or offering documents, or as may otherwise be required by applicable law, rule, or regulation, (ii) the Custodian shall be permitted to include the name of the Trust in lists of representative clients in due diligence questionnaires, RFP responses, presentations, and other marketing and promotional purposes, (iii) each party agrees that it will not use such confidential or proprietary information other than as described in this Agreement, and (iv) each party agrees that will not disclose such confidential or proprietary information to any other person, other than those persons agreed to in this Agreement who reasonably have a need to know such confidential or proprietary information and who are under an obligation of confidentiality consistent with the terms of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.05 This Article shall survive the termination of this Agreement.

**ARTICLE XIII.**

**EFFECTIVE PERIOD; TERMINATION**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.01 <u>Effective Period.</u> This Agreement shall become effective as of the last date on the signature page and will continue in effect for a period of three (3) years.

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

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) [reserved];

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

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

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

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

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

Agreement and the Custodian shall be relieved of all obligations under this Agreement. In addition, under these circumstances, all books, records and other data of the Trust shall be returned to the Trust.

**ARTICLE XIV.**

**CLASS ACTIONS**

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

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

**ARTICLE XV.**

**MISCELLANEOUS**

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

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

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

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

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

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

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

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

Notice to the Custodian shall be sent to:

U.S. Bank National Association

Lunken Operations Center

CN-OH-L2GL

5065 Wooster Rd

Cincinnati, Ohio 45226

Attn: Global Fund Custody Support Services

Fax: 844.206.1025

<u>Email: Trust.-.Fund.Custody.Conversion.Team@usbank.com</u>

Notice to the Trust shall be sent to:

Truth Social Funds

Commonwealth Fund Services, Inc.

8730 Stony Point Parkway, Suite 205

Richmond, VA 23235

Attn: Karen Shupe

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.12 <u>No Individual Liability.</u> Custodian is hereby notified that the Trust's Declaration of Trust is on file with the Secretary of the State of Ohio and that the same was executed or made by or on behalf of the Trust or by the Trust's Board of Trustees (each a "Trustee") as Trustees or Trustee or as officers or officer, as the case may be, and not individually and that the obligations of such instrument are not binding upon any of the Trustees or officers of the Trust or the shareholders of the Trust individually but are binding only upon the assets and property of the Trust.

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

---

| | | | |
|:---|:---|:---|:---|
| **TRUTH SOCIAL FUNDS** | **TRUTH SOCIAL FUNDS** | **U.S. BANK NATIONAL ASSOCIATION** | **U.S. BANK NATIONAL ASSOCIATION** |
| By: | /s/ David Bogaert | By: | /s/ Greg Farley |
| Name: | David Bogaert | Name: | Greg Farley |
| Title: | President | Title: | Senior Vice President |
| Date: | 11/6/2025 \| 4:04:11 AM PST | Date: | 11/6/2025 |

---

---

| |
|:---|
| **<u>EXHIBIT A</u>** |
| **Custody Agreement** |
| Separate Series of Truth Social Funds |
| <u>Name of Series</u> |
| Truth Social American Security & Defense ETF<br> Truth Social American Next Frontiers ETF<br> Truth Social American Icons ETF |
| Truth Social American Energy Security ETF<br> Truth Social American Red State REITs ETF |

---

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

**Custody Agreement Fee Schedule**

**Base Fee for Custody Services**

The following reflects the greater of the basis point fee or annual minimum where Yorkville America Equities, LLC (the "Adviser") acts as investment adviser to the fund(s) in the same registered investment company.

---

| | | |
|:---|:---|:---|
| Annual Minimum per Fund<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basis Points on Trust AUM<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basis Points on Trust AUM<sup>1</sup> |
| $5000 | First $1b | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 bp |
|  | Balance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 bp |

---

See **Appendix C** for Services and Associated Fees in addition to Base Fee

See **Appendix D** for Global Sub-Custodial Services & Safekeeping Services in addition to the Base Fee

Additional services not included herein shall be mutually agreed upon at the time of the service being added. In addition to the fees described above, additional fees may be charged to the extent that changes to applicable laws, rules or regulations require additional work or expenses related to services provided *(e.g.,* compliance with new derivatives risk management and reporting requirements).

<sup>1</sup> Subject to annual CPI increase: All Urban Consumers - U.S. City Average" index, provided that the CPI adjustment will not decrease the base fees (even if the cumulative CPI rate at any point in time is negative).

All annual fees described in this fee schedule (including appendices) are calculated pro rata and billed monthly

**APPENDIX C**

**Custody Services in addition to the Base Fee**

**Portfolio Transaction Fees<sup>1</sup>**

$4.00 — Book entry DTC transaction, Federal Reserve transaction, principal paydown

$7.00 — Repurchase agreement, reverse repurchase agreement, time deposit/CD or other non-depository transaction

$8.00 — Option/SWAPS/future contract written, exercised or expired

$15.00 — Mutual fund trade, Margin Variation Wire and outbound Fed wire

$50.00 — Physical security transaction

$5.00 — Check disbursement (waived if U.S. Bancorp is Administrator)

$20 Manual instructions fee. (Additional Per Securities and Cash Transactions)

$20 Cancellation/Repair fee. (Additional Per Securities and Cash Transactions)

$15 Per Non-USD wire.

$30 Per 3<sup>rd</sup> party FX settled at U.S. Bank

$25 Monthly charge on zero valued securities (Per ISIN)

$20 Per Proxy Vote cast.

$25 Dormant account fee (one year no activity)

A transaction is a purchase/sale of a security, free receipt/free delivery, maturity, tender or exchange.

<sup>1</sup> "Sponsor trades" are defined as any trades put through the Portfolio, on behalf of the Fund by any portfolio manager/sub advisor and their affiliates authorized by the BOT to act on behalf of the Fund, outside of the create/redeem process. Cash-in-Lieu proceeds received as part of the create/redeem process, and their related transactions are <u>not</u> considered to be "Sponsor trades.

**Miscellaneous Expenses**

All other miscellaneous fees and expenses, including but not limited to the following, will be separately billed as incurred: expenses incurred in the safekeeping, delivery and receipt of securities, shipping, transfer fees, deposit withdrawals at custodian (DWAC) fees, SWIFT charges, negative interest charges and extraordinary expenses based upon complexity.

Additional Services

Additional fees apply for global servicing. Fund of Fund expenses quoted separately.

$600 per custody sub — account per year (e.g., per sub —adviser, segregated account, etc.)

Class Action Services — $25 filing fee per class action per account, plus 3% of gross proceeds, up to a maximum per recovery not to exceed $3,000.

No charge for the initial conversion free receipt if fund is converting from another service provider.

$50 per SMA converting into the fund

Overdrafts — charged to the account at prime interest rate plus 2%, unless a line of credit is in place Third Party lending - Additional fees will apply

**APPENDIX D**

**Additional Global Sub-Custodial Services Annual Fee Schedule**

**Global Custody Base Fee**

A monthly base fee of $500 per fund will apply when foreign securities are held. If no global assets are held within a given month, the monthly base charge will not apply for that month. In addition, the follow may apply. Safekeeping and transaction fees are assessed on security and currency transactions.

**Plus: Global Custody Transaction Fees<sup>1</sup>**

Global Custody transaction fees associate with Sponsor Trades<sup>2</sup>. (See schedule below)

A transaction is defined as any purchase/sale, free receipt / free delivery, maturity, tender or

exchange of a security.

**Global Safekeeping and Transaction Fees**<br> (See schedule below)

**Global Custody Tax Reclamation Services:**

Global Filing: $500 per annum

U.S. Domestic Filing: $250 per annum (Only ADRs)

3<sup>rd</sup> Party Tax Service Provider: $15,000 per annum (does not include out of pocket expenses incurred in

the fulfillment of requests from the 3<sup>rd</sup> party)

Any client who does not elect for U.S. Bank Global Custody/3<sup>rd</sup> Party Tax Services, but elects to pursue

&nbsp;&nbsp;&nbsp;&nbsp;relief themselves, would be charged for out of pocket expenses incurred in the fulfillment of the

requests.

**Miscellaneous Expenses**

Charges incurred by U.S. Bank, N.A. directly or through sub-custodians for account opening fees, local taxes, stamp duties or other local duties and assessments, stock exchange fees, foreign exchange transactions, postage and insurance for shipping, facsimile reporting, extraordinary telecommunications fees, proxy services and other shareholder communications, recurring administration fees, negative interest charges, overdraft charges or other expenses which are unique to a country in which the client or its clients is investing will be passed along as incurred.

A surcharge may be added to certain miscellaneous expenses listed herein to cover handling, servicing and other administrative costs associated with the activities giving rise to such expenses. Also, certain expenses are charged at a predetermined flat rate.

SWIFT reporting and message fees.

<sup>1</sup> "Sponsor trades" are defined as any trades put through the Portfolio, on behalf of the Fund by any portfolio manager/sub advisor and their affiliates authorized by the BOT to act on behalf of the Fund, outside of the create/redeem process. Cash-in-Lieu proceeds received as part of the create/redeem process, and their related transactions are <u>not</u> considered to be "Sponsor trades."

**Additional** **Global Sub-Custodial Services Annual Fee Schedule**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Country**  | **Safekeeping<br> (BPS)** | &nbsp;&nbsp;**Transaction<br> fee** | **Country**  | **Safekeeping <br> (BPS)** | **Transaction<br> fee** | **Country**  | **Safekeeping<br> (BPS)** | **Transaction<br> fee** |
| &nbsp;&nbsp;**Argentina** | **18.00** | **$30** | &nbsp;&nbsp;**Hong Kong** | **1.75** | $18 | &nbsp;&nbsp;Poland | 8.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$25 |
| &nbsp;&nbsp;**Australia** | **1.50** | **$15** | &nbsp;&nbsp;**Hungary** | **18.00** | $55 | &nbsp;&nbsp;Portugal | 3.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$10 |
| &nbsp;&nbsp;**Austria** | **1.70** | **$12** | &nbsp;&nbsp;**Iceland** | **15.00** | $48 | &nbsp;&nbsp;Qatar | **38.00** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$115** |
| &nbsp;&nbsp;**Bahrain** | **42.00** | **$115** | &nbsp;&nbsp;**India** | **7.00** | **$40** | &nbsp;&nbsp;**Romania** | 30.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$85 |
| &nbsp;&nbsp;Bangladesh | 18.00 | $110 | &nbsp;&nbsp;Indonesia | 6.00 | $52 | &nbsp;&nbsp;Russia | 12.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$175 |
| &nbsp;&nbsp;Belgium | 1.00 | $8 | &nbsp;&nbsp;Ireland | 1.00 | $3 | &nbsp;&nbsp;Saudi Arabia | 30.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$75 |
| &nbsp;&nbsp;Bermuda | 15.00 | $55 | &nbsp;&nbsp;Israel | 10.00 | $26 | &nbsp;&nbsp;Serbia | 60.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$165 |
| &nbsp;&nbsp;Botswana | **24.00** | **$45** | &nbsp;&nbsp;**Italy** | **1.00** | **$10** | &nbsp;&nbsp;**Singapore** | **1.35** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$22** |
| &nbsp;&nbsp;**Brazil** | **7.00** | **$15** | &nbsp;&nbsp;**Japan** | **1.00** | **$6** | &nbsp;&nbsp;**Slovakia** | **20.00** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$90** |
| &nbsp;&nbsp;**Bulgaria** | **24.00** | **$68** | &nbsp;&nbsp;**Jordan** | **40.00** | **$125** | &nbsp;&nbsp;**Slovenia** | **20.00** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$90** |
| &nbsp;&nbsp;**Canada** | **1.20** | $6 | &nbsp;&nbsp;Kenya | 28.00 | $42 | &nbsp;&nbsp;South Africa | 1.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$12 |
| &nbsp;&nbsp;Chile | 13.00 | $40 | &nbsp;&nbsp;Kuwait | 38.00 | $110 | &nbsp;&nbsp;South Korea | 3.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$12 |
| &nbsp;&nbsp;China Connect | 18.00 | $20 | &nbsp;&nbsp;Latvia | 15.00 | $65 | &nbsp;&nbsp;Spain | 1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$10 |
| &nbsp;&nbsp;China (B <br> **Shares)** | 10.00 | $42 | &nbsp;&nbsp;Lithuania | 15.00 | **$45** | &nbsp;&nbsp;**Sri Lanka** | **11.00** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$70** |
| &nbsp;&nbsp;**Colombia** | **30.00** | **$50** | &nbsp;&nbsp;**Luxembourg** | **1.25** | **$20** | &nbsp;&nbsp;**Sweden** | **1.25** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$10** |
| &nbsp;&nbsp;**Costa Rica** | **15.00** | **$55** | &nbsp;&nbsp;**Malaysia** | **3.00** | **$35** | &nbsp;&nbsp;**Switzerland** | **1.25** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$12** |
| &nbsp;&nbsp;Croatia | 18.00 | $55 | &nbsp;&nbsp;Malta | 20.00 | 65 | &nbsp;&nbsp;Taiwan | 8.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$43 |
| &nbsp;&nbsp;Cyprus | 4.00 | $20 | &nbsp;&nbsp;Mauritius | 28.00 | $90 | &nbsp;&nbsp;Tanzania | 45.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$150 |
| &nbsp;&nbsp;Czech Republic | 12.00 | $25 | &nbsp;&nbsp;Mexico | 2.50 | $12 | &nbsp;&nbsp;Thailand | 3.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$25 |
| &nbsp;&nbsp;**Denmark** | **1.25** | **$10** | &nbsp;&nbsp;**Morocco** | **28.00** | **$68** | &nbsp;&nbsp;**Tunisia** | **38.00** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$42** |
| &nbsp;&nbsp;**Egypt** | **18.00** | **$50** | &nbsp;&nbsp;**Namibia** | **30.00** | **$45** | &nbsp;&nbsp;**Turkey** | **9.00** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$12** |
| &nbsp;&nbsp;**Estonia** | **6.00** | $25 | &nbsp;&nbsp;**Netherlands** | **1.25** | **$8** | &nbsp;&nbsp;**UAE** | **35.00** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$105** |
| &nbsp;&nbsp;**Euroclear** (Eurobonds) | 1.00 | $10 | &nbsp;&nbsp;New Zealand | 1.50 | $22 | &nbsp;&nbsp;Uganda | 40.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$90 |
| &nbsp;&nbsp;Euroclear <br> **(Non- <br> Eurobonds)** | Rates are <br> **available upon <br> request** | Rates are <br> available <br> **upon request** | &nbsp;&nbsp;Nigeria | 28.00 | $38 | &nbsp;&nbsp;Ukraine | 30.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$50** |
| &nbsp;&nbsp;**Finland** | **1.50** | **$10** | &nbsp;&nbsp;**Norway** | **1.25** | **$10** | &nbsp;&nbsp;**United <br> Kingdom** | **1.00** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$3** |
| &nbsp;&nbsp;France | 1.00 | $8 | &nbsp;&nbsp;Oman | 42.00 | $100 | &nbsp;&nbsp;Uruguay | 45.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$55 |
| &nbsp;&nbsp;Germany | 1.00 | $8 | &nbsp;&nbsp;Pakistan | 24.00 | $75 | &nbsp;&nbsp;Vietnam | 20.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$80 |
| &nbsp;&nbsp;Ghana | 25.00 | $40 | &nbsp;&nbsp;Panama | 65.00 | $98 | &nbsp;&nbsp;West African **Economic Monetary Union (WAEMU)\*** | 38.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$130** |
| &nbsp;&nbsp;**Greece** | 4.00 | $20 | &nbsp;&nbsp;Peru | 30.00 | **$60** | &nbsp;&nbsp;Zambia | 28.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$45** |
|  |  |  | &nbsp;&nbsp;Philippines | 3.50 | $38 | &nbsp;&nbsp;Zimbabwe | 28.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$45** |

---

**\*Transaction Fee includes: Receive Versus Payment (RVP), Delivery Versus Payment (DVP), FREE REC, and FREE DEL activity related to securities settlement within U.S. Bank sub-custodian network**

**Non Eurobonds rate sheet — below rate is applied on ISINs held at Euroclear plus (in addition to standard 1 basis point charge.) Non Eurobond rate is calculated on any ISIN code listed below held at Euroclear at month end.**

---

| | | |
|:---|:---|:---|
| **Market** | &nbsp;&nbsp;&nbsp;**Non Eurobond ISIN <br> code** | **Non Eurobond Rate <br> ISINs held at EOC\*** |
| ARGENTINA | AR | 15 |
| AUSTRALIA | AU | 2 |
| BELGIUM | BE | 2 |
| CANADA | CA | 2 |
| CHILE | CL | 9 |
| CZECH REPUBLIC | CZ | 10 |
| DENMARK | DK | 3 |
| FINLAND | Fl | 3.5 |
| FRANCE | FR | 1.5 |
| GERMANY | DE | 2 |
| GREECE | GG | 35 |
| HOLLAND | NL | 1.5 |
| HONG KONG | HK | 1.5 |
| HUNGARY | HU | 10 |
| ISRAEL | IL | 17 |
| ITALY | IT | 2.5 |
| JAPAN | JP | 3 |
| LUXEMBOURG | LU | 1.5 |
| MEXICO | MX | 6 |
| NEWZEALAND | NZ | 2 |
| NORWAY | NO | 5 |
| PERU | PE | 9 |
| POLAND | PL | 10 |
| PORTUGAL | PT | 5 |
| ROMANIA | RO | 11 |
| RUSSIA | RU | 10 |
| SINGAPORE | SG | 2 |
| SLOVAK REPUBLIC | SK | 10 |
| SLOVENIA | SI | 10 |
| SPAIN | ES | 3 |
| SOUTH-AFRICA | ZA | 2 |
| SWEDEN | SE | 3 |
| SWITZERLAND | CH | 3 |
| THAILAND | TH | 8 |
| UNITED KINGDOM | GB | 2 |
| UNITED STATES | US | 3 |

---

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

**SHAREHOLDER COMMUNICATIONS ACT AUTHORIZATION**

**TRUTH SOCIAL FUNDS**

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

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

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

---

| |
|:---|
| **No** |
| **Yes** |

---

---

| | |
|:---|:---|
| YES | U.S. Bank is authorized to provide the Trust's name, address and security poition<br> to requesting companies whose stock is<br> owned by the Trust. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u> </u> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u> </u> |

---

---

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

---

---

| | |
|:---|:---|
| **TRUTH SOCIAL FUNDS** | **TRUTH SOCIAL FUNDS** |
| By: | /s/ David Bogaert |
| Name: | David Bogaert |
| Title: | President |
| Date: | 11/6/2025 \| 4:04:11 AM PST |

---

## Ex-99.(H)(1)

**Exhibit 99.(h)(1)**

**FUND SERVICING AGREEMENT**

This Fund Servicing Agreement (this "<u>Agreement</u>") is made and entered into effective as of the last day written on the signature page by and between Truth Social Funds, an Ohio statutory trust (the "Trust") and U.S. Bancorp Fund Services, LLC (d/b/a U.S. Bank Global Fund Services), a Wisconsin limited liability company ("<u>USBGFS</u>").

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

WHEREAS, USBGFS is, among other things, in the business of providing administration, accounting, and transfer agency functions for the benefit of its customers; and

WHEREAS, the Trust desires to retain USBGFS to provide certain services, as expressly delineated and limited herein, to each series of the Trust listed on <u>Exhibit A</u> hereto (as amended from time to time) (collectively, the "<u>Funds</u>"); and

WHERAS, each Fund issues shares of beneficial interest ("Shares") for each Fund. The Shares shall be created and redeemed in bundles called "Creation Units." The Trust, on behalf of the Funds, shall create and redeem Shares of each Fund only in Creation Units principally in kind or in cash for portfolio securities of the particular Fund ("Deposit Securities"), as more fully described in the current prospectus and statement of additional information of a Fund, included in the Trust's registration statement on Form N-1A; and as authorized under the Order of Exemption granted by the Securities and Exchange Commission. Only brokers or dealers that are "Authorized Participants" and that have entered into an Authorized Participant Agreement with the Fund's Distributor (the "Distributor"), acting on behalf of the Trust, shall be authorized to create and redeem Shares in Creation Units from the Trust. The Trust wishes to engage USBGFS to perform certain services on behalf of the Trust with respect to the creation and redemption of Shares, as the Trust's agent, namely to provide transfer agent services for Shares of each Fund; and to act as Index Receipt Agent (as such term is defined in the rules of the National Securities Clearing Corporation ("NSCC")) with respect to the settlement of trade orders with Authorized Participants. The Trust has engaged U.S. Bank, National Association (the "Custodian") to provide custody services under the terms of a Custody Agreement, as supplemented hereby, for the settlement of Creation Units against Deposit Securities and/or cash that shall be delivered by Authorized Participants in exchange for Shares and the redemption of Shares in Creation Unit size against the delivery of Redemption Securities and/or cash of each Fund. The Trust will ordinarily issue for purchase and redeem Shares only in aggregations of Shares known as Creation Units (at least [25,000] Shares) principally in kind or in cash. The Depository Trust Company, a limited purpose trust company organized under the laws of the State of New York ("DTC"), or its nominee Cede & Company, will be the registered owner (the "Shareholder") of all Shares.

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

&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Appointment of USBGFS as Service Provider.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The Trust hereby appoints USBGFS as
 a service provider to the Trust on the terms and conditions set forth in this Agreement,
 and USBGFS hereby accepts such appointment and agrees to perform the services and duties
 set forth on <u>Exhibit B</u> (the " <u>Services</u> ") in accordance with the
 terms and conditions of this Agreement. The services and duties of USBGFS shall be confined
 to those matters expressly set forth herein, and no implied duties are assumed by or may
 be asserted against USBGFS hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. USBGFS shall not be bound by any Trust
 policies or procedures, or changes thereto, that purport to impose any additional duties,
 obligations, or care on USBGFS other than as expressly set forth herein, or that purport
 to affect in any way the Services or the manner in which they are provided.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. The Services set forth herein may not
 be modified or enlarged by implication or course of dealing between the Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. USBGFS may use its affiliates to provide
 any of the Services. Any such affiliate shall be held to the same standard of care as USBGFS
 would be under this Agreement, and USBGFS shall be responsible for the provision of such
 Services to the same extent as if provided by USBGFS. The Trust consents to the use of such
 affiliates and to USBGFS providing to such affiliates any information regarding the Trust
 or its shareholders as may be required to provide such Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. USBGFS reserves the right to make changes
 from time to time, as it deems advisable, relating to its systems, programs, rules, operating
 schedules and equipment.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. The Trust may from time-to-time request
 that USBGFS modify its internal operating procedures with respect to the provision of the
 Services, which request shall be provided in writing by a duly authorized officer of the
 Trust or by any other person authorized by the Trust to provide such request. USBGFS is under
 no obligation to agree to such modifications. If USBGFS agrees to comply with such request,
 then it shall be entitled to follow such modified operating procedure without further inquiry
 or diligence, and its actions or inactions in connection with following such modified operated
 procedures shall be deemed to be within its standard of care under <u>Section 10</u> for all purposes.

&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Compensation.** 

USBGFS shall be compensated for providing the Services in accordance with the fee schedule set forth on <u>Exhibit C</u> hereto (as amended from time to time). USBGFS shall also be reimbursed for such miscellaneous expenses set forth in <u>Exhibit C</u> hereto as are reasonably incurred by USBGFS in performing its duties hereunder. The Trust shall pay all such fees and reimbursable expenses within thirty (30) calendar days following

receipt of the billing notice, except for any fee or expense subject to a good faith dispute. The Trust shall notify USBGFS in writing within thirty (30) calendar days following receipt of each invoice if the Trust is disputing any amounts in good faith. The Trust shall pay such disputed amounts within ten (10) calendar days of the day on which the parties agree to the amount to be paid. With the exception of any fee or expense the Trust is disputing in good faith as set forth above, unpaid invoices shall accrue a finance charge of one and one-half percent (1<sup>1</sup>/<sub>2</sub>%) per month after the due date. Notwithstanding anything to the contrary, amounts owed by the Trust to USBGFS shall only be paid out of the assets and property of the particular Fund involved.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. USBGFS has entered into agreements
 with various data service providers (each, a " <u>Data Provider</u> "), including,
 without limitation, MSCI, Inc., Standard & Poor Financial Services LLC, Morningstar, Inc.,
 Broadridge Financial Solutions, Inc., FTSE International Limited, and Intercontinental
 Exchange, Inc. for the provision of data services by such Data Providers to USBGFS that
 may include, without limitation, index returns and pricing information (collectively, the
 "Data"). These Data Providers have required USBGFS to include certain provisions
 regarding the use of the Data in this Agreement attached hereto as <u>Exhibit D.</u> The Trust acknowledges and agrees that certain Data Providers may also require the Trust
 or one or more Funds to enter into an agreement directly with the Data Provider for the use
 of that Data Provider's Data. The Data is being licensed, not sold, to the Trust. The provisions
 in <u>Exhibit D</u> shall not have any effect upon the standard of care and liability
 of USBGFS as set forth in Section 10 of this Agreement. For the avoidance of doubt,
 this Agreement shall in no way affect or modify any arrangements the Trust undertakes directly
 with any Data Providers, and USBGFS shall not use any Data to facilitate the services provided
 to the Trust pursuant to this Agreement unless the Trust has confirmed in writing to USBGFS
 that it or one or more Funds, has a direct agreement with the applicable Data Provider with
 respect to the Trust's or one or more Funds use of such Data Provider's Data.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. The Trust agrees to indemnify and hold
 harmless USBGFS, its Data Providers, and any other third party involved in or related to
 the making or compiling of the Data, their affiliates and subsidiaries and their respective
 directors, officers, employees and agents from and against any claims, losses, damages, liabilities,
 costs and expenses, including reasonable attorneys' fees and costs, as incurred, arising
 in and any manner out of the Trust's or any third party's use of, or inability to use, the
 Data or any breach by the Trust of any provision contained in this Agreement regarding the
 Data. The immediately preceding sentence shall not have any effect upon the standard of care
 and liability of USBGFS as set forth in <u>Section 10</u> of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. USBGFS has entered into agreements
 with Bloomberg Finance L.P. (" <u>Bloomberg</u> ") to provide data (the " <u>N-PORT Data</u> ") for use in or in connection with the reporting requirements under Rule 30b1-9,
 including preparation and filing of Form N-PORT. In connection with the provision of
 the N-PORT Data, Bloomberg requires the following provisions to be included in the Agreement:

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

&nbsp;&nbsp;&nbsp;&nbsp;**4.** **Lost Shareholder Due Diligence Searches and Servicing.** 

The Trust hereby acknowledges that USBGFS has an arrangement with an outside vendor to conduct lost shareholder searches required by Rule 17Ad-17 under the Securities Exchange Act of 1934, as amended (the "<u>Exchange Act</u>"). Costs associated with such searches will be passed through to the Trust as a miscellaneous expense in accordance with the fee schedule set forth in <u>Exhibit C</u> hereto. If a shareholder remains lost and the shareholder's account unresolved after completion of the mandatory Rule 17Ad-17 search, the Trust hereby authorizes USBGFS to conduct a more in-depth search in order to seek to locate the lost shareholder before the shareholder's assets escheat to the applicable state, to enter into agreements with vendors to conduct such additional searches, and to charge the costs of such additional searches to the account of the lost shareholder. There can be no guarantee that any in-depth search will be successful.

&nbsp;&nbsp;&nbsp;&nbsp;**5.** **Anti-Money Laundering and Red Flag Identity Theft Prevention Programs.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The Trust acknowledges that it had
 an opportunity to review, consider and approve the written procedures provided by USBGFS
 describing various processes used by USBGFS which are designed to promote the detection and
 reporting of potential money laundering activity and identity theft by monitoring certain
 aspects of shareholder activity as well as written procedures for verifying a customer's
 identity (collectively, the " <u>Procedures</u> "). Further, the Trust has determined
 that the Procedures, as part of the Trust's overall anti-money laundering program and identity
 theft prevention program responsibilities, are reasonably designed to help: (i) prevent
 the Trust from being used for money laundering or the financing of terrorist activities;
 (ii) prevent identity theft; and (iii) achieve compliance with the applicable provisions
 of the Bank Secrecy Act, the USA Patriot Act of 2001, the Fair and Accurate Credit Transactions
 Act of 2003, and the implementing regulations thereunder (together " <u>AML Rules</u> ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. The Trust hereby instructs and directs
 USBGFS to implement the Procedures, as applicable, on the Trust's behalf, as such may be
 amended from time to time. It

is contemplated that these Procedures will be amended from time to time by USBGFS and any such amended Procedures will be provided to the Trust. Should the Trust desire that USBGFS perform services not provided for in the Procedures, such additional services and the associated cost must be specifically detailed in writing in the attached fee schedule.

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;**6.** **Pricing of Portfolio Positions.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. For each valuation date, obtain prices
 from a pricing source as instructed to USBGFS by an individual authorized by the applicable
 Fund or its appointed Valuation Designee and apply those prices to the portfolio positions.
 For those securities where market quotations are not readily available, the Fund's Valuation
 Designee, or another person authorized by the Fund or the Valuation Designee, will be responsible
 to supply USBGFS with valuations. The Fund's appointed Valuation Designee(s) is (are)
 responsible for the accuracy of the lists supplied to USBGFS of pricing sources and the list
 of individuals authorized to designate pricing sources or valuations on behalf of the Valuation
 Designee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. If one or more of the primary pricing
 sources for the portfolio positions of the Fund is unavailable when needed, USBGFS may use
 an alternative pricing source identified by USBGFS on a temporary basis. In such event the
 alternative

price is subject to the review and approval of the Trust, and the Trust shall promptly notify USBGFS of any desired changes to such alternative price. USBGFS shall not have any liability for the use of such alternative price so long as it has met its standard of care under <u>Section 10</u> with respect to the selection of such alternative pricing source.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. If the Fund desires to provide a price
 for a portfolio position that varies from the price provided by the pricing source, the Fund
 shall promptly notify and supply USBGFS with the price of any such security on each valuation
 date. All pricing changes made by the Fund will be in writing and must specifically identify
 the securities to be changed by CUSIP, name of security, new price or rate to be applied,
 and, if applicable, the time period for which the new price(s) is/are effective. In
 such case USBGFS shall apply the price provided by the Fund without further investigation
 or verification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. In
 the event that the Fund at any time receives Data containing price evaluations, rather than
 market quotations, for certain securities or certain other data related to such securities,
 the following provisions will apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. evaluated securities are typically
 complicated financial instruments. There are many methodologies (including computer-based
 analytical modeling and individual security evaluations) available to generate approximations
 of the market value of such securities, and there is significant professional disagreement
 about which method is best. No evaluation method may consistently generate approximations
 that correspond to actual traded prices of the securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. methodologies used to provide the
 pricing portion of certain Data may rely on evaluations; however, the Trust acknowledges
 that there may be errors or defects in the software, databases, or methodologies generating
 the evaluations that may cause resultant evaluations to be inappropriate for use in certain
 applications; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. the Trust assumes all responsibility
 for edit checking, external verification of evaluations, and ultimately the appropriateness
 of using Data containing evaluations, regardless of any efforts made by USBGFS and its suppliers
 in this respect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Neither
 USBGFS, nor any of its employees, agents or suppliers is acting as the valuation designee
 within the meaning of Rule 2a-5 under the 1940 Act in respect of any Fund, and USBGFS
 shall not have any obligation for making fair value determinations or to investigate or verify
 the accuracy or appropriateness of any prices, evaluations, market quotations, or other data
 or pricing related inputs received from the Trust, the Fund, any of their affiliates, or
 any pricing service approved by the Board, or fair values obtained from the Board or its
 valuation designee. USBGFS may perform certain tests on pricing data received each day, on
 a limited basis, which may include day over day tolerance breaks, NAV impact price analysis,
 and stale price testing, based on the availability of data from data vendors. However, such
 tests are limited, are not intended or designed to determine whether any price is fair or
 appropriate, and do not replace the valuation designee's responsibility for the appropriateness
 of prices

used in calculating the NAV of each Fund. Valuations received from a pricing source employed by the Trust, a Fund, or a Fund's investment adviser, or from calculation models that are based on inputs or data delivered to these sources from individuals associated with a Fund or the Fund's investment adviser, are not subject to these tests and will be utilized as instructed by the valuation designee. The Trust acknowledges that the same or similar positions held by a Fund may be valued differently by other customers of USBGFS and that USBGFS is not under any obligation to compare such prices or notify the Trust or the Fund of any such discrepancies. Notwithstanding anything else in this Agreement to the contrary, USBGFS and its affiliates shall not be responsible or liable for any mistakes, errors, or mispricing, or any losses related thereto, resulting from any inaccurate, inappropriate, or fraudulent prices, evaluations, market quotations, or other data or pricing related inputs received from the Trust, the Fund, any of their affiliates, or any third-party source.

