# EDGAR Filing Document

**Accession Number:** 0001722388
**File Stem:** 0001999371-26-006716
**Filing Date:** 2026-3
**Character Count:** 1065805
**Document Hash:** b7518e2c503e06cffe8499ed793081ca
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001999371-26-006716.hdr.sgml**: 20260323

**ACCESSION NUMBER**: 0001999371-26-006716

**CONFORMED SUBMISSION TYPE**: 485BPOS

**PUBLIC DOCUMENT COUNT**: 74

**FILED AS OF DATE**: 20260323

**DATE AS OF CHANGE**: 20260323

**EFFECTIVENESS DATE**: 20260323

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Tidal Trust III
- **CENTRAL INDEX KEY:** 0001722388

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

**FILING VALUES:**
- **FORM TYPE:** 485BPOS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23312
- **FILM NUMBER:** 26783126

**BUSINESS ADDRESS:**
- **STREET 1:** 234 WEST FLORIDA STREET, SUITE 700
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53204
- **BUSINESS PHONE:** 4694428424

**MAIL ADDRESS:**
- **STREET 1:** 234 WEST FLORIDA STREET, SUITE 700
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53204

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Impact Shares Trust I
- **DATE OF NAME CHANGE:** 20180319

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Impact Shares Funds I Trust
- **DATE OF NAME CHANGE:** 20171113
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Tidal Trust III
- **CENTRAL INDEX KEY:** 0001722388

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

**FILING VALUES:**
- **FORM TYPE:** 485BPOS
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-221764
- **FILM NUMBER:** 26783125

**BUSINESS ADDRESS:**
- **STREET 1:** 234 WEST FLORIDA STREET, SUITE 700
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53204
- **BUSINESS PHONE:** 4694428424

**MAIL ADDRESS:**
- **STREET 1:** 234 WEST FLORIDA STREET, SUITE 700
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53204

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Impact Shares Trust I
- **DATE OF NAME CHANGE:** 20180319

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Impact Shares Funds I Trust
- **DATE OF NAME CHANGE:** 20171113

## Series and Classes Contracts Data

### RCN Pareto Strategic Allocation ETF (Series ID: S000102053)

| Class ID   | Class Name                          | Ticker Symbol   |
|:---|:---|:---|
| C000272511 | RCN Pareto Strategic Allocation ETF | PRTO            |

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

AS FILED WITH THE U.S. SECURITIES AND EXCHANGE COMMISSION ON MARCH 23, 2026

1933 Registration File No. 333-221764

1940 Act File No. 811-23312

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549**

**FORM N-1A**

---

| | |
|:---|:---|
| REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 | ☑ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pre-Effective Amendment No. ___ | ☐ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Post-Effective Amendment No. 177 | ☑ |
| and/or |  |
| REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 | ☑ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amendment No. 180 | ☑ |

---

**<u>TIDAL TRUST III</u>**

(Exact Name of Registrant as Specified in Charter)

Tidal ETF Services LLC

234 West Florida Street, Suite 700

Milwaukee, WI 53204

(Address of Principal Executive Offices, Zip Code)

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

The Corporation Trust Company

1209 Orange Street

Corporation Trust Center

Wilmington, DE 19801

(Name and Address of Agent for Service)

Copies to:

---

| | |
|:---|:---|
| Eric W. Falkeis <br> Tidal ETF Services LLC <br> 234 West Florida Street, Suite 700 <br> Milwaukee, WI 53204  | Rachael L. Schwartz <br> Sullivan & Worcester LLP <br> 1251 Avenue of the Americas, 19<sup>th</sup> Floor <br> New York, New York 10020  |

---

It is proposed that this filing will become effective (check appropriate box):

---

| | |
|:---|:---|
| ☑<br>| immediately upon filing pursuant to paragraph (b) |
| ☐ | on (date) pursuant to paragraph (b) |
| ☐ | 60 days after filing pursuant to paragraph (a)(1) |
| ☐ | on (date) pursuant to paragraph (a)(1) |
| ☐ | 75 days after filing pursuant to paragraph (a)(2) |
| ☐ | on (date) pursuant to paragraph (a)(2) of rule 485 |

---

**Explanatory Note**: This Post-Effective Amendment No. 177 to the Registration Statement of Tidal Trust III (the "Trust") is being filed to respond to Staff comments with respect to the registration of the RCN Pareto Strategic Allocation ETF, as a new series of the Trust, and to make other permissible changes under Rule 485(b).

![](rcn485bpos032326001.jpg)

---

| | |
|:---|:---|
| **PRTO** | **RCN Pareto Strategic Allocation ETF** |

---

**listed on NYSE Arca, Inc.**

**PROSPECTUS**

**March 23, 2026**

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

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| [**RCN Pareto Strategic Allocation ETF – Fund Summary**](#rcn485bposa001) | 1 |
| [**Additional Information about the Fund**](#rcn485bposa002) | 11 |
| [**Portfolio Holdings Information**](#rcn485bposa003) | 20 |
| [**Management**](#rcn485bposa004) | 20 |
| [**Fund Sponsor**](#rcn485bposa005) | 22 |
| [**How to Buy and Sell Shares**](#rcn485bposa006) | 22 |
| [**Dividends, Distributions, and Taxes**](#rcn485bposa007) | 24 |
| [**Distribution**](#rcn485bposa008) | 26 |
| [**Premium/Discount Information**](#rcn485bposa009) | 27 |
| [**Additional Notices**](#rcn485bposa010) | 27 |
| [**Financial Highlights**](#rcn485bposa011) | 27 |

---

**RCN Pareto Strategic Allocation ETF – FUND SUMMARY**

**Investment Objective**

The RCN Pareto Strategic Allocation ETF (the "Fund") seeks long-term capital appreciation.

**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 ("Shares"). **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below.**

---

| | |
|:---|:---|
| **Annual Fund Operating Expenses**<sup>(1)</sup> (expenses that you pay each year as a percentage of the value of your investment) | <sup>1</sup> |
| &nbsp;&nbsp;&nbsp;Management Fees | 0.69% |
| &nbsp;&nbsp;&nbsp;Distribution and Service (12b-1) Fees | 0.00% |
| &nbsp;&nbsp;&nbsp;Other Expenses<sup>(2)</sup> | 0.00% |
| &nbsp;&nbsp;&nbsp;Acquired Fund Fees and Expenses<sup>(2)(3)</sup> | 0.13% |
| **Total Annual Fund Operating Expenses** | 0.82% |

---

<sup>(1)</sup> The Fund's adviser will pay, or require a sub-adviser to pay, all of the Fund's expenses, except for the following: advisory fees and sub-advisory fees, interest charges on any borrowings, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended (the "1940 Act"), and litigation expenses, and other non-routine or extraordinary expenses.

<sup>(2)</sup> Based on estimated amounts for the current fiscal year.

<sup>(3)</sup> Acquired Fund Fees and Expenses are indirect fees and expenses that the Fund incurs from investing in the shares of other investment companies

**Expense 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 hold or 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. The Example does not take into account brokerage commissions that you may pay on your purchases and sales of Shares. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | |
|:---|:---|
| **1 Year** | **3 Years** |
| $84 | $262 |

---

**Portfolio Turnover**

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or turns over its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in total annual fund operating expenses or in the Example, affect the Fund's performance. Because the Fund is newly organized, portfolio turnover information is not yet available.

**Principal Investment Strategies**

The Fund, an actively-managed exchange-traded fund ("ETF"), seeks to achieve its investment objective by dynamically allocating across multiple asset classes based on systematic trend-following and momentum-driven signals. The term "pareto" is a reference to the "pareto principle," which is a theory that roughly 80% of effects come from 20% of causes, meaning that a small portion of inputs generates the majority of outputs. For the Fund, this term refers to the investment process of the Fund's investment sub-adviser, RCN Wealth Advisors, Inc. (the "Sub-Adviser").

The Sub-Adviser employs a dynamic allocation model that employs a rules-based approach to evaluate the prevailing trend and momentum strength of several major asset classes, including U.S. and international equities (including those located in emerging markets), gold, bitcoin, commodities, U.S. Treasury securities, and U.S. investment grade corporate bonds (*i.e.*, generally rated Baa3 or higher by Moody's Investors Service, Inc. ("Moody's"), BBB- or higher by S&P Global Ratings Group, a division of S&P Global Inc. ("S&P"), BBB- or higher by Fitch Ratings, Inc. ("Fitch")) or, if unrated, considered by the Sub-Adviser to be of equivalent quality. The dynamic allocation model's trade signal inputs are human generated. To gain these investment exposures, the Fund will generally invest in other pooled investment vehicles, such as other ETFs and exchange-traded products ("ETPs").

With respect to the Fund's equity exposure, allocations will generally be made to broad based securities market indices through investments in other ETFs, and the Fund may have exposure to equity securities of companies of all market capitalizations. However, the Fund may directly invest in the top holdings of a particular equity market index, rather than owning the entire index through an ETF investment. This approach is generally taken when the top holdings of an index are exhibiting positive relative momentum (*i.e.* outperforming the index as a whole) or if the top positions make up a significant portion (*e.g.*, in excess of 50%) of the total market capitalization of the index.

Under normal market conditions, allocation to the equity asset class is approximately 70% of the Fund's net assets. However, the total allocation to the equity asset class will increase or decrease based on market performance and conditions. The Fund's allocation to the equity asset class may range between 0% and 100%, depending on market conditions. When equity trends and momentum signals weaken or signal an exit condition pursuant to the Sub-Adviser's investment process, the Fund systematically reduces equity exposure and reallocates toward short-term Treasury securities until conditions turn positive again, at which point equity allocations may be increased. Signals are derived from various data points, including, moving averages, price averages, rate of change and market breadth (i.e. advance-decline data). Entry and exit signals will compare closing prices relative to these various averages, as well as, when moving averages cross price averages. Ratios of one security to another are also used to calculate relative momentum in determining which security to hold.

To mitigate the impact of drawdowns (i.e., a significant decline in the overall markets) and provide balance through changing market regimes, the Fund also allocates a portion of the portfolio to the other major asset classes, *i.e.*, gold, Treasury bonds, bitcoin, commodities and U.S. investment grade corporate bonds.. Allocations to each of these other asset classes are systematically based on the prevailing trend and/or momentum strength of each asset class either on its own or relative to other asset classes, and are generally made through investments in other ETFs and ETPs. The Fund may also engage in covered call options strategies to seek to generate options premiums for the Fund and/or for hedging purposes during periods of high market volatility. Options premiums are generated when the Fund writes call options.

The Sub-Adviser may also allocate Fund assets to ETFs or ETPs that provide exposure to managed futures strategies. Managed futures strategies typically involve a portfolio of actively traded futures contracts on various asset classes, including but not limited to equities, bonds, currencies, and commodities, and may be used by the Sub-Adviser as an additional means of gaining asset class exposures with a low correlation, and often inverse correlation, to equities. Managed futures strategies are typically designed to profit from increased price movement, regardless of direction, and can be used by the Sub-Adviser to hedge against volatile markets.

Cayman Subsidiary

The Fund intends to gain exposure to certain ETPs indirectly through a wholly-owned Cayman Islands subsidiary (the "Subsidiary") that is advised by the Tidal Investments LLC, the Fund's investment adviser (the "Adviser" or "Tidal"), and sub-advised by the Sub-Adviser. The Fund may invest up to 25% of its total assets in the Subsidiary, tested at the end of each fiscal quarter. The Subsidiary will generally invest in investments that do not generate "qualifying income" under the source of income test required to qualify as a regulated investment company ("RIC") under Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code"). Unlike the Fund, the Subsidiary may invest without limitation in such investments; however, the Subsidiary will comply with the same 1940 Act requirements that are applicable to the Fund's investments. In addition, the Subsidiary will be subject to the same fundamental investment restrictions as the Fund and will comply with them on an aggregate basis with the Fund, and will follow the same compliance policies and procedures as the Fund. Unlike the Fund, the Subsidiary will not seek to qualify as a RIC under the Code. The Fund is the sole investor in the Subsidiary and does not expect the shares of the Subsidiary to be offered or sold to other investors. Because the value of the Subsidiary must not exceed 25% of the Fund's value at the close of any quarter, the Subsidiary may need to sell assets as a quarter end approaches and pay a dividend to the Fund. This dividend will constitute qualifying income for RIC purposes. Except as otherwise noted, for purposes of this Prospectus, references to the Fund's investments include the Fund's indirect investments through the Subsidiary.

Other Fund Attributes

The Fund will generally hold between 3 and 20 portfolio holdings.

The Fund's strategy is expected to result in a high annual portfolio turnover rate.

The Sub-Adviser's investment process is systematic, repeatable, and disciplined, applying quantitative rules to evaluate asset classes regularly and adjust exposure as trends evolve. The Fund rebalances its portfolio as frequently as dictated by the model, but at least annually.

**Principal Investment Risks**

The principal risks of investing in the Fund are summarized below. As with any investment, there is a risk that you could lose all or a portion of your investment in the Fund. Some or all of these risks may adversely affect the Fund's net asset value per share ("NAV"), trading price, yield, total return, and/or ability to meet its investment objective. 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-Principal Risks of Investing in the Fund."

Each risk summarized below is considered a principal risk of investing in the Fund, regardless of the order in which it appears.

**Equity Market Risk.** Common stocks are generally exposed to greater risk than other types of securities, such as preferred stock and debt obligations, because common stockholders generally have inferior rights to receive payment from specific issuers. Equity securities may experience sudden, unpredictable drops in value or long periods of decline in value. This may occur because of factors that affect securities markets generally or factors affecting specific issuers, industries, or sectors in which the Fund invests.

**Bitcoin Investment Risks.** The Fund's indirect investment in bitcoin exposes it to the unique risks of this emerging innovation. Bitcoin's price is highly volatile, and its market is influenced by the changing bitcoin network, fluctuating acceptance levels, and unpredictable usage trends. Not being a legal tender and operating outside central authority systems like banks, bitcoin faces potential government restrictions. For instance, some countries may limit or ban bitcoin transactions, negatively impacting its market value.

The risks associated with bitcoin include the possibility of fraud, theft, market manipulation, and security breaches in trading platforms. A small group of large bitcoin holders, known as "whales," can significantly influence bitcoin's price and may have the ability to manipulate the price. The largely unregulated nature of bitcoin and its trading venues heightens risks of fraudulent activities and market manipulation, which could affect bitcoin's price. For example, if a group of miners gains control over a majority of the bitcoin network, they could manipulate transactions to their advantage. Historical instances have seen bitcoin trading venues shut down due to fraud or security breaches, often leaving investors without recourse and facing significant losses.

Updates to bitcoin's software, proposed by developers, can lead to the creation of new digital assets, or "forks," if not broadly adopted. This can impact bitcoin's demand and the Fund's performance. The extreme volatility of bitcoin's market price can result in shareholder losses. Furthermore, the operation of bitcoin trading platforms may be disrupted or cease altogether due to various issues, further affecting bitcoin's price and the Fund's investments.

The value of bitcoin has historically been subject to significant speculation, making trading and investing in bitcoin reliant on market sentiment rather than traditional fundamental analysis.

Bitcoin's price can be influenced by events unrelated to its security or utility, including instability in other speculative areas of the crypto/blockchain space, potentially leading to substantial declines in its value.

Risks associated with crypto asset trading platforms include fragmentation, regulatory non-compliance, and the possibility of enforcement actions by regulatory authorities.

The security of the Bitcoin Blockchain may be compromised if a single miner or group controls more than 50% of the network's hashing power, where hashing power refers to the computational capacity used to validate and secure transactions on the blockchain.

Proposed changes to the bitcoin protocol may not be universally adopted, leading to the creation of competing blockchains (forks) with different assets and participants, exemplified by past forks like Bitcoin Cash and Bitcoin SV.

The Bitcoin Blockchain protocol may contain vulnerabilities that attackers could exploit to disrupt its operation, potentially compromising the security and reliability of the network.

Emerging alternative public blockchains, particularly those emphasizing privacy through technologies like zero-knowledge cryptography, pose risks and challenges to the dominance of the Bitcoin Blockchain as a payment system.

Common impediments to adopting the Bitcoin Blockchain as a payment network include slow transaction processing, variability in transaction fees, and the volatility of bitcoin's price, which may deter widespread adoption by businesses and consumers.

The development and use of "Layer II solutions" are critical for the scalability and functionality of the Bitcoin Blockchain, but they also introduce risks such as off-chain transaction execution, which could affect transparency and security. Layer II solutions are off-chain protocols that improve scalability and reduce transaction costs by processing transactions outside the main blockchain network.

Adoption and use of other blockchains supporting advanced applications like smart contracts present challenges to the dominance of the Bitcoin Blockchain, potentially impacting its long-term relevance and utility in the evolving landscape of blockchain technology.

● **Digital Assets Risk:** Digital assets like bitcoin, designed as mediums of exchange, are still an emerging asset class and are not presently widely used as such. They operate independently of any central authority or government backing and are subject to regulatory changes and extreme price volatility. The trading platforms for digital assets are relatively new, largely unregulated or possibly operating out of compliance with regulations, and thus more vulnerable to fraud and failures compared to traditional, regulated exchanges. Shutdowns of these platforms due to fraud, technical glitches, or security issues can significantly affect digital asset prices and market volatility.

● **Digital Asset Markets Risk:** The digital asset market, particularly bitcoin, has experienced considerable volatility, leading to market disruptions and erosion of confidence among market participants. This instability and the resultant negative publicity could adversely affect the Fund's reputation and trading prices. Ongoing market turbulence could significantly impact the value of the Fund's shares.

● **Blockchain Technology Risk:** Blockchain technology, which underpins bitcoin and other digital assets, is relatively new, and many of its applications are untested. The adoption of blockchain and the development of competing platforms or technologies could affect its usage. Investments in companies or vehicles that utilize blockchain technology are subject to market volatility and may experience lower trading volumes compared to more established industries. Additionally, regulatory changes, internet disruptions, cybersecurity incidents, and intellectual property disputes could further affect the adoption and functionality of blockchain technology.

**Foreign Securities Risk.** Investments in securities or other instruments of non-U.S. issuers involve certain risks not involved in domestic investments and may experience more rapid and extreme changes in value than investments in securities of U.S. companies. Financial markets in foreign countries often are not as developed, efficient, or liquid as financial markets in the United States, and therefore, the prices of non-U.S. securities and instruments can be more volatile. In addition, the Fund will be subject to risks associated with adverse political and economic developments in foreign countries, which may include the imposition of economic sanctions. Generally, there is less readily available and reliable information about non-U.S. issuers due to less rigorous disclosure or accounting standards and regulatory practices.

● *Currency Exchange Rate Risk.* The Fund's assets may include exposure to investments denominated in non-U.S. currencies or in securities or other assets that provide exposure to such currencies. Changes in currency exchange rates and the relative value of non-U.S. currencies will affect the value of the Fund's investments and the value of your Fund shares. Currency exchange rates can be very volatile and can change quickly and unpredictably. As a result, the value of an investment in the Fund may change quickly and without warning and you may lose money.

● *Developed Markets Risk.* Developed market countries generally tend to rely on the services sectors (*e.g.*, the financial services sector) as the primary source of economic growth and may be susceptible to the risks of individual service sectors. Many developed market countries have heavy indebtedness, which may lead downward pressure on the economies of these countries. As a result, it is possible that interest rates on debt of certain developed countries may rise to levels that make it difficult for such countries to service high debt levels without significant help from other countries or from a central bank. Developed market countries generally are dependent on the economies of certain key trading partners. Changes in any one economy may cause an adverse impact on several developed countries.

● *Emerging Markets Risk.* The Fund's assets may include exposure to securities issued by companies domiciled or headquartered in emerging market nations. Investments in securities traded in developing or emerging markets, or that provide exposure to such securities or markets, can involve additional risks relating to political, economic, currency, or regulatory conditions not associated with investments in U.S. securities and investments in more developed international markets. Such conditions may impact the ability of the Fund to buy, sell or otherwise transfer securities, adversely affect the trading market and price for Fund Shares and cause the Fund to decline in value.

**Gold Investment Risks.** The Fund's indirect exposure to gold will subject it to significant risk due to the inherent volatility and unpredictability of the commodities markets. The value of these investments is typically derived from the price movements of physical gold or related economic variables. Price fluctuations in gold linked instruments can be swift and substantial, often showing a low correlation with the returns of traditional equity and bond markets and may not align with trends in other asset classes.

Numerous factors can influence the price of gold and gold futures contracts, including overall market movements, interest rate changes, and variations in global supply and demand. Additionally, the volume of gold imports and exports, production factors such as weather conditions, and technological advances in gold processing and mining can significantly impact gold and gold futures prices. Increased hedging activities, economic conditions, regulatory developments, and political stability also play crucial roles. Furthermore, global supply and demand dynamics, political and economic events, inflation expectations, currency exchange rates, and investment activities of hedge funds and commodity funds can all affect gold prices. Sharp fluctuations in gold markets may result in potential losses. In addition, gold markets have experienced extended periods of flat or declining prices. Investors should also be aware that while gold is often used to preserve wealth, there is no assurance that it will maintain its long-term value in terms of purchasing power.

**Commodities Risk.** The Fund's exposure to investments in physical commodities subjects the Fund to greater volatility than investments in traditional securities, such as stocks and bonds. The commodities markets may fluctuate rapidly based on a variety of factors, including overall market movements; economic events and policies; changes in interest rates or inflation rates; changes in monetary and exchange control programs; war; acts of terrorism; natural disasters; and technological developments. Variables such as disease, drought, floods, weather, trade, embargoes, tariffs, and other political events, in particular, may have a larger impact on commodity prices than on traditional securities. The prices of commodities can also fluctuate widely due to supply and demand disruptions in major producing or consuming regions. Because certain commodities may be produced in a limited number of countries and may be controlled by a small number of producers, political, economic, and supply-related events in such countries could have a disproportionate impact on the prices of such commodities. These factors may affect the value of the Fund in varying ways, and different factors may cause the value and the volatility of the Fund to move in inconsistent directions at inconsistent rates. The current or "spot" prices of physical commodities may also affect, in a volatile and inconsistent manner, the prices of futures contracts in respect of the relevant commodity.

**Fixed Income Securities Risk.** The Fund's assets may include exposure to fixed income securities. The prices of fixed income securities respond to economic developments, particularly interest rate changes, as well as to changes in an issuer's credit rating or market perceptions about the creditworthiness of an issuer. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Changes in government intervention may have adverse effects on investments, volatility, and illiquidity in debt markets. These changes could cause the Fund's net asset value to fluctuate or make it more difficult for the Fund to accurately value its securities. How specific fixed income securities may react to changes in interest rates will depend on the specific characteristics of each security.

**Interest Rate Risk.** Generally, the value of fixed income securities will change inversely with changes in interest rates. As interest rates rise, the market value of fixed income securities tends to decrease. Conversely, as interest rates fall, the market value of fixed income securities tends to increase. This risk will be greater for long-term securities than for short-term securities. Changes in government intervention may have adverse effects on investments, volatility, and illiquidity in debt markets.

**Underlying Fund Risks.**

● *General.* The Fund will incur higher and duplicative expenses when it invests in ETFs, ETPs and other investment companies ("Underlying Funds"). By investing in another investment company, the Fund becomes a shareholder of that investment company and bears its proportionate share of the fees and expenses of the other investment company. There is also the risk that the Fund may suffer losses due to the investment practices of the Underlying Funds as the Fund will be subject to substantially the same risks as those associated with the direct ownership of securities held by such investment companies. Investments in ETFs are also subject to the "ETF Risks" described below.

● *Commodity Risk.* Investing in an Underlying Fund that focuses on gold, energy or other commodity, either through direct holdings or indirectly via derivatives like futures contracts, carries significant risk due to the inherent volatility and unpredictability of the commodities markets. Underlying Funds that trade futures contracts are subject to derivatives risk, leverage risk, counterparty risk and futures contracts risk, among other risks. In addition, Underlying Funds holding gold directly face significant custodial and safeguarding risks regarding their gold holdings. There is an inherent danger of these gold bars being lost, damaged, stolen, or becoming inaccessible due to factors such as natural disasters or terrorism.

● *Derivatives Risk.* Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, commodities, currencies, funds (including ETFs), interest rates or indexes. The Underlying Funds' investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other ordinary investments, including risk related to the market, imperfect correlation with underlying investments or the Underlying Funds' other portfolio holdings, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. The use of derivatives may result in larger losses or smaller gains than directly investing in the underlying reference asset(s). Because derivatives often require only a limited initial investment, the use of derivatives may expose the Underlying Funds to losses in excess of those amounts initially invested.

● *Potentially No 1940 Act Protections.* It is expected that one or more Underlying Funds will not be registered as an investment company subject to the 1940 Act. Accordingly, investors in such an Underlying Fund would not have the protections expressly provided by that statute, including: provisions preventing Underlying Fund insiders from managing an Underlying Fund to their benefit and to the detriment of shareholders; provisions preventing an Underlying Fund from issuing securities having inequitable or discriminatory provisions; provisions preventing management by irresponsible persons; provisions preventing the use of unsound or misleading methods of computing Underlying Fund earnings and asset value; provisions prohibiting suspension of redemptions (except under limited circumstances); provisions limiting fund leverage; provisions imposing a fiduciary duty on fund managers with respect to receipt of compensation for services; and provisions preventing changes in an Underlying Fund's character without the consent of shareholders.

**Derivatives Risk.** Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indices. The Fund's investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other ordinary investments, including risk related to the market, imperfect correlation with underlying investments, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. The use of derivatives may result in larger losses or smaller gains than directly investing in securities. When the Fund uses derivatives, there may be an imperfect correlation between the value of the underlying asset and the derivative, which may prevent the Fund from achieving its investment objective. Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of those amounts initially invested. In addition, the Fund's investments in derivatives are subject to the following risks:

*Options Contracts.* The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying asset, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. For the Fund in particular, the value of the options contracts in which it invests are substantially influenced by the value of the underlying asset. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. The options held by the Fund are exercisable at the strike price on their expiration date. As an option approaches its expiration date, its value typically increasingly move with the value of the underlying instrument. However, prior to such date, the value of an option generally does not increase or decrease at the same rate as the underlying asset. There may at times be an imperfect correlation between the movement in the values of options contracts and the underlying asset, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. The Fund may also write call options, which includes the risk that the underlying asset appreciates sufficiently over the period to offset the net premium received by the Fund for the written option, resulting in a loss to the Fund.

**Counterparty Risk.** The Fund is subject to counterparty risk by virtue of its investments in options contracts. Transactions in some types of derivatives, including options, are required to be centrally cleared ("cleared derivatives"). In a transaction involving cleared derivatives, the Fund's counterparty is a clearing house rather than a bank or broker. Since the Fund is not a member of clearing houses and only members of a clearing house ("clearing members") can participate directly in the clearing house, the Fund will hold cleared derivatives through accounts at clearing members. In cleared derivatives positions, the Fund will make payments (including margin payments) to and receive payments from a clearing house through their accounts at clearing members. Customer funds held at a clearing organization in connection with any options contracts are held in a commingled omnibus account and are not identified to the name of the clearing member's individual customers. As a result, assets deposited by the Fund with any clearing member as margin for options may, in certain circumstances, be used to satisfy losses of other clients of the Fund's clearing member. In addition, although clearing members guarantee performance of their clients' obligations to the clearing house, there is a risk that the assets of the Fund might not be fully protected in the event of the clearing member's bankruptcy, as the Fund would be limited to recovering only a pro rata share of all available funds segregated on behalf of the clearing member's customers for the relevant account class. The Fund is also subject to the risk that a limited number of clearing members are willing to transact on the Fund's behalf, which heightens the risks associated with a clearing member's default. If a clearing member defaults the Fund could lose some or all of the benefits of a transaction entered into by the Fund with the clearing member. If the Fund cannot find a clearing member to transact with on the Fund's behalf, the Fund may be unable to effectively implement its investment strategy.

**Market Capitalization Risk.**

● *Large-Capitalization Investing*. The securities of large-capitalization companies may be relatively mature compared to smaller companies and therefore subject to slower growth during times of economic expansion. Large capitalization companies may also be unable to respond quickly to new competitive challenges, such as changes in technology and consumer tastes.

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

● *Small-Capitalization Investing*. The securities of small-capitalization companies may be more vulnerable to adverse issuer, market, political, or economic developments than securities of large- or mid-capitalization companies. The securities of small-capitalization companies generally trade in lower volumes and are subject to greater and more unpredictable price changes than large- or mid-capitalization stocks or the stock market as a whole. There is typically less publicly available information concerning smaller-capitalization companies than for larger, more established companies.

**Models and Data Risk.** The composition of the Fund's portfolio is heavily dependent on investment models developed by the Sub-Adviser as well as information and data supplied by third parties ("Models and Data"). When Models and Data prove to be incorrect or incomplete, any decisions made in reliance thereon may lead to the inclusion or exclusion of securities from the Fund's portfolio that would have been excluded or included had the Models and Data been correct and complete. Errors in programming, data entry, system compatibility, or database integrity can result in the unintended inclusion or exclusion of securities in the Fund's portfolio. Such errors, whether due to human or technological factors, could induce the Sub-Adviser to make investment choices that would not have been made with accurate and complete information, potentially leading to losses or missed gains for the Fund.

**Cayman Subsidiary Risk.** By investing in the Subsidiary, the Fund is indirectly exposed to the risks associated with the Subsidiary's investments. The investments held by the Subsidiary are subject to the same economic risks that apply to similar investments if held directly by the Fund. The Subsidiary is not registered under the 1940 Act, and, unless otherwise noted in this Prospectus, is not subject to all the investor protections of the 1940 Act. Changes in the laws of the United States and the Cayman Islands could result in the inability of the Fund and/or the Subsidiary to continue to operate as it does currently and could adversely affect the Fund. For example, the Cayman Islands does not currently impose any income, corporate or capital gains tax or withholding tax on the Subsidiary. If Cayman Islands law changes such that the Subsidiary must pay Cayman Islands taxes, Fund shareholders would likely suffer decreased investment returns. In addition, the Subsidiary is also subject to many of the risks to which the Fund is subject, such as tax risks, commodity related risks, and market and data risks.

**Tax Risk.** The Fund intends to treat any income received by the Subsidiary as "qualifying income" under the provisions of the Code applicable to RICs. The IRS has issued numerous private letter rulings ("PLRs") provided to third parties not associated with the Fund or its affiliates (which only those parties may rely on as precedent) concluding that similar arrangements resulted in qualifying income. Many of such PLRs have now been revoked by the IRS. In March of 2019, the IRS published Regulations that concluded that income from a corporation similar to the Subsidiary would be qualifying income. Although the Regulations do not require distributions from the Subsidiary, the Fund intends to cause the Subsidiary to make distributions that would allow the Fund to make timely distributions to its shareholders and to meet the requirement that the Subsidiary have a value not in excess of 25% of the Fund's value at the close of a quarter. The Fund generally will be required to include in its own taxable income the income of the Subsidiary for a tax year, regardless of whether the Fund receives a distribution of the Subsidiary's income in that tax year, and this income would nevertheless be subject to the distribution requirement for qualification as a regulated investment company and would be taken into account for purposes of the 4% excise tax. In addition, to comply with the asset diversification test applicable to a RIC, the Fund will attempt to ensure that the value of instruments it holds whose value is determined by reference to a specific underlying issuer is never 25% of the total value of Fund assets at the close of any quarter. If the Fund's investments in instruments whose value is determined by reference to a specific underlying issuer were to exceed 25% of the Fund's total assets at the end of a tax quarter, the Fund, generally, has a grace period to cure such lack of compliance. If the Fund fails to timely cure, it may no longer be eligible to be treated as a RIC.

**ETF Risks.**

● *Authorized Participants, Market Makers, and Liquidity Providers Concentration Risk.* The Fund has a limited number of financial institutions that are authorized to purchase and redeem Shares directly from the Fund (known as Authorized Participants or APs). In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, Shares may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services; or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions.

● *Cash Redemption Risk.* The Fund's investment strategy may require it to redeem Shares for cash or to otherwise include cash as part of its redemption proceeds. For example, the Fund may not be able to redeem in-kind certain securities held by the Fund (*e.g.*, derivative instruments). In such a case, the Fund may be required to sell or unwind portfolio investments to obtain the cash needed to distribute redemption proceeds. This may cause the Fund to recognize a capital gain that it might not have recognized if it had made a redemption in-kind. As a result, the Fund may pay out higher annual capital gain distributions than if the in-kind redemption process was used. By paying out higher annual capital gain distributions, investors may be subjected to increased capital gains taxes. Additionally, there may be brokerage costs or taxable gains or losses that may be imposed on the Fund in connection with a cash redemption that may not have occurred if the Fund had made a redemption in-kind. These costs could decrease the value of the Fund to the extent they are not offset by a transaction fee payable by an AP.

● *Costs of Buying or Selling Shares.* Investors buying or selling Shares in the secondary market will pay brokerage commissions or other charges imposed by brokers, as determined by that broker. Brokerage commissions are often a fixed amount and may be a significant proportional cost for investors seeking to buy or sell relatively small amounts of Shares. In addition, secondary market investors will also incur the cost of the bid-ask spread. The bid-ask spread varies over time for Shares based on trading volume and market liquidity. The bid-ask spread is generally smaller if Shares have more trading volume and market liquidity and larger if Shares have little trading volume and market liquidity. Further, a relatively small investor base in the Fund, asset swings in the Fund and/or increased market volatility may increase the bid-ask spread. Due to the costs of buying or selling Shares, including bid-ask spreads, frequent trading of Shares may significantly reduce investment results and an investment in Shares may not be advisable for investors who anticipate regularly making small investments.

● *Shares May Trade at Prices Other Than NAV.* As with all ETFs, Shares may be bought and sold in the secondary market at market prices. Although it is expected that the market price of Shares will approximate the Fund's NAV, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount) due to supply and demand of Shares or during periods of market volatility or changes in portfolio composition. This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for Shares in the secondary market, in which case such premiums or discounts may be significant.

● *Trading.* Although Shares are listed for trading on a national securities exchange, such as NYSE Arca, Inc. (the "Exchange"), and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that Shares will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of Shares and the liquidity of the Fund's portfolio holdings may deteriorate.

**Economic and Market Risk.** Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Securities in the Fund's portfolio may underperform in comparison to securities in the general financial markets, a particular financial market, or other asset classes, due to a number of factors, including inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates, global demand for particular products or resources, market instability, financial system instability, debt crises and downgrades, embargoes, tariffs, sanctions and other trade barriers, regulatory events, other governmental trade or market control programs and related geopolitical events. In addition, the value of the Fund's investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural disasters or events, country instability, and infectious disease epidemics or pandemics. The imposition by the U.S. of tariffs on goods imported from foreign countries and reciprocal tariffs levied on U.S. goods by those countries also may lead to volatility and instability in domestic and foreign markets.

**High Portfolio Turnover Risk.** The Fund may actively and frequently trade a significant portion of the Fund's holdings. A high portfolio turnover rate increases transaction costs, which may increase the Fund's expenses. Frequent trading may also cause adverse tax consequences for investors in the Fund due to an increase in short-term capital gains.

**Management Risk.** The Fund is subject to the risk that its active management approach, including the execution of buy-and-hold investment strategies by the Sub-Adviser, may not enable it to achieve its investment objective. This risk includes the potential for underperformance or failure to meet investment goals due to the Sub-Adviser's decisions and implementation of investment strategies over time.

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

**New Sub-Adviser Risk.** The Sub-Adviser is a newly formed entity and has no experience with managing an exchange-traded fund, which may limit the Sub-Adviser's effectiveness.

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

**U.S. Government and U.S. Agency Obligations Risk.** The Fund may invest in securities issued by the U.S. government or its agencies or instrumentalities both directly and via ETFs. U.S. Government obligations include securities issued or guaranteed as to principal and interest by the U.S. Government, its agencies or instrumentalities, such as the U.S. Treasury. The market value of U.S. Government and U.S. Agency obligations may vary due to fluctuations in interest rates. In addition, changes to the financial condition or credit rating of the U.S. Government may cause the value of the Fund's investments in obligations issued by the U.S. Government to decline. Certain political events in the U.S., such as a prolonged government shutdown or potential default on the national debt, may also cause investors to lose confidence in the U.S. government and may cause the value of U.S. Government obligations to decline. Payment of principal and interest on U.S. Government obligations may be backed by the full faith and credit of the United States or may be backed solely by the issuing or guaranteeing agency or instrumentality itself. In the latter case, the investor must look principally to the agency or instrumentality issuing or guaranteeing the obligation for ultimate repayment, which agency or instrumentality may be privately owned. There can be no assurance that the U.S. Government would provide financial support to its agencies or instrumentalities (including government-sponsored enterprises) where it is not obligated to do so.

**Performance**

Performance information for the Fund is not included because the Fund has not completed a full calendar year of operations as of the date of this Prospectus. When such information is included, this section will provide some indication of the risks of investing in the Fund by showing changes in the Fund's performance history from year to year and showing how the Fund's average annual total returns compare with those of a broad measure of market performance. Although past performance of the Fund is no guarantee of how it will perform in the future, historical performance may provide some indication of the risks of investing in the Fund. Updated performance information will be available on the Fund's website at www.paretoetf.com.

**Management**

*Investment Adviser*

Tidal Investments LLC serves as investment adviser to the Fund.

*Investment Sub-Adviser*

RCN Wealth Advisors, Inc. serves as investment sub-adviser to the Fund.

*Portfolio Managers*

The following individuals are jointly and primarily responsible for the day-to-day management of the Fund's investment portfolio.

Nick Lumpp, Portfolio Manager for the Sub-Adviser, has been a portfolio manager of the Fund and the Subsidiary since their inception in 2026.

Quinn Berry, Portfolio Manager for the Adviser, has been a portfolio manager of the Fund and the Subsidiary since their inception in 2026.

Scott Snyder, Portfolio Manager for the Adviser, has been a portfolio manager of the Fund and the Subsidiary since their inception in 2026.

**Purchase and Sale of Shares**

The Fund issues and redeems Shares at NAV only in large blocks known as "Creation Units," which only APs (typically, broker-dealers) may purchase or redeem. The Fund generally issues and redeems Creation Units in exchange for a portfolio of securities (the "Deposit Securities") and/or a designated amount of U.S. cash.

Shares are listed on a national securities exchange, such as the Exchange, and individual Shares may only be bought and sold in the secondary market through brokers at market prices, rather than NAV. Because Shares trade at market prices rather than NAV, Shares may trade at a price greater than NAV (premium) or less than NAV (discount).

An investor may incur costs attributable to the difference between the highest price a buyer is willing to pay to purchase Shares (the "bid" price) and the lowest price a seller is willing to accept for Shares (the "ask" price) when buying or selling Shares in the secondary market. This difference in bid and ask prices is often referred to as the "bid-ask spread."

When available, information regarding the Fund's NAV, market price, how often Shares traded on the Exchange at a premium or discount, and bid-ask spreads can be found on the Fund's website at www.paretoetf.com.

**Tax Information**

Fund distributions are generally taxable to shareholders as ordinary income, qualified dividend income, or capital gains (or some combination thereof), unless your investment is in an individual retirement account ("IRA") or other tax-advantaged account. Distributions on investments made through tax-deferred arrangements may be taxed later upon withdrawal of assets from those accounts.

**Financial Intermediary Compensation**

If you purchase Shares through a broker-dealer or other financial intermediary (such as a bank) (an "Intermediary"), the Adviser, the Sub-Adviser, or their affiliates may pay Intermediaries for certain activities related to the Fund, including participation in activities that are designed to make Intermediaries more knowledgeable about exchange-traded products, including the Fund, or for other activities, such as marketing, educational training, or other initiatives related to the sale or promotion of Shares. These payments may create a conflict of interest by influencing the Intermediary and your salesperson to recommend the Fund over another investment. Any such arrangements do not result in increased Fund expenses. Ask your salesperson or visit the Intermediary's website for more information.

**ADDITIONAL INFORMATION ABOUT THE FUND**

**Investment Objective**

The Fund seeks long-term capital appreciation.

An investment objective is fundamental if it cannot be changed without the consent of the holders of a majority of the outstanding Shares. The Fund's investment objective has not been adopted as a fundamental investment policy and therefore may be changed without the consent of the Fund's shareholders upon approval by the Board of Trustees (the "Board") of Tidal Trust III (the "Trust") and 60 days' written notice to shareholders.

**Principal Investment Strategies**

*Options Strategies*

The Fund may engage in covered call options strategies to seek to generate options premiums for the Fund and/or for hedging purposes during periods of high market volatility.

**Strategy Overview**: Selling calls involves writing call options on a security, aiming to generate additional income from the premium received. This strategy profits if the security's share price remains below the strike price.

**Market Movement Scenarios**:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **Security Increases in Value**: If the security's share price rises above the strike price, the Fund will benefit up to the level of the
 strike price and will then be capped on additional gains. This is because the gains of the long exposure to the underlying
 security are offset by the cost to cover the written call option.

2. **Security Remains the Same**: If the security's share price remains the same or appreciates up to the premium of the written call option,
 the call option will expire worthless, and the Fund keeps the premium received as profit.

3. **Security Decreases in Value**: If the security's share price decreases, the call option will expire worthless, and the Fund keeps the
 premium received as profit.

*Information About Bitcoin*

The Fund does not invest directly in bitcoin or any other digital assets. The Fund does not invest in or seek direct exposure to the current "spot" or cash price of bitcoin. Investors seeking direct exposure to the price of bitcoin should consider an investment other than the Fund. The following provides an overview of bitcoin, the Bitcoin Blockchain, the relationship between the two, as well as their use cases.

<u>Bitcoin Description</u>:

Bitcoin, the first and most well-known modern digital asset, operates on a decentralized network using blockchain technology to facilitate secure and anonymous transactions. Bitcoin represents a digital asset that functions as a medium of exchange utilizing cryptographic protocols to secure transactional processes, control the creation of additional units, and verify the transfer of assets. Its operation on a decentralized blockchain network ensures both transparency and immutability of records, without the need for a central authority. This innovative technology underpinning bitcoin allows for peer-to-peer transactions and provides a framework for digital scarcity, making bitcoin a unique investment commodity within the digital asset landscape. Although bitcoin is called a crypto or digital currency, it is not presently accepted widely as a means of payment.

<u>Bitcoin Blockchain Description</u>:

The Bitcoin Blockchain constitutes a decentralized, digital ledger technology that chronologically and publicly records all bitcoin transactions. As noted above, this technology is characterized by its use of blocks, which are structurally linked in a chain through cryptographic hashes. Each block contains a list of transactions that, once verified and added to the blockchain through a consensus process known as proof of work, which may take an hour or more, becomes irreversible and tamper-evident. The integrity, transparency, and security of the transactional data are maintained autonomously within the bitcoin network, eliminating the necessity for central oversight and facilitating trust in a peer-to-peer system.

<u>The Relationship between Bitcoin and Bitcoin Blockchain</u>:

Bitcoin is a digital asset that operates on the Bitcoin Blockchain, a decentralized and cryptographic ledger system. The Bitcoin Blockchain underpins the entire bitcoin network, providing a secure and transparent mechanism for recording bitcoin transactions. Each bitcoin transaction is verified by network participants and permanently recorded on the Bitcoin Blockchain, ensuring the integrity and traceability of the digital asset. Thus, while bitcoin serves as a medium of exchange or store of value, the Bitcoin Blockchain acts as the immutable record-keeping system that facilitates and authenticates the circulation and ownership of bitcoin. This symbiotic relationship ensures that bitcoin operates in a trustless and decentralized manner, with the Bitcoin Blockchain maintaining bitcoin's history and scarcity.

<u>Bitcoin and Bitcoin Blockchain Use Cases</u>:

Bitcoin and the Bitcoin Blockchain serve as innovative financial instruments within the digital economy, offering multiple use cases. However, their adoption has been limited. Key applications include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **Decentralized Transactions:** Bitcoin facilitates peer-to-peer financial transactions globally without the need for intermediaries, reducing
 transaction costs and times. This feature makes it an attractive option for cross-border transfers and remittances. Bitcoin
 and the Bitcoin Blockchain were designed to be used as an alternative general purpose payment system and while bitcoin may
 be an attractive option for cross border transfers and remittances, it is presently not widely used as a means of payment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **Store of Value:** Due to its limited supply and decentralized nature, bitcoin is perceived as a digital alternative to traditional stores
 of value like gold, potentially serving as a hedge against inflation and currency devaluation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. **Smart Contracts:** While primarily associated with other blockchain platforms, the Bitcoin Blockchain can execute smart contracts—self-executing
 contractual agreements with the terms directly written into code—thereby enabling automated and conditional transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. **Asset Tokenization**: The Bitcoin Blockchain provides a platform for tokenizing assets, converting rights to an asset into a digital
 token on the blockchain. This can include real estate, stocks, or other forms of assets, enhancing liquidity and market efficiency.
 At this time this functionality is limited. Unlike the scripting language of blockchain platforms like Ethereum, the scripting
 language of the Bitcoin Blockchain is not Turing complete, and thus more limited in terms of the types of smart contracts
 it can support.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. **Digital Identity Verification**: Leveraging the security and immutability of the Bitcoin Blockchain, companies can develop digital
 identity verification systems, enhancing privacy and reducing identity theft. At this time this functionality is limited.

**Additional Information Related to the Cayman Subsidiary**

The Subsidiary is not registered under the 1940 Act, and, unless otherwise noted in this Prospectus, is not subject to all the investor protections of the 1940 Act. However, the Fund wholly owns and controls the Subsidiary, making it unlikely that the Subsidiary will take action contrary to the interests of the Fund and its shareholders. The Board has oversight responsibility for the investment activities of the Fund, including its investment in the Subsidiary, and the Fund's role as sole shareholder of the Subsidiary.

The principal investment strategies and risks of the Subsidiary are also principal investment strategies and risks of the Fund and therefore the principal investment strategies and principal risk disclosures of the registration statement reflect the operations of the Fund and its subsidiaries, including the Subsidiary, on a consolidated basis (inclusive of any Fund investment policies pursuant to Section 8 of the 1940 Act).

The investment adviser to the Subsidiary complies with provisions of the 1940 Act relating to investment advisory contracts (Section 15) as if it is an investment adviser under Section 2(a)(20) of the 1940 Act; provided, however, that for purposes of complying with Section 15(c), the reviews of the Fund's and the Subsidiary's investment advisory agreements may be combined.

The Subsidiary complies with the 1940 Act provisions relating to affiliated transactions and custody (Section 17). The Subsidiary's custodian is U.S. Bank. The Fund complies with the provisions of the 1940 Act governing capital structure and leverage (Section 18) on an aggregate basis with the Subsidiary so that the Fund treats its Subsidiary's debt as its own for purposes of Section 18. The Fund does not intend to create or acquire primary control of any entity which engages in investment activities in securities or other assets, other than entities it wholly-owns.

The financial statements of the Subsidiary will be consolidated with the Fund's financial statements in the Fund's annual and semi-annual reports.

**Investments by Registered Investment Companies**

Section 12(d)(1) of the 1940 Act restricts investments by investment companies in the securities of other investment companies. However, registered investment companies are permitted to invest in other investment companies beyond the limits set forth in Section 12(d)(1) in recently adopted rules under the 1940 Act, subject to certain conditions. The Fund may rely on Rule 12d1-4 of the 1940 Act, which provides an exemption from Section 12(d)(1) that allows the Fund to invest beyond the limits set forth in Section 12(d)(1) if the Fund satisfies certain conditions specified in Rule 12d1-4, including, among other conditions, that the Fund and its advisory group will not control (individually or in the aggregate) an acquired fund (*e.g.*, hold more than 25% of the outstanding voting securities of an acquired fund that is a registered open-end management investment company).

**Principal Risks of Investing in the Fund**

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

**Bitcoin Investment Risks.** The Fund's indirect investment in bitcoin exposes it to the unique risks of this emerging innovation. Bitcoin's price is highly volatile, and its market is influenced by the changing bitcoin network, fluctuating acceptance levels, and unpredictable usage trends. Not being a legal tender and operating outside central authority systems like banks, bitcoin faces potential government restrictions. For instance, some countries may limit or ban bitcoin transactions, negatively impacting its market value.

The risks associated with bitcoin include the possibility of fraud, theft, market manipulation, and security breaches in trading platforms. A small group of large bitcoin holders, known as "whales," can significantly influence bitcoin's price and may have the ability to manipulate the price. The largely unregulated nature of bitcoin and its trading venues heightens risks of fraudulent activities and market manipulation, which could affect bitcoin's price. For example, if a group of miners gains control over a majority of the bitcoin network, they could manipulate transactions to their advantage. Historical instances have seen bitcoin trading venues shut down due to fraud or security breaches, often leaving investors without recourse and facing significant losses.