&nbsp;&nbsp;&nbsp;&nbsp;**7.** **Changes in Accounting Procedures.** 

USBGFS shall perform its Services in accordance with the accounting practices and procedures of the Trust, provided that any changes to such accounting practices and procedures shall only be effective upon the Services following a resolution passed by the Board and receipt of written notice to and acceptance by USBGFS, which shall not be unreasonably withheld, and which may not be withheld when such change is required by applicable laws. USBGFS agrees to implement such changes in a timely fashion.

&nbsp;&nbsp;&nbsp;&nbsp;**8.** **Representations & Warranties.** 

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. A registration statement under the
 1940 Act and, if applicable, the Securities Act of 1933, as amended (the " <u>Securities Act</u> "), will be made

effective prior to the effective date of this Agreement and will remain effective during the term of this Agreement, and appropriate state securities law filings will be made prior to the effective date of this Agreement and will continue to be made during the term of this Agreement as necessary to enable the Trust to make a continuous public offering of its shares; and

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;**9.** **Notification of Error.** 

The Trust will notify USBGFS of any discrepancy between USBGFS and the Trust, including, but not limited to, failing to account for a security position in the Fund's portfolio, upon the later to occur of: (i) three (3) business days after receipt of any reports rendered by USBGFS to the Trust; (ii) three (3) business days after discovery of any error or omission not covered in the balancing or control procedure; or (iii) three (3) business days after receiving notice from any shareholder regarding any such discrepancy. Notwithstanding any other provision in this Agreement, USBGFS shall have no liability with respect to any such discrepancy that the Trust does not notify USBGFS of within such time period.

&nbsp;&nbsp;&nbsp;&nbsp;**10.** **Standard of Care; Indemnification; Limitation of Liability.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. USBGFS
 shall exercise reasonable care in the performance of its duties under this Agreement. Neither
 USBGFS nor any of its affiliates or suppliers shall be liable for any error of judgment;
 mistake of law; fraud or misconduct by the Trust,

any Fund, the adviser or any other service provider to the Trust or a Fund, or any employee of the foregoing; or for any loss suffered by the Trust, a Fund, or any third party in connection with USBGFS' duties under this Agreement, including losses resulting from mechanical breakdowns or the failure of communication or power supplies beyond USBGFS' reasonable control, except a loss arising out of or relating to USBGFS' refusal or failure to comply with the terms of this agreement (other than where such compliance would violate applicable law) or from its bad faith, gross negligence, or willful misconduct in the performance of its duties under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Notwithstanding any other provision
 of this Agreement, if USBGFS has exercised reasonable care in the performance of its duties
 under this Agreement, the Trust shall indemnify and hold harmless USBGFS, its affiliates,
 and its and their officers, directors, managers, employees, and suppliers (the " <u>USBGFS Indemnified Parties</u> ") from and against any and all claims, demands, losses, expenses,
 and liabilities of any and every nature (including reasonable attorneys' fees) (collectively
 " <u>Losses</u> ") that any such USBGFS Indemnified Party may sustain or incur or
 that may be asserted against a USBGFS Indemnified Party by any person arising out of any
 action taken or omitted to be taken by it in performing the services hereunder (i) in
 accordance with the foregoing standards, or (ii) in reliance upon any written or oral
 instruction provided to a USBGFS Indemnified Party by any duly authorized officer of the
 Trust or by any other person authorized by the Trust to provide such instruction, except
 for any and all claims, demands, losses, expenses, and liabilities arising out of or relating
 to USBGFS' refusal or failure to comply with the terms of this Agreement (other than where
 such compliance would violate applicable law) or from its bad faith, gross negligence or
 willful misconduct in the performance of its duties under this Agreement. This indemnity
 shall be a continuing obligation of the Trust, its successors and assigns, notwithstanding
 the termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. USBGFS shall indemnify and hold the
 Trust and its trustees, officers, and employees (collectively the " <u>Trust Indemnified Parties</u> ") harmless from and against any and all Losses that the Trust may sustain
 or incur or that may be asserted against the Trust by any person arising out of any action
 taken or omitted to be taken by USBGFS as a result of USBGFS' refusal or failure to comply
 with the terms of this Agreement other than where such compliance would violate applicable
 law), or from USBGFS' bad faith, gross negligence, or willful misconduct in the performance
 of its duties under this Agreement. This indemnity shall be a continuing obligation of USBGFS,
 its successors and assigns, notwithstanding the termination of this Agreement.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. In the event of a mechanical breakdown
 or failure of communication or power supplies beyond its reasonable control, USBGFS shall
 take all reasonable steps

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. Notwithstanding anything herein to
 the contrary, USBGFS reserves the right to reprocess and correct administrative errors at
 its own expense.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h. The indemnity and defense provisions
 set forth in this <u>Section 10</u> shall indefinitely survive the termination and/or
 assignment of this Agreement.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;j. In conjunction with the tax services
 provided to the Fund by USBGFS hereunder, USBGFS shall not be deemed to act as an income
 tax return preparer for any purpose including as such term is defined under Section 7701(a)(36)
 of the IRC, or any successor thereof. Any information provided by USBGFS to a Fund for income
 tax reporting purposes with respect to any item of income, gain, loss, or credit will be
 performed solely in USBGFS' administrative capacity. USBGFS shall not be required to determine,
 and shall not take any position with respect to whether, the reasonable belief standard described
 in Section 6694 of the IRC has been satisfied with respect to any income tax item. Each
 Fund, and any appointees thereof, shall have the right to inspect the transaction summaries
 produced and aggregated by USBGFS, and any supporting documents thereto,

in connection with the tax reporting services provided to each Fund by USBGFS. USBGFS shall not be liable for the provision or omission of any tax advice with respect to any information provided by USBGFS to a Fund. The tax information provided by USBGFS shall be pertinent to the data and information made available to USBGFS, and is neither derived from nor construed as tax advice.

&nbsp;&nbsp;&nbsp;&nbsp;**11.** **Proprietary and Confidential Information.** 

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. USBGFS shall have in place and maintain
 physical, electronic and procedural safeguards reasonably designed to protect the security,
 confidentiality and integrity of, and to prevent unauthorized access to or use of, records
 and information relating to the Trust and its shareholders. USBGFS has implemented and will
 maintain an effective information security program reasonably designed to protect information
 relating to the shareholders of the Trust (such information, " <u>Personal Information</u> "),
 which program includes sufficient administrative, technical and physical safeguards and written
 policies and procedures reasonably designed to (a) ensure the security and confidentiality
 of such Personal Information; (b) protect against any anticipated threats or hazards
 to the security or integrity of such Personal Information, including identity theft; and
 (c) protect against unauthorized access to or use of such Personal Information that
 could result in substantial harm or inconvenience to the Fund or any Shareholder (the " <u>Information Security Program</u> "). The Information Security Program complies and shall comply with
 reasonable information security practices within the industry (including the encryption of
 data where necessary or appropriate). Upon written request from the Trust, USBGFS shall provide
 a written description of its Information Security Program. USBGFS shall provide related reports
 and information responding to reasonable due diligence requests regarding its compliance
 with its Information Security Program and shall notify the Trust, expeditiously and without
 unreasonable delay, in writing of any breach of security, misuse or misappropriation of,
 or unauthorized access to, (in each case, whether actual or alleged) any information of a
 Fund (any or all of the foregoing referred to individually and collectively for purposes
 of this provision as a " <u>Security Breach</u> "). USBGFS shall promptly investigate,
 remedy and bear the cost of the measures (including notification to any affected parties),
 if any, to

address any Security Breach. USBGFS shall bear the cost of the Security Breach only if USBGFS is determined to be directly responsible for such Security Breach. In addition to, and without limiting the foregoing, USBGFS shall promptly cooperate with the Trust or any of its affiliates' regulators at USBGFS's expense to prevent, investigate, cease or mitigate any Security Breach, including but not limited to investigating, bringing claims or actions and giving information and testimony. Notwithstanding any other provision in this Agreement, the obligations set forth in this paragraph shall survive termination of this Agreement.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. The Trust shall not make or change
 any written representations regarding the services provided by or the responsibilities of
 USBGFS or its affiliates under this Agreement, whether in the Trust's registration statement,
 offering documents, marketing or promotional materials, policies, or otherwise, that explicitly
 or implicitly ascribe to USBGFS or its affiliates any duties or responsibilities under this
 Agreement that are not specifically stated herein.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. Nothing in this Agreement is intended
 to limit a party or any other person from affirmatively reporting to, initiating communications
 directly with, or providing information and documents (with the exception of information
 or documents that are subject to legal or other applicable privilege) to any governmental
 entity, regulator, or self-regulatory organization regarding possible violations of law or
 regulation without prior notice to the disclosing party.

&nbsp;&nbsp;&nbsp;&nbsp;**12.** **Records.** 

USBGFS shall keep records relating to the services to be performed hereunder in the form and manner, and for such period, as it may deem advisable, but not inconsistent with the rules and regulations of appropriate government authorities, in particular, Section 31 of the 1940 Act and the rules thereunder. USBGFS agrees that records relating to the services to be performed by USBGFS hereunder are the property of the Trust and will be preserved, maintained, and made available in accordance with such applicable sections and rules of the 1940 Act and will be promptly surrendered to the Trust or its designee on and in accordance with its request, provided, however, that the Trust shall bear the reasonable cost of transfer (including, without limitation, costs related to image conversions), and USBGFS may retain such copies of such records in such form as may be required to comply with any applicable law, rule, regulation, or order of any governmental, regulatory, or judicial authority of competent jurisdiction. Notwithstanding anything in this Agreement to the contrary, the Trust acknowledges and agrees that if the Trust elects to use an FTP or other electronic transmission method to communicate trade instructions to USBGFS the Trust shall be responsible for maintaining the Trust's records as they relate to the Trust's review and approval of individuals authorized to place trading instructions as described in Rule 31a-1(b)(10) promulgated under the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;**13.** **Compliance with Laws.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The Trust has and retains primary responsibility
 for all compliance matters relating to the Fund, including but not limited to compliance
 with the Securities Act; the Exchange Act; the 1940 Act; the Investment Advisers Act of 1940,
 as amended; the Internal Revenue Code of 1986, as amended (the "Code"); the Sarbanes-Oxley
 Act of 2002 (the " <u>SOX Act</u> "); the USA PATRIOT Act of 2001; and the policies
 and limitations of the Trust relating to its portfolio investments as set forth in its Registration
 Statement. USBGFS' services hereunder shall not relieve the Trust of its responsibilities
 for assuring such compliance or the Board's oversight responsibility with respect thereto.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. If, and only to the extent that, the
 General Data Protection Regulation (EU) 2016/679, as amended (" <u>GDPR</u> ") or
 the Cayman Islands Data Protection Law, 2017, as amended ("DPL"), are applicable
 to USBGFS and the Trust the following provisions shall apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. The
 parties agree USBGFS is a " <u>Data Processor</u> " under GDPR and DPL, as applicable,
 in the performance of its services under this the Agreement. Notwithstanding the foregoing,
 the parties agree USBGFS is a " <u>Data Controller</u> " under GDPR and DPL, as applicable,
 solely for the purpose of fulfilling its own pre-contractual AML/KYC new fund client

onboarding obligations. In either case, the Trust shall ensure that all necessary and appropriate consents, disclosures and notices, including data subject consents, are in place to enable the processing of "Personal Data" (as defined by GDPR and DPL) by USBGFS, the transfer of Personal Data to USBGFS, and the transfer of Personal Data by USBGFS to third countries or regulatory organizations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. The parties further agree the Trust
 is a " <u>Data Controller</u> " under GDPR and DPL, as applicable. The Trust, either
 alone or jointly with others, determines or controls the content, use, purpose and means
 of processing the Personal Data.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. USBGFS shall process the Personal
 Data: (i) in accordance with instructions of the Trust pursuant to this Agreement and
 any authorized persons list executed pursuant thereto, for the purpose of discharging USBGFS'
 obligations under the Agreement; and (ii) when required by law or regulation, or required
 or requested by any court or regulator (each a " <u>Processing Order</u> ") to which
 USBGFS is subject. In the event USBGFS receives a request to process Personal Data pursuant
 to any Processing Order, it shall, to the extent legally permissible and reasonably practicable
 under the circumstances, notify the Trust prior to processing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. The Trust is solely responsible for
 developing and implementing its internal policies and procedures with respect to GDPR and
 DPL.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. USBGFS shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. ensure that persons handling Personal
 Data on its behalf are subject to confidentiality obligations similar to those contained
 in this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. implement appropriate technical and
 organizational measures to protect Personal Data including against unauthorized or unlawful
 processing and against accidental loss, damage or destruction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. only appoint sub-processors with the
 prior written consent of the Trust (standing instructions or general written authorization
 are sufficient), and only if the sub-processors provide sufficient guarantees in writing
 to USBGFS that they have implemented appropriate technical and organizational measures in
 such a manner that processing will comply with GDPR and DPL, as applicable <sup>1</sup> ;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. beyond the initial appointment, inform
 the Trust of any intended material changes concerning the addition or replacement of sub-processors,
 thereby giving the Trust the opportunity to object;

<sup>1</sup> For the avoidance of doubt, USBGFS' affiliates and third party software providers will be used as sub-processors under this Agreement, and the Trust hereby authorizes such use.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. taking
 into account the nature of the processing, reasonably assist the Trust by appropriate technical
 and organizational measures, insofar as possible, to enable the Trust to comply with its
 obligation to respond to requests for exercising a data subject's rights under GDPR or DPL;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. provide
 reasonable assistance to the Trust in ensuring their compliance with obligations regarding
 Personal Data breaches, data protection impact assessments and prior consultation subject
 to the nature of the processing and the information reasonably available to USBGFS, and inform
 the Trust of Personal Data breaches without undue delay;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. at
 the written direction of the Trust, delete or return all Personal Data to the Trust after
 the end of the provision of services under the Agreement relating to processing, and delete
 existing copies of Personal Data unless applicable law or internal data retention or backup
 procedures require the storage of such Personal Data; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. make
 available to the Trust all information reasonably necessary to demonstrate compliance with
 GDPR or DPL, as applicable, and allow for and reasonably cooperate with audits, including
 inspections, conducted by the Trust or its auditor; and immediately inform the Trust if,
 in its opinion, the Trust's instructions regarding this subsection infringes on GDPR or DPL.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vi. Each
 party shall comply with any other applicable law or regulation which implements GDPR and
 DPL in relation to the Personal Data. Nothing in the Agreement shall be construed as preventing
 either party from taking such other steps as are necessary to comply with GDPR, DPL or any
 other applicable data protection laws.

&nbsp;&nbsp;&nbsp;&nbsp;**14.** **Term of Agreement; Amendment.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. This Agreement shall become effective
 as of the last date written on the signature page and will continue in effect for a
 period of three (3) years. Following the initial term, this Agreement shall automatically
 renew for successive one (1) year terms unless either party provides written notice
 at least ninety (90) days prior to the end of the then current term that it will not be renewing
 the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Subject to <u>Section 15,</u> this Agreement may be terminated by either party (in whole or with respect to one or more
 Funds) upon giving ninety (90) days' prior written notice to the other party or such shorter
 notice period as is mutually agreed upon by the parties.

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

competent jurisdiction, or if the Funds or the Trust (or any affiliate thereof) commits any act, or becomes involved in any situation or occurrence, tending to bring itself into public disrepute, contempt, scandal, or ridicule, or such that the continued association with the Funds or the Trust would reflect unfavorably upon USBGFS' reputation, provided that in such event USBGFS shall, to the extent it is legally permitted and able to do so, provide reasonable assistance to transition such Funds or the Trust to a successor service provider.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. This
 Agreement shall automatically terminate with respect to any Funds with respect to which the
 Trust fails to maintain an effective registration statement under the 1940 Act and, if applicable,
 the Securities Act, or appropriate state securities law filings as necessary to enable the
 Trust to make a continuous public offering of its shares with respect to such Fund.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;**15.** **Early Termination.** 

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. all miscellaneous costs associated
 with a.-b. above.

&nbsp;&nbsp;&nbsp;&nbsp;**16.** **Duties in the Event of Termination.** 

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

USBGFS is obligated under applicable law, regulation, or rule to continue following the termination. USBGFS is authorized to destroy such books, records, and other data following termination in accordance with its record retention policy and applicable regulatory requirements if the Trust or its designee do not take possession of such records.

&nbsp;&nbsp;&nbsp;&nbsp;**17.** **Assignment.** 

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

&nbsp;&nbsp;&nbsp;&nbsp;**18.** **Governing Law.** 

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

&nbsp;&nbsp;&nbsp;&nbsp;**19.** **No Agency Relationship.** 

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. The Trust acknowledges that the Board
 and officers of the Trust are responsible for management of the Trust and Fund and that USBGFS
 has no duties or obligations to manage or control the Trust or any Fund. Any duties and obligations
 of USBGFS are strictly limited to those set forth herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. The Trust acknowledges and agrees that
 if any employee of USBGFS or any of its affiliates serves as a trustee of the trust such
 person is serving in their own individual capacity at the pleasure of the shareholders of
 the Trust and not as a representative or under the direction of USBGFS or any of its affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. The Trust acknowledges and agrees that
 if any employee of USBGFS or any of its affiliates serves as an officer of the trust, or
 in any other similar capacity, such person is engaged in such position at the direction of,
 and subject to the supervision and oversight of, and removal by, the Board of the Trust,
 and when such person is acting in such capacity they are doing so on behalf of the Trust
 and not as a representative or under the direction of USBGFS or any of its affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;**20.** **Services Not Exclusive.** 

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

&nbsp;&nbsp;&nbsp;&nbsp;**21.** **Invalidity.** 

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

&nbsp;&nbsp;&nbsp;&nbsp;**22.** **Regulatory Services.** 

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

&nbsp;&nbsp;&nbsp;&nbsp;**23.** **Notices.** 

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

Notice to USBGFS shall be sent to:

U.S. Bank Global Fund Services

777 E. Wisconsin Ave.

Milwaukee, WI 53202

Attn: GFS Contracts

and notice to the Trust shall be sent to:

Truth Social Funds

Commonwealth Fund Services, Inc.

8730 Stony Point Parkway, Suite 205

Richmond, VA 23235

Attn: Karen Shupe

&nbsp;&nbsp;&nbsp;&nbsp;**24.** **No Third-Party Rights.** 

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

&nbsp;&nbsp;&nbsp;&nbsp;**25.** **Ohio Statutory Trust Matters.** 

USBGFS is hereby notified that the Trust's Declaration of Trust is on file with the Secretary of the State of Ohio and that the same was executed or made by or on behalf of the Trust or by the Trust's Board of Trustees (each a "Trustee") as Trustees or Trustee or as officers or officer, as the case may be, and not individually and that the obligations of such instrument are not binding upon any of the Trustees or officers of the Trust or the shareholders of the Trust individually but are binding only upon the assets and property of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;**26.** **Multiple Originals; Electronic Signatures.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. This Agreement may be executed in any
 number of counterparts, each of which when so executed shall be deemed to be an original,
 but such counterparts shall together constitute but one and the same instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. This Agreement may be executed by means
 of electronic signatures, and a signed copy of this Agreement transmitted by facsimile, email,
 or other means of electronic transmission shall be deemed to have the same legal effect as
 delivery of an original executed copy of this Agreement for all purposes.

**SIGNATURE PAGES FOLLOW**

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

---

| | | | |
|:---|:---|:---|:---|
| **Truth Social Funds** | **Truth Social Funds** | **U.S. Bancorp Fund Services, LLC** | **U.S. Bancorp Fund Services, LLC** |
| By: | /s/ David Bogaert | By: | /s/ Greg Farley |
| Name: | David Bogaert | Name: | Greg Farley |
| Title: | President | Title: | Senior Vice President |
| Date: | 11/6/2025 \| 4:04:11 AM PST | Date: | 11/6/2025 |

---

**EXHIBIT A**

**<u>Funds</u>**

Truth Social American Security & Defense ETF

Truth Social American Next Frontiers ETF

Truth Social American Icons ETF

Truth Social American Energy Security ETF

Truth Social American Red State REITs ETF

**EXHIBIT B**

**<u>Services</u>**

**<u>CORE SERVICE LINES</u>**

&nbsp;&nbsp;&nbsp;&nbsp;I. Fund
 Administration & Portfolio Compliance Services

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. General
 Fund Administration

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Act
 as a liaison among Fund Service providers.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Coordinate
 the Trust's Board communications, such as:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Prepare reports for the Board based
 on financial, tax and administrative data.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Assist
 with the information provision to the Funds' independent registered public accounting firm
 (" <u>IRPAF</u> ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Monitor
 fidelity bond and director and officer liability coverage, and make the necessary Securities
 and Exchange Commission (the " <u>SEC</u> ") filings relating thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Calculate dividends for review, approval,
 and ratification by the Board and prepare and distribute to appropriate parties notices announcing
 declaration of dividends and other distributions to shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Audits/Examinations:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. For SEC or other regulatory examinations,
 provide requested information to the Trust to assist the examination process.

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Regulatory
 Compliance Support

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Test
 on a quarterly basis each Fund's compliance, on a post-trade basis, with the policies and
 investment limitations as set forth in its prospectus (the " <u>Prospectus</u> ")
 and statement of additional information (the " <u>SAI</u> ") included in its registration
 statement on Form N-1A (or similar documents) filed with the SEC (" <u>Registration Statement</u> "). Provide the results of such testing to the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Provide
 any sub-certifications reasonably requested by the Trust in connection with (i) any
 certification required of the Trust pursuant to the SOX Act or any rules or regulations
 promulgated by the SEC thereunder, and (ii) the operation of USBGFS' compliance program
 as it relates to the Trust, provided the same shall not be deemed to change USBGFS' standard
 of care as set forth herein or to broaden any duties or obligations of USBGFS set forth here.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Blue
 Sky Compliance Support:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Prepare
 and file initial registrations and renewals at the Trust's expense with state securities
 authorities in specific states/territories or all fifty states and territories (District
 of Columbia, Guam, Puerto Rico, and the U.S. Virgin Islands) as instructed by the Trust.
 USBGFS is not responsible for preparing or filing with the SEC or any state authority any
 registrations on Form D.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Establish sales data feeds (at the
 Trust's expense) from applicable financial intermediaries with shareholder accounts for the
 Fund(s) to monitor daily sales activity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Monitor daily sales activity from direct
 shareholder accounts and intermediary sales data feeds to identify U.S. jurisdictions necessitating
 new registrations or additional sales permits.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Obtain additional permits at the Trust's
 expense where appropriate unless the Trust requires approval prior to obtaining additional
 permits.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Evaluate sales activity for exemptions
 based on sales to existing shareholders in applicable states. The Trust is responsible for
 instructing USBGFS regarding any additional accounts or transactions that may be eligible
 for an exemption.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. SEC
 Registration and Reporting Support:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Assist Fund counsel with respect to
 filings of the Registration Statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Assistance Fund counsel in the preparation
 and filing of the annual and semiannual shareholder reports and other filings (e.g., Form N-CEN,
 Form N-CSR, Form N-PORT, and Rule 24f-2 notices). As requested by the Trust
 or any Fund, prepare and file Form N-PX and Form N-RN.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Assist in the coordination of the printing,
 filing and mailing (including delivery to intermediaries who print and mail to their own
 clients) of Prospectuses and shareholder reports, and amendments and supplements thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Assist in the filing of the fidelity
 bond under Rule 17g-1 of the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Assist Fund counsel in preparation
 of proxy statements, repurchase offers, tender offers and information statements, as requested
 by the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. Prepare the tailored shareholder reports.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. While USBGFS shall assist in the preparation
 and filing of the materials noted above, the Trust acknowledges and agrees that USBGFS is
 not ultimately responsible for the content of such

materials and shall not be held to be the maker of statements or opinions in any such materials unless USBGFS expressly agrees in a writing to be filed with such materials.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. IRS
 Compliance Support:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Test
 on a quarterly basis the Fund's status as a regulated investment company under Subchapter
 M of the Code, including review of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Diversification
 requirements.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Distribution
 requirements.

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Prepare financial reports for officers,
 shareholders, tax authorities, performance reporting companies, the Board, the SEC, and the
 IRPAF.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Assist the Trust's custodian and fund
 accountants in the maintenance of the Funds' general ledger and in the preparation of the
 Funds' financial statements.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Prepare financial statements subject
 to review and approval from the Fund and the Fund's auditors, which include the following
 items:

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. Financial
 data for inclusion in Notes to Financial Statements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Prepare
 broker security transaction summaries in accordance with Rule 31a-1(b)(9).

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Prepare for the review of the IRPAF
 and/or Fund management the federal and state tax returns including Form 1120 RIC and
 applicable state returns including any necessary schedules. USBGFS will prepare annual Fund
 federal and state income tax return filings as authorized by and based on the instructions
 received by Fund management and/or its IRPAF. File on a timely basis appropriate federal
 and state tax returns including Forms 1120/8613, with any necessary schedules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Provide the Fund's management and IRPAF
 with tax reporting information pertaining to the Funds, as available to USBGFS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Prepare Fund financial statement tax
 disclosures for the review and approval of Fund management and/or the Funds' IRPAF.

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Assist
 in the determination of the taxable/non-taxable nature of corporate actions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Provide
 reports to assist the Fund with tax loss harvesting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. Assist
 with the determination of whether portfolio holdings will yield bad income.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. Provide
 FATCA/FBAR reporting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. Respond
 to IRS and other tax regulatory agency notices.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. Assist
 with Passive Foreign Investment Company (PFIC) monitoring.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. If
 the Trust so elects, USBGFS shall provide additional services that are further described
 in the fee schedule on <u>Exhibit C.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;II. Fund
 Accounting Services

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Maintain
 the security master file for each Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Maintain
 portfolio records on a trade date+1 basis using security trade information communicated from
 the Funds' investment adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Track
 and properly reflect corporate actions (e.g., stock splits, dividends, mergers, rights issuances,
 spin-offs, etc.) impacting the securities positions held by the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. As
 of the close of business on each day the Funds value their portfolio positions (each, a " <u>Valuation Date</u> "), obtain prices from a pricing source approved by the Board or its valuation
 designee and apply those prices to the Funds' portfolio positions (also hereinafter referred
 to as " <u>securities</u> "). For those securities where market quotations are not
 readily available, the Board or its valuation designee shall determine fair value. USBGFS
 shall be entitled to rely on such prices and/or fair valuations without investigation or
 verification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Identify
 interest and dividend accrual balances as of each Valuation Date and calculate gross earnings
 on investments for each accounting period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Determine
 gain/loss on security sales and identify them as short-term or long-term; account for periodic
 distributions of gains or losses to shareholders and maintain undistributed gain or loss
 balances as of each Valuation Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. On
 a daily basis, reconcile cash of the Funds with the Funds' custodian and/or prime brokerage
 account(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Transmit
 a copy of the Funds' portfolio valuations to the Funds' investment adviser(s) daily.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. Review
 the impact of current day's activity on a per share basis, and review changes in market value.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. For
 each Valuation Date, monitor the expense accrual amounts as directed by the Funds as to methodology,
 rate or dollar amount.

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. NAV
 Calculation and Financial Reporting Services

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Apply
 equalization accounting as directed by the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Determine
 net investment income (earnings) for the Funds as of each Valuation Date. Account for periodic
 distributions of earnings to shareholders and maintain undistributed net investment income
 balances as of each Valuation Date.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Communicate
 to the Funds, at an agreed upon time, the per share net asset value for each Valuation Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Prepare
 monthly reconciliations of sub-ledger reports to month-end ledger balances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Prepare
 monthly security transactions listings for each Fund.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Maintain
 accounting records for the investment portfolio of the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Maintain
 tax lot detail for each Fund's investment portfolio.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Provide
 the necessary financial information to calculate the taxable components of income and capital
 gains distributions to support tax reporting to the shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. Audit
 Support Services

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Support
 reporting to regulatory bodies and financial statement preparation by making the Funds' accounting
 records available to the Funds, the SEC, and the Funds' independent registered public accounting
 firm (" <u>IRPAF</u> "), in each case as requested by a Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Perform
 its duties hereunder in compliance with all applicable laws and regulations and provide any
 sub-certifications reasonably requested by the Funds in connection with any certification
 required of a Fund pursuant to the SOX Act or any rules or regulations promulgated by
 the SEC thereunder, provided the same shall not be deemed to change USBGFS' standard of care
 as set forth herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Cooperate
 with the Funds' IRPAF and take all reasonable action in the performance of its obligations
 under this Agreement to ensure that the necessary information is made available to such IRPAF
 for the expression of their opinion on the Funds' financial statements, without any qualification
 as to the scope of their examination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. If
 the Trust so elects, USBGFS shall provide the Rule 2a-5 supplemental services described
 on, and subject to the terms and conditions of, <u>Exhibit E.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. If
 the Trust so elects, USBGFS shall provide the Rule 18f-4 supplemental services described
 on, and subject to the terms and conditions of, <u>Exhibit F.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;III. Transfer
 Agent, Shareholder & Account Services

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. USBGFS
 shall provide the following transfer agent and dividend disbursing agent services to the
 Trust with respect to each Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Facilitate
 purchases and redemption of Creation Units;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Prepare
 and transmit by means of DTC's book-entry system payments for dividends and distributions
 on or with respect to the Shares declared by the Trust on behalf of the applicable Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Maintain
 the record of the name and address of the Shareholder and the number of Shares issued by
 the Trust and held by the Shareholder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Record
 the issuance of Shares of the Trust and maintain a record of the total number of Shares of
 the Trust which are outstanding, and, based upon data provided to it by the Trust, the total
 number of authorized Shares. USBGFS shall have no obligation, when recording the issuance
 of Shares, to monitor the issuance of such Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Prepare
 and transmit to the Trust and the Trust's administrator and/or sub-administrator and to any
 applicable securities exchange (as specified to USBGFS by the Trust) information with respect
 to purchases and redemptions of Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. On
 days that the Trust may accept orders for purchases or redemptions, calculate and transmit
 to USBGFS and the Trust the number of outstanding Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. On
 days that the Trust may accept orders for purchases or redemptions (pursuant to the Authorized
 Participant Agreement), transmit to USBGFS, the Trust and DTC the amount of Shares purchased
 on such day;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Confirm
 to DTC the number of Shares issued to the Shareholder, as DTC may reasonably request;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. Prepare
 and deliver other reports, information and documents to DTC as DTC may reasonably request;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. Extend
 the voting rights to the Shareholder for extension by DTC to DTC participants and the beneficial
 owners of Shares in accordance with policies and procedures of DTC for book-entry only securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. Maintain
 those books and records of the Trust specified by the Trust and agreed upon by USBGFS;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. Prepare
 a monthly report of all purchases and redemptions of Shares during such month on a gross
 transaction basis, and identify on a daily basis the net number of Shares either redeemed
 or purchased on such business day and with respect to each Authorized Participant purchasing
 or redeeming Shares, the amount of Shares purchased or redeemed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. Receive
 from the Distributor or from its agent purchase orders from Authorized Participants (as defined
 in the Authorized Participant Agreement) for Creation Unit Aggregations of Shares received
 in good form and accepted by or on behalf of the Trust by the Distributor, transmit appropriate
 trade instructions to the NSCC, if applicable, and pursuant to such orders issue the appropriate
 number of Shares of the Trust and hold such Shares in the account of the Shareholder for
 each of the respective Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. Receive
 from the Authorized Participants redemption requests, deliver the appropriate documentation
 thereof to the Trust's custodian, generate and transmit or cause to be generated and transmitted
 confirmation of receipt of such redemption requests to the Authorized Participants submitting
 the same; transmit appropriate trade instructions to the NSCC, if applicable, and redeem
 the appropriate number of Creation Unit Aggregations of Shares held in the account of the
 Shareholder for each of the respective Funds; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. Confirm
 the name, U.S. taxpayer identification number and principal place of business of each Authorized
 Participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. USBGFS
 MAKES NO WARRANTIES OR REPRESENTATIONS, EXPRESSED OR IMPLIED, WITH RESPECT TO THE ACCURACY
 OF FUND DATA RECEIVED, INCLUDING WITHOUT LIMITATION, ANY REPRESENTATIONS OR WARRANTEIS
 AS TO THE ACCURACY OF SUCH INFORMATION OR ITS FITNESS FOR A PARTICULAR PURPOSE.

**<u>ADDITIONAL AND SUPPLEMENTAL SERVICES</u>**

Any additional or supplemental services not listed above may be provided from time to time upon mutual agreement of the parties, subject in all cases to the terms and conditions of this Agreement. Any such additional or supplemental services shall be provided at the fees specified on <u>Exhibit C</u> or at USBGFS' then current standard rates for such services if not specified.

**EXHIBIT C**

**<u>Fees</u>**

**Base Fee for Accounting and Administration**

The following-reflects the greater of the basis point fee or annual minimum where Yorkville America Equities, LLC (the "Adviser") acts as investment adviser to the fund(s) in the same registered investment company.

---

| | |
|:---|:---|
| <u>Annual Minimum per Fund<sup>1</sup></u> | <u>Annual Minimum per Fund<sup>1</sup></u> |
| Funds 1-5 | $45000 |
| Funds 6-10 | $40000 |
| Funds 11+ | $30000 |

---

---

| | |
|:---|:---|
| <u>Basis Points on Trust AUM<sup>1</sup></u> | <u>Basis Points on Trust AUM<sup>1</sup></u> |
| First $500m | 4 bps |
| Next $2B | 3 bps |
| Balance | 2 bps |

---

**Base Fee for ETF Services**

---

| | |
|:---|:---|
| <u>Annual Fee per fund</u> |  |
| ETF Order Management | $10,000 per fund |
| ETF Transfer Agency | $100 per order (Create or Redeem) |
| <u>Basket Creation</u> |  |
| Equities/Cash | .25bps |
| International Securities/Derivatives | .50bps |
| Fixed AP Fee | TBD/fund |
| <u>Optional Services</u> |  |
| ETF Stock Splits | $5000 |
| ETF Liquidation | $5000 |
| ETF Slippage Calculations | $1,000/Fund/Year |

---

See **Appendix A** for Services and Associated Fees in addition to the Base Fee

See **Appendix B** for Optional Supplemental Services and Associated in addition to the Base Fee

Additional services not included herein shall be mutually agreed upon at the time of the service being added. In addition to the fees described above, additional fees may be charged to the extent that changes to applicable laws, rules or regulations require additional work or expenses related to services provided *(e.g.,* compliance with new derivatives risk management and reporting requirements).

<sup>1</sup> Subject to annual CPI increase: All Urban Consumers — U.S. City Average" index, provided that the CPI adjustment will not decrease the base fees (even if the cumulative CPI rate at any point in time is negative).

All annual fees described in this fee schedule (including appendices) are calculated pro rata and billed monthly

**Appendix A**

**Accounting, Administration Services** **(in addition to the Base Fee)**

**Data Services**

**pricing and Security Setup Services**

For daily pricing, setup, and maintenance of each security (estimated 252 pricing days annually)

---

| |
|:---|
| $0.08 — Listed Equity Instruments and rates including but not limited to: Domestic Equities, Options, ADRs, Foreign Equities, Futures, Forwards, Currency Rates, Total Return Swaps |
| $0.50 — Lower Tier Cost Fixed Income Instruments including but not limited to: Domestic Corporate and Governments Agency Bonds, Mortgage Backed Securities, and Municipal Bonds |
| $0.80 — Higher Tier Cost Fixed Income Instruments including but not limited to: CMO and Asset Backed Securities; Money Market Instruments; Foreign Bonds; and High Yield Bonds |
| $1.00- Bank Loans |

---

Derivative Instruments are generally charged at the following rates:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**o** $0.90
 — Interest Rate Swaps, Foreign Currency Swaps

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**o** $1.50
 — Swaptions

**o** $3.00
 — Credit Default Swaps

$1.50 Intraday money market funds pricing, up to 3 times per day

$500 per Month Manual Security Pricing (>25per day)

Note: Prices are based on using U.S. Bank primary pricing service which may vary by security type and are subject to change. Prices do not include set-up fees which may be charged on certain derivative instruments such as swaps. Use of alternative and/or additional sources may result in additional fees. Pricing vendors may designate certain securities as hard to value or as a non-standard security types, such as CLOs, CDOs and complex derivative instruments, which may result in additional fees. All schedules subject to change depending upon the use of unique security type requiring special pricing or accounting arrangements.

**Corporate Action, Factor (security paydown & prepayment time series), and ETF Income Projection Services**

---

| |
|:---|
| $2.50 per Foreign Equity Security per Month for Corporate Action Services |
| $1.50 per Domestic Equity Security per Month for Corporate Action Services |
| $4.00 per CMO and Asset Backed Security per Month / $2.50 for ETF Funds per month for Factor Services |
| $1.50 per Mortgage Backed Security per Month for Factor Services / no charge for ETF Funds |
| $2.00 per Fixed Income Security per Month for ETF funds only for ETF income projections |

---

**Third Party Administrative Data Charges (descriptive data for analytics, reporting and compliance)**

$1.50 per security per month for fund administrative data (based upon U.S. Bancorp standard data services and are subject to change)

**Index Service Fees**

**·** $50 per month per fund: Tier 0 for maintenance of data for performance calculations
where the client is supplying the Index data

**·** $100 per month per fund: Tier 1 including but not limited to: ICE Indexes,
Morningstar, Bloomberg, S&P, Dow Jones, CBOE, and HFRI Indexes

**·** $250 per month per fund: Tier 2 including but not limited to: MSCI Indexes,
FTSE Russell

**·** $500 per month per fund: Tier 3 including but not limited to: Wilshire Indexes,
Lipper JPM

**·** $200 per month per fund additional fee for creation of a blended index, in
addition to Tier index fees.

Note: Rates are tiered based upon rates charged by the index provider and are subject to change. S&P Global and Dow Jones are their standard packages only, specialized packages from all index providers will result in a higher fee. Use of other, custom, and blended indexes may result in additional fee. Index

providers may require a direct contract in addition to the above service contract, which may result in additional fees payable to the index provider.

**Alll Data Service charges are subject to change based on cost increases from underlying data providers.**

**SEC Modernization Requirements**

Form N-PORT — $12,000 per year, per Fund

Form N-CEN — $300 per year, per Fund

Tailored shareholder reporting - $2,000 per year, per Fund (first class), $950 per year for each

additional class

**Expense Processing and Budgeting Services — Non-Unitary Fee ETFs:**

Fund administration payment of fund expenses and quarterly budgeting on behalf of ETFs not utilizing a unitary fee structure:

&nbsp;&nbsp;&nbsp;&nbsp;· $3,000
per year, per Fund

**Chief Compliance Officer Support Fee**

CCO support annual fee of $3,000 per trust for each U.S. Bank service selected (administration, accounting, transfer agent, custodian)

This fee includes:

Access to the CCO Portal including business line Critical Procedures, Compliance Controls,

Reporting on Testing of Compliance Controls, Annual U.S. Bank Global Fund Services CCO

Review, SOC1 audits of business lines

Quarterly 38a-1 certifications to the CCO regarding any changes to critical policies, procedures and

controls and compliance events as required under Rule 38a-1 of the Investment Company Act

Quarterly CCO teleconferences and other periodic events and webinars

CCO forums held periodically throughout the year in major cities

Annual client conference which includes CCO roundtable discussions

Note: the CCO Support team does NOT serve as the Fund CCO

**Core Tax Services**

&nbsp;&nbsp;&nbsp;&nbsp;■ M-1
book-to-tax adjustments at fiscal and excise year-end

■ Prepare
tax footnotes in conjunction with fiscal year-end audit

■ Prepare
Form 1120-RIC federal income tax return and relevant schedules

■ Prepare
Form 8613 and relevant schedules

■ Prepare
Form 1099-MISC Forms

■ Prepare
Annual TDF FBAR (Foreign Bank Account Reporting) filing

■ Prepare
state returns (Limited to two) and Capital Gain Dividend Estimates (Limited to two).

**Miscellaneous Expenses**

All other miscellaneous fees and expenses, including but not limited to the following, will be separately billed as incurred: Charges associated with accelerated effectiveness at DTCC, Portfolio Composition File (PCF) management services, SWIFT processing, customized reporting, third-party data provider costs, postage, stationary, programming, special reports, proxies, insurance, EDGAR/XBRL filing, retention of records, federal and state regulatory filing fees, liquidity classification fees, expenses related to and including travel to and from Board of Trustee meetings, third party auditing and legal expenses, wash sales reporting (GainsKeeper), tax e-filing, PFIC monitoring, conversion expenses (if necessary), and travel related costs.

**Appendix B**

**OPTIONAL Services for Fund Accounting, Fund Administration & Portfolio Compliance (provided by U.S. Bank upon client need and/or request)**

**Daily Compliance Services**

■ $20,000
per fund group per year - Base fee

■ Additional
fee of $2,500 per fund per year (first fund included in base fee)

**SEC Derivatives Rule 18f-4 Confluence Technologies Offering**

---

| | |
|:---|:---|
| &nbsp;&nbsp;Offering | &nbsp;&nbsp;Price per Fund per Month\* |
| &nbsp;&nbsp;Limited Derivatives User | &nbsp;&nbsp;$200 |
| &nbsp;&nbsp;Full Derivatives User (no OTC derivatives) | &nbsp;&nbsp;$300 |
| &nbsp;&nbsp;Full Derivative User (with 1-5 OTC derivatives) | &nbsp;&nbsp;$400 |
| &nbsp;&nbsp;Full Derivative User (with 5 or more OTC derivatives) | &nbsp;&nbsp;$500 |
| &nbsp;&nbsp;Closed Fund Data Maintenance Fee | &nbsp;&nbsp;$50 |

---

**\*Additional fees may apply from index providers**

**Section 15(c) Reporting**

$2,000 per fund per standard reporting package\*

\*Standard reporting packages for annual 15(c) meeting

Expense reporting package: 2 peer comparison reports (adviser fee) and (net expense ratio with

classes on one report) OR Full 15(c) report

Performance reporting package: Peer Comparison Report

Additional 15(c) reporting is subject to additional charges

Data source — Morningstar; other data sources may incur additional charges by a third-party source.

party source and client.

**Fees for Special Situation:**

Fee will be assessed.

**Rule 2a-5 Supplemental Services:**

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Percentage of individual level 2 instruments held by a <br> Fund** | &nbsp;&nbsp;**Monthly Fee for Such Fund<sup>2</sup>** |
| &nbsp;&nbsp;5% or less | &nbsp;&nbsp;$100 |
| &nbsp;&nbsp;More than 5% but less than 25% | &nbsp;&nbsp;$200 |
| &nbsp;&nbsp;25% or more | &nbsp;&nbsp;$300 |

---

---

| | |
|:---|:---|
| Note: | The availability of the Rule 2a-5 Supplemental Services and the associated fees are subject to USBGFS' ability to obtain comparison prices from its chosen comparison third-party pricing sources at reasonable cost. The reports provided as part of the Rule 2a-5 Supplemental Services may, in USBGFS' sole discretion, exclude information for instruments for which an alternative comparison price is unavailable or difficult or costly to obtain. In addition, the reports provided may cease to include instruments that were previously included if alternative prices are no longer available from third-party sources or if the fees for such alternative prices rise. |

---

<sup>2</sup> **NOTE: The Rule 2a-5 Supplemental Services and the associated fees are dependent on comparison prices from USBGFS' chosen comparison third-party pricing source. The Fund may choose to perform comparison pricing with a different comparison pricing vendor under an alternative service with different associated costs.**

**Controlled Foreign Corporation (CFC)**

U.S. Bank Fee Schedule plus $15,000

**C- Corp Administrative Services**

1940 Act C-Corp — U.S. Bank Fee Schedule plus $15,000

1933 Act C-Corp — U.S. Bank Fee Schedule plus $25,000

**Optional Tax Services**

Additional services excluded from the Base Fee are:

Prepare book-to-tax adjustments & Form 5471 for Controlled Foreign Corporations (CFCs) - $5,000

per year

Additional Capital Gain Dividend Estimates - (First two included in core services) - $1,000 per

additional estimate

State tax returns - (First two included in core services) - $1,500 per additional return

**Tax Reporting — C-Corporations**

**Federal Tax Returns**

Prepare corporate Book to tax calculation, average cost analysis and cost basis role forwards, and

federal income tax returns for investment fund (Federal returns & 1099 Breakout Analysis) -

$25,000

Prepare Federal and State extensions (If Applicable) — Included in the return fees

Prepare provision estimates - $2,000 Per estimate

**State Tax Returns**

Prepare state income tax returns for funds and blocker entities — $1,500 per state return

Sign state income tax returns - $2,000 per state return

Assist in filing state income tax returns — Included with preparation of returns

State tax notice consultative support and resolution — $1,000 per fund

Additional services not included above shall be mutually agreed upon at the time of the service being added. In addition to the fees described above, additional fees may be charged to the extent that changes to applicable laws, rules or regulations require additional work or expenses related to services provided.

**EXHIBIT D**

**<u>Required Provisions of Data Service Providers</u>**

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

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

&nbsp;&nbsp;&nbsp;&nbsp;**·** The
 Trust agrees that it shall (a) comply with all laws, rules and regulations applicable
 to accessing and using the Data, (b) not use the Data for any purpose independent of
 those for which it is provided by the Data Provider, and (c) exculpate the Data Provider,
 its affiliates and their respective suppliers from any liability or responsibility of any
 kind relating to the Trust's receipt or use of the Data (including expressly disclaiming
 all warranties).

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

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

&nbsp;&nbsp;&nbsp;&nbsp;**·** The
 Trust shall reproduce on all permitted copies of the Data all copyright, proprietary rights
 and restrictive legends appearing on the Data.

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;**·** THE
 DATA IS PROVIDED TO THE TRUST ON AN "AS IS" BASIS. USBGFS, ITS INFORMATION
 PROVIDERS, AND ANY OTHER THIRD PARTY INVOLVED IN OR RELATED TO THE MAKING OR COMPILING OF
 THE DATA MAKE NO REPRESENTATION OR WARRANTY OF ANY KIND, EITHER EXPRESS OR IMPLIED, WITH
 RESPECT TO THE DATA (OR THE RESULTS TO BE OBTAINED BY THE USE THEREOF). USBGFS, ITS
 INFORMATION PROVIDERS AND ANY OTHER THIRD

PARTY INVOLVED IN OR RELATED TO THE MAKING OR COMPILING OF THE DATA EXPRESSLY DISCLAIM ANY AND ALL IMPLIED WARRANTIES OF ORIGINALITY, ACCURACY, COMPLETENESS, NON-INFRINGEMENT, MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE.

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

**EXHIBIT E**

**<u>Rule 2a-5 Supplemental Services</u>**

&nbsp;&nbsp;&nbsp;&nbsp;1. If
 the Trust elects to receive the Rule 2a-5 Supplemental Services, USBGFS shall provide
 the following services to the Funds (the "Rule 2a-5 Supplemental Services"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** Price
 Comparison Report

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. The
 Price Comparison Report is a monthly report showing prices from an alternative source chosen
 by USBGFS for certain instruments held by a Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** Back-testing
 and Calibration Report

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. The
 Back-testing and Calibration Report shows (a) the actual buy price for certain instruments
 held by a Fund compared to the next price used for such instrument in the Fund's NAV and
 (b) the actual sale price of certain instruments held by a Fund compared to the prior
 price used for such instrument in the Fund's NAV.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** Adviser
 Valuation Oversight Report

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. The
 Adviser Valuation Oversight Report is graphic overview of the Fund's assets, the pricing
 sources used by the Fund, the types of prices used, and the preliminary fair value leveling
 utilized for Form NPORT.

&nbsp;&nbsp;&nbsp;&nbsp;2. The
 Trust shall pay USBGFS fees for the Rule 2a-5 Supplemental Services for each Fund receiving
 such services based upon the number of level 2 instruments (as defined by the Fund's Topic
 820 Report) held by each such Fund as a percentage of that Fund's total positions in accordance
 with the following table:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Percentage of individual level 2 instruments<br> held by a Fund** | &nbsp;&nbsp;**Monthly Fee for Such Fund** **<sup>3</sup>** |
| &nbsp;&nbsp;5% or less | &nbsp;&nbsp;$100 |
| &nbsp;&nbsp;More than 5% but less than 25% | &nbsp;&nbsp;$200 |
| &nbsp;&nbsp;25% or more | &nbsp;&nbsp;$300 |

---

&nbsp;&nbsp;&nbsp;&nbsp;3. The
 availability of the Rule 2a-5 Supplemental Services and the associated fees are subject
 to USBGFS' ability to obtain comparison prices from its chosen comparison third-party pricing
 sources at reasonable cost. The reports provided as part of the Rule 2a-5 Supplemental
 Services may, in USBGFS' sole discretion, exclude information for instruments for which an
 alternative comparison price is unavailable or difficult or costly to obtain. In addition,
 the reports provided may cease to include instruments that were previously included if alternative
 prices are no longer available from third-party sources or if the fees for such alternative
 prices rise.

<sup>3</sup> **NOTE: The Rule 2a-5 Supplemental Services and the associated fees are dependent on comparison prices from USBGFS' chosen comparison third-party pricing source. The Fund may choose to perform comparison pricing with a different comparison pricing vendor under an alternative service with different associated costs.**

&nbsp;&nbsp;&nbsp;&nbsp;4. The
 alternative pricing information provided in the Rule 2a-5 Supplemental Services is intended
 for comparison purposes only. THE TRUST IS RESPONSIBLE FOR SELECTING THE PRICING SOURCES
 USED FOR EACH INSTRUMENT HELD BY EACH FUND FOR CALCULATING THE FUND'S NET ASSET VALUE, FOR
 DETERMINING THE APPROPRIATE PRICING METHODOLOGIES USED BY EACH FUND, AND FOR DETERMINING
 THAT THE PRICES USED FOR EACH INSTRUMENT ARE APPROPRIATE. USBGFS shall not have any obligation
 to verify the accuracy or appropriateness of any prices, evaluations, market quotations,
 or other data or pricing related inputs received from the Trust, the Fund, any of their affiliates,
 or any third-party source. Notwithstanding anything else in this Addendum or the Agreement
 to the contrary, USBGFS and its affiliates shall not be responsible or liable for any mistakes,
 errors, or mispricing, or any losses related thereto, resulting from any inaccurate, inappropriate,
 or fraudulent prices, evaluations, market quotations, or other data or pricing related inputs
 received from the Trust, the Fund, any of their affiliates, or any third-party source.

&nbsp;&nbsp;&nbsp;&nbsp;5. USBGFS
 shall only include pricing comparison information in the Rule 2a-5 Supplemental Services
 from third-party sources. USBGFS shall not be responsible for (i) providing any discretionary
 or subjective valuation of any instrument, (ii) providing any pricing information not
 available from a third-party source, (iii) providing any recommendation or opinion on
 whether a primary price or a comparison price is appropriate, or (iv) determining the
 appropriate pricing source for any instrument.

&nbsp;&nbsp;&nbsp;&nbsp;6. The
 Trust acknowledges that it is responsible for determining the suitability and applicability
 of the information obtained through the Rule 2a-5 Supplemental Services. USBGFS MAKES
 NO WARRANTIES OR REPRESENTATIONS, EXPRESSED OR IMPLIED, WITH RESPECT TO THE SUITABILITY AND
 ACCURACY OF INFORMATION PROVIDED IN THE RULE 2a-5 SUPPLEMENTAL SERVICES.

**EXHIBIT F**

**<u>SEC Derivatives Rule 18f-4 Supplemental Services</u>**

&nbsp;&nbsp;&nbsp;&nbsp;1. USBGFS has entered into agreements with Confluence Technologies ("Confluence") to provide data
(the "Confluence Data") and access for the Trust to Confluence's web platform ("Platform") for use in or in connection
with the compliance and reporting requirements under the Rule (the "Rule 18f-4 Supplemental Services").

&nbsp;&nbsp;&nbsp;&nbsp;2. If the Trust elects to receive the Rule 18f-4 Supplemental Services, the Trust shall pay the
 following additional fees associated with complying with the requirements of the Rule, including the access to the third-party web
 platform, commencing on the date the Trust begins accessing the third-party web platform:

---

| | |
|:---|:---|
| **Offering** | **Price per Fund per Month\*** |
| Limited Derivatives User | $200 |
| Full Derivatives User (no OTC derivatives) | $300 |
| Full Derivative User (with 1-5 OTC derivatives) | $400 |
| Full Derivative User (with 5 or more OTC derivatives) | $500 |
| Closed Fund Data Maintenance Fee | $50 |

---

\*Additional fees may apply from index providers

&nbsp;&nbsp;&nbsp;&nbsp;3. In connection with the provision of the Confluence Data and access to the Platform, Confluence requires
certain provisions to be included in the Agreement. Accordingly, the Trust agrees that it shall (a) comply with all laws, rules and
regulations applicable to accessing and using the Confluence Data and Platform, (b) not use the Confluence Data for any purpose independent
of complying with the requirements of the Rule, (c) exculpate Confluence, its affiliates and their respective suppliers from any
liability or responsibility of any kind relating to the Trust's receipt or use of the Confluence Data (including expressly disclaiming
all warranties). The Trust further agrees that Confluence shall be a third-party beneficiary of the Agreement solely with respect to the
foregoing provisions (a) — (c).

&nbsp;&nbsp;&nbsp;&nbsp;4. The Trust acknowledges that it is responsible for determining the suitability and accuracy of the information
obtained through its access to the Platform. USBGFS MAKES NO WARRANTIES OR REPRESENTATIONS, EXPRESSED OR IMPLIED, WITH RESPECT TO THE
SUITABILITY AND ACCURACY OF FUND DATA, SYSTEMS, INDUSTRY INFORMATION AND PROCESSES ACCESSED THROUGH THE PLATFORM.

&nbsp;&nbsp;&nbsp;&nbsp;5. In the event of termination of the Rule 18f-4 Supplemental Services, the Trust shall immediately
end its access to the Platform and return all codes, system access mechanisms, programs, manuals and other written information to USBGFS,
and shall, to the extent reasonably technically practicable and permitted by applicable law, destroy or erase all such information on
any storage medium, unless such access continues to be permitted pursuant to a separate agreement.

&nbsp;&nbsp;&nbsp;&nbsp;6. The Trust assumes exclusive responsibility for the consequences of any instructions it may give to USBGFS,
for failure to properly access the Platform in the manner prescribed by USBGFS, and for the Trust's failure to supply accurate and complete
information to USBGFS.

&nbsp;&nbsp;&nbsp;&nbsp;7. The Trust must provide USBGFS with such information as is requested
by USBGFS or Confluence to assist in developing the Confluence Data needed for the Trust's obligations under the Rule. The Trust must
provide USBGFS with such information as is necessary for USBGFS to provide the Trust with access to the Platform.

**EXHIBIT G**

**<u>Digital Investor, Digital Investor Institutional, Vision Electronic Statement Service, Chat</u>**

**<u>and INFORMA™</u>**

**1.** **Services and Definitions** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Internet
 Access — Internet access by shareholders to their account information and investment
 transaction capabilities (" <u>Internet Service</u> "). Internet Service is connected
 directly to the Fund group's web site(s) through a transparent hyperlink. To the extent
 offered by the Trust, shareholders can access, among other information, account information
 and portfolio holdings within the Funds, view their transaction history, and purchase additional
 shares through the Automated Clearing House (" <u>ACH</u> ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. " <u>Informa</u>™"
 means the system made available through DST Output, a wholly owned subsidiary of DST Systems, Inc.
 (" <u>DST</u> ") known as "Informa<sup>™</sup>"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. " <u>INFORMA Services</u> " means the services that enable DST to make available certain data from
 DST's TA2000® mutual fund record-keeping systems through the Internet to authorized Users
 available to consenting end-users (" <u>User</u>, as defined below) through the systems
 known as Digital Investor or Digital Investor Institutional (as defined below), whereby certain
 electronic statements (" <u>E-Statements",</u> as further defined below) may be
 searched, viewed, downloaded and printed. INFORMA Services also include notification to the
 end-user of the availability of E-Statements and storage of E-Statement documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. " <u>E-Statement</u> "
 means an electronic version of daily confirms, monthly, quarterly or annual statements, and
 shareholder tax statements created with investor transaction data housed on DST's TA2000®
 mutual fund record keeping system, with images available online via a secure web site.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. " <u>Vision Electronic Statement Services</u> " — Online account access for broker/dealers,
 financial planners, and registered investment advisers (" <u>RIAs</u> ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. " <u>Chat</u> "
 —A web-based system to permit shareholders to engage customer service agents through
 Internet chat. Services offered through chat are the same as through telephone servicing
 and include account information, transaction history, account maintenance, purchase, liquidation, etc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. " <u>Digital Investor</u> " —An internet portal for Shareholder access

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H. " <u>Digital Investor Institutional</u> " — An internet portal for Institutional Shareholder
 access

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. " <u>Electronic Services</u> " shall consist of those services set out in paragraph A through H above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J. " <u>End User(s)</u> " or " <u>User(s)</u> " means the consenting person(s) to whom
 Electronic Services are made available.

**2.** **Duties and Responsibilities of USBGFS** 

USBGFS shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Make
 the Internet Service available 24 hours a day, 7 days a week, subject to scheduled maintenance
 and events outside of USBGFS' reasonable control. Unless an emergency is encountered, no
 routine maintenance will occur during the hours of 8:00 a.m. to 3:00 p.m. Central
 Time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Provide
 installation services for Electronic Services, which shall include review and approval of
 the Trust's network requirements, recommending method of establishing (and, as applicable,
 cooperate with the Fund to implement and maintain) a hypertext link between the Electronic
 Services site and the Fund's web site(s) and testing the network connectivity and performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Maintain
 and support the Electronic Services, which shall include providing error corrections, minor
 enhancements and interim upgrades to the Electronic Services that are made generally available
 to the Electronic Services customers and providing help desk support to provide assistance
 to the Trust's officers and agents with their use of the Electronic Services. Maintenance
 and support, as used herein, shall not include (i) access to or use of any substantial
 added functionality, new interfaces, new architecture, new platforms, new versions or major
 development efforts, unless made generally available by USBGFS to the Electronic Services
 customers, as determined solely by USBGFS or (ii) maintenance of customized features.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Establish
 systems to guide, assist and permit End Users (as defined above) who access the Electronic
 Services from the Trust's web site(s) to electronically perform inquiries and create
 and transmit transaction requests to USBGFS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. Address
 and mail, at each applicable Fund's expense, notification and promotional mailings and other
 communications provided by the Fund to shareholders regarding the availability of the Electronic
 Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. Prepare
 and process new account applications received through the Internet Service from shareholders
 determined by a Fund to be eligible for such services and in connection with such, the Fund
 agrees to permit the establishment of Shareholder bank account information over the Internet
 in order to facilitate purchase activity through ACH.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. Provide
 the End User with a transaction confirmation number for each completed purchase, redemption,
 or exchange of the applicable Fund's shares upon completion of the transaction. Transactions
 are not considered in good order, and will not be processed, until the entry of the trade
 and proper authorization has been completed. If order entry or authorization occur after
 market close the transaction will be posted and receive the Net Asset Value for the next
 business day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H. Informa,
 Digital Investor, Digital Investor Institutional, Vision, and E-Statement are provided by
 a third party (" <u>Third Party Electronic Services</u> "). Third Party Electronic
 Services utilize commercially reasonable encryption and secure

transport protocols intended to prevent fraud and ensure confidentiality of End User accounts and transactions. USBGFS will take commercially standard actions, including periodic scans of Internet interfaces and the Electronic Services, to protect the Internet web site(s) that provide the Electronic Services and related network(s), against viruses, worms and other data corruption or disabling devices, and unauthorized, fraudulent or illegal use, by using appropriate anti-virus and intrusion detection software and by adopting such other security procedures as may be necessary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. Inform
 the Trust promptly of any malfunctions, problems, errors or service interruptions with respect
 to the Electronic Services of which USBGFS becomes aware.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J. Exercise
 reasonable efforts to maintain all on-screen disclaimers and copyright, trademark and service
 mark notifications, if any, provided by the Trust to USBGFS in writing from time to time,
 and all "point and click" features of the Electronic Services relating to Shareholder
 acknowledgment and acceptance of such disclaimers and notifications.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;K. Establish
 and provide to the Trust written procedures, which may be amended from time to time by USBGFS
 with the written consent of the Trust, regarding End User access to the Electronic Services
 and that are reasonably designed to protect the security and confidentiality of information
 relating to the Funds and End Users.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;L. Provide
 the Funds with daily reports of transactions listing all purchases or transfers made by each
 End User separately. USBGFS shall also furnish the Funds with monthly reports summarizing
 shareholder inquiry and transaction activity without listing all transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;M. Annually
 engage a third party to audit its internal controls for the Electronic Services and compliance
 with all guidelines for the Electronic Services included herein and provide the Trust with
 a copy of the auditor's report promptly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N. Maintain
 its systems and perform its duties and obligations hereunder in accordance with all applicable
 laws, rules and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0. Be
 responsible for timely and adequately notifying User via e-mail that the User's E-Statement
 is available at the appropriate Internet site.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;P. Ensure
 the E-Statement is available for the User on the Fund's Internet site for a minimum period
 of twenty-four (24) months after delivery.