Updates to bitcoin's software, proposed by developers, can lead to the creation of new digital assets, or "forks," if not broadly adopted. This can impact bitcoin's demand and the Fund's performance. The extreme volatility of bitcoin's market price can result in shareholder losses. Furthermore, the operation of bitcoin trading platforms may be disrupted or cease altogether due to various issues, further affecting bitcoin's price and the Fund's investments.

The value of bitcoin has historically been subject to significant speculation, making trading and investing in bitcoin reliant on market sentiment rather than traditional fundamental analysis.

Bitcoin's price can be influenced by events unrelated to its security or utility, including instability in other speculative areas of the crypto/blockchain space, potentially leading to substantial declines in its value.

Risks associated with crypto asset trading platforms include fragmentation, regulatory non-compliance, and the possibility of enforcement actions by regulatory authorities.

The security of the Bitcoin Blockchain may be compromised if a single miner or group controls more than 50% of the network's hashing power, where hashing power refers to the computational capacity used to validate and secure transactions on the blockchain.

Proposed changes to the bitcoin protocol may not be universally adopted, leading to the creation of competing blockchains (forks) with different assets and participants, exemplified by past forks like Bitcoin Cash and Bitcoin SV.

The Bitcoin Blockchain protocol may contain vulnerabilities that attackers could exploit to disrupt its operation, potentially compromising the security and reliability of the network.

Emerging alternative public blockchains, particularly those emphasizing privacy through technologies like zero-knowledge cryptography, pose risks and challenges to the dominance of the Bitcoin Blockchain as a payment system.

Common impediments to adopting the Bitcoin Blockchain as a payment network include slow transaction processing, variability in transaction fees, and the volatility of bitcoin's price, which may deter widespread adoption by businesses and consumers.

The development and use of "Layer II solutions" are critical for the scalability and functionality of the Bitcoin Blockchain, but they also introduce risks such as off-chain transaction execution, which could affect transparency and security. Layer II solutions are off-chain protocols that improve scalability and reduce transaction costs by processing transactions outside the main blockchain network.

Adoption and use of other blockchains supporting advanced applications like smart contracts present challenges to the dominance of the Bitcoin Blockchain, potentially impacting its long-term relevance and utility in the evolving landscape of blockchain technology.

● **Digital Assets Risk:** Digital assets like bitcoin, designed as mediums of exchange, are still an emerging asset class and are not presently widely used as such. They operate independently of any central authority or government backing and are subject to regulatory changes and extreme price volatility. The trading platforms for digital assets are relatively new, largely unregulated or possibly operating out of compliance with regulations, and thus more vulnerable to fraud and failures compared to traditional, regulated exchanges. Shutdowns of these platforms due to fraud, technical glitches, or security issues can significantly affect digital asset prices and market volatility.

● **Digital Asset Markets Risk:** The digital asset market, particularly bitcoin, has experienced considerable volatility, leading to market disruptions and erosion of confidence among market participants. This instability and the resultant negative publicity could adversely affect the Fund's reputation and trading prices. Ongoing market turbulence could significantly impact the value of the Fund's shares.

● **Blockchain Technology Risk:** Blockchain technology, which underpins bitcoin and other digital assets, is relatively new, and many of its applications are untested. The adoption of blockchain and the development of competing platforms or technologies could affect its usage. Investments in companies or vehicles that utilize blockchain technology are subject to market volatility and may experience lower trading volumes compared to more established industries. Additionally, regulatory changes, internet disruptions, cybersecurity incidents, and intellectual property disputes could further affect the adoption and functionality of blockchain technology.

**Cayman Subsidiary Risk.** By investing in the Subsidiary, the Fund is indirectly exposed to the risks associated with the Subsidiary's investments. The investments held by the Subsidiary are subject to the same economic risks that apply to similar investments if held directly by the Fund. The Subsidiary is not registered under the 1940 Act, and, unless otherwise noted in this Prospectus, is not subject to all the investor protections of the 1940 Act. Changes in the laws of the United States and the Cayman Islands could result in the inability of the Fund and/or the Subsidiary to continue to operate as it does currently and could adversely affect the Fund. For example, the Cayman Islands does not currently impose any income, corporate or capital gains tax or withholding tax on the Subsidiary. If Cayman Islands law changes such that the Subsidiary must pay Cayman Islands taxes, Fund shareholders would likely suffer decreased investment returns. In addition, the Subsidiary is also subject to many of the risks to which the Fund is subject, such as tax risks, commodity related risks, and market and data risks.

**Commodities Risk.** The Fund's exposure to investments in physical commodities subjects the Fund to greater volatility than investments in traditional securities, such as stocks and bonds. The commodities markets may fluctuate rapidly based on a variety of factors, including overall market movements; economic events and policies; changes in interest rates or inflation rates; changes in monetary and exchange control programs; war; acts of terrorism; natural disasters; and technological developments. Variables such as disease, drought, floods, weather, trade, embargoes, tariffs, and other political events, in particular, may have a larger impact on commodity prices than on traditional securities. The prices of commodities can also fluctuate widely due to supply and demand disruptions in major producing or consuming regions. Because certain commodities may be produced in a limited number of countries and may be controlled by a small number of producers, political, economic, and supply-related events in such countries could have a disproportionate impact on the prices of such commodities. These factors may affect the value of the Fund in varying ways, and different factors may cause the value and the volatility of the Fund to move in inconsistent directions at inconsistent rates. The current or "spot" prices of physical commodities may also affect, in a volatile and inconsistent manner, the prices of futures contracts in respect of the relevant commodity.

**Counterparty Risk.** The Fund is subject to counterparty risk by virtue of its investments in options contracts. Transactions in some types of derivatives, including options, are required to be centrally cleared ("cleared derivatives"). In a transaction involving cleared derivatives, the Fund's counterparty is a clearing house rather than a bank or broker. Since the Fund is not a member of clearing houses and only members of a clearing house ("clearing members") can participate directly in the clearing house, the Fund will hold cleared derivatives through accounts at clearing members. In cleared derivatives positions, the Fund will make payments (including margin payments) to and receive payments from a clearing house through their accounts at clearing members. Customer funds held at a clearing organization in connection with any options contracts are held in a commingled omnibus account and are not identified to the name of the clearing member's individual customers. As a result, assets deposited by the Fund with any clearing member as margin for options may, in certain circumstances, be used to satisfy losses of other clients of the Fund's clearing member. In addition, although clearing members guarantee performance of their clients' obligations to the clearing house, there is a risk that the assets of the Fund might not be fully protected in the event of the clearing member's bankruptcy, as the Fund would be limited to recovering only a pro rata share of all available funds segregated on behalf of the clearing member's customers for the relevant account class. The Fund is also subject to the risk that a limited number of clearing members are willing to transact on the Fund's behalf, which heightens the risks associated with a clearing member's default. If a clearing member defaults the Fund could lose some or all of the benefits of a transaction entered into by the Fund with the clearing member. If the Fund cannot find a clearing member to transact with on the Fund's behalf, the Fund may be unable to effectively implement its investment strategy.

**Derivatives Risk.** Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indices. The Fund's investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other ordinary investments, including risk related to the market, imperfect correlation with underlying investments, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. The use of derivatives may result in larger losses or smaller gains than directly investing in securities. When the Fund uses derivatives, there may be an imperfect correlation between the value of the underlying asset and the derivative, which may prevent the Fund from achieving its investment objective. Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of those amounts initially invested. In addition, the Fund's investments in derivatives are subject to the following risks:

*Options Contracts.* The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying asset, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. For the Fund in particular, the value of the options contracts in which it invests are substantially influenced by the value of the underlying asset. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. The options held by the Fund are exercisable at the strike price on their expiration date. As an option approaches its expiration date, its value typically increasingly move with the value of the underlying instrument. However, prior to such date, the value of an option generally does not increase or decrease at the same rate as the underlying asset. There may at times be an imperfect correlation between the movement in the values of options contracts and the underlying asset, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. The Fund may also write call options, which includes the risk that the underlying asset appreciates sufficiently over the period to offset the net premium received by the Fund for the written option, resulting in a loss to the Fund.

**Economic and Market Risk.** Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Securities in the Fund's portfolio may underperform in comparison to securities in the general financial markets, a particular financial market, or other asset classes, due to a number of factors, including inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates, global demand for particular products or resources, market instability, financial system instability, debt crises and downgrades, embargoes, tariffs, sanctions and other trade barriers, regulatory events, other governmental trade or market control programs and related geopolitical events. In addition, the value of the Fund's investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural disasters or events, country instability, and infectious disease epidemics or pandemics. The imposition by the U.S. of tariffs on goods imported from foreign countries and reciprocal tariffs levied on U.S. goods by those countries also may lead to volatility and instability in domestic and foreign markets.

**Equity Market Risk.** Common stocks are generally exposed to greater risk than other types of securities, such as preferred stock and debt obligations, because common stockholders generally have inferior rights to receive payment from specific issuers. Equity securities may experience sudden, unpredictable drops in value or long periods of decline in value. This may occur because of factors that affect securities markets generally or factors affecting specific issuers, industries, or sectors in which the Fund invests.

**ETF Risks.**

● *Authorized Participants, Market Makers, and Liquidity Providers Concentration Risk.* The Fund has a limited number of financial institutions that are authorized to purchase and redeem Shares directly from the Fund (known as Authorized Participants or APs). In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, Shares may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services; or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions.

● *Cash Redemption Risk.* The Fund's investment strategy may require it to redeem Shares for cash or to otherwise include cash as part of its redemption proceeds. For example, the Fund may not be able to redeem in-kind certain securities held by the Fund (*e.g.*, derivative instruments). In such a case, the Fund may be required to sell or unwind portfolio investments to obtain the cash needed to distribute redemption proceeds. This may cause the Fund to recognize a capital gain that it might not have recognized if it had made a redemption in-kind. As a result, the Fund may pay out higher annual capital gain distributions than if the in-kind redemption process was used. By paying out higher annual capital gain distributions, investors may be subjected to increased capital gains taxes. Additionally, there may be brokerage costs or taxable gains or losses that may be imposed on the Fund in connection with a cash redemption that may not have occurred if the Fund had made a redemption in-kind. These costs could decrease the value of the Fund to the extent they are not offset by a transaction fee payable by an AP.

● *Costs of Buying or Selling Shares.* Investors buying or selling Shares in the secondary market will pay brokerage commissions or other charges imposed by brokers, as determined by that broker. Brokerage commissions are often a fixed amount and may be a significant proportional cost for investors seeking to buy or sell relatively small amounts of Shares. In addition, secondary market investors will also incur the cost of the bid-ask spread. The bid-ask spread varies over time for Shares based on trading volume and market liquidity. The bid-ask spread is generally smaller if Shares have more trading volume and market liquidity and larger if Shares have little trading volume and market liquidity. Further, a relatively small investor base in the Fund, asset swings in the Fund and/or increased market volatility may increase the bid-ask spread. Due to the costs of buying or selling Shares, including bid-ask spreads, frequent trading of Shares may significantly reduce investment results and an investment in Shares may not be advisable for investors who anticipate regularly making small investments.

● *Shares May Trade at Prices Other Than NAV.* As with all ETFs, Shares may be bought and sold in the secondary market at market prices. Although it is expected that the market price of Shares will approximate the Fund's NAV, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount) due to supply and demand of Shares or during periods of market volatility or changes in portfolio composition. This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for Shares in the secondary market, in which case such premiums or discounts may be significant.

● *Trading.* Although Shares are listed for trading on a national securities exchange, such as NYSE Arca, Inc. (the "Exchange"), and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that Shares will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of Shares and the liquidity of the Fund's portfolio holdings may deteriorate.

**Fixed Income Securities Risk.** The Fund's assets may include exposure to fixed income securities. The prices of fixed income securities respond to economic developments, particularly interest rate changes, as well as to changes in an issuer's credit rating or market perceptions about the creditworthiness of an issuer. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Changes in government intervention may have adverse effects on investments, volatility, and illiquidity in debt markets. These changes could cause the Fund's net asset value to fluctuate or make it more difficult for the Fund to accurately value its securities. How specific fixed income securities may react to changes in interest rates will depend on the specific characteristics of each security.

**Foreign Securities Risk.** Investments in securities or other instruments of non-U.S. issuers involve certain risks not involved in domestic investments and may experience more rapid and extreme changes in value than investments in securities of U.S. companies. Financial markets in foreign countries often are not as developed, efficient, or liquid as financial markets in the United States, and therefore, the prices of non-U.S. securities and instruments can be more volatile. In addition, the Fund will be subject to risks associated with adverse political and economic developments in foreign countries, which may include the imposition of economic sanctions. Generally, there is less readily available and reliable information about non-U.S. issuers due to less rigorous disclosure or accounting standards and regulatory practices.

● *Currency Exchange Rate Risk.* The Fund's assets may include exposure to investments denominated in non-U.S. currencies or in securities or other assets that provide exposure to such currencies. Changes in currency exchange rates and the relative value of non-U.S. currencies will affect the value of the Fund's investments and the value of your Fund shares. Currency exchange rates can be very volatile and can change quickly and unpredictably. As a result, the value of an investment in the Fund may change quickly and without warning and you may lose money.

● *Developed Markets Risk.* Developed market countries generally tend to rely on the services sectors (*e.g.*, the financial services sector) as the primary source of economic growth and may be susceptible to the risks of individual service sectors. Many developed market countries have heavy indebtedness, which may lead downward pressure on the economies of these countries. As a result, it is possible that interest rates on debt of certain developed countries may rise to levels that make it difficult for such countries to service high debt levels without significant help from other countries or from a central bank. Developed market countries generally are dependent on the economies of certain key trading partners. Changes in any one economy may cause an adverse impact on several developed countries.

● *Emerging Markets Risk.* The Fund's assets may include exposure to securities issued by companies domiciled or headquartered in emerging market nations. Investments in securities traded in developing or emerging markets, or that provide exposure to such securities or markets, can involve additional risks relating to political, economic, currency, or regulatory conditions not associated with investments in U.S. securities and investments in more developed international markets. Such conditions may impact the ability of the Fund to buy, sell or otherwise transfer securities, adversely affect the trading market and price for Fund Shares and cause the Fund to decline in value.

**Gold Investment Risks.** The Fund's indirect exposure to gold will subject it to significant risk due to the inherent volatility and unpredictability of the commodities markets. The value of these investments is typically derived from the price movements of physical gold or related economic variables. Price fluctuations in gold linked instruments can be swift and substantial, often showing a low correlation with the returns of traditional equity and bond markets and may not align with trends in other asset classes.

Numerous factors can influence the price of gold and gold futures contracts, including overall market movements, interest rate changes, and variations in global supply and demand. Additionally, the volume of gold imports and exports, production factors such as weather conditions, and technological advances in gold processing and mining can significantly impact gold and gold futures prices. Increased hedging activities, economic conditions, regulatory developments, and political stability also play crucial roles. Furthermore, global supply and demand dynamics, political and economic events, inflation expectations, currency exchange rates, and investment activities of hedge funds and commodity funds can all affect gold prices. Sharp fluctuations in gold markets may result in potential losses. In addition, gold markets have experienced extended periods of flat or declining prices. Investors should also be aware that while gold is often used to preserve wealth, there is no assurance that it will maintain its long-term value in terms of purchasing power.

**High Portfolio Turnover Risk.** The Fund may actively and frequently trade a significant portion of the Fund's holdings. A high portfolio turnover rate increases transaction costs, which may increase the Fund's expenses. Frequent trading may also cause adverse tax consequences for investors in the Fund due to an increase in short-term capital gains.

**Interest Rate Risk.** Generally, the value of fixed income securities will change inversely with changes in interest rates. As interest rates rise, the market value of fixed income securities tends to decrease. Conversely, as interest rates fall, the market value of fixed income securities tends to increase. This risk will be greater for long-term securities than for short-term securities. Changes in government intervention may have adverse effects on investments, volatility, and illiquidity in debt markets.

**Management Risk.** The Fund is subject to the risk that its active management approach, including the execution of buy-and-hold investment strategies by the Sub-Adviser, may not enable it to achieve its investment objective. This risk includes the potential for underperformance or failure to meet investment goals due to the Sub-Adviser's decisions and implementation of investment strategies over time.

**Market Capitalization Risk.**

● *Large-Capitalization Investing*. The securities of large-capitalization companies may be relatively mature compared to smaller companies and therefore subject to slower growth during times of economic expansion. Large capitalization companies may also be unable to respond quickly to new competitive challenges, such as changes in technology and consumer tastes.

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

● *Small-Capitalization Investing*. The securities of small-capitalization companies may be more vulnerable to adverse issuer, market, political, or economic developments than securities of large- or mid-capitalization companies. The securities of small-capitalization companies generally trade in lower volumes and are subject to greater and more unpredictable price changes than large- or mid-capitalization stocks or the stock market as a whole. There is typically less publicly available information concerning smaller-capitalization companies than for larger, more established companies.

**Models and Data Risk.** The composition of the Fund's portfolio is heavily dependent on investment models developed by the Sub-Adviser as well as information and data supplied by third parties ("Models and Data"). When Models and Data prove to be incorrect or incomplete, any decisions made in reliance thereon may lead to the inclusion or exclusion of securities from the Fund's portfolio that would have been excluded or included had the Models and Data been correct and complete. Errors in programming, data entry, system compatibility, or database integrity can result in the unintended inclusion or exclusion of securities in the Fund's portfolio. Such errors, whether due to human or technological factors, could induce the Sub-Adviser to make investment choices that would not have been made with accurate and complete information, potentially leading to losses or missed gains for the Fund.

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

**New Sub-Adviser Risk.** The Sub-Adviser is a newly formed entity and has no experience with managing an exchange-traded fund, which may limit the Sub-Adviser's effectiveness.

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

**Tax Risk.** The Fund intends to treat any income received by the Subsidiary as "qualifying income" under the provisions of the Code applicable to RICs. The IRS has issued numerous private letter rulings ("PLRs") provided to third parties not associated with the Fund or its affiliates (which only those parties may rely on as precedent) concluding that similar arrangements resulted in qualifying income. Many of such PLRs have now been revoked by the IRS. In March of 2019, the IRS published Regulations that concluded that income from a corporation similar to the Subsidiary would be qualifying income. Although the Regulations do not require distributions from the Subsidiary, the Fund intends to cause the Subsidiary to make distributions that would allow the Fund to make timely distributions to its shareholders and to meet the requirement that the Subsidiary have a value not in excess of 25% of the Fund's value at the close of a quarter. The Fund generally will be required to include in its own taxable income the income of the Subsidiary for a tax year, regardless of whether the Fund receives a distribution of the Subsidiary's income in that tax year, and this income would nevertheless be subject to the distribution requirement for qualification as a regulated investment company and would be taken into account for purposes of the 4% excise tax. In addition, to comply with the asset diversification test applicable to a RIC, the Fund will attempt to ensure that the value of instruments it holds whose value is determined by reference to a specific underlying issuer is never 25% of the total value of Fund assets at the close of any quarter. If the Fund's investments in instruments whose value is determined by reference to a specific underlying issuer were to exceed 25% of the Fund's total assets at the end of a tax quarter, the Fund, generally, has a grace period to cure such lack of compliance. If the Fund fails to timely cure, it may no longer be eligible to be treated as a RIC.

**Underlying Fund Risks.**

● *General.* The Fund will incur higher and duplicative expenses when it invests in ETFs, ETPs and other investment companies ("Underlying Funds"). By investing in another investment company, the Fund becomes a shareholder of that investment company and bears its proportionate share of the fees and expenses of the other investment company. There is also the risk that the Fund may suffer losses due to the investment practices of the Underlying Funds as the Fund will be subject to substantially the same risks as those associated with the direct ownership of securities held by such investment companies. Investments in ETFs are also subject to the "ETF Risks" described below.

● *Commodity Risk.* Investing in an Underlying Fund that focuses on gold, energy or other commodity, either through direct holdings or indirectly via derivatives like futures contracts, carries significant risk due to the inherent volatility and unpredictability of the commodities markets. Underlying Funds that trade futures contracts are subject to derivatives risk, leverage risk, counterparty risk and futures contracts risk, among other risks. In addition, Underlying Funds holding gold directly face significant custodial and safeguarding risks regarding their gold holdings. There is an inherent danger of these gold bars being lost, damaged, stolen, or becoming inaccessible due to factors such as natural disasters or terrorism.

● *Derivatives Risk.* Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, commodities, currencies, funds (including ETFs), interest rates or indexes. The Underlying Funds' investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other ordinary investments, including risk related to the market, imperfect correlation with underlying investments or the Underlying Funds' other portfolio holdings, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. The use of derivatives may result in larger losses or smaller gains than directly investing in the underlying reference asset(s). Because derivatives often require only a limited initial investment, the use of derivatives may expose the Underlying Funds to losses in excess of those amounts initially invested.

● *Potentially No 1940 Act Protections.* It is expected that one or more Underlying Funds will not be registered as an investment company subject to the 1940 Act. Accordingly, investors in such an Underlying Fund would not have the protections expressly provided by that statute, including: provisions preventing Underlying Fund insiders from managing an Underlying Fund to their benefit and to the detriment of shareholders; provisions preventing an Underlying Fund from issuing securities having inequitable or discriminatory provisions; provisions preventing management by irresponsible persons; provisions preventing the use of unsound or misleading methods of computing Underlying Fund earnings and asset value; provisions prohibiting suspension of redemptions (except under limited circumstances); provisions limiting fund leverage; provisions imposing a fiduciary duty on fund managers with respect to receipt of compensation for services; and provisions preventing changes in an Underlying Fund's character without the consent of shareholders.

**U.S. Government and U.S. Agency Obligations Risk.** The Fund may invest in securities issued by the U.S. government or its agencies or instrumentalities both directly and via ETFs. U.S. Government obligations include securities issued or guaranteed as to principal and interest by the U.S. Government, its agencies or instrumentalities, such as the U.S. Treasury. The market value of U.S. Government and U.S. Agency obligations may vary due to fluctuations in interest rates. In addition, changes to the financial condition or credit rating of the U.S. Government may cause the value of the Fund's investments in obligations issued by the U.S. Government to decline. Certain political events in the U.S., such as a prolonged government shutdown or potential default on the national debt, may also cause investors to lose confidence in the U.S. government and may cause the value of U.S. Government obligations to decline. Payment of principal and interest on U.S. Government obligations may be backed by the full faith and credit of the United States or may be backed solely by the issuing or guaranteeing agency or instrumentality itself. In the latter case, the investor must look principally to the agency or instrumentality issuing or guaranteeing the obligation for ultimate repayment, which agency or instrumentality may be privately owned. There can be no assurance that the U.S. Government would provide financial support to its agencies or instrumentalities (including government-sponsored enterprises) where it is not obligated to do so.

**PORTFOLIO HOLDINGS INFORMATION**

Information about the Fund's daily portfolio holdings will be available on the Fund's website at www.paretoetf.com. A complete description of the Fund's policies and procedures with respect to the disclosure of the Fund's portfolio holdings is available in the Fund's Statement of Additional Information (the "SAI").

**MANAGEMENT**

**Investment Adviser**

Tidal Investments LLC, a Tidal Financial Group company, located at 234 West Florida Street, Suite 203, Milwaukee, Wisconsin 53204, is an SEC-registered investment adviser and a Delaware limited liability company. Tidal was founded in March 2012 and Tidal is dedicated to understanding, researching and managing assets within the expanding ETF universe. As of February 28, 2026, Tidal had assets under management of approximately $52.41 billion and served as the investment adviser or sub-adviser for 362 registered funds.

Tidal serves as investment adviser to the Fund and has overall responsibility for the general management and administration of the Fund pursuant to an investment advisory agreement with the Trust, on behalf of the Fund (the "Advisory Agreement"). The Adviser is responsible for trading portfolio securities and financial instruments for the Fund, including selecting broker-dealers to execute purchase and sale transactions. The Adviser provides oversight of the Sub-Adviser and review of its performance. The Adviser also arranges for sub-advisory, transfer agency, custody, fund administration, and all other related services necessary for the Fund to operate. For the services it provides to the Fund, the Fund pays the Adviser a unitary management fee, which is calculated daily and paid monthly, at an annual rate of 0.04% of the Fund's average daily net assets.

Under the Advisory Agreement, in exchange for a single unitary management fee from the Fund, the Adviser has agreed to pay all expenses incurred by the Fund except for the following: advisory fees and sub-advisory fees, interest charges on any borrowings, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the 1940 Act, and litigation expenses, and other non-routine or extraordinary expenses.

The Adviser also serves as the investment adviser to the Subsidiary, a wholly-owned and controlled subsidiary of the Fund, organized under the laws of the Cayman Islands as an exempted company, pursuant to an investment advisory agreement with the Subsidiary (the "Subsidiary Advisory Agreement"). The Adviser is also responsible for trading portfolio securities and financial instruments for the Subsidiary, including selecting broker-dealers to execute purchase and sale transactions. The Adviser does not receive additional compensation for its services to the Subsidiary.

The investment advisory agreement between the Adviser and the Subsidiary was approved by the Board. However, because the Subsidiary is not registered under the 1940 Act, it is not subject to the regulatory protections of the 1940 Act and the Fund, as an investor in its Subsidiary, will not have all of the protections offered to investors in registered investment companies. Because the Fund wholly owns and controls its Subsidiary, and the Adviser is subject to the oversight of the Board, it is unlikely that the Subsidiary will take action contrary to the interests of the Fund or its shareholders. Additionally, as part of the Board's consideration of the Advisory Agreement between the Trust and the Adviser, the Board will also consider the Adviser's performance with regard to the Subsidiary.

**Investment Sub-Adviser**

RCN Wealth Advisors, Inc., a Maryland Corporation, located at 116 Terrapin Ln. Stevensville, MD 21666, serves as the investment sub-adviser for the Fund. The Sub-Adviser was founded in 2012 and became an SEC-registered investment adviser in 2026. As of February 28, 2026, the Sub-Adviser had $63.74 million assets under management.

The Sub-Adviser is responsible for the day-to-day management of the Fund's portfolio, including determining the securities and financial instruments purchased and sold by the Fund, subject to the supervision of the Adviser and the Board. The Sub-Adviser serves as the sub-adviser to the Fund, pursuant to a sub-advisory agreement between the Adviser and the Sub-Adviser (the "Sub-Advisory Agreement").

For its services as sub-adviser, the Sub-Adviser is entitled to receive a fee from the Adviser, which fee is calculated daily and payable monthly, at an annual rate of 0.04% of the average daily net assets of the Fund. However, as Fund Sponsor, the Sub-Adviser may automatically waive all or a portion of its sub-advisory fee. See "Fund Sponsor" below for more information.

The Sub-Adviser also serves as the investment sub-adviser to the Subsidiary pursuant to an investment sub-advisory agreement with the Adviser (the "Subsidiary Sub-Advisory Agreement"). The Sub-Adviser is responsible for the day-to-day management of the Subsidiary's portfolio, including determining the securities and financial instruments purchased and sold by the Subsidiary, subject to the supervision of the Adviser and the Board. The Sub-Adviser does not receive additional compensation for its services to the Subsidiary. The Subsidiary Sub-Advisory Agreement was approved by the Board.

**Advisory and Sub-Advisory Agreements**

A discussion regarding the basis for the Board's approval of the Funds' Advisory Agreement and Sub-Advisory Agreement will be available in the Funds' semi-annual report to shareholders on Form N-CSR for the period ended August 31, 2026.

**Portfolio Managers**

The following individuals (each, a Portfolio Manager) have served as portfolio managers of the Fund since its inception. Mr. Lumpp is primarily responsible for the day-to-day management of the Fund's investments. Mr. Berry and Mr. Snyder oversees trading and execution for the Fund.

*Nick Lumpp, Portfolio Manager for the Sub-Adviser*

Mr. Nick Lumpp is the President of the Sub-Adviser, which he founded in 2012. He serves as the CIO and lead portfolio manager and has pioneered numerous systematic portfolio processes and strategies. Nick graduated from the University of Maryland with a major in Finance and is a frequent speaker at the University's Smith School of Business.

*Quinn Berry, Portfolio Manager for the Adviser*

Quinn Berry serves as Portfolio Manager at the Adviser, having joined the firm in January 2025. From August 2023 to December 2024, he was a Trading Manager at ZEGA Financial, LLC ("ZEGA") where he managed option based exchange-traded funds and conducted equity research. He was on the trading desk at SMArtX Advisory Solutions from November 2021 until August 2023 specializing in equity and option execution. Prior to that, he held treasury analyst positions at Pacific Life and Silicon Valley Bank from 2017-2021. Mr. Berry received a Master of Science in Finance from Florida State University in 2015 and a Bachelor of Science in Finance the year prior.

*Scott Snyder, Portfolio Manager for the Adviser*

Mr. Snyder joined the firm in 2025 as SVP of Trading. Mr. Snyder has over 40 years of experience in the financial markets and more specifically in the options market. Mr. Snyder led the trading team at ZEGA before joining Tidal. He started his career in 1983 and for 20 years was an independent market maker on the floor of the CBOE. In 2003, Mr. Snyder joined think or swim as Chief Options Strategist for a subsidiary of think or swim advisors. Mr. Snyder then helped lead the RIA trading, execution platform support and option education business for TD Ameritrade and then Schwab from 2009-2024.

The Fund's SAI provides additional information about each Portfolio Manager's compensation structure, other accounts that each Portfolio Manager manages, and each Portfolio Manager's ownership of Shares.

**FUND SPONSOR**

The Adviser has entered into a fund sponsorship agreement with the Sub-Adviser pursuant to which the Sub-Adviser is a sponsor to the Fund. Under this arrangement, the Sub-Adviser has agreed to provide financial support (as described below) to the Fund. Every month, unitary management fees for the Fund are calculated and paid to the Adviser, and the Adviser retains a portion of the unitary management fees from the Fund.

In return for its financial support for the Fund, the Adviser has agreed to pay the Sub-Adviser any remaining profits generated by unitary management fee the Fund. If the amount of the unitary management fees for the Fund exceeds the Fund's operating expenses (including the sub-advisory fee) and the Adviser-retained amount, that excess amount is considered "remaining profit." In that case, the Adviser will pay the remaining profits to the Sub-Adviser.

During months when the funds generated by the unitary management fee are insufficient to cover the entire sub-advisory fee, those fees are automatically waived (and any such waived fees are not subject to recoupment). Further, if the amount of the unitary management fee for the Fund is less than the Fund's operating expenses and the Adviser-retained amount, the Sub-Adviser is obligated to reimburse the Adviser for the shortfall.

**HOW TO BUY AND SELL SHARES**

The Fund issues and redeems Shares only in Creation Units at the NAV per share next determined after receipt of an order from an AP. Only APs may acquire Shares directly from the Fund, and only APs may tender their Shares for redemption directly to the Fund, at NAV. APs must be a member or participant of a clearing agency registered with the SEC and must execute a Participant Agreement that has been agreed to by the Distributor (defined below), and that has been accepted by the Fund's transfer agent, with respect to purchases and redemptions of Creation Units. Once created, Shares trade in the secondary market in quantities less than a Creation Unit.

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

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

**Book Entry**

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

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

**Frequent Purchases and Redemptions of Shares**

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

**Determination of Net Asset Value**

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

In calculating its NAV, the Fund generally values its assets on the basis of market quotations, last sale prices, or estimates of value furnished by a pricing service or brokers who make markets in such instruments. If such information is not available for a security or other asset held by the Fund or is determined to be unreliable, the security or other asset will be valued at fair value estimates under guidelines established by the Adviser (as described below).

Exchange-traded options are valued at the composite mean price, calculated as the average of the highest bid and lowest ask prices across the exchanges on which the option is principally traded.

**Fair Value Pricing**

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

**Investments by Other Registered Investment Companies in the Fund**

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

**Delivery of Shareholder Documents Householding**

Householding is an option available to certain investors of the Fund. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Householding for the Fund is available through certain broker-dealers. If you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, please contact your broker-dealer. If you are currently enrolled in householding and wish to change your householding status, please contact your broker-dealer.

**DIVIDENDS, DISTRIBUTIONS, AND TAXES**

**Dividends and Distributions**

The Fund intends to pay out dividends and interest income, if any, annually, and distribute any net realized capital gains to its shareholders at least annually. The Fund will declare and pay income and capital gain distributions, if any, in cash. Distributions in cash may be reinvested automatically in additional whole Shares only if the broker through whom you purchased Shares makes such option available. Your broker is responsible for distributing the income and capital gain distributions to you.

**Taxes**

The following discussion is a summary of some important U.S. federal income tax considerations generally applicable to investments in the Fund. Your investment in the Fund may have other tax implications. Please consult your tax advisor about the tax consequences of an investment in Shares, including the possible application of foreign, state, and local tax laws.

The Fund intends to qualify each year for treatment as a regulated investment company (a "RIC") under the Internal Revenue Code of 1986, as amended (the "Code"). If it meets certain minimum distribution requirements, a RIC is not subject to tax at the fund-level on income and gains from investments that are timely distributed to shareholders. However, the Fund's failure to qualify as a RIC or to meet minimum distribution requirements would result (if certain relief provisions were not available) in fund-level taxation and, consequently, a reduction in income available for distribution to shareholders.

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

The following general discussion of certain U.S. federal income tax consequences is based on provisions of the Code and the regulations issued thereunder as in effect on the date of this Prospectus. New legislation, as well as administrative changes or court decisions, may significantly change the conclusions expressed herein, and may have a retroactive effect with respect to the transactions contemplated herein.

**Taxes on Distributions**

For federal income tax purposes, distributions of net investment income are generally taxable to shareholders as ordinary income or qualified dividend income. Taxes on distributions of net capital gains (if any) are determined by how long the Fund owned the investments that generated them, rather than how long a shareholder has owned their Shares. Sales of assets held by the Fund for more than one year generally result in long-term capital gains and losses, and sales of assets held by the Fund for one year or less generally result in short-term capital gains and losses. Distributions of the Fund's net capital gain (the excess of net long-term capital gains over net short-term capital losses) that are reported by the Fund as capital gain dividends ("Capital Gain Dividends") will be taxable as long-term capital gains to shareholders. Distributions of short-term capital gain will generally be taxable to shareholders as ordinary income. Dividends and distributions are generally taxable to you whether you receive them in cash or reinvest them in additional Shares.

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

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

In addition to the federal income tax, certain individuals, trusts, and estates may be subject to a Net Investment Income ("NII") tax of 3.8%. The NII tax is imposed on the lesser of: (i) a taxpayer's investment income, net of deductions properly allocable to such income; or (ii) the amount by which such taxpayer's modified adjusted gross income exceeds certain thresholds ($250,000 for married individuals filing jointly, $200,000 for unmarried individuals and $125,000 for married individuals filing separately). The Fund's distributions are includable in a shareholder's investment income for purposes of this NII tax. In addition, any capital gain realized by a shareholder upon a sale or redemption of Fund shares is includable in such shareholder's investment income for purposes of this NII tax.

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

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

If you are neither a resident nor a citizen of the United States or if you are a foreign entity, distributions (other than Capital Gain Dividends) paid to you by the Fund will generally be subject to a U.S. withholding tax at the rate of 30%, unless a lower treaty rate applies. The Fund may, under certain circumstances, report all or a portion of a dividend as an "interest-related dividend" or a "short-term capital gain dividend," which would generally be exempt from this 30% U.S. withholding tax, provided certain other requirements are met.

Under the Foreign Account Tax Compliance Act ("FATCA"), the Fund may be required to withhold a generally nonrefundable 30% tax on distributions of net investment income paid to (A) certain foreign financial institutions unless such foreign financial institution agrees to verify, monitor, and report to the Internal Revenue Service (IRS) the identity of certain of its account-holders, among other items (or unless such entity is otherwise deemed compliant under the terms of an intergovernmental agreement between the United States and the foreign financial institution's country of residence), and (B) certain non-financial foreign entities unless such entity certifies to the Fund that it does not have any substantial U.S. owners or provides the name, address, and taxpayer identification number of each substantial U.S. owner, among other items. This FATCA withholding tax could also affect the Fund's return on its investments in foreign securities or affect a shareholder's return if the shareholder holds its Fund shares through a foreign intermediary. You are urged to consult your tax adviser regarding the application of this FATCA withholding tax to your investment in the Fund and the potential certification, compliance, due diligence, reporting, and withholding obligations to which you may become subject in order to avoid this withholding tax.

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

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

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

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

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

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

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

**Taxation of the Subsidiary** 

There is, at present, no direct taxation in the Cayman Islands and interest, dividends and gains payable to the Subsidiary will be received free of all Cayman Islands taxes. The Subsidiary is registered as an "exempted company" pursuant to the Companies Law (as amended). The Subsidiary has received an undertaking from the Governor in Cabinet of the Cayman Islands to the effect that, for a period of twenty years from the date of the undertaking, no law that thereafter is enacted in the Cayman Islands imposing any tax or duty to be levied on profits, income or on gains or appreciation, or any tax in the nature of estate duty or inheritance tax, will apply to any property comprised in or any income arising under the Subsidiary, or to the shareholders thereof, in respect of any such property or income.

A foreign corporation, such as the Subsidiary, generally is not subject to federal income tax unless it is engaged in the conduct of a trade or business in the United States. With respect to its investments in the United States, the Subsidiary intends to operate in a manner that is expected to meet the requirements of a safe harbor under section 864(b)(2) of the Code, under which it may trade in stocks or securities or certain commodities for its own account without being deemed to be engaged in a U.S. trade or business. If, however, certain of the Subsidiary's activities did not meet those safe harbor requirements, it might be considered as engaging in such a trade or business. There can be no assurance that the Subsidiary will not recognize any taxable effectively connected income. The imposition of U.S. federal tax on the Subsidiary's effectively connected income could significantly reduce the Fund's returns. The federal income tax treatment of the Fund's income from its Subsidiary also may be adversely affected by future legislation, regulations, and/or other guidance issued by the Internal Revenue Service that could affect the character, timing of recognition, and/or amount of the Fund's taxable income and/or net capital gains and, therefore, the distributions it makes.

**Important Tax Considerations When Purchasing Fund Shares**

If you are investing through a taxable account, you should carefully consider the timing of your investment relative to the Fund's distribution schedule. Purchasing Fund shares shortly before a distribution may increase your tax liability, a situation commonly referred to as "buying a dividend."

When the Fund makes a distribution, its share price typically drops by an amount roughly equal to the distribution. As a hypothetical example, if you invest $5,000 to purchase 250 shares at $20 per share on December 15, and the Fund pays a $1 per share distribution on December 16, the share price would adjust to $19 (ignoring market fluctuations). Although your total investment value remains $5,000 (250 shares × $19 in share value plus 250 shares × $1 distribution), you would owe taxes on the $250 distribution, even if you reinvest the distribution rather than receiving it in cash.

Distributions are taxable to shareholders even if they are paid from income or gains realized by the Fund before you invested, and even if they were reflected in the purchase price of the shares. Consequently, you may incur taxes on income or gains that accrued before your investment, without corresponding benefit.

Unless you are investing through a tax-advantaged account, such as an IRA or an employer-sponsored retirement plan, you may wish to avoid purchasing Fund shares shortly before a distribution. You can minimize the potential tax impact by reviewing the Fund's distribution schedule prior to investing. When available, information about the Fund's distribution schedule can be found on the Fund's website at www.paretoetf.com.

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

**DISTRIBUTION**

Foreside Fund Services, LLC, a wholly owned subsidiary of Foreside Financial Group (dba ACA Group) (the "Distributor"), the Fund's distributor, is a broker-dealer registered with the SEC. The Distributor distributes Creation Units for the Fund on an agency basis and does not maintain a secondary market in Shares. The Distributor has no role in determining the policies of the Fund or the securities that are purchased or sold by the Fund. The Distributor's principal address is 190 Middle Street, Suite 301, Portland, Maine 04101.

The Board has adopted a Distribution (Rule 12b-1) 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 to pay distribution fees for the sale and distribution of its Shares.

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

**PREMIUM/DISCOUNT INFORMATION**

When available, information regarding how often Shares traded on the Exchange at a price above (*i.e.*, at a premium) or below (*i.e.*, at a discount) the NAV of the Fund can be found on the Fund's website at www.paretoetf.com.

**ADDITIONAL NOTICES**

Shares are not sponsored, endorsed, or promoted by the Exchange. The Exchange is not responsible for, nor has it participated in the determination of, the timing, prices, or quantities of Shares to be issued, nor in the determination or calculation of the equation by which Shares are redeemable. The Exchange has no obligation or liability to the owners of Shares in connection with the administration, marketing, or trading of Shares.

Without limiting any of the foregoing, in no event shall the Exchange have any liability for any lost profits or indirect, punitive, special, or consequential damages even if notified of the possibility thereof.

The Adviser, the Sub-Adviser, and the Fund make no representation or warranty, express or implied, to the owners of Shares or any member of the public regarding the advisability of investing in securities generally or in the Fund particularly.

The Third Amended and Restated Agreement and Declaration of Trust ("Declaration of Trust") provides a detailed process for the bringing of derivative or direct actions by shareholders in order to permit legitimate inquiries and claims while avoiding the time, expense, distraction, and other harm that can be caused to the Fund or its shareholders as a result of spurious shareholder demands and derivative actions. Prior to bringing a derivative action, a demand by three unrelated shareholders must first be made on the Fund's Trustees. The Declaration of Trust details various information, certifications, undertakings and acknowledgments that must be included in the demand. Following receipt of the demand, the trustees have a period of 90 days, which may be extended by an additional 60 days, to consider the demand. If a majority of the Trustees who are considered independent for the purposes of considering the demand determine that maintaining the suit would not be in the best interests of the Fund, the Trustees are required to reject the demand and the complaining shareholders may not proceed with the derivative action unless the shareholders are able to sustain the burden of proof to a court that the decision of the Trustees not to pursue the requested action was not a good faith exercise of their business judgment on behalf of the Fund. The Declaration of Trust further provides that shareholders owning Shares representing no less than a majority of the Fund's outstanding shares must join in bringing the derivative action. If a demand is rejected, the complaining shareholders will be responsible for the costs and expenses (including attorneys' fees) incurred by the Fund in connection with the consideration of the demand, if a court determines that the demand was made without reasonable cause or for an improper purpose. If a derivative action is brought in violation of the Declaration of Trust, the shareholders bringing the action may be responsible for the Fund's costs, including attorneys' fees, if a court determines that the action was brought without reasonable cause or for an improper purpose. The Declaration of Trust provides that no shareholder may bring a direct action claiming injury as a shareholder of the Trust, or any Fund, where the matters alleged (if true) would give rise to a claim by the Trust or by the Trust on behalf of the Fund, unless the shareholder has suffered an injury distinct from that suffered by the shareholders of the Trust, or the Fund, generally. Under the Declaration of Trust, a shareholder bringing a direct claim must be a shareholder of the Fund with respect to which the direct action is brought at the time of the injury complained of or have acquired the shares afterwards by operation of law from a person who was a shareholder at that time. The Declaration of Trust further provides that the Fund shall be responsible for payment of attorneys' fees and legal expenses incurred by a complaining shareholder only if required by law, and any attorneys' fees that the Fund is obligated to pay shall be calculated using reasonable hourly rates. These provisions do not apply to claims brought under the federal securities laws.

The Declaration of Trust also requires that actions by shareholders against the Fund be brought exclusively in a federal or state court located within the State of Delaware. This provision will not apply to claims brought under the federal securities laws. Limiting shareholders' ability to bring actions only in courts located in Delaware may cause shareholders economic hardship to litigate the action in those courts, including paying for travel expenses of witnesses and counsel, requiring retaining local counsel, and may limit shareholders' ability to bring a claim in a judicial forum that shareholders find favorable for disputes, which may discourage such actions.

**FINANCIAL HIGHLIGHTS**

This section would ordinarily include Financial Highlights. The Financial Highlights table is intended to help you understand the Fund's performance for the Fund's periods of operations. Because the Fund has not yet commenced operations as of the date of this Prospectus, no Financial Highlights are shown.

**RCN Pareto Strategic Allocation ETF**

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Adviser** | &nbsp;&nbsp;**Tidal Investments LLC**<br> 234 West Florida Street, Suite 203<br> Milwaukee, Wisconsin 53204 | &nbsp;&nbsp;**Sub-Adviser** | &nbsp;&nbsp;**RCN Wealth Advisors, Inc.** <br> 116 Terrapin Ln. <br> Stevensville, MD 21666  |
| &nbsp;&nbsp;**Distributor** | &nbsp;&nbsp;**Foreside Fund Services, LLC** <br> 190 Middle Street, Suite 301<br> Portland, Maine 04101  | &nbsp;&nbsp;**Administrator** | &nbsp;&nbsp;**Tidal ETF Services LLC**<br> 234 West Florida Street, Suite 203<br> Milwaukee, Wisconsin 53204 |
| &nbsp;&nbsp;**Custodian** | &nbsp;&nbsp;**U.S. Bank National Association** <br> 1555 N. Rivercenter Dr.<br> Milwaukee, Wisconsin 53212 | &nbsp;&nbsp;**Independent**<br> **Registered Public**<br> **Accounting Firm** | &nbsp;&nbsp;**Tait, Weller & Baker LLP** <br> Two Liberty Place <br> 50 South 16th Street <br> Philadelphia, Pennsylvania 19102  |
| &nbsp;&nbsp;**Fund Accountant and Transfer Agent** | &nbsp;&nbsp;**U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services** <br> 615 East Michigan Street <br> Milwaukee, Wisconsin 53202 | &nbsp;&nbsp;**Legal Counsel** | &nbsp;&nbsp;**Sullivan & Worcester LLP**<br> 1251 Avenue of the Americas, 19<sup>th</sup> Floor <br> New York, NY 10020 <br>|

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Investors may find more information about the Fund in the following documents:

**Statement of Additional Information:** The Fund's SAI provides additional details about the investments of the Fund and certain other additional information. A current SAI dated March 23, 2026, as supplemented from time to time, is on file with the SEC and is herein incorporated by reference into this Prospectus. It is legally considered a part of this Prospectus.

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

When available, you can obtain free copies of these documents, request other information or make general inquiries about the Fund by contacting the Fund at RCN Pareto Strategic Allocation ETF, c/o U.S. Bank Global Fund Services, P.O. Box 219252, Kansas City, Missouri 64121-9252 or calling 1-888-808-2280.

Shareholder reports, the Fund's current Prospectus and SAI and other information about the Fund will be available:

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

● Free of charge from the Fund's Internet website at www.paretoetf.com or

● For a duplicating fee, by e-mail request to publicinfo@sec.gov.

(SEC Investment Company Act File No. 811-23312)

![](rcn485bpos032326001.jpg)

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| | |
|:---|:---|
| **PRTO** | **RCN Pareto Strategic Allocation ETF** |

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**listed on NYSE Arca, Inc.** 

**STATEMENT OF ADDITIONAL INFORMATION**

**March 23, 2026**

This Statement of Additional Information ("SAI") is not a prospectus and should be read in conjunction with the Prospectus for the RCN Pareto Strategic Allocation ETF (the "Fund"), a series of Tidal Trust III (the "Trust"), dated March 23, 2026, as may be supplemented from time to time (the "Prospectus"). Capitalized terms used in this SAI that are not defined have the same meaning as in the Prospectus, unless otherwise noted. A copy of the Prospectus may be obtained without charge, by calling the Fund at 1-888-808-2280, visiting www.paretoetf.com, or writing to RCN Pareto Strategic Allocation ETF, LLC, c/o U.S. Bank Global Fund Services, P.O. Box 219252, Kansas City, Missouri 64121-9252.

The Fund's audited financial statements for the most recent fiscal year (when available) will be incorporated into this SAI by reference to the Fund's most recent Annual Report to Shareholders (File No. 811- 23312). When available, a copy of the Fund's Annual Report to Shareholders may be obtained at no charge by contacting the Fund at the address or phone number noted above.