**3.** **Duties and Responsibilities of the Trust** 

The Fund or the End User, respectively, assume exclusive responsibility for the consequences of any instructions it may give to USBGFS, its own failure to properly access the Electronic Services in the manner prescribed by USBGFS, and its failure to supply accurate information to USBGFS.

The Trust or a Fund, as applicable, shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Revise and update the applicable Prospectus(es)
 and other pertinent materials including, without limitation, the fund's website(s), and obtain
 all necessary consents and agreements with respect to the Electronic Services (such as user
 agreements with End Users), to include the appropriate consents, notices and disclosures
 for Electronic Services, including disclaimers and information reasonably requested by USBGFS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Be responsible for designing, developing
 and maintaining one or more web sites for the Funds through which End Users may access the
 Electronic Services, including provision of software necessary for access to the Internet,
 which must be acquired from a third party vendor. Such web sites shall have the functionality
 necessary to facilitate, implement and maintain the hypertext links to the Electronic Services
 and the various inquiry and transaction web pages. The Funds shall provide USBGFS with the
 name of the host of the Funds' web site server and shall notify USBGFS of any change to the
 Funds' web site server host.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Provide USBGFS with such information
 and/or access to the Funds' web site(s) as is necessary for USBGFS to provide the Electronic
 Services to End Users.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Promptly notify USBGFS of any problems
 or errors with the applicable Electronic Services of which the Trust becomes aware or any
 changes in policies or procedures of the Fund requiring changes to the Electronic Services.

**4.** **Additional Representations and Warranties** 

The parties hereby warrant that neither party shall knowingly insert into any interface, other software, or other program provided by such party to the other hereunder, or accessible through the Electronic Services or Funds' web site(s), as the case may be, any "back door," "time bomb," "Trojan Horse," "worm," "drop dead device," "virus" or other computer software code or routines or hardware components designed to disable, damage or impair the operation of any system, program or operation hereunder. For failure to comply with this warranty, the non-complying party shall immediately replace all copies of the affected work product, system or software. All costs incurred with replacement including, but not limited to, cost of media, shipping, deliveries and installation, shall be borne by such party.

**5.** **Proprietary Rights** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Each party acknowledges and agrees that
 it obtains no rights in or to any of the software, hardware, processes, trade secrets, proprietary
 information or distribution and communication networks of the other hereunder. Any software,
 interfaces or other programs a party provides to the other hereunder shall be used by such
 receiving party only in accordance with the provisions of this <u>Exhibit G.</u> Any
 interfaces, other software or other programs developed by one party shall not be used directly
 or indirectly by or for the other party or any of its affiliates to connect such receiving
 party or any affiliate to any other person, without the first party's prior written approval,
 which it may give or withhold in its sole discretion. Except in the normal course of business
 and in conformity with

Federal copyright law or with the other party's consent, neither party nor any of its affiliates shall disclose, use, copy, decompile or reverse engineer any software or other programs provided to such party by the other in connection herewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. The Funds' web site(s) and the Electronic
 Services may contain certain intellectual property, including, but not limited to, rights
 in copyrighted works, trademarks and trade dress that is the property of the other party.
 Each party retains all rights in such intellectual property that may reside on the other
 party's web site, not including any intellectual property provided by or otherwise obtained
 from such other party. To the extent the intellectual property of one party is cached to
 expedite communication, such party grants to the other a limited, non-exclusive, non-transferable
 license to such intellectual property for a period of time no longer than that reasonably
 necessary for the communication. To the extent that the intellectual property of one party
 is duplicated within the other party's web site to replicate the "look and feel,"
 "trade dress" or other aspect of the appearance or functionality of the first site,
 that party grants to the other a limited, non-exclusive, non-transferable license to such
 intellectual property for the period during which this <u>Exhibit G</u> is in effect.
 This license is limited to the intellectual property needed to replicate the appearance of
 the first site and does not extend to any other intellectual property owned by the owner
 of the first site. Each party warrants that it has sufficient right, title and interest in
 and to its web site and its intellectual property to enter into these obligations, and that
 to its knowledge, the license hereby granted to the other party does not and will not infringe
 on any U.S. patent, copyright or other proprietary right of a third party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Each party agrees that the nonbreaching
 party would not have an adequate remedy at law in the event of the other party's breach or
 threatened breach of its obligations under this Section of this <u>Exhibit G</u> and that the nonbreaching party would suffer irreparable injury and damage as a result of
 any such breach. Accordingly, in the event either party breaches or threatens to breach the
 obligations set forth in this Section of this <u>Exhibit G,</u> in addition to
 and not in lieu of any legal or other remedies a party may pursue hereunder or under applicable
 law, each party hereby consents to the aggrieved party seeking equitable relief (including
 the issuance of a temporary restraining order, preliminary injunction or permanent injunction)
 against it by a court of competent jurisdiction, without the necessity of proving actual
 damages or posting any bond or other security therefor, prohibiting any such breach or threatened
 breach. In any proceeding upon a motion for such equitable relief, a party's ability to answer
 in damages shall not be interposed as a defense to the granting of such equitable relief.
 The provisions of this Section relating to equitable relief shall survive termination
 of the provision of services set forth in this <u>Exhibit G.</u> 

**6.** **Compensation** 

USBGFS shall be compensated for providing the Electronic Services selected by the Trust from time to time in accordance with the fee schedule set forth in <u>Exhibit C</u> (as amended from time to time).

**7.** **Additional Indemnification; Limitation of Liability** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Subject to <u>Section 2</u> of this
 Exhibit, USBGFS CANNOT AND DOES NOT GUARANTEE AVAILABILITY OF THE ELECTRONIC SERVICES. Accordingly,
 USBGFS' sole liability to the Trust, a Fund, or any third party (including End Users) for
 any claims, notwithstanding the form of such claims (e.g., contract, negligence, or otherwise),
 arising out of the delay of or interruption in the Electronic Services to be provided by
 USBGFS hereunder shall be to use its best efforts to commence or resume the Electronic Services
 as promptly as is reasonably possible, so long as the delay or interruption was not the proximate
 result of USBGFS's gross negligence or willful misconduct.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. USBGFS shall, at its sole cost and expense,
 defend, indemnify, and hold harmless the Trust, each Fund and their trustees, officers, agents,
 and employees from and against any and all claims, demands, losses, expenses and liabilities
 of any and every nature (including reasonable attorneys' fees) arising out of or relating
 to any infringement, or claim of infringement, of any United States patent, trademark, copyright,
 trade secret, or other proprietary rights based on the use or potential use of the Electronic
 Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. If an injunction is issued against the
 Trust or a Fund's use of the Electronic Services by reason of infringement of a patent, copyright,
 trademark, or other proprietary rights of a third party, USBGFS shall, at its own option
 and expense, either (i) procure for the Trust or Fund the right to continue to use the
 Electronic Services on substantially the same terms and conditions as specified hereunder,
 or (ii) after notification to the Trust or Fund, replace or modify the Electronic Services
 so that they become non-infringing, provided that, in the Trust's judgment, such replacement
 or modification does not materially and adversely affect the performance of the Electronic
 Services or significantly lessen their utility to the Fund. If in the Trust's judgment, such
 replacement or modification does materially adversely affect the performance of the Electronic
 Services or significantly lessen their utility to the Trust or Fund, the Trust may terminate
 all rights and responsibilities under this <u>Exhibit G</u> immediately on written notice
 to USBGFS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Because the ability of USBGFS to deliver
 Electronic Services is dependent upon the Internet and equipment, software, systems, data
 and services provided by various telecommunications carriers, equipment manufacturers, firewall
 providers and encryption system developers and other vendors and third parties, USBGFS shall
 not be liable for delays or failures to perform its obligations hereunder to the extent that
 such delays or failures are attributable to circumstances beyond its reasonable control which
 interfere with the delivery of the Electronic Services by means of the Internet or any of
 the equipment, software and services which support the Internet provided by such third parties.
 USBGFS shall also not be liable for the actions or omissions of any third party wrongdoers
 (i.e., hackers not employed by USBGFS or its affiliates) that cause a disruption of the Electronic
 Services, unless USBGFS did not exercise reasonable care in following commercial standards
 to protect the Electronic Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. USBGFS shall not be responsible for the
 accuracy of input material from End Users nor the resultant output derived from inaccurate
 input.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. Certain Electronic Services may permit
 the Trust or the Fund to provision End Users. If the Trust or the Fund undertake to provision
 End Users, the Trust or the Fund, as applicable, shall be solely responsible for providing
 access to End Users, removing access for End Users, and for maintaining appropriate safeguards
 over access credentials for End Users. USBGFS shall not be responsible for any unauthorized
 or improper use of the Electronic Services by such End Users or by any other person accessing
 the Electronic Services through the action or inaction of the Trust, the Fund, or such End
 Users.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. Notwithstanding anything to the contrary
 contained herein, USBGFS shall not be obligated to ensure or verify the accuracy or actual
 receipt, or the transmission, of any data or information contained in any transaction via
 the Electronic Services or the consummation of any inquiry or transaction request not actually
 reviewed by USBGFS. USBGFS is entitled to reasonably presume that all information and transaction
 requests submitted through the Electronic Services are genuine in the absence of actual information
 to the contrary. USBGFS will not be liable for any loss, liability, cost or expense for reasonably
 following instructions communicated through the Electronic Services, including fraudulent
 or unauthorized instructions.

**8.** **Warranties** 

EXCEPT AS OTHERWISE PROVIDED IN THIS EXHIBIT, THE ELECTRONIC SERVICES ARE PROVIDED BY USBGFS "AS IS" ON AN "AS-AVAILABLE" BASIS WITHOUT WARRANTY OF ANY KIND, AND USBGFS EXPRESSLY DISCLAIMS ALL WARRANTIES, EXPRESS OR IMPLIED, WITH RESPECT TO THE ELECTRONIC SERVICES INCLUDING, WITHOUT LIMITATION, WARRANTIES OF MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE AND WARRANTIES ARISING FROM COURSE OF DEALING OR COURSE OF PERFORMANCE.

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

In the event of termination of the services provided pursuant to this <u>Exhibit G,</u> (i) End Users will no longer be able to access the Electronic Services and (ii) the applicable Funds will, to the extent reasonably technically practicable and permitted by applicable law, return all codes, system access mechanisms, programs, manuals and other written information provided to it by USBGFS in connection with the Electronic Services provided hereunder, and shall destroy or erase all such information on any diskettes or other storage medium, except to the extent a Fund is required to keep copies of such records under applicable law.

## Ex-99.(H)(2)

**Exhibit 99.(h)(2)**

**Commonwealth Fund Services, Inc.**

![](tm2525602d3_ex99-xhx2img001.jpg)

**FUND SERVICES AGREEMENT**

Co-Administration Services

Between

**Commonwealth Fund Services, Inc.**

**and**

**Truth Social Funds**

**October 29, 2025**

Exhibit A – Series Portfolios

Exhibit B – Co-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 Truth Social Funds, a statutory trust organized and existing under the laws of the State of Ohio (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 or 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 co-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.** | **<u>Appointment</u>.** |

---

The Trust hereby appoints CFS as co-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 co-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.** | **<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) 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) 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, moratorium and other laws of general application affecting the rights and remedies of creditors and securities

parties.

---

| | |
|:---|:---|
| **Section 3.** | **<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) It is a statutory trust duly organized and existing and in good standing under the laws of the state of Ohio;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) 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) 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) 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) 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) 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.** |  **<u>Trust Reports to CFS Delivery of Documents and Other Materials</u>.** |

---

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.

---

| | |
|:---|:---|
| **Section 5.** |  **<u>Services Provided by CFS</u>.** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) 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 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.

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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Administrative Services</u> – set forth in Exhibit B.

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) 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.

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| | |
|:---|:---|
| **Section 6.** |  **<u>Compensation and Expenses</u>** |

---

(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.

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 expenses incurred in connection with this paragraph must be pre-approved by the Board, in writing, prior to any reimbursement.

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <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 thirty (30)

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 1.5%.

---

| | |
|:---|:---|
| **Section 7.** |  **<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.

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.

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.** | **<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 exercise reasonable care, 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' refusal or failure to comply with the terms of this Agreement (other than where such compliance would violate applicable law) or from its 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 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.

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 the terms of this Agreement; 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;(b) Limitations
 on Liability.

&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 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;(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 reasonably 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;(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;(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;(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.

&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;(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;(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,
 except to the extent such loss or damage results from the gross negligence or willful misconduct
 of CFS.

&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.

&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.

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.

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| | |
|:---|:---|
| **Section 9.** |  **<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 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.

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, 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.

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.

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| | |
|:---|:---|
| **Section 10.** | **<u>Term and Termination</u>.** |

---

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").

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.** |  **<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:

Truth Social Funds

8730 Stony Point Parkway, Suite 205

Richmond, Virginia 23235

Attention: President

With copy to:

Practus, LLP

11300 Tomahawk Creek Parkway, Suite 310

Leawood, Kansas 66211

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."

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| | |
|:---|:---|
| **Section 12.** | **<u>Assignment.</u>** |

---

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.** |  **<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.** | **<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.** |  **<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, pandemics, 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.** |  **<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.** |  **<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.** | **<u>Headings.</u>** |

---

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.** | **<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.** | **<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.** | **<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.** | **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.** | **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.** | **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.** | **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.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| ***\**** | ***\**** | ***\**** | ***\**** | ***\**** | ***\**** | ***\**** | ***\**** |
|  |  | ***Signature Page Follows*** | ***Signature Page Follows*** | ***Signature Page Follows*** | ***Signature Page Follows*** |  |  |
| ***\**** | ***\**** | ***\**** | ***\**** | ***\**** | ***\**** | ***\**** | ***\**** |

---

**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.

COMMONWEALTH FUND SERVICES, INC.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By: | /s/ Karen M. Shupe | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Date: October 29, 2025 |

---

Print Name: Karen M. Shupe

Title: Managing Director

TRUTH SOCIAL FUNDS

WITH RESPECT TO THE FUNDS IDENTIFIED ON EXHIBIT A

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By: | /s/ David A. Bogaert | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Date: October 29, 2025 |

---

Print Name: David A. Bogaert

Title: President

***EXHIBIT A***

***to***

***Fund Services Agreement***

**<u>List of Funds</u>**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Fund Name** | &nbsp;&nbsp;**Effective Date** | &nbsp;&nbsp;**End Date of**<br>&nbsp;&nbsp;**Initial Term** |
| &nbsp;&nbsp;Truth Social American Security & Defense ETF | &nbsp;&nbsp;November 1, 2025 | &nbsp;&nbsp;October 31, 2027 |
| &nbsp;&nbsp;Truth Social American Next Frontiers ETF | &nbsp;&nbsp;November 1, 2025 | &nbsp;&nbsp;October 31, 2027 |
| &nbsp;&nbsp;Truth Social American Icons ETF | &nbsp;&nbsp;November 1, 2025 | &nbsp;&nbsp;October 31, 2027 |
| &nbsp;&nbsp;Truth Social American Energy Security ETF | &nbsp;&nbsp;November 1, 2025 | &nbsp;&nbsp;October 31, 2027 |
| &nbsp;&nbsp;Truth Social American Red State REITs ETF | &nbsp;&nbsp;November 1, 2025 | &nbsp;&nbsp;October 31, 2027 |

---

**EXHIBIT B**

**To**

**Fund Services Agreement**

**<u>Co-Administrative Services</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Subject
 to the direction and control of the Board of Trustees (the "Board") of the Trust,
 CFS shall manage certain aspects of each Fund's operations 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Prepare
 and assist with reports for the Board as may be mutually agreed upon by the parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Assist
 in the preparation of 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Assist
 in the preparation of the annual Trustees' and Officers' questionnaires.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Assist
 in the maintenance of general Board calendars and regulatory filings calendars.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. As mutually
 agreed to by the parties, prepare updates to and maintain copies of the Trust's trust
 instrument and by-laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Advise
 the Trust and the Board on certain matters as they may arise concerning each Fund and its
 affairs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. 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 as may
 be required by regulatory agencies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. Board
 meeting facility coordination, including travel, dinner arrangement, etc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. Board
 meeting agenda compilation and review in conjunction with Trust counsel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. Participate
 in the review of board meeting minutes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. Provide
 certain Trust officers such as President, PEO and PFO for certifying Trust documents, and
 assistant secretaries as needed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. Perform
 any other such tasks as deemed necessary by the Board of Trustees and/or Trust Counsel to
 facilitate common board governance.

## Ex-99.(H)(3)

**Exhibit 99.(h)(3)**

**T MEDIA TECH LLC**

**<u>AMENDED & RESTATED LICENSE AGREEMENT</u>**

This Amended & Restated License Agreement ("<u>Agreement</u>"), dated as of November 19, 2025 (the "<u>Effective Date</u>"), is entered into by and between T Media Tech LLC ("<u>T Media</u>"), a Florida limited liability company, having an office at 401 N. Cattlemen Rd., Ste. 200, Sarasota, FL 34232, and Yorkville America, LLC, and each of its subsidiaries , Yorkville America Equities, LLC and Yorkville America Digital, LLC (collectively, "<u>Licensee</u>"), each having an office at 1012 Springfield Avenue, Mountainside, NJ 07092.

**WHEREAS**, T Media owns the rights to, and engages in a variety of business activities in connection with, the names and other intellectual property listed in **<u>Exhibit A</u>**, as such Exhibit may be amended and updated from time to time by written notice from T Media to Licensee (the "<u>T Media IP</u>");

**WHEREAS**, T Media uses in commerce and owns trade name, trademark and service mark rights related to certain of the T Media IP (such rights are hereinafter individually and collectively referred to as the "<u>Marks</u>");

**WHEREAS**, Licensee wishes to use the T Media IP in connection with the branding and launch of certain investment products, including any underlying indexes (each, a "<u>Product</u>" and together, the "<u>Products</u>");

**WHEREAS**, Licensee wishes to use the T Media IP to sponsor, issue, establish, organize, structure, operate, manage, offer, sell, market, promote, write, list, trade, exchange and distribute (collectively "<u>sponsor</u>" or "<u>sponsoring</u>") the Products and to make disclosure about the Products under applicable laws, rules and regulations;

**WHEREAS**, Licensee wishes to obtain T Media's authorization to use the T Media IP and refer to such T Media IP and the Marks in connection with the Products;

**WHEREAS**, in furtherance of the foregoing, the parties previously entered into that certain License Agreement, dated February 4, 2025 (the "<u>License Agreement</u>"); and

**WHEREAS**, Licensee has since negotiated a sublicense with an index provider for the use of certain T Media IP in the name of the indexes;

**WHEREAS**, the index provider has requested revisions to certain requirements of the License Agreement;

**WHEREAS**, Licensee wishes to obtain T Media's authorization to revise the terms of the License Agreement in accordance of the terms of the index provider sublicense.

**WHEREAS**, the parties desire to amend and restate the License Agreement as set forth herein, and accordingly this Agreement shall supersede and replace the License Agreement in its entirety.

**NOW, THEREFORE**, the parties hereto agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Grant of License</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to the terms and conditions of this Agreement, T Media grants to Licensee a non-transferable license (i) to use one or more of the T Media IP as the basis, or as a component, of the Products to sponsor the Products; and (ii) to use and refer to the T Media IP and the Marks in the names of the Products, including in the name of any underlying index; (iii) to combine the T Media IP with other marks in the names of the Products, including in the name of any underlying index, as more fully provided in Section 9; and (iv) to make such disclosures about the Products or indexes as Licensee deems necessary, electronically or otherwise, under any applicable laws, rules or regulations. The license granted under this Section 1(a) shall be exclusive (even as to T Media) with respect to investment products of all kinds and natures, including without limitation exchange-traded funds, separately-managed accounts, mutual funds, exchange-traded products and variable annuities, and T Media shall not itself use or grant to any third party any right or license to use the T Media IP or Marks, or any trademarks, service marks, brands, logos or trade names that are similar to or derivative of any Marks, in connection with or to sponsor any investment products. Licensee shall not disseminate electronically or in any other fashion to any third party any information related to the

T Media IP that is designated in writing as "Confidential" or "Proprietary" by T Media (except as provided in Paragraph 8(c) below).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Licensee shall have a right to sublicense any or all of the rights granted hereunder to (i) any affiliate of Licensee, and such affiliate will have the power to further sublicense those rights to third parties pursuant to Section 1(b)(iii) of this Agreement; (ii) any of the Products, and the Products will have the power to further sublicense those rights to third parties pursuant to Section 1(b)(iii) of this Agreement; and (iii) to third parties in furtherance of sponsoring the Products, including without limitation any index provider, provided that such third parties will not have the further power to sublicense those rights to any other third parties. Licensee shall require any such sublicensee to comply with Licensee's obligations under this Agreement and shall remain obligated under the terms of the Agreement with respect to any actions taken by the sublicensee pursuant to any sublicense. No further license shall be required from T Media of any securities exchange, stock market or other entity to list and trade the Products in accordance with the terms and conditions set forth herein. The parties shall determine the timing of the launch of each Product in good faith in accordance with **<u>Schedule 1</u>**. Licensee shall have no obligation to launch any Product. After a Product is launched, Licensee may terminate the Product or the Products' use of any T Media IP at any time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Licensee shall not knowingly take or permit any action that will cause material damage or harm to the reputation or goodwill of T Media.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Licensee will initiate appropriate regulatory filings with respect to each of the Products, including any indexes. Licensee shall have the sole obligation to comply with all applicable federal, state and local laws with respect to sponsoring the Products or in the event of a license to an index provider, with respect to the relevant indexes..

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Term</u>

The term of the license granted hereunder commenced on February 4, 2025 and shall continue for five (5) years (the "Init<u>ial Term").</u> Upon expiration of the Initial Term, this Agreement shall automatically renew for additional subsequent five (5) year terms (each, a "<u>Renewal Term</u>") provided that either party may provide written notice of non-renewal if aggregate assets under management in the Products do not exceed $250.0 million as of the end of the Initial Term and the then-current Renewal Term.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>License Fees</u>

Licensee shall pay T Media a license fee with respect to the T Media IP. The license fee shall be paid within thirty (30) days from the last day of each quarter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Termination</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In the case of breach of any of the material terms and conditions of this Agreement by either party, the non-breaching party may terminate this Agreement by giving sixty days' prior written notice of its intent to terminate, and such notice shall be effective on the date of such termination (at the option of the non-breaching party) unless the breaching party shall correct such breach within the notice period or, if the breach is not capable of being cured within such sixty day period, unless the breaching party has undertaken to correct such breach and diligently prosecutes such correction until completion; provided that such cure period shall not exceed one hundred twenty days in total.

&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) Licensee may terminate this Agreement with respect to any Product upon sixty days written notice to T Media if Licensee is informed of the final adoption of any legislation or regulation that materially impairs Licensee's ability to offer, sell, distribute, write, market or promote any such Product.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Rights Upon Termination</u>

Upon termination of this Agreement, Licensee shall cease to use the T Media IP and cease referring to the T Media IP and the Marks, including any "Composite Mark" as such term is defined herein, with respect to the Products.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Product Promotion; Quality Control</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Licensee shall use commercially reasonable efforts to protect the goodwill and reputation of T Media in connection with its use of the T Media IP and the Marks under this Agreement. Licensee shall submit to T Media for its preview and approval all of the advertisements, brochures, and promotional and information material related to each Product (other than price quotations for a Product or any index documentation complied for regulatory purposes as well as any information directly derived from the index methodology guide that has been preapproved by T Media) (collectively "<u>Informational Materials</u>") relating to or referring to T Media, the T Media IP or the Marks. T Media shall notify Licensee of any approval or disapproval within five (5) business days, except for the indexes listed on Exhibit B, which are deemed to be approved. T Media's approval shall be confined solely to the use of or description of T Media, the T Media IP and the Marks, shall not be unreasonably withheld or delayed by T Media.

&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) T Media is not obligated to engage in any marketing or promotional activities in connection with the Products or in making any representation or statement to investors or prospective investors in connection with the promotion by Licensee of the Products.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Except with respect to a sublicense to an index provider (which is addressed below), Licensee acknowledges and agrees that T Media, in granting the permission contained in this Agreement, does not express or imply any approval of the Products or of Licensee and Licensee further agrees not to make any statement which expresses or implies that T Media approves, endorses or consents to the promotion, marketing, and arrangement by Licensee of the Products or that T Media makes any judgment or expresses any opinion in respect of the Licensee. With respect to a sublicense to an index provider, Licensee acknowledges and agrees that (a) T Media and its affiliates do not sponsor and/or endorse, and/or promote any indexes, (b) T Media provides the index provider the ability to use its marks in the indexes and respective index disclosures, and (c) T Media is not an investment advisor, and it makes no representation regarding the indexes

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Quality Control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) <u>Quality Standards</u>. Licensee acknowledges and is familiar with the high standards and reputation for quality of T Media symbolized by the Marks, and Licensee shall conduct its business and use the Marks in a manner at least consistent with such quality standards and reputation applicable in the relevant industry.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) <u>Use of the Marks</u>. Where commercially reasonable to do so, Licensee shall use proper notice symbols and legends as may be required under applicable law to maintain the Marks and T Media's rights therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) <u>Quality Control</u>. T Media may exercise quality control over uses of the Marks under this Agreement to maintain the validity of the Marks and protect the goodwill associated therewith. For the purpose of monitoring Licensee's compliance with T Media's quality standards and the other requirements set forth in this Section 6, at T Media's reasonable request and at T Media's expense, T Media (or its representative) ask for additional information related to Licensee or its sublicensee's use of the Marks as authorized herein, including with respect to its operations or to perform reasonable due diligence on reasonable notice and during normal business hours. Licensee acknowledges and agrees that T Media may reasonably rely on Licensee to perform any inspection or review necessary to ensure Licensee's and its sublicensees' compliance with T Media's quality standards and the other requirements set forth in this Section 6.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Protection of Value of License</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Licensee shall cooperate reasonably with T Media in the maintenance of all T Media common law and statutory rights in connection with the T Media IP and the Marks, including copyrights and other proprietary rights, and shall take such acts and execute such instruments as are reasonably necessary and appropriate for such purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Licensee shall not refer to the T Media IP in any manner which might cause confusion as to T Media's ownership of such T Media IP or as to the identity of Licensee and its relationship to the Products, or in the case of an index, the index.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Proprietary Rights</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Licensee acknowledges that the T Media IP and the Marks are the exclusive property of T Media.

&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) T Media reserves all rights with respect to the T Media IP and the Marks except those expressly licensed to Licensee 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;(c) Each party shall treat as confidential and shall not disclose or transmit to any third party (except for permitted sublicensees pursuant to Section 1(b)) any confidential and proprietary information of the other party, including the terms of this Agreement or (in the case of T Media) Informational Materials submitted to T Media pursuant to paragraph 6(a) hereof, provided that the documentation or other written materials containing such information are designated as "Confidential" or "Proprietary" by the providing party or should otherwise by its nature be understood to be confidential and such information is not available generally to the public or otherwise available to the receiving party from a source other than the providing party on a non-confidential basis. Notwithstanding the foregoing, Licensee or its affiliates may publish daily through the National Securities Clearing Corporation for distribution to NSCC members only and through Bloomberg L.P., Morningstar, Refinitiv (LSEG), Confluence, MSCI, FactSet, S&P or some other organization mutually agreed upon by the parties hereto, by electronic or in other means, each Product's daily market basket (including each Product's constituents and weights); *provided, however*, that T Media may withdraw any such distribution approval in the event that such distribution materially adversely affects other T Media business initiatives. In addition, if requested or required (by interrogatories, requests for information or documents, subpoena, or other process) either party may reveal such information if such information to be disclosed is (i) approved in writing by the other party for disclosure or (ii) required by law, regulatory agency or court order to be disclosed by a party, provided, to the extent permitted by applicable law, prior written notice of such required disclosure is given to the other party. In addition, except with respect to disclosure made pursuant to (i) and (ii) in the immediately preceding sentence, each party shall treat as confidential the terms of this Agreement. The provisions of this paragraph shall survive any termination of this Agreement for five (5) years from the effective date of the termination or expiration of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Ownership and Protection of Composite Marks</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) T Media consents the use of the T Media IP and the Marks in conjunction with (a) the Licensee's own trademark(s) by Licensee; (b) the trademarks of a sublicensee, and with any marks sublicensed by such sublicensee; and (c) the trademarks of Licensee combined with the trademarks of any sublicensee (each, a "<u>Composite Mark</u>"). Licensee will use T Media approved T Media IP and Marks in the Composite Mark.

&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) Each Composite Mark shall be owned by T Media, and shall be part of the Intellectual Property of T Media and included in the Marks as defined herein. With respect to any such Composite Mark: (i) T Media shall not register or apply for registration of such mark; (ii) T Media shall not use such mark without Licensee's, prior written consent, or in the case of a sublicensee, such sublicensee's prior written consent, which shall not be unreasonably withheld; and (iii) after termination or expiration of this Agreement, T Media shall discontinue use of any Composite Mark and, as applicable and upon Licensee's written request, disclaim ownership rights in Licensee's or any sublicensee's own trademark(s) forming a part of such mark and shall assign to Licensee or any sublicensee any rights in their respective trademark(s) forming a part of such mark and the goodwill associated therewith that T Media might have acquired during the Term. Notwithstanding the foregoing, T Media acknowledges that Licensee may sublicense T Media marks to an index provider for use in some, but not all, of the index names provided by such index provider. In such an event, T Media shall not own any composite marks in an index name except where a specific index does in fact include T Media marks in combination with another mark. For the sake of clarification, the third party marks shall not be regarded as Composite Mark.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Warranties; Disclaimers</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) T Media represents and warrants that T Media is the owner of rights granted to Licensee herein and that, to T Media's knowledge, use of the T Media IP and the Marks as provided herein shall not infringe any trademark, service mark, copyright, other proprietary right, or contractual right of any person not a party to 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) Except with respect to a sublicense to an index provider, which is addressed in the following section, Licensee agrees expressly to be bound itself by and furthermore to include all of the following disclaimers and limitations in the prospectus and any contract(s) relating to each Product and upon request to furnish a copy (copies) thereof to T Media:

This fund is not sponsored, endorsed, sold or promoted by T Media or any affiliate of T Media. Neither T Media nor any other party makes any representation or warranty, express or implied, to the owners of this fund or any member of the public regarding the advisability of investing in funds generally or in this fund particularly. T Media is the licensor of certain trademarks, service marks and trade names of T Media. T Media is not responsible for and has not participated in the determination of the timing of, prices at, or quantities of this fund to be issued or in the determination or calculation of the equation by which this fund is redeemable for cash. Neither T Media nor any other party has any obligation or liability to owners of this fund in connection with the administration, marketing or trading of this fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) With respect to an index provider, License agrees expressly to be bound itself by and furthermore to include all of the following disclaimers and limitations in any use of the Marks, including without limitation in any index guide, Informational Materials, online usages or any contract(s) relating to each index and upon request to furnish a copy (copies) thereof to T Media.