**TABLE OF CONTENTS**

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| | |
|:---|:---|
| [General Information about the Trust](#rcn485bposb001) | 1 |
| [Additional Information about Investment Objectives, Policies, and Related Risks](#rcn485bposb002) | 1 |
| [Description of Permitted Investments](#rcn485bposb003) | 2 |
| [Investment Restrictions](#rcn485bposb004) | 21 |
| [Exchange Listing and Trading](#rcn485bposb005) | 22 |
| [Management of the Trust](#rcn485bposb006) | 22 |
| [Principal Shareholders, Control Persons and Management Ownership](#rcn485bposb007) | 28 |
| [Codes of Ethics](#rcn485bposb008) | 28 |
| [Proxy Voting Policies](#rcn485bposb009) | 29 |
| [Investment Adviser](#rcn485bposb010) | 29 |
| [Investment Sub-Adviser](#rcn485bposb011) | 30 |
| [Portfolio Managers](#rcn485bposb012) | 30 |
| [The Distributor](#rcn485bposb013) | 31 |
| [Administrator](#rcn485bposb014) | 33 |
| [Transfer Agent and Fund Accountant](#rcn485bposb015) | 33 |
| [Custodian](#rcn485bposb016) | 34 |
| [Legal Counsel](#rcn485bposb017) | 34 |
| [Independent Registered Public Accounting Firm](#rcn485bposb018) | 34 |
| [Portfolio Holdings Disclosure Policies and Procedures](#rcn485bposb019) | 34 |
| [Description of Shares](#rcn485bposb020) | 34 |
| [Limitation of Trustees' Liability](#rcn485bposb021) | 34 |
| [Brokerage Transactions](#rcn485bposb022) | 35 |
| [Portfolio Turnover Rate](#rcn485bposb023) | 36 |
| [Book Entry Only System](#rcn485bposb024) | 36 |
| [Purchase and Redemption of Shares in Creation Units](#rcn485bposb025) | 37 |
| [Determination of NAV](#rcn485bposb026) | 42 |
| [Dividends and Distributions](#rcn485bposb027) | 43 |
| [Federal Income Taxes](#rcn485bposb028) | 43 |
| [Financial Statements](#rcn485bposb029) | 48 |

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**GENERAL INFORMATION ABOUT THE TRUST**

The Trust is an open-end management investment company consisting of multiple series, including the Fund. This SAI relates to the Fund. The Trust was organized as a Delaware statutory trust on May 19, 2016. The Trust is registered with the U.S. Securities and Exchange Commission ("SEC") under the Investment Company Act of 1940, as amended (together with the rules and regulations adopted thereunder, as amended, the "1940 Act"), as an open-end management investment company and the offering of the Fund's shares ("Shares") is registered under the Securities Act of 1933, as amended (the "Securities Act"). The Trust is governed by its Board of Trustees (the "Board"). Tidal Investments LLC (the "Adviser") serves as investment adviser to the Fund. RCN Wealth Advisors, Inc. ("RCN" or the "Sub-Adviser") serves as investment sub-adviser to the Fund.

The Fund offers a single class of shares. The Fund offers and issues Shares at their net asset value ("NAV") only in aggregations of a specified number of Shares (each, a "Creation Unit"). The Fund generally offers and issues Shares in exchange for a basket of securities ("Deposit Securities") together with the deposit of a specified cash payment ("Cash Component"). The Trust reserves the right to permit or require the substitution of a "cash in lieu" amount ("Deposit Cash") to be added to the Cash Component to replace any Deposit Security. Shares are or will be listed on NYSE Arca, Inc. (the "Exchange"). Shares trade on the Exchange at market prices that may differ from the Shares' NAV. Shares are also redeemable only in Creation Unit aggregations, primarily for a basket of Deposit Securities together with a Cash Component. As a practical matter, only institutions or large investors, known as "Authorized Participants" or "APs," purchase or redeem Creation Units. Except when aggregated in Creation Units, Shares are not individually redeemable.

Shares may be issued in advance of receipt of Deposit Securities subject to various conditions, including a requirement to maintain on deposit with the Trust cash at least equal to a specified percentage of the value of the missing Deposit Securities, as set forth in the Participant Agreement (as defined below). The Trust may impose a transaction fee for each creation or redemption. In all cases, such fees will be limited in accordance with the requirements of the SEC applicable to management investment companies offering redeemable securities. As in the case of other publicly traded securities, brokers' commissions on transactions in the secondary market will be based on negotiated commission rates at customary levels.

**ADDITIONAL INFORMATION ABOUT INVESTMENT OBJECTIVES, POLICIES, AND RELATED RISKS**

The Fund's investment objective and principal investment strategies are described in the Prospectus. The following information supplements, and should be read in conjunction with, the Prospectus. For a description of certain permitted investments, see "Description of Permitted Investments" in this SAI.

With respect to the Fund's investments, unless otherwise noted, if a percentage limitation on investment is adhered to at the time of investment or contract, a subsequent increase or decrease as a result of market movement or redemption will not result in a violation of such investment limitation.

**Diversification**

The Fund is "diversified" within the meaning of the 1940 Act. Under applicable federal laws, to qualify as a diversified fund, the Fund, with respect to 75% of its total assets, may not invest greater than 5% of its total assets in any one issuer and may not hold greater than 10% of the securities of one issuer, other than investments in cash and cash items (including receivables), U.S. government securities, and securities of other investment companies. The remaining 25% of the Fund's total assets does not need to be "diversified" and may be invested in securities of a single issuer, subject to other applicable laws. The diversification of the Fund's holdings is measured at the time the Fund purchases a security. However, if the Fund purchases a security and holds it for a period of time, the security may become a larger percentage of the Fund's total assets due to movements in the financial markets. If the market affects several securities held by the Fund, the Fund may have a greater percentage of its assets invested in securities of fewer issuers.

In addition, the Fund intends to maintain the required level of diversification and otherwise conduct its operations so as to qualify as a regulated investment company ("RIC") for purposes of the Internal Revenue Code of 1986, as amended (the "Code"), and to relieve the Fund of any liability for federal income tax to the extent that its earnings are distributed to shareholders. Compliance with the diversification requirements of the Code may limit the investment flexibility of the Fund and may make it less likely that the Fund will meet its investment objectives. See "Federal Income Taxes" in this SAI for further discussion.

**General Risks**

The value of the Fund's portfolio securities may fluctuate with changes in the financial condition of an issuer or counterparty, changes in specific economic or political conditions that affect a particular security or issuer and changes in general economic or political conditions. An investor in the Fund could lose money over short or long periods of time.

There can be no guarantee that a liquid market for the securities held by the Fund will be maintained. The existence of a liquid trading market for certain securities may depend on whether dealers will make a market in such securities. There can be no assurance that a market will be made or maintained or that any such market will be or remain liquid. The price at which securities may be sold and the value of Shares will be adversely affected if trading markets for the Fund's portfolio securities are limited or absent, or if bid/ask spreads are wide.

Financial markets, both domestic and foreign, have recently experienced an unusually high degree of volatility. Continuing events and possible continuing market turbulence may have an adverse effect on Fund performance.

*Cyber Security Risk.* Investment companies, such as the Fund, and their service providers may be subject to operational and information security risks resulting from cyber attacks. Cyber attacks include, among other behaviors, stealing or corrupting data maintained online or digitally, denial of service attacks on websites, the unauthorized release of confidential information or various other forms of cyber security breaches. Cyber attacks affecting the Fund or the Adviser, the Sub-Adviser, Custodian (defined below), Transfer Agent (defined below), intermediaries or other third-party service providers may adversely impact the Fund. For instance, cyber attacks may interfere with the processing of shareholder transactions, impact the Fund's ability to calculate its NAV, cause the release of private shareholder information or confidential company information, impede trading, subject the Fund to regulatory fines or financial losses, and cause reputational damage. The Fund may also incur additional costs for cyber security risk management purposes. Similar types of cyber security risks are also present for issuers of securities in which the Fund invests, which could result in material adverse consequences for such issuers, and may cause the Fund's investment in such portfolio companies to lose value.

**DESCRIPTION OF PERMITTED INVESTMENTS**

The following are descriptions of the permitted investments and investment practices and associated risk factors. The Fund will invest in any of the following instruments or engage in any of the following investment practices only if such investment or activity is consistent with the Fund's investment objective and permitted by the Fund's stated investment policies. In addition, certain of the techniques and investments discussed in this SAI are not principal strategies of the Fund as disclosed in the Prospectus, and while such techniques and investments are permissible for the Fund to utilize, the Fund is not required to utilize such non-principal techniques or investments. The Fund may invest indirectly in permitted investments through investment in pooled vehicles, such as exchange-traded funds ("ETFs") and exchange-traded products ("ETPs").

**Borrowing**

Although the Fund does not intend to borrow money, the Fund may do so to the extent permitted by the 1940 Act. Under the 1940 Act, the Fund may borrow up to one-third (1/3) of its total assets. Borrowing will tend to exaggerate the effect on NAV of any increase or decrease in the market value of the Fund's portfolio. Money borrowed will be subject to interest costs that may or may not be recovered by earnings on the securities purchased. The 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.

**Debt Securities**

*Corporate Debt Securities.* Corporate debt securities are fixed-income securities issued by businesses to finance their operations, although corporate debt instruments may also include bank loans to companies. Notes, bonds, debentures and commercial paper are the most common types of corporate debt securities, with the primary difference being their maturities and secured or unsecured status. Commercial paper has the shortest term and is usually unsecured. The broad category of corporate debt securities includes debt issued by domestic or foreign companies of all kinds, including those with small-, mid- and large-capitalizations. Corporate debt may be rated investment grade or below investment grade and may carry fixed, variable, or floating rates of interest.

Because of the wide range of types and maturities of corporate debt securities, as well as the range of creditworthiness of its issuers, corporate debt securities have widely varying potentials for return and risk profiles. For example, commercial paper issued by a large established domestic corporation that is rated investment grade may have a modest return on principal, but carries relatively limited risk. On the other hand, a long-term corporate note issued by a small foreign corporation from an emerging market country that has not been rated may have the potential for relatively large returns on principal, but carries a relatively high degree of risk.

*Asset-Backed Securities.* Asset-backed securities represent an interest in a pool of assets such as car loans and credit card receivables. Almost any type of fixed income assets (including other fixed income securities) may be used to create an asset-backed security. However, most asset-backed securities involve consumer or commercial debts with weighted average lives of ten years or less. Asset-backed securities may have a higher level of default and lower recoveries than mortgage-backed securities. Some tranches of asset-backed securities have substantial amounts of credit enhancement in order to seek to help mitigate or minimize the risk of principal or interest loss as a result of normalized levels of defaults and recoveries, which may increase their overall credit rating. Asset-backed securities may have a higher level of default and lower recoveries than mortgage-backed securities. Asset-backed securities may take the form of commercial paper or notes, in addition to pass-through certificates or asset-backed bonds.

Collateralized Loan Obligations ("CLOs") are a type of asset-backed security. CLOs are ordinarily issued by a trust or other special purpose entity and are typically collateralized by a pool of loans, which may include, among others, domestic and non-U.S. senior secured loans, senior unsecured loans, and subordinate corporate loans, including loans that may be rated below investment grade or equivalent unrated loans, held by such issuer.

*Mortgage-Backed Securities*. Mortgage-Backed Securities generally represent interests in pools of mortgages on residential or commercial property. Mortgages may have fixed or adjustable interest rates. Interests in pools of adjustable rate mortgages are known as ARMs. Mortgage-backed securities come in a variety of forms. Many have extremely complicated terms. The simplest form of mortgage-backed securities is a "pass-through certificate." Holders of pass-through certificates receive a pro rata share of the payments from the underlying mortgages. Holders also receive a pro rata share of any prepayments, so they assume all the prepayment risk of the underlying mortgages. Mortgage-backed securities tend to pay higher yields to compensate for prepayment risk.

Collateralized mortgage obligations ("CMOs") are complicated instruments that allocate payments and prepayments from an underlying pass-through certificate among holders of different classes of mortgage-backed securities. This creates different prepayment and market risks for each CMO class. In addition, CMOs may allocate interest payments to one class (Interest Only or IOs) and principal payments to another class (Principal Only or POs). POs increase in value when prepayment rates increase. In contrast, IOs decrease in value when prepayments increase, because the underlying mortgages generate less interest payments. However, IOs' prices tend to increase when interest rates rise (and prepayments fall), making IOs a useful hedge against market risk.

Residential mortgage-backed securities include securities that reflect an interest in, and are secured by, mortgage loans on residential real property. Residential mortgages may be issued and guaranteed by the U.S. Government or its agencies, some of which do not have an explicit U.S. Government guarantee, or by private issuers. Residential mortgages issued or guaranteed by private issuers typically have more credit risk than those issued or guaranteed by the U.S. Government or its agencies. Generally, homeowners have the option to prepay their mortgages at any time without penalty. Homeowners frequently refinance high rate mortgages when mortgage rates fall. This results in the prepayment of the mortgages underlying residential mortgage-backed securities, which deprives holders of the securities of the higher yields. Conversely, when mortgage rates increase, prepayments due to refinancings decline. This extends the life of residential mortgage-backed securities with lower yields. As a result, increases in prepayments of residential mortgage-backed securities purchased at a premium, or decreases in prepayments of residential mortgage-backed securities purchased at a discount, may reduce their yield and price. This relationship between interest rates and mortgage prepayments makes the price of residential mortgage-backed securities more volatile than most other types of fixed income securities with comparable credit risks.

*Convertible Securities.* Convertible securities include fixed income securities that may be exchanged or converted into a predetermined number of shares of the issuer's underlying common stock or other equity security at the option of the holder during a specified period. Convertible securities entitle the holder to receive interest paid or accrued on debt or dividends paid or accrued on preferred stock until the security matures or is redeemed, converted or exchanged. Convertible securities may take the form of convertible preferred stock, convertible bonds or debentures, units consisting of "usable" bonds and warrants or a combination of the features of several of these securities. The investment characteristics of each convertible security vary widely, which allows convertible securities to be employed for a variety of investment strategies.

*Contingent Convertible Securities.* Contingent convertible securities ("CoCos") are a form of hybrid debt security that are intended to either convert into equity or have their principal written down upon the occurrence of certain "triggers." The triggers are generally linked to regulatory capital thresholds or regulatory actions calling into question the issuing banking institution's continued viability as a going concern. CoCos' unique equity conversion or principal write-down features are tailored to the issuing banking institution and its regulatory requirements. Some additional risks associated with CoCos include, but are not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Loss
 absorption risk. CoCos have fully discretionary coupons. This means coupons can potentially be cancelled at the banking institution's
 discretion or at the request of the relevant regulatory authority in order to help the bank absorb losses.

● Subordinated
 instruments. CoCos will, in the majority of circumstances, be issued in the form of subordinated debt instruments in order
 to provide the appropriate regulatory capital treatment prior to a conversion. Accordingly, in the event of liquidation, dissolution
 or winding-up of an issuer prior to a conversion having occurred, the rights and claims of the holders of the CoCos, such
 as the Fund, against the issuer in respect of or arising under the terms of the CoCos shall generally rank junior to the claims
 of all holders of unsubordinated obligations of the issuer. In addition, if the CoCos are converted into the issuer's
 underlying equity securities following a conversion event (*i.e.,* a "trigger"), each holder will be subordinated
 due to their conversion from being the holder of a debt instrument to being the holder of an equity instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Market
 value will fluctuate based on unpredictable factors. The value of CoCos is unpredictable and will be influenced by many factors
 including, without limitation: (i) the creditworthiness of the issuer and/or fluctuations in such issuer's applicable
 capital ratios; (ii) supply and demand for the CoCos; (iii) general market conditions and available liquidity; and (iv) economic,
 financial and political events that affect the issuer, its particular market or the financial markets in general.

*Zero-Coupon Securities*. Zero-coupon securities make no periodic interest payments, but are sold at a deep discount from their face value. The buyer recognizes a rate of return determined by the gradual appreciation of the security, which is redeemed at face value on a specified maturity date. The discount varies depending on the time remaining until maturity, as well as market interest rates, liquidity of the security, and the issuer's perceived credit quality. If the issuer defaults, the holder may not receive any return on its investment. Because zero-coupon securities bear no interest, their price fluctuates more than other types of bonds. Since zero-coupon bondholders do not receive interest payments, when interest rates rise, zero-coupon securities fall more dramatically in value than bonds paying interest on a current basis. When interest rates fall, zero-coupon securities rise more rapidly in value because the bonds reflect a fixed rate of return. An investment in zero-coupon may cause the Fund to recognize income and make distributions to shareholders before it receives any cash payments on its investment. Pay-in-kind securities have characteristics similar to those of zero coupon securities, but interest on such securities may be paid in the form of obligations of the same type rather than cash.

*Unrated Debt Securities*. The Fund may also invest in unrated debt securities. Unrated debt, while not necessarily lower in quality than rated securities, may not have as broad a market. Because of the size and perceived demand for the issue, among other factors, certain issuers may decide not to pay the cost of getting a rating for their bonds. The creditworthiness of the issuer, as well as any financial institution or other party responsible for payments on the security, will be analyzed to determine whether to purchase unrated bonds.

*Bank Loans*. The Fund may invest in bank loans of any seniority. Investing in bank loans involves risks that are additional to and different from those relating to bonds and other types of debt securities.

There is less publicly available, reliable information about most bank loans than is the case for many other types of debt instruments. In certain circumstances, these loans may not be deemed to be securities and bank loans are not subject to many of the rules governing the securities markets, including disclosure requirements. As a result, bank loan investors may not have the protection of the anti-fraud provision of the federal securities laws, and must rely instead on the contractual provisions in the loan agreement and applicable common-law fraud protections. Traditionally, borrowers under bank loans make non-public information available to their lenders. However, as the universe of bank loan market participants has expanded beyond traditional lenders to include dealers, funds, and other investors who are active in the public securities markets, some participants choose not to receive such non-public information and make investment decisions based solely on public information about the borrower. If the Fund purchases a bank loan and elects not to receive non-public information with respect to the loan, it may forego information that would be relevant to its investment decisions.

An economic downturn generally leads to a higher non-payment rate for bank loans, and a loan may lose significant value before a default occurs. Moreover, any specific collateral used to secure a loan may decline in value or become illiquid, which would adversely affect the loan's value. In the event of the bankruptcy of a borrower, the Fund could experience delays or limitations with respect to its ability to realize the benefits of the collateral securing a loan. No active trading market may exist for certain loans, which may impair the ability of a fund to realize full value in the event of the need to sell a loan and which may make it difficult to value loans. Adverse market conditions may impair the liquidity of some actively traded loans. To the extent that a secondary market does exist for certain loans, the market may be subject to irregular trading activity and wide bid/ask spreads, which may result in limited liquidity and pricing transparency. In addition, loans may be subject to restrictions on sales or assignment and generally are subject to extended settlement periods that may be longer than seven days.

The Fund may not be able to unilaterally enforce all rights and remedies under a bank loan and with regard to any associated collateral. If a bank loan is acquired through a participation, the Fund generally will have no right to enforce compliance by the borrower with the terms of the loan agreement, and the Fund may not directly benefit from the collateral supporting the debt obligation in which it has purchased the participation. As a result, the Fund will be exposed to the credit risk of both the borrower and the institution selling the participation.

The Fund may invest in second-lien loans, which are subordinated to claims of senior secured creditors. Because second-lien loans are subordinated or unsecured and thus lower in priority of payment to senior loans, they are typically lower rated and subject to the additional risk that the cash flow of the borrower and property securing the loan or debt, if any, may be insufficient to meet scheduled payments after giving effect to the senior secured obligations of the borrower. Second-lien loans generally have greater price volatility than senior loans and may be less liquid.

*Yankee Bonds.* The Fund may invest in Yankee bonds. Yankee bonds are U.S. dollar denominated bonds typically issued in the U.S. by foreign governments and their agencies and foreign banks and corporations. The Fund may also invest in Yankee Certificates of Deposit ("Yankee CDs"). Yankee CDs are U.S. dollar-denominated certificates of deposit issued by a U.S. branch of a foreign bank and held in the United States. These investments involve risks that are different from investments in securities issued by U.S. issuers, including potential unfavorable political and economic developments, foreign withholding or other taxes, seizure of foreign deposits, currency controls, interest limitations or other governmental restrictions which might affect and create increased risk relative to payment of principal or interest.

*Variable and Floating Rate Securities*. Variable and floating rate securities provide for a periodic adjustment in the interest rate paid on the obligations. The terms of such obligations must provide that interest rates are adjusted periodically based upon an interest rate adjustment index as provided in the respective obligations. The adjustment intervals may be regular, and range from daily up to annually, or may be event based, such as based on a change in the base rate. The base rate usually is a benchmark that "floats" or changes to reflect current interest rates, such as the prime rate offered by one or more major U.S. banks. The applicable benchmark is defined by the terms of an obligation and will remain the same for the life of such obligation. If the benchmark interest rate on a floating rate security changes, the rate payable will, in turn, change at the next scheduled adjustment date.

*Inflation-Indexed Securities*. Inflation-indexed securities are debt securities, the principal value of which is periodically adjusted to reflect the rate of inflation as indicated by the Consumer Price Index for all Urban Consumers before seasonal adjustment ("CPI"). Inflation-indexed securities may be issued by the U.S. government, by agencies and instrumentalities of the U.S. government, and by corporations. The U.S. Treasury issues Treasury inflation-protected securities ("TIPS") and some other issuers use a structure that accrues inflation into the principal value of the bond. Most other issuers pay out the CPI accruals as part of a semiannual coupon.

The periodic adjustment of U.S. inflation-indexed securities is tied to the CPI, which is calculated monthly by the U.S. Bureau of Labor Statistics. The CPI is a measurement of changes in the cost of living, made up of components such as housing, food, transportation, and energy. There can be no assurance that the CPI will accurately measure the real rate of inflation in the prices of goods and services.

**Equity Securities**

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 the Fund's portfolio may also cause the value of the Fund's Shares to decline.

An investment in the 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 the 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. 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.

*When-Issued Securities*. A when-issued security is one whose terms are available and for which a market exists, but which has not been issued. When the Fund engages in when-issued transactions, it relies on the other party to consummate the sale. If the other party fails to complete the sale, the Fund may miss the opportunity to obtain the security at a favorable price or yield.

When purchasing a security on a when-issued basis, the Fund assumes the rights and risks of ownership of the security, including the risk of price and yield changes. At the time of settlement, the value of the security may be more or less than the purchase price. The yield available in the market when the delivery takes place also may be higher than those obtained in the transaction itself. Because the Fund does not pay for the security until the delivery date, these risks are in addition to the risks associated with its other investments.

Rule 18f-4 under the 1940 Act permits the Fund to invest in securities on a when-issued or forward-settling basis, or with a non-standard settlement cycle, notwithstanding the limitation on the issuance of senior securities in Section 18 of the 1940 Act, provided that the Fund intends to physically settle the transaction and the transaction will settle within 35 days of its trade date (the "Delayed-Settlement Securities Provision"). A when-issued, forward-settling, or non-standard settlement cycle security that does not satisfy the Delayed-Settlement Securities Provision is treated as a derivatives transaction under Rule 18f-4.

**Convertible Securities**

The Fund, subject to its investment strategies and policies, may invest in preferred stocks or fixed-income securities which are convertible into common stock. Convertible securities are securities that may be converted either at a stated price or rate within a specified period of time into a specified number of shares of common stock. Traditionally, convertible securities have paid dividends or interest greater than on the related common stocks, but less than fixed income non-convertible securities. By investing in a convertible security, the Fund may participate in any capital appreciation or depreciation of a company's stock, but to a lesser degree than if it had invested in that company's common stock. Convertible securities rank senior to common stock in a corporation's capital structure and, therefore, entail less risk than the corporation's common stock. The value of a convertible security is a function of its "investment value" (its value as if it did not have a conversion privilege), and its "conversion value" (the security's worth if it were to be exchanged for the underlying security, at market value, pursuant to its conversion privilege). The Fund may attempt to hedge certain of its investments in convertible debt securities by selling short the issuer's common stock.

**Foreign Securities**

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

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

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

**Depositary Receipts**

To the extent the Fund invests in stocks of foreign corporations, the Fund's investment in securities of foreign companies may be in the form of depositary receipts or other securities convertible into securities of foreign issuers. American Depositary Receipts ("ADRs") are dollar-denominated receipts representing interests in the securities of a foreign issuer, which securities may not necessarily be denominated in the same currency as the securities into which they may be converted. ADRs are receipts typically issued by U.S. banks and trust companies which evidence ownership of underlying securities issued by a foreign corporation. Generally, ADRs in registered form are designed for use in domestic securities markets and are traded on exchanges or over-the-counter in the United States.

Global Depositary Receipts ("GDRs"), European Depositary Receipts ("EDRs"), and International Depositary Receipts ("IDRs") are similar to ADRs in that they are certificates evidencing ownership of shares of a foreign issuer; however, GDRs, EDRs, and IDRs may be issued in bearer form and denominated in other currencies and are generally designed for use in specific or multiple securities markets outside the U.S. EDRs, for example, are designed for use in European securities markets, while GDRs are designed for use throughout the world. Depositary receipts will not necessarily be denominated in the same currency as their underlying securities.

The Fund will not invest in any unlisted Depositary Receipts or any Depositary Receipt that is deemed to be illiquid or for which pricing information is not readily available. In addition, all Depositary Receipts generally must be sponsored. However, the Fund may invest in unsponsored Depositary Receipts under certain limited circumstances. The issuers of unsponsored Depositary Receipts are not obligated to disclose material information in the United States and, therefore, there may be less information available regarding such issuers and there may not be a correlation between such information and the value of the Depositary Receipts.

**Derivative Instruments**

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

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

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

SEC Rule 18f-4 ("Rule 18f-4" or the "Derivatives Rule") regulates the ability of the Fund to enter into derivative transactions and other leveraged transactions. The Derivatives Rule defines the term "derivatives" to include short sales and forward contracts, such as TBA transactions, in addition to instruments traditionally classified as derivatives, such as swaps, futures, and options. Rule 18f-4 also regulates other types of leveraged transactions, such as reverse repurchase transactions and transactions deemed to be "similar to" reverse repurchase transactions, such as certain securities lending transactions in connection with which the Fund obtains leverage. Among other things, under Rule 18f-4, the Fund is prohibited from entering into these derivatives transactions except in reliance on the provisions of the Derivatives Rule. The Derivatives Rule establishes limits on the derivatives transactions that the Fund may enter into based on the value-at-risk ("VaR") of the Fund inclusive of derivatives. The Fund will generally satisfy the limits under the Rule if the VaR of its portfolio (inclusive of derivatives transactions) does not exceed 200% of the VaR of its "designated reference portfolio." The "designated reference portfolio" is a representative unleveraged index or the Fund's own portfolio absent derivatives holdings, as determined by the Fund's derivatives risk manager. This limits test is referred to as the "Relative VaR Test." If the Fund determines that the Relative VaR Test is not appropriate in light of its strategy, subject to specified conditions, the Fund may instead comply with the "Absolute VaR Test." The Fund will satisfy the Absolute VaR Test if the VaR of its portfolio does not exceed 20% of the value of the Fund's net assets.

In addition, among other requirements, Rule 18f-4 requires the Fund to establish a derivatives risk management program, appoint a derivatives risk manager, and carry out enhanced reporting to the Board, the SEC and the public regarding the Fund's derivatives activities. These new requirements will apply unless the Fund qualifies as a "limited derivatives user," which the Derivatives Rule defines as a fund that limits its derivatives exposure to 10% of its net assets. It is possible that the limits and compliance costs imposed by the Derivatives Rule may adversely affect the Fund's performance, efficiency in implementing its strategy, liquidity and/or ability to pursue its investment objectives and may increase the cost of the Fund's investments and cost of doing business, which could adversely affect investors.

*Options*. An option is a contract that gives the purchaser of the option, in return for the premium paid, the right to buy an underlying reference instrument, such as a specified security, currency, index, or other instrument, from the writer of the option (in the case of a call option), or to sell a specified reference instrument to the writer of the option (in the case of a put option) at a designated price during the term of the option. The premium paid by the buyer of an option will reflect, among other things, the relationship of the exercise price to the market price and the volatility of the underlying reference instrument, the remaining term of the option, supply, demand, interest rates and/or currency exchange rates. An American style put or call option may be exercised at any time during the option period while a European style put or call option may be exercised only upon expiration or during a fixed period prior thereto. Put and call options are traded on national securities exchanges and in the OTC market.

Options traded on national securities exchanges are within the jurisdiction of the SEC or other appropriate national securities regulator, as are securities traded on such exchanges. As a result, many of the protections provided to traders on organized exchanges will be available with respect to such transactions. In particular, all option positions entered into on a national securities exchange in the United States are cleared and guaranteed by the Options Clearing Corporation, thereby reducing the risk of counterparty default. Furthermore, a liquid secondary market in options traded on a national securities exchange may be more readily available than in the OTC market, potentially permitting the Fund to liquidate open positions at a profit prior to exercise or expiration, or to limit losses in the event of adverse market movements. There is no assurance, however, that higher than anticipated trading activity or other unforeseen events might not temporarily render the capabilities of the Options Clearing Corporation inadequate, and thereby result in the exchange instituting special procedures which may interfere with the timely execution of the Fund's orders to close out open options positions.

*Purchasing call and put options*. As the buyer of a call option, the Fund has a right to buy the underlying reference instrument (*e.g.*, a currency or security) at the exercise price at any time during the option period (for American style options). The Fund may enter into closing sale transactions with respect to call options, exercise them, or permit them to expire. For example, the Fund may buy call options on underlying reference instruments that it intends to buy with the goal of limiting the risk of a substantial increase in their market price before the purchase is effected. Unless the price of the underlying reference instrument changes sufficiently, a call option purchased by the Fund may expire without any value to the Fund, in which case the Fund would experience a loss to the extent of the premium paid for the option plus related transaction costs.

As the buyer of a put option, the Fund has the right to sell the underlying reference instrument at the exercise price at any time during the option period (for American style options). Like a call option, the Fund may enter into closing sale transactions with respect to put options, exercise them or permit them to expire. The Fund may buy a put option on an underlying reference instrument owned by the Fund (a protective put) as a hedging technique in an attempt to protect against an anticipated decline in the market value of the underlying reference instrument. Such hedge protection is provided only during the life of the put option when the Fund, as the buyer of the put option, is able to sell the underlying reference instrument at the put exercise price, regardless of any decline in the underlying instrument's market price. The Fund may also seek to offset a decline in the value of the underlying reference instrument through appreciation in the value of the put option. A put option may also be purchased with the intent of protecting unrealized appreciation of an instrument when the Adviser or Sub-Adviser deems it desirable to continue to hold the instrument because of tax or other considerations. The premium paid for the put option and any transaction costs would reduce any short-term capital gain that may be available for distribution when the instrument is eventually sold. Buying put options at a time when the buyer does not own the underlying reference instrument allows the buyer to benefit from a decline in the market price of the underlying reference instrument, which generally increases the value of the put option.

If a put option was not terminated in a closing sale transaction when it has remaining value, and if the market price of the underlying reference instrument remains equal to or greater than the exercise price during the life of the put option, the buyer would not make any gain upon exercise of the option and would experience a loss to the extent of the premium paid for the option plus related transaction costs. In order for the purchase of a put option to be profitable, the market price of the underlying reference instrument must decline sufficiently below the exercise price to cover the premium and transaction costs.

*Writing call and put options*. Writing options may permit the writer to generate additional income in the form of the premium received for writing the option. The writer of an option may have no control over when the underlying reference instruments must be sold (in the case of a call option) or purchased (in the case of a put option) because the writer may be notified of exercise at any time prior to the expiration of the option (for American style options). In general, though, options are infrequently exercised prior to expiration. Whether or not an option expires unexercised, the writer retains the amount of the premium. Writing "covered" call options means that the writer owns the underlying reference instrument that is subject to the call option. Call options may also be written on reference instruments that the writer does not own.

As the writer of a covered call option, the Fund gives up the potential for capital appreciation above the exercise price of the option should the underlying reference instrument rise in value. If the value of the underlying reference instrument rises above the exercise price of the call option, the reference instrument will likely be "called away," requiring the Fund to sell the underlying instrument at the exercise price. In that case, the Fund will sell the underlying reference instrument to the option buyer for less than its market value, and the Fund will experience a loss (which will be offset by the premium received by the Fund as the writer of such option). If a call option expires unexercised, the Fund will realize a gain in the amount of the premium received. If the market price of the underlying reference instrument decreases, the call option will not be exercised and the Fund will be able to use the amount of the premium received to hedge against the loss in value of the underlying reference instrument. The exercise price of a call option will be chosen based upon the expected price movement of the underlying reference instrument. The exercise price of a call option may be below, equal to (at-the-money), or above the current value of the underlying reference instrument at the time the option is written.

As the writer of a put option, the Fund has a risk of loss should the underlying reference instrument decline in value. If the value of the underlying reference instrument declines below the exercise price of the put option and the put option is exercised, the Fund, as the writer of the put option, will be required to buy the instrument at the exercise price, which will exceed the market value of the underlying reference instrument at that time. The Fund will incur a loss to the extent that the current market value of the underlying reference instrument is less than the exercise price of the put option. However, the loss will be offset in part by the premium received from the buyer of the put. If a put option written by the Fund expires unexercised, the Fund will realize a gain in the amount of the premium received.

*Closing out options (exchange-traded options)*. If the writer of an option wants to terminate its obligation, the writer may effect a "closing purchase transaction" by buying an option of the same series as the option previously written. The effect of the purchase is that the clearing corporation will cancel the option writer's position. However, a writer may not effect a closing purchase transaction after being notified of the exercise of an option. Likewise, the buyer of an option may recover all or a portion of the premium that it paid by effecting a "closing sale transaction" by selling an option of the same series as the option previously purchased and receiving a premium on the sale. There is no guarantee that either a closing purchase or a closing sale transaction may be made at a time desired by the Fund. Closing transactions allow the Fund to terminate its positions in written and purchased options. The Fund will realize a profit from a closing transaction if the price of the transaction is less than the premium received from writing the original option (in the case of written options) or is more than the premium paid by the Fund to buy the option (in the case of purchased options). For example, increases in the market price of a call option sold by the Fund will generally reflect increases in the market price of the underlying reference instrument. As a result, any loss resulting from a closing transaction on a written call option is likely to be offset in whole or in part by appreciation of the underlying instrument owned by the Fund.

*Over-the-counter options*. Like exchange-traded options, OTC options give the holder the right to buy from the writer, in the case of OTC call options, or sell to the writer, in the case of OTC put options, an underlying reference instrument at a stated exercise price. OTC options, however, differ from exchange-traded options in certain material respects.

OTC options are arranged directly with dealers and not with a clearing corporation or exchange. Consequently, there is a risk of non-performance by the dealer, including because of the dealer's bankruptcy or insolvency. While the Fund uses only counterparties, such as dealers, that meet its credit quality standards, in unusual or extreme market conditions, a counterparty's creditworthiness and ability to perform may deteriorate rapidly, and the availability of suitable replacement counterparties may become limited. Because there is no exchange, pricing is typically done based on information from market makers or other dealers. OTC options are available for a greater variety of underlying reference instruments and in a wider range of expiration dates and exercise prices than exchange-traded options.

There can be no assurance that a continuous liquid secondary market will exist for any particular OTC option at any specific time. The Fund may be able to realize the value of an OTC option it has purchased only by exercising it or entering into a closing sale transaction with the dealer that issued it. When the Fund writes an OTC option, it generally can close out that option prior to its expiration only by entering into a closing purchase transaction with the dealer with which the Fund originally wrote the option. The Fund may suffer a loss if it is not able to exercise (in the case of a purchased option) or enter into a closing sale transaction on a timely basis.

The staff of the SEC has taken the position that purchased OTC options on securities are considered illiquid securities. Pending a change in the staff's position, the Fund will treat such OTC options on securities as illiquid and subject to the Fund's limitation on illiquid securities.

*Interest rate caps*. An interest rate cap is a type of OTC option. The buyer of an interest rate cap pays a premium to the seller in exchange for payments at set intervals for which a floating interest rate exceeds an agreed upon interest rate. The floating interest rate may be tied to a reference rate, a long-term swap rate or other benchmark. The amount of each payment is determined by reference to a specified "notional" amount of money. Interest rate caps do not involve the delivery of securities, other underlying instruments, or principal amounts. Accordingly, barring counterparty risk, the risk of loss to the purchaser of an interest rate cap is limited to the amount of the premium paid.

An interest rate cap can be used to increase or decrease exposure to various interest rates, including to hedge interest rate risk. By purchasing an interest rate cap, the buyer of the cap can benefit from rising interest rates while limiting its downside risk to the amount of the premium paid. If the Fund buys an interest rate cap and the Adviser or Sub-Adviser is correct at predicting the direction of interest rates, the interest rate cap will increase in value. But if the Adviser or Sub-Adviser is incorrect at predicting the direction, the interest rate cap will expire worthless.

By writing (selling) an interest rate cap, the seller of the cap can benefit by receiving a premium in exchange for assuming an obligation to make payments at set intervals for which a floating interest rate exceeds an agreed upon interest rate. If interest rates rise above the agreed upon cap, the seller's obligation to make payments may result in losses in excess of the premium received.

Correctly predicting the value of an interest rate cap requires an understanding of the referenced interest rate, and the Fund bears the risk that the Adviser or Sub-Adviser will not correctly forecast future market events, such as interest rate movements. Interest rate caps also involve the risks associated with derivative instruments generally, as described herein, including the risks associated with OTC options.

*Risks of options*. The Fund's options investments involve certain risks, including general risks related to derivative instruments. There can be no assurance that a liquid secondary market on an exchange will exist for any particular option, or at any particular time, and the Fund may have difficulty effecting closing transactions in particular options. Therefore, the Fund would have to exercise the options it purchased in order to realize any profit, thus taking or making delivery of the underlying reference instrument when not desired. The Fund could then incur transaction costs upon the sale of the underlying reference instruments. Similarly, when the Fund cannot affect a closing transaction with respect to a put option it wrote, and the buyer exercises, the Fund would be required to take delivery and would incur transaction costs upon the sale of the underlying reference instruments purchased. If the Fund, as a covered call option writer, is unable to affect a closing purchase transaction in a secondary market, it will not be able to sell the underlying reference instrument until the option expires, it delivers the underlying instrument upon exercise, or it segregates enough liquid assets to purchase the underlying reference instrument at the marked-to-market price during the term of the option. When trading options on non-U.S. exchanges or in the OTC market, many of the protections afforded to exchange participants will not be available. For example, there may be no daily price fluctuation limits, and adverse market movements could therefore continue to an unlimited extent over an indefinite period of time.

The effectiveness of an options strategy for hedging depends on the degree to which price movements in the underlying reference instruments correlate with price movements in the relevant portion of the Fund's portfolio that is being hedged. In addition, the Fund bears the risk that the prices of its portfolio investments will not move in the same amount as the option it has purchased or sold for hedging purposes, or that there may be a negative correlation that would result in a loss on both the investments and the option. If the Adviser or Sub-Adviser is not successful in using options in managing the Fund's investments, the Fund's performance will be worse than if the Adviser or Sub-Adviser did not employ such strategies.

*Futures contracts*. Generally, a futures contract is a standard binding agreement to buy or sell a specified quantity of an underlying reference instrument, such as a specific security, currency or commodity, at a specified price at a specified later date. A "sale" of a futures contract means the acquisition of a contractual obligation to deliver the underlying reference instrument called for by the contract at a specified price on a specified date. A "purchase" of a futures contract means the acquisition of a contractual obligation to acquire the underlying reference instrument called for by the contract at a specified price on a specified date. The purchase or sale of a futures contract will allow the Fund to increase or decrease its exposure to the underlying reference instrument without having to buy the actual instrument.

The underlying reference instruments to which futures contracts may relate include non-U.S. currencies, interest rates, stock and bond indices, and debt securities, including U.S. government debt obligations. In most cases the contractual obligation under a futures contract may be offset, or "closed out," before the settlement date so that the parties do not have to make or take delivery. The closing out of a contractual obligation is usually accomplished by buying or selling, as the case may be, an identical, offsetting futures contract. This transaction, which is effected through a member of an exchange, cancels the obligation to make or take delivery of the underlying instrument or asset. Although some futures contracts by their terms require the actual delivery or acquisition of the underlying instrument or asset, some require cash settlement.

Futures contracts may be bought and sold on U.S. and non-U.S. exchanges. Futures contracts in the U.S. have been designed by exchanges that have been designated "contract markets" by the CFTC and must be executed through a futures commission merchant ("FCM"), which is a brokerage firm that is a member of the relevant contract market. Each exchange guarantees performance of the contracts as between the clearing members of the exchange, thereby reducing the risk of counterparty default. Futures contracts may also be entered into on certain exempt markets, including exempt boards of trade and electronic trading facilities, available to certain market participants. Because all transactions in the futures market are made, offset or fulfilled by an FCM through a clearinghouse associated with the exchange on which the contracts are traded, the Fund will incur brokerage fees when they buy or sell futures contracts.

To the extent the Fund invests in futures contracts, the Fund will generally buy and sell futures contracts on contract markets (including exchanges or boards of trade) where there appears to be an active market for the futures contracts, but there is no assurance that an active market will exist for any particular contract or at any particular time. An active market makes it more likely that futures contracts will be liquid and bought and sold at competitive market prices. In addition, many of the futures contracts available may be relatively new instruments without a significant trading history. As a result, there can be no assurance that an active market will develop or continue to exist.

When the Fund enters into a futures contract, it must deliver to an account controlled by the FCM (that has been selected by the Fund), an amount referred to as "initial margin" that is typically calculated as an amount equal to the volatility in market value of a contract over a fixed period. Initial margin requirements are determined by the respective exchanges on which the futures contracts are traded and the FCM. Thereafter, a "variation margin" amount may be required to be paid by the Fund or received by the Fund in accordance with margin controls set for such accounts, depending upon changes in the marked-to market value of the futures contract. The account is marked-to market daily and the variation margin is monitored by the Adviser and Custodian (defined below) on a daily basis. When the futures contract is closed out, if the Fund has a loss equal to or greater than the margin amount, the margin amount is paid to the FCM along with any loss in excess of the margin amount. If the Fund has a loss of less than the margin amount, the excess margin is returned to the Fund. If the Fund has a gain, the full margin amount and the amount of the gain is paid to the Fund.

Some futures contracts provide for the delivery of securities that are different than those that are specified in the contract. For a futures contract for delivery of debt securities, on the settlement date of the contract, adjustments to the contract can be made to recognize differences in value arising from the delivery of debt securities with a different interest rate from that of the particular debt securities that were specified in the contract. In some cases, securities called for by a futures contract may not have been issued when the contract was written.

*Risks of futures contracts*. The Fund's use of futures contracts is subject to the risks associated with derivative instruments generally. In addition, a purchase or sale of a futures contract may result in losses to the Fund in excess of the amount that the Fund delivered as initial margin. Because of the relatively low margin deposits required, futures trading involves a high degree of leverage; as a result, a relatively small price movement in a futures contract may result in immediate and substantial loss, or gain, to the Fund. In addition, if the Fund has insufficient cash to meet daily variation margin requirements or close out a futures position, it may have to sell securities from its portfolio at a time when it may be disadvantageous to do so. Adverse market movements could cause the Fund to experience substantial losses on an investment in a futures contract.

There is a risk of loss by the Fund of the initial and variation margin deposits in the event of bankruptcy of the FCM with which the Fund has an open position in a futures contract. The assets of the Fund may not be fully protected in the event of the bankruptcy of the FCM or central counterparty because the Fund might be limited to recovering only a pro rata share of all available funds and margin segregated on behalf of an FCM's customers. If the FCM does not provide accurate reporting, the Fund is also subject to the risk that the FCM could use the Fund's assets, which are held in an omnibus account with assets belonging to the FCM's other customers, to satisfy its own financial obligations or the payment obligations of another customer to the central counterparty.

The Fund may not be able to properly hedge or effect its strategy when a liquid market is unavailable for the futures contract the Fund wishes to close, which may at times occur. In addition, when futures contracts are used for hedging, there may be an imperfect correlation between movements in the prices of the underlying reference instrument on which the futures contract is based and movements in the prices of the assets sought to be hedged.

If the Adviser or Sub-Adviser's investment judgment about the general direction of market prices or interest or currency exchange rates is incorrect, the Fund's overall performance will be poorer than if it had not entered into a futures contract. For example, if the Fund has purchased futures to hedge against the possibility of an increase in interest rates that would adversely affect the price of bonds held in its portfolio and interest rates instead decrease, the Fund will lose part or all of the benefit of the increased value of the bonds which it has hedged. This is because its losses in its futures positions will offset some or all of its gains from the increased value of the bonds.

The difference (called the "spread") between prices in the cash market for the purchase and sale of the underlying reference instrument and the prices in the futures market is subject to fluctuations and distortions due to differences in the nature of those two markets. First, all participants in the futures market are subject to initial deposit and variation margin requirements. Rather than meeting additional variation margin requirements, investors may close futures contracts through offsetting transactions that could distort the normal pricing spread between the cash and futures markets. Second, the liquidity of the futures markets depends on participants entering into offsetting transactions rather than making or taking delivery of the underlying instrument. To the extent participants decide to make or take delivery, liquidity in the futures market could be reduced, resulting in pricing distortion. Third, from the point of view of speculators, the margin deposit requirements that apply in the futures market are less onerous than similar margin requirements in the securities market. Therefore, increased participation by speculators in the futures market may cause temporary price distortions.

Futures contracts that are traded on non-U.S. exchanges may not be as liquid as those purchased on CFTC-designated contract markets. In addition, non-U.S. futures contracts may be subject to varied regulatory oversight. The price of any non-U.S. futures contract and, therefore, the potential profit and loss thereon, may be affected by any change in the non-U.S. exchange rate between the time a particular order is placed and the time it is liquidated, offset or exercised.

The CFTC and the various exchanges have established limits referred to as "speculative position limits" on the maximum net long or net short position that any person, such as the Fund, may hold or control in a particular futures contract. Trading limits are also imposed on the maximum number of contracts that any person may trade on a particular trading day. An exchange may order the liquidation of positions found to be in violation of these limits and it may impose other sanctions or restrictions. The regulation of futures, as well as other derivatives, is a rapidly changing area of law. For more information, see "Developing government regulation of derivatives" below.

Futures exchanges may also limit the amount of fluctuation permitted in certain futures contract prices during a single trading day. This daily limit establishes the maximum amount that the price of a futures contract may vary either up or down from the previous day's settlement price. Once the daily limit has been reached in a futures contract subject to the limit, no more trades may be made on that day at a price beyond that limit. The daily limit governs only price movements during a particular trading day and does not limit potential losses because the limit may prevent the liquidation of unfavorable positions. For example, futures prices have occasionally moved to the daily limit for several consecutive trading days with little or no trading, thereby preventing prompt liquidation of positions and subjecting some holders of futures contracts to substantial losses.

*Options on futures contracts*. Options on futures contracts trade on the same contract markets as the underlying futures contract. When the Fund buys an option, it pays a premium for the right, but does not have the obligation, to purchase (call) or sell (put) a futures contract at a set price (the exercise price). The purchase of a call or put option on a futures contract, whereby the Fund has the right to purchase or sell, respectively, a particular futures contract, is similar in some respects to the purchase of a call or put option on an individual security or currency. Depending on the premium paid for the option compared to either the price of the futures contract upon which it is based or the price of the underlying reference instrument, the option may be less risky than direct ownership of the futures contract or the underlying reference instrument. For example, the Fund could purchase a call option on a long futures contract when seeking to hedge against an increase in the market value of the underlying reference instrument, such as appreciation in the value of a non-U.S. currency against the U.S. dollar.

The seller (writer) of an option becomes contractually obligated to take the opposite futures position if the buyer of the option exercises its rights to the futures position specified in the option. In return for the premium paid by the buyer, the seller assumes the risk of taking a possibly adverse futures position. In addition, the seller will be required to post and maintain initial and variation margin with the FCM. One goal of selling (writing) options on futures may be to receive the premium paid by the option buyer. For more general information about the mechanics of purchasing and writing options, see "Options" below.

*Risks of options on futures contracts*. The Fund's use of options on futures contracts are subject to the risks related to derivative instruments generally. In addition, the amount of risk the Fund assumes when it purchases an option on a futures contract is the premium paid for the option plus related transaction costs. The purchase of an option also entails the risk that changes in the value of the underlying futures contract will not be fully reflected in the value of the option purchased. The seller (writer) of an option on a futures contract is subject to the risk of having to take a possibly adverse futures position if the purchaser of the option exercises its rights. If the seller were required to take such a position, it could bear substantial losses. An option writer has potentially unlimited economic risk because its potential loss, except to the extent offset by the premium received, is equal to the amount the option is "in-the-money" at the expiration date. A call option is in-the-money if the value of the underlying futures contract exceeds the exercise price of the option. A put option is in-the-money if the exercise price of the option exceeds the value of the underlying futures contract.