T Media Tech LLC and its affiliates ("T Media") do not sponsor, endorse, sell or promote, or manage any [NAME OF INDEX PROVIDER]-administered Indexes. T Media is not an investment advisor, and it makes no representation regarding the advisability of investing in any investment fund or other investment vehicle that is offered by third parties and that seeks to provide an investment return based on the performance of any index tracking these indexes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Licensee agrees expressly to be bound itself by and furthermore to include all of the following disclaimers and limitations in any index guide, Informational Materials (other than the prospectus), online usages or any contract(s) relating to each index relating to the Products and upon request to furnish a copy (copies) thereof to T Media:

[LIST OF LICENSED MARK(S)] are service marks of T Media and have been licensed for use by [Yorkville America, LLC][Name of Sublicensee]. The Funds are not sponsored, endorsed, sold or promoted by T Media. Nor does T Media make any representation regarding the advisability of investing in any the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) T Media represents and warrants that it has the authority to enter into this Agreement according to its terms and that its performance does not violate any laws, regulations or agreements applicable to it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Licensee represents and warrants that it has the authority to enter into this Agreement and that its performance does not violate any applicable laws, regulations or agreements, including but not limited to banking, commodities and securities laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Neither party shall have any liability for lost profits or consequential damages arising out of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The provisions of this Section 10 shall survive any termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <u>Indemnification</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Licensee shall indemnify and hold harmless T Media, its parent, subsidiaries, affiliates, and their officers, directors, employees, agents, successors and assigns (collectively, the "<u>T Media Indemnified Parties</u>")

against any and all judgments, damages, costs or losses of any kind (including reasonable attorneys' and experts' fees) as a result of claims or actions brought by third parties against a T Media Indemnified Party which arise from any act or omission of Licensee which constitutes a breach of this Agreement or is in any manner related to the Products (except with respect to any claim or action alleging that Licensee's or Products' use of the T Media IP and Marks violates or infringes any trademark, service mark, copyright or other proprietary right of any person not a party to this Agreement); provided, however, that (i) T Media notifies Licensee promptly of any such claim or action (provided further that any failure or delay in providing such notice shall not relieve Licensee of its obligations except to the extent that the defense of such claim is materially prejudiced thereby), and (ii) Licensee shall have no liability to the T Media Indemnified Parties to the proportional extent that such judgments, damages, costs or losses are attributable to any breach of the Agreement, negligent act or omission by a T Media Indemnified Party. Licensee shall control and shall bear all expenses in connection with the defense and/or settlement of any such claim or action. T Media shall have the right, at its own expense, to participate in the defense of any claim or action against which it is indemnified hereunder; provided, however, it shall have no right to control the defense, consent to judgment, or agree to settle any such claim or action, without the written consent of Licensee. Licensee, in the defense of any such claim, except with the written consent of T Media, shall not consent to entry of any judgment or enter into any settlement which (i) does not include, as an unconditional term, the grant by the claimant to the T Media Indemnified Parties of a release of all liabilities in respect of such claims or (ii) otherwise adversely affects the rights of the T Media Indemnified Parties. This provision shall survive the 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;(b) T Media shall indemnify and hold harmless Licensee, the Products, their parent, subsidiaries, affiliates, and their officers, directors, employees, agents, successors and assigns (collectively, the "<u>Licensee Indemnified Parties</u>") against any and all judgments, damages, costs or losses of any kind (including reasonable attorneys' and experts' fees) as a result of claims or actions brought by third parties against a Licensee Indemnified Party which arise from any act or omission of T Media which constitutes a breach of this Agreement or alleging that Licensee's or Products' use of the T Media IP and Marks violates or infringes any trademark, service mark, copyright or other proprietary right of any person not a party to this Agreement; *provided, however*, that (i) Licensee notifies T Media promptly of any such claim or action (provided further that any failure or delay in providing such notice shall not relieve T Media of its obligations except to the extent that the defense of such claim is materially prejudiced thereby), and (ii) T Media shall have no liability to the Licensee Indemnified Parties to the proportional extent that such judgments, damages, costs or losses are attributable to any breach of the Agreement, negligent act or omission by a Licensee Indemnified Party. T Media shall control and shall bear all expenses in connection with the defense and/or settlement of any such claim or action. Licensee shall have the right, at its own expense, to participate in the defense of any claim or action against which it is indemnified hereunder; provided, however, it shall have no right to control the defense, consent to judgment, or agree to settle any such claim or action, without the written consent of T Media. T Media, in the defense of any such claim, except with the written consent of Licensee, shall not consent to entry of any judgment or enter into any settlement which (i) does not include, as an unconditional term, the grant by the claimant to the Licensee Indemnified Parties of a release of all liabilities in respect of such claims or (ii) otherwise adversely affects the rights of the Licensee Indemnified Parties other than with respect to the rights granted licensee under this Agreement. This provision shall survive the termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. <u>Force Majeure</u>

Neither T Media nor Licensee shall bear responsibility or liability for any losses arising out of any delay in or interruptions of their respective performance of their obligations under this Agreement due to any act of God, act of governmental authority, act of the public enemy, or due to war, alien invasion, riot, fire, flood, civil commotion, insurrection, labor difficulty (including, without limitation, any strike, or other work stoppage or slowdown), or other cause beyond the reasonable control of the party so affected, provided that such party had exercised due diligence as the circumstances reasonably required.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. <u>Other Matters</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement is solely and exclusively between the parties as now constituted and, unless otherwise provided, shall not be assigned or transferred by either party, without prior written consent of the other party, which shall not be unreasonably withheld, and any attempt to so assign or transfer this Agreement without such written consent shall be null and void. Notwithstanding the foregoing, this Agreement may be assigned by T Media to its parent or any of its subsidiaries or affiliates without the consent of Licensee.

&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) This Agreement constitutes the entire agreement of the parties hereto with respect to its subject matter and may be amended or modified only by a writing signed by duly authorized officers of both parties. This Agreement supersedes all previous agreements between the parties with respect to the subject matter of this Agreement. There are no oral or written collateral representations, agreements, or understandings except as provided herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) No breach, default, or threatened breach of this Agreement by either party shall relieve the other party of its obligations or liabilities under this Agreement with respect to the protection of the property or proprietary nature of any property that is the subject 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;(d) All notices and other communications under this Agreement shall be (i) in writing, (ii) delivered by hand or by registered or certified mall, return receipt requested, to the addresses set forth below or such addresses as either party shall specify by a written notice to the other and (iii) deemed given upon receipt.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) This Agreement shall be interpreted, construed and enforced in accordance with the laws of the State of Florida, without regard to its conflict of laws principles.

<u>Notice to T Media:</u> T Media Tech LLC

401 N. Cattlemen Rd.

Suite 200

Sarasota, Florida 34232

<u>Attn:</u> Devin Nunes

<u>Notice to Licensee:</u> Yorkville America, LLC

1012 Springfield Avenue

Mountainside, NJ 070921918

<u>Attn.</u> Troy Rillo

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) This Agreement may be executed in several counterparts, each of which shall be deemed an original and all of which together shall constitute on and the same instrument.

**[SIGNATURE PAGE IMMEDIATELY FOLLOWS]**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **T MEDIA TECH LLC** | **T MEDIA TECH LLC** | **YORKVILLE AMERICA, LLC** | **YORKVILLE AMERICA, LLC** | **YORKVILLE AMERICA, LLC** |
| By: | /s/ Devin Nuness | /s/ Devin Nuness | By: |  |  |
|  | Name: | Devin Nunes |  | Name: | Troy Rillo |
|  | Title: | CEO |  | Title: | CEO |
|  | Date: | <u>11/20/2025</u> |  | Date: | <u> </u> |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **T MEDIA TECH LLC** | **T MEDIA TECH LLC** | **YORKVILLE AMERICA, LLC** | **YORKVILLE AMERICA, LLC** | **YORKVILLE AMERICA, LLC** |
| By: |  |  | By: | /s/ Troy Rillo | /s/ Troy Rillo |
|  | Name: | Devin Nunes |  | Name: | Troy Rillo |
|  | Title: | CEO |  | Title: | CEO |
|  | Date: | <u> </u> |  | Date: | <u>11/19/2025</u> |

---

**<u>SCHEDULE 1</u>**

**Product Launches**

The Licensee shall present an annual business plan to T Media within 60 days of February 4, 2025, and within 30 days of each anniversary thereafter. Each business plan will specify the Product launch plan for the next year. The Licensee may update a business plan periodically with proposed modifications, subject to approval by T Media. The Licensee will use reasonable commercial efforts to meet the annual business plan (as periodically amended).

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

**List of the T Media IP:**

---

| |
|:---|
| 1. |
| 7. |

---

9. 12

**EXHIBIT B**

**<u>INITIAL LIST OF INDEXES</u>**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Index | &nbsp;&nbsp;Index | &nbsp;&nbsp;Ticker |
| &nbsp;&nbsp;1. | &nbsp;&nbsp;Truth Social™ - Yorkville American Icons Index | &nbsp;&nbsp;TSICON |
| &nbsp;&nbsp;2. | &nbsp;&nbsp;Truth Social™ - Yorkville American Security & Defense Index | &nbsp;&nbsp;TSADEF |
| &nbsp;&nbsp;3. | &nbsp;&nbsp;Truth Social™ - Yorkville American Energy Security Index | &nbsp;&nbsp;TSENS |
| &nbsp;&nbsp;4. | &nbsp;&nbsp;Truth Social™ - Yorkville American Next Frontiers Index | &nbsp;&nbsp;TSFRNT |
| &nbsp;&nbsp;5. iREIT- MarketVector Red REITs Index | &nbsp;&nbsp;5. iREIT- MarketVector Red REITs Index | &nbsp;&nbsp;IRED |

---

## Ex-99.(I)(1)

**Exhibit 99.(i)(1)**

![](tm2525602d3_ex99-xix1img001.jpg)

JOHN H. LIVELY, Managing Partner

john.lively@practus.com

11300 Tomahawk Creek Pkwy., Suite 310

Leawood, KS 66211

(913) 660-0778

December 23, 2025

Truth Social Funds

8730 Stony Point Parkway, Suite 205

Richmond, Virginia 23235

---

| | |
|:---|:---|
| **RE:** | **Opinion of Counsel regarding the Registration Statement filed on Form N-1A under the Investment Company Act of 1940, as amended (the "1940 Act"), and Securities Act of 1933, as amended (the "Securities Act") (File Nos. 333-29289 and 811-08255)** |

---

Ladies and Gentlemen:

We have acted as counsel to Truth Social Funds (the "Trust"), a business trust organized under the laws of the state of Ohio 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 Truth Social American Security & Defense ETF, Truth Social American Next Frontiers ETF, Truth Social American Icons ETF, Truth Social American Energy Security ETF, and Truth Social American Red State REITs ETF, each a new series of the Trust (each a "Fund" and collectively the "Funds").

We understand that the Amendment is being filed with the Commission pursuant to the requirements of the Securities Act and that our opinion is required to be filed as an exhibit to the Registration Statement.

In reaching the opinions set forth below, we have examined, among other things, copies of the Trust's Certificate of Trust, Agreement and Declaration of Trust, applicable resolutions of the Board of Trustees, and originals or copies, certified or otherwise identified to our satisfaction, of such other documents, records and other instruments as we have deemed necessary or advisable for purposes of this opinion. We have also examined the prospectus and statement of additional information for the Funds, substantially in the form in which they are being filed in the Amendment (collectively, the "Prospectus").

As to any facts or questions of fact material to the opinions set forth below, we have relied exclusively upon the aforesaid documents and upon representations and declarations of the officers or other representatives of the Trust. We have made no independent investigation whatsoever as to such factual matters.

The Prospectus provides for issuance of the Shares from time to time at the net asset value thereof. 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;&nbsp;&nbsp;&nbsp;&nbsp;(a) 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all representations, warranties, certifications and statements with respect to matters of fact and other factual information (i) made by public officers, or (ii) made by officers or representatives of the Trust are accurate, true, correct and complete in all material respects.

The Ohio Business Trust Act provides that shareholders of the Trust shall be entitled to the same limitation on personal liability as is extended to shareholders of an Ohio corporation under the Ohio Revised Code. There is a remote possibility, however, that, under certain circumstances, shareholders of an Ohio business 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;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) 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

We express no opinion as to any other matters other than as expressly set forth above and no other opinion is intended or may be inferred herefrom. The opinions expressed herein are given as of the date hereof and we undertake no obligation and hereby disclaim any obligation to advise you of any change after the date of this opinion pertaining to any matter referred to herein.

We consent to the filing of this opinion as an exhibit to the Registration Statement 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 |

---

![](tm2525602d3_ex99-xix1img002.jpg)<sub>2</sub>

Practus, LLP

![](tm2525602d3_ex99-xix1img002.jpg)<sub>3</sub>

## Ex-99.(M)(1)

**Exhibit 99.(m)(1)**

**TRUTH SOCIAL FUNDS TRUST**

**DISTRIBUTION AND SHAREHOLDER SERVICES PLAN PURSUANT TO RULE 12b-1**

**For Funds Advised by Yorkville America Equities, LLC**

**WHEREAS**, the Truth Social Funds Trust (the "Trust") a statutory trust organized and existing under the laws of the state of Ohio, 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.

**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:

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>**

Truth Social American Security & Defense ETF<br> Truth Social American Next Frontiers ETF<br> Truth Social American Icons ETF<br> Truth Social American Energy Security ETF<br> Truth Social American Red State REITs ETF

## Ex-99.(P)(1)

**Exhibit 99.(p)(1)**

**TRUTH SOCIAL FUNDS**

**CODE OF ETHICS**

**Dated: October 29, 2025**

The Truth Social Funds ("Trust") is a registered investment company under the Investment Company Act of 1940, as amended ("1940 Act"), which is authorized to issue its shares of beneficial interest in separate series representing the interests in separate funds of securities and other assets (each a "Fund" and collectively, the "Funds"). Rule 17j-1 under the 1940 Act makes it unlawful for certain persons, including trustees, officers, and other investment personnel of the Trust and any Fund of the Trust, to engage in fraudulent, manipulative, or deceptive conduct in connection with their personal trading of securities "held or to be acquired" by any Fund of the Trust. Rule 17j-1 requires the Trust, the Adviser and, in certain cases, the Distributor, as defined herein, to adopt a code of ethics and to establish procedures reasonably designed to: (i) govern the personal securities activities of Access Persons, as defined herein; (ii) with respect to those personal securities transactions, prevent the employment of any device, scheme, artifice, practice, or course of business that operates or would operate as a fraud or deceit on the Trust or any Fund; and (iii) otherwise prevent personal trading prohibited by the Rule;

The following policies, restrictions, and procedures included in this Code of Ethics are designed to prevent violations of Rule 17j-1 under the 1940 Act.

**A.** **<u>Statement of Fiduciary Principles</u>**

This Code is based on three underlying fiduciary principles:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. our duty at all times to place the interests of our shareholders first;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. the requirement that all our personal securities transactions be conducted consistent with this Code and
in such a manner as to avoid any actual or potential conflicts of interest or any abuse of an individual's position of trust and
responsibility; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. the fundamental standard that our investment personnel should not take inappropriate advantage of their positions.

**B.** **<u>Unlawful Actions</u>**

Rule 17j-1(b) under the 1940 Act makes it unlawful for any trustee, officer or other Access Person of the Trust, in connection with the purchase or sale by such person of a "security held or to be acquired" by the Trust or any Fund of the Trust:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. To employ any device, scheme, or artifice to defraud the Trust or a Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. To make to the Trust or a Fund any untrue statement of a material fact or omit to state to the Trust or
a Fund a material fact necessary in order to make the statements made, in light of the circumstances under which they are made, not misleading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. To engage in any act, practice, or course of business which operates or would operate as a fraud or deceit
upon the Trust or a Fund; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. To engage in any manipulative practice with respect to the Trust or a Fund.

**C.** **<u>Definitions</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. " <u>Access Person</u> " shall mean: (a) any trustee, director, officer, general partner,
or Advisory Person (as defined below) of the Trust or any Fund of the Trust or the Adviser thereof; or (b) any director, officer,
or general partner of a Distributor who, in the ordinary course of his or her business, makes, participates in, or obtains information
regarding the purchase or sale of securities for any Fund of the Trust for which the principal underwriter so acts or whose functions
or duties as part of the ordinary course of his or her business relate to the making of any recommendation to any Fund of the Trust regarding
the purchase and sale of securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. An " <u>Advisory Person</u> " shall mean any employee of the Trust or any Fund of the Trust
or of the Adviser (or of any company in a control relationship thereto) who, in connection with his or her regular functions or duties,
makes, participates in, or obtains information regarding the purchase or sale of securities for any Fund of the Trust or whose functions
relate to the making of any recommendations with respect to such purchases or sales, and any natural person in a control relationship
with the Trust or any Fund of the Trust or the Adviser who obtains information concerning recommendations made to any Fund of the Trust
regarding the purchase or sale of Covered Securities by the Fund and such term includes any Portfolio Manager or Investment Personnel
(as described below). A person is not an Advisory Person (or an Access Person) simply by virtue of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) normally assisting in the preparation of public reports, or receiving public reports but not receiving
information about <u>current</u> recommendations or trading; 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;(b) a single instance of obtaining knowledge of current recommendations or trading activity, or infrequently and inadvertently obtaining
such knowledge.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. " <u>Beneficial Ownership</u> " for the purposes of this Code shall be interpreted in a manner
that is consistent with Section 16 of the Securities Exchange Act of 1934, as amended ("1934 Act"), and Rule 16a-1(a)(2) thereunder,
which generally speaking, encompasses those situations in which the beneficial owner has the right to enjoy some direct or indirect "pecuniary
interest" (i.e., some economic benefit) from the ownership of a security. It also includes securities held by members of a person's
immediate family sharing the same household; provided, however, this presumption may be rebutted. The term immediate family means any
child, stepchild, grandchild, parent, stepparent, grandparent, spouse, sibling, mother-in law, father-in-law, son-in-law, daughter-in-law,
brother-in-law, or sister-in-law and includes adoptive relationships. Any report of beneficial ownership required thereunder shall not
be construed as an admission that the person making the report has any direct or indirect beneficial ownership in the Covered Securities
to which the report relates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. " <u>Board of Trustees</u> " shall mean the Board of Trustees of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. " <u>Code</u> "
shall mean this Code of Ethics of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. " <u>Control</u> " shall have the meaning set forth in Section 2(a)(9) of the 1940
Act. Control

means the power to exercise a controlling influence over the management or polices of a company, unless such power is solely the result of an official position with such company. Any person who owns beneficially, either directly or through one or more controlled companies, more than 25 percent of the voting securities of a company shall be presumed to control such company. Any person who does not so own more than 25 percent of the voting securities of any company shall be presumed not to control such company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. " <u>Covered Security</u> " means a "security" as set forth in Section 2(a)(36)
of the 1940 Act, and generally includes all securities, whether publicly or privately traded, and any option, future, forward contract
or other obligation involving a security or index thereof, including an instrument whose value is derived or based on any of the above
(i.e., a derivative). The term Covered Security also includes any separate security that is convertible into or exchangeable for or which
confers a right to purchase such security and, with respect to this Code, "single-stock" exchange-traded fund (ETFs). A Covered
Security does not include: (a) direct obligations of the U.S. Government; (b) bankers' acceptances, bank certificates
of deposit, commercial paper, and high-quality short-term debt instruments, including repurchase agreements; and (c) shares of registered
open-end investment companies, except as described above with respect to "single-stock" exchanged traded funds ("ETFs").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. " <u>Disinterested Trustee</u> " of the Trust means a Trustee of the Trust who is not an "interested
person" of the Trust within the meaning of Section 2(a)(19) of the 1940 Act. An "interested person" of the Trust
includes any person who is a trustee, director, officer, employee, or owner of 5% or more of the outstanding stock of the Adviser or principal
underwriter for any Fund of the Trust. Affiliates of brokers or dealers are also "interested persons" of the Trust, except
as provided in Rule 2a19-1 under the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. " <u>Distributor</u> " means the principal underwriter of the Trust or the Funds of the Trust
that is an affiliated person of the Trust, any Fund of the Trust or the Adviser or an officer, director or general partner of such the
principal underwriter serves as an officer, director, trustee or general partner of the Trust, any Fund of the Trust or the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. " <u>Initial Public Offering</u> " means an offering of securities registered under the Securities
Act of 1933, as amended ("1933 Act"), the issuer of which, immediately before the registration, was not subject to the reporting
requirements of Sections 13 or 15(d) of the 1934 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. " <u>Investment Personnel</u> " of a Fund or the Adviser means: (a) any employee of the
Trust or any Fund or the Adviser (or any company in a control relationship to the Trust, Fund or the Adviser) who, in connection with
his or her regular functions or duties, makes or participates in making recommendations regarding the purchase or sale of securities by
any Fund and such term includes any Portfolio Manager; or (b) any natural person who controls the Trust, Fund or the Adviser and
who obtains information concerning recommendations made to any Fund regarding the purchase or sale of securities by any Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. " <u>Limited Offering</u> " means an offering that is exempt from registration under the

1933 Act pursuant to Section 4(2) or Section 4(6) or pursuant to Rules 504, 505 or 506 under the 1933 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. " <u>Non-Covered Security</u> " shall mean those securities not included in the definition of
Covered Securities, such as: (a) direct obligations of the Government of the United States, (b) bankers' acceptances,
bank certificates of deposit, commercial paper and high quality short-term debt instruments, including repurchase agreements, (c) shares
of registered open-end investment companies, except for single stock ETFs, as noted above or (d) other securities as may be excepted
under the provisions of Rule 17j-1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. " <u>Portfolio Manager</u> " means the person (or the persons) primarily responsible for the
day-to-day management of a Fund's portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. " <u>Purchase or sale of a Covered Security</u> " includes, among other things, the writing
of an option to purchase or sell a Covered Security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. " <u>Review Officer</u> " means, with respect to the Trust, the Chief Compliance Officer of
the Trust or such other person(s) as may be designated by the Board of Trustees. The Review Officer of the Trust shall: (a) approve
transactions, receive reports and otherwise monitor compliance with this Code with respect to all Access Persons not otherwise associated
with the Adviser or the Distributor; (b) receive reports from any Compliance Officer (defined below) designated hereunder; (c) report
at least quarterly to the Board of Trustees all material violations of this Code and any Related Code (defined below) that occurred during
the past calendar quarter; and(d) report at least annually to the Board of Trustees the information listed in Section E.7.(b.)
below. The Review Officer shall initial each report required by Section E.1(a)-(c) at the time the Review Officer reviews such
report to confirm that the report was reviewed. In the event the Review Officer is considered an Access Person under this Code, a Trust
officer, other than the Review Officer, or such other person as may be designated by the Board of Trustees, shall approve transactions,
receive reports and otherwise monitor compliance with this Code with respect to the Review Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. " <u>Compliance Officer.</u> " In this regard, the Adviser and the Distributor each shall appoint
a compliance officer, which person shall be reported to the Board of Trustees as a "Compliance Officer" with respect to the
Adviser or the Distributor, as applicable. The purpose of this arrangement is for each such compliance officer of the Adviser or Distributor
to monitor compliance with this Code with respect to all Access Persons covered hereunder who are associated with the Adviser or Distributor,
as applicable, including: approving personal securities transactions and receiving reports for all Access Persons hereunder who are associated
with the Adviser or Distributor, as applicable. In turn, the Compliance Officer of the Adviser and the Distributor shall report at least
quarterly to the Review Officer all material violations of this Code, or any other code of ethics to which an Access Person may be subject
and which covers that Access Person's duties and responsibilities with respect to the Funds ("Related Code"), that occurred
during the past quarter to the extent that such violations relate to the Trust. For purposes of this Code, when "Applicable Review
Officer" is referenced, it shall mean the applicable Compliance Officer as it relates to Access Persons covered hereunder who are
associated with the Advisor or Distributor and shall mean the Review Officer with respect to the

Trust as it relates to all other Access Persons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. A Covered Security is for purposes of this Code being " <u>held or to be acquired</u> " by any
Fund if, within the most recent 7 days, the Covered Security: (a) is or has been held by a Fund; (b) is being or has been considered
by a Fund or the Adviser for purchase by the Fund; or (c) any option to purchase or sell, any Covered Security convertible into or
exchangeable for, a Covered Security described in (a) or (b) of this paragraph.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19. A Covered Security is " <u>being considered for purchase or sale</u> " when, among other things,
a recommendation to purchase or sell a security for a Fund has been made and communicated and, with respect to the person making the recommendation,
when such person seriously considers making such a recommendation.

**D.** **<u>Statement of General Principles on Personal Investment Activities</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>No Violations of Rule 17j-1</u>. It is the policy of the Trust that no Access Person of the Trust
or of a Fund shall engage in any act, practice or course of conduct that would violate the provisions of Rule 17j-1(b) or this
Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Blackout Periods</u>. The price paid or received by a Fund for any investment should not be affected
by a buying or selling interest on the part of an Access Person, or otherwise result in an inappropriate advantage to the Access Person.
To that end:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) No
Access Person shall enter an order for the purchase or sale of a security (1) if,
to his/her actual knowledge, any Fund within the Trust's family of investment companies has a pending buy or sell order on
that same security until after the Fund's order is executed or withdrawn; and (2) if,
to his/her actual knowledge, such security is being considered for purchase or sale by any Fund within the Trust's family of
investment companies; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Investment Personnel may not buy or sell a security within 3 days before and after the Advisor's
particular Fund trades in the security, unless the transaction has been approved by the Applicable Review Officer.

Provided, however, that the above prohibitions shall not apply to Disinterested Trustees except if they have actual knowledge of trading by any Fund. The above prohibition shall also not apply to Access Persons of a particular Fund who do not, in the ordinary course of fulfilling their official duties, have access to current information regarding the purchase and sale of securities for that Fund; provided that securities investments effected by such Access Persons during the prescribed periods are not effected with knowledge of the purchase or sale of the same or equivalent securities by that Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Disclosure of Interested Transactions.</u> No Access Person shall recommend any transactions with respect
to a Covered Security by any Fund of the Trust without first disclosing his or her interest, if any, in such Covered Securities or the
issuer thereof, to the applicable Review Officer or the appropriate investment team members (as described in the appropriate Related Code).
The appropriate Review Officer shall

then conduct an independent review of the recommendation to purchase the security for clients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Initial Public Offerings ("IPOs")</u>. No Investment Personnel shall acquire, directly
or indirectly, any Beneficial Ownership in any IPO with respect to any security without first obtaining prior approval of the Applicable
Review Officer for that Investment Personnel, which Applicable Review Officer: (a) has been provided by such Investment Personnel
with full details of the proposed transaction; and (b) has concluded, after consultation
with other Investment Personnel of the Trust or the relevant Fund (who have no personal interest in the issuer involved in the private
placement), that the Trust or the relevant Fund has not purchased or sold the security in the previous 5 trading days. Records of such
approvals by the Applicable Review Officer and the reasons supporting those decisions must be kept as required in Section G.1.f.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Limited Offerings</u>. No Investment Personnel shall acquire, directly or indirectly, Beneficial Ownership
of any security in a Limited Offering without first obtaining the prior written approval of the Applicable Review Officer, which Applicable
Review Officer: (a) has been provided by such Investment Personnel with full details of the proposed transaction; and (b) has
concluded, after consultation with other Investment Personnel of the Trust or the relevant Fund (who have no personal interest in the
issuer involved in the private placement), that the Trust or the relevant Fund not purchased or sold the security in the previous 5 trading
days. Records of such approvals by the Applicable Review Officer and the reasons supporting those decisions must be kept as required in
Section G.1.f.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Acceptance of Gifts</u>. Investment Personnel should follow any respective Related Code or policies with respect
to the acceptance of gifts, but at a minimum Investment Personnel must not accept gifts of more than a de minimus value (currently $250
or less per year) from any entity doing business with or on behalf of the Fund or the Advisor, unless pre-approved by the Applicable Review
Officer. This restriction does not apply to gifts in the form of an occasional meal, a ticket to a sporting event, theater or comparable
entertainment, or an invitation to golf or to participate in similar sporting activities for such person and his guests so long as (1) such
gifts are neither so frequent nor so extensive as to raise any question of impropriety and (2) such gifts are not preconditioned
on the donor obtaining or maintaining a specified level of business with the Trust or Advisor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Service on Boards</u>. Investment Personnel shall not serve on the boards of directors of publicly
traded companies, or in any similar capacity, absent the prior approval of such service by the Applicable Review Officer following the
receipt of a written request for such approval. In the event such a request is approved, procedures shall be developed to avoid potential
conflicts of interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Exempt Transactions</u>. The prohibited activities set forth in this Section D shall not apply to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Purchases, sales or other transactions of Non-Covered Securities as defined above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) purchases, sales or other transactions effected in any account over which such person has no direct or
indirect influence or control or other Beneficial Ownership Interest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) purchases that are part of an automatic dividend reinvestment plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) tender offer transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the acquisition of securities by gift or inheritance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) purchases effected upon the exercise of rights issued by an issuer *pro rata* to all holders of a
class of its securities, to the extent such rights were acquired from such issuer, and sales of such rights so acquired; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) daily purchases/sales of Covered Securities involving less than (and including option contracts on less
than) 2,000 shares of a Security included in the Standard & Poor's 500 Index or with a market capitalization in excess
of $200 million and average daily trading volume in excess of 50,000 shares.

**E.** **<u>Reporting Procedures</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Reporting by Access Persons</u>. In order to provide the Trust with information to enable it to determine
with reasonable assurance whether the provisions of Rule 17j-1 and this Code are being observed by its Access Persons, each Access
Person of the Trust shall submit the following reports in the forms or substantially similar to the forms attached hereto as Exhibits
A-D to the Applicable Review Officer (or his or her delegate) showing all transactions in securities in which the person has, or by reason
of such transaction acquires, any direct or indirect Beneficial Ownership, except for exempt transactions listed under Section D.9(a) above:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Initial Holdings Report.</u> On the form provided in Exhibit A (or similar form) every Access
Person must report to the Applicable Review Officer no later than 10 days after that person becomes an Access Person, the following information
(which information must be current as of a date no more than 45 days before the report is submitted):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the title, number of shares and principal amount of each Covered Security in which the Access Person had
any direct or indirect Beneficial Ownership when the person became an Access 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;(ii) the name of any broker, dealer or bank with whom the Access Person maintained an account in which any
securities, including Covered Securities, were held for the direct or indirect benefit of the Access Person as of the date the person
became an Access Person; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the date that the report is submitted by the Access Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Quarterly Report.</u> Quarterly securities transaction reports, on each of the

forms provided in Exhibits B and C (or similar forms), shall be made by every Access Person no later than 30 days after the end of each calendar quarter. No such periodic report needs to be made if the report would duplicate information required to be recorded under Rule 204-2(a)(12) or Rule 204-2(a)(13) under the Investment Advisers Act of 1940, or information contained in broker trade confirmations or account statements received by the Applicable Review Officer no later than 30 days after the end of each calendar quarter. The forms shall contain the following 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;(i) with respect to any transaction during the quarter in a Covered Security in which the Access Person has
a direct or indirect Beneficial Ownership, the following information is required to be provided on the form in Exhibit B (or similar
form):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. the date of the transaction, the title, the interest rate and maturity date (if applicable), the number
of shares, and the principal amount of each Covered Security in which the Access Person had any direct or indirect Beneficial Ownership;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 nature of the transaction (<u>i.e</u>., purchase, sale or any other type of acquisition or disposition);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. the price of the Covered Security at which the transaction was effected;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. the name of the broker, dealer, or bank with or through whom the transaction was effected;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. the date that the report is submitted by the Access Person; 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;(ii) with respect to any new account established by the Access Person in which securities were held during
the quarter for the direct or indirect benefit of the Access Person, the following information is required to be provided on the form
in Exhibit C (or similar form):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. the name of the broker, dealer or bank with whom the Access Person established the account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 date the account was established; 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;c. the date the report is submitted by the Access Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Annual Reports.</u> Every Access Person must annually report to the Applicable Review Officer on the
form provided in Exhibit D (or similar form), no later than 45 days after the end of each calendar year, the following information
(which information must be current as of a date no more than 45 days before the report is submitted):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the title, number of shares and principal amount of each Covered Security in which the Access Person had
any direct or indirect Beneficial Ownership;

&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) the name of any broker, dealer or bank with whom the Access Person maintains an account in which any securities,
including Covered Securities, are held for the direct or indirect benefit of the Access Person; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the date that the report is submitted by the Access Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Duplicate Copies of Trade Confirmations and Periodic Statements</u>. Each Access Person, with respect to each brokerage account
in which such Access Person has any beneficial interest, shall arrange that the broker shall mail directly to the Applicable Review Officer
at the same time they are mailed or furnished to such Access Person:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) duplicate copies of the broker's trade confirmation covering each transaction in securities in such account;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) copies of periodic statements with respect to the account;

provided, however, that such duplicate copies need not be filed for transaction involving Non-Covered Securities. This requirement also may be waived by the Applicable Review Officer in situations when the Applicable Review Officer determines that duplicate copies are unnecessary.

A Form of Brokerage Letter is attached to this Code as Exhibit E. In order to help ensure that duplicate brokerage confirmations are received for all accounts pertaining to an Access Person, such Access Person is required to complete and send a brokerage letter similar to Exhibit E annually to each broker maintaining an account on behalf of the Access Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Notification; Annual Certification</u>. The Applicable Review Officer (or his or her delegate) shall
notify each Access Person of the Trust who may be required to make reports pursuant to this Code, that such person is subject to reporting
requirements and shall deliver a copy of this Code to each such person. The Applicable Review Officer shall annually obtain written assurances
in the form attached hereto as Exhibit F from each Access Person that he or she is aware of his or her obligations under this Code
and has complied with the Code and with its reporting requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Disclaimer of Beneficial Ownership</u>. Any report under this section may contain a statement that
the report shall not be construed as an admission by the person making such report that he or she has any direct or indirect beneficial
ownership in the security to which the report relates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Exemptions</u>. The requirements of Sections E.1-E.3 above shall not apply in the following situations
unless the Applicable Review Officer determines that such requirements are needed to comply with Section D.1. of this Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If the Access Person is covered by a Related Code of Ethics, then the reports required under this Code
may be submitted in the form required by the Related Code of Ethics, provided the report contains the information required herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No Disinterested Trustee need make a report with respect to his initial holdings, as required by Section E.1.(a) above,
or an annual report, as required by Section E.1.(c) above solely by reason of being a Trustee of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) No Disinterested Trustee need make any quarterly transaction reports with respect to any Covered Security,
as required by Section E.1.(b) above, unless the Disinterested Trustee knew at the time of the transaction, or in the ordinary
course of fulfilling his official duties as a Trustee, or should have known, that during the 15-day period immediately preceding or following
the date of the transaction (or such period prescribed by applicable law) such Covered Security was purchased or sold, or was being considered
for purchase or sale, by any Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) No Disinterested Trustee need provide duplicate copies of trade confirmations and periodic statement as
required by Section E.2. above, if exempted from making reports under Sections E.5.(b) and (c) above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) No Access Person to the Adviser need make a quarterly transaction report to the Adviser under this Code
if all the information in the report would duplicate information required to be recorded under Rule 204- 2(a)(12) or Rule 204-2(a)(13)
under the Investment Advisers Act of 1940. No Access Person need make a quarterly transaction report under this Code if the quarterly
transaction report would duplicate information contained in broker trade confirmations or account statements received by the Trust, any
Fund, or the Adviser with respect to the Access Person in the time period required by this Code, if all of the information required by
this Code is contained in the broker trade confirmations or account statements, or in the records of the Trust, any Fund, or Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) No Access Person to the Distributor need make the reports under this Code as required by this Section E
if the Distributor is not an affiliated person of the Trust, any Fund of the Trust or Adviser and the Distributor has no officer, director
or general partner who serves as an officer, director, trustee or general partner of the Trust, any Fund of the Trust or the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Reporting to the Review Officer</u>. At least quarterly, each Adviser's and Distributor's
Compliance Officer (or his or her delegate) shall furnish the Review Officer with a report with respect to any material violations of
this Code by Assess Persons who are associated with the Advisor or Distributor, as applicable, and any procedures or sanctions imposed
in response to the violations and such other information as may be reasonably requested by the Review Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Review by the Board of Trustees</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Quarterly Reports.</u> At least quarterly, the Review Officer shall prepare and provide a written report
to the Board of Trustees with respect to all issues, under the Code, that have occurred since the last quarterly report to the Board,
including, but not limited to, information about material violations of the Code or the procedures and sanctions imposed in response to
those violations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Annual Reports.</u> At least annually, the Review Officer and the Compliance Officers of the Adviser
and the Distributor shall each prepare and provide a written report to the Board of Trustees that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) provides a summary of any material violations that occurred during the past year requiring significant remedial action;

&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) describes any material procedural changes made during the past year;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) describes any recommended material changes to this Code or any related code or procedures; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) certifies to the Board, in the form provided in Exhibit G (or a similar form), that the Trust or
Adviser or Distributor has adopted procedures reasonably necessary to prevent Access Persons from violating their respective codes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Approval of Related Codes of Ethics</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Approval of Codes of Ethics of Any Investment Adviser</u>. The Board of Trustees, including a majority of the Disinterested Trustees, must approve the code of ethics of the Adviser and any new investment adviser or sub-adviser to a Fund and (b) any material changes to those codes. Prior to approving a code of ethics for the Adviser or any new investment adviser or sub-adviser, or any material change thereto, the Board of Trustees must receive a certification from such entity that it has adopted procedures reasonably necessary to prevent Access Persons from violating its code of ethics. The Board of Trustees must approve the code of ethics of the Adviser and any new adviser *before* initially retaining the services of such party. The Board of Trustees must approve a material change to a code of ethics no later than six (6) months after adoption of the material change.

(a) <u>Approval of Codes of Ethics for any Distributor</u>. The Board of Trustees, including a majority of
the Disinterested Trustees, must approve (a) the code of ethics of the Distributor and any new principal underwriter for the Trust
or any Fund of the Trust and (b) any material changes to those codes. Prior to approving a code of ethics for the Distributor or
any new principal underwriter for the Trust or any Fund of the Trust, or any material change thereto, the Board of Trustees must receive
a certification from such entity that it has adopted procedures reasonably necessary to prevent Access Persons from violating its code
of ethics. The Board of Trustees must approve the code of ethics of the Distributor and any new principal underwriter for the Trust or
any Fund of the Trust *before* initially retaining

the services of such party. The Board of Trustees must approve a material change to a code of ethics no later than six (6) months after adoption of the material change.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Notices by Applicable Review Officer</u>. The Applicable Review Officer shall notify each Access Person
and Investment Personnel who may be required to preclear transactions and/or make reports pursuant to the Code that such person is subject
to the Code and shall deliver a copy of this Code to each such person. Any amendments to the Code shall be similarly furnished to each
such person.

**F.** **<u>Review and Sanctions</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Review by Applicable Review Officer</u>. The Applicable Review Officer (or his or her delegate) shall
from time to time review the reported securities transactions of Access Persons for compliance with this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Sanctions for Violations by Trustees, Executive Officers, and Other Access Persons (Other than Disinterested Trustees</u>). If any violation of this Code is determined to have occurred, the Applicable Review Officer (or, with respect to material
violations, the Board of Trustees, if they so choose) may impose sanctions and take such other actions as he or she deems appropriate,
including, among other things, requiring that the trades in question be reversed, requiring the disgorgement of profits or gifts, issuing
a letter of caution or warning, issuing a suspension of personal trading rights or suspension of employment (with or without compensation),
imposing a fine, making a civil referral to the SEC, making a criminal referral, and/or terminating employment for cause. All sanctions
and other actions taken shall be in accordance with applicable employment laws and regulations. Any profits or gifts forfeited shall be
paid to the applicable Fund for the benefit of its shareholders or given to a charity, as the Applicable Review Officer (or Board of Trustees)
shall determine is appropriate. If the Compliance Officer of the Advisor or the Distributor determines that a material violation of this
Code has occurred, he or she shall promptly report the violation to the Review Officer or the Chairman of the Board of Trustees. If the
Review Officer determines that a material violation of this Code has occurred, he or she shall promptly report the violation to the Chairman
of the Board of Trustees. All material violations of the Code and any sanctions imposed as a result thereto shall be reported at the next
regularly scheduled meeting to the Board of Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Sanctions for Violations by Disinterested Trustees</u>. If the Review Officer determines that any Disinterested
Trustee has violated, or apparently violated, this Code he or she shall so advise the Disinterested Trustees (other than the person whose
transaction is at issue) and shall provide such persons with the report, the record of pertinent actual or contemplated portfolio transactions
of any affected Fund and any additional information supplied by such person. If a violation is determined to have occurred, the Disinterested
Trustees (other than the person whose transaction is at issue), at their option, shall either impose such sanctions as they deem appropriate
or refer the matter to the full Board of Trustees, which shall impose such sanctions as it deems appropriate.

**G.** **<u>Miscellaneous</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Records</u>. The Trust, the Adviser and the Distributor shall maintain records at their principal place
of business in the manner and to the extent set forth below, which records may be maintained electronically under the conditions described
in Rule 31a-2(f) under the 1940 Act, and shall be available for examination by representatives of the Securities and Exchange
Commission:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a copy of this Code and any other code that is, or at any time within the past five years has been, in
effect shall be preserved in an easily accessible place;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a record of any violation of this Code, and of any action taken as a result of such violation, shall be
preserved in an easily accessible place for a period of not less than five years following the end of the fiscal year in which the violation
occurs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a copy of each report made pursuant to this Code shall be preserved for a period of not less than five
years from the end of the fiscal year in which it is made, the first two years in an easily accessible place;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) a list of all persons who are required, or within the past five years have been required, to make reports
pursuant to this Code shall be maintained in an easily accessible place;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) a copy of each report to the Board of Trustees shall be preserved by the Trust for at least five years
after the end of the fiscal year in which it is made, the first two years in an easily accessible place;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) maintain a record of any decision, and the reasons supporting the decision to approve the acquisition
by any Investment Personnel of shares in any IPO or Limited Offering for at least five years after the end of the fiscal year in which
the approval is granted, the first two years in an easily accessible place; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) any other information as may be required by Rule 17j-1(f).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Confidentiality</u>. All reports of securities transactions and any other information filed pursuant
to this Code shall be treated as confidential, except that the same may be disclosed to the Board of Trustees, to any regulatory or self
regulatory authority or agency upon its request, or as required by law or court or administrative order.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Amendment; Interpretation of Provisions</u>. The Board of Trustees may from time to time amend this
Code or adopt such interpretations of this Code, as it deems appropriate.

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

**CODE OF ETHICS**

**TRUTH SOCIAL FUNDS**

**Initial Holdings Report**

As of the below date, I held the following position in these securities in which I may be deemed to have a direct or indirect Beneficial Ownership, and which are required to be reported pursuant to the Trust's Code of Ethics:

---

| | | | |
|:---|:---|:---|:---|
| **<u>Security or Account</u>**<br>**<u>name\*</u>** | **No. of <br> <u>Shares</u>** | **Principal <br> <u>Amount</u>** | **Broker/Dealer or <br> Bank Where <br> <u>Account is Held</u>** |

---

*\* All accounts must be listed (including Non-Covered Securities).*

This report is not an admission that I have or had any direct or indirect Beneficial Ownership in the securities listed above.

---

| | |
|:---|:---|
| Date: | Signature: |
|  | Print Name: |
|  | Reviewed By: |

---

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

**CODE OF ETHICS**

**TRUTH SOCIAL FUNDS**

**Securities Transaction Report**

For the Calendar Quarter Ended:   <br> (mo./day/yr.)

During the quarter referred to above, the following transactions were effected in securities of which I had, or by reason of such transaction acquired, direct or indirect Beneficial Ownership, and which are required to be reported pursuant to the Trust's Code of Ethics.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **<u>Security</u>** | &nbsp;&nbsp;&nbsp;**Price of the <br> <u>Transaction</u>** | &nbsp;&nbsp;&nbsp;**Date of the<br> <u>Transaction</u>** | &nbsp;&nbsp;&nbsp;**No. of<br> Shares and<br> Principal<br> Amount of <br> <u>the Security</u>** | &nbsp;&nbsp;&nbsp;**Nature of<br> Transaction<br> (Purchase,<br> <u>Sale, Other)</u>** | &nbsp;&nbsp;&nbsp;**Broker-Dealer<br> or Bank<br> Through<br> Whom<br> <u>Effected</u>** |

---

This report (i) excludes transactions with respect to which I had no direct or indirect influence or control, (ii) excludes other transaction not required to be reported because such securities are excluded from the definition of "Covered Security" under the Trust's Code of Ethics, and (iii) is not an admission that I have or had any direct or indirect Beneficial Ownership in the securities listed above.

---

| | |
|:---|:---|
| Date: | Signature: |
|  | Print Name: |
|  | Reviewed By: |

---

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

**CODE OF ETHICS**

**TRUTH SOCIAL FUNDS**

**Account Establishment Report**

For the Calendar Quarter Ended:   <br> (mo./day/yr.)

During the quarter referred to above, the following accounts were established for securities in which I may be deemed to have a direct or indirect Beneficial Ownership, and is required to be reported pursuant to the Trust's Code of Ethics:

---

| | |
|:---|:---|
| **Broker/Dealer or<br> Bank Where<br> Account Was<br> <u>Established</u>** | **<br>Date<br> Account Was<br> <u>Established</u>** |

---

---

| | |
|:---|:---|
| Date: | Signature: |
|  | Print Name: |
|  | Reviewed By: |

---

**EXHIBIT D**

**CODE OF ETHICS**

**TRUTH SOCIAL FUNDS**

**Annual Holdings Report**

As of December 31, <u> </u>, I held the following positions in securities in which I may be deemed to have a direct or indirect Beneficial Ownership, and which are required to be reported pursuant to the Trust's Code of Ethics:

---

| | | | |
|:---|:---|:---|:---|
| **<u>Security or Account name\*</u>** | **No. of <br> <u>Shares</u>** | **Principal <br> <u>Amount</u>** | **Broker/Dealer or <br> Bank Where <br> <u>Account is Held</u>** |

---

*\* All accounts must be listed (including Non-Covered Securities).*

This report is not an admission that I have or had any direct or indirect Beneficial Ownership in the securities listed above.

---

| | |
|:---|:---|
| Date: | Signature: |
|  | Print Name: |
|  | Reviewed By: |

---

**EXHIBIT E**

**FORM OF BROKERAGE LETTER**

[Date]

[Broker Name]

[Address]

---

| | | |
|:---|:---|:---|
| **RE:** | **Account No.** | **Account Name** |

---

Dear [Name]

As of [Date], please send to [ ], a duplicate confirmation of each transaction in the above-named account and the monthly brokerage account statement for the above- named account.

Please mail the confirmations and account statements to:

[ ]

[ ]

[ ]

Attention: Compliance Officer/Review Officer

Thank you for your prompt attention to this matter.

Sincerely,

[Name]

cc: Compliance Officer/Review Officer

**<u>EXHIBIT F</u>**

**CODE OF ETHICS**

**TRUTH SOCIAL FUNDS**

**Annual Certificate of Compliance**

For the Calendar Year Ended:   <br> (mo./day/yr.)

As an Access Person as defined in the Truth Social Funds' Code of Ethics adopted pursuant to Rule 17j-1 under the Investment Company Act of 1940, as amended ("Code"), I hereby certify that I have read and understand the Code, recognize that I am subject to the Code, and intend to comply with the Code. I further certify that, during the calendar year specified above, and since my last Certificate of Compliance under the Code, I have complied with the requirements of the Code and have disclosed or reported all personal securities transactions required to be disclosed or reported pursuant to the requirements of the Code.

---

| |
|:---|
| Signature |
| Name (Please Print) |
| Date |

---

**<u>EXHIBIT G</u>**

**TRUTH SOCIAL FUNDS**

**ADOPTION OF PROCEDURES PURSUANT TO RULE 17j-1 OF THE INVESTMENT<br> COMPANY ACT OF 1940**

Pursuant to Rule 17j-1(c) under the Investment Company Act of 1940, as amended,<u> </u> does hereby certify that it has adopted procedures reasonably necessary to prevent "Access Persons" from violating its Code of Ethics.

IN WITNESS WHEREOF, of the undersigned Compliance Officer has executed this certificate as of <u> </u> ,<u> </u>.

---

| |
|:---|
| [Name] |
| [Title] |

---

Tab 4.b

**Truth Social Funds**

**INSIDER TRADING POLICY**

The purpose of these policies and procedures (the "Insider Trading Policy") is to detect and prevent "insider trading" by any person associated with the Truth Social Funds ("Trust"). The term "insider trading" is not defined in the securities laws but generally refers to the use of material, non-public information to trade in securities or the communication of material, non-public information to others.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. General Policy

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Prohibited Activities

All officers, directors and employees of the Trust, including certain temporary persons as described in Section B (4) below, are prohibited from the following activities:

&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) trading or recommending trading in securities for any account (personal or client) while in possession
of material, non-public information about the issuer of the securities; 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;(b) communicating material, non-public information about the issuer of any securities to any other person.

The activities described above are not only violations of these Insider Trading Policies, but also may be violations of applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Material Information, Non-Public Information, Insider Trading and Insiders

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Material Information. "Material information" generally includes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· any information that a reasonable
investor would likely consider important in making his or her investment decision; 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;· any information that is reasonably
certain to have a substantial effect on the price of a company's securities.

Examples of material information include the following: dividend changes, earnings estimates, changes in previously released earnings estimates, significant merger or acquisition proposals or agreements, major litigation, liquidation problems and extraordinary management developments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Non-Public Information. Information is "non-public" until it
has been effectively communicated to the market and the market has had time to "absorb" the information. For example, information
found in a report filed with the Securities and Exchange Commission ("SEC"), or appearing in Dow Jones, Reuters Economic Services,
The Wall Street Journal or other publications of general circulation

would be considered public.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Insider Trading. While the law concerning "insider trading" is not static, it generally prohibits:
(1) trading by an insider while in possession of material, non-public information; (2) trading by non-insiders while in possession
of material, non-public information, where the information was either disclosed to the non-insider in violation of an insider's
duty to keep it confidential or was misappropriated; and (3) communicating material, non-public information to others.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Insiders. The concept of "insider" is broad, and includes all employees of a company. In addition,
any person may be a temporary insider if she/he enters into a special, confidential relationship with a company in the conduct of a company's
affairs and as a result has access to information solely for the company's purposes. Any person associated with the Trust may become
a temporary insider for a company it advises or for which it performs other services. Temporary insiders may also include the following:
a company's attorneys, accountants, consultants, bank lending officers and the employees of such organizations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Penalties for Insider Trading

The legal consequences for trading on or communicating material, non-public information are severe, both for individuals involved in such unlawful conduct and their employers. A person can be subject to some or all of the penalties below even if he/she does not personally benefit from the violation. Penalties may include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· civil injunctions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· jail sentences;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· revocation of applicable securities-related registrations
and licenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· fines for the person who committed the violation of up to
three times the profit gained or loss avoided, whether or not the person actually benefited; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· fines for the employee or other controlling person of up to
the greater of $1,000,000 or three times the amount of the profit gained or loss avoided.

In addition, the Trust will impose serious sanctions on any person who violates the Insider Trading Policies. These sanctions may include suspension or dismissal of the person or persons involved.

**Records**

The Trust shall maintain records in the manner and to the extent set forth below, which records shall be available for appropriate examination by representatives of the SEC or the Trust's Board of Trustees ("Board").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. A copy of this Insider Trading Policy and any other insider trading policy

which is, or at any time within the past five years has been, in effect shall be preserved in an easily accessible place; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. A record of any violation of this Insider Trading Policy and of any action taken as a result of such violation shall be preserved in an easily accessible place for a period of not less than five years following the end of the fiscal year in which the violation occurs.

**Confidential**

All reports of securities transactions and any other information filed with the Trust pursuant to this Insider Trading Policy, shall be treated as confidential, except that the same may be disclosed to the Trust's Board, to those individuals on an as needed basis as determined by the Trust's Chief Compliance Officer or the Trust's Board and legal counsel, and to any regulatory or self-regulatory authority or agency upon its request, as required by law or court or administrative order or at the Trust's Board request.

**Amendment**

The Trust's Board may from time to time amend this Insider Trading Policy, and/or adopt such interpretations of this Insider Trading Policy as it deems appropriate provided.

## Ex-99.(P)(2)

![](tm2525602d3_ex99-xpx2img01.jpg)

**CODE OF ETHICS**

***Introduction and Purpose***

The Firm owes a fiduciary duty to its clients including a general duty to act in their best interests. The interests of clients should be placed ahead of those of the Firm or the Firm's employees. Accordingly, the Firm's employees must always act honestly, fairly and professionally when dealing with clients.

The Firm has adopted this Code of Ethics (this "**Code**") in accordance with Rule 204A-1 under the Advisers Act and is a part of its Compliance Manual. The restrictions and requirements of the Code are designed to prevent or manage behavior, which actually or potentially conflicts, or raises the appearance of an actual or potential conflict, with client interests. This Code sets forth the standards of conduct that are expected of the Firm's employees and is intended to help such employees uphold the Firm's fiduciary duties. The Code must be reviewed and acknowledged at the time this Compliance Manual is adopted or when you are first employed by the Firm, and annually thereafter.

The Code is not exhaustive. It provides guidance for the Firm's employees in carrying out their responsibilities in a manner that is consistent with the highest standards of ethical conduct and with the Firm's core values. Certain topics that are discussed in the Code may be discussed in more detail in other sections of the Compliance Manual or the Firm's Employee Handbook, which is a separate document

provided to each employee. Any employee who has a question regarding the contents or applicability of this Code is urged to contact the CCO.

The penalty for violating any provision of this Code may be disciplinary action up to and including dismissal. In addition, all violations of criminal laws applicable to the Firm's business are required to be and will be reported to the appropriate authorities for prosecution.

***Our Values***

The Firm expects its employees to uphold the following core values at all times:

&nbsp;&nbsp;&nbsp;&nbsp;· Be
fair and responsive in serving our clients;

&nbsp;&nbsp;&nbsp;&nbsp;· Respect
and reinforce our fellow employees and the power of teamwork;

&nbsp;&nbsp;&nbsp;&nbsp;· Strive
to innovate what we do and how we do it; and

&nbsp;&nbsp;&nbsp;&nbsp;· Earn
and be worthy of our clients' trust.

***General Standards of Business Conduct***

Employees are obligated to monitor their personal and professional affairs so as not to harm the reputation of themselves or the Firm. Employees should treat all persons fairly, including issuers and their employees, officers and directors, clients, potential clients, competitors and fellow employees. Each of these people has an expectation that the Firm's employees will act with honesty, integrity and fairness.

All employees must adhere to the standards of business conduct in the Compliance Manual of which this Code forms a part. In addition, employees must comply with all laws and regulations that apply to the Firm's business activities, including, but not limited to, the federal securities laws and the applicable laws and regulations of states and foreign jurisdictions in which the Firm conducts business. Violating any of these laws could subject you and/or the Firm to criminal and civil penalties. If you have any questions about these laws or how they apply to particular situations, ask the CCO.

This Code cannot anticipate every situation that the Firm's employees will be confronted with while employed at the Firm. Therefore, common sense and good judgment are required in responding to any situation that may not seem to be specifically covered by this Code or any other materials provided by the Firm.

***General Employee Responsibilities***

Specific procedures and policies that pertain to each employee's particular duties are set forth throughout the Compliance Manual of which this Code forms a part. As further discussed below, in addition to following specific procedures and policies, each employee must uphold the Firm's fiduciary duty to its clients by, among other things, keeping complete and accurate records, avoiding conflicts of interest, complying with all applicable laws and regulations, maintaining the confidence of confidential information, maintaining a professional working environment, seeking guidance when necessary and reporting conduct that may be in violation of this Code.

***Conflicts of Interest***

A "**conflict of interest**" occurs when an employee's private interest interferes in any way – or even appears to interfere – with the interests of the Firm and/or its clients. The Firm's employees have a duty to report any material transaction or relationship that reasonably could be considered to create a conflict of interest with the Firm and/or its clients. A conflict of interest may occur when an employee allows any interest, activity or influence outside of the Firm to:

&nbsp;&nbsp;&nbsp;&nbsp;· Influence
 his/her judgment when acting on behalf of the Firm and/or its clients;

&nbsp;&nbsp;&nbsp;&nbsp;· Compete
 against the Firm and/or its clients in any business activity;

&nbsp;&nbsp;&nbsp;&nbsp;· Divert
 business away from the Firm;

&nbsp;&nbsp;&nbsp;&nbsp;· Harm
 or impair the Firm's reputation; or

&nbsp;&nbsp;&nbsp;&nbsp;· Benefit
 him/herself at the expense of the Firm and/or its clients.

The following is a list of some, but not all, potential conflicts of interest that any the Firm employee could be faced with and our policy for dealing with such conflicts.

&nbsp;&nbsp;&nbsp;&nbsp;(i) *Self-Dealings*. If an employee or his/her family member or close friend engages in a business transaction
in which the Firm or its client is the counterparty and the employee is entitled to receive a monetary fee for his/her involvement, a
conflict of interest could arise because there could be an appearance that the employee's professional judgment was impaired by
his/her desire to receive a monetary fee. Accordingly, such transactions are prohibited without the prior approval of the CCO or GC. In
addition, employees may not use corporate property, information or their position for improper personal gain, and employees may not compete
with the Firm directly or indirectly.

&nbsp;&nbsp;&nbsp;&nbsp;(ii) *Insider Trading*. If an employee is in possession of material nonpublic information relating to
an issuer and a client holds or is contemplating purchasing such issuer's securities, a conflict of interest could arise if the
client bought or sold such issuer's securities. Generally, employees should avoid receiving material nonpublic information. However,
in order to properly conduct our business, it is necessary from time to time for employees to be in possession of material nonpublic information.
When an employee is in possession of material nonpublic information it is imperative that they abide by the Firm's policies and
procedures designed to prevent insider trading which are set forth below.

&nbsp;&nbsp;&nbsp;&nbsp;(iii) *Personal Securities Accounts*. When employees trade securities for their own accounts it could appear
that they are "front-running" trades for clients or otherwise favoring their own accounts over that of clients thus creating
a conflict of interest. Accordingly, employees must follow the policies and procedures set forth below.

&nbsp;&nbsp;&nbsp;&nbsp;(iv) *Outside Employment, Activities and Directorships*. A conflict of interest could arise from an employee's
participation in certain outside employment, activities and directorships. Among other things, it could appear that an employee was engaging
in such employment, activities or directorships in their context as an employee of the Firm or competing with the Firm for certain business
opportunities. Accordingly, employees must follow the policies and procedures set forth below before participation in any outside employment,
activities or directorships.

&nbsp;&nbsp;&nbsp;&nbsp;(v) *Giving or Acceptance of Gifts or Entertainment*. Gifts or excessive entertainment to or from vendors,
suppliers, competitors or other employees could influence or appear to influence the recipient. Therefore, employees should only give
or accept gifts or entertainment in accordance with the policies and procedures set forth below.

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

&nbsp;&nbsp;&nbsp;&nbsp;(vi) *Political Activities*. A conflict of interest could arise
from an employee's participation in political affairs if it appeared that the employee was participating on behalf of the Firm.
Accordingly, employees must follow the policies and procedures set forth below.

***Complying with Applicable Laws and Regulations***

The foundation of the Firm's ethical standards is compliance with the letter and spirit of the laws, rules and regulations applicable to its business, including among others, securities, federal, state and local laws. Employees are not expected to know the details of each law governing the Firm's business. However, it is important that employees have a general understanding of basic activities that could be in violation of the law. These activities are set forth below.

***Criminal Activities***

A number of criminal laws apply to the Firm employees. A few examples of criminal activities prohibited by these laws are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;· Accepting
 or soliciting anything of value intending to be influenced or rewarded in connection with
 the Firm's business or in return for confidential information;

&nbsp;&nbsp;&nbsp;&nbsp;· Knowingly
 engaging in a financial transaction involving the proceeds of an illegal activity or money
 laundering (the policies and procedures that the Firm has in place to prevent money laundering
 are set forth in the "**Anti-Money Laundering Policies and Procedures**" Section of
 the Compliance Manual);

&nbsp;&nbsp;&nbsp;&nbsp;· Stealing,
 embezzling or misappropriating the Firm or client funds or assets;

&nbsp;&nbsp;&nbsp;&nbsp;· Using
 threats, physical force or other unauthorized means to collect money;

&nbsp;&nbsp;&nbsp;&nbsp;· Using
 corporate funds or assets to finance campaigns for political office;

&nbsp;&nbsp;&nbsp;&nbsp;· Making
 a loan or giving a gift to an examiner who has the authority to examine the Firm; and

&nbsp;&nbsp;&nbsp;&nbsp;· Making
 a false report or statement to government officials.