*Swaps*. Generally, swap agreements are contracts between the Fund and another party (the swap counterparty) involving the exchange of payments on specified terms over periods ranging from a few days to multiple years. A swap agreement may be negotiated bilaterally and traded OTC between the two parties (for an uncleared swap) or, in some instances, must be transacted through an FCM and cleared through a clearinghouse that serves as a central counterparty (for a cleared swap). In a basic swap transaction, the Fund agrees with the swap counterparty to exchange the returns (or differentials in rates of return) and/or cash flows earned or realized on a particular "notional amount" or value of predetermined underlying reference instruments. The notional amount is the set dollar or other value selected by the parties to use as the basis on which to calculate the obligations that the parties to a swap agreement have agreed to exchange. The parties typically do not actually exchange the notional amount. Instead, they agree to exchange the returns that would be earned or realized if the notional amount were invested in given investments or at given interest rates. Examples of returns that may be exchanged in a swap agreement are those of a particular security, a particular fixed or variable interest rate, a particular non-U.S. currency, or a "basket" of securities representing a particular index. Swaps can also be based on credit and other events.

The Fund will generally enter into swap agreements on a net basis, which means that the two payment streams that are to be made by the Fund and its counterparty with respect to a particular swap agreement are netted out, with the Fund receiving or paying, as the case may be, only the net difference in the two payments. The Fund's obligations (or rights) under a swap agreement that is entered into on a net basis will generally be the net amount to be paid or received under the agreement based on the relative values of the obligations of each party upon termination of the agreement or at set valuation dates. The Fund will accrue its obligations under a swap agreement daily (offset by any amounts the counterparty owes the Fund). If the swap agreement does not provide for that type of netting, the full amount of the Fund's obligations will be accrued on a daily basis.

*Comprehensive swaps regulation*. The Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (the "Dodd-Frank Act") and related regulatory developments imposed comprehensive regulatory requirements on swaps and swap market participants. The regulatory framework includes: (1) registration and regulation of swap dealers and major swap participants; (2) requiring central clearing and execution of standardized swaps; (3) imposing margin requirements on swap transactions; (4) regulating and monitoring swap transactions through position limits and large trader reporting requirements; and (5) imposing record keeping and centralized and public reporting requirements, on an anonymous basis, for most swaps. The CFTC is responsible for the regulation of most swaps. The SEC has jurisdiction over a small segment of the market referred to as "security-based swaps," which includes swaps on single securities or credits, or narrow-based indices of securities or credits.

*Uncleared swaps*. In an uncleared swap, the swap counterparty is typically a brokerage firm, bank or other financial institution. The Fund customarily enters into uncleared swaps based on the standard terms and conditions of an International Swaps and Derivatives Association ("ISDA") Master Agreement. ISDA is a voluntary industry association of participants in the over-the-counter derivatives markets that has developed standardized contracts used by such participants that have agreed to be bound by such standardized contracts. In the event that one party to a swap transaction defaults and the transaction is terminated prior to its scheduled termination date, one of the parties may be required to make an early termination payment to the other. An early termination payment may be payable by either the defaulting or non-defaulting party, depending upon which of them is "in-the-money" with respect to the swap at the time of its termination. Early termination payments may be calculated in various ways, but are intended to approximate the amount the "in-the-money" party would have to pay to replace the swap as of the date of its termination.

During the term of an uncleared swap, the Fund is required to pledge to the swap counterparty, from time to time, an amount of cash and/or other assets equal to the total net amount (if any) that would be payable by the Fund to the counterparty if all outstanding swaps between the parties were terminated on the date in question, including any early termination payments ("variation margin"). Periodically, changes in the amount pledged are made to recognize changes in value of the contract resulting from, among other things, interest on the notional value of the contract, market value changes in the underlying investment, and/or dividends paid by the issuer of the underlying instrument. Likewise, the counterparty will be required to pledge cash or other assets to cover its obligations to the Fund. However, the amount pledged may not always be equal to or more than the amount due to the other party. Therefore, if a counterparty defaults in its obligations to the Fund, the amount pledged by the counterparty and available to the Fund may not be sufficient to cover all the amounts due to the Fund and the Fund may sustain a loss.

Currently, the Fund does not intend to typically provide initial margin in connection with uncleared swaps. However, rules requiring initial margin for uncleared swaps have been adopted and are being phased in over time. When these rules take effect, if the Fund is deemed to have material swaps exposure under applicable swap regulations, the Fund will be required to post initial margin in addition to variation margin.

*Cleared swaps*. Certain standardized swaps are subject to mandatory central clearing and exchange-trading. The Dodd-Frank Act and implementing rules will ultimately require the clearing and exchange-trading of many swaps. Mandatory exchange-trading and clearing will occur on a phased-in basis based on the type of market participant, CFTC approval of contracts for central clearing and public trading facilities making such cleared swaps available to trade. To date, the CFTC has designated only certain of the most common types of credit default index swaps and interest rate swaps as subject to mandatory clearing and certain public trading facilities have made certain of those cleared swaps available to trade, but it is expected that additional categories of swaps will in the future be designated as subject to mandatory clearing and trade execution requirements. Central clearing is intended to reduce counterparty credit risk and increase liquidity, but central clearing does not eliminate these risks and may involve additional costs and risks not involved with uncleared swaps. See "Risks of cleared swaps" below.

In a cleared swap, the Fund's ultimate counterparty is a central clearinghouse rather than a brokerage firm, bank or other financial institution. Cleared swaps are submitted for clearing through each party's FCM, which must be a member of the clearinghouse that serves as the central counterparty. Transactions executed on a swap execution facility ("SEF") may increase market transparency and liquidity but may require the Fund to incur increased expenses to access the same types of swaps that it has used in the past. When the Fund enters into a cleared swap, it must deliver to the central counterparty (via the FCM) an amount referred to as "initial margin." Initial margin requirements are determined by the central counterparty and are typically calculated as an amount equal to the volatility in market value of the cleared swap over a fixed period, but an FCM may require additional initial margin above the amount required by the central counterparty. During the term of the swap agreement, a "variation margin" amount may also be required to be paid by the Fund or may be received by the Fund in accordance with margin controls set for such accounts. If the value of the Fund's cleared swap declines, the Fund will be required to make additional "variation margin" payments to the FCM to settle the change in value. Conversely, if the market value of the Fund's position increases, the FCM will post additional "variation margin" to the Fund's account. At the conclusion of the term of the swap agreement, if the Fund has a loss equal to or greater than the margin amount, the margin amount is paid to the FCM along with any loss in excess of the margin amount. If the Fund has a loss of less than the margin amount, the excess margin is returned to the Fund. If the Fund has a gain, the full margin amount and the amount of the gain is paid to the Fund.

*Credit default swaps*. The "buyer" of protection in a credit default swap agreement is obligated to pay the "seller" a periodic stream of payments over the term of the agreement in return for a payment by the "seller" that is contingent upon the occurrence of a credit event with respect to a specific underlying reference debt obligation (whether as a single debt instrument or as part of an index of debt instruments). The contingent payment by the seller generally is the face amount of the debt obligation, in return for the buyer's obligation to make periodic cash payments and deliver in physical form the reference debt obligation or a cash payment equal to the then-current market value of that debt obligation at the time of the credit event. If no credit event occurs, the seller would receive a fixed rate of income throughout the term of the contract, while the buyer would lose the amount of its payments and recover nothing. The buyer is also subject to the risk that the seller will not satisfy its contingent payment obligation, if and when due.

Purchasing protection through a credit default swap may be used to attempt to hedge against a decline in the value of debt security or securities due to a credit event. The seller of protection under a credit default swap receives periodic payments from the buyer but is exposed to the risk that the value of the reference debt obligation declines due to a credit event and that it will have to pay the face amount of the reference obligation to the buyer. Selling protection under a credit default swap may also permit the seller to gain exposure that is similar to owning the reference debt obligation directly. As the seller of protection, the Fund would effectively add leverage to its portfolio because, in addition to its total assets, the Fund would be subject to the risk that there would be a credit event and the Fund would have to make a substantial payment in the future.

Generally, a credit event means bankruptcy, failure to timely pay interest or principal, obligation acceleration or default, or repudiation or restructuring of the reference debt obligation. There may be disputes between the buyer or seller of a credit default swap agreement or within the swaps market as a whole as to whether or not a credit event has occurred or what the payout should be which could result in litigation. In some instances where there is a dispute in the credit default swap market, a regional Determinations Committee set up by ISDA may make an official binding determination regarding the existence of credit events with respect to the reference debt obligation of a credit default swap agreement or, in the case of a credit default swap on an index, with respect to a component of the index underlying the credit default swap agreement. In the case of a credit default swap on an index, the existence of a credit event is determined according to the index methodology, which may in turn refer to determinations made by ISDA's Determinations Committees with respect to particular components of the index.

ISDA's Determinations Committees are comprised principally of dealers in the OTC derivatives markets which may have a conflicting interest in the determination regarding the existence of a particular credit event. In addition, in the sovereign debt market, a credit default swap agreement may not provide the protection generally anticipated because the government issuer of the sovereign debt instruments may be able to restructure or renegotiate the debt in such a manner as to avoid triggering a credit event. Moreover, (1) sovereign debt obligations may not incorporate common, commercially acceptable provisions, such as collective action clauses, or (2) the negotiated restructuring of the sovereign debt may be deemed non-mandatory on all holders. As a result, the determination committee might then not be able to determine, or may be able to avoid having to determine, that a credit event under the credit default agreement has occurred.

For these and other reasons, the buyer of protection in a credit default swap agreement is subject to the risk that certain occurrences, such as particular restructuring events affecting the value of the underlying reference debt obligation, or the restructuring of sovereign debt, may not be deemed credit events under the credit default swap agreement. Therefore, if the credit default swap was purchased as a hedge or to take advantage of an anticipated increase in the value of credit protection for the underlying reference obligation, it may not provide any hedging benefit or otherwise increase in value as anticipated. Similarly, the seller of protection in a credit default swap agreement is subject to the risk that certain occurrences may be deemed to be credit events under the credit default swap agreement, even if these occurrences do not adversely impact the value or creditworthiness of the underlying reference debt obligation.

*Interest rate swaps*. An interest rate swap is an agreement between two parties to exchange interest rate payment obligations. Typically, one party's obligation is based on an interest rate fixed to maturity while the other party's obligation is based on an interest rate that changes in accordance with changes in a designated benchmark (for example, Secured Overnight Financing Rate (SOFR), prime rate, commercial paper rate, or other benchmarks). Alternatively, both payment obligations may be based on an interest rate that changes in accordance with changes in a designated benchmark (also known as a "basis swap"). In a basis swap, the rates may be based on different benchmarks (for example, SOFR versus commercial paper) or on different terms of the same benchmark (for example, one-month SOFR versus three-month SOFR). Each party's payment obligation under an interest rate swap is determined by reference to a specified "notional" amount of money. Therefore, interest rate swaps generally do not involve the delivery of securities, other underlying instruments, or principal amounts; rather they entail the exchange of cash payments based on the application of the designated interest rates to the notional amount. Accordingly, barring swap counterparty or FCM default, the risk of loss in an interest rate swap is limited to the net amount of interest payments that the Fund is obligated to make or receive (as applicable), as well as any early termination payment payable by or to the Fund upon early termination of the swap.

By swapping fixed interest rate payments for floating payments, an interest rate swap can be used to increase or decrease the Fund's exposure to various interest rates, including to hedge interest rate risk. Interest rate swaps are generally used to permit the party seeking a floating rate obligation the opportunity to acquire such obligation at a rate lower than is directly available in the credit markets, while permitting the party desiring a fixed-rate obligation the opportunity to acquire such a fixed-rate obligation, also frequently at a rate lower than is directly available in the credit markets. The success of such a transaction depends in large part on the availability of fixed-rate obligations at interest (or coupon) rates low enough to cover the costs involved. Similarly, a basis swap can be used to increase or decrease the Fund's exposure to various interest rates, including to hedge against or speculate on the spread between the two indexes, or to manage duration. An interest rate swap transaction is affected by change in interest rates, which, in turn, may affect the prepayment rate of any underlying debt obligations upon which the interest rate swap is based.

*Inflation index swaps*. An inflation index swap is a contract between two parties, whereby one party makes payments based on the cumulative percentage increase in an index that serves as a measure of inflation (typically, the Consumer Price Index) and the other party makes a regular payment based on a compounded fixed rate. Each party's payment obligation under the swap is determined by reference to a specified "notional" amount of money. Typically, an inflation index swap has payment obligations netted and exchanged upon maturity. The value of an inflation index swap is expected to change in response to changes in the rate of inflation. If inflation increases at a faster rate than anticipated at the time the swap is entered into, the swap will increase in value. Similarly, if inflation increases at a rate slower than anticipated at the time the swap is entered into, the swap will decrease in value.

*Equity total return swaps*. A total return swap (also sometimes referred to as a synthetic equity swap or "contract for difference" when written with respect to an equity security or basket of equity securities) is an agreement between two parties under which the parties agree to make payments to each other so as to replicate the economic consequences that would apply had a purchase or short sale of the underlying reference instrument or index thereof taken place. For example, one party agrees to pay the other party the total return earned or realized on the notional amount of an underlying equity security and any dividends declared with respect to that equity security. In return the other party makes payments, typically at a floating rate, calculated based on the notional amount.

*Options on swap agreements*. An option on a swap agreement generally is an OTC option (see the discussion above on OTC options) that gives the buyer of the option the right, but not the obligation, in return for payment of a premium to the seller, to enter into a previously negotiated swap agreement, or to extend, terminate or otherwise modify the terms of an existing swap agreement. The writer (seller) of an option on a swap agreement receives premium payments from the buyer and, in exchange, becomes obligated to enter into or modify an underlying swap agreement upon the exercise of the option by the buyer. When the Fund purchases an option on a swap agreement, it risks losing only the amount of the premium it has paid should it decide to let the option expire unexercised, plus any related transaction costs.

There can be no assurance that a liquid secondary market will exist for any particular option on a swap agreement, or at any particular time, and the Fund may have difficulty affecting closing transactions in particular options on swap agreements. Therefore, the Fund may have to exercise the options that it purchases in order to realize any profit and take delivery of the underlying swap agreement. The Fund could then incur transaction costs upon the sale or closing out of the underlying swap agreement. In the event that the option on a swap is exercised, the counterparty for such option would be the same counterparty with whom the Fund entered into the underlying swap.

However, if the Fund writes (sells) an option on a swap agreement, the Fund is bound by the terms of the underlying swap agreement upon exercise of the option by the buyer, which may result in losses to the Fund in excess of the premium it received. Options on swap agreements involve the risks associated with derivative instruments generally, as described above, as well as the additional risks associated with both options and swaps generally.

Options on swap agreements are considered to be swaps for purposes of CFTC regulation. Although they are traded OTC, the CFTC may in the future designate certain options on swaps as subject to mandatory clearing. For more information, see "Cleared swaps" and "Risks of cleared swaps."

An option on an interest rate swap (also sometimes referred to as a "swaption") is a contract that gives the purchaser the right, but not the obligation, in return for payment of a premium, to enter into a new interest rate swap. A pay fixed option on an interest rate swap gives the buyer the right to establish a position in an interest rate swap where the buyer will pay (and the writer will receive) the fixed-rate cash flows and receive (and the writer will pay) the floating-rate cash flows. In general, most options on interest rate swaps are "European" exercise, which means that they can only be exercised at the end of the option term. Depending on the movement of interest rates between the time of purchase and expiration, the value of the underlying interest rate swap and therefore also the value of the option on the interest rate swap will change.

An option on a credit default swap is a contract that gives the buyer the right (but not the obligation), in return for payment of a premium to the option seller, to enter into a new credit default swap on a reference entity at a predetermined spread on a future date. This spread is the price at which the contract is executed (the option strike price). Similar to a put option, in a payer option on a credit default swap, the option buyer pays a premium to the option seller for the right, but not the obligation, to buy credit protection on a reference entity (*e.g.*, a particular portfolio security) at a predetermined spread on a future date. Similar to a call option, in a receiver option on a credit default swap the option buyer pays a premium for the right, but not the obligation to sell credit default swap protection on a reference entity or index. Depending on the movement of market spreads with respect to the particular referenced debt securities between the time of purchase and expiration of the option, the value of the underlying credit default swap and therefore the value of the option will change. Options on credit default swaps currently are traded OTC and the specific terms of each option on a credit default swap are negotiated directly with the counterparty.

*Commodity-linked total return swaps*. A commodity-linked total return swap is an agreement between two parties under which the parties agree to exchange a fixed return or interest rate on the notional amount of the swap for the return of a particular commodities index, commodity contract or basket of commodity contracts as if such notional amount had been invested in such index, commodity contract or basket of commodity contracts. For example, one party agrees to pay the other party the return on a particular index multiplied by the notional amount of the swap. In return, the other party makes periodic payments, such as at a floating interest rate, calculated based on such notional amount. If the commodity swap is for one period, the Fund may pay a fixed fee, established at the outset of the swap. However, if the term of the commodity swap is more than one period, with interim swap payments, the Fund may pay an adjustable or floating fee. With a "floating" rate, the fee may be pegged to a base rate, such as the SOFR, and is adjusted each period. Therefore, if interest rates increase over the term of the swap contract, the Fund may be required to pay a higher fee at each swap reset date.

*Risks of swaps generally*. The use of swap transactions is a highly specialized activity, which involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. Whether the Fund will be successful in using swap agreements to achieve its investment goal depends on the ability of the Adviser or Sub-Adviser to correctly to predict which types of investments are likely to produce greater returns. If the Adviser or Sub-Adviser, in using swap agreements, is incorrect in its forecasts of market values, interest rates, inflation, currency exchange rates or other applicable factors, the investment performance of the Fund will be less than its performance would have been if it had not used the swap agreements.

The risk of loss to the Fund for swap transactions that are entered into on a net basis depends on which party is obligated to pay the net amount to the other party. If the counterparty is obligated to pay the net amount to the Fund, the risk of loss to the Fund is loss of the entire amount that the Fund is entitled to receive. If the Fund is obligated to pay the net amount, the Fund's risk of loss is generally limited to that net amount. If the swap agreement involves the exchange of the entire principal value of a security, the entire principal value of that security is subject to the risk that the other party to the swap will default on its contractual delivery obligations. In addition, the Fund's risk of loss also includes any margin at risk in the event of default by the counterparty (in an uncleared swap) or the central counterparty or FCM (in a cleared swap), plus any transaction costs.

Because bilateral swap agreements are structured as two-party contracts and may have terms of greater than seven days, these swaps may be considered to be illiquid and, therefore, subject to the Fund's limitation on investments in illiquid securities. If a swap transaction is particularly large or if the relevant market is illiquid, the Fund may not be able to establish or liquidate a position at an advantageous time or price, which may result in significant losses. Participants in the swap markets are not required to make continuous markets in the swap contracts they trade. Participants could refuse to quote prices for swap contracts or quote prices with an unusually widespread between the price at which they are prepared to buy and the price at which they are prepared to sell. Some swap agreements entail complex terms and may require a greater degree of subjectivity in their valuation. However, the swap markets have grown substantially in recent years, with a large number of financial institutions acting both as principals and agents, utilizing standardized swap documentation. As a result, the swap markets have become increasingly liquid. In addition, central clearing and the trading of cleared swaps on public facilities are intended to increase liquidity. The Adviser, under the supervision of the Board, is responsible for determining and monitoring the liquidity of the Fund's swap transactions.

Rules adopted under the Dodd-Frank Act require centralized reporting of detailed information about many swaps, whether cleared or uncleared. This information is available to regulators and, also, to a more limited extent and on an anonymous basis, to the public. Reporting of swap data is intended to result in greater market transparency. This may be beneficial to funds that use swaps in their trading strategies. However, public reporting imposes additional recordkeeping burdens on these funds, and the safeguards established to protect anonymity are not yet tested and may not provide protection of the funds' identities as intended.

Certain U.S. Internal Revenue Service ("IRS") positions may limit the Fund's ability to use swap agreements in a desired tax strategy. It is possible that developments in the swap markets and/or the laws relating to swap agreements, including potential government regulation, could adversely affect the Fund's ability to benefit from using swap agreements, or could have adverse tax consequences. For more information about potentially changing regulation, see "Developing government regulation of derivatives" below.

*Risks of uncleared swaps*. Uncleared swaps are typically executed bilaterally with a swap dealer rather than traded on exchanges. As a result, swap participants may not be as protected as participants on organized exchanges. Performance of a swap agreement is the responsibility only of the swap counterparty and not of any exchange or clearinghouse. As a result, the Fund is subject to the risk that a counterparty will be unable or will refuse to perform under such agreement, including because of the counterparty's bankruptcy or insolvency. The Fund risks the loss of the accrued but unpaid amounts under a swap agreement, which could be substantial, in the event of a default, insolvency or bankruptcy by a swap counterparty. In such an event, the Fund will have contractual remedies pursuant to the swap agreements, but bankruptcy and insolvency laws could affect the Fund's rights as a creditor. If the counterparty's creditworthiness declines, the value of a swap agreement would likely decline, potentially resulting in losses. In unusual or extreme market conditions, a counterparty's creditworthiness and ability to perform may deteriorate rapidly, and the availability of suitable replacement counterparties may become limited.

*Risks of cleared swaps*. As noted above, under recent financial reforms, certain types of swaps are, and others eventually are expected to be, required to be cleared through a central counterparty, which may affect counterparty risk and other risks faced by the Fund.

Central clearing is designed to reduce counterparty credit risk and increase liquidity compared to uncleared swaps because central clearing interposes the central clearinghouse as the counterparty to each participant's swap, but it does not eliminate those risks completely. There is also a risk of loss by the Fund of the initial and variation margin deposits in the event of bankruptcy of the FCM with which the Fund has an open position, or the central counterparty in a swap contract. The assets of the Fund may not be fully protected in the event of the bankruptcy of the FCM or central counterparty because the Fund might be limited to recovering only a pro rata share of all available funds and margin segregated on behalf of an FCM's customers. If the FCM does not provide accurate reporting, the Fund is also subject to the risk that the FCM could use the Fund's assets, which are held in an omnibus account with assets belonging to the FCM's other customers, to satisfy its own financial obligations or the payment obligations of another customer to the central counterparty. Credit risk of cleared swap participants is concentrated in a few clearinghouses, and the consequences of insolvency of a clearinghouse are not clear.

With cleared swaps, the Fund may not be able to obtain as favorable terms as it would be able to negotiate for a bilateral, uncleared swap. In addition, an FCM may unilaterally amend the terms of its agreement with the Fund, which may include the imposition of position limits or additional margin requirements with respect to the Fund's investment in certain types of swaps. Central counterparties and FCMs can require termination of existing cleared swap transactions upon the occurrence of certain events, and can also require increases in margin above the margin that is required at the initiation of the swap agreement.

Finally, the Fund is subject to the risk that, after entering into a cleared swap with an executing broker, no FCM or central counterparty is willing or able to clear the transaction. In such an event, the Fund may be required to break the trade and make an early termination payment to the executing broker.

*Combined transactions*. The Fund may enter into multiple derivative instruments, and any combination of derivative instruments as part of a single or combined strategy (a "Combined Transaction") when the Adviser or Sub-Adviser believes it is in the best interests of the Fund to do so. A Combined Transaction will usually contain elements of risk that are present in each of its component transactions.

Although Combined Transactions are normally entered into based on the Adviser or Sub-Adviser's judgment that the combined strategies will reduce risk or otherwise more effectively achieve the desired portfolio management goal(s), it is possible that the combination will instead increase such risks or hinder achievement of the portfolio management objective.

**Illiquid Investments and Restricted Securities**

Pursuant to Rule 22e-4 under the 1940 Act, the Fund may not acquire any "illiquid investment" if, immediately after the acquisition, the Fund would have invested more than 15% of its net assets in illiquid investments that are assets. An "illiquid investment" is any investment that the Fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. The Fund has implemented a liquidity risk management program and related procedures to identify illiquid investments pursuant to Rule 22e-4. The 15% limit shall be observed continuously. If, through the appreciation of illiquid investments or the depreciation of liquid investments, the Fund were to be in a position where more than 15% of the value of its net assets are invested in illiquid securities, including restricted investments which are not readily marketable, such Fund will take such steps as set forth in its liquidity risk management program.

The Fund may purchase certain restricted securities that can be resold to institutional investors and which may be determined not to be illiquid investments pursuant to the Fund's liquidity risk management program. In many cases, those securities are traded in the institutional market under Rule 144A under the 1933 Act and are called Rule 144A securities.

Investments in illiquid investments involve more risks than investments in similar securities that are readily marketable. Illiquid investments may trade at a discount from comparable, more liquid investments. Investment of the Fund's assets in illiquid investments may restrict the ability of the Fund to dispose of its investments in a timely fashion and for a fair price as well as its ability to take advantage of market opportunities. The risks associated with illiquidity will be particularly acute where the Fund's operations require cash, such as when the Fund has net redemptions, and could result in the Fund borrowing to meet short-term cash requirements or incurring losses on the sale of illiquid investments.

Illiquid investments are often restricted securities sold in private placement transactions between issuers and their purchasers and may be neither listed on an exchange nor traded in other established markets. In many cases, the privately placed securities may not be freely transferable under the laws of the applicable jurisdiction or due to contractual restrictions on resale. To the extent privately placed securities may be resold in privately negotiated transactions, the prices realized from the sales could be less than those originally paid by the Fund or less than the fair value of the securities. In addition, issuers whose securities are not publicly traded may not be subject to the disclosure and other investor protection requirements that may be applicable if their securities were publicly traded. If any privately placed securities held by the Fund are required to be registered under the securities laws of one or more jurisdictions before being resold, the Fund may be required to bear the expenses of registration. Private placement investments may involve investments in smaller, less seasoned issuers, which may involve greater risks than investments in more established companies. These issuers may have limited product lines, markets or financial resources, or they may be dependent on a limited management group. In making investments in private placement securities, the Fund may obtain access to material non-public information, which may restrict the Fund's ability to conduct transactions in those securities.

**Investment Company Securities**

The Fund may invest in the securities of other investment companies, including money market funds and ETFs, subject to applicable limitations under Section 12(d)(1) of the 1940 Act. Investing in another pooled vehicle exposes the Fund to all the risks of that pooled vehicle. The Funds generally may purchase or redeem, without limitation, shares of any affiliated or unaffiliated money market mutual funds, including unregistered money market funds, so long as the Fund does not pay a sales load or service fee in connection with the purchase, sale, or redemption or if such fees are paid, the Adviser waives its management fee in an amount necessary to offset the amounts paid

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

Pursuant to Section 12(d)(1), the Fund may invest in the securities of another investment company (the "acquired company") provided that the Fund, immediately after such purchase or acquisition, does not own in the aggregate: (i) more than 3% of the total outstanding voting stock of the acquired company; (ii) securities issued by the acquired company having an aggregate value in excess of 5% of the value of the total assets of such Fund; or (iii) securities issued by the acquired company and all other investment companies (other than treasury stock of the Fund) having an aggregate value in excess of 10% of the value of the total assets of the Fund. To the extent allowed by law or regulation, the Fund may invest its assets in securities of investment companies that are money market funds in excess of the limits discussed above

The Fund may rely on Section 12(d)(1)(F) and Rule 12d1-3 of the 1940 Act, which provide an exemption from Section 12(d)(1) that allows the Fund to invest all of its assets in other registered funds, including ETFs, if, among other conditions: (1) the Fund, together with its affiliates, acquires no more than three percent of the outstanding voting stock of any acquired fund; and (2) the sales load charged on Shares is no greater than the limits set forth in Rule 2830 of the Conduct Rules of the Financial Industry Regulatory Authority, Inc. ("FINRA"). The Fund may also rely on Rule 12d1-4 under the 1940 Act, which provides an exemption from Section 12(d)(1) that allows the Fund to invest all of its assets in other registered funds, including ETFs, if the Fund satisfies certain conditions specified in the Rule, including, among other conditions, that the Fund and its advisory group will not control (individually or in the aggregate) an acquired fund (*e.g.*, hold more than 25% of the outstanding voting securities of an acquired fund that is a registered open-end management investment company).

**Money Market Funds**

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

**Other Short-Term Instruments**

The Fund may invest in short-term instruments, including money market instruments, on an ongoing basis to provide liquidity or for other reasons. Money market instruments are generally short-term investments that may include but are not limited to: (1) shares of money market funds; (2) obligations issued or guaranteed by the U.S. government, its agencies, or instrumentalities (including government-sponsored enterprises); (3) 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; (4) commercial paper rated at the date of purchase "Prime-1" by Moody's Investors Service or "A-1" by S&P Global Ratings or, if unrated, of comparable quality as determined by the Adviser; (5) 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 (6) 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.

**Securities Lending**

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

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

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

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

**Tax Risks**

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-deferred retirement account or other tax-advantaged arrangement, such as an individual retirement account, you need to be aware of the possible tax consequences when the Fund makes distributions or you sell Shares.

**Temporary Defensive Strategies**

Under normal market conditions, the Fund will stay fully invested according to its principal investment strategies. For temporary defensive purposes during adverse market, economic, political, or other conditions, the Fund may invest up to 100% of its assets in cash or cash equivalents, such as U.S. Government obligations, investment grade debt securities and other money market instruments. Taking a temporary defensive position may result in the Fund not achieving its investment objective.

**Subsidiary Risk** 

The Fund may invest up to 25% of its assets in a subsidiary that is wholly-owned by the Fund and organized under the laws of the Cayman Islands (the "Subsidiary"). The Subsidiary may invest without limitation in futures contracts and other investments generating non-qualifying income under Subchapter M of the Code. Further, the Subsidiary may invest in any type of investment in which the Fund is permitted to invest, as described in the Prospectus and this SAI. The Fund's investment in the Subsidiary will not exceed 25% of the value of the Fund's total assets, as measured at the end of each of the Fund's fiscal quarters. Asset limitations are imposed by Subchapter M of the Code, and are measured at each taxable year and quarter end. The Adviser also serves as the investment adviser to the Subsidiary but will not receive separate compensation. RCN also serves as investment sub-adviser to the Subsidiary but will not receive separate compensation.

The Subsidiary is not registered under the 1940 Act but will be subject to certain protections of the 1940 Act with respect to the Fund, as described in this SAI. All of the Fund's investments in its Subsidiary will be subject to the investment policies and restrictions of the Fund, including those related to leverage, collateral and segregation requirements and liquidity. In addition, the valuation and brokerage policies of the Fund will be applied to the Subsidiary. The Fund's investments in its Subsidiary are not subject to all investor protection provisions of the 1940 Act. However, because the Fund is the sole investor in its Subsidiary, it is not likely that the Subsidiary will take any action that is contrary to the interests of the Fund and its shareholders.

The financial information of the Subsidiary will be consolidated into the Fund's financial statements, as contained within the Fund's annual and semi-annual reports provided to shareholders.

Regulatory changes, including changes in the laws of the U.S. or the Cayman Islands, could result in the inability of the Fund and/or the Subsidiary to operate as described in the Prospectus and this SAI. Such changes could potentially impact the Fund's ability to implement its investment strategy and could result in decreased investment returns. In addition, in the event changes to the laws of the Cayman Islands require the Subsidiary to pay taxes to a governmental authority, the Fund would be likely to suffer decreased returns.

In order to qualify as a RIC under Subchapter M of the Code and be eligible to receive "pass-through" tax treatment, the Fund must, among other things, meet certain requirements regarding the source of its income, the diversification of its assets and the distribution of its income. Under the source of income test, at least 90% of a RIC's gross income each year must be "qualifying income," which generally consists of dividends, interest, gains on investment assets and certain other categories of investment income (also referred to as "good income"). Qualifying income generally does not include income derived from commodity futures contracts. When a RIC is a "U.S. Shareholder" of certain foreign subsidiaries ("controlled foreign corporations" or "CFCs"), the RIC will generally be required to include in gross income certain income whether or not such income is distributed by the CFC. Under final Treasury Regulations issued in 2019, both imputed and actual distributions from a CFC are generally treated as qualifying income under the RIC source of income test. The Fund's investment in the Subsidiary is intended to provide the Fund with exposure to commodity futures contracts, and other investments generating non-qualifying income under Subchapter M of the Code, within the limitations of the Code such that the Fund continues to qualify as a RIC, but there is a risk that the IRS could assert that the income that the Fund derives from the Subsidiary will not be considered qualifying income for purposes of the source of income test.

The IRS issued many private letter rulings (which the Fund may not use or cite as precedent because only the recipient of a private letter ruling may rely upon it) between 2006 and 2011 concluding that income a RIC derives from a CFC, such as the Subsidiary, which earns income derived from commodities is qualifying income. The Fund's investment in the Subsidiary is intended to provide the Fund with exposure to the commodities markets within the limitations of the Code such that the Fund continues to qualify as a RIC, but there is a risk that the IRS could assert that the income that the Fund derives from the Subsidiary will not be considered qualifying income for purposes of the source of income test.

In the past, there have been some indications that the aforementioned 2006 to 2011 private letter rulings may no longer represent the IRS' views. The policies underlying those private letter rulings would have been officially overturned if Treasury Regulations proposed on September 28, 2016 (the "Proposed Regulations") were finalized as proposed. Under the Proposed Regulations, the Subpart F inclusions derived from the CFC (*i.e.*, deemed annual distributions from the CFC to the RIC), which the 2006 through 2011 private letter rulings concluded was qualifying income for a RIC, would no longer be considered qualifying income. Instead, only actual distributions that the CFC makes to the RIC out of the CFC's earnings and profits for the applicable taxable year that are attributable to the Subpart F inclusion ("Earnings and Profits") would qualify. However, under the final regulations ("Final Regulations), both actual and imputed distributions that the CFC makes to the RIC and Subpart F inclusions are generally treated as qualifying income under the source of income test, provided that such income is derived with respect to the RIC's business of investing in stock, securities or currencies. However, the Final Regulations do not specifically address distributions or Subpart F imputations from CFCs that derive income from futures contracts. The Final Regulations do not clarify whether there are any limitations on whether such income is qualifying income under the source of income test. The Final Regulations also do not expressly adopt or apply the aforementioned 2006 - 2011 private letter rulings to other taxpayers, although those private letter rulings are consistent with the Final Regulations and may continue to be valid (as opposed to invalid as they would have been under the Proposed Regulations).

The federal income tax treatment of the Fund's income from the Subsidiary also may be negatively affected by future legislation, Treasury Regulations (proposed or final), and/or other IRS guidance or authorities that could affect the character, timing of recognition, and/or amount of the Fund's investment company taxable income and/or net capital gains and, therefore, the distributions it makes. If the Fund failed the source of income test for any taxable year but was eligible to and did cure the failure, it could incur potentially significant additional federal income tax expenses. If, on the other hand, the Fund failed to qualify as a RIC for any taxable year and was ineligible to or otherwise did not cure the failure, it would be subject to federal income tax at the fund level on its taxable income at the regular corporate tax rate (without reduction for distributions to shareholders), with the consequence that its income available for distribution to shareholders would be reduced and distributions from its current or accumulated earnings and profits would generally be taxable to its shareholders as dividend income.

**INVESTMENT RESTRICTIONS**

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

Except with the approval of a majority of the outstanding voting securities, the Fund may not:

1. Borrow
 money or issue senior securities (as defined under the 1940 Act), except to the extent permitted under the 1940 Act.

2. Make
 loans, except to the extent permitted under the 1940 Act.

3. Purchase
 or sell real estate unless acquired as a result of ownership of securities or other instruments, except to the extent permitted
 under the 1940 Act. This shall not prevent the Fund from investing in securities or other instruments backed by real estate,
 real estate investment trusts ("REITs") or securities of companies engaged in the real estate business.

4. Purchase
 or sell commodities unless acquired as a result of ownership of securities or other instruments, except to the extent permitted
 under the 1940 Act. This shall not prevent the Fund from purchasing or selling options and futures contracts or from investing
 in securities or other instruments backed by physical commodities.

5. Underwrite
 securities issued by other persons, except to the extent permitted under the 1940 Act.

6. Concentrate
 its investments (*i.e.*, hold more than 25% of its total assets) in any industry or group of related industries. For
 purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities), repurchase
 agreements collateralized by securities of the U.S. government (including its agencies and instrumentalities), investment
 companies, and tax-exempt securities of state or municipal governments and their political subdivisions are not considered
 to be issued by members of any industry.

7. With
 respect to 75% of its total assets, purchase the securities of any one issuer if, immediately after and as a result of such
 purchase, (a) the value of the Fund's holdings in the securities of such issuer exceeds 5% of the value of the Fund's
 total assets, or (b) the Fund owns more than 10% of the outstanding voting securities of the issuer (with the exception that
 this restriction does not apply to the Fund's investments in the securities of the U.S. government, or its agencies
 or instrumentalities, or other investment companies).

In determining its compliance with the fundamental investment restriction on concentration, the Fund will look through to the underlying holdings of any investment company that publicly publishes its underlying holdings on a daily basis. In addition, if an underlying investment company does not publish its holdings daily but has a policy to concentrate or has otherwise disclosed that it is concentrated in a particular industry or group of related industries, the Fund will consider such investment company as being invested in such industry or group of related industries. Additionally, in determining its compliance with the fundamental investment restriction on concentration, the Fund will look through to the user or use of private activity municipal bonds to determine their industry.

For purposes of applying the limitation set forth in the concentration policy set forth above, the Fund may use the Standard Industrial Classification (SIC) Codes, North American Industry Classification System (NAICS) Codes, MSCI Global Industry Classification System, FTSE/Dow Jones Industry Classification Benchmark (ICB) system, or any other reasonable industry classification system (including systems developed by the Adviser) to identify each industry. The Fund's method applying the limitations in the above concentration policy, including the classification levels used, may differ from those of the Trust's other series.

If a percentage limitation is adhered to at the time of investment or contract, a later increase or decrease in percentage resulting from any change in value or total or net assets will not result in a violation of such restriction, except that the percentage limitations with respect to the borrowing of money and illiquid investments will be observed continuously.

**EXCHANGE LISTING AND TRADING**

Shares are listed for trading and trade throughout the day on the Exchange.

There can be no assurance that the Fund will continue to meet the requirements of the Exchange necessary to maintain the listing of Shares. The Exchange may, but is not required to, remove Shares from the listing under any of the following circumstances: (1) the Exchange becomes aware that the Fund is no longer eligible to operate in reliance on Rule 6c-11 of the Investment Company Act of 1940; (2) the Fund no longer complies with the Exchange's requirements for Shares; or (3) such other event shall occur or condition shall exist that, in the opinion of the Exchange, makes further dealings on the Exchange inadvisable. The Exchange will remove the Shares from listing and trading upon termination of the Fund.

The Trust reserves the right to adjust the price levels of Shares in the future to help maintain convenient trading ranges for investors. Any adjustments would be accomplished through stock splits or reverse stock splits, which would have no effect on the net assets of the Fund.

**MANAGEMENT OF THE TRUST**

**Board Responsibilities.** The Board oversees the management and operations of the Trust. Like all registered investment companies, the day-to-day management and operation of the Trust is the responsibility of the various service providers to the Trust, such as the Adviser, the Sub-Adviser, the Distributor, the Administrator, the Custodian, and the Transfer Agent, each of whom is discussed in greater detail in this Statement of Additional Information. The Board has appointed various senior employees of the Administrator as officers of the Trust, with responsibility to monitor and report to the Board on the Trust's operations. In conducting this oversight, the Board receives regular reports from these officers and the service providers. For example, the Treasurer reports as to financial reporting matters and the President reports as to matters relating to the Trust's operations. In addition, the Adviser provides regular reports on the investment strategy and performance of the Fund. The Board has appointed a Chief Compliance Officer who administers the Trust's compliance program and regularly reports to the Board as to compliance matters. These reports are provided as part of formal "Board Meetings" which are typically held quarterly, in person, and involve the Board's review of recent operations. In addition, various members of the Board also meet with management in less formal settings, between formal "Board Meetings," to discuss various topics. In all cases, however, the role of the Board and of any individual Trustee is one of oversight and not of management of the day-to-day affairs of the Trust and its oversight role does not make the Board a guarantor of the Trust's investments, operations or activities.

As part of its oversight function, the Board receives and reviews various risk management reports and discusses these matters with appropriate management and other personnel. Because risk management is a broad concept comprised of many elements (*e.g.*, investment risk, issuer and counterparty risk, compliance risk, operational risks, business continuity risks, etc.), the oversight of different types of risks is handled in different ways. For example, the Board meets regularly with the CCO to discuss compliance and operational risks and the Audit Committee meets with the Trust's independent public accounting firm to discuss, among other things, the internal control structure of the Trust's financial reporting function.

The Board recognizes that not all risks that may affect the Fund can be identified and/or quantified, that it may not be practical or cost-effective to eliminate or mitigate certain risks, that it may be necessary to bear certain risks (such as investment-related risks) to achieve the Fund's goals, and that the processes, procedures, and controls employed to address certain risks may be limited in their effectiveness. Moreover, reports received by the Board as to risk management matters are typically summaries of the relevant information. Most of the Fund's investment management and business affairs are carried out by or through the Adviser, Sub-Adviser, and other service providers, each of which has an independent interest in risk management but whose policies and the methods by which one or more risk management functions are carried out may differ from the Fund's and each other's in the setting of priorities, the resources available, or the effectiveness of relevant controls. As a result of the foregoing and other factors, the Board's ability to monitor and manage risk, as a practical matter, is subject to limitations.

**Members of the Board.** There are five members of the Board, four of whom are not interested persons of the Trust, as that term is defined in the 1940 Act (the "Independent Trustees"). Mr. Eric W. Falkeis serves as Chairman of the Board and is an interested person of the Trust.

The Board is composed of a majority (80 percent) of Independent Trustees. The Trust has determined its leadership structure is appropriate given the specific characteristics and circumstances of the Trust, even though there is no Lead Independent Trustee. The Trust made this determination in consideration of, among other things, the fact that the Independent Trustees of the Trust constitute a majority of the Board, the amount of assets under management in the Trust, and the number of funds overseen by the Board. The Board also believes that its leadership structure facilitates the orderly and efficient flow of information to the Independent Trustees from Fund management.

Additional information about each Trustee of the Trust is set forth below. The address of each Trustee of the Trust is c/o Tidal Trust III, 234 West Florida Street, Suite 700, Milwaukee, Wisconsin 53204.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name** <br> **and** <br> **Year of Birth** | &nbsp;&nbsp;**Position** <br> **Held** <br> **with** <br> **the Trust** | &nbsp;&nbsp;**Term of Office** <br> **and Length** <br> **of Time** <br> **Served<sup>(1)</sup>** | &nbsp;&nbsp;**Principal Occupation(s)** <br> **During Past 5 Years** | &nbsp;&nbsp;**Number** <br> **of** <br> **Portfolios** <br> **in Fund** <br> **Complex**<sup>(2)</sup> <br> **Overseen** <br> **by Trustee** | &nbsp;&nbsp;**Other** <br> **Directorships** <br> **Held by Trustee** <br> **During Past 5 Years** |
| &nbsp;&nbsp;**Independent Trustees<sup>(3)</sup>** | &nbsp;&nbsp;**Independent Trustees<sup>(3)</sup>** | &nbsp;&nbsp;**Independent Trustees<sup>(3)</sup>** | &nbsp;&nbsp;**Independent Trustees<sup>(3)</sup>** | &nbsp;&nbsp;**Independent Trustees<sup>(3)</sup>** | &nbsp;&nbsp;**Independent Trustees<sup>(3)</sup>** |
| &nbsp;&nbsp;Monica H. Byrd<br> Born: 1979 | &nbsp;&nbsp;Trustee | &nbsp;&nbsp;Indefinite<br> term; since 2023 | &nbsp;&nbsp;Chief Financial Officer of LFO Management, LLC (since 2019). | &nbsp;&nbsp;86 |  |
| &nbsp;&nbsp;Pamela Cytron<br> Born: 1966 | &nbsp;&nbsp;Trustee | &nbsp;&nbsp;Indefinite term; since 2023 | &nbsp;&nbsp;President, The Founder's Arena (since 2023); CEO & Founder, Pendo Systems, Inc. (2020 to 2023); Non-executive Board advisor, RegAlytics (2021 to 2022). | &nbsp;&nbsp;86 | &nbsp;&nbsp;Serves on the Boards of First Rate Inc. (since 2015); First Rate Ventures (since 2022); Privacy Lock (since 2022) (nonexecutive Board role); and World Technology Partners (since 2022) (Vice President). Served on the Board of Global Recovery Initiatives Foundation (2011 to 2022) (Chairman). |
| &nbsp;&nbsp;Lawrence Jules<br> Born: 1968 | &nbsp;&nbsp;Trustee | &nbsp;&nbsp;Indefinite term; since 2023 | &nbsp;&nbsp;Vice President and Head Trader at 3Edge Asset Management LLC (since 2022); and Director and Head Trader at Charles Schwab Investment Management (2008 to 2022). | &nbsp;&nbsp;86 | &nbsp;&nbsp;Serves as a director of the 600 Atlantic/Federal Reserve Bank of Boston Federal Credit Union. |
| &nbsp;&nbsp;Ethan Powell<br> Born: 1975 | &nbsp;&nbsp;Trustee | &nbsp;&nbsp;Indefinite term; Trustee since 2016 | &nbsp;&nbsp;Principal and CIO of Brookmont Capital; President and Founder of Impact Shares LLC ("Impact Shares") (2015 to 2025). | &nbsp;&nbsp;86 | &nbsp;&nbsp;Serves as Independent Chairman of the Board of the Highland Fund Complex and the NexPoint Credit Strategies Fund Complex (collectively, 25 funds) and is a member of the Board of Kelly Strategic Management Fund. |
| &nbsp;&nbsp;**Interested Trustee** | &nbsp;&nbsp;**Interested Trustee** | &nbsp;&nbsp;**Interested Trustee** | &nbsp;&nbsp;**Interested Trustee** | &nbsp;&nbsp;**Interested Trustee** | &nbsp;&nbsp;**Interested Trustee** |
| &nbsp;&nbsp;Eric W. Falkeis<sup>(4)</sup><br> Born: 1973 | &nbsp;&nbsp;President, Principal Executive Officer, Trustee, and Chairman | &nbsp;&nbsp;Indefinite term; Trustee and Chairman since 2025; Indefinite term; President and Principal Executive Officer since 2024 | &nbsp;&nbsp;Chief Operating Officer, Tidal Investments LLC (since 2023); Chief Executive Officer, Tidal ETF Services LLC (since 2018). | &nbsp;&nbsp;547 | &nbsp;&nbsp;Independent Director, Muzinich Direct Lending Income Fund, Inc. (since 2023); Independent Director, Muzinich BDC, Inc. (since 2019); Trustee, Professionally Managed Portfolios (27 series) (since 2011); Trustee and Chairman of Tidal Trust I (since 2018); Trustee and Chairman of Tidal Trust II (since 2022); Trustee and Chairman of Tidal Trust IV (since 2025); Trustee and Chairman of Tidal Trust V (since 2025). |

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<sup>(1)</sup> The Trustees have designated a mandatory retirement age of 78, such that each Trustee, serving as such on the date he or she reaches the age of 78, shall submit his or her resignation not later than the last day of the calendar year in which his or her 78<sup>th</sup> birthday occurs.

<sup>(2)</sup> The group of Funds sponsored by Tidal and managed by Tidal or its affiliates, including Tidal Trust I, Tidal Trust II, Tidal Trust III, Tidal Trust IV and Tidal Trust V.

<sup>(3)</sup> All Independent Trustees of the Trust are not "interested persons" of the Trust as defined under the 1940 Act.

<sup>(4)</sup> Mr. Falkeis is considered an "interested person" of the Trust due to his positions as Principal Executive Officer and Chairman of the Trust, and Chief Executive Officer of Tidal ETF Services LLC, a Tidal Financial Group company and an affiliate of the Adviser.

**Individual Trustee Qualifications.**

The Board believes that each of the Trustees has the qualifications, experience, attributes and skills ("Trustee Attributes") appropriate to their service as Trustees of the Trust in light of the Trust's business and structure. Each of the Trustees has substantial business and professional backgrounds that indicate they have the ability to critically review, evaluate and access information provided to them. Certain of these business and professional experiences are set forth in detail in the table above. The Board annually conducts a 'self-assessment' wherein the effectiveness of the Board and individual Trustees is reviewed.

In addition to the information provided in the table above, below is certain additional information concerning each particular Trustee and certain of their Trustee Attributes. The information provided below, and in the table above, is not all-inclusive. Many Trustee Attributes involve intangible elements, such as intelligence, integrity, work ethic, the ability to work together, the ability to communicate effectively, the ability to exercise judgment, the ability to ask incisive questions, and commitment to shareholder interests. In conducting its annual self-assessment, the Board has determined that the Trustees have the appropriate attributes and experience to serve effectively as Trustees of the Trust.

The Board has concluded that Ms. Byrd should serve as a Trustee because of her substantial financial services experience through her current position as CFO at LFO Management, LLC, as well as through former positions. Ms. Byrd, CPA serves as the Chairperson of the Audit Committee. Ms. Byrd's experience, qualifications, attributes, or skills, on an individual basis and in combination with those of the other Trustees, led to the Board's conclusion that she possesses the requisite skills and attributes as a Trustee to carry out oversight responsibilities with respect to the Trust.

The Board has concluded that Ms. Cytron should serve as a Trustee because of her substantial executive experience through her current position as President of The Founder's Arena and her former position as CEO & Founder, Pendo Systems, Inc., as well as through service on other boards. Ms. Cytron serves as the Chairperson of the Nominating and Governance Committee. Ms. Cytron's experience, qualifications, attributes, or skills, on an individual basis and in combination with those of the other Trustees, led to the Board's conclusion that she possesses the requisite skills and attributes as a Trustee to carry out oversight responsibilities with respect to the Trust.

The Board has concluded that Mr. Jules should serve as a Trustee because of his substantial financial services experience through his current position as Vice President and Head Trader at 3Edge Asset Management LLC, as well as through former positions. Mr. Jules' experience, qualifications, attributes, or skills, on an individual basis and in combination with those of the other Trustees, led to the Board's conclusion that he possesses the requisite skills and attributes as a Trustee to carry out oversight responsibilities with respect to the Trust.

The Board has concluded that Mr. Powell should serve as a Trustee because of his substantial financial industry experience and his board service for other registered investment companies. Mr. Powell's experience, qualifications, attributes, or skills on an individual basis and in combination with those of the other Trustees led to the Board's conclusion that he possesses the requisite skills and attributes as a Trustee to carry out oversight responsibilities with respect to the Trust.

The Board has concluded that Mr. Falkeis should serve as a Trustee because of his substantial investment company experience and his experience with financial, accounting, investment, and regulatory matters through his former position as Senior Vice President and Chief Financial Officer (and other positions) of U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services ("Global Fund Services"), a full service provider to ETFs, mutual funds, and alternative investment products, from 1997 to 2013, as well as a Trustee and Chairman of Tidal Trust I, from 2018 to present, Trustee and Chairman of Tidal Trust II, from 2022 to present, Trustee and Chairman of Tidal Trust IV, from 2025 to present and Trustee and Chairman of Tidal Trust V, from 2025 to present. In addition, he has experience consulting with investment advisors regarding the legal structure of mutual funds, distribution channel analysis, and actual distribution of those funds. Mr. Falkeis also has substantial managerial, operational, technological, and risk oversight related experience through his former position as Chief Operating Officer of the advisers to the Direxion mutual fund and ETF complex. Mr. Falkeis' experience, qualifications, attributes, or skills on an individual basis and in combination with those of the other Trustees led to the Board's conclusion that he possesses the requisite skills and attributes as a Trustee to carry out oversight responsibilities with respect to the Trust.

**Board Committees.** The Board has established the following standing committees of the Board:

<u>Audit Committee</u>. The Board has a standing Audit Committee that is composed certain of the Independent Trustees of the Trust (Mses. Byrd and Cytron, and Mr. Jules). Ms. Byrd is chair of the Audit Committee, and she presides at the Audit Committee meetings, participates in formulating agendas for Audit Committee meetings, and coordinates with management to serve as a liaison between the Independent Trustees and management on matters within the scope of responsibilities of the Audit Committee as set forth in its Board-approved written charter. The principal responsibilities of the Audit Committee include overseeing the Trust's accounting and financial reporting policies and practices and its internal controls; overseeing the quality, objectivity and integrity of the Trust's financial statements and the independent audits thereof; monitoring the independent auditor's qualifications, independence, and performance; acting as a liaison between the Trust's independent auditors and the full Board; pre-approving all auditing services to be performed for the Trust; reviewing the compensation and overseeing the work of the independent auditor (including resolution of disagreements between management and the independent auditor regarding financial reporting) for the purpose of preparing or issuing an audit report or related work; pre-approving all permitted non-audit services (including the fees and terms thereof) to be performed for the Trust; pre-approving all permitted non-audit services to be performed for any investment adviser or sub-adviser to the Trust by any of the Trust's independent auditors if the engagement relates directly to the operations and financial reporting of the Trust; meeting with the Trust's independent auditors as necessary to (1) review the arrangement for and scope of the annual audits and any special audits, (2) discuss any matters of concern relating to the Fund's financial statements, (3) consider the independent auditors' comments with respect to the Trust's financial policies, procedures and internal accounting controls and Trust management's responses thereto, and (4) review the form of opinion the independent auditors propose to render to the Board and the Fund's shareholders; discussing with management and the independent auditor significant financial reporting issues and judgments made in connection with the preparation of the Fund's financial statements; and reviewing and discussing reports from the independent auditors on (1) all critical accounting policies and practices to be used, (2) all alternative treatments within generally accepted accounting principles for policies and practices related to material items that have been discussed with management, (3) other material written communications between the independent auditor and management, including any management letter, schedule of unadjusted differences, or management representation letter, and (4) all non-audit services provided to any entity in the Trust that were not pre-approved by the Committee; and reviewing disclosures made to the Committee by the Trust's principal executive officer and principal accounting officer during their certification process for the Fund's Form N-CSR. As of the date of this SAI, the Audit Committee met one time with respect to the Fund.

The Audit Committee also serves as the Qualified Legal Compliance Committee ("QLCC") for the Trust for the purpose of compliance with Rules 205.2(k) and 205.3(c) of the Code of Federal Regulations, regarding alternative reporting procedures for attorneys retained or employed by an issuer who appear and practice before the SEC on behalf of the issuer (the "issuer attorneys"). An issuer attorney who becomes aware of evidence of a material violation by the Trust, or by any officer, director, employee, or agent of the Trust, may report evidence of such material violation to the QLCC as an alternative to the reporting requirements of Rule 205.3(b) (which requires reporting to the chief legal officer and potentially escalating further to other entities). As of the date of this SAI, the QLCC has not met with respect to the Trust.

<u>Nominating and Governance Committee</u>. The Board has a standing Nominating and Governance Committee that is composed of each of the Independent Trustees of the Trust. The Nominating and Governance Committee operates under a written charter approved by the Board. The Nominating and Governance Committee is responsible for seeking and reviewing candidates for consideration as nominees for Trustees as is considered necessary from time to time and meets only as necessary. The Nominating and Governance Committee generally will not consider nominees recommended by shareholders. The Nominating and Governance Committee is also responsible for, among other things, reviewing and making recommendations regarding Independent Trustee compensation and the Trustees' annual "self-assessment." Ms. Cytron is the chair of the Nominating and Governance Committee. The Nominating Committee meets periodically, as necessary, but at least annually. As of the date of this SAI, the Nominating and Governance Committee met one time with respect to the Trust. Because the Fund has not yet commenced operations, the Nominating and Governance Committee has not yet met or taken any action with respect to the Fund of the date of the SAI.

**Principal Officers of the Trust**

The officers of the Trust conduct and supervise its daily business. The address of each officer of the Trust is c/o Tidal Trust III, 234 West Florida St, Suite 700, Milwaukee, Wisconsin 53204, unless otherwise indicated. Additional information about the Trust's officers is as follows:

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; **Name and**<br> **Year of Birth** | &nbsp;&nbsp;**Position(s) Held** <br> **with the Trust** | &nbsp;&nbsp;**Term of Office** <br> **and** <br> **Length of Time** <br> **Served<sup>1</sup>** | &nbsp;&nbsp;**Principal Occupation(s)**<br> **During Past 5 Years** |
| &nbsp;&nbsp;Eric W. Falkeis <br> Born: 1973 | &nbsp;&nbsp;President, Principal Executive Officer, Trustee, and Chairman | &nbsp;&nbsp;Indefinite term; Trustee and Chairman since 2025; Indefinite term; President and Principal Executive Officer since 2024 | &nbsp;&nbsp;Chief Operating Officer, Tidal Investments LLC (since 2023); Chief Executive Officer, Tidal ETF Services LLC (since 2018). |
| &nbsp;&nbsp;William H. Woolverton, Esq. <br> Born: 1951 | &nbsp;&nbsp;Chief Compliance Officer and AML Compliance Officer | &nbsp;&nbsp;Indefinite term; since 2023 | &nbsp;&nbsp;Chief Compliance Officer (since 2023), Compliance Adviser (2022 to 2023), Tidal Investments LLC; Senior Compliance Adviser, ACA Global (2020 to 2023); Director, Hadron Specialty Insurance Company (since 2023) Operating Partner, Altamont Capital Partners (private equity firm) (2021 to present). |
| &nbsp;&nbsp;Aaron J. Perkovich <br> Born: 1973 | &nbsp;&nbsp;Treasurer, Principal Financial Officer and Principal Accounting Officer | &nbsp;&nbsp;Treasurer since 2023, Indefinite term; Principal Financial Officer and Principal Accounting Officer since 2024; Indefinite term | &nbsp;&nbsp;SVP of Fund Administration (since 2024), Head of Fund Administration (2023 to 2024), Fund Administration Manager, (2022 to 2023), Tidal ETF Services LLC; Assistant Director Investments, Mason Street Advisors, LLC (2021 to 2022); Vice President, U.S. Bancorp Fund Services, LLC (2006 to 2021). |
| &nbsp;&nbsp;Lissa M. Richter <br> Born: 1979 | &nbsp;&nbsp;Vice President and Secretary | &nbsp;&nbsp;Secretary since 2023, Indefinite Term; Vice President <br> since 2025; Indefinite term<br>| &nbsp;&nbsp;VP of Fund Governance and Compliance (since 2024), ETF Regulatory Manager, Tidal ETF Services LLC (2021 to 2024). |
| &nbsp;&nbsp;Jennifer Smith<br>Born: 1985<br>| &nbsp;&nbsp;Assistant Treasurer | &nbsp;&nbsp;Indefinite term; since 2024 | &nbsp;&nbsp;Assistant Vice President of Fund Administration, Tidal ETF Services LLC (Since 2024); Analyst, Tidal ETF Services, LLC (2023 to 2024); Fund Administrator, U.S. Bancorp Fund Services, LLC (2006 to 2023). |

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<sup>1</sup> The Officers hold office until the next annual meeting of the Board of Trustees and until their successors have been elected and qualified.

**Trustee Ownership of Shares.** The Fund is required to show the dollar amount ranges of each Trustee's "beneficial ownership" of Shares and each other series of the Trust as of the end of the most recently completed calendar year. Dollar amount ranges disclosed are established by the SEC. "Beneficial ownership" is determined in accordance with Rule 16a-1(a)(2) under the Securities Exchange Act of 1934, as amended (the "1934 Act").

As of December 31, 2025, the following Trustees beneficially owned shares of certain other series of the Trust as follows, and no other Trustee owned shares of any series of the Trust:

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Name of Trustee** | &nbsp;&nbsp;**Dollar Range of Shares**<br> **Owned in the Fund** | &nbsp;&nbsp;**Aggregate Dollar Range of Shares of**<br>**Series of the Trust**<br>|
| &nbsp;&nbsp;Monica H. Byrd |  | &nbsp;&nbsp;$50001 - $100000 |
| &nbsp;&nbsp;Lawrence Jules |  | &nbsp;&nbsp;$1 - $10000 |
| &nbsp;&nbsp;Ethan Powell |  | &nbsp;&nbsp;$10001 - $50000 |

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As of December 31, 2025, neither the Independent Trustees nor members of their immediate family, owned securities beneficially or of record in the Adviser, the Distributor (as defined below), or an affiliate of the Adviser or Distributor. Accordingly, neither the Independent Trustees nor members of their immediate family, have direct or indirect interest, the value of which exceeds $120,000, in the Adviser, the Distributor or any of their affiliates. In addition, during the two most recently completed calendar years, neither the Independent Trustees nor members of their immediate families have conducted any transactions (or series of transactions) in which the amount involved exceeds $120,000 and to which the Adviser, the Distributor or any affiliate thereof was a party.

**Board Compensation**

The Independent Trustees each receive an annual retainer of $50,000. The Independent Trustees also receive $6,000 per regularly scheduled meeting attended and $4,000 per special meeting attended, as well as reimbursement for travel and other out-of-pocket expenses incurred in connection with serving as a Trustee. In addition, the Audit Committee Chair receives an annual retainer of $12,000 and the Nominating and Governance Committee Chair receives an annual retainer of $6,000. The Trust has no pension or retirement plan

The following table shows the compensation estimated to be earned by each Trustee for the Fund's current fiscal year ending February 28, 2027. Independent Trustee fees are an obligation of the Trust and are paid by the Adviser, as are other Trust expenses. The Trust pays the Adviser a unitary fee which the Adviser uses to pay Trust expenses. Trustee compensation shown below does not include reimbursed out-of-pocket expenses in connection with attendance at meetings.

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Name** | &nbsp;&nbsp;**Aggregate Compensation**<br> **From Fund** | &nbsp;&nbsp;**Total Compensation From** <br> **Fund Complex Paid to Trustees<sup>(1)</sup>** |
| &nbsp;&nbsp;**Interested Trustees** | &nbsp;&nbsp;**Interested Trustees** | &nbsp;&nbsp;**Interested Trustees** |
| &nbsp;&nbsp;Eric Falkeis | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 |
| &nbsp;&nbsp;**Independent Trustees** | &nbsp;&nbsp;**Independent Trustees** | &nbsp;&nbsp;**Independent Trustees** |
| &nbsp;&nbsp;Monica H. Byrd | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$64500 |
| &nbsp;&nbsp;Pamela Cytron | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$60000 |
| &nbsp;&nbsp;Lawrence Jules | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$55500 |
| &nbsp;&nbsp;Ethan Powell | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$55500 |

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<sup>(1)</sup> Compensation is based on estimated amounts for the fiscal year ending February 28, 2027.

**PRINCIPAL SHAREHOLDERS, CONTROL PERSONS AND MANAGEMENT OWNERSHIP**

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

As of the date of this SAI, the Adviser was a controlling shareholder of the Fund by virtue of its ownership of the initial shares of the Fund. Such interest is expected to be promptly diluted upon the commencement of the public offering of Shares.

**CODES OF ETHICS**

The Trust, the Adviser, and the Sub-Adviser have each adopted codes of ethics pursuant to Rule 17j-1 of the 1940 Act. These codes of ethics are designed to prevent affiliated persons of the Trust, the Adviser, and the Sub-Adviser from engaging in deceptive, manipulative, or fraudulent activities in connection with securities held or to be acquired by the Fund (which may also be held by persons subject to the codes of ethics). Each code of ethics permits personnel subject to that code of ethics to invest in securities for their personal investment accounts, subject to certain limitations, including limitations related to securities that may be purchased or held by the Fund. The Distributor (as defined below) relies on the principal underwriters exception under Rule 17j-1(c)(3), specifically where the Distributor is not affiliated with the Trust, the Adviser, or the Sub-Adviser, and no officer, director, or general partner of the Distributor serves as an officer, director, or general partner of the Trust, Adviser, or the Sub-Adviser.

There can be no assurance that the codes of ethics will be effective in preventing such activities. Each code of ethics may be found on the SEC's website at http://www.sec.gov.

**PROXY VOTING POLICIES**

The Fund has delegated proxy voting responsibilities to the Adviser, subject to the Board's oversight. In delegating proxy responsibilities, the Board has directed that proxies be voted consistent with the Fund's and its shareholders' best interests and in compliance with all applicable proxy voting rules and regulations. The Adviser has adopted proxy voting policies and guidelines for this purpose ("Proxy Voting Policies"), which have been adopted by the Trust as the policies and procedures that will be used when voting proxies on behalf of the Fund.

In the absence of a conflict of interest, the Adviser will generally vote "for" routine proposals, such as the election of directors, approval of auditors, and amendments or revisions to corporate documents to eliminate outdated or unnecessary provisions. Unusual or disputed proposals will be reviewed and voted on a case-by-case basis. The Proxy Voting Policies address, among other things, material conflicts of interest that may arise between the interests of the Fund and the interests of the Adviser. The Proxy Voting Policies will ensure that all issues brought to shareholders are analyzed in light of the Adviser's fiduciary responsibilities.

The Trust's Chief Compliance Officer is responsible for monitoring the effectiveness of the Proxy Voting Policies.

When available, information on how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 will be available (1) without charge, upon request, by calling 1-888-808-2280, (2) on the Fund's website at www.paretoetf.com and (3) on the SEC's website at www.sec.gov.

**INVESTMENT ADVISER**

Tidal Investments LLC, ("Tidal" or the "Adviser"), a Tidal Financial Group company, located at 234 West Florida Street, Suite 700, Milwaukee, Wisconsin 53204, serves as investment adviser to the Fund and has overall responsibility for the general management and administration of the Fund.

Pursuant to the Investment Advisory Agreement (the "Advisory Agreement"), the Adviser provides investment advice to the Fund and oversees the day-to-day operations of the Fund subject to the direction and oversight of the Board. Under the Advisory Agreement, the Adviser is also responsible for arranging sub-advisory, transfer agency, custody, fund administration and accounting, and other related services necessary for the Fund to operate. The Adviser provides oversight of the Sub-Adviser and reviews the Sub-Adviser's performance. The Adviser is responsible for trading portfolio securities and financial instruments for the Fund, including selecting broker-dealers to execute purchase and sale transactions. The Adviser administers the Fund's business affairs, provides office facilities and equipment and certain clerical, bookkeeping, and administrative services. Under the Advisory Agreement, in exchange for a single unitary management fee from the Fund, the Adviser has agreed to pay all expenses incurred by the Fund except for the Excluded Expenses, as defined in the Prospectus. For services provided to the Fund, the Fund pays the Adviser a unitary management fee, which is calculated daily and paid monthly, at an annual rate of 0.69% based on the Fund's average daily net assets.

The Adviser also serves as the investment adviser to the Subsidiary, a wholly-owned and controlled subsidiary of the Fund, organized under the laws of the Cayman Islands as an exempted company, pursuant to an investment advisory agreement with the Subsidiary (the "Subsidiary Advisory Agreement"). Under the Subsidiary Advisory Agreement, the Adviser is also responsible for arranging transfer agency, custody, fund administration and accounting, and other related services necessary for the Subsidiary to operate. The Adviser is also responsible for trading investments for the Subsidiary, including selecting broker-dealers to execute purchase and sale transactions. The Adviser administers the Subsidiary's business affairs, provides office facilities and equipment and certain clerical, bookkeeping, and administrative services. The Adviser does not receive additional compensation for its services to the Subsidiary.

The Advisory Agreement with respect to the Fund and Subsidiary Advisory Agreements with respect to the Subsidiary will continue in force for an initial period of two years. Thereafter, the Advisory Agreement and Subsidiary Advisory Agreement will be renewable from year to year with respect to the Fund and Subsidiary, so long as its continuance is approved at least annually (1) by the vote, cast in person (or in another manner permitted by the 1940 Act or pursuant to exemptive relief therefrom) at a meeting called for that purpose, of a majority of those Trustees who are not "interested persons" of the Adviser or the Trust; and (2) by the majority vote of either the full Board or the vote of a majority of the outstanding Shares. Each of the Advisory Agreement and Subsidiary Advisory Agreement automatically terminates on assignment and is terminable on a 60-day written notice either by the Trust or the Adviser.

The Adviser shall not be liable to the Trust or any shareholder for anything done or omitted by it, except acts or omissions involving willful misfeasance, bad faith, gross negligence or reckless disregard of the duties imposed upon it by its agreement with the Trust or for any losses that may be sustained in the purchase, holding, or sale of any security.

The Fund is new and has not paid fees to the Adviser pursuant to the Advisory Agreement as of the date of this SAI.

**INVESTMENT SUB-ADVISER**

The Adviser has retained RCN Wealth Advisors, Inc. ("RCN" or the "Sub-Adviser"), located at 116 Terrapin Ln. Stevensville, MD 21666, to serve as investment sub-adviser to the Fund pursuant to a sub-advisory agreement between the Adviser and the Sub-Adviser. (the "Sub-Advisory Agreement"). The Sub-Adviser is responsible for the day-to-day management of the Fund's portfolio, subject to the supervision of the Adviser and the Board. For its services, the Sub-Adviser is paid a fee by the Adviser, which fee is calculated daily and paid monthly, at an annual rate of 0.04% of the Fund's average daily net assets.

The Sub-Adviser has agreed to assume a portion of the Adviser's obligation to pay expenses incurred by the Fund, except for the sub-advisory fee payable to Sub-Adviser and Excluded Expenses. For assuming the payment obligations for the Fund, the Adviser has agreed to pay Unity Wealth a portion of the profits, if any, generated by the Fund's unitary management fee. Such expenses incurred by the Fund and paid by Sub-Adviser include fees charged by Tidal ETF Services, LLC, the Fund's administrator and an affiliate of the Adviser.

The Sub-Adviser also serves as investment sub-adviser to the Subsidiary, a wholly-owned and controlled subsidiary of the Fund, organized under the laws of the Cayman Islands as an exempted company, pursuant to a sub-advisory agreement between the Adviser and the Sub-Adviser (the "Subsidiary Sub-Advisory Agreement"). Under the Subsidiary Sub-Advisory Agreement, the Sub-Adviser is responsible for the day-to-day management of the Subsidiary's portfolio, subject to the supervision of the Adviser and the Board. The Sub-Adviser is not paid an additional fee under the Subsidiary Sub-Advisory Agreement.

The Sub-Advisory Agreement with respect to the Fund and Subsidiary Sub-Advisory Agreement with respect to the Subsidiary will continue in force for an initial period of two years. Thereafter, the Sub-Advisory Agreement and Subsidiary Sub-Advisory Agreements will be renewable from year to year with respect to the Fund and Subsidiary, so long as its continuance is approved at least annually (1) by the vote, cast in person at a meeting (or in another manner permitted by the 1940 Act or pursuant to exemptive relief therefrom) 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. Each of the Sub-Advisory Agreement and Subsidiary Sub-Advisory Agreement will terminate automatically in the event of its assignment, and is terminable at any time, without penalty, by the Board, including a majority of the Independent Trustees, or by the vote of a majority of the outstanding voting securities of the Fund, on 60 days written notice to the Adviser and the Sub-Adviser, or by the Adviser or the Sub-Adviser on 60 days written notice to the Trust and the other party.

The Fund is new, and the Adviser has not paid fees with respect to the Fund to the Sub-Adviser as of the date of this SAI.

**PORTFOLIO MANAGERS**

The Fund is managed by Nick Lumpp, Portfolio Manager for the Sub-Adviser, Quinn Berry, Portfolio Manager for the Adviser and Scott Snyder Portfolio Manager for the Adviser.

**Other Accounts.** In addition to the Fund, the portfolio managers managed the following other accounts as of February 28, 2026.

*Nick Lumpp, Portfolio Manager for the Sub-Adviser*

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Type of Accounts** | &nbsp;&nbsp;**Total Number**<br>**of Accounts** <br>| &nbsp;&nbsp;**Total Assets**<br> **of Accounts**<br> **(in millions)** | &nbsp;&nbsp;**Total Number of**<br> **Accounts Subject to**<br> **a Performance-**<br> **Based Fee** | &nbsp;&nbsp;**Total Assets of**<br> **Accounts Subject to** <br>**a Performance-**<br> **Based Fee**<br> **(in millions)** <br>|
| &nbsp;&nbsp;Registered Investment Companies | &nbsp;&nbsp;0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;$0 |
| &nbsp;&nbsp;Other Pooled Investment Vehicles | &nbsp;&nbsp;0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;$0 |
| &nbsp;&nbsp;Other Accounts | &nbsp;&nbsp;182 | &nbsp;&nbsp;$63.74 | &nbsp;&nbsp;0 | &nbsp;&nbsp;$0 |

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*Quinn Berry, Portfolio Manager for the Adviser*

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Type of Accounts** | &nbsp;&nbsp;**Total Number**<br>**of Accounts**<br>| &nbsp;&nbsp;**Total Assets**<br> **of Accounts**<br> **(in millions)** | &nbsp;&nbsp;**Total Number of**<br> **Accounts Subject to**<br> **a Performance-**<br> **Based Fee** | &nbsp;&nbsp;**Total Assets of**<br> **Accounts Subject to** <br>**a Performance-**<br> **Based Fee** <br> **(in millions)** <br>|
| &nbsp;&nbsp;Registered Investment Companies | &nbsp;&nbsp;6 | &nbsp;&nbsp;$631 | &nbsp;&nbsp;0 | &nbsp;&nbsp;$0 |
| &nbsp;&nbsp;Other Pooled Investment Vehicles | &nbsp;&nbsp;0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;$0 |
| &nbsp;&nbsp;Other Accounts | &nbsp;&nbsp;0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;$0 |

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*Scott Snyder, Portfolio Manager for the Adviser*

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Type of Accounts** | &nbsp;&nbsp;**Total Number**<br>**of Accounts**<br>| &nbsp;&nbsp;**Total Assets of Accounts**<br> **(in millions)** | &nbsp;&nbsp;**Total Number of**<br> **Accounts Subject to**<br> **a Performance-**<br> **Based Fee** | &nbsp;&nbsp;**Total Assets of**<br> **Accounts Subject to**<br> **a Performance-**<br> **Based Fee** <br>**(in millions)**  |
| &nbsp;&nbsp;Registered Investment Companies | &nbsp;&nbsp;27 | &nbsp;&nbsp;$1802 | &nbsp;&nbsp;0 | &nbsp;&nbsp;$0 |
| &nbsp;&nbsp;Other Pooled Investment Vehicles | &nbsp;&nbsp;0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;$0 |
| &nbsp;&nbsp;Other Accounts | &nbsp;&nbsp;0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;$0 |

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**Portfolio Manager Fund Ownership.** The Fund is required to show the dollar range of each portfolio manager's "beneficial ownership" of Shares as of the end of the most recently completed fiscal year. Dollar amount ranges disclosed are established by the SEC. "Beneficial ownership" is determined in accordance with Rule 16a-1(a)(2) under the 1934 Act. As of the date of this SAI, the Fund had not yet commenced operations and no Shares were owned by the portfolio managers.

**Portfolio Manager Compensation.**

Mr. Lumpp is the sole owner of the Sub-Adviser, and his annual compensation is based on the profitability of RCN each year. As an equity owner of the Sub-Adviser, Mr. Lumpp benefits indirectly from the revenue generated from the RCN's Investment Sub-Advisory Agreement with the Adviser.

Each portfolio manager of the Adviser is compensated by the Adviser with a base salary and discretionary bonus based on the financial performance and profitability of the Adviser and not based on the performance of the Fund. To the extent a portfolio manager is an equity owner of the Adviser, such portfolio manager may benefit indirectly from the revenue generated by the Fund's Advisory Agreement with the Adviser.

**Description of Material Conflicts of Interest.** 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 similar investment objectives or strategies as the Fund. A potential conflict of interest may arise as a result, whereby a portfolio manager could favor one account over another. Another potential conflict could include a portfolio manager's knowledge about the size, timing, and possible market impact of Fund trades, whereby a portfolio manager could use this information to the advantage of other accounts and to the disadvantage of the Fund. For instance, the portfolio managers may receive fees from certain accounts that are higher than the fees received from the Fund, or receive a performance-based fee on certain accounts. In those instances, a portfolio manager has an incentive to favor the higher and/or performance-based fee accounts over the Fund. To mitigate these conflicts, the Adviser and the Sub-Adviser have each established policies and procedures to ensure that the purchase and sale of securities among all accounts the firms manage are fairly and equitably allocated.

**THE DISTRIBUTOR**

The Trust and Foreside Fund Services, LLC, a wholly owned subsidiary of Foreside Financial Group (dba ACA Group) (the "Distributor"), are parties to a distribution agreement ("Distribution Agreement"), whereby the Distributor acts as principal underwriter for the Fund and distributes Shares on a best efforts basis. Shares are continuously offered for sale by the Distributor only in Creation Units. The Distributor will not distribute Shares in amounts less than a Creation Unit and does not maintain a secondary market in Shares. The principal business address of the Distributor is 190 Middle Street, Suite 301, Portland, Maine 04101.

Under the Distribution Agreement, the Distributor, as agent for the Trust, will review orders for the purchase and redemption of Creation Units, provided that any subscriptions and orders will not be binding on the Trust until accepted by the Trust. The Distributor is a broker-dealer registered under the 1934 Act and a member of FINRA.

The Distributor may also enter into agreements with securities dealers ("Soliciting Dealers") who will solicit purchases of Creation Units of Shares. Such Soliciting Dealers may also be Authorized Participants (as discussed in "Procedures for Purchase of Creation Units" below) or DTC participants (as defined below).

The Distribution Agreement will continue for two years from its effective date and is renewable annually thereafter. The continuance of the Distribution Agreement must be specifically approved at least annually (1) by the vote of the Trustees or by a vote of the shareholders of the Fund and (2) by the vote of a majority of the Independent Trustees who have no direct or indirect financial interest in the operations of the Distribution Agreement or any related agreement, cast in person (or in another manner permitted by the 1940 Act or pursuant to exemptive relief therefrom) at a meeting called for the purpose of voting on such approval. The Distribution Agreement is terminable without penalty by the Trust on 60 days' written notice when authorized either by majority vote of its outstanding voting Shares or by a vote of a majority of its Board (including a majority of the Independent Trustees), or by the Distributor on 60 days' written notice, and will automatically terminate in the event of its assignment. The Distribution Agreement provides that, in the absence of willful misfeasance, bad faith, or gross negligence on the part of the Distributor, or reckless disregard by it of its obligations thereunder, the Distributor shall not be liable for any action or failure to act in accordance with its duties thereunder.

The Fund is new and has not incurred any underwriting commissions and the Distributor has not retained any amounts as of the date of this SAI.

**Intermediary Compensation*.*** The Adviser, the Sub-Adviser, or their affiliates, out of their own resources and not out of Fund assets (*i.e.*, without additional cost to the Fund or its shareholders), may pay certain broker dealers, banks, and other financial intermediaries ("Intermediaries") for certain activities related to the Fund, including participation in activities that are designed to make Intermediaries more knowledgeable about exchange traded products, including the Fund, or for other activities, such as marketing and educational training or support. These arrangements are not financed by the Fund and, thus, do not result in increased Fund expenses. They are not reflected in the fees and expenses listed in the fees and expenses sections of the Fund's Prospectus and they do not change the price paid by investors for the purchase of Shares or the amount received by a shareholder as proceeds from the redemption of Shares.

Such compensation may be paid to Intermediaries that provide services to the Fund, including marketing and education support (such as through conferences, webinars, and printed communications). The Adviser and the Sub-Adviser will periodically assess the advisability of continuing to make these payments. Payments to an Intermediary may be significant to the Intermediary, and amounts that Intermediaries pay to your adviser, broker, or other investment professional, if any, may also be significant to such adviser, broker, or investment professional. Because an Intermediary may make decisions about what investment options it will make available or recommend, and what services to provide in connection with various products, based on payments it receives or is eligible to receive, such payments create conflicts of interest between the Intermediary and its clients. For example, these financial incentives may cause the Intermediary to recommend the Fund over other investments. The same conflict of interest exists with respect to your financial adviser, broker, or investment professional if they receive similar payments from their Intermediary firm.

Intermediary information is current only as of the date of this SAI. Please contact your adviser, broker, or other investment professional for more information regarding any payments their Intermediary firm may receive. Any payments made by the Adviser, the Sub-Adviser, or their affiliates to an Intermediary may create the incentive for an Intermediary to encourage customers to buy Shares.

If you have any additional questions, please call 1-888-808-2280.

**Distribution (Rule 12b-1) Plan.** The Trust has adopted a Distribution (Rule 12b-1) Plan (the "Plan") in accordance with the provisions of Rule 12b-1 under the 1940 Act. No payments pursuant to the Plan are expected to be made during the twelve (12) month period from the date of this SAI. Rule 12b-1 fees to be paid by the Fund under the Plan may only be imposed after approval by the Board.

Continuance of the Plan must be approved annually by a majority of the Trustees of the Trust and by a majority of the Trustees who are not interested persons (as defined in the 1940 Act) of the Trust and have no direct or indirect financial interest in the Plan or in any agreements related to the Plan ("Independent Trustees"). None of the Independent Trustees have a direct or indirect financial interest in the Plan or in any agreements related to the Plan. The Plan may be continued from year-to-year only if the Board, including a majority of the Independent Trustees, concludes at least annually that continuation of the Plan is likely to benefit shareholders. The Board has determined that the Plan is likely to benefit the Fund by providing an incentive for brokers, dealers, and other financial intermediaries to engage in sales and marketing efforts on behalf of the Fund and to provide enhanced services to shareholders. The Board also determined that the Plan may enhance the Fund's ability to sell shares and access important distribution channels.

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. All material amendments of the Plan will require approval by a majority of the Trustees of the Trust and of the Independent Trustees.

The Plan provides that the Fund pays the Distributor 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 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 without regard to the distribution expenses incurred by the Distributor or the amount of payments made to other financial institutions and intermediaries. 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 limitations of applicable law and regulations, the Fund is authorized to compensate the Distributor up to the maximum amount to finance any activity primarily intended to result in the sale of Creation Units of the Fund or for providing, or arranging for others to provide, shareholder services and for the maintenance of shareholder accounts. Such activities may include, but are not limited to: (1) delivering copies of the Fund's then current reports, prospectuses, notices, and similar materials, to prospective purchasers of Creation Units; (2) marketing and promotional services, including advertising; (3) paying the costs of and compensating others, including Authorized Participants with whom the Distributor has entered into written Authorized Participant Agreements, for performing shareholder servicing on behalf of the Fund; (4) compensating certain Authorized Participants for providing assistance in distributing the Creation Units of the Fund, including the travel and communication expenses and salaries and/or commissions of sales personnel in connection with the distribution of the Creation Units of the Fund; (5) payments to financial institutions and intermediaries such as banks, savings and loan associations, insurance companies, and investment counselors, broker-dealers, mutual fund supermarkets, and the affiliates and subsidiaries of the Trust's service providers as compensation for services or reimbursement of expenses incurred in connection with distribution assistance; (6) facilitating communications with beneficial owners of Shares, including the cost of providing, or paying others to provide, services to beneficial owners of Shares, including, but not limited to, assistance in answering inquiries related to Shareholder accounts; and (7) such other services and obligations as are set forth in the Distribution Agreement.

**ADMINISTRATOR**

Tidal ETF Services LLC (the "Administrator"), a Tidal Financial Group company and an affiliate of the Adviser, serves as the Fund's administrator. The Administrator is located at 234 West Florida Street, Suite 700, Milwaukee, Wisconsin 53204. Pursuant to a Fund Administration Servicing Agreement between the Trust and the Administrator. The Administrator provides the Trust with, or arranges for, administrative, compliance, and management services (other than investment advisory services) to be provided to the Trust and the Board. Pursuant to the Fund Administration Servicing Agreement, officers or employees of the Administrator serve as the Trust's principal executive officer, principal financial officer, and chief compliance officer, the Administrator coordinates the payment of Fund-related expenses, and the Administrator manages the Trust's relationships with its various service providers. As compensation for the services it provides, the Administrator receives a fee based on the Fund's average daily net assets, subject to a minimum annual fee. The Administrator also is entitled to certain out-of-pocket expenses for the services mentioned above.

The Fund is new, and the Administrator has not received any fees for administrative services to the Fund as of the date of this SAI.

**TRANSFER AGENT AND FUND ACCOUNTANT**

U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services ("Global Fund Services"), located at 615 East Michigan Street, Milwaukee, Wisconsin 53202, serves as the Fund's transfer agent ("Transfer Agent") and fund accountant.

Pursuant to a Transfer Agent/Fund Accounting Servicing Agreement between the Trust and Global Fund Services, Global Fund Services provides transfer agency and fund accounting services to the Fund. In this capacity, Global Fund Services does not have any responsibility or authority for the management of the Fund, the determination of investment policy, or for any matter pertaining to the distribution of Shares. As compensation for the transfer agency and fund accounting services, the Adviser pays Global Fund Services a fee based on the Fund's average daily net assets, subject to a minimum annual fee. Global Fund Services also is entitled to certain out-of-pocket expenses for the services mentioned above, including pricing expenses.

The Fund is new, and Global Fund Services has not received any fees for transfer agency services or fund accounting services to the Fund as of the date of this SAI.

**CUSTODIAN**

Pursuant to a Custody Agreement, U.S. Bank National Association ("U.S. Bank"), 1555 North Rivercenter Drive, Milwaukee, Wisconsin 53212, serves as the custodian (the "Custodian") of the Fund's assets. U.S. Bank is the parent company of Global Fund Services. The Custodian holds and administers the assets in the Fund's portfolio. Pursuant to the Custody Agreement, the Custodian receives an annual fee from the Adviser based on the Trust's total average daily net assets, subject to a minimum annual fee, and certain settlement charges. The Custodian also is entitled to certain out-of-pocket expenses.

**LEGAL COUNSEL**

Sullivan & Worcester LLP, 1251 Avenue of the Americas, 19<sup>th</sup> Floor, New York, NY 10020, serves as legal counsel for the Trust and the Independent Trustees.

**INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

Tait, Weller & Baker LLP, Two Liberty Place 50 South 16th Street, Philadelphia, Pennsylvania 19102, serves as the independent registered public accounting firm for the Fund.

**PORTFOLIO HOLDINGS DISCLOSURE POLICIES AND PROCEDURES**

The Board has adopted a policy regarding the disclosure of information about the Fund's security holdings. The Fund's entire portfolio holdings are publicly disseminated each day that the Fund is open for business and through financial reporting and news services including publicly available internet web sites. In addition, the composition of the Deposit Securities is publicly disseminated daily prior to the opening of the Exchange via the National Securities Clearing Corporation ("NSCC").

**DESCRIPTION OF SHARES**

The Third Amended and Restated Declaration of Trust ("Declaration of Trust") authorizes the issuance of an unlimited number of funds and shares. Each share represents an equal proportionate interest in the Fund with each other share. Shares are entitled upon liquidation to a pro rata share in the net assets of the Fund. Shareholders have no preemptive rights. The Declaration of Trust provides that the Trustees may create additional series or classes of shares. All consideration received by the Trust for shares of any additional funds and all assets in which such consideration is invested would belong to that fund and would be subject to the liabilities related thereto. Share certificates representing Shares will not be issued. Shares, when issued, are fully paid and non-assessable.

Each Share has one vote with respect to matters upon which a shareholder vote is required, consistent with the requirements of the 1940 Act and the rules promulgated thereunder. Shares of all funds in the Trust vote together as a single class, except that if the matter being voted on affects only a particular fund it will be voted on only by that fund and if a matter affects a particular fund differently from other funds, that fund will vote separately on such matter. As a Delaware statutory trust, the Trust is not required, and does not intend, to hold annual meetings of shareholders. Approval of shareholders will be sought, however, for certain changes in the operation of the Trust and for the election of Trustees under certain circumstances.

Under the Declaration of Trust, the Trustees have the power to liquidate the Fund without shareholder approval. While the Trustees have no present intention of exercising this power, they may do so if the Fund fails to reach a viable size within a reasonable amount of time or for such other reasons as may be determined by the Board.

**LIMITATION OF TRUSTEES' LIABILITY**

The Declaration of Trust provides that a Trustee shall be liable only for his or her own willful misfeasance, bad faith, gross negligence, or reckless disregard of the duties involved in the conduct of the office of Trustee, and shall not be liable for errors of judgment or mistakes of fact or law. The Declaration of Trust also provides that the Trust shall indemnify each person who is, or has been, a Trustee or officer of the Trust, and upon the due approval of the Trustees, each person who is, or has been an employee or agent of the Trust, and, upon due approval of the Trustees, any person who is serving or has served at the Trust's request as a director, officer, partner, trustee, employee, agent, or fiduciary of another organization with respect to any alleged acts or omissions while acting within the scope of a Trustee's service in such a position. However, nothing in the Declaration of Trust shall protect or indemnify a Trustee against any liability for a Trustee's willful misfeasance, bad faith, gross negligence, or reckless disregard of the duties involved in the conduct of the office of Trustee. Nothing contained in this section attempts to disclaim a Trustee's individual liability in any manner inconsistent with the federal securities laws.

**BROKERAGE TRANSACTIONS**

The policy of the Trust regarding purchases and sales of securities for the Fund is that primary consideration will be given to obtaining the most favorable prices and efficient executions of transactions. Consistent with this policy, when securities transactions are effected on a stock exchange, the Trust's policy is to pay commissions which are considered fair and reasonable without necessarily determining that the lowest possible commissions are paid in all circumstances. The Trust believes that a requirement always to seek the lowest possible commission cost could impede effective portfolio management and preclude the Fund and the Adviser from obtaining a high quality of brokerage and research services. In seeking to determine the reasonableness of brokerage commissions paid in any transaction, the Adviser will rely upon its experience and knowledge regarding commissions generally charged by various brokers and on its judgment in evaluating the brokerage services received from the broker effecting the transaction. Such determinations are necessarily subjective and imprecise, as in most cases, an exact dollar value for those services is not ascertainable. The Trust has adopted policies and procedures that prohibit the consideration of sales of Shares as a factor in the selection of a broker or dealer to execute its portfolio transactions.

The Adviser owes a fiduciary duty to its clients to seek to provide best execution on trades effected. In selecting a broker/ dealer for each specific transaction, the Adviser chooses the broker/dealer deemed most capable of providing the services necessary to obtain the most favorable execution. "Best execution" is generally understood to mean the most favorable cost or net proceeds reasonably obtainable under the circumstances. The full range of brokerage services applicable to a particular transaction may be considered when making this judgment, which may include, but is not limited to liquidity, price, commission, timing, aggregated trades, capable floor brokers or traders, competent block trading coverage, ability to position, capital strength and stability, reliable and accurate communications and settlement processing, use of automation, knowledge of other buyers or sellers, arbitrage skills, administrative ability, underwriting, and provision of information on a particular security or market in which the transaction is to occur. The specific criteria will vary depending upon the nature of the transaction, the market in which it is executed, and the extent to which it is possible to select from among multiple broker/ dealers. The Adviser will also use electronic crossing networks ("ECNs") when appropriate.

Subject to the foregoing policies, brokers or dealers selected to execute the Fund's portfolio transactions may include the Fund's Authorized Participants (as discussed in "Purchase and Redemption of Shares in Creation Units — Procedures for Purchase of Creation Units" below) or their affiliates. An Authorized Participant or its affiliates may be selected to execute the Fund's portfolio transactions in conjunction with an all-cash Creation Unit order or an order including "cash-in-lieu" (as described below under "Purchase and Redemption of Shares in Creation Units"), so long as such selection is in keeping with the foregoing policies. As described below under "Purchase and Redemption of Shares in Creation Units — Creation Transaction Fee" and " — Redemption Transaction Fee", the Fund 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, even if the decision to not charge a variable fee could be viewed as benefiting the Authorized Participant or its affiliate selected to execute the Fund's portfolio transactions in connection with such orders.

The Adviser may use the Fund's assets for, or participate in, third-party soft dollar arrangements, in addition to receiving proprietary research from various full-service brokers, the cost of which is bundled with the cost of the broker's execution services. The Adviser does not "pay up" for the value of any such proprietary research. Section 28(e) of the 1934 Act permits the Adviser, under certain circumstances, to cause the Fund 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. The Adviser may receive a variety of research services and information on many topics, which it can use in connection with its management responsibilities with respect to the various accounts over which it exercises investment discretion or otherwise provides investment advice. The research services may include qualifying order management systems, portfolio attribution and monitoring services, and computer software and access charges which are directly related to investment research.

Accordingly, the Fund may pay a broker commission higher than the lowest available in recognition of the broker's provision of such services to the Adviser but only if the Adviser determines the total commission (including the soft dollar benefit) is comparable to the best commission rate that could be expected to be received from other brokers. The amount of soft dollar benefits received depends on the amount of brokerage transactions effected with the brokers. A conflict of interest exists because there is an incentive to (1) cause clients to pay a higher commission than the firm might otherwise be able to negotiate, (2) cause clients to engage in more securities transactions than would otherwise be optimal, and (3) only recommend brokers that provide soft dollar benefits.

The Adviser faces a potential conflict of interest when it uses client trades to obtain brokerage or research services. This conflict exists because the Adviser can use the brokerage or research services to manage client accounts without paying cash for such services, which reduces the Adviser's expenses to the extent that the Adviser would have purchased such products had they not been provided by brokers. Section 28(e) permits the Adviser to use brokerage or research services for the benefit of any account it manages. Certain accounts managed by the Adviser may generate soft dollars used to purchase brokerage or research services that ultimately benefit the Adviser, the Affiliates, or other accounts managed by the Adviser effectively cross subsidizing the other accounts managed by the Adviser that benefit directly from the product. The Adviser may not necessarily use all of the brokerage or research services in connection with managing the Fund whose trades generated the soft dollars used to purchase such products.

The Adviser is responsible, subject to oversight by the Board, for placing orders on behalf of the Fund for the purchase or sale of portfolio securities. If purchases or sales of portfolio securities of the Fund and one or more other investment companies or clients supervised by the Adviser or any other Affiliate are considered at or about the same time, transactions in such securities are allocated among them in a manner deemed equitable and consistent with relevant fiduciary obligations. In some cases, this procedure could have a detrimental effect on the price or volume of the security so far as the Fund is concerned. However, in other cases, it is possible that the ability to participate in volume transactions and to negotiate lower brokerage commissions will be beneficial to the Fund. The primary consideration is prompt execution of orders at the most favorable net price.

The Fund may deal with affiliates in principal transactions to the extent permitted by exemptive order or applicable rule or regulation.

The Fund is new and has not paid any brokerage commissions as of the date of this SAI.

**Brokerage with Fund Affiliates.** The Fund may execute brokerage or other agency transactions through registered broker-dealer affiliates of the Fund or the Adviser for a commission in conformity with the 1940 Act, the 1934 Act and rules promulgated by the SEC. These rules require that commissions paid to the affiliate by the Fund 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 Fund, have adopted procedures for evaluating the reasonableness of commissions paid to affiliates and review these procedures periodically.

The Fund is required to identify the securities of their "regular brokers or dealers" that the Fund has acquired during its most recent fiscal year. The Fund is new and did not own equity securities of its regular broker-dealers or their parent companies as of the date of this SAI.

**Directed Brokerage**

The Fund is new and did not pay any commissions on brokerage transactions directed to brokers pursuant to an agreement or understanding whereby the broker provides research or other brokerage services to the Adviser or the Sub-Adviser.

**Securities of "Regular Broker-Dealers."** The Fund is required to identify any securities of its "regular brokers and dealers" (as such term is defined in the 1940 Act) that it may hold at the close of its most recent fiscal year. "Regular brokers or dealers" of the Fund are the ten brokers or dealers that, during the most recent fiscal year: (1) received the greatest dollar amounts of brokerage commissions from the Fund's portfolio transactions; (2) engaged as principal in the largest dollar amounts of portfolio transactions of the Fund; or (3) sold the largest dollar amounts of Shares.

The Fund is new and did not own equity securities of its regular broker-dealers or their parent companies as of the date of this SAI.

**PORTFOLIO TURNOVER RATE**

A portfolio turnover rate is, in summary, the percentage computed by dividing the lesser of the Fund's purchases or sales of securities (excluding short-term securities and securities transferred in-kind) by the average market value of the Fund. A rate of 100% indicates that the equivalent of all of the Fund's assets have been sold and reinvested in a year. High portfolio turnover may affect the amount, timing and character of distributions, and, as a result, may increase the amount of taxes payable by shareholders. Higher portfolio turnover also results in higher transaction costs. To the extent that net short-term capital gains are realized by the Fund, any distributions resulting from such gains are considered ordinary income for federal income tax purposes.

The Fund is new and does not have a portfolio turnover rate to report as of the date of this SAI.