***Anticompetitive Activities***

The laws of many jurisdictions, specifically the United States, prohibit anticompetitive activities. A complex body of antitrust law exists at the federal and state levels. However, the most pertinent prohibition, for the Firm's purposes, is that there be no agreement or understanding between the Firm and its competitors that affect prices, terms or conditions of sale or that unreasonably restrain full and fair competition. Employees must always respect the rights of and deal fairly with the Firm's clients, competitors and employees. Employees must never take unfair advantage of anyone through manipulation, concealment, abuse of privileged information, misrepresentation of material facts, or any other unfair dealing practice. If you have any question about what constitutes an unfair business practice or anticompetitive activities you should contact the CCO.

***Bribery and Kickbacks***

The U.S. government has a number of laws and regulations applicable specifically to business gratuities that may be accepted by U.S. and foreign government or corporate personnel. The promise, offer or delivery to an official or employee of the U.S. or foreign government or corporate personnel of a gift, favor, payment or other gratuity in violation of these rules would not only violate the Firm's policy but may also be a criminal offense. Similarly, federal law, as well as the laws of many states, prohibits engaging in "commercial bribery." Commercial bribery involves soliciting, demanding or agreeing to accept anything of value from any person intending to influence or be rewarded in connection with any business or transaction, and prohibits all such behavior. If an employee has any questions or needs any guidance, he/she should contact the CCO.

***Confidentiality of Information***

As an investment advisor, the Firm has particular responsibilities for safeguarding the information of its clients as well as its own proprietary information. Employees should be mindful of this obligation when they use the telephone, fax, telex, electronic mail, and other electronic means of storing and transmitting information. Employees should not discuss confidential information in public areas where it can be overheard, read confidential documents in public places, or leave or discarded confidential documents where they can be retrieved by others.

***Third Parties' Confidential Information***

Employees in possession of confidential information belonging to persons outside of the Firm (former employers or otherwise), or who are subject to confidentiality agreements with others, are expected to comply with their obligations regarding the protection of that information. Such employees are not permitted to use such information to aid the business of the Firm unless they have received appropriate written consent from the outside person or entity. Employees must not encourage others to participate in the unauthorized use of confidential information belonging to a third party. Employees should contact the CCO if they believe such information is being or may be shared with the Firm.

***Proprietary Information of the Firm***

Employees are responsible for safeguarding proprietary information of the Firm. Proprietary information includes intellectual property (copyrights, trademarks or patents or trade secrets), particular expertise (business or organizational designs, or business, marketing or service plans or ideas) and sensitive information about the Firm (databases, records, salary information or unpublished financial reports). Employees who have any questions about what constitutes proprietary information, or who believe such information has been compromised should contact the CCO.

***Report Conduct that May Be in Violation of the Code***

Each employee is required to notify the CCO (or, in the event that a matter implicates the CCO, the GC) promptly if he/she knows or suspects in good faith that a violation of this Code may have occurred. Failure to do so is itself a violation of the Code. However, if an employee has violated the Code, making a report will not protect him/her from the consequences of his/her actions. The range of sanctions for violating the

Code include a written warning or reprimand, cancellation of trades, disgorgement of profits or sale of positions at a loss, restriction on trading privileges, fines, suspensions of employment without pay, termination of employment, and/or referral to regulatory or law enforcement authorities.

No employee will be retaliated against for making a good faith complaint or bringing inappropriate conduct to the CCO's attention, for assisting another employee in making a good faith report, for cooperating in an investigation, or for filing an administrative claim with a state or federal governmental agency. Any employee who engages in retaliatory conduct in violation of the Firm's policies will be subject to disciplinary action, up to and including termination of employment. If an employee reasonably believes that retaliatory conduct has occurred, he/she must report such conduct to the CCO.

The CCO shall not reveal the identity of any person who reports a violation of this Code and requests that his/her identity as the person who made such report remain confidential. The Firm shall not make any effort, or tolerate any effort made by any other person or group, to ascertain the identity of any person who reports a violation anonymously, unless (i) such information is required to be disclosed by applicable law or regulation; or (ii) disclosure of such information, or ascertaining such identity, is supported by a clear and compelling interest of clients that is sufficient in the particular case to overcome an expectation of anonymity.

***Marketing; Public Relations***

Employees who communicate with the media and/or the general public must take care to carefully manage and coordinate information about the Firm and its clients and to abide by all legal and regulatory requirements that may restrict information the Firm provides. Such employees must abide by the Firm's policies and procedures with regard to marketing and communicating with the media. All inquiries from the press should be directed to CEO, CCO and GC.

***Insider Trading***

The Firm forbids any of its employees from trading, either personally or on behalf of others, on material, non-public information, or communicating material non-public information to others in breach of a duty of trust or confidence owed directly or indirectly to an issuer, the issuer's shareholders or the source of the information. This conduct is commonly referred to as "insider trading."

The term "insider trading" is not defined under the federal securities laws, but it is generally understood to refer to the use of material non-public information, and to the communication of material non-public information to others, to trade in securities (whether or not one is an "insider" of the issuer of the securities being traded).

While the law concerning insider trading is dynamic, federal securities laws generally prohibit:

&nbsp;&nbsp;&nbsp;&nbsp;· trading
 by an insider while in possession of material non-public information;

&nbsp;&nbsp;&nbsp;&nbsp;· trading
 by a non-insider while in possession of material non-public information, where the information
 either was disclosed to the non-insider in violation of an insider's duty to keep it
 confidential or was misappropriated; or

&nbsp;&nbsp;&nbsp;&nbsp;· an insider, or a non-insider described in clause
(ii) above, from communicating material non-public information to others.

The elements of insider trading and the penalties for such unlawful conduct. If you have any questions regarding the Firm's insider trading policy, you should contact the CCO.

***Personal Securities Policy***

The "**Code of Ethics Rule**" of the Investment Advisers Act of 1940 (the "**Advisers Act**") requires investment advisers registered with the U.S. Securities and Exchange Commission ("**SEC**") to adopt a written code of ethics. This code of ethics (the **"Code"**) sets forth standards of conduct expected for "**Supervised Persons**," i.e., any partner, officer, director (or other person occupying a similar status or performing similar functions), or employee of Yorkville America Equities (the "**Firm**") who provides investment advice on behalf of the Firm and is subject to the Adviser's supervision and control (hereafter, an "**Employee**"). The Code establishes the Firm's and each Employee's fiduciary duty to the Firm's private funds, investors in its private funds, and separately managed accounts (collectively referred to herein as the "**Clients**"). The Code also addresses certain possible conflicts of interest and includes the Firm's employee personal securities policy.

The Firm has also implemented this personal securities policy to mitigate the risk and prevent the misperception that employees trading securities for their own accounts are "front-running" trades for clients or otherwise favoring their own accounts over that of Clients. This policy applies to all employees and prohibits employees from engaging in the purchase or sale of a Reportable Security that is not pre-cleared or exempt.

***General Policy***

Pursuant to the Advisers Act's Code of Ethics Rule, the Adviser has adopted the following "**Personal Securities Policy**." The Code of Ethics Rule requires that any "**Access Person**" submit to the CCO reports of the Access Person's current securities holdings and transaction activity. An Access Person is defined as any Supervised Person who:

&nbsp;&nbsp;&nbsp;&nbsp;· Has
 access to Nonpublic Information (as defined below) regarding any clients' purchase or sale
 of securities, or Nonpublic Information regarding the portfolio holdings of any reportable
 fund, or

&nbsp;&nbsp;&nbsp;&nbsp;· Is
 involved in making securities recommendations to clients, or who has access to such recommendations
 that are Nonpublic.

For purposes of this Personal Trading Policy, all Employees are Access Persons. Pursuant to the Advisers Act's Books and Records Rule, the Adviser maintains a record of: (i) each report made by an Employee pursuant to the Code of Ethics Rule; (ii) the names of persons who are currently, or within the past five (5) years were, Access Persons of the Adviser; and (iii) any decision, and the reasons supporting the decision, to approve the acquisition of securities by Employees pursuant to this Personal Trading Policy for at least five (5) years after the end of the fiscal year in which the approval was granted.

***Definition of Covered Account***

This policy applies to all "**Covered Accounts**" of Employees, including accounts of the Employee's children, stepchildren, grandchildren, parent, stepparent, grandparent, spouse, sibling, mother-in-law,

father-in-law, son-in-law, brother-in-law, or sister-in-law, and adoptive relationships (an "**Immediate Family Member**") residing in his or her household.

***It is the Employee's responsibility to ensure that the Employee's Immediate Family Members are aware of this Personal Trading Policy and adhere to it.***

***Definition of Non-Discretionary Account***

A "**Non-Discretionary Managed Account**" includes: (i) an account in which the Employee does not have any direct or indirect influence or control over specific investment decisions, such as in the case of a fully discretionary investment management account (where the Employee does not exercise any direct or indirect influence or control over the person or entity exercising discretion over the account); (ii) an account in which the Employee does not have any direct or indirect influence or control and has no knowledge of the account holdings, such as a blind account or trust; and (iii) an investment fund whereby all investment decisions are made by a third party who is unrelated to the Employee.

The CCO must approve any arrangement whereby a Non-Discretionary Managed Account is exempt from the trading restrictions and prohibitions contained in this Personal Trading Policy. In considering whether to grant pre-approval, the CCO may request the following information (to be submitted as determined by the CCO):

&nbsp;&nbsp;&nbsp;&nbsp;· Information
 about the third-party adviser's, broker's or trustee's relationship to the Employee;
 and

&nbsp;&nbsp;&nbsp;&nbsp;· Reports
 on holdings and/or transactions made in the account.

Any Employee that is the beneficial owner of a Non-Discretionary Managed Account is prohibited from communicating with the third-party adviser, broker or trustee administering the account regarding any specific investment decisions.

***Initial Disclosure***

This policy requires that within 10 business days upon initial employment with the Firm, all Firm employees, through MCO, must electronically complete a disclosure of their personal brokerage accounts and initial holdings. For initial holdings submissions, outside of MCO, the employee may use the "*Employee Securities Holdings Report*" exhibit appended herein to this manual. These forms require each Employee to disclose any personal securities accounts, which the Employee has discretion over, and any private securities that are held by the Employee. Consistent with the regulatory compliance obligation to report annual holdings and newly added brokerage accounts on a going-forward basis, the manual *"Employee Securities Holdings Report"* form must be updated by the employee at least annually, or information must be updated through MCO . Based on information contained therein, the CCO requires that each broker-dealer with whom the Employee has a personal securities account provides the Firm with a duplicate monthly account statement and all other periodic reports relating to such account(s). These statements are kept confidential to the extent permitted by law.

***Prohibition on Securities Transactions***

The Code of Ethics Rule prohibits Employees from investing in securities on the Firm's Restricted List, initial public offerings ("**IPOs**"), and special purpose acquisition companies ("**SPAC**s"). No employee may

engage in the direct or indirect acquisition or disposition of a beneficial ownership in any security as defined in this section.

***Pre-Clearance of Securities Transactions***

All personal securities transactions by Employees in a Covered Account must be pre-approved by the CCO, unless it falls under the definition of an "**Exempt Transaction**", or "**Non-Reportable Security**" as defined below. In order to request pre-clearance of a transaction, the employee should enter the pre-clearance request within MCO or in the alternative, complete the "*Personal Brokerage Transaction Pre-clearance Form*" or the "*Trade Pre-Approval – Private Securities and Limited Offering Participation Request Form*," respectively, which are attached hereto as exhibits. Once the purchase or sale of a reportable security is precleared, the pre-clearance is effective for the date of such approval and the next business day. However, orders that are placed within such time period may remain open until either executed or expired (provided that they are not modified).

**Exempt Transactions**

Employees may engage in the following Purchases and Sales of Reportable Securities without completing a request within MCO or the "*Personal Brokerage Transaction Pre-Clearance Form*"

&nbsp;&nbsp;&nbsp;&nbsp;· purchases
 or sales in securities that are effected in any account over which the employee has no direct
 or indirect influence or control (e.g. a Non-Discretionary Managed Account, see definition
 and exemption requirements above);

&nbsp;&nbsp;&nbsp;&nbsp;· purchases,
 sales or other acquisitions of securities that are non-volitional on the part of the employee,
 such as purchases or sales upon exercise of puts or calls written by the employee, sales
 from a margin account pursuant to bona fide margin calls, stock dividends, stock splits,
 mergers, consolidations, spin-offs or other similar corporate reorganizations or distributions;

&nbsp;&nbsp;&nbsp;&nbsp;· purchases
 that are part of an automatic investment plan;

&nbsp;&nbsp;&nbsp;&nbsp;· purchases
 effected upon the exercise of rights issued pro rata to all holders of a class of its securities,
 to the extent such rights were acquired from such issuer; and

&nbsp;&nbsp;&nbsp;&nbsp;· acquisitions
 of securities through gifts or bequests from relatives.

***Definition of a Reportable Security***

"**Reportable Securities**" include a wide variety of investments such as stocks, bonds, fixed income, options (subject to the below), warrants, futures, currencies, and derivatives. Private Securities and Limited Offerings are also deemed reportable securities under Yorkville America Equities' policy. A Reportable Security does not include the list of "**Non-Reportable Securities**" below.

The List of Non-Reportable Securities Includes:

&nbsp;&nbsp;&nbsp;&nbsp;· Transactions
 and holdings in direct obligations of the U.S. government;

&nbsp;&nbsp;&nbsp;&nbsp;· Money
 market instruments defined as bankers' acceptances, bank certificates of deposit, commercial
 paper, repurchase agreements and other high quality short-term debt instruments; **•** Shares
 issued by money market funds;

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

&nbsp;&nbsp;&nbsp;&nbsp;· Options,
 other than those options where the underlying securities are listed on the Firm's Restricted
 List, or of a current Portfolio Company.

&nbsp;&nbsp;&nbsp;&nbsp;· Shares
 issued by open-end funds (mutual funds); provided that such funds are not advised by the
 Adviser or an affiliate and such fund's advisor or principal underwriter is not controlled
 or under common with the firm; and

&nbsp;&nbsp;&nbsp;&nbsp;· Units
 of a unit investment trust; if the unit investment trust is invested exclusively in one or
 more open-end funds, provided that such funds are not advised by the Adviser or an affiliate
 and such fund's adviser or principal underwriter is not controlled or under common
 control with the Adviser.

***Enforcement***

The CCO monitors employee brokerage statements electronically to confirm that Purchases and Sales of Reportable Securities are either exempt or pre-cleared.

***Gifts And Gratuities***

Generally, the Firm's policy is to discourage the giving or acceptance of such gifts. However, gifts can be given and accepted in accordance with this policy.

***Gifts, Gratuities and Entertainment to Private Sector Employees***

The Firm and its employees may provide gifts, gratuities or entertainment to private sector employees with the approval of the CCO. Solicitation of Gifts, Gratuities or Entertainment

Any employee who is solicited for gifts, gratuities or entertainment should inform the CCO.

***Acceptance of Gifts, Gratuities or Entertainment by Employees***

No employee may accept a gift, gratuity or entertainment from anyone if it is intended or appears to be intended to influence or reward the employee in connection with any business of the Firm. Among other things, employees are required to award orders, contracts and commitments to counterparties only after a fair, impartial and complete evaluation of all relevant information and therefore must avoid accepting gifts that could appear to be a bribe or kickback from an actual or potential counterparty or supplier or from a family member. Where there is no such intent, or appearance of such intent, an employee may accept from an investor, dealer or business organization a gift, gratuity or entertainment that does not exceed $250 in total value per year or the usual and customary entertainment that is hosted by the provider. Similarly, in appropriate situations, orders, contracts or commitments may be awarded to an entity in which an employee has a family, financial or other interest. Prior to accepting gifts, gratuities or entertainment that exceed a value of $250 or awarding orders, contracts or commitments to an entity in which an employee has a family, financial or other interest, the employee must seek approval from the CCO by completing the "<u>Gift Approval Form</u>" through MCO.

These prohibitory limits do not apply to reasonable gifts of a personal nature, such as a gift for a wedding or the birth of a child. In addition, employees may also accept promotional items of nominal value. Furthermore, these limits do not apply to close family members, which include a spouse, parent or a member

of the employee's immediate household and personal friends who are also business associates or colleagues, unless the gift, gratuity or entertainment is given with the intent to circumvent this policy.

***Business Entertainment***

"Ordinary and usual" business entertainment is typically not considered a gift or gratuity and is exempt from the policies set forth above. What is "ordinary and usual" is not always easy to determine. However, as a general rule, if the donor is not present, the entertainment will be considered a gift and subject to the policies set forth above. If the donor is present, the entertainment will typically not be a gift, provided that the value of the entertainment is "reasonable." This standard of "reasonableness" will require an assessment of the value to the employee's participation in the entertainment. Employees are urged to exercise caution in making these assessments. Invitations to expense-paid-for conferences and seminars and offers from vendors to pay expenses for travel to facilities and the like can also be problematic. There will be situations where these invitations will fall into the category of a gift or where the circumstances may raise a potential conflict of interest. In some cases, to avoid any appearance of impropriety, it may be in the Firm's best interest for the employee to attend an event and for the Firm to reimburse the person or firm making the invitation. Employees with questions about the "ordinary and usual" nature of business entertainment should contact the CCO.

***Political Activities and Contributions***

A conflict of interest could arise from an employee's participation in political affairs if it appeared that the employee was participating on behalf of the Firm. In addition, a variety of federal, state and securities laws and rules regulate the political activities and contributions of employees who are affiliated with financial services companies such as the Firm and violation of these laws can result in personal liability for the employee and preclusion from doing business in certain states for the Firm. Accordingly, prior to engaging in political activities or making political contributions, employees must follow these policies and procedures and the policies and procedures set forth in the Firm's Political Contribution Policy (see below).

***Activities***

Employees are required to obtain prior written approval from the CCO prior to volunteering for or accepting an official position, whether paid or unpaid, with any federal, state or local governmental entity, campaign for federal, state or local office or with a national, state or local political party or association. In addition to seeking pre-approval from the CCO, the following restrictions apply unless exceptions are granted:

&nbsp;&nbsp;&nbsp;&nbsp;· If
 the employee intends to solicit political contributions from other employees, he or she may
 only do so with the CCO's prior written approval and never in a coercive manner;

&nbsp;&nbsp;&nbsp;&nbsp;· All
 political activities must be conducted on the employee's personal time;

&nbsp;&nbsp;&nbsp;&nbsp;· The
 Firm's premises may not be used for political activities;

&nbsp;&nbsp;&nbsp;&nbsp;· All
 political communications must take place away from the Firm's premises;

&nbsp;&nbsp;&nbsp;&nbsp;· The
 Firm's resources (resources include stationery, postage, copiers, computers, fax machines,
 telephones, secretaries or other administrative staff) may not be used for political activities;

&nbsp;&nbsp;&nbsp;&nbsp;· The
 Firm's name may not be used in any media events or when soliciting contributions;

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

&nbsp;&nbsp;&nbsp;&nbsp;· The
 Firm's proprietary information (including client lists, investor lists or lists of
 companies in which the clients invest) may not be used;

&nbsp;&nbsp;&nbsp;&nbsp;· Political
 activities may not be used to influence the award of business to the Firm or any of its affiliates,
 and there can be no quid pro quo;

&nbsp;&nbsp;&nbsp;&nbsp;· Employees
 may not bundle or collect and forward contributions to campaigns or provide stamped or addressed
 envelopes from any premises of the Firm;

&nbsp;&nbsp;&nbsp;&nbsp;· Employees
 may not direct their spouse or family members to make contributions that the employee may
 otherwise be prohibited from making; and

&nbsp;&nbsp;&nbsp;&nbsp;· Campaign
 literature or other materials provided by a campaign may not be distributed from any premises
 of the Firm.

***Legal Considerations***

Once an employee's political activity has been approved by the CCO, such activity must be conducted in accordance with all applicable laws, including without limitation the Foreign Corrupt Practices Act ("**FCPA**") and the International Anti-Bribery Act ("**IABA**").

The FCPA prohibits employees from making any payment: (1) intended to influence any act or decision of a foreign official in his or her official capacity, (2) to induce the official to do or omit to do any act in violation of his or her lawful duty, (3) to obtain any improper advantage or (4) to induce a foreign official to use his or her influence improperly to affect or influence any act or decision. The FCPA does not require the payment to succeed in its purpose. The mere offer or promise of such a payment can constitute a violation of the FCPA. The FCPA provides for criminal penalties for individuals and entities that violate its provisions.

The IABA supplements the FCPA and applies the FCPA to acts done outside the United States by United States citizens or nationals, among others, and to prohibited acts committed by foreign persons within the territory of the United States or by any United States business or national anywhere in the world.

Employees should be aware of the anti-bribery laws of other countries and should determine their applicability when payments and other offers of value are made to foreign recipients. Employees should also understand that the use of consultants or finders to make payments to foreign government employees does not insulate the Firm from liability under the FCPA. It is therefore important that all employees consult

**POLITICAL CONTRIBUTIONS POLICY**

This Political Contributions Policy (the "**Political Contributions Policy**") has been adopted by The Firm and is a part of its Compliance Manual, which may be amended from time to time. Capitalized terms used in this Political Contributions Policy without definition have the respective meanings assigned to them in the Compliance Manual.

***General***

Rule 206(4)-5 under the Advisers Act contains certain provisions intended to prohibit investment advisers from making political contributions or engaging in other "pay-to-play" practices that seek to influence

government officials who are responsible for making awards of advisory contracts with respect to state or local governmental pools or plans. In particular, this Rule contains the following prohibitions:

***Two-Year Bar from Receiving Advisory Compensation***

Rule 206(4)-5(a)(1) makes it unlawful for an investment adviser to provide investment advisory services for compensation (such as a management fee or performance fee) to a "government entity" (as defined below) of a state or political subdivision of a state for two years after a "contribution" (as defined below) is made to an "official" (as defined below) of such government entity by the investment adviser or any "**Covered Associate**" (as defined below) of such investment adviser.

This "two-year bar" provision is triggered by contributions made by a person while he or she serves as a Covered Associate of such investment adviser. In addition, it can also be triggered by contributions made by a person before he or she becomes a covered person. In particular, it applies as a result contribution made by a person who subsequently becomes a Covered Associate (i) within two years after the contribution is made if such person solicits clients on behalf of the investment adviser or (ii) within six months after the contribution is made if such person does not solicit clients on behalf of the investment adviser.

On the other hand, the "two-year bar" is not triggered by contributions that fall below certain *de minimis* thresholds. In particular, it is not triggered by (i) contributions made by a natural person to officials for whom such natural person is entitled to vote, in the amount of up to $350 per official, or (ii) contributions made by a natural person to officials for whom such natural person is not entitled to vote, in the amount of up to $150 per official.

***Coordination or Solicitation of Political Contributions***

Rule 206(4)-5(a)(2)(ii) makes it unlawful for an investment adviser or its Covered Associates to coordinate, or "solicit" (as defined below) any person or political action committee to make, either of the following:

&nbsp;&nbsp;&nbsp;&nbsp;· any
 contribution to an official of a state or local government entity to which the investment
 advisor is providing or seeking to provide investment advisory services; or

&nbsp;&nbsp;&nbsp;&nbsp;· any
 payment to a political party of a state or locality where the investment adviser is providing
 or seeking to provide investment advisory services.

***Engagement of Placement Agents or other Solicitors***

Rule 206(4)-5(a)(2)(i) makes it unlawful for an investment adviser or its Covered Associates to provide, or agree to provide, directly or indirectly, payment to any person (such as a placement agent) to solicit a governmental entity for investment advisory services on behalf of such investment adviser for advisory services, unless such placement agent or solicitor is itself a registered investment adviser or a registered broker-dealer subject to "pay-to-play" restrictions comparable to those applicable to registered investment advisers.

***Indirect Action***

Finally, Rule 206(4)-5(d) makes it unlawful for an investment adviser or any of its Covered Associates to do anything indirectly, which, if done directly, would result in a violation of the foregoing rules. This rule is designed, among other things, to prohibit an adviser or its Covered Associates from funneling political contributions or other payments through consultants, attorneys, family members, friends or other third parties as a means of circumventing the rules.

***Persons Covered by Policy***

This Political Contributions Policy applies to any "**Covered Associates**" of the Firm within the meaning of Rule 206(4)-5(f)(2) under the Advisers Act, which include the following persons:

&nbsp;&nbsp;&nbsp;&nbsp;· any
 general partner or managing member of the Firm;

&nbsp;&nbsp;&nbsp;&nbsp;· any
 executive officer (or a person with a similar status or function) of the Firm and certain
 officers who perform policy-making functions for the investment adviser;

&nbsp;&nbsp;&nbsp;&nbsp;· any
 employee of the Firm who solicits a government entity (whether or not such employee is primarily
 engaged in solicitation activities) and any direct or indirect supervisor of such employee;
 and

&nbsp;&nbsp;&nbsp;&nbsp;· any
 political action committee controlled by the Firm or any of the other persons listed above.

The Firm has determined that each entity controlled by the Firm that is involved in providing investment advisory or investment management services to its 'clients , any officer or director of such an entity, any Firm personnel who solicits a governmental entity or is a direct supervisor of someone who solicits a governmental entity and any political action committee controlled by any of the foregoing persons is considered a "**Covered Associate**" and is therefore subject to this Political Contributions Policy. For the sake of convenience, the term "you" as used herein includes any person to whom this Political Contributions Policy applies.

***Key Definitions and Interpretive Provisions***

In specifying the scope of foregoing rules, the SEC has adopted a number of significant definitions and interpretations, including the following:

***Contribution***

The term "contribution" is broadly defined to include a gift, loan, advance, deposit of money, or anything of value made for the purpose of influencing an election, including any payments for debts incurred in such an election. It also includes transition or inaugural expenses incurred by a successful candidate for state or local office.

On the other hand, the term "contribution" would generally not include a donation of time by a Covered Associate of an investment adviser, at least if the investment adviser has not solicited the donation of time and no use is made the investment adviser's resources, such as office space and telephones.

***Government Entity***

The term "government entity" is defined to include a public pension plan or other governmental pool or plan established by a state or subdivision of a state, including all state and local governments and their agencies and instrumentalities.

***Official***

An "official" includes an incumbent, candidate or successful candidate for elective office of a government entity if the office (i) is directly or indirectly responsible for, or can influence the outcome of, the hiring of an investment adviser or (ii) has authority to appoint any person who is directly or indirectly responsible for, or can influence the outcome of, the hiring of an investment adviser.

Note that an "official" can include a candidate for federal office, but only if such candidate is currently serving as an incumbent official of a state or local government entity.

***Solicit***

The term "solicit" means to communicate, directly or indirectly, for the purpose of obtaining or retaining a client for, or referring a client to, an investment adviser. Whether a particular communication is a solicitation is a question of fact and generally depends on whether it is made under circumstances reasonably calculated to obtain or retain an advisory client.

***Treatment of Advisers to Covered Investment Pools***

The rules contain a special provision for "covered investment pools" (as defined below) under which an investment adviser who provides investment advice to a covered investment pool in which a government entity invests or is solicited to invest is treated as if the investment adviser is providing or seeking to provide investment advice directly to the governmental entity. Because in many contexts, the Advisers Act treats a covered investment pool itself (rather than the investors who acquire interests in the pool) as the client of the investment adviser, the SEC viewed this rule as being needed to ensure that the prohibitions of Rule 206(4)-5 rule apply to investment advisers whose primary business consists of managing one or more investment funds.

The term "covered investment pool" is defined to mean (i) an investment company registered under the Investment Company Act that is an investment option of a plan or program of a government entity or (ii) any company that would be an investment company under the Investment Company Act but for the exclusion provided by Section 3(c)(1), 3(c)(7) or 3(c)(11) thereof. Accordingly, the term covers the feeder funds.

***Pre-Approval of Certain Contributions and Other Activities***

You must obtain the written approval from the CCO before taking any of the following actions:

&nbsp;&nbsp;&nbsp;&nbsp;· making
 any contribution to any person (including any election committee for the person) who was,
 at the time of the contribution, an incumbent, candidate or successful candidate for elective
 office of a state or local government entity; or

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

&nbsp;&nbsp;&nbsp;&nbsp;· donating
 any time to an incumbent, candidate or successful candidate for elective office of a state
 or local government entity, unless (i) the donation involves less than ten hours of
 your time, (ii) such donation is not made at the request of or in coordination with
 the Firm or any of Firm personnel and (iii) no use is made in connection with such donation
 of the Firm's resources, such as office space and telephones.

Moreover, you should recognize that, unless the Firm has determined that it has no plans to provide investment advisory services to any state or local government entity in the specific state in which the official is serving or is proposing to serve, it is likely that any request you make to take one or more of the actions described above will be denied.

If you have any question about whether a proposed contribution or other related activity requires preapproval, you must check with the CCO before making such contribution or engaging in such activity.

***Engagement of Placement Agents and Other Solicitors***

The engagement of a placement agent by the Firm or a feeder fund requires the approval of at least one of the Senior Managers and the CCO. In no event may the Firm or a feeder fund engage a placement agent or other third party to solicit a governmental entity for investment advisory services on behalf of such investment adviser for advisory services, unless such placement agent or solicitor is itself a registered investment adviser or a registered broker-dealer subject to "pay-to-play" restrictions comparable to those applicable to registered investment advisers.

***Certain Other Prohibited Activities***

You are prohibited from taking any other action that would constitute a violation of Rule 206(4)-5, including, but not limited to, the following:

&nbsp;&nbsp;&nbsp;&nbsp;· coordinating
 or soliciting any contribution to an official of a government entity to which the Firm is
 providing or seeking to provide investment advisory services; or

&nbsp;&nbsp;&nbsp;&nbsp;· coordinating
 or soliciting any payment to a political party of a state or locality where the investment
 adviser is providing or seeking to provide investment advisory services.

***Political Contribution Reports***

You must complete the *"<u>Political Contribution Report</u>"* through MCO, detailing certain of your political contributions no later than 30 days after the end of each calendar quarter. Such report must provide, at a minimum, the following information:

&nbsp;&nbsp;&nbsp;&nbsp;· with
 respect to each contribution made by you to any incumbent, candidate or successful candidate
 for elective office of a state or local government entity during the applicable quarter,
 the date of the contribution, the amount of the contribution and the name of the official
 to whom the contribution was made;

&nbsp;&nbsp;&nbsp;&nbsp;· with
 respect to each contribution made by you to a political party of a state or political subdivision
 of a state during the applicable quarter, the date of the contribution, the amount of the
 contribution and the name of the political party to which the contribution was made;

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

· with
 respect to each contribution made by you to a political action committee during the applicable
 quarter, the date of the contribution, the amount of the contribution, the name of the political
 action committee to which the contribution was made; and

· the
 date that you submit the report.

## Ex-99.(P)(3)

**Exhibit 99.(p)(3)**

Tuttle Capital Management, LLC

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;III. Code
 of Ethics

**Background**

In July 2004, the SEC adopted Rule 204A-1 of the Advisers Act requiring SEC-RIAs to adopt and implement a Code of Ethics. The rule was designed to prevent fraud by reinforcing fiduciary principles that govern the conduct of advisory firms and their personnel. The Code of Ethics, in keeping with Rule 204A-1, requires SEC-registered investment advisers to perform the following:

· Setting a high ethical standard of business conduct reflecting
adviser's fiduciary obligations;

· Compliance with federal securities laws;

· Access persons to periodically report personal securities transactions and holdings,
with limited exceptions;

· Prior approval by the CEO for covered securities (as TCM uses
a Discretionary Code of Ethics primarily for personal securities transactions) except for CCO prior authorization for any Initial Public
Offering ("IPO"), private placement investments, reportable funds (meaning registered investment companies in which TCM is
adviser or sub-adviser) or other securities transactions as determined to be necessary by Access Persons (and Access Persons-related
covered accounts). ;

· Reporting of violations;

· Delivery and acknowledgement of the Code of Ethics by each supervised
person;

· Reviews and sanctions;

· Recordkeeping; and

· Summary Form ADV disclosure.