**BOOK ENTRY ONLY SYSTEM**

The Depository Trust Company ("DTC") acts as securities depositary for Shares. Shares are represented by securities registered in the name of DTC or its nominee, Cede & Co., and deposited with, or on behalf of, DTC. Except in limited circumstances set forth below, certificates will not be issued for Shares.

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

Beneficial ownership of Shares is limited to DTC Participants, Indirect Participants, and persons holding interests through DTC Participants and Indirect Participants. Ownership of beneficial interests in Shares (owners of such beneficial interests are referred to in this SAI as "Beneficial Owners") is shown on, and the transfer of ownership is effected only through, records maintained by DTC (with respect to DTC Participants) and on the records of DTC Participants (with respect to Indirect Participants and Beneficial Owners that are not DTC Participants). Beneficial Owners will receive from or through the DTC Participant a written confirmation relating to their purchase of Shares. The Trust recognizes DTC or its nominee as the record owner of all Shares for all purposes. Beneficial Owners of Shares are not entitled to have Shares registered in their names, and will not receive or be entitled to physical delivery of Share certificates. Each Beneficial Owner must rely on the procedures of DTC and any DTC Participant and/or Indirect Participant through which such Beneficial Owner holds its interests, to exercise any rights of a holder of Shares.

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

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

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

DTC may determine to discontinue providing its service with respect to the Fund at any time by giving reasonable notice to the Fund and discharging its responsibilities with respect thereto under applicable law. Under such circumstances, the Fund shall act either to find a replacement for DTC to perform its functions at a comparable cost or, if such replacement is unavailable, to issue and deliver printed certificates representing ownership of Shares, unless the Trust makes other arrangements with respect thereto satisfactory to the Exchange.

**PURCHASE AND REDEMPTION OF SHARES IN CREATION UNITS**

The Trust issues and redeems Shares only in Creation Units on a continuous basis through the Transfer Agent, without a sales load (but subject to transaction fees, if applicable), at their NAV per share next determined after receipt of an order, on any Business Day, in proper form pursuant to the terms of the Authorized Participant Agreement ("Participant Agreement"). The NAV of Shares is calculated each Business Day as of the scheduled close of regular trading on the NYSE, generally 4:00 p.m., Eastern Time. The Fund will not issue fractional Creation Units. A "Business Day" is any day on which the NYSE is open for regular trading.

**Placement of Creation or Redemption Orders.** All orders to purchase or redeem Creation Units are to be governed according to the applicable Participant Agreement that each Authorized Participant has executed. In general, all orders to purchase or redeem Creation Units must be received by the transfer agent in the proper form required by the Participant Agreement no later than the closing time of the regular trading session of the NYSE (ordinarily 4:00 p.m. Eastern Time) on each day the NYSE is open for business (the "Closing Time") in order for the purchase or redemption of Creation Units to be effected based on the NAV of shares of the Fund as next determined on such date after receipt of the order in proper form. At its discretion, the Fund may require an Authorized Participant to submit an order to purchase or redeem Creation Units earlier in the day, including in circumstances in which an applicable market for a security included in the creation or redemption basket closes earlier than usual, or in such other circumstances as the Fund may determine and disclose to Authorized Participants. In general, any Fund Deposit (as defined below) or Additional Cash Deposit (as also defined below) corresponding to the placement of an order to purchase Creation Units must be transferred and delivered to the Custodian by no later than 2 p.m. Eastern Time for the Fund on the contractual settlement date (or such other time as specified by the Trust and disclosed to Authorized Participants) (in each instance, the "Deposit Deadline").

**Fund Deposit.** The consideration for purchase of a Creation Unit of the Fund generally consists of the in-kind deposit of a designated portfolio of securities (the "Deposit Securities") per each Creation Unit and the Cash Component (defined below), computed as described below. Notwithstanding the foregoing, the Trust reserves the right to permit or require the substitution of a "cash in lieu" amount ("Deposit Cash") to be added to the Cash Component to replace any Deposit Security. When accepting purchases of Creation Units for all or a portion of Deposit Cash, the Fund may incur additional costs associated with the acquisition of Deposit Securities that would otherwise be provided by an in-kind purchaser.

Together, the Deposit Securities or Deposit Cash, as applicable, and the Cash Component constitute the "Fund Deposit," which represents the minimum initial and subsequent investment amount for a Creation Unit of the Fund. The "Cash Component" is an amount equal to the difference between the NAV of Shares (per Creation Unit) and the value of the Deposit Securities or Deposit Cash, as applicable. If the Cash Component is a positive number (*i.e.*, the NAV per Creation Unit exceeds the value of the Deposit Securities or Deposit Cash, as applicable), the Cash Component shall be such positive amount. If the Cash Component is a negative number (*i.e.*, the NAV per Creation Unit is less than the value of the Deposit Securities or Deposit Cash, as applicable), the Cash Component shall be such negative amount and the creator will be entitled to receive cash in an amount equal to the Cash Component. The Cash Component serves the function of compensating for any differences between the NAV per Creation Unit and the value of the Deposit Securities or Deposit Cash, as applicable. Computation of the Cash Component excludes any stamp duty or other similar fees and expenses payable upon transfer of beneficial ownership of the Deposit Securities, if applicable, which shall be the sole responsibility of the Authorized Participant (as defined below).

The Fund, through NSCC, makes available on each Business Day, prior to the opening of business on the Exchange (currently 9:30 a.m., Eastern Time), the list of the names and the required number of Shares of each Deposit Security or the required amount of Deposit Cash, as applicable, to be included in the current Fund Deposit (based on information at the end of the previous Business Day) for the Fund. Such Fund Deposit is subject to any applicable adjustments as described below, to effect purchases of Creation Units of the Fund until such time as the next-announced composition of the Deposit Securities or the required amount of Deposit Cash, as applicable, is made available.

The identity and number of Shares of the Deposit Securities or the amount of Deposit Cash, as applicable, required for the Fund Deposit for the Fund may change from time to time.

**Procedures for Purchase of Creation Units.** To be eligible to place orders with the Transfer Agent to purchase a Creation Unit of the Fund, an entity must be (i) a "Participating Party" (*i.e.*, a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the NSCC (the "Clearing Process")), a clearing agency that is registered with the SEC; or (ii) a DTC Participant (see "<u>Book Entry Only System</u>"). In addition, each Participating Party or DTC Participant (each, an "Authorized Participant") must execute a Participant Agreement with respect to purchases and redemptions of Creation Units. Each Authorized Participant will agree, pursuant to the terms of a Participant Agreement, on behalf of itself or any investor on whose behalf it will act, to certain conditions, including that it will pay to the Trust, an amount of cash sufficient to pay the Cash Component together with the creation transaction fee (described below), if applicable, and any other applicable fees and taxes.

All orders to purchase Shares directly from the Fund must be placed for one or more Creation Units and in the manner and by the time set forth in the Participant Agreement and/or applicable order form. The order cut-off time for orders to purchase Creation Units is generally the Closing Time, which time may be modified by the Fund from time-to-time by amendment to the Participant Agreement and/or applicable order form or as noted under "Placement of Creation or Redemption Orders." The date on which an order to purchase Creation Units (or an order to redeem Creation Units, as set forth below) is received and accepted is referred to as the "Order Placement Date."

An Authorized Participant may require an 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 that, therefore, orders to purchase Shares directly from the Fund in Creation Units must 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 and only a small number of such Authorized Participants may have international capabilities.

On days when the Exchange closes earlier than normal, the Fund may require orders to create Creation Units to be placed earlier in the day. In addition, if a market or markets on which the Fund's investments are primarily traded is closed, the Fund will also generally not accept orders on such day(s). Orders must be transmitted by an Authorized Participant by telephone or other transmission method acceptable to the Transfer Agent pursuant to procedures set forth in the Participant Agreement and in accordance with the applicable order form. On behalf of the Fund, the Transfer Agent will notify the Custodian of such order. The Custodian will then provide such information to the appropriate local sub-custodian(s). Those placing orders through an Authorized Participant should allow sufficient time to permit proper submission of the purchase order to the Transfer Agent by the cut-off time on such Business Day. Economic or market disruptions or changes, or telephone or other communication failure may impede the ability to reach the Transfer Agent or an Authorized Participant.

Fund Deposits must be delivered by an Authorized Participant through the Federal Reserve System (for cash) or through DTC (for corporate securities), through a subcustody agent (for foreign securities) and/or through such other arrangements allowed by the Trust or its agents. With respect to foreign Deposit Securities, the Custodian shall cause the subcustodian of the Fund to maintain an account into which the Authorized Participant shall deliver, on behalf of itself or the party on whose behalf it is acting, such Deposit Securities (or Deposit Cash for all or a part of such securities, as permitted or required), with any appropriate adjustments as advised by the Trust. Foreign Deposit Securities must be delivered to an account maintained at the applicable local subcustodian. A Fund Deposit transfer must be ordered by the Authorized Participant in a timely fashion to ensure the delivery of the requisite number of Deposit Securities or Deposit Cash, as applicable, to the account of the Fund or its agents by no later than the Deposit Deadline. If the Fund or its agents do not receive all of the Deposit Securities, or the required Deposit Cash in lieu thereof, by such time, then the order may be deemed rejected and the Authorized Participant shall be liable to the Fund for losses, if any, resulting therefrom. All questions as to the number of Deposit Securities or Deposit Cash to be delivered, as applicable, and the validity, form and eligibility (including time of receipt) for the deposit of any tendered securities or cash, as applicable, will be determined by the Trust, whose determination shall be final and binding. The amount of cash represented by the Cash Component must be transferred directly to the Custodian through the Federal Reserve Bank wire transfer system in a timely manner to be received by the Custodian no later than the contractual settlement date. If the Cash Component and the Deposit Securities or Deposit Cash, as applicable, are not received by the Custodian in a timely manner by the contractual settlement date, the creation order may be cancelled. Upon written notice to the Transfer Agent, such canceled order may be resubmitted the following Business Day using a Fund Deposit as newly constituted to reflect the then current NAV of such Fund.

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 the applicable cut-off time and the federal funds in the appropriate amount are deposited with the Custodian by no later than the Deposit Deadline. If the order is not placed in proper form as required, or federal funds in the appropriate amount are not received by the Deposit Deadline, then the order may be deemed to be rejected and the Authorized Participant shall be liable to the Fund for losses, if any, resulting therefrom. A creation request is in "proper form" if all procedures set forth in the Participant Agreement, order form and this SAI are properly followed.

**Issuance of a Creation Unit.** Except as provided in this SAI, Creation Units will not be issued until the transfer of good title to the Trust of the Deposit Securities or payment of Deposit Cash, as applicable, and the payment of the Cash Component have been completed. When the required Deposit Securities (or the cash value thereof) have been delivered to the account of the Custodian (or sub-custodian, as applicable), the Transfer Agent, the Adviser, and the Sub-Adviser shall be notified of such delivery, and the Trust will issue and cause the delivery of the Creation Units. The typical settlement date for each transaction will be within one day of the transaction (commonly referred to as "T+1"), unless the Fund and Authorized Participant agree to a different timeline for settlement or the transaction is exempt from the requirements of Rule 15c6-1 under the 1934 Act. Due to the schedule of holidays in certain countries, however, the delivery of Shares may take longer than one Business Day following the day on which the purchase order is received. In such cases, the local market settlement procedures will not commence until the end of local holiday periods. The Authorized Participant shall be liable to the Fund for losses, if any, resulting from unsettled orders.

Creation Units may be purchased in advance of receipt by the Trust of all or a portion of the applicable Deposit Securities as described below. In these circumstances, the initial deposit will have a value greater than the NAV of the 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 (i) the Cash Component, plus (ii) an additional amount of cash equal to a percentage of the value as set forth in the Participant Agreement, of the undelivered Deposit Securities (the "Additional Cash Deposit"), which shall be maintained in a separate non-interest bearing collateral account. The Authorized Participant must deposit with the Custodian the Additional Cash Deposit, as applicable, by the Deposit Deadline. If the Fund or its agents do not receive the Additional Cash Deposit in the appropriate amount, by such time, then the order may be deemed rejected and the Authorized Participant shall be liable to the Fund for losses, if any, resulting therefrom. An additional amount of cash shall be required to be deposited with the Trust, pending delivery of the missing Deposit Securities to the extent necessary to maintain the Additional Cash Deposit with the Trust in an amount at least equal to the applicable percentage, as set forth in the Participant Agreement, of the daily market value of the missing Deposit Securities. The Participant Agreement will permit the Trust to buy the missing Deposit Securities at any time. Authorized Participants will be liable to the Trust 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 value of such Deposit Securities on the day the purchase order was deemed received by the Transfer Agent 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 missing Deposit Securities have been properly received by the Custodian or purchased by the Trust and deposited into the Trust. In addition, a transaction fee, as described below under "Creation Transaction Fee," may be charged. The delivery of Creation Units so created generally will occur no later than the contractual settlement date.

**Acceptance of Orders of Creation Units.** The Trust reserves the right to reject an order for Creation Units transmitted to it by the Transfer Agent with respect to the Fund including if (1) the order is not in proper form; (2) the Deposit Securities or Deposit Cash, as applicable, delivered by the Authorized Participant are not as disseminated through the facilities of the NSCC for that date by the Custodian; (3) the investor(s), upon obtaining Shares ordered, would own 80% or more of the currently outstanding Shares; (4) the acceptance of the Fund Deposit would, in the opinion of counsel, be unlawful; (5) the acceptance or receipt of the order for a Creation Unit would, in the opinion of counsel to the Trust, be unlawful; or (6) in the event that circumstances outside the control of the Trust, the Custodian, the Transfer Agent and/or the Adviser make it for all practical purposes not feasible to process orders for Creation Units.

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 Distributor, the Custodian, a sub-custodian, the Transfer Agent, DTC, NSCC, Federal Reserve System, or any other participant in the creation process; and other extraordinary events. The Transfer Agent shall notify a prospective creator of a Creation Unit and/or the Authorized Participant acting on behalf of the creator of a Creation Unit of its rejection of the order of such person. The Trust, the Transfer Agent, the Custodian, any sub-custodian and the Distributor are under no duty, however, to give notification of any defects or irregularities in the delivery of Fund Deposits nor shall either of them incur any liability for the failure to give any such notification. The Trust, the Transfer Agent, the Custodian and the Distributor shall not be liable for the rejection of any purchase order for Creation Units.

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.

Notwithstanding the Trust's ability to reject an order for creation units, the Trust will only do so in a manner consistent with any current or future SEC rulemaking or guidance relating thereto; provided that, no such suspension of the issuance of creation units will be done in a manner that impairs the arbitrage mechanism for investors.

**Creation Transaction Fee.** A fixed purchase (*i.e.*, creation) transaction fee, payable to the Custodian, may be imposed for the transfer and other transaction costs associated with the purchase of Creation Units ("Creation Order Costs"). The standard fixed creation transaction fee for the Fund, regardless of the number of Creation Units created in the transaction, can be found in the table below. The Fund may adjust the standard fixed creation transaction fee from time to time. The fixed creation fee may be waived on certain orders if the Custodian has determined to waive some or all of the Creation Order Costs associated with the order or another party, such as the Adviser, has agreed to pay such fee.

In addition, a variable fee, payable to the Fund, of up to the maximum percentage listed in the table below 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 Fund 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.

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| | | |
|:---|:---|:---|
| **Name of Fund** | **Fixed Creation**<br>**Transaction Fee** <br>| **Maximum Variable**<br>**Transaction Fee**  |
| RCN Pareto Strategic Allocation ETF | $300 | 2% |

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Investors who use the services of a broker or other such intermediary may be charged a fee for such services. Investors are responsible for the fixed costs of transferring the Fund Securities (defined below) from the Trust to their account or on their order.

**Risks of Purchasing Creation Units.** There are certain legal risks unique to investors purchasing Creation Units directly from the Fund. Because Shares may be issued on an ongoing basis, a "distribution" of Shares could be occurring at any time. Certain activities that a shareholder performs as a dealer could, depending on the circumstances, result in the shareholder being deemed a participant in the distribution in a manner that could render the shareholder a statutory underwriter and subject to the prospectus delivery and liability provisions of the Securities Act. For example, a shareholder could be deemed a statutory underwriter if it purchases Creation Units from the Fund, breaks them down into the constituent Shares, and sells those Shares directly to customers, or if a shareholder chooses to couple the creation of a supply of new Shares with an active selling effort involving solicitation of secondary-market demand for Shares. Whether a person is an underwriter depends upon all of the facts and circumstances pertaining to that person's activities, and the examples mentioned here should not be considered a complete description of all the activities that could cause you to be deemed an underwriter.

Dealers who are not "underwriters" but are participating in a distribution (as opposed to engaging in ordinary secondary-market transactions), and thus dealing with Shares as part of an "unsold allotment" within the meaning of Section 4(a)(3)(C) of the Securities Act, will be unable to take advantage of the prospectus delivery exemption provided by Section 4(a)(3) of the Securities Act.

**Redemption.** Shares may be redeemed only in Creation Units at their NAV next determined after receipt of a redemption request in proper form by the Fund through the Transfer Agent and only on a Business Day. EXCEPT UPON LIQUIDATION OF THE FUND, THE FUND WILL NOT REDEEM SHARES IN AMOUNTS LESS THAN CREATION UNITS. Investors must accumulate enough Shares in the secondary market to constitute a Creation Unit 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. Investors should expect to incur brokerage and other costs in connection with assembling a sufficient number of Shares to constitute a redeemable Creation Unit.

With respect to the Fund, the Custodian, through the NSCC, makes available prior to the opening of business on the Exchange (currently 9:30 a.m., Eastern Time) on each Business Day, the list of the names and Share quantities of the Fund's portfolio securities that will be applicable (subject to possible amendment or correction) to redemption requests received in proper form (as defined below) on that day ("Fund Securities"). Fund Securities received on redemption may not be identical to Deposit Securities.

Redemption proceeds for a Creation Unit are paid either in-kind or in cash, or combination thereof, as determined by the Trust. With respect to in-kind redemptions of the Fund, redemption proceeds for a Creation Unit will consist of Fund Securities—as announced by the Custodian on the Business Day of the request for redemption received in proper form plus cash in an amount equal to the difference between the NAV of Shares being redeemed, as next determined after a receipt of a request in proper form, and the value of the Fund Securities (the "Cash Redemption Amount"), less a fixed redemption transaction fee, as applicable, as set forth below. If the Fund Securities have a value greater than the NAV of Shares, a compensating cash payment equal to the differential is required to be made by or through an Authorized Participant by the redeeming shareholder. Notwithstanding the foregoing, at the Trust's discretion, an Authorized Participant may receive the corresponding cash value of the securities in lieu of the in-kind securities value representing one or more Fund Securities.

The typical settlement date for each redemption transaction will be within one day of the transaction (or T+1), unless the Fund and Authorized Participant agree to a different timeline for settlement or the transaction is exempt from the requirements of Rule 15c6-1 under the 1934 Act. Due to the schedule of holidays in certain countries, however, the receipt of redemption proceeds may take longer than one Business Day following the day on which the purchase order is received. In such cases, the local market settlement procedures will not commence until the end of local holiday periods.

**Redemption Transaction Fee.** A fixed redemption transaction fee, payable to the Custodian, may be imposed for the transfer and other transaction costs associated with the redemption of Creation Units ("Redemption Order Costs"). The standard fixed redemption transaction fee for the Fund, regardless of the number of Creation Units redeemed in the transaction, can be found in the table below. The Fund may adjust the redemption transaction fee from time to time. The fixed redemption fee may be waived on certain orders if the Custodian has determined to waive some or all of the Redemption Order Costs associated with the order or another party, such as the Adviser, has agreed to pay such fee.

In addition, a variable fee, payable to the Fund, of up to the maximum percentage listed in the table below of the value of the Creation Units subject to the transaction may be imposed for cash redemptions, non-standard orders, or partial cash redemptions (when cash redemptions are available) of Creation Units. The variable charge is primarily designed to cover additional costs (*e.g.*, brokerage, taxes) involved with selling portfolio securities to satisfy a cash redemption. The Fund 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.

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| | | |
|:---|:---|:---|
| **Name of Fund** | **Fixed Redemption**<br>**Transaction Fee**  | **Maximum Variable**<br>**Transaction Fee**  |
| RCN Pareto Strategic Allocation ETF | $300 | 2% |

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Investors who use the services of a broker or other such intermediary may be charged a fee for such services. Investors are responsible for the fixed costs of transferring the Fund Securities from the Trust to their account or on their order.

**Procedures for Redemption of Creation Units.** Orders to redeem Creation Units must generally be submitted in proper form to the Transfer Agent prior to the Closing Time, subject to the Fund's right to require an earlier submission as indicated under "Placement of Creation or Redemption Orders." A redemption request is considered to be in "proper form" if (i) an Authorized Participant has transferred or caused to be transferred to the Trust's Transfer Agent the Creation Unit(s) being redeemed through the book-entry system of DTC so as to be effective by the time as set forth in the Participant Agreement and (ii) a request in form satisfactory to the Trust is received by the Transfer Agent from the Authorized Participant on behalf of itself or another redeeming investor within the time periods specified in the Participant Agreement. If the Transfer Agent does not receive the investor's Shares through DTC's facilities by the times and pursuant to the other terms and conditions set forth in the Participant Agreement, the redemption request shall be rejected.

The Authorized Participant must transmit the request for redemption, in the form required by the Trust, to the Transfer Agent in accordance with procedures set forth in the Authorized Participant Agreement. Investors should be aware that their particular broker may not have executed an Authorized Participant Agreement, and that, therefore, requests to redeem Creation Units may have to be placed by the investor's broker through an Authorized Participant who has executed an Authorized Participant Agreement. Investors making a redemption request should be aware that such request must be in the form specified by such Authorized Participant. Investors making a request to redeem Creation Units should allow sufficient time to permit proper submission of the request by an Authorized Participant and transfer of the Shares to the Trust's Transfer Agent; such investors should allow for the additional time that may be required to effect redemptions through their banks, brokers or other financial intermediaries if such intermediaries are not Authorized Participants.

**Additional Redemption Procedures.** In connection with taking delivery of Shares of Fund Securities upon redemption of Creation Units, a redeeming shareholder or Authorized Participant acting on behalf of such Shareholder must maintain appropriate custody arrangements with a qualified broker-dealer, bank, or other custody providers in each jurisdiction in which any of the Fund Securities are customarily traded, to which account such Fund Securities will be delivered. Deliveries of redemption proceeds will generally be made by the next Business Day following the trade date, as discussed above.

The Trust may in its discretion exercise its option to cause the Fund to redeem such Shares in cash, and the redeeming investor will be required to receive its redemption proceeds in cash. In addition, an investor may request a redemption in cash that the Fund may, in its sole discretion, permit. In either case, the investor will receive a cash payment equal to the NAV of its Shares based on the NAV of Shares next determined after the redemption request is received in proper form (minus a redemption transaction fee, if applicable, and additional charge for requested cash redemptions specified above, to offset the Trust's brokerage and other transaction costs associated with the disposition of Fund Securities). The 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 but does not differ in NAV.

Redemptions of Shares for Fund Securities will be subject to compliance with applicable federal and state securities laws and the 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 subject to a legal restriction with respect to a particular security included in the Fund Securities applicable to the redemption of Creation Units may be paid an equivalent amount of cash. The Authorized Participant may request the redeeming investor of the Shares to complete an order form or to enter into agreements with respect to such matters as compensating cash payment. Further, an Authorized Participant that is not a "qualified institutional buyer," ("QIB") as such term is defined under Rule 144A of the Securities Act, will not be able to receive Fund Securities that are restricted securities eligible for resale under Rule 144A. An Authorized Participant may be required by the Trust to provide a written confirmation with respect to QIB status to receive Fund Securities.

The right of redemption may be suspended or the date of payment postponed with respect to the Fund (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 or determination of the NAV of the Shares is not reasonably practicable; or (4) in such other circumstance as is permitted by the SEC.

**DETERMINATION OF NET ASSET VALUE**

NAV per Share for the Fund is computed by dividing the value of the net assets of the Fund (*i.e.*, the value of its total assets less total liabilities) by the total number of Shares outstanding, rounded to the nearest cent. Expenses and fees, including the management fees, are accrued daily and taken into account for purposes of determining NAV. The NAV of the Fund is calculated by Global Fund Services and determined at the scheduled close of the regular trading session on the NYSE (ordinarily 4:00 p.m., Eastern Time) on each day that the NYSE is open, provided that fixed-income assets may be valued as of the announced closing time for trading in fixed-income instruments on any day that the Securities Industry and Financial Markets Association ("SIFMA") announces an early closing time.

In calculating the Fund's NAV per Share, such Fund's investments are generally valued using market valuations. A market valuation generally means a valuation (i) obtained from an exchange, a pricing service, or a major market maker (or dealer), (ii) based on a price quotation or other equivalent indication of value supplied by an exchange, a pricing service, or a major market maker (or dealer) or (iii) based on amortized cost. In the case of shares of other funds that are not traded on an exchange, a market valuation means such fund's published NAV per share. The Fund may use various pricing services, or discontinue the use of any pricing service, as approved by the Adviser from time to time. A price obtained from a pricing service based on such pricing service's valuation matrix may be considered a market valuation. Any assets or liabilities denominated in currencies other than the U.S. dollar are converted into U.S. dollars at the current market rates on the date of valuation as quoted by one or more sources.

When market prices are not "readily available" or are deemed to be unreliable, consistent with Rule 2a-5 under the 1940 Act, the Trust and the Adviser have adopted procedures and methodologies wherein the Adviser, serving as the Fund's Valuation Designee (as defined in Rule 2a-5), determines the fair value of Fund investments.

**DIVIDENDS AND DISTRIBUTIONS**

The following information supplements and should be read in conjunction with the section in the Prospectus entitled "Dividends, Distributions, and Taxes."

<u>General Policies</u>. The Fund intends to pay out dividends and interest income, if any, annually and distribute any net realized capital gains to its shareholders at least annually. Distributions of net realized capital gains, if any, generally are declared and paid once a year, but the Fund may make distributions on a more frequent basis to comply with the distribution requirements of the Code, in all events in a manner consistent with the provisions of the 1940 Act.

The Fund will declare and pay income and capital gain distributions, if any, in cash. Dividends and other distributions on Shares are distributed, as described below, on a pro rata basis to Beneficial Owners of such Shares. Dividend payments are made through DTC Participants and Indirect Participants to Beneficial Owners then of record with proceeds received from the Trust.

The Fund makes additional distributions to the extent necessary (1) to distribute the entire annual taxable income of the Fund, plus any net capital gains and (2) to avoid imposition of the excise tax imposed by Section 4982 of the Code. Management of the Trust reserves the right to declare special dividends if, in its reasonable discretion, such action is necessary or advisable to preserve the Fund's eligibility for treatment as a RIC or to avoid imposition of income or excise taxes on undistributed income at the Fund level.

**Dividend Reinvestment Service.** The Trust will not make the DTC book-entry dividend reinvestment service available for use by Beneficial Owners for reinvestment of their cash proceeds, but certain individual broker-dealers may make available the DTC book-entry Dividend Reinvestment Service for use by Beneficial Owners of the Fund through DTC Participants for reinvestment of their dividend distributions. Investors should contact their brokers to ascertain the availability and description of these services. Beneficial Owners should be aware that each broker may require investors to adhere to specific procedures and timetables to participate in the dividend reinvestment service and investors should ascertain from their brokers such necessary details. If this service is available and used, dividend distributions of both income and realized gains will be automatically reinvested in additional whole Shares issued by the Trust of the Fund at NAV per Share. Distributions reinvested in additional Shares will nevertheless be taxable to Beneficial Owners acquiring such additional Shares to the same extent as if such distributions had been received in cash.

**FEDERAL INCOME TAXES**

The following is only a summary of certain U.S. federal income tax considerations generally affecting the Fund and its shareholders that supplements the discussion in the Prospectus. No attempt is made to present a comprehensive explanation of the federal, state, local or foreign tax treatment of the Fund or its shareholders, and the discussion here and in the Prospectus is not intended to be a substitute for careful tax planning.

The following general discussion of certain U.S. federal income tax consequences is based on provisions of the Code and the regulations issued thereunder as in effect on the date of this SAI. New legislation, as well as administrative changes or court decisions, may significantly change the conclusions expressed herein, and may have a retroactive effect with respect to the transactions contemplated herein.

The tax legislation commonly referred to as the Tax Cuts and Jobs Act (the "Tax Act") made significant changes to the U.S. federal income tax rules for taxation of individuals and corporations, generally effective for taxable years beginning after December 31, 2017. Many of the changes applicable to individuals are temporary and would apply only to taxable years before January 1, 2026. There were only minor changes with respect to the specific rules applicable to RICs, such as the Fund. The Tax Act, however, also made numerous other changes to the tax rules that may affect shareholders and the Fund. Subsequent legislation has modified certain changes to the U.S. federal income tax rules made by the Tax Act which may, in addition, affect shareholders and the Fund. You are urged to consult with your own tax advisor regarding how this legislation affects your investment in the Fund.

Shareholders are urged to consult their own tax advisers regarding the application of the provisions of tax law described in this SAI in light of the particular tax situations of the shareholders and regarding specific questions as to federal, state, local, or foreign taxes.

**Taxation of the Fund.** The Fund will elect and intends to qualify each year to be treated as a RIC under the Code. As such, the Fund should not be subject to federal income taxes on its net investment income and capital gains, if any, to the extent that it timely distributes such income and capital gains to its shareholders. Generally, to be taxed as a RIC, the Fund must distribute in each taxable year at least 90% of its "investment company taxable income" (before the deduction for dividends paid) for the taxable year, which includes, among other items, dividends, interest, net short-term capital gain, and net foreign currency gain, less expenses, as well as 90% of its net tax-exempt interest income, if any (the "Distribution Requirement") and also must meet several additional requirements. Among these requirements are the following: (1) at least 90% of the Fund's gross income each taxable year must be derived from 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 derived with respect to its business of investing in such stock, securities, or foreign currencies, and net income derived from interests in qualified publicly traded partnerships (the "Qualifying Income Requirement"); and (2) at the end of each quarter of the Fund's taxable year, the Fund's assets must be diversified so that (a) at least 50% of the value of the Fund's total assets is represented by cash and cash items, U.S. government securities, securities of other RICs, and other securities, with such other securities limited, in respect to any one issuer, to an amount not greater in value than 5% of the value of the Fund's total assets and to not more than 10% of the outstanding voting securities of such issuer, and (b) not more than 25% of the value of its total assets is invested in the securities (other than U.S. government securities or securities of other RICs) of any one issuer, the securities (other than securities of other RICs) of two or more issuers which the Fund controls and which are engaged in the same, similar, or related trades or businesses, or the securities of one or more qualified publicly traded partnerships (the "Diversification Requirement").

To the extent the Fund makes investments that may generate income that is not qualifying income, including certain derivatives, the Fund will seek to restrict the resulting income from such investments so that the Fund's non-qualifying income does not exceed 10% of its gross income.

Although the Fund intends to distribute substantially all of its net investment income and may distribute its capital gains for any taxable year, the Fund will be subject to federal income taxation to the extent any such income or gains are not distributed. The Fund is treated as a separate corporation for federal income tax purposes. The Fund therefore is considered to be a separate entity in determining its treatment under the rules for RICs described herein. The requirements (other than certain organizational requirements) for qualifying RIC status are determined at the Fund level rather than at the Trust level.

If the Fund fails to satisfy the Qualifying Income Requirement or the Diversification Requirement in any taxable year, the Fund may be eligible for relief provisions if the failures are due to reasonable cause and not willful neglect and if a penalty tax is paid with respect to each failure to satisfy the applicable requirements. Additionally, relief is provided for certain *de minimis* failures of the Diversification Requirement where the Fund corrects the failure within a specified period of time. To be eligible for the relief provisions with respect to a failure to meet the Diversification Requirement, the Fund may be required to dispose of certain assets. If these relief provisions were not available to the Fund and it were to fail to qualify for treatment as a RIC for a taxable year, all of its taxable income would be subject to tax at regular corporate rates without any deduction for distributions to shareholders, and its distributions (including capital gains distributions) generally would be taxable to the shareholders of the Fund as ordinary income dividends, subject to the dividends received deduction for corporate shareholders and the lower tax rates on qualified dividend income received by noncorporate shareholders, subject to certain limitations. To requalify for treatment as a RIC in a subsequent taxable year, the Fund would be required to satisfy the RIC qualification requirements for that year and to distribute any earnings and profits from any year in which the Fund failed to qualify for tax treatment as a RIC. If the Fund failed to qualify as a RIC for a period greater than two taxable years, it would generally be required to pay a fund-level tax on certain net built in gains recognized with respect to certain of its assets upon disposition of such assets within five years of qualifying as a RIC in a subsequent year. The Board reserves the right not to maintain the qualification of the Fund for treatment as a RIC if it determines such course of action to be beneficial to shareholders. If the Fund determines that it will not qualify as a RIC, the Fund will establish procedures to reflect the anticipated tax liability in the Fund's NAV.

The Fund may elect to treat part or all of any "qualified late year loss" as if it had been incurred in the succeeding taxable year in determining the Fund's taxable income, net capital gain, net short-term capital gain, and earnings and profits. The effect of this election is to treat any such "qualified late year loss" as if it had been incurred in the succeeding taxable year in characterizing Fund distributions for any calendar year. A "qualified late year loss" generally includes net capital loss, net long-term capital loss, or net short-term capital loss incurred after October 31 of the current taxable year, subject to special rules in the event the Fund makes an election under Section 4982(e)(4) of the Code, (commonly referred to as "post-October losses"), and certain other late-year losses.

Capital losses in excess of capital gains ("net capital losses") are not permitted to be deducted against a RIC's net investment income. Instead, for U.S. federal income tax purposes, potentially subject to certain limitations, the Fund may carry a net capital loss from any taxable year forward indefinitely to offset its capital gains, if any, in years following the year of the loss. To the extent subsequent capital gains are offset by such losses, they will not result in U.S. federal income tax liability to the Fund and may not be distributed as capital gains to its shareholders. Generally, the Fund may not carry forward any losses other than net capital losses. The carryover of capital losses may be limited under the general loss limitation rules if the Fund experiences an ownership change as defined in the Code.

The Fund will be subject to a nondeductible 4% federal excise tax on certain undistributed income if it does not distribute to its shareholders in each calendar year an amount at least equal to 98% of its ordinary income for the calendar year plus 98.2% of its capital gain net income for either the one-year period ending on October 31 of that year, or, if the Fund makes an election under Section 4982(e)(4) of the Code, the Fund's fiscal year, subject to an increase for any shortfall in the prior year's distribution. The Fund intends to declare and distribute dividends and distributions in the amounts and at the times necessary to avoid the application of the excise tax, but can make no assurances that all such tax liability will be eliminated.

The Fund intends to distribute substantially all of its net investment income and net capital gain to shareholders for each taxable year. If the Fund meets the Distribution Requirement but retains some or all of its income or gains, it will be subject to federal income tax at regular corporate rates to the extent any such income or gains are not distributed. The Fund may elect to designate certain amounts retained as undistributed net capital gain as deemed distributions in a notice to its shareholders, who (i) will be required to include in income for U.S. federal income tax purposes, as long-term capital gain, their proportionate shares of the undistributed amount so designated, (ii) will be entitled to credit their proportionate shares of the income tax paid by the Fund on that undistributed amount against their federal income tax liabilities and to claim refunds to the extent such credits exceed their tax liabilities, and (iii) will be entitled to increase their tax basis, for federal income tax purposes, in their Shares by an amount equal to the excess of the amount of undistributed net capital gain included in their respective income over their respective income tax credits.

**Taxation of Shareholders – Distributions.** The Fund intends to distribute annually to its shareholders substantially all of its investment company taxable income (computed without regard to the deduction for dividends paid), its net tax-exempt income, if any, and any net capital gain (net long-term capital gains in excess of net short-term capital losses, taking into account any capital loss carryforwards). The distribution of investment company taxable income (as so computed) and net capital gain will be taxable to Fund shareholders regardless of whether the shareholder receives these distributions in cash or reinvests them in additional Shares.

The Fund (or your broker) will report to shareholders annually the amounts of dividends paid from ordinary income, the amount of distributions of net capital gain, the portion of dividends which may qualify for the dividends received deduction for corporate shareholders, and the portion of dividends which may qualify for treatment as qualified dividend income, which is taxable to non-corporate shareholders at long-term capital gain rates.

Distributions from the Fund's net capital gain will be taxable to shareholders at long-term capital gains rates, regardless of how long shareholders have held their Shares. Distributions may be subject to state and local taxes.

Qualified dividend income includes, in general, subject to certain holding period and other requirements, dividend income from taxable domestic corporations and certain "qualified foreign corporations." Subject to certain limitations, "qualified foreign corporations" include those incorporated in territories of the United States, those incorporated in certain countries with comprehensive tax treaties with the United States, and other foreign corporations if the stock with respect to which the dividends are paid is readily tradable on an established securities market in the United States. Dividends received by the Fund from an ETF or an underlying fund taxable as a RIC or a REIT may be treated as qualified dividend income generally only to the extent so reported by such ETF, underlying fund or REIT. If 95% or more of the Fund's gross income (calculated without taking into account net capital gain derived from sales or other dispositions of stock or securities) consists of qualified dividend income, the Fund may report all distributions of such income as qualified dividend income.

Fund dividends will not be treated as qualified dividend income if the Fund does not meet certain holding period and other requirements with respect to dividend paying stocks in its portfolio, or the shareholder does not meet certain holding period and other requirements with respect to the Shares on which the dividends were paid. Distributions by the Fund of its net short-term capital gains will be taxable to shareholders as ordinary income.

In the case of corporate shareholders, certain dividends received by the Fund from U.S. corporations (generally, dividends received by the Fund in respect of any share of stock (1) with a tax holding period of at least 46 days during the 91-day period beginning on the date that is 45 days before the date on which the stock becomes ex-dividend as to that dividend and (2) that is held in an unleveraged position) and distributed and appropriately so reported by the Fund may be eligible for the 50% dividends-received deduction. Certain preferred stock must have a holding period of at least 91 days during the 181-day period beginning on the date that is 90 days before the date on which the stock becomes ex-dividend as to that dividend to be eligible. Capital gain dividends distributed to the Fund from other RICs are not eligible for the dividends-received deduction. To qualify for the deduction, corporate shareholders must meet the minimum holding period requirement stated above with respect to their Shares, taking into account any holding period reductions from certain hedging or other transactions or positions that diminish their risk of loss with respect to their Shares, and, if they borrow to acquire or otherwise incur debt attributable to Shares, they may be denied a portion of the dividends-received deduction with respect to those Shares.

Although dividends generally will be treated as distributed when paid, any dividend declared by the Fund in October, November or December and payable to shareholders of record in such a month that is paid during the following January will be treated for U.S. federal income tax purposes as received by shareholders on December 31 of the calendar year in which it was declared.

In addition to the federal income tax, certain individuals, trusts and estates may be subject to a Net Investment Income ("NII") tax of 3.8%. The NII tax is imposed on the lesser of: (i) a taxpayer's investment income, net of deductions properly allocable to such income; or (ii) the amount by which such taxpayer's modified adjusted gross income exceeds certain thresholds ($250,000 for married individuals filing jointly, $200,000 for unmarried individuals and $125,000 for married individuals filing separately). The Fund's distributions are includable in a shareholder's investment income for purposes of this NII tax. In addition, any capital gain realized by a shareholder upon a sale or redemption of Fund shares is includable in such shareholder's investment income for purposes of this NII tax.

Shareholders who have not held Shares for a full year should be aware that the Fund may report and distribute, as ordinary dividends or capital gain dividends, a percentage of income that is not equal to the percentage of the Fund's ordinary income or net capital gain, respectively, actually earned during the applicable shareholder's period of investment in the Fund. A taxable shareholder may wish to avoid investing in the Fund shortly before a dividend or other distribution, because the distribution will generally be taxable to the shareholder even though it may economically represent a return of a portion of the shareholder's investment.

To the extent that the Fund makes a distribution of income received by the Fund in lieu of dividends (a "substitute payment") with respect to securities on loan pursuant to a securities lending transaction, such income will not constitute qualified dividend income to individual shareholders and will not be eligible for the dividends received deduction for corporate shareholders.

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

**Taxation of Shareholders – Sale of Shares.** A sale or redemption of Shares may give rise to a gain or loss. In general, any gain or loss realized upon a taxable disposition of Shares will be treated as long-term capital gain or loss if Shares have been held for more than 12 months. Otherwise, the gain or loss on the taxable disposition of Shares will generally be treated as short-term capital gain or loss. Any loss realized upon a taxable disposition of Shares held for six months or less will be treated as long-term capital loss, rather than short-term capital loss, to the extent of any amounts treated as distributions to the shareholder of long-term capital gain with respect to such Shares (including any amounts credited to the shareholder as undistributed capital gains). All or a portion of any loss realized upon a taxable disposition of Shares may be disallowed if substantially identical Shares are acquired (through the reinvestment of dividends or otherwise) within a 61-day period beginning 30 days before and ending 30 days after the disposition. In such a case, the basis of the newly acquired Shares will be adjusted to reflect the disallowed loss.

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

An Authorized Participant who exchanges securities for Creation Units generally will recognize a gain or a loss. The gain or loss will be equal to the difference between the market value of the Creation Units at the time 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 exchanger's basis in the Creation Units and the sum of the aggregate market value of any securities received plus the amount of any cash received for such Creation Units. The Internal Revenue Service ("IRS"), however, may assert that a loss realized upon an exchange of securities for Creation Units cannot currently be deducted under the rules governing "wash sales" (for an exchanger who does not mark-to-market its portfolio) 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 composing the Creation Units have been held for more than one year. Otherwise, such capital gains or losses will generally be treated as short-term capital gains or losses. Any loss upon a redemption of Creation Units held for six months or less may be treated as long-term capital loss to the extent of any amounts treated as distributions to the applicable Authorized Participant of long-term capital gain with respect to the Creation Units (including any amounts credited to the Authorized Participant as undistributed capital gains).

The Trust, on behalf of the Fund, has the right to reject an order for Creation Units if the purchaser (or a group of purchasers) would, upon obtaining the Creation Units so ordered, own 80% or more of the outstanding Shares and if, pursuant to Section 351 of the Code, the Fund would have a basis in the deposit securities different from the market value of such securities on the date of deposit. The Trust also has the right to require the provision of information necessary to determine beneficial Share ownership for purposes of the 80% determination. If the Fund does issue Creation Units to a purchaser (or a group of purchasers) that would, upon obtaining the Creation Units so ordered, own 80% or more of the outstanding Shares, the purchaser (or a group of purchasers) will 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 rule applies and when a loss may be deductible.

**Taxation of Fund Investments.** Certain of the Fund's investments may be subject to complex provisions of the Code (including provisions relating to hedging transactions, straddles, integrated transactions, foreign currency contracts, forward foreign currency contracts, and notional principal contracts) that, among other things, may affect the Fund's ability to qualify as a RIC, affect the character of gains and losses realized by the Fund (*e.g.*, may affect whether gains or losses are ordinary or capital), accelerate recognition of income to the Fund and defer losses. These rules could therefore affect the character, amount and timing of distributions to shareholders. These provisions also may require the Fund to mark to market certain types of positions in its portfolio (*i.e*., treat them as if they were closed out) which may cause the Fund to recognize income without the Fund receiving cash with which to make distributions in amounts sufficient to enable the Fund to satisfy the RIC distribution requirements for avoiding Fund-level income and excise taxes. The Fund intends to monitor its transactions, intends to make appropriate tax elections, and intends to make appropriate entries in its books and records to mitigate the effect of these rules and preserve the Fund's qualification for treatment as a RIC. To the extent the Fund invests in an underlying fund that is taxable as a RIC, the rules applicable to the tax treatment of complex securities will also apply to the underlying funds that also invest in such complex securities and investments.

**Backup Withholding.** The Fund will be required in certain cases to withhold (as "backup withholding") on amounts payable to any shareholder who (1) fails to provide a correct taxpayer identification number certified under penalty of perjury; (2) is subject to backup withholding by the IRS for failure to properly report all payments of interest or dividends; (3) fails to provide a certified statement that they are not subject to "backup withholding;" or (4) fails to provide a certified statement that they are a U.S. person (including a U.S. resident alien). The backup withholding rate is at a rate set under Section 3406 of the Code. Backup withholding is not an additional tax and any amounts withheld may be credited against the shareholder's ultimate U.S. federal income tax liability. Backup withholding will not be applied to payments that have been subject to the 30% withholding tax on shareholders who are neither citizens nor permanent residents of the United States.

**Foreign Shareholders.** Any non-U.S. investors in the Fund may be subject to U.S. withholding and estate tax and are encouraged to consult their tax advisors prior to investing in the Fund. Foreign shareholders (*i.e.*, nonresident alien individuals and foreign corporations, partnerships, trusts and estates) are generally subject to a U.S. withholding tax at the rate of 30% (or a lower tax treaty rate) on distributions derived from taxable ordinary income. The Fund may, under certain circumstances, report all or a portion of a dividend as an "interest-related dividend" or a "short-term capital gain dividend," which would generally be exempt from this 30% U.S. withholding tax, provided certain other requirements are met. Short-term capital gain dividends received by a nonresident alien individual who is present in the U.S. for a period or periods aggregating 183 days or more during the taxable year are not exempt from this 30% withholding tax. Gains realized by foreign shareholders from the sale or other disposition of Shares generally are not subject to U.S. taxation, unless the recipient is an individual who is physically present in the U.S. for 183 days or more per year (based on a formula that factors in presence in the U.S. during the two preceding years as well). Foreign shareholders who fail to provide an applicable IRS form may be subject to backup withholding on certain payments from the Fund. Backup withholding will not be applied to payments that are subject to the 30% (or lower applicable treaty rate) withholding tax described in this paragraph. Different tax consequences may result if the foreign shareholder is engaged in a trade or business within the United States. In addition, the tax consequences to a foreign shareholder entitled to claim the benefits of a tax treaty may be different than those described above.

Under the Foreign Account Tax Compliance Act ("FATCA"), the Fund may be required to withhold a generally nonrefundable 30% tax on distributions of net investment income paid to (a) certain "foreign financial institutions" unless such foreign financial institution agrees to verify, monitor, and report to the IRS the identity of certain of its account holders, among other items (or unless such entity is otherwise deemed compliant under the terms of an intergovernmental agreement between the United States and the foreign financial institution's country of residence), and (b) certain "non-financial foreign entities" unless such entity certifies to the Fund that it does not have any substantial U.S. owners or provides the name, address, and taxpayer identification number of each substantial U.S. owner, among other items. This FATCA withholding tax could also affect the Fund's return on its investments in foreign securities or affect a shareholder's return if the shareholder holds its Fund shares through a foreign intermediary. You are urged to consult your tax adviser regarding the application of this FATCA withholding tax to your investment in the Fund and the potential certification, compliance, due diligence, reporting, and withholding obligations to which you may become subject in order to avoid this withholding tax.

For foreign shareholders to qualify for an exemption from backup withholding, described above, the foreign shareholder must comply with special certification and filing requirements. Foreign shareholders in the Fund should consult their tax advisors in this regard.

**Certain Potential Tax Reporting Requirements.** Under U.S. Treasury regulations, if a shareholder recognizes a loss on disposition of the Shares of $2 million or more for an individual shareholder or $10 million or more for a corporate shareholder (or certain greater amounts over a combination of years), the shareholder must file with the IRS a disclosure statement on IRS 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. Significant penalties may be imposed for the failure to comply with the reporting requirements. The fact that a loss is reportable under these regulations does not affect the legal determination of whether the taxpayer's treatment of the loss is proper. Shareholders should consult their tax advisors to determine the applicability of these regulations in light of their individual circumstances.

**Other Issues.** In those states which have income tax laws, the tax treatment of the Fund and of Fund shareholders with respect to distributions by the Fund may differ from federal tax treatment**.**

**FINANCIAL STATEMENTS**

Financial Statements and Annual Reports will be available after the Fund has completed a fiscal year of operations. When available, you may request a copy of the Fund's Annual Report at no charge by calling 1-888-808-2280 or through the Fund's website at www.paretoetf.com.

**PART C**

**OTHER INFORMATION**

---

| | | |
|:---|:---|:---|
| **Item 28** | **Exhibits** | **Exhibits** |
| (a) (i) | [Certificate of Trust of Impact Shares Fund Trust I (the "Trust" or the "Registrant") dated May 19, 2016](http://www.sec.gov/Archives/edgar/data/1722388/000199937124008190/ex99-ai.htm), previously filed with Post-Effective Amendment No. 44 on Form N-1A on July 2, 2024 and is incorporated herein by reference. | [Certificate of Trust of Impact Shares Fund Trust I (the "Trust" or the "Registrant") dated May 19, 2016](http://www.sec.gov/Archives/edgar/data/1722388/000199937124008190/ex99-ai.htm), previously filed with Post-Effective Amendment No. 44 on Form N-1A on July 2, 2024 and is incorporated herein by reference. |
|  | (i) | [First Amendment to the Certificate of Trust of Impact Shares Trust I (the "Trust" or the "Registrant") dated February 2, 2018](http://www.sec.gov/Archives/edgar/data/1722388/000199937124008190/ex99-aia.htm), previously filed with Post-Effective Amendment No. 44 on Form N-1A on July 2, 2024 and is incorporated herein by reference. |
|  | (ii) | [Second Amendment to the Certificate of Trust of Tidal Trust III (the "Trust" or the "Registrant") dated March 19, 2024](http://www.sec.gov/Archives/edgar/data/1722388/000199937124008190/ex99-aib.htm), previously filed with Post-Effective Amendment No. 44 on Form N-1A on July 2, 2024 and is incorporated herein by reference. |
| (ii) | [Third Amended and Restated Agreement and Declaration of Trust of the Registrant,](http://www.sec.gov/Archives/edgar/data/1722388/000199937124011464/ex99-aii.htm) previously filed with Post-Effective Amendment No. 59 on Form N-1A on September 6, 2024 and is incorporated herein by reference. | [Third Amended and Restated Agreement and Declaration of Trust of the Registrant,](http://www.sec.gov/Archives/edgar/data/1722388/000199937124011464/ex99-aii.htm) previously filed with Post-Effective Amendment No. 59 on Form N-1A on September 6, 2024 and is incorporated herein by reference. |
| (iii) | Organizational Documents for Cayman Subsidiary (for the USCF Daily Target 2X Copper Index ETF). | Organizational Documents for Cayman Subsidiary (for the USCF Daily Target 2X Copper Index ETF). |
|  | (1) | [Investment Advisory Agreement](http://www.sec.gov/Archives/edgar/data/1722388/000199937125000421/ex99-aiii1.htm), previously filed with Post-Effective Amendment No. 94 on Form N-1A on January 17, 2025 and is incorporated herein by reference. |
|  | (2) | [Sub-Advisory Agreement](http://www.sec.gov/Archives/edgar/data/1722388/000199937125000421/ex99-aiii2.htm), previously filed with Post-Effective Amendment No. 94 on Form N-1A on January 17, 2025 and is incorporated herein by reference. |
|  | (3) | [Memorandum and Articles of Association](http://www.sec.gov/Archives/edgar/data/0001722388/000199937125000421/ex99-aiii3.htm), previously filed with Post-Effective Amendment No. 94 on Form N-1A on January 17, 2025 and is incorporated herein by reference. |
|  | (4) | [Certificate of Incorporation](http://www.sec.gov/Archives/edgar/data/1722388/000199937125000421/ex99-aiii4.htm), previously filed with Post-Effective Amendment No. 94 on Form N-1A on January 17, 2025 and is incorporated herein by reference. |
|  | (5) | [Tax Undertaking](http://www.sec.gov/Archives/edgar/data/1722388/000199937125000421/ex99-aiii5.htm), previously filed with Post-Effective Amendment No. 94 on Form N-1A on January 17, 2025 and is incorporated herein by reference. |
|  | (6) | [Private Investment Company Custodian Agreement](http://www.sec.gov/Archives/edgar/data/1722388/000199937125000421/ex99-aiii6.htm), previously filed with Post-Effective Amendment No. 94 on Form N-1A on January 17, 2025 and is incorporated herein by reference. |
| (iv) | Organizational Documents for Cayman Subsidiary (for the PEO AlphaQuest™ Thematic PE ETF). | Organizational Documents for Cayman Subsidiary (for the PEO AlphaQuest™ Thematic PE ETF). |
|  | (1) | [Investment Advisory Agreement](http://www.sec.gov/Archives/edgar/data/1722388/000199937125000454/ex99dxx.htm), previously filed with Post-Effective Amendment No. 95 on Form N-1A on January 17, 2025 and is incorporated herein by reference. |
|  | (2) | [Futures Trading Advisory Agreement](http://www.sec.gov/Archives/edgar/data/1722388/000199937125000454/ex99-aiv2.htm), previously filed with Post-Effective Amendment No. 95 on Form N-1A on January 17, 2025 and is incorporated herein by reference. |
|  |  | (i) [First Amendment to the Futures Trading Agreement](http://www.sec.gov/Archives/edgar/data/1722388/000199937125011720/ex99-aiv2a.htm) – previously filed with Post-Effective Amendment No. 131 on Form N-1A on August 20, 2025 and is incorporated herein by reference. |
|  | (3) | [Memorandum and Articles of Association](http://www.sec.gov/Archives/edgar/data/1722388/000199937125000454/ex99-aiv3.htm), previously filed with Post-Effective Amendment No. 95 on Form N-1A on January 17, 2025 and is incorporated herein by reference. |
|  | (4) | [Certificate of Incorporation](http://www.sec.gov/Archives/edgar/data/1722388/000199937125000454/ex99-aiv4.htm), previously filed with Post-Effective Amendment No. 95 on Form N-1A on January 17, 2025 and is incorporated herein by reference. |
|  | (5) | [Tax Undertaking](http://www.sec.gov/Archives/edgar/data/1722388/000199937125000454/ex99-aiv5.htm), previously filed with Post-Effective Amendment No. 95 on Form N-1A on January 17, 2025 and is incorporated herein by reference. |
|  | (6) | [Private Investment Company Custodian Agreement,](http://www.sec.gov/Archives/edgar/data/1722388/000199937125000454/ex99-aiv6.htm) previously filed with Post-Effective Amendment No. 95 on Form N-1A on January 17, 2025 and is incorporated herein by reference. |
| (v) | Organizational Documents for Cayman Subsidiary (for the Stoneport Advisors Commodity Long Short ETF). | Organizational Documents for Cayman Subsidiary (for the Stoneport Advisors Commodity Long Short ETF). |
|  | (1) | [Investment Advisory Agreement](http://www.sec.gov/Archives/edgar/data/1722388/000199937125013174/ex99-av1.htm), previously filed with Post-Effective Amendment No. 134 on Form N-1A on September 12, 2025 and is incorporated herein by reference. |
|  | (2) | [Memorandum and Articles of Association](http://www.sec.gov/Archives/edgar/data/1722388/000199937125013174/ex99-av2.htm), previously filed with Post-Effective Amendment No. 134 on Form N-1A on September 12, 2025 and is incorporated herein by reference. |
|  | (3) | [Certificate of Incorporation](http://www.sec.gov/Archives/edgar/data/1722388/000199937125013174/ex99-av3.htm), previously filed with Post-Effective Amendment No. 134 on Form N-1A on September 12, 2025 and is incorporated herein by reference. |
|  | (4) | [Tax Undertaking](http://www.sec.gov/Archives/edgar/data/1722388/000199937125013174/ex99-av4.htm), previously filed with Post-Effective Amendment No. 134 on Form N-1A on September 12, 2025 and is incorporated herein by reference. |
|  | (5) | [Private Investment Company Custodian Agreement](http://www.sec.gov/Archives/edgar/data/1722388/000199937125017417/ex99-aiv5.htm), previously filed with Post-Effective Amendment No. 147 on Form N-1A on November 12, 2025, and is incorporated herein by reference. |
| (vi) | Organizational Documents for Cayman Subsidiary (for the Defiance Bitcoin vs Gold ETF). | Organizational Documents for Cayman Subsidiary (for the Defiance Bitcoin vs Gold ETF). |
|  | (1) | [Investment Advisory Agreement](https://www.sec.gov/Archives/edgar/data/1722388/000199937126005991/ex99-avi1.htm), **-** previously filed with Post-Effective Amendment No. 176 on Form N-1A on March 16, 2026, and is incorporated herein by reference |
|  | (2) | [Memorandum and Articles of Association](https://www.sec.gov/Archives/edgar/data/1722388/000199937126005991/ex99-avi2.htm), **-** previously filed with Post-Effective Amendment No. 176 on Form N-1A on March 16, 2026, and is incorporated herein by reference. |
|  | (3) | [Certificate of Incorporation](https://www.sec.gov/Archives/edgar/data/1722388/000199937126005991/ex99-avi3.htm), **-** previously filed with Post-Effective Amendment No. 176 on Form N-1A on March 16, 2026, and is incorporated herein by reference**.** |

---

(4) [Tax Undertaking](https://www.sec.gov/Archives/edgar/data/1722388/000199937126005991/ex99-avi4.htm) , **-** previously filed with Post-Effective Amendment No. 176 on Form N-1A on March 16, 2026, and is incorporated
 herein by reference.

(5) [Private Investment Company Custodian Agreement](https://www.sec.gov/Archives/edgar/data/1722388/000199937126005991/ex99-avi5.htm) , **-** previously filed with Post-Effective Amendment No. 176 on Form N-1A on March
 16, 2026, and is incorporated herein by reference.

(vii) Organizational
 Documents for Cayman Subsidiary (for the Gold vs Bitcoin ETF).

(1) [Investment Advisory Agreement](http://www.sec.gov/Archives/edgar/data/1722388/000199937126005991/ex99-avii1.htm) , **-** previously filed with Post-Effective Amendment No. 176 on Form N-1A on March 16, 2026, and is incorporated
 herein by reference.

(2) [Memorandum and Articles of Association](https://www.sec.gov/Archives/edgar/data/1722388/000199937126005991/ex99-avii2.htm) , **-** previously filed with Post-Effective Amendment No. 176 on Form N-1A on March 16, 2026,
 and is incorporated herein by reference.

(3) [Certificate of Incorporation](https://www.sec.gov/Archives/edgar/data/1722388/000199937126005991/ex99-avii3.htm) , **-** previously filed with Post-Effective Amendment No. 176 on Form N-1A on March 16, 2026, and is incorporated
 herein by reference.

(4) [Tax Undertaking](https://www.sec.gov/Archives/edgar/data/1722388/000199937126005991/ex99-avii4.htm) , **-** previously filed with Post-Effective Amendment No. 176 on Form N-1A on March 16, 2026, and is incorporated
 herein by reference.

(5) [Private Investment Company Custodian Agreement](https://www.sec.gov/Archives/edgar/data/1722388/000199937126005991/ex99-avii5.htm) , **-** previously filed with Post-Effective Amendment No. 176 on Form N-1A on March
 16, 2026, and is incorporated herein by reference.

(viii) Organizational
 Documents for Cayman Subsidiary (for the RCN Pareto Strategic Allocation ETF).

(1) [Investment Advisory Agreement , **- filed herewith.**](ex99-aviii1.htm)

(2) [Subsidiary Sub-Advisory Agreement – **filed herewith.**](ex99-aviii2.htm)

(3) [Memorandum and Articles of Association , **- filed herewith.**](ex99-aviii3.htm)

(4) [Certificate of Incorporation , **- filed herewith.**](ex99-aviii4.htm)

(5) [Tax Undertaking , **- filed herewith.**](ex99-aviii5.htm)

(6) [Form of Private Investment Company Custodian Agreement](ex99-aviii6.htm) , **- filed herewith.** 

(b) [Amended and Restated By-laws of the Registrant dated December 11, 2025](http://www.sec.gov/Archives/edgar/data/1722388/000199937126001056/ex99-b.htm) , previously filed with Post-Effective Amendment No. 164 on Form N-1A on January 16, 2026, and is incorporated herein by reference.

(c) [Instruments defining rights of security holders with respect to the Registrant are contained in the Third Amended and Restated Agreement and Declaration of Trust and Amended and Restated By-Laws,](http://www.sec.gov/Archives/edgar/data/1722388/000199937124011464/ex99-aii.htm) which are incorporated herein by reference to Post-Effective Amendment No. 59 on Form N-1A on September 6, 2024.

(d) (i) [Amended and Restated Investment Advisory Agreement](http://www.sec.gov/Archives/edgar/data/1722388/000119312521257394/d221608dex99d2.htm) between the Registrant (with respect to Impact Shares NAACP Minority Empowerment ETF and Impact Shares Women's Empowerment ETF) and Impact Shares, Corp., dated July 16, 2021, is incorporated herein by reference to Post-Effective Amendment No. 20 to Registrant's Registration Statement on Form N-1A, File No. 333-221764, filed on August 26, 2021.

(i) [First Amendment to Amended and Restated Investment Advisory Agreement (with respect to the Impact Shares Women's Empowerment ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000119312523265072/d503370dex99d1i.htm) , previously filed with Post-Effective Amendment No. 37 on Form N-1A October 27, 2023 and is incorporated herein by reference.

(ii) [Investment Advisory Agreement between Registrant (for the Impact Shares Women's Empowerment ETF), and Tidal Investments, LLC (formerly, Toroso Investments, LLC)](http://www.sec.gov/Archives/edgar/data/1722388/000119312523265072/d503370dex99d3.htm) , previously filed with Post-Effective Amendment No. 37 on Form N-1A on October 27, 2023 and is incorporated herein by reference.

(iii) [Investment Advisory Agreement between the Trust (for Rockefeller Opportunistic Municipal Bond ETF, Rockefeller California Municipal Bond ETF, Rockefeller New York Municipal Bond ETF, Rockefeller U.S. Small-Mid Cap ETF and Rockefeller Global Equity ETF) and Tidal Investments LLC](http://www.sec.gov/Archives/edgar/data/1722388/000199937124009575/ex99-div.htm) , previously filed with Post-Effective Amendment No. 49 on Form N-1A on August 5, 2024 and is incorporated herein by reference.

(iv) [Investment Advisory Agreement between the Trust (for TradersAI Large Cap Equity & Cash ETF) and Tidal Investments LLC,](http://www.sec.gov/Archives/edgar/data/1722388/000199937124009561/ex99-dv.htm) previously filed with Post-Effective Amendment No. 48 on Form N-1A on August 5, 2024 and is incorporated herein by reference.

(v) [Investment Advisory Agreement between the Trust (for 4E Quality Growth ETF) and Tidal Investments LLC](http://www.sec.gov/Archives/edgar/data/1722388/000199937124011464/ex99-dvi.htm) , previously filed with Post-Effective Amendment No. 59 on Form N-1A on September 6, 2024 and is incorporated herein by reference.

(vi) [Investment Advisory Agreement between the Trust (for GammaRoad Market Navigation ETF) and Tidal Investments LLC](http://www.sec.gov/Archives/edgar/data/1722388/000199937124010374/ex99-dvii.htm) , previously filed with Post-Effective Amendment No. 55 on Form N-1A on August 20, 2024 and is incorporated herein by reference.

(vii) [Investment Advisory Agreement between the Trust (for VistaShares Artificial Intelligence Supercycle ETF and VistaShares Electrification Supercycle ETF) and Tidal Investments LLC](http://www.sec.gov/Archives/edgar/data/1722388/000199937124011878/ex99-dviii.htm) , previously filed with Post-Effective Amendment No. 61 on Form N-1A on September 13, 2024 and is incorporated herein by reference.

(i) [First Amendment to Investment to the Advisory Agreement (for the VistaShares Target 15 Berkshire Select Income ETF, VistaShares Target 15 USA Momentum Income ETF, VistaShares Target 15 USA Value Income ETF, VistaShares Target 15 USA Quality Income ETF, and VistaShares Target 15 USA Low Volatility Income ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000183988225012151/ex99-dviiia.htm) **,** previously filed with Post-Effective
 Amendment No. 103 on Form N-1A on February 28, 2025 and is incorporated herein by reference **.** 

(ii) [Second Amendment to the Investment Advisory Agreement (for VistaShares Animal Spirits Strategy ETF and VistaShares Animal Spirits Daily 2X Strategy ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937125006919/ex99-dviiib.htm) , previously filed with Post-Effective Amendment No. 118 on Form N-1A on May 30, 2025 and is incorporated herein by reference **.** 

(iii) [Third Amendment to the Investment Advisory Agreement (for the VistaShares ACKtivist Select ETF, VistaShares Target 15 ACKtivist Distribution ETF, VistaShares BigShort Select ETF, VistaShares Target 15 BigShort Distribution ETF, VistaShares DRUKMacro Select ETF, VistaShares Target 15 DRUKMacro Distribution ETF and VistaShares Berkshire Select ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937125011565/ex99-dviiic.htm) , previously filed with Post-Effective Amendment No. 128 on Form N-1A on August 18, 2025 and is incorporated herein by reference.

(iv) [Fourth Amendment to the Investment Advisory Agreement (for the VistaShares BitBonds 1-3 Yr Enhanced Weekly Distribution Option Income ETF, VistaShares BitBonds 5 Yr Enhanced Weekly Distribution Option Income ETF, VistaShares BitBonds 10 Yr Enhanced Weekly Distribution Option Income ETF and VistaShares BitBonds 20 Yr Enhanced Weekly Distribution Option Income ETF, VistaShares Bitcoin Treasury Income ETF, VistaShares Ethereum Treasury Income ETF, VistaShares Ethereum Treasury ETF, VistaShares IPO and Income ETF, VistaShares Target 15<sup>TM</sup>International Innovators Distribution ETF, VistaShares Target 15<sup>TM</sup> European High Dividend Payers Distribution ETF, VistaShares Target 15<sup>TM</sup> Global 100 Distribution ETF, and VistaShares Target 15<sup>TM</sup> S&P 100 Distribution ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937125018788/ex99-dviiiiv.htm) , previously filed with Post-Effective Amendment No. 152 on Form N-1A on November 26, 2025 and is incorporated herein by reference.

(v) [Fifth Amendment to the Investment Advisory Agreement (for the VistaShares DIVBoost Dividend Nobles Distribution ETF, VistaShares DIVBoost Dividend Kings Distribution ETF, VistaShares DIVBoost Sector Distribution ETF, VistaShares DIVBoost Utilities Distribution ETF, VistaShares DIVBoost High Yield Bond Distribution ETF, VistaShares DIVBoost REIT Distribution ETF, VistaShares DIVBoost Energy Distribution ETF, VistaShares TEPRTantrum Contrarian Select ETF, VistaShares Target 15 TEPRTantrum Contrarian Distribution ETF, VistaShares TPLoeb Event Driven?Select ETF, VistaShares Target 15 TPLoeb Event Driven Distribution ETF, VistaShares TIGR Cub NextGen Select ETF, VistaShares Target 15 TIGR Cub NextGen Distribution ETF, VistaShares LAFFTech Select ETF, VistaShares Target 15 LAFFTech Distribution ETF, VistaShares HRVD Select ETF, VistaShares Target 15 HRVD Distribution ETF, VistaShares GATE Endowment Select ETF, VistaShares Target 15 GATE Endowment Distribution ETF, VistaShares Gulf Sovereign Select ETF, VistaShares Target 15 Gulf Sovereign Distribution ETF, VistaShares Nordic Wealth Select ETF and VistaShares Target 15 Nordic Wealth Distribution ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937126000498/ex99-dviiiv.htm) , previously filed with Post-Effective Amendment No. 161 on Form N-1A on January 8, 2026 and is incorporated herein
 by reference.

(viii) [Investment Advisory Agreement between the Trust (for Fundstrat Granny Shots US Large Cap ETF) and Tidal Investments LLC](http://www.sec.gov/Archives/edgar/data/1722388/000199937124013611/ex99-dix.htm) , previously filed with Post-Effective Amendment No. 67 on Form N-1A on October 21, 2024 and is incorporated herein by reference

(i) [First Amendment to the Investment Advisory Agreement (for the Fundstrat Granny Shots US Small- & Mid-Cap ETF and Fundstrat Granny Shots US Large Cap & Income ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937125017305/ex99-dixa.htm) , previously filed with Post-Effective Amendment No. 146 on Form N-1A on November 11, 2025 and is incorporated herein by reference.

(ix) [Investment Advisory Agreement between the Trust (for Ned Davis Research 360º Dynamic Allocation ETF and Ned Davis Research 360º Core Equity ETF) and Tidal Investments LLC](http://www.sec.gov/Archives/edgar/data/1722388/000199937124013325/ex99-dx.htm) , previously filed with Post-Effective Amendment No. 64 on Form N-1A on October 15, 2024 and is incorporated herein by reference.

(x) [Investment Advisory Agreement between the Trust (for Ninepoint Energy ETF and Ninepoint Energy Income ETF) and Tidal Investments LLC,](http://www.sec.gov/Archives/edgar/data/1722388/000199937124013561/ex99-dxi.htm) previously filed with Post-Effective Amendment No. 66 on Form N-1A on October 18, 2024 and is incorporated herein by reference.

(xi) [Investment Advisory Agreement between the Trust (for The Beehive ETF) and Tidal Investments LLC](http://www.sec.gov/Archives/edgar/data/1722388/000183988224044274/ex99-dxii.htm) , previously filed with Post-Effective Amendment No. 80 on Form N-1A on December 9, 2024 and is incorporated herein by reference.

(xii) [Investment Advisory Agreement between the Trust (for NestYield Total Return Guard ETF, NestYield Dynamic Income ETF and NestYield Visionary ETF) and Tidal Investments LLC](http://www.sec.gov/Archives/edgar/data/1722388/000183988224046509/ex99-dxv.htm) **,** previously filed with Post-Effective Amendment No. 85 on Form N-1A on December 20, 2024 and is incorporated herein by reference.

(xiii) [Investment Advisory Agreement between the Trust (for USCF Daily Target 2X Copper Index ETF) and Tidal Investments LLC](http://www.sec.gov/Archives/edgar/data/1722388/000199937125000421/ex99-dxvi.htm) , previously filed with Post-Effective Amendment No. 94 on Form N-1A on January 17, 2025 and is incorporated herein by reference.

(xiv) [Investment Advisory Agreement between the Trust (for Battleshares™ NVDA vs INTC ETF, Battleshares™ AMZN vs M ETF, Battleshares™ COIN vs WFC ETF, Battleshares™ MSTR vs JPM ETF, Battleshares™ NFLX vs CMCSA ETF, Battleshares™ LLY vs YUM ETF and Battleshares™ GOOGL vs NYT ETF) and Tidal Investments LLC](http://www.sec.gov/Archives/edgar/data/1722388/000183988225003535/ex99-dxvii.htm) **,** previously filed with Post-Effective Amendment No. 96 on Form N-1A on January 23, 2025 and is incorporated herein by reference.

(i) [First Amendment to Investment Advisory Agreement (for the Defiance Bitcoin vs Ether ETF, Defiance Ether vs Bitcoin ETF, Defiance Bitcoin vs Gold ETF and Defiance Gold vs Bitcoin ETF](https://www.sec.gov/Archives/edgar/data/1722388/000199937126005991/ex99-dxivi.htm)) – previously filed with Post-Effective Amendment No. 176 on Form N-1A on
 March 16, 2026, and is incorporated herein by reference.

(xv) [Investment Advisory Agreement between the Trust (for TH GARP Global Rising Leaders ETF and TH GARP India Rising Leaders ETF) and Tidal Investments LLC](http://www.sec.gov/Archives/edgar/data/1722388/000183988225001662/ex99-dxix.htm) , previously filed with Post-Effective Amendment No. 91 on Form N-1A on January 13, 2025, and is incorporated herein by reference.

(xvi) [Investment Advisory Agreement between the Trust (for PEO AlphaQuest™ Thematic PE ETF) and Tidal Investments LLC](http://www.sec.gov/Archives/edgar/data/1722388/000199937125000454/ex99dxx.htm) , previously filed with Post-Effective Amendment No. 95 on Form N-1A on January 17, 2025 and is incorporated herein by reference.

(xvii) [Investment Advisory Agreement between the Trust (for World Dynamic Momentum Leaders ETF) and Tidal Investments LLC](http://www.sec.gov/Archives/edgar/data/1722388/000183988225003999/ex99-dxxi.htm) , previously filed with Post-Effective Amendment No. 98 on Form N-1A on January 27, 2025 and is incorporated herein by reference.

(xviii) [Investment Advisory Agreement between the Trust (for Intech S&P Large Cap Diversified Alpha ETF and Intech S&P Small-Mid Cap Diversified Alpha ETF) and Tidal Investments LLC](http://www.sec.gov/Archives/edgar/data/1722388/000199937125006488/ex99-dxxii.htm) , previously filed with Post-Effective Amendment No. 113 on Form N-1A on May 21, 2025 and is incorporated herein by reference.

(xix) [Investment Advisory Agreement between the Trust (for MRP SynthEquity ETF) and Tidal Investments LLC](http://www.sec.gov/Archives/edgar/data/1722388/000199937125007354/ex99-dxxi.htm) , previously filed with Post-Effective Amendment No. 120 on Form N-1A on June 6, 2025 and is incorporated herein by reference.

(xx) [Investment Advisory Agreement between the Trust (for Alpha Brands™ Consumption Leaders ETF) and Tidal Investments LLC](http://www.sec.gov/Archives/edgar/data/1722388/000199937125006488/ex99-dxxii.htm) , previously filed with Post-Effective Amendment No. 113 on Form N-1A on May 21, 2025 and is incorporated herein by reference.

(xxi) [Investment Advisory Agreement between the Trust (for Stoneport Advisors Commodity Long Short ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937125013174/ex99-av1.htm) and Tidal Investments LLC, previously filed with Post-Effective Amendment No. 134 on Form N-1A on September 12, 2025 and is incorporated herein by reference.

(xxii) [Investment Advisory Agreement between the Trust (for NovaTide Flexible Allocation ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937125013196/ex99-dxxvii.htm) and Tidal Investments LLC, previously filed with Post-Effective Amendment No. 135 on Form N-1A on September 12, 2025 and is incorporated herein by reference.

(xxiii) [Investment Advisory Agreement between the Trust (for RCN Pareto Strategic Allocation ETF) and Tidal Investments LLC – **filed herewith.**](ex99-dxxiii.htm)

(xxiv) Investment Advisory Agreement between the Trust (for U.S. Defense ETF) and Tidal Investments LLC – **to be filed by amendment.**

(xxv) Investment Advisory Agreement between the Trust (for Worth Charting Options Income ETF) and Tidal Investments LLC – **to be filed by amendment.**

(xxvi) Investment Advisory Agreement between the Trust (for Apex Consolidated Income ETF) and Tidal Investments LLC – **to be filed by amendment.**

(xxvii) [Investment Sub-Advisory Agreement between Tidal Investments LLC and Rockefeller Asset Management (for Rockefeller Opportunistic Municipal Bond ETF, Rockefeller California Municipal Bond ETF, Rockefeller New York Municipal Bond ETF, Rockefeller U.S. Small-Mid Cap ETF and Rockefeller Global Equity ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937124009575/ex99-dxii.htm) , previously filed with Post-Effective Amendment No. 49 on Form N-1A on August 5, 2024 and is incorporated herein by reference.

(xxviii) [Investment Sub-Advisory Agreement between Tidal Investments LLC and Route 20 Private Wealth Inc. (for 4E Quality Growth ETF),](http://www.sec.gov/Archives/edgar/data/1722388/000199937124011464/ex99-dxvii.htm) previously filed with Post-Effective Amendment No. 59 on Form N-1A on September 6, 2024 and is incorporated herein by reference.

(xxviii) [Investment Sub-Advisory Agreement between Tidal Investments LLC and VistaShares Advisors LLC (for VistaShares Artificial Intelligence Supercycle ETF and VistaShares Electrification Supercycle ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937124011878/ex99-dxix.htm) , previously filed with Post-Effective Amendment No. 61 on Form N-1A on September 13, 2024 and is incorporated herein by reference.

(i) [First Amendment to Investment Sub-Advisory Agreement (for the VistaShares Target 15 Berkshire Select Income ETF, VistaShares Target 15 USA Momentum Income ETF, VistaShares Target 15 USA Value Income ETF, VistaShares Target 15 USA Quality Income ETF, and VistaShares Target 15 USA Low Volatility Income ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000183988225012151/ex99-dxxviia.htm) , previously filed with Post-Effective Amendment No. 103 on Form N-1A on February 28, 2025 and is incorporated herein by reference.

(ii) [Second Amendment to the Investment Sub-Advisory Agreement (for VistaShares Animal Spirits Strategy ETF and VistaShares Animal Spirits Daily 2X Strategy ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937125006919/ex99-dxxxb.htm) ,previously filed with Post-Effective Amendment No. 118 on Form N-1A on May 30, 2025 and is incorporated herein by reference **.** 

(iii) [Third Amendment to Investment Sub-Advisory Agreement](http://www.sec.gov/Archives/edgar/data/1722388/000199937125011565/ex99-dxxxiic.htm) (for the VistaShares ACKtivist Select ETF, VistaShares Target 15 ACKtivist Distribution ETF, VistaShares BigShort Select ETF, VistaShares Target 15 BigShort Distribution ETF, VistaShares DRUKMacro Select ETF, VistaShares Target 15 DRUKMacro Distribution ETF and VistaShares Berkshire Select ETF), previously filed with Post-Effective Amendment No. 128 on Form N-1A on August 18, 2025 and is incorporated herein by reference **.** 

(iv) [Fourth Amendment to Investment Sub-Advisory Agreement (for the VistaShares BitBonds 1-3 Yr Enhanced Weekly Distribution Option Income ETF, VistaShares BitBonds 5 Yr Enhanced Weekly Distribution Option Income ETF, VistaShares BitBonds 10 Yr Enhanced Weekly Distribution Option Income ETF and VistaShares BitBonds 20 Yr Enhanced Weekly Distribution Option Income ETF, VistaShares Bitcoin Treasury Income ETF, VistaShares Ethereum Treasury Income ETF, VistaShares Ethereum Treasury ETF and VistaShares IPO and Income ETF, VistaShares Target 15<sup>TM</sup> International Innovators Distribution ETF, VistaShares Target 15<sup>TM</sup> European High Dividend Payers Distribution ETF, VistaShares Target 15<sup>TM</sup> Global 100 Distribution ETF, and VistaShares Target 15<sup>TM</sup> S&P 100 Distribution ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937125018788/ex99-dxxxiv.htm) , previously filed with Post-Effective Amendment No. 152 on Form N-1A on November 26, 2025 and is incorporated herein by reference.

(v) [Fifth Amendment to Investment Sub-Advisory Agreement (for the VistaShares DIVBoost Dividend Nobles Distribution ETF, VistaShares DIVBoost Dividend Kings Distribution ETF, VistaShares DIVBoost Sector Distribution ETF, VistaShares DIVBoost Utilities Distribution ETF, VistaShares DIVBoost High Yield Bond Distribution ETF, VistaShares DIVBoost REIT Distribution ETF, VistaShares DIVBoost Energy Distribution ETF, VistaShares TEPRTantrum Contrarian Select ETF, VistaShares Target 15 TEPRTantrum Contrarian Distribution ETF, VistaShares TPLoeb Event Driven Select ETF, VistaShares Target 15 TPLoeb Event Driven Distribution ETF, VistaShares TIGR Cub NextGen Select ETF, VistaShares Target 15 TIGR Cub NextGen Distribution ETF, VistaShares LAFFTech Select ETF, VistaShares Target 15 LAFFTech Distribution ETF, VistaShares HRVD Select ETF, VistaShares Target 15 HRVD Distribution ETF, VistaShares GATE Endowment Select ETF, VistaShares Target 15 GATE Endowment Distribution ETF, VistaShares Gulf Sovereign Select ETF, VistaShares Target 15 Gulf Sovereign Distribution ETF, VistaShares Nordic Wealth Select ETF and VistaShares Target 15 Nordic Wealth Distribution ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937126000498/ex99-dxxxv.htm) , previously filed with Post-Effective Amendment No. 161 on Form N-1A on January 8, 2026 and is incorporated herein by reference.

(xxx) [Investment Sub-Advisory Agreement between Tidal Investments LLC and Fundstrat Capital, LLC (for Fundstrat Granny Shots US Large Cap ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937124013611/ex99-dxxiii.htm) , previously filed with Post-Effective Amendment No. 67 on Form N-1A on October 21, 2024 and is incorporated herein by reference.

(i) [First Amendment to the Investment Sub-Advisory Agreement (for the Fundstrat Granny Shots US Small- & Mid-Cap ETF and Fundstrat Granny Shots US Large Cap & Income ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937125017305/ex99-dxxxia.htm) , previously filed with Post-Effective Amendment No. 146 on Form N-1A on November 11, 2025 and is incorporated herein by reference.

(xxxi) [Investment Sub-Advisory Agreement between Tidal Investments LLC and Ned Davis Research Inc. (for Ned Davis Research 360º Dynamic Allocation ETF and Ned Davis Research 360º Core Equity ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937124013325/ex99-dxxii.htm) , previously filed with Post-Effective Amendment No. 64 on Form N-1A on October 15, 2024 and is incorporated herein by reference.

(xxxii) [Investment Sub-Advisory Agreement between Tidal Investments LLC and Ninepoint Partners LP (for Ninepoint Energy ETF and Ninepoint Energy Income ETF),](http://www.sec.gov/Archives/edgar/data/1722388/000199937124013561/ex99-dxxv.htm) previously filed with Post-Effective Amendment No. 66 on Form N-1A on October 18, 2024 and is incorporated herein by reference.

(xxxiii) [Investment Sub-Advisory Agreement between Tidal Investments LLC and Cannell & Spears LLC (for The Beehive ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000183988224044274/ex99-dxxx.htm) , previously filed with Post-Effective Amendment No. 80 on Form N-1A on December 9, 2024 and is incorporated herein by reference **.**

(xxxiv) [Investment Sub-Advisory Agreement between Tidal Investments LLC and Nest Egg ETFs, LLC. (for NestYield Total Return Guard ETF, NestYield Dynamic Income ETF and NestYield Visionary ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000183988224046509/ex99-dxxxv.htm) **,** previously filed with Post-Effective Amendment No. 85 on Form N-1A on December 20, 2024 and is incorporated herein by reference.

(xxxv) [Investment Sub-Advisory Agreement between Tidal Investments LLC and USCF Advisers LLC (for USCF Daily Target 2X Copper Index ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937125000421/ex99-dxxxvi.htm) , previously filed with Post-Effective Amendment No. 94 on Form N-1A on January 17, 2025 and is incorporated herein by reference.

(xxxvi) [Investment Sub-Advisory Agreement between Tidal Investments LLC and TH GARP ETFS LTD (for TH GARP Global Rising Leaders ETF and TH GARP India Rising Leaders ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000183988225001662/ex99-dxxxvii.htm) , previously filed with Post-Effective Amendment No. 91 on Form N-1A on January 13, 2025, and is incorporated herein by reference.

(xxxvii) [Investment Sub-Advisory Agreement between Tidal Investments LLC and PEO Partners, LLC (for PEO AlphaQuest™ Thematic PE ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937125000454/ex99-dxxxviii.htm) , previously filed with Post-Effective Amendment No. 95 on Form N-1A on January 17, 2025 and is incorporated herein by reference.

(i) [First Amendment to the Investment Sub-Advisory Agreement (for PEO AlphaQuest™ Thematic PE ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937125011720/ex99-dxla.htm) – previously filed with Post-Effective Amendment No. 131 on Form N-1A on August 20, 2025 and is incorporated herein by reference.

(xxxviii) [Investment Sub-Advisory Agreement between Tidal Investments LLC and AlphaQuest LLC (for PEO AlphaQuest™ Thematic PE ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937125000454/ex99-dxxxix.htm) , previously filed with Post-Effective Amendment No. 95 on Form N-1A on January 17, 2025 and is incorporated herein by reference.

(xxxix) [Investment Sub-Advisory Agreement between Tidal Investments LLC and Intech Investment Management LLC (for Intech S&P Large Cap Diversified Alpha ETF and Intech S&P Small-Mid Cap Diversified Alpha ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937125007354/ex99-dxli.htm) , previously filed with Post-Effective Amendment No. 120 on Form N-1A on June 6, 2025 and is incorporated herein by reference.

(xl) [Investment Sub-Advisory Agreement between Tidal Investments LLC and Measured Risk Portfolios, Inc. (for MRP SynthEquity ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937125007354/ex99-dxlii.htm) , previously filed with Post-Effective Amendment No. 120 on Form N-1A on June 6, 2025 and is incorporated herein by reference.

(xli) [Investment Sub-Advisory Agreement between Tidal Investments LLC and Accuvest Global Advisors Inc. (for Alpha Brands™ Consumption Leaders ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937125006488/ex99-dxli.htm) , previously filed with Post-Effective Amendment No. 113 on Form N-1A on May 21, 2025 and is incorporated herein by reference.

(xlii) [Investment Sub-Advisory Agreement between Tidal Investments LLC and Harmonic Capital, LLC (for NovaTide Flexible Allocation ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937125013196/ex99-dxlvii.htm) , previously filed with Post-Effective Amendment No. 135 on Form N-1A on September 12, 2025 and is incorporated herein by reference.

(xliii) [Investment Sub-Advisory Agreement between Tidal Investments LLC and RCN Wealth Advisors, Inc. (for RCN Pareto Strategic Allocation ETF) – **filed herewith.**](ex99-dxliii.htm)

(xlv) Investment Sub-Advisory Agreement between Tidal Investments LLC and Worth Charting Group LLC (for Worth Charting Options Income ETF) – **to be filed by amendment.**

(xliv) Investment Sub-Advisory Agreement between Tidal Investments LLC and Hohimer Wealth Management, LLC (for Apex Consolidated Income ETF) – **to be filed by amendment.**

(e) (i) [Distribution Agreement between the Trust and Foreside Fund Services, LLC](http://www.sec.gov/Archives/edgar/data/1722388/000199937124008190/ex99-eiv.htm) , previously filed with Post-Effective Amendment No. 44 on Form N-1A on July 2, 2024 and is incorporated herein by reference.

(i) [Second Amendment to the Distribution Agreement between the Trust and Foreside Fund Services, LLC, (adding Rockefeller Opportunistic Municipal Bond ETF, Rockefeller California Municipal Bond ETF, Rockefeller New York Municipal Bond ETF, Rockefeller U.S. Small-Mid Cap ETF, Rockefeller Global Equity ETF, TradersAI Large Cap Equity & Cash ETF, 4E Quality Growth ETF and GammaRoad Market Navigation ETF),](http://www.sec.gov/Archives/edgar/data/1722388/000199937124009561/ex99-eivii.htm) previously filed with Post-Effective Amendment No. 48 on Form N-1A on August 5, 2024 and is incorporated herein by reference.

(ii) [Third Amendment to the Distribution Agreement between the Trust and Foreside Fund Services, LLC, (adding Impact Shares Women's Empowerment ETF, Impact Shares NAACP Minority Empowerment ETF, VistaShares Artificial Intelligence Supercycle ETF and VistaShares Electrification Supercycle ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937124011464/ex99-eiiiii.htm) , previously filed with Post-Effective Amendment No. 59 on Form N-1A on September 6, 2024 and is incorporated herein by reference.

(iii) [Fifth Amendment to the Distribution Agreement between the Trust and Foreside Fund Services, LLC, (adding Fundstrat Granny Shots US Large Cap ETF, Ned Davis Research 360º Dynamic Allocation ETF, Ned Davis Research 360º Core Equity ETF, Ninepoint Energy ETF and Ninepoint Energy Income)](http://www.sec.gov/Archives/edgar/data/1722388/000199937124013325/ex99-eiv.htm), previously filed with Post-Effective Amendment No. 64 on Form N-1A on October 15, 2024 and is incorporated herein by reference.

(iv) [Sixth Amendment to the Distribution Agreement between the Trust and Foreside Fund Services, LLC, (adding The Beehive ETF,NestYield Total Return Guard ETF, NestYield Dynamic Income Shield ETF, NestYield Visionary ETF andUSCF Daily Target 2X Copper Index ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000183988224044274/ex99-eivi.htm), previously filed with Post-Effective Amendment No. 80 on Form N-1A on December 9, 2024 and is incorporated herein by reference**.**

(v) [Seventh Amendment to the Distribution Agreement between the Trust and Foreside Fund Services, LLC, (addingBattleshares™ NVDA vs INTC ETF, Battleshares™ AMZN vs M ETF, Battleshares™ COIN vs WFC ETF, Battleshares™ MSTR vs JPM ETF, Battleshares™ NFLX vs CMCSA ETF, Battleshares™ LLY vs YUM ETF, Battleshares™ GOOGL vs NYT ETF, TH GARP Global Rising Leaders ETF and TH GARP India Rising Leaders ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000183988225001662/ex99-evii.htm), previously filed with Post-Effective Amendment No. 91 on Form N-1A on January 13, 2025, and is incorporated herein by reference.

(vi) [Eighth Amendment to the Distribution Agreement between the Trust and Foreside Fund Services, LLC, (adding PEO AlphaQuest™ Thematic PE ETF, World Dynamic Momentum Leaders ETF, VistaShares Target 15 Berkshire Select Income ETF, VistaShares Target 15 USA Momentum Income ETF, VistaShares Target 15 USA Value Income ETF, VistaShares Target 15 USA Quality Income ETF and VistaShares Target 15 USA Low Volatility Income ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937125000454/ex99-eiviii.htm), previously filed with Post-Effective Amendment No. 95 on Form N-1A on January 17, 2025 and is incorporated herein by reference.

(vii) [Ninth Amendment to the Distribution Agreement between the Trust and Foreside Fund Services, LLC, (adding Intech S&P Large Cap Diversified Alpha ETF, Intech S&P Small-Mid Cap Diversified Alpha ETF and MRP SynthEquity ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937125006488/ex99-eix.htm), previously filed with Post-Effective Amendment No. 113 on Form N-1A on May 21, 2025 and is incorporated herein by reference.

(viii) [Tenth Amendment to the Distribution Agreement between the Trust and Foreside Fund Services, LLC, (adding Alpha Brands™ Consumption Leaders ETF, VistaShares Animal Spirits Strategy ETF and VistaShares Animal Spirits Daily 2X Strategy ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937125006488/ex99-ex.htm), previously filed with Post-Effective Amendment No. 113 on Form N-1A on May 21, 2025 and is incorporated herein by reference.

(ix) [Twelfth Amendment to the Distribution Agreement between the Trust and Foreside Fund Services, LLC, (adding Defiance Bitcoin vs Ether ETF, Defiance Ether vs Bitcoin ETF, Defiance Bitcoin vs Gold ETF, Defiance Gold vs Bitcoin ETF, VistaShares ACKtivist Select ETF, VistaShares Target 15 ACKtivist Distribution ETF, VistaShares BigShort Select ETF, VistaShares Target 15 BigShort Distribution ETF, VistaShares DRUKMacro Select ETF, VistaShares Target 15 DRUKMacro Distribution ETF and VistaShares Berkshire Select ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937125011565/ex99-eixii.htm), previously filed with Post-Effective Amendment No. 128 on Form N-1A on August 18, 2025 and is incorporated herein by reference.

(x) [Thirteenth Amendment to the Distribution Agreement between the Trust and Foreside Fund Services, LLC, (adding Stoneport Advisors Commodity Long Short ETF and NovaTide Flexible Allocation ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937125014818/ex99-exiii.htm), previously filed with Post-Effective Amendment No. 139 on Form N-1A on October 7, 2025 and is incorporated herein by reference.

(xi) [Fourteenth Amendment to the Distribution Agreement between the Trust and Foreside Fund Services, LLC, (adding VistaShares BitBonds 1-3 Yr Enhanced Weekly Distribution Option Income ETF, VistaShares BitBonds 5 Yr Enhanced Weekly Distribution Option Income ETF, VistaShares BitBonds 10 Yr Enhanced Weekly Distribution Option Income ETF and VistaShares BitBonds 20 Yr Enhanced Weekly Distribution Option Income ETF, VistaShares Bitcoin Treasury Income ETF, VistaShares Ethereum Treasury Income ETF, VistaShares Ethereum Treasury ETF, VistaShares IPO and Income ETF, VistaShares Target 15<sup>TM</sup> International Innovators Distribution ETF, VistaShares Target 15<sup>TM</sup> European High Dividend Payers Distribution ETF, VistaShares Target 15<sup>TM</sup> Global 100 Distribution ETF, VistaShares Target 15<sup>TM</sup> S&P 100 Distribution ETF, Fundstrat Granny Shots US Small- & Mid-Cap ETF and Fundstrat Granny Shots US Large Cap & Income ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937125017305/ex99-eixiv.htm), previously filed with Post-Effective Amendment No. 146 on Form N-1A on November 11, 2025 and is incorporated herein by reference.

(xii) [Fifteenth Amendment to the Distribution Agreement between the Trust and Foreside Fund Services, LLC, (adding VistaShares DIVBoost Dividend Nobles Distribution ETF, VistaShares DIVBoost Dividend Kings Distribution ETF, VistaShares DIVBoost Sector Distribution ETF, VistaShares DIVBoost Utilities Distribution ETF, VistaShares DIVBoost High Yield Bond Distribution ETF, VistaShares DIVBoost REIT Distribution ETF, VistaShares DIVBoost Energy Distribution ETF, VistaShares TEPRTantrum Contrarian Select ETF, VistaShares Target 15 TEPRTantrum Contrarian Distribution ETF, VistaShares TPLoeb Event Driven Select ETF, VistaShares Target 15 TPLoeb Event Driven Distribution ETF, VistaShares TIGR Cub NextGen Select ETF, VistaShares Target 15 TIGR Cub NextGen Distribution ETF, VistaShares LAFFTech Select ETF, VistaShares Target 15 LAFFTech Distribution ETF, VistaShares HRVD Select ETF, VistaShares Target 15 HRVD Distribution ETF, VistaShares GATE Endowment Select ETF, VistaShares Target 15 GATE Endowment Distribution ETF, VistaShares Gulf Sovereign Select ETF, VistaShares Target 15 Gulf Sovereign Distribution ETF, VistaShares Nordic Wealth Select ETF and VistaShares Target 15 Nordic Wealth Distribution ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937126000329/ex99-eixiv.htm), previously filed with Post-Effective Amendment No. 160 on Form N-1A on January 7, 2026 and is incorporated herein by reference.