**Policy**

An investment adviser's Code of Ethics and related policies and procedures represent a strong internal control with supervisory reviews to detect and prevent possible insider trading, conflicts of interest and potential regulatory violations. Accordingly, TCM has adopted and implemented a strict Code of Ethics to govern the activities of Supervised Persons (including Access Persons) of the Adviser and to help ensure TCM maintains a strong culture of compliance inclusive of meetings its fiduciary obligation to its clients and mitigating potential and actual conflicts of risks. TCM, in carrying out its Code of Ethics obligations maintains the discretion to engage a third-party service provider to assist in the automation of Code Reporting requirements. Alternatively, TCM retains the authority to replace the third-party service provider or direct its Access Persons to achieve compliance with Code requirements through an alternative process, such as, email.

TCM's Code of Ethics governs practices covering personal securities transactions, outside business activities, gifts and gratuities/entertainment, and political contributions. Although not covered by the Advisers Act or subject to administration by the Adviser's CCO, the Trust and specifically the Trust CCO will initiate Code of Ethics and other Trust-related certifications or attestation for which the Adviser, in its capacity as adviser or sub-advisers to ETFs (or other registered investment companies) on the Trust, is mandated to complete under its applicable agreement. The Trust CCO shall maintain full authority and responsibility to oversee Trust-related attestations or certifications. Within TCM, the CEO will be responsible for ensuring that those

Tuttle Capital Management, LLC

certifications and/or attestations, including those related to the Adviser's sponsored ETFs activities and personal securities transactions, are completed thoroughly and promptly. In doing so, the Adviser's CEO may collaborate on their completion with the Adviser's CCO but shall remain ultimately responsible for satisfying the attendant requirements compelled by the Trust CCO and the Trust's Board.

In keeping with Rule 204A-1 of the Advisers Act, TCM has adopted a formal Code of Ethics that classifies all Adviser employees (a/k/a Supervised Persons) as "Access Persons". Accordingly, these Access Persons are subject to the TCM Code of Ethics ("Code") and its provisions. In regard to TCM, the CCO shall administer the attestations or certifications and shall perform reviews to detect any issues or concerns that must be addressed, documented, and/or reported (including "Material Compliance Matters").

*Personal* *Securities Transactions*: The Code covers the personal securities transactions of covered accounts for which they or their household members have discretion. In addition, the Code covers the political contributions, outside business activities, gifts and entertainment for business purposes for all Access Persons. TCM policy in connection to the Code will, as a general principle, follow the parameters outlined in this section of the Manual. Access persons shall have the same meaning as set forth in the Advisers Act and shall be supervised persons designated by the CCO based upon their job duties and/or access to investment recommendations concerning TCM Fund Clients and Non-Fund Clients (or together "Clients"). The Firm shall maintain a list of Clients on file as part of its books and records requirements. Access persons are not required to obtain pre-authorization from the CCO or CCO designee to open a securities account as further defined in this section.

**Procedures**

The Code of Ethics, as described in further detail below, is provided in the Compliance Manual which is distributed to each Supervised Person annually. Each Access Person shall complete an attestation asserting that he/she has received, read, understands, and will abide by its contents. In addition, the Code of Ethics' specific requirements set forth below will subject to certifications done at the time of hire (i.e., Initial Certification) and thereafter after quarterly as well as annual holding reports certifications to be executed by each Access Person.

*Outside Business Activities*: The Code permits Access Persons to engage in Outside Business Activities (OBAs) subject to (i) pre-approval by the CCO and CEO and (ii) so long as the OBA does not present any material conflict of interest to TCM or otherwise impact TCM clients adversely.

*Political Contributions*: The Code permits Access Persons including the CEO (which is the sole owner of the Firm) to make political contributions subject to conditions described below and informs Access Persons to verify independently if the contribution limits are consistent with the thresholds, if any, permitted by the laws of the federal government, state or local jurisdictional law.

*Gifts and Gratuities/Entertainment*: The Code permits Access Persons to give or receive gifts, gratuities, or entertainment subject to the conditions set forth in the Code of Ethics. Loans are also covered under the "Gifts and Gratuities/Entertainment" provisions articulated in this section of the Manual. Preclearance by the CCO is required for gifts (given or received) of $300 or more whereas

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quarterly certification reporting for gifts under that limit is required. The Code of Ethics does allow for exceptions to gift limits where there is an established personal relationship and for specific lift events.

*Loans*. TCM or its Supervised Persons are prohibited from giving or receiving loans to other employees or representatives of clients of the Firm without prior approval by the CEO or in the case of the CEO, the CCO.

To distinguish the difference between Gifts from Gratuities/Entertainment, here is a common scenario:

· Example A: Access Person invites a prospective client to a sporting event. The
Access Person attends the event with the prospective client. This is an example of Entertainment.

· Example B: Access Person gives a prospective client to two tickets to a sporting
event. The Access Persons does not attend the event with the prospective client. This is an example of a Gift.

*Conflicts of Interest:* The Code, in keeping with TCM's fiduciary obligations, mandates that Access Persons, at all times, place the interests of TCM's clients ahead of both TCM and their own interests. TCM Access Persons are compelled to act in a professional matter when conducting business for the Adviser and, in accord with that standard, shall disclose any material conflicts of interests when conducting their duties on behalf of TCM to the CEO and CCO promptly.

**Responsibility**

CCO

**Personal Securities Transactions**

**Background**

As required by Rule 204A-1, the Code of Ethics must govern certain activities conducted by Access Persons to ensure that an RIA is operating in a manner consistent with its fiduciary obligations.

**Policy**

As a fundamental principle, TCM requires that all personal securities transactions will be conducted in such a manner as to avoid any actual or potential conflict of interest or any abuse of an individual's position of trust and responsibility. For purposes of this Policy, "Personal securities transactions" shall mean any purchase or sale of a Covered Security by an Access Person in a Covered Account; provided, however, that the CCO (or in the case of accounts involving the CCO, the CEO) may, on a case by case basis, exclude certain accounts from the below restrictions if such accounts qualify as Covered Accounts solely as a result of part (2) of the definition of such term. Moreover, each Supervised shall: (i) comply with all applicable securities laws and (ii) report any violations concerning personal securities transactions promptly to the CCO.

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The Code does permit Access Persons to maintain personal securities accounts. Personal investing by an Access Person in any account in which the access person has a beneficial interest, including accounts for any immediate family or household members, must be consistent with our fiduciary duty to our clients and regulatory requirements. Each Access Person must identify within 10 days of becoming an Access Person, and subsequently on both a quarterly and again annually, any personal investment account information to the CCO initially and on an ongoing basis. Appropriate investment opportunities must be offered to clients first before the Adviser or any employee may act on them.

**<u>Definitions: The Code of Ethics shall use the following terms and related definitions:</u>**

(a) "Access Person" means any Supervised Person of TCM (1) who has access to nonpublic information regarding any clients' purchase or sale of securities or (2) who is involved in making securities recommendations to clients, or who has access to such recommendations that are nonpublic.

(b) "Supervised Person" means any member, officer, director (or other person occupying a similar status or performing similar functions), or employee of TCM (which may include independent contractors), or other person who does not provide investment advice on behalf of TCM or has access to client recommendations (which is precluded through physical and technology barriers) and is subject to the supervision and control of TCM.

(c) "Beneficial Ownership", for purposes of this Code of Ethics and in keeping with Rule 204-1 of the Investment Advisers Act, means any securities or private investments held in accounts over which the Access Person has direct or indirect influence or control including themselves or members of their household. Excluded from this definition are securities held in accounts over which the access person had no direct or indirect influence or control.

(d) "Covered Security" means, for purposes of this Code of Ethics and in keeping with Rule 204-1 of the Investment Advisers, means any interest or instrument commonly known as a security. Further, the term "Security" shall by synonymous with the definition under the Investment Advisers Act of 1940 ("Advisers Act"). Under the Advisers Act, the term "Security" means any note, stock, treasury stock, security future, bond, debenture, evidence of indebtedness, certificate of interest or participation in any profit-sharing agreement, collateral- trust certificate, preorganization certificate or subscription, transferable share, investment contract, voting-trust certificate, certificate of deposit for a security, fractional undivided interest in oil, gas, or other mineral rights, any put, call, straddle, option, or privilege on any security (including a certificate of deposit) or on any group or index of securities (including any interest therein or based on the value thereof), or any put, call, straddle, option, or privilege entered into on a national securities exchange relating to foreign currency, or, in general, any interest or instrument commonly known as a "security", or any certificate of interest or participation in, temporary or interim certificate for, receipt for, guaranty of, or warrant or right to subscribe to or purchase any of the foregoing. Additionally, the term covers the preceding parameters attendant

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to "securities" and other securities in which the adviser's clients may invest or as to which the adviser may make recommendations (sometimes also referred to as "related securities") including private securities. Moreover, for purposes of this Compliance Manual, the term" Security" shall cover "crypto assets" that may be a security (including stocks, mutual funds, and exchange-traded funds that derive value from crypto assets), a commodity (e.g., digital assets) or other asset type (e.g. property) under applicable law. As a general standard, the definition of "crypto assets" is any asset that's issued or transferred using distributed ledger technology (DLT) or blockchain technology.

(e) "Exempt Security" is not encompassed under "Covered Security" as such securities are excluded from being covered under the Code. Exempt Security means (among others) any direct obligations of the United States, bankers' acceptances, certificates of deposit, commercial paper, high quality short-term debt instruments (including repurchase agreements).

(f) "Covered Accounts" shall mean (i) securities accounts, wallets or keys for which TCM is a beneficial owner and maintain discretion, except for investment partnerships or other funds of which the adviser or any affiliated entity is the general partner, investment adviser or investment manager or from which the adviser or such affiliated entity receives fees based on capital gains, and/or (ii) or an Access Person (including household members of the Access Person) maintains a beneficial ownership interest and investment discretionary authority. "Covered Accounts", more specifically and for background purposes, encompass (1) "securities accounts" that hold financial assets such as "securities" as defined under "Covered Security", above, on behalf of an investor with a bank, broker or custodian; (2) "wallets" (whether "hot" or "cold"), which are hardware, software or even paper that let the investor store, access and manage crypto assets; and (3) "keys" (e.g., public keys, private keys), which are used in connection with the validation of ownership of an investor's crypto assets. (Note: The keys—for which a public key and a private key exists—work in tandem and enable the investor to access their crypto assets. The the public key identifies the "location" of the investor's wallet, and the individual uses it to receive or send crypto from or to another wallet address. While anyone can send transactions to your public key, you need the matching private key (or secret long alphanumeric code) to "unlock"

them.)

**Procedure**

Personal Securities Transactions. TCM has adopted procedures to implement our policy on personal securities transactions and reviews to monitor and ensure our policy is observed, implemented properly, and amended or updated, as appropriate, which include the following:

· Access Persons are required to provide TCM electronic access to current covered
accounts and reportable securities holdings for both the Access Persons and (covered accounts of Access Persons' household members)
within 10 days of becoming an Access person (i.e. Initial Portfolio Holdings Report) and annually (i.e. Annual Portfolio Holdings Report),
for the term of their employment. Initial Portfolio Holding Reports and Annual Portfolio Holding Reports include the reporting of covered
accounts and holdings in publicly traded securities, private securities, and crypto holdings whereas Quarterly Transaction Reports (as
further

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| | |
|:---|:---|
|  | described below) do not. |
| · | Access persons (including for Access persons' household member covered accounts) must provide quarterly reporting of covered securities transactions for each preceding calendar quarter to the CCO (or CCO designee) within 30 days of the end of the calendar quarter's end (or "Quarterly Transaction Reporting"); however, such Quarterly Transaction Reporting is not required to include transactions in covered securities other than publicly traded securities. Therefore, Quarterly Transaction Reporting provided by the Access Person does not extend to private securities (which are still subject to pre-clearance authorization, as applicable, and Initial/Annual Portfolio Holdings Reporting) nor crypto assets (which are subject to Initial/Annual Portfolio Holdings Reporting only). Brokerage account statements may be accepted in lieu of transaction and holdings reports so long as the statements contain all required information and as long as the information is current within 45 days of reporting for holdings reports and such statements are received within 30 days of the end of each calendar quarter for personal securities transactions subject to the aforementioned requirements for Quarterly Transaction Reporting and/or Initial/Annual Portfolio Holdings Reports, as applicable. |

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· All personal securities transactions in covered securities that are to be executed
in covered accounts are subject to applicable reporting under the Code of Ethics except transactions in which the Access Person or household
member does not have discretionary authority (such as where a brokerage Adviser or financial advisor makes all investment decisions for
the Access Person or household member), accounts that do not permit purchase or sale of covered securities (e.g., 529 Plans), and/or direct
obligations of the Government of the United States or its agencies, bankers acceptances, bank certificates of deposit, commercial paper
and high quality short-term debt instruments, or shares issued by registered affiliated or unaffiliated open-end investment companies;
and

· Access Persons are required to provide TCM electronic access to current covered
accounts and reportable securities holdings for both the Access Persons and the Access Persons' household members within 10 days
of becoming an Access person and on an ongoing basis, as applicable.

· Covered account statements may be accepted in lieu of transaction and holdings reports
so long as the confirmations and statements contain all required information and as long as the information is current within 45 days
of reporting for holdings reports and such statements are received within 30 days of the end of each calendar quarter for personal securities
transactions.

· Pre-Clearance Authorization. For additional information, refer to the provisions
outlined in the section below.

**Pre-Clearance Authorization**

TCM, in addition to the aforementioned procedures, has also adopted these provisions attendant to personal securities transactions as part of its Code of Ethics:

&nbsp;&nbsp;&nbsp;&nbsp;· CCO Pre-Clearance: Access Persons must always seek and obtain pre-clearance from
the CCO or CCO Designee through the process established by TCM for these transaction requests for covered accounts which shall be facilitated
through the designated automated code reporting platform to evidence CCO reviews in this regard:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Pre-clearance of an Access Person's participation in an initial public offering
("IPO"), which means the first sale of stock issued by a company to the public;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Obtain prior approval of any acquisition of securities in a limited offering (e.g.,
144A, or interest in a private limited partnership, or similar type of investments); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Pre-clearance of an Access Person's purchase or sale of a registered investment
company in which TCM is the Adviser or Sub-Adviser (each a "Reportable Fund" or together "Reportable Funds").
The name and ticker for these registered investment companies will be disseminated to all Access Persons by the CEO or CEO designee.

&nbsp;&nbsp;&nbsp;&nbsp;· CEO Pre-Clearance: Access Persons must seek prior authorization
from the CEO before purchasing or selling common stocks, exchange traded securities (other than Reportable Funds which are pre-cleared
through the CCO independently), and/or individual fixed income securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Transactions in the securities for CEO Pre-Clearance is required and therefore applicable
requests may be approved or rejected at the discretion of the CEO. Such requests, including those of the CEO, shall be entered into the
automated code reporting platform (for which TCM uses for code of ethics reporting and disclosures) for tracking purposes and to evidence
the approval or rejection of the request by the CEO.

Note: TCM has the discretion to automate any and/or all components of its Code of Ethics ("Code") provisions. In such instances, TCM shall coordinate its Code requirements with the third party service provider and maintain electronic files (in lieu of hard copy files) as required under the Advisers Act. The Trust CCO, as noted, shall be responsible for retention of Code of Ethics provisions required under the Company Act.

**Responsibility**

CCO

**Paid Industry Experts**

**Background**

The SEC, pursuant to Section 10(b) of the Securities Exchange Act of 1934, closely monitors the use of expert networks by RIAs. Expert networks are groups of Subject Matter Experts (SMEs) who are hired by firms in need of high-level expertise that their in-house employees are unable, or unqualified, to provide.

**Policy**

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TCM, at present, does not use or otherwise rely on expert networks; however, should the CEO determine that the Firm needs to obtain the services of expert networks, the Adviser and its personnel involved shall, per policy, shall comply with the established procedures described herein.

**Procedures**

TCM, upon instituting approval for the use of an expert network service, shall adopt and implement this policy and procedure so that the Adviser may follow established controls and provide compliance oversight on all activity.

**Procedure**

The CEO will notify the CCO should CCO will chaperone a selected sampling of expert network consultations, either announced or unannounced, on a periodic basis. The following restrictions apply to the use of paid industry experts:

&nbsp;&nbsp;&nbsp;&nbsp;· Employees are not permitted to speak with an industry expert
who is an employee or former employee of a company (who has worked with the company in the previous 2 years) about which the analyst
is communicating, regardless of whether the Firm currently owns the security, unless approved by the CCO or CEO. The CEO shall maintain
a log of the expert networks used by TCM and retain in accordance with the Recordkeeping Policies herein.

&nbsp;&nbsp;&nbsp;&nbsp;· Consultations with industry experts who are current or former (left in the last
6 months) public company employees must be reviewed and approved by the CCO or CEO.

&nbsp;&nbsp;&nbsp;&nbsp;· Consultations with industry experts who serve or have served (left in the last 6
months) on the Board of Directors of a public company must be reviewed and approved by the CCO or CEO.

In addition, experts are required to affirm certain language that they will not (and did not) disclose any information that they have an obligation to treat as confidential, including material, non-public information ("MNPI").

**Responsibility**

CEO/CCO

**Conflicts of Interest**

**Background**

As a RIA, TCM and its Supervised Persons must act, at all times, in a professional matter consistent with its fiduciary obligation to the adviser's clients. As part of this obligation, Supervised Persons should disclose any personal interest that might present a conflict of interest or harm the reputation of the Firm.

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**Policy**

TCM had implemented a policy concerning Conflicts of Interests that make it a violation of the duty of loyalty to the Adviser to act in the following manner without the prior written consent of the CCO:

· Rebate, directly or indirectly, to any person, Adviser or corporation any part of
the compensation received from the Adviser as an employee;

· Accept, directly or indirectly, from any person, firm, corporation or association,
other than the Firm, compensation of any nature as a bonus, commission, fee, gratuity or other consideration in connection with any transaction
on behalf of the Company or a client account; and/or

· Own any stock or have, directly or indirectly, any financial
interest in any other organization engaged in any securities, financial or related business, except for a minority stock ownership or
other financial interest in any business which is publicly owned.

· Inclusion of ETFs (or other proprietary offerings or clients
in which TCM performs advisory/sub-advisory services) into SMAs managed by the Firm, where applicable.

**Procedures**

In general, TCM has identified certain conflicts of interest that the CEO, in coordination with the CCO, shall be responsible for overseeing that the Adviser properly discloses them to clients in disclosure documents and marketing communications, where applicable, and instituting controls to mitigate their impact to TCM and its clients. In addition, the CEO shall also promptly inform the CCO of unreported conflicts of interests so that both the CEO and CCO can determine appropriate risk mitigation including operational or policy controls and insertion into the Firm's disclosure documents. The CEO shall have sole responsibility to discuss relevant matters including conflicts of interests with sub-advisers. As identified as fundamental standards, the following conflicts have been identified and disclosed in disclosure documents of the Firm:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Securities Transactions. TCM may execute transaction for certain
clients (i.e., registered investment companies) that may adversely impact the value of securities held by other clients

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Personal Securities Transactions. TCM has instituted a Code
of Ethics to regulate the personal securities transactions of its employees and, in doing so, preventing any personal trades in issuers
or securities that may affect TCM client account portfolios.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Marketing and Distribution. TCM may be contractually obligated
to assist in the sale of certain investment offerings, such as, ETFs' shares. Because the PM's compensation is indirectly
linked to the sale of shares, the Adviser may have an incentive to devote time to marketing efforts designed to increase sales that would
otherwise be allocated to other client accounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Expert Networks. Should TCM engage in the use of Expert Network(s),
or a type of business that connects companies with expert resources or subject-matter experts, such as academics, C-levels, founders,
and high-level officials to provide valuable information, data, or assistance, then the Adviser shall follow the Paid Industry Experts
policy and procedure herein this Manual.

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**Responsibility**

CEO

**Outside Business Activities**

**Background**

Outside business interests or investment activities (collectively hereafter "Outside Business Activities") may interfere with Supervised Person's duties with the Firm. Accordingly, RIAs must adopt and implement policies and procedures to monitor the Outside Business Activities ("OBAs") of its Supervised Persons including placing restrictions or prohibiting such activities.

**Policy**

Access Persons, prior to engaging in any OBA (including directorships of private companies, consulting engagements, or public/charitable positions) and/or accepting compensation from firms or individuals outside of TCM, must submit a request to the CCO who, in coordination with the CEO (where necessary) shall approve or disapprove the activity request. The request, among other things, must be submitted through the system approved by the Adviser and include the nature of the activity; how much time will be devoted; and when the activity will occur (business hours or other). conflict of interest may arise if a Supervised Person engages in an outside activity or investment that may be inconsistent with the Adviser's business interests.

**Procedures**

Access Persons must report any pre-existing OBA upon joining TCM and annually thereafter so the CCO can review and, where necessary, implement restrictions or determine that the OBA presents a material conflict to the Adviser and therefore must be disapproved or alert the Supervised Person to refrain from further such activity. The CCO may require further information concerning any outside activity for which approval is requested, including the number of hours involved and the compensation to be received. In particular, Supervised Persons should analyze their current engagements with a particular emphasis on activities which involve:

· a time commitment which would prevent such Supervised Person from performing his
or her duties for the Firm;

· an activity that gives the impression that the services performed
are an extension of TCM's business when in fact the contrary is true;

· active participation in any business in the financial services industry or otherwise
in competition with the Firm, such as, teaching assignments, lectures, public speaking, publication of articles, or radio or television
appearances,

· Serving as an employee, officer or director of any private business, charitable
organization or non-profit organization;

· Supervised Persons may not serve on the board of any company whose securities are
publicly traded, or of any company that the Company or any client account owns securities.

All Access Persons must avoid establishing financial interests or outside affiliations that may create

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a conflict, or appear to create a conflict, between the Access Person's personal interests and the interests of the Adviser or its clients. A potential conflict of interest exists whenever a Supervised Person has a direct financial or other personal interest in any transaction or proposed transaction involving TCM or its clients. A conflict of interest may also exist where the Access Person has an indirect interest in a transaction, for example, because the transaction will benefit someone with whom the Access Person has a friendship or other personal relationship. In such situations, Access Persons must disclose the conflict to the CCO and recuse themselves from the decision- making process with respect to the transaction in question and from influencing or appearing to influence the relationship between the Adviser or any of its clients and the client involved. Access Persons may not use non-public knowledge of a pending or currently considered securities transaction for a client to profit personally, directly or indirectly, as a result.

**Responsibility**

CCO

**Political Contributions**

**Background**

Rule 206(4)-5 of the Advisers Act, commonly referred to as "Pay-to-play", refers to the practice whereby an adviser or its employees make political contributions or gifts for the purpose of obtaining or retaining advisory contracts with government entities. General fiduciary principles under the Advisers Act require an adviser to take reasonable steps to ensure that any political contributions made by it or its employees are not intended to obtain or retain advisory business.

In addition, the SEC adopted provisions that substantially restrict contribution and solicitation practices of investment advisers and certain of their related persons, as follows:

· It prohibits an investment adviser from providing advisory services for compensation
 – either directly or through a pooled investment vehicle – for two years, if the adviser or certain of its executives or employees
make a political contribution to an elected official who is in a position to influence the selection of the Adviser;

· It prohibits an advisory Adviser and certain executives and employees from soliciting
or coordinating campaign contributions from others – a practice referred to as "bundling" – for an elected official
who is in a position to influence the selection of the adviser. It also prohibits solicitation and coordination of payments to political
parties in the state or locality where the adviser is seeking business; and

· It prohibits an adviser from paying a third party, such as a solicitor or placement
agent, to solicit a government client on behalf of the investment adviser, unless that third party is an SEC-RIA or broker-dealer subject
to similar pay to play restrictions.

**Policy**

TCM, a SEC-registered investment adviser, has adopted and implemented the following policy and procedures on connection to Rule 206(4)-5. For purposes of this Manual, the following pertinent terms shall be defined as follows:

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· "Covered Associate" means: (i) any Supervised Person; and (ii) any political
action committee or similar organization controlled by the Adviser or by any Covered Person. From time to time, the Adviser or its Covered
Associates may be asked to make a political contribution. In addition, Covered Associates, by their own volition, may seek to make individual
political contributions. Though the Adviser does not actively solicit government entity business, as an investment manager, the Adviser
is eligible and may be asked to manage money on behalf of a state or municipality in the future. To avoid any real or perceived conflict
of interests, the Adviser requires that individual political contributions be subject to preclearance as further detailed below.

· "Political Contributions" include direct payments of money to a campaign
organization, volunteer work, or fund-raising work done on behalf of, or to benefit, a political campaign, organization or candidate.

**Procedures**

The Adviser's procedures are divided into two sections purposefully to cover TCM, in its capacity as an investment adviser, and TCM Supervised Persons.

 

*Adviser Contributions.* TCM, as a RIA does not intend to make political contributions.

 

*Individual Contributions.* Political activity must occur strictly in an individual and private capacity and not on behalf of TCM (or "Adviser"). The Adviser's resources, financial or otherwise, may not be used to support political parties, candidates or causes, unless approved in advance by the CCO, and therefore:

· The Adviser will not reimburse any Covered Person (i.e., Supervised Person) for individual
political contributions;

· Corporate credit cards issued to Covered Persons cannot be used
to make contributions; and

· Covered Associates are not permitted to use the Adviser's name in connection
with any political campaign other than to state that they are affiliated with or employed by the Adviser.

TCM Supervised Persons who are also "Covered Associates" may make political contributions to elected officials at the Federal, State County and local level provided such contributions subject to the applicable de minimis thresholds outlined here:

· Receive pre-clearance from the CCO through the system that TCM has implemented; and

· In total, are not in excess of $350 or foreign currency equivalent to each official,
per election for whom they may vote, and $150 to other candidates or political action campaigns.

**Responsibility**

CCO

**Gifts and Gratuities/Entertainment**

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**Background**

Giving or receiving gifts in a business setting may give rise to an appearance of impropriety or may raise a potential conflict of interest and. To remain in adherence to its fiduciary obligations under the Advisers Act, TCM has implemented the following policies set forth below to guide employees in this area.

**Policy**

Generally, Supervised Persons should not, directly or indirectly, accept or provide any gifts or favors that might influence decisions regarding business transactions involving the Adviser, or that others might reasonably believe would influence such decisions. For our purposes, the following definitions shall apply in relationship to this policy:

· <u>Gift</u>: A "gift" is defined as anything of monetary value including
non-cash compensation. Payment for entertainment or meals where the Covered Person is not accompanied by the person purchasing the entertainment
or meals is considered a gift.

· <u>Entertainment (or Gratuities)</u>: Acceptance of meals and entertainment where
the host is present is considered "entertainment."

Supervised Persons (including Access Persons) are restricted from accepting inappropriate gifts, favors, entertainment, special accommodations, or other things, of material value that could or give the appearance of influencing their decision-making or make feel obligated to a person or firm. Similarly, Supervised Persons should not offer gifts, favors, entertainment or other things of material value that could be deemed overly generous or aimed at influencing decision-making or making a client feel obligated to the Adviser or the supervised or access person. TCM's Gift Policy also maintains these specific considerations for all Supervised Persons to abide:

· *Cash/Non-Cash Compensation.* No Supervised Person may give or accept cash
gifts or cash equivalents (such as non-cash compensation, including, fee discounts applicable to Firm advisory services) to or from a
client, prospective client, or any entity that does business with or on behalf of the adviser.

· *Loans.* No Supervised Person may give or accept a loan from a client of TCM
without written pre-approval from the CEO and notification to the CCO or in the case of the CEO, approval of the CCO.

**Procedures**

The CCO will ensure that all Access Persons understand the restrictions on giving and receiving gifts and/or compensation of any nature. Supervised or access persons will not accept inappropriate gifts, favors, entertainment, special accommodations or other things of material value that could influence, or give the appearance of influencing, their decision-making or make them feel beholden to a person or firm. Similarly, supervised or access persons should not offer gifts, favors, entertainment or other things of value that could be viewed as overly generous or aimed at influencing decision-making or making a client feel beholden to the Adviser or the supervised or access person. Generally, it is expected that the value of such gifts do not exceed $300. Gifts received from vendors will be logged onto a Gifts and Gratuities Log or other comparable document (electronic or written) and retained. The log will include an estimated value of each gift received. TCM's CCO, will maintain, in an electronic format, a Gifts and Gratuities (Entertainment) log and enter the date, vendor name and fair value of any vendor gift.

Tuttle Capital Management, LLC

**Responsibility**

CCO

**Insider Trading Policy**

**Background**

Various federal and state securities laws and the Advisers Act require every investment adviser to establish, maintain, and enforce policies and procedures reasonably designed to prevent the misuse of material, non-public information in violation of the Advisers Act or other securities laws by the investment adviser of any Access Person associated with the investment adviser.

**Policy**

TCM's Insider Trading Policy (see below) prohibits any Access Person from acting upon, misusing, or disclosing any material non-public information, also known as "inside information." Any instances or questions regarding possible inside information must be immediately brought to the attention of the CEO and CCO, and any violations of the Adviser's policy in this regard shall result in disciplinary action up to termination.

**Procedures**

TCM has adopted and implemented specific procedures to help ensure adherence to the Adviser's Insider Trading Policy including a review of its contents on an annual basis. Additionally, the Adviser has instituted these other specific procedures:

· The Insider Trading Policy is distributed to all Access Persons, and newly hired
Access Persons within 10 days of hire. In such instances, Access Persons shall attest that the received the Insider Trading Policy including
upon first receipt of the policy and annually thereafter. The attestation, too, requires the Access Person to certify he or she received
the policy, read the policy, and will abide by the provisions in the policy;

· Access Persons must report to the CEO or CCO all business, financial or personal
relationships that may result in access to material non-public information;

· The CCO reviews all transactional activity for Access Persons and Access Person-related
or household accounts (which is inclusive of any account subject to the Code of Ethics). As noted in the Code of Ethics, initial and holding
reports from Access Persons and Access Person-related or household accounts must be submitted to the CCO and perform quarterly reviews
of brokerage account statements for such covered accounts;

· The CCO, in coordination with the CEO, shall provide guidance to Access Persons
on any potential insider trading situation or related questions; and

· Where necessary, the CCO shall prepare a written report to the CEO (and/or Outside
Counsel) of any potential violation of the Adviser's Insider Trading Policy including recommendations of corrective actions and/or
disciplinary sanctions.

**Responsibility**

Tuttle Capital Management, LLC

CCO