---

| | |
|:---|:---|
| (xiii) | [Sixteenth Amendment to the Distribution Agreement between the Trust and Foreside Fund Services, LLC (adding RCN Pareto Strategic Allocation ETF and U.S. Defense ETF) – **filed herewith.**](ex99-eixiii.htm) |
| (xiv) | Seventeenth Amendment to the Distribution Agreement between the Trust and Foreside Fund Services, LLC (adding Worth Charting Options Income ETF) – **to be filed by amendment.** |
| (xv) | Eighteenth Amendment to the Distribution Agreement between the Trust and Foreside Fund Services, LLC (adding Apex Consolidated Income ETF) – **to be filed by amendment.** |
| (ii) | [Distribution Services Agreement between Tidal Investments LLC and Foreside Fund Services, LLC](http://www.sec.gov/Archives/edgar/data/1722388/000199937124008190/ex99-ev.htm), previously filed with Post-Effective Amendment No. 44 on Form N-1A on July 2, 2024 and is incorporated herein by reference. |
| (iii) | [Form of Authorized Participant Agreement between the Registrant and Foreside Fund Services, LLC](http://www.sec.gov/Archives/edgar/data/1722388/000199937124008190/ex99-evi.htm), previously filed with Post-Effective Amendment No. 44 on Form N-1A on July 2, 2024 and is incorporated herein by reference. |
| (f) | Not applicable. |
| (g) (i) | [Custodian Agreement between the Trust and U.S. Bank National Association](http://www.sec.gov/Archives/edgar/data/1722388/000199937124008632/ex99-gii.htm), previously filed with Post-Effective Amendment No. 45 on Form N-1A on July 16, 2024 and is incorporated herein by reference. |
| (i) | [First Amendment to the Custodian Agreement (adding Rockefeller Opportunistic Municipal Bond ETF, Rockefeller California Municipal Bond ETF, Rockefeller New York Municipal Bond ETF, Rockefeller U.S. Small-Mid Cap ETF, Rockefeller Global Equity ETF, TradersAI Large Cap Equity & Cash ETF, 4E Quality Growth ETF and GammaRoad Market Navigation ETF,](http://www.sec.gov/Archives/edgar/data/1722388/000199937124009561/ex99-giii.htm) previously filed with Post-Effective Amendment No. 48 on Form N-1A on August 5, 2024 and is incorporated herein by reference. |
| (ii) | [Second Amendment to the Custodian Agreement (adding Impact Shares Women's Empowerment ETF, Impact Shares NAACP Minority Empowerment ETF, VistaShares Artificial Intelligence Supercycle ETF and VistaShares Electrification Supercycle ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937124011464/ex99-giii.htm), previously filed with Post-Effective Amendment No. 59 on Form N-1A on September 6, 2024 and is incorporated herein by reference. |
| (iii) | [Fourth Amendment to the Custodian Agreement (adding Fundstrat Granny Shots US Large Cap ETF, Ned Davis Research 360º Dynamic Allocation ETF, Ned Davis Research 360º Core Equity ETF, Ninepoint Energy ETF and Ninepoint Energy Income ETF),](http://www.sec.gov/Archives/edgar/data/1722388/000199937124013325/ex99-giiv.htm) previously filed with Post-Effective Amendment No. 64 on Form N-1A on October 15, 2024 and is incorporated herein by reference. |
| (iv) | [Fifth Amendment to the Custodian Agreement (adding The Beehive ETF,NestYield Total Return Guard ETF, NestYield Dynamic Income Shield ETF, NestYield Visionary ETF andUSCF Daily Target 2X Copper Index ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000183988224044274/ex99-giv.htm), previously filed with Post-Effective Amendment No. 80 on Form N-1A on December 9, 2024 and is incorporated herein by reference. |
| (v) | [Sixth Amendment to the Custodian Agreement (adding Battleshares™ NVDA vs INTC ETF, Battleshares™ AMZN vs M ETF, Battleshares™ COIN vs WFC ETF, Battleshares™ MSTR vs JPM ETF, Battleshares™ NFLX vs CMCSA ETF, Battleshares™ LLY vs YUM ETF, Battleshares™ GOOGL vs NYT ETF, TH GARP Global Rising Leaders ETF and TH GARP India Rising Leaders ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000183988225001662/ex99-gvi.htm), previously filed with Post-Effective Amendment No. 91 on Form N-1A on January 13, 2025, and is incorporated herein by reference. |
| (vi) | [Seventh Amendment to the Custodian Agreement (adding PEO AlphaQuest™ Thematic PE ETF, World Dynamic Momentum Leaders ETF, VistaShares Target 15 Berkshire Select Income ETF, VistaShares Target 15 USA Momentum Income ETF, VistaShares Target 15 USA Value Income ETF, VistaShares Target 15 USA Quality Income ETF and VistaShares Target 15 USA Low Volatility Income ETF](http://www.sec.gov/Archives/edgar/data/1722388/000183988225003535/ex99-givii.htm)**,** previously filed with Post-Effective Amendment No. 96 on Form N-1A on January 23, 2025 and is incorporated herein by reference. |
| (vii) | [Eighth Amendment to the Custodian Agreement (adding Intech S&P Large Cap Diversified Alpha ETF, Intech S&P Small-Mid Cap Diversified Alpha ETF and MRP SynthEquity ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937125006488/ex99-gviii.htm) – previously filed with Post-Effective Amendment No. 113 on Form N-1A on May 21, 2025 and is incorporated herein by reference**.** |
| (viii) | [Ninth Amendment to the Custodian Agreement (adding Alpha Brands™ Consumption Leaders ETF, VistaShares Animal Spirits Strategy ETF and VistaShares Animal Spirits Daily 2X Strategy ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937125006488/ex99-gix.htm), previously filed with Post-Effective Amendment No. 113 on Form N-1A on May 21, 2025 and is incorporated herein by reference. |
| (ix) | [Eleventh Amendment to the Custodian Agreement (adding Defiance Bitcoin vs Ether ETF, Defiance Ether vs Bitcoin ETF, Defiance Bitcoin vs Gold ETF, Defiance Gold vs Bitcoin ETF, VistaShares ACKtivist Select ETF, VistaShares Target 15 ACKtivist Distribution ETF, VistaShares BigShort Select ETF, VistaShares Target 15 BigShort Distribution ETF, VistaShares DRUKMacro Select ETF, VistaShares Target 15 DRUKMacro Distribution ETF and VistaShares Berkshire Select ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937125011565/ex99-gixi.htm), previously filed with Post-Effective Amendment No. 128 on Form N-1A on August 18, 2025 and is incorporated herein by reference. |

---

(x) [Twelfth Amendment to the Custodian Agreement (adding Stoneport Advisors Commodity Long Short ETF and NovaTide Flexible Allocation ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937125014818/ex99-gxii.htm) , previously filed with Post-Effective Amendment No. 139 on Form N-1A on October 7, 2025 and is incorporated herein by reference.

(xi) [Thirteenth Amendment to the Custodian Agreement (adding Fundstrat Granny Shots US Small- & Mid-Cap ETF and Fundstrat Granny Shots US Large Cap & Income ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937125017305/ex99-gixiii.htm) , previously filed with Post-Effective Amendment No. 146 on Form N-1A on November 11, 2025 and is incorporated herein by reference.

(xii) [Fourteenth Amendment to the Custodian Agreement (adding VistaShares BitBonds 1-3 Yr Enhanced Weekly Distribution Option Income ETF, VistaShares BitBonds 5 Yr Enhanced Weekly Distribution Option Income ETF, VistaShares BitBonds 10 Yr Enhanced Weekly Distribution Option Income ETF and VistaShares BitBonds 20 Yr Enhanced Weekly Distribution Option Income ETF, VistaShares Bitcoin Treasury Income ETF, VistaShares Ethereum Treasury Income ETF, VistaShares Ethereum Treasury ETF, VistaShares IPO and Income ETF, VistaShares Target 15™ International Innovators Distribution ETF, VistaShares Target 15™ European High Dividend Payers Distribution ETF, VistaShares Target 15™ Global 100 Distribution ETF, VistaShares Target 15™ S&P 100 Distribution ETF),](http://www.sec.gov/Archives/edgar/data/1722388/000199937126000329/ex99-gixiii.htm) previously filed with Post-Effective Amendment No. 160 on Form N-1A on January 7, 2026 and is incorporated herein by reference.

(xiii) [Fifteenth Amendment to the Custodian Agreement (adding VistaShares DIVBoost Dividend Nobles Distribution ETF, VistaShares DIVBoost Dividend Kings Distribution ETF, VistaShares DIVBoost Sector Distribution ETF, VistaShares DIVBoost Utilities Distribution ETF, VistaShares DIVBoost High Yield Bond Distribution ETF, VistaShares DIVBoost REIT Distribution ETF, VistaShares DIVBoost Energy Distribution ETF, VistaShares TEPRTantrum Contrarian Select ETF, VistaShares Target 15 TEPRTantrum Contrarian Distribution ETF, VistaShares TPLoeb Event Driven Select ETF, VistaShares Target 15 TPLoeb Event Driven Distribution ETF, VistaShares TIGR Cub NextGen Select ETF, VistaShares Target 15 TIGR Cub NextGen Distribution ETF, VistaShares LAFFTech Select ETF, and VistaShares Target 15 LAFFTech Distribution ETF, VistaShares HRVD Select ETF, VistaShares Target 15 HRVD Distribution ETF, VistaShares GATE Endowment Select ETF, VistaShares Target 15 GATE Endowment Distribution ETF, VistaShares Gulf Sovereign Select ETF, VistaShares Target 15 Gulf Sovereign Distribution ETF, VistaShares Nordic Wealth Select ETF and VistaShares Target 15 Nordic Wealth Distribution ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937126000329/ex99-gixiv.htm) , previously filed with Post-Effective Amendment No. 160 on Form N-1A on January 7, 2026 and is incorporated herein by reference.

(xiv) [Form of Sixteenth Amendment to the Custodian Agreement (adding RCN Pareto Strategic Allocation ETF and U.S. Defense ETF) - **filed herewith**.](ex99-gixiv.htm)

(xv) Seventeenth Amendment to the Custodian Agreement (adding Worth Charting Options Income) - **to be filed by amendment**.

(xvi) Eighteenth Amendment to the Custodian Agreement (adding Apex Consolidated Income ETF) – **to be filed by amendment**.

(h) (i) [Amended and Restated Fund Administration Servicing Agreement between the Registrant, Tidal ETF Services, LLC and Tidal Investments LLC](http://www.sec.gov/Archives/edgar/data/1722388/000199937125011565/ex99-hi.htm) , previously filed with Post-Effective Amendment No. 128 on Form N-1A on August 18, 2025 and is incorporated herein by reference.

(i) [First Amendment to the Amended and Restated Fund Administration Servicing Agreement](http://www.sec.gov/Archives/edgar/data/1722388/000199937125015906/ex99-hii.htm) (adding Stoneport Advisors Commodity Long Short ETF and NovaTide Flexible Allocation ETF), previously filed with Post-Effective Amendment No. 142 on Form N-1A on October 23, 2025 and is incorporated herein by reference.

(ii) [Second Amendment to the Amended and Restated Fund Administration Servicing Agreement (adding VistaShares BitBonds 1-3 Yr Enhanced Weekly Distribution Option Income ETF, VistaShares BitBonds 5 Yr Enhanced Weekly Distribution Option Income ETF, VistaShares BitBonds 10 Yr Enhanced Weekly Distribution Option Income ETF and VistaShares BitBonds 20 Yr Enhanced Weekly Distribution Option Income ETF, VistaShares Bitcoin Treasury Income ETF, VistaShares Ethereum Treasury Income ETF, VistaShares Ethereum Treasury ETF, VistaShares IPO and Income ETF, VistaShares Target 15<sup>TM</sup> International Innovators Distribution ETF, VistaShares Target 15<sup>TM</sup> European High Dividend Payers Distribution ETF, VistaShares Target 15<sup>TM</sup> Global 100 Distribution ETF, VistaShares Target 15<sup>TM</sup> S&P 100 Distribution ETF, Fundstrat Granny Shots US Small- & Mid-Cap ETF and Fundstrat Granny Shots US Large Cap & Income ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937125017305/ex99-hiii.htm) , previously filed with Post-Effective Amendment No. 146 on Form N-1A on November 11, 2025 and is incorporated herein by reference **.** 

(iii) [Third Amendment to the Amended and Restated Fund Administration Servicing Agreement (adding VistaShares DIVBoost Dividend Nobles Distribution ETF, VistaShares DIVBoost Dividend Kings Distribution ETF, VistaShares DIVBoost Sector Distribution ETF, VistaShares DIVBoost Utilities Distribution ETF, VistaShares DIVBoost High Yield Bond Distribution ETF, VistaShares DIVBoost REIT Distribution ETF, VistaShares DIVBoost Energy Distribution ETF, VistaShares TEPRTantrum Contrarian Select ETF, VistaShares Target 15 TEPRTantrum Contrarian Distribution ETF, VistaShares TPLoeb Event Driven Select ETF, VistaShares Target 15 TPLoeb Event Driven Distribution ETF, VistaShares TIGR Cub NextGen Select ETF, VistaShares Target 15 TIGR Cub NextGen Distribution ETF, VistaShares LAFFTech Select ETF, VistaShares Target 15 LAFFTech Distribution ETF, VistaShares HRVD Select ETF, VistaShares Target 15 HRVD Distribution ETF, VistaShares GATE Endowment Select ETF, VistaShares Target 15 GATE Endowment Distribution ETF, VistaShares Gulf Sovereign Select ETF, VistaShares Target 15 Gulf Sovereign Distribution ETF, VistaShares Nordic Wealth Select ETF and VistaShares Target 15 Nordic Wealth Distribution ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937126000329/ex99-hiiii.htm) , previously filed with Post-Effective Amendment No. 160 on Form N-1A on January 7, 2026 and is incorporated herein by reference.

(iv) [Fourth Amendment to the Amended and Restated Fund Administration Servicing Agreement (adding RCN Pareto Strategic Allocation ETF and U.S. Defense ETF)) – **filed herewith.**](ex99-hiiv.htm)

(v) Fifth Amendment
 to the Amended and Restated Fund Administration Servicing Agreement (adding Worth Charting Options Income) – **to be filed by amendment.** 

(vi) Sixth Amendment
 to the Amended and Restated Fund Administration Servicing Agreement (adding Apex Consolidated Income ETF) – **to be filed by amendment.** 

(ii) [Transfer Agent Agreement between Registration and U.S. Bancorp Fund Services, LLC](http://www.sec.gov/Archives/edgar/data/1722388/000199937124008632/ex99-hiii.htm) , previously filed with Post-Effective Amendment No. 45 on Form N-1A on July 16, 2024 and is incorporated herein by reference.

(i) [First Amendment to the Transfer Agency Agreement (adding Rockefeller Opportunistic Municipal Bond ETF, Rockefeller California Municipal Bond ETF, Rockefeller New York Municipal Bond ETF, Rockefeller U.S. Small-Mid Cap ETF, Rockefeller Global Equity ETF, TradersAI Large Cap Equity & Cash ETF, 4E Quality Growth ETF and GammaRoad Market Navigation ETF,](http://www.sec.gov/Archives/edgar/data/1722388/000199937124009561/ex99-hiiii.htm) previously filed with Post-Effective Amendment No. 48 on Form N-1A on August 5, 2024 and is incorporated herein by reference.

(ii) [Second Amendment to the Transfer Agency Agreement (adding Impact Shares Women's Empowerment ETF, Impact Shares NAACP Minority Empowerment ETF, VistaShares Artificial Intelligence Supercycle ETF and VistaShares Electrification Supercycle ETF,](http://www.sec.gov/Archives/edgar/data/1722388/000199937124011464/ex99-hiiiii.htm) previously filed with Post-Effective Amendment No. 59 on Form N-1A on September 6, 2024 and is incorporated herein by reference.

(iii) [Fourth Amendment to the Transfer Agency Agreement (adding Fundstrat Granny Shots US Large Cap ETF, Ned Davis Research 360º Dynamic Allocation ETF, Ned Davis Research 360º Core Equity ETF, Ninepoint Energy ETF and Ninepoint Energy Income ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937124013325/ex99-hiiiv.htm) , previously filed with Post-Effective Amendment No. 64 on Form N-1A on October 15, 2024 and is incorporated herein by reference.

(iv) [Fifth Amendment to the Transfer Agency Agreement (adding The Beehive ETF,NestYield Total Return Guard ETF, NestYield Dynamic Income Shield ETF, NestYield Visionary ETF andUSCF Daily Target 2X Copper Index ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000183988224044274/ex99-hiiv.htm) , previously filed with Post-Effective Amendment No. 80 on Form N-1A on December 9, 2024 and is incorporated herein by reference **.** 

(v) [Sixth Amendment to the Transfer Agency Agreement (addingBattleshares™ NVDA vs INTC ETF, Battleshares™ AMZN vs M ETF, Battleshares™ COIN vs WFC ETF, Battleshares™ MSTR vs JPM ETF, Battleshares™ NFLX vs CMCSA ETF, Battleshares™ LLY vs YUM ETF, Battleshares™ GOOGL vs NYT ETF,TH GARP Global Rising Leaders ETF and TH GARP India Rising Leaders ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000183988225001662/ex99-hiivi.htm) , previously filed with Post-Effective Amendment No. 91 on Form N-1A on January 13, 2025, and is incorporated herein by reference.

(vi) [Seventh Amendment to the Transfer Agency Agreement (adding PEO AlphaQuest™ Thematic PE ETF, World Dynamic Momentum Leaders ETF, VistaShares Target 15 Berkshire Select Income ETF, VistaShares Target 15 USA Momentum Income ETF, VistaShares Target 15 USA Value Income ETF, VistaShares Target 15 USA Quality Income ETF and VistaShares Target 15 USA Low Volatility Income ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000183988225003535/ex99-hiivii.htm) **,** previously filed with Post-Effective Amendment No. 96 on Form N-1A on January 23, 2025 and is incorporated herein by reference.

(vii) [Eighth Amendment to the Transfer Agency Agreement (adding Intech S&P Large Cap Diversified Alpha ETF, Intech S&P Small-Mid Cap Diversified Alpha ETF and MRP SynthEquity ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937125006488/ex99-hiiviii.htm) , previously filed with Post-Effective Amendment No. 113 on Form N-1A on May 21, 2025 and is incorporated herein by reference.

(viii) [Ninth Amendment to the Transfer Agency Agreement (adding Alpha Brands™ Consumption Leaders ETF, VistaShares Animal Spirits Strategy ETF and VistaShares Animal Spirits Daily 2X Strategy ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937125006488/ex99-hiiix.htm) , previously filed with Post-Effective Amendment No. 113 on Form N-1A on May 21, 2025 and is incorporated herein by reference.

(ix) [Eleventh Amendment to the Transfer Agency Agreement (adding Defiance Bitcoin vs Ether ETF, Defiance Ether vs Bitcoin ETF, Defiance Bitcoin vs Gold ETF, Defiance Gold vs Bitcoin ETF, VistaShares ACKtivist Select ETF, VistaShares Target 15 ACKtivist Distribution ETF, VistaShares BigShort Select ETF, VistaShares Target 15 BigShort Distribution ETF, VistaShares DRUKMacro Select ETF, VistaShares Target 15 DRUKMacro Distribution ETF and VistaShares Berkshire Select ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937125011565/ex99-hiixi.htm) , previously filed with Post-Effective Amendment No. 128 on Form N-1A on August 18, 2025 and is incorporated herein by reference **.** 

(x) [Twelfth Amendment to the Transfer Agency Agreement (adding Stoneport Advisors Commodity Long Short ETF and NovaTide Flexible Allocation ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937125014818/ex99-hiixii.htm) , previously filed with Post-Effective Amendment No. 139 on Form N-1A on October 7, 2025 and is incorporated herein by reference.

(xi) [Thirteenth Amendment to the Transfer Agency Agreement (adding Fundstrat Granny Shots US Small- & Mid-Cap ETF and Fundstrat Granny Shots US Large Cap & Income ETF](http://www.sec.gov/Archives/edgar/data/1722388/000199937125017305/ex99-hiixiii.htm)), previously filed with Post-Effective Amendment No. 146 on Form N-1A on November 11, 2025 and is incorporated herein by reference.

(xii) [Fourteenth Amendment to the Transfer Agency Agreement (adding VistaShares BitBonds 1-3 Yr Enhanced Weekly Distribution Option Income ETF, VistaShares BitBonds 5 Yr Enhanced Weekly Distribution Option Income ETF, VistaShares BitBonds 10 Yr Enhanced Weekly Distribution Option Income ETF and VistaShares BitBonds 20 Yr Enhanced Weekly Distribution Option Income ETF, VistaShares Bitcoin Treasury Income ETF, VistaShares Ethereum Treasury Income ETF, VistaShares Ethereum Treasury ETF, VistaShares IPO and Income ETF, VistaShares Target 15™ International Innovators Distribution ETF, VistaShares Target 15™ European High Dividend Payers Distribution ETF, VistaShares Target 15™ Global 100 Distribution ETF and VistaShares Target 15™ S&P 100 Distribution ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937126000329/ex99-hiixiii.htm) , previously filed with Post-Effective Amendment No. 160 on Form N-1A on January 7, 2026 and is incorporated herein by reference.

(xiii) [Fifteenth Amendment to the Transfer Agency Agreement (adding VistaShares DIVBoost Dividend Nobles Distribution ETF, VistaShares DIVBoost Dividend Kings Distribution ETF, VistaShares DIVBoost Sector Distribution ETF, VistaShares DIVBoost Utilities Distribution ETF, VistaShares DIVBoost High Yield Bond Distribution ETF, VistaShares DIVBoost REIT Distribution ETF, VistaShares DIVBoost Energy Distribution ETF, VistaShares TEPRTantrum Contrarian Select ETF, VistaShares Target 15 TEPRTantrum Contrarian Distribution ETF, VistaShares TPLoeb Event Driven Select ETF, VistaShares Target 15 TPLoeb Event Driven Distribution ETF, VistaShares TIGR Cub NextGen Select ETF, VistaShares Target 15 TIGR Cub NextGen Distribution ETF, VistaShares LAFFTech Select ETF, VistaShares Target 15 LAFFTech Distribution ETF, VistaShares HRVD Select ETF, VistaShares Target 15 HRVD Distribution ETF, VistaShares GATE Endowment Select ETF, VistaShares Target 15 GATE Endowment Distribution ETF, VistaShares Gulf Sovereign Select ETF, VistaShares Target 15 Gulf Sovereign Distribution ETF, VistaShares Nordic Wealth Select ETF and VistaShares Target 15 Nordic Wealth Distribution ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937126000329/ex99-hiixiv.htm), previously filed with Post-Effective Amendment No. 160 on Form N-1A on January 7, 2026 and is incorporated herein by reference.

(xiv) [Form of Sixteenth Amendment to the Transfer Agency Agreement (adding RCN Pareto Strategic Allocation ETF and U.S. Defense ETF) - **filed herewith**.](ex99-hiixiv.htm)

(xv) Seventeenth Amendment to the Transfer Agency Agreement (adding Worth Charting Options Income) - **to be filed by amendment**.

(xvi) Eighteenth Amendment to the Transfer Agency Agreement (adding Apex Consolidated Income ETF) – **to be filed by amendment**.

(iii) [Fund Accounting Agreement between Registration and U.S. Bancorp Fund Services, LLC](http://www.sec.gov/Archives/edgar/data/1722388/000199937124008632/ex99-hiv.htm), previously filed with Post-Effective Amendment No. 45 on Form N-1A on July 16, 2024 and is incorporated herein by reference.

(i) [First Amendment to the Fund Accounting Agreement (adding Rockefeller Opportunistic Municipal Bond ETF, Rockefeller California Municipal Bond ETF, Rockefeller New York Municipal Bond ETF, Rockefeller U.S. Small-Mid Cap ETF, Rockefeller Global Equity ETF, TradersAI Large Cap Equity & Cash ETF, 4E Quality Growth ETF and GammaRoad Market Navigation ETF](http://www.sec.gov/Archives/edgar/data/1722388/000199937124009561/ex99-hivi.htm), previously filed with Post-Effective Amendment No. 48 on Form N-1A on August 5, 2024 and is incorporated herein by reference.

 (ii) [Second Amendment to the Fund Accounting Agreement (adding Impact Shares Women's Empowerment ETF, Impact Shares NAACP Minority Empowerment ETF, VistaShares Artificial Intelligence Supercycle ETF and VistaShares Electrification Supercycle ETF](http://www.sec.gov/Archives/edgar/data/1722388/000199937124011464/ex99-hivii.htm), previously filed with Post-Effective Amendment No. 59 on Form N-1A on September 6, 2024 and is incorporated herein by reference.

 (iii) [Fourth Amendment to the Fund Accounting Agreement (adding Fundstrat Granny Shots US Large Cap ETF, Ned Davis Research 360º Dynamic Allocation ETF, Ned Davis Research 360º Core Equity ETF, Ninepoint Energy ETF and Ninepoint Energy Income ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937124013325/ex99-hiiiiv.htm), previously filed with Post-Effective Amendment No. 64 on Form N-1A on October 15, 2024 and is incorporated herein by reference.

(iv) [Fifth Amendment to the Fund Accounting Agreement (adding The BeeHive ETF,NestYield Total Return Guard ETF, NestYield Dynamic Income Shield ETF, NestYield Visionary ETF andUSCF Daily Target 2X Copper Index ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000183988224044274/ex99-hiiiv.htm), previously filed with Post-Effective Amendment No. 80 on Form N-1A on December 9, 2024 and is incorporated herein by reference**.**

(v) [Sixth Amendment to the Fund Accounting Agreement (adding Battleshares™ NVDA vs INTC ETF, Battleshares™ AMZN vs M ETF, Battleshares™ COIN vs WFC ETF, Battleshares™ MSTR vs JPM ETF, Battleshares™ NFLX vs CMCSA ETF, Battleshares™ LLY vs YUM ETF, Battleshares™ GOOGL vs NYT ETF, TH GARP Global Rising Leaders ETF and TH GARP India Rising Leaders ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000183988225001662/ex99-hiiivi.htm), previously filed with Post-Effective Amendment No. 91 on Form N-1A on January 13, 2025, and is incorporated herein by reference.

(vi) [Seventh Amendment to the Fund Accounting Agreement (adding PEO AlphaQuest™ Thematic PE ETF, World Dynamic Momentum Leaders ETF, VistaShares Target 15 Berkshire Select Income ETF, VistaShares Target 15 USA Momentum Income ETF, VistaShares Target 15 USA Value Income ETF, VistaShares Target 15 USA Quality Income ETF and VistaShares Target 15 USA Low Volatility Income ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000183988225003535/ex99-hiiivii.htm)**,** previously filed with Post-Effective Amendment No. 96 on Form N-1A on January 23, 2025 and is incorporated herein by reference.

(vii) [Eighth Amendment to the Fund Accounting Agreement (adding Intech S&P Large Cap Diversified Alpha ETF, Intech S&P Small-Mid Cap Diversified Alpha ETF and MRP SynthEquity ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937125006488/ex99-hiiiviii.htm) – previously filed with Post-Effective Amendment No. 113 on Form N-1A on May 21, 2025 and is incorporated herein by reference.

(viii) [Ninth Amendment to the Fund Accounting Agreement (adding Alpha Brands™ Consumption Leaders ETF, VistaShares Animal Spirits Strategy ETF and VistaShares Animal Spirits Daily 2X Strategy ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937125006488/ex99-hiiiix.htm), previously filed with Post-Effective Amendment No. 113 on Form N-1A on May 21, 2025 and is incorporated herein by reference.

(ix) [Eleventh Amendment to the Fund Accounting Agreement (adding Defiance Bitcoin vs Ether ETF, Defiance Ether vs Bitcoin ETF, Defiance Bitcoin vs Gold ETF, Defiance Gold vs Bitcoin ETF, VistaShares ACKtivist Select ETF, VistaShares Target 15 ACKtivist Distribution ETF, VistaShares BigShort Select ETF, VistaShares Target 15 BigShort Distribution ETF, VistaShares DRUKMacro Select ETF, VistaShares Target 15 DRUKMacro Distribution ETF and VistaShares Berkshire Select ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937125011565/ex99-hiiixi.htm) , previously filed with Post-Effective Amendment No. 128 on Form N-1A on August 18, 2025 and is incorporated herein by reference.

(x) [Twelfth Amendment to the Fund Accounting Agreement (adding Stoneport Advisors Commodity Long Short ETF and NovaTide Flexible Allocation ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937125014818/ex99-hiiixii.htm) , previously filed with Post-Effective Amendment No. 139 on Form N-1A on October 7, 2025 and is incorporated herein by reference.

(xi) [Thirteenth Amendment to the Fund Accounting Agreement (adding Fundstrat Granny Shots US Small- & Mid-Cap ETF and Fundstrat Granny Shots US Large Cap & Income ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937125017305/ex99-hiiixiii.htm) , previously filed with Post-Effective Amendment No. 146 on Form N-1A on November 11, 2025 and is incorporated herein by reference.

(xii) [Fourteenth Amendment to the Fund Accounting Agreement (adding VistaShares BitBonds 1-3 Yr Enhanced Weekly Distribution Option Income ETF, VistaShares BitBonds 5 Yr Enhanced Weekly Distribution Option Income ETF, VistaShares BitBonds 10 Yr Enhanced Weekly Distribution Option Income ETF and VistaShares BitBonds 20 Yr Enhanced Weekly Distribution Option Income ETF, VistaShares Bitcoin Treasury Income ETF, VistaShares Ethereum Treasury Income ETF, VistaShares Ethereum Treasury ETF, VistaShares IPO and Income ETF, VistaShares Target 15™ International Innovators Distribution ETF, VistaShares Target 15™ European High Dividend Payers Distribution ETF, VistaShares Target 15™ Global 100 Distribution ETF and VistaShares Target 15™ S&P 100 Distribution ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937126000329/ex99-hiiixiii.htm) , previously filed with Post-Effective Amendment No. 161 on Form N-1A on January 8, 2026 and is incorporated herein by reference.

(xiii) [Fifteenth Amendment to the Fund Accounting Agreement (adding VistaShares DIVBoost Dividend Nobles Distribution ETF, VistaShares DIVBoost Dividend Kings Distribution ETF, VistaShares DIVBoost Sector Distribution ETF, VistaShares DIVBoost Utilities Distribution ETF, VistaShares DIVBoost High Yield Bond Distribution ETF, VistaShares DIVBoost REIT Distribution ETF, VistaShares DIVBoost Energy Distribution ETF, VistaShares TEPRTantrum Contrarian Select ETF, VistaShares Target 15 TEPRTantrum Contrarian Distribution ETF, VistaShares TPLoeb Event Driven Select ETF, VistaShares Target 15 TPLoeb Event Driven Distribution ETF, VistaShares TIGR Cub NextGen Select ETF, VistaShares Target 15 TIGR Cub NextGen Distribution ETF, VistaShares LAFFTech Select ETF, VistaShares Target 15 LAFFTech Distribution ETF, VistaShares HRVD Select ETF, VistaShares Target 15 HRVD Distribution ETF, VistaShares GATE Endowment Select ETF, VistaShares Target 15 GATE Endowment Distribution ETF, VistaShares Gulf Sovereign Select ETF, VistaShares Target 15 Gulf Sovereign Distribution ETF, VistaShares Nordic Wealth Select ETF and VistaShares Target 15 Nordic Wealth Distribution ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937126000329/ex99-hiiixiv.htm) , previously filed with Post-Effective Amendment No. 160 on Form N-1A on January 7, 2026 and is incorporated herein by reference.

(xiv) [Form of Sixteenth Amendment to the Fund Accounting Agreement (adding RCN Pareto Strategic Allocation ETF and U.S. Defense ETF) - **filed herewith**.](ex99-hiiixiv.htm)

(xvi) Seventeenth
 Amendment to the Fund Accounting Agreement (adding Worth Charting Options Income ETF) - **to be filed by amendment**.

(xvii) Eighteenth
 Amendment to the Fund Accounting Agreement (adding Apex Consolidated Income ETF) – **to be filed by amendment**.

(iv) [Sub-License Agreement with Impact Shares, Corp dated July 17, 2018, as amended, is incorporated herein by reference to Post-Effective Amendment No. 8 to Registrant's Registration Statement on Form N-1A, File No. 333-221764](http://www.sec.gov/Archives/edgar/data/1722388/000119312519227602/d794897dex99h3.htm) , previously filed on August 23, 2019.

(v) [Powers of Attorney,](http://www.sec.gov/Archives/edgar/data/1722388/000199937124006474/ex99-hiv.htm) previously filed with Post-Effective Amendment No. 39 on Form N-1A on May 22, 2024 and is incorporated herein by reference.

(vi) [Form of ETF Support Agreement by and among Tidal Investments LLC, Tidal ETF Services, LLC, and one or more fund sponsor(s)](http://www.sec.gov/Archives/edgar/data/1722388/000199937125006919/ex99-hvi.htm) , previously filed with Post-Effective Amendment No. 118 on Form N-1A on May 30, 2025 and is incorporated herein by reference.

(vii) [Fee Waiver Agreement between the Adviser and the Trust (on behalf of the GammaRoad Market Navigation ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937124010374/ex99-hviii.htm) , previously filed with Post-Effective Amendment No. 55 on Form N-1A on August 20, 2024 and is incorporated herein by reference.

(viii) [Fee Waiver Agreement between the Adviser and the Trust (on behalf of the Ned Davis Research 360º Dynamic Allocation ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937124013325/ex99-hviii.htm) , previously filed with Post-Effective Amendment No. 64 on Form N-1A on October 15, 2024 and is incorporated herein by reference.

(ix) [Fee Waiver Agreement between the Adviser and the Trust (on behalf of the NestYield Total Return Guard ETF, NestYield Dynamic Income ETF and NestYield Visionary ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000183988224046509/ex99-hx.htm) **,** previously filed with Post-Effective Amendment No. 85 on Form N-1A on December 20, 2024 and is incorporated herein by reference.

(x) [Rule 12d1-4 Fund of Funds Investment Agreement between the Trust (on behalf of certain series of the Trust) and between Northern Lights Fund Trust III (on behalf of certain series)](http://www.sec.gov/Archives/edgar/data/1722388/000199937126003273/ex99-hx.htm) , previously filed with Post-Effective Amendment No. 171 on Form N-1A on February 13, 2026 and is incorporated herein by reference.

(i) (i) [Opinion of legal counsel relating to Impact Shares NAACP Minority Empowerment ETF, dated July 9, 2018, is incorporated herein by reference to Pre-Effective Amendment No. 3 to Registrant's Registration Statement on Form N-1A, File No. 333-221764, filed on July 10, 2018.](http://www.sec.gov/Archives/edgar/data/1722388/000119312518215453/d663343dex99i.htm)

(ii) [Opinion of legal counsel relating to Impact Shares Women's Empowerment ETF, dated August 22, 2018, is incorporated herein by reference to Post-Effective Amendment No. 3 to Registrant's Registration Statement on Form N-1A, File No. 333-221764, filed on August 22, 2018.](http://www.sec.gov/Archives/edgar/data/1722388/000119312518255101/d605872dex99i.htm)

(iii) [Opinion and Consent of Counsel (for the Rockefeller Opportunistic Municipal Bond ETF, Rockefeller California Municipal Bond ETF and Rockefeller New York Municipal Bond ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937124009575/ex99-iiv.htm) , previously filed with Post-Effective Amendment No. 49 on Form N-1A on August 5, 2024 and is incorporated herein by reference.

(iv) [Opinion and Consent of Counsel (for Rockefeller U.S. Small-Mid Cap ETF and Rockefeller Global Equity ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937124010590/ex99-iviii.htm) , previously filed with Post-Effective Amendment No. 57 on Form N-1A on August 23, 2024 and is incorporated herein by reference.

(v) [Opinion and Consent of Counsel (for the VistaShares Artificial Intelligence Supercycle ETF and VistaShares Electrification Supercycle ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937124011878/ex99-iix.htm) , previously filed with Post-Effective Amendment No. 61 on Form N-1A on September 13, 2024 and is incorporated herein by reference.

(vi) [Opinion and Consent of Counsel (for the Fundstrat Granny Shots US Large Cap ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937124013611/ex99-ix.htm) , previously filed with Post-Effective Amendment No. 67 on Form N-1A on October 21, 2024 and is incorporated herein by reference.

(vii) [Opinion and Consent of Counsel (for Ned Davis Research 360º Dynamic Allocation ETF and Ned Davis Research 360º Core Equity ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937124013325/ex99-ixi.htm) , previously filed with Post-Effective Amendment No. 64 on Form N-1A on October 15, 2024 and is incorporated herein by reference.

(viii) [Opinion and Consent of Counsel (for Ninepoint Energy ETF and Ninepoint Energy Income ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937124013561/ex99-ixii.htm) , previously filed with Post-Effective Amendment No. 66 on Form N-1A on October 18, 2024 and is incorporated herein by reference.

(ix) [Opinion and Consent of Counsel (for The Beehive ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000183988224044274/ex99-ixiii.htm) , previously filed with Post-Effective Amendment No. 80 on Form N-1A on December 9, 2024 and is incorporated herein by reference **.** 

(x) [Opinion and Consent of Counsel (for NestYield Total Return Guard ETF, NestYield Dynamic Income ETF and NestYield Visionary ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000183988224046509/ex99-ixvi.htm) **,** previously filed with Post-Effective Amendment No. 85 on Form N-1A on December 20, 2024 and is incorporated herein by reference.

(xi) [Opinion and Consent of Counsel (for USCF Daily Target 2X Copper Index ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937125000421/ex99-ixvii.htm) , previously filed with Post-Effective Amendment No. 94 on Form N-1A on January 17, 2025 and is incorporated herein by reference.

(xii) [Opinion and Consent of Counsel (for Battleshares™ NVDA vs INTC ETF, Battleshares™ AMZN vs M ETF, Battleshares™ COIN vs WFC ETF, Battleshares™ MSTR vs JPM ETF, Battleshares™ NFLX vs CMCSA ETF, Battleshares™ LLY vs YUM ETF and Battleshares™ GOOGL vs NYT ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000183988225003535/ex99-ixviii.htm) **,** previously filed with Post-Effective Amendment No. 96 on Form N-1A on January 23, 2025 and is incorporated herein by reference.

(xiii) [Opinion and Consent of Counsel (for Intech S&P Large Cap Diversified Alpha ETF and Intech S&P Small-Mid Cap Diversified Alpha ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000183988225011125/ex99-ixix.htm) , previously filed with Post-Effective Amendment No. 101 on Form N-1A on February 26, 2025 and is incorporated herein by reference.

(xiv) [Opinion and Consent of Counsel (for TH GARP Global Rising Leaders ETF), previously filed with Post-Effective Amendment No. 91 on Form N-1A on January 13, 2025](http://www.sec.gov/Archives/edgar/data/1722388/000183988225001662/ex99-ixx.htm) , and is incorporated herein by reference.

(xv) [Opinion and Consent of Counsel (for PEO AlphaQuest™ Thematic PE ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937125000454/ex99-ixxii.htm) , previously filed with Post-Effective Amendment No. 95 on Form N-1A on January 17, 2025 and is incorporated herein by reference.

(xvi) [Opinion and Consent of Counsel (for World Dynamic Momentum Leaders ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000183988225003999/ex99-ixxiii.htm) – previously filed with Post-Effective Amendment No. 98 on Form N-1A on January 27, 2025 and is incorporated herein by reference.

(xvii) [Opinion and Consent of Counsel (for TH GARP India Rising Leaders ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000183988225004123/ex99-ixxiv.htm) – previously filed with Post-Effective Amendment No. 99 on Form N-1A on January 28, 2025 and is incorporated herein by reference.

(xxviii) [Opinion and Consent of Counsel (for MRP SynthEquity ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000183988225011278/ex99-ixxiv.htm) , previously filed with Post-Effective Amendment No. 102 on Form N-1A on February 26, 2025 and is incorporated herein by reference.

(xix) [Opinion and Consent of Counsel (for VistaShares Target 15 Berkshire Select Income ETF, VistaShares Target 15 USA Momentum Income ETF, VistaShares Target 15 USA Value Income ETF, VistaShares Target 15 USA Quality Income ETF and VistaShares Target 15 USA Low Volatility Income ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000183988225012151/ex99-ixxv.htm) – previously filed with Post-Effective Amendment No. 103 on Form N-1A on February 28, 2025 and is incorporated herein by reference.

(xx) [Opinion and Consent of Counsel (for Alpha Brands™ Consumption Leaders ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937125006488/ex99-ixxv.htm) – previously filed with Post-Effective Amendment No. 113 on Form N-1A on May 21, 2025 and is incorporated herein by reference.

(xxi) [Opinion and Consent of Counsel (for VistaShares Animal Spirits Strategy ETF and VistaShares Animal Spirits Daily 2X Strategy ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937125006919/ex99-ixxvi.htm) – previously filed with Post-Effective Amendment No. 118 on Form N-1A on May 30, 2025 and is incorporated herein by reference.

(xxii) [Opinion and Consent of Counsel (for Defiance Bitcoin vs Ether ETF, Defiance Ether vs Bitcoin ETF, Defiance Bitcoin vs Gold ETF and Defiance Gold vs Bitcoin ETF)](https://www.sec.gov/Archives/edgar/data/1722388/000199937126005991/ex99-ixxii.htm) – previously filed with Post-Effective Amendment No. 176 on Form N-1A on March 16, 2026, and is incorporated
 herein by reference.

(xxiii) [Opinion and Consent of Counsel (for VistaShares ACKtivist Select ETF, VistaShares Target 15 ACKtivist Distribution ETF, VistaShares BigShort Select ETF, VistaShares Target 15 BigShort Distribution ETF, VistaShares DRUKMacro Select ETF, VistaShares Target 15 DRUKMacro Distribution ETF and VistaShares Berkshire Select ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937125011565/ex99-ixxvii.htm) , previously filed with Post-Effective Amendment No. 128 on Form N-1A on August 18, 2025 and is incorporated herein by reference.

(xxv) [Opinion and Consent of Counsel (for Stoneport Advisors Commodity Long Short ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937125013174/ex99-ixxix.htm) – previously filed with Post-Effective Amendment No. 134 on Form N-1A on September 12, 2025 and is incorporated herein by reference **.** 

(xxvi) [Opinion and Consent of Counsel (for NovaTide Flexible Allocation ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937125013196/ex99-ixxx.htm) – previously filed with Post-Effective Amendment No. 135 on Form N-1A on September 12, 2025 and is incorporated herein by reference.

(xxvii) [Opinion and Consent of Counsel (for VistaShares BitBonds 1-3 Yr Enhanced Weekly Distribution ETF, VistaShares BitBonds 5 Yr Enhanced Weekly Distribution ETF, VistaShares BitBonds 10 Yr Enhanced Weekly Distribution ETF and VistaShares BitBonds 20 Yr Enhanced Weekly Distribution ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937125018840/ex99-ixxx.htm) – previously filed with Post-Effective Amendment No. 153 on Form N-1A on November 26, 2025 and is incorporated herein by reference.

(xxxviii) [Opinion and Consent of Counsel (for Fundstrat Granny Shots US Small- & Mid-Cap ETF and Fundstrat Granny Shots US Large Cap & Income ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937125017305/ex99-ixxxi.htm) – previously filed with Post-Effective Amendment No. 146 on Form N-1A on November 11, 2025 and is incorporated herein by reference.

(xxix) [Opinion and Consent of Counsel (VistaShares Bitcoin Treasury Income ETF, VistaShares Ethereum Treasury Income ETF, VistaShares Ethereum Treasury ETF and VistaShares IPO and Income ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937125019117/ex99-ixxxii.htm) – previously filed with Post-Effective Amendment No. 154 on Form N-1A on December 1, 2025 and is incorporated herein by reference.

(xxx) [Opinion and Consent of Counsel (for VistaShares Target 15<sup>TM</sup> International Innovators Distribution ETF, VistaShares Target 15<sup>TM</sup> European High Dividend Payers Distribution ETF, VistaShares Target 15<sup>TM</sup> Global 100 Distribution ETF, and VistaShares Target 15<sup>TM</sup> S&P 100 Distribution ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937125018788/ex99-ixxxiii.htm) , previously filed with Post-Effective
 Amendment No. 152 on Form N-1A on November 26, 2025 and is incorporated herein by reference.

(xxxi) [Opinion and Consent of Counsel (for VistaShares DIVBoost Dividend Nobles Distribution ETF, VistaShares DIVBoost Dividend Kings Distribution ETF, VistaShares DIVBoost Sector Distribution ETF, VistaShares DIVBoost Utilities Distribution ETF, VistaShares DIVBoost High Yield Bond Distribution ETF, VistaShares DIVBoost REIT Distribution ETF and VistaShares DIVBoost Energy Distribution ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937126000498/ex99-ixxxiii.htm) , previously filed with Post-Effective Amendment No. 161 on Form N-1A on January 8, 2026 and is incorporated herein by reference.

(xxxii) [Opinion and Consent of Counsel (for VistaShares TEPRTantrum Contrarian Select ETF, VistaShares Target 15 TEPRTantrum Contrarian Distribution ETF, VistaShares TPLoeb Event Driven Select ETF, VistaShares Target 15 TPLoeb Event Driven Distribution ETF, VistaShares TIGR Cub NextGen Select ETF, VistaShares Target 15 TIGR Cub NextGen Distribution ETF, VistaShares LAFFTech Select ETF, and VistaShares Target 15 LAFFTech Distribution ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937126001056/ex99-ixxxiv.htm) , previously filed with Post-Effective Amendment No. 164 on Form N-1A on January 16, 2026 and is incorporated herein by reference.

(xxxiii) [Opinion and Consent of Counsel (for VistaShares HRVD Select ETF, VistaShares Target 15 HRVD Distribution ETF, VistaShares GATE Endowment Select ETF, VistaShares Target 15 GATE Endowment Distribution ETF, VistaShares Gulf Sovereign Select ETF, VistaShares Target 15 Gulf Sovereign Distribution ETF, VistaShares Nordic Wealth Select ETF and VistaShares Target 15 Nordic Wealth Distribution ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937126001612/ex99-ixxxiii.htm) - previously filed with Post-Effective Amendment No. 168 on Form N-1A on January 26, 2026 and is incorporated herein by reference.

(xxxiv) [Opinion and Consent of Counsel (for RCN Pareto Strategic Allocation ETF) – **filed herewith.**](ex99-ixxxiv.htm)

(xxxv) Opinion and Consent of Counsel (for U.S. Defense ETF) – **to be filed by amendment.** 

(xxxvi) Opinion and Consent of Counsel (for Worth Charting Options Income) – **to be filed by amendment.** 

(xxxvii) Opinion and Consent of Counsel (for Apex Consolidated Income ETF) – **to be filed by amendment.** 

(j) [Consent of Independent Registered Public Accounting Firm – **filed herewith**](ex99-j.htm)

(k) Not applicable.

(l) Not applicable.

(m) [Amended and Restated Rule 12b-1 Distribution Plan , herewith.](ex99-m.htm)

(n) Not applicable.

(o) Reserved.

(p) (i) [Code of Ethics for Tidal Trust III](http://www.sec.gov/Archives/edgar/data/1722388/000199937125021101/ex99-pi.htm) , previously filed with Post-Effective Amendment No. 159 on Form N-1A on December 23, 2025 and is incorporated herein by reference **.** 

(ii) [Code of Ethics for Tidal Investments LLC](http://www.sec.gov/Archives/edgar/data/1722388/000199937125018788/ex99-pii.htm) , previously filed with Post-Effective Amendment No. 152 on Form N-1A on November 26, 2025 and is incorporated herein by reference.

(iii) Code of Ethics for Foreside Fund Services, LLC - not applicable per Rule 17j-1(c)(3).

(iv) [Code of Ethics for Rockefeller Asset Management , - **filed herewith.**](ex99-piv.htm)

(v) [Code of Ethics for Traders A.I., Inc.](http://www.sec.gov/Archives/edgar/data/1722388/000199937124009561/ex99-pvii.htm) , previously filed with Post-Effective Amendment No. 48 on Form N-1A on August 5, 2024 and is incorporated herein by reference.

(vi) [Code of Ethics for Route 20 Private Wealth Inc.,](http://www.sec.gov/Archives/edgar/data/1722388/000199937124011464/ex99-pviii.htm) previously filed with Post-Effective Amendment No. 59 on Form N-1A on September 6, 2024 and is incorporated herein by reference.

(vii) [Code of Ethics for VistaShares Advisors LLC **- filed herewith.**](ex99-pvii.htm)

(viii) [Code of Ethics for Ned Davis Research Inc.](http://www.sec.gov/Archives/edgar/data/1722388/000199937124013325/ex99-pix.htm) , previously filed with Post-Effective Amendment No. 64 on Form N-1A on October 15, 2024 and is incorporated herein by reference.

(ix) [Code of Ethics for Ninepoint Partners LP](http://www.sec.gov/Archives/edgar/data/1722388/000199937124013325/ex99-px.htm) , previously filed with Post-Effective Amendment No. 64 on Form N-1A on October 15, 2024 and is incorporated herein by reference.

(x) [Code of Ethics for Fundstrat Capital, LLC](http://www.sec.gov/Archives/edgar/data/1722388/000199937125017305/ex99-pxi.htm) - previously filed with Post-Effective Amendment No. 146 on Form N-1A on November 11, 2025 and is incorporated herein by reference.

(xi) [Code of Ethics for Cannell & Spears LLC](http://www.sec.gov/Archives/edgar/data/1722388/000199937125004846/ex99-pxii.htm) – previously filed with Post-Effective Amendment No. 110 on Form N-1A on April 28, 2025 and is incorporated herein by reference.

(xii) [Code of Ethics for Harmonic Capital, LLC](http://www.sec.gov/Archives/edgar/data/1722388/000199937125013196/ex99-pxiii.htm) – previously filed with Post-Effective Amendment No. 135 on Form N-1A on September 12, 2025 and is incorporated herein by reference.

(xiii) [Code of Ethics for Nest Egg ETFs, LLC](http://www.sec.gov/Archives/edgar/data/1722388/000199937125006925/ex99-pxiv.htm) – previously filed with Post-Effective Amendment No. 119 on Form N-1A on May 30, 2025 and is incorporated herein by reference **.** 

(xiv) [Code of Ethics for USCF Advisers LLC,](http://www.sec.gov/Archives/edgar/data/1722388/000199937125000421/ex99-pxv.htm) previously filed with Post-Effective Amendment No. 94 on Form N-1A on January 17, 2025 and is incorporated herein by reference.

(xv) [Code of Ethics for TH GARP ETFS LTD](http://www.sec.gov/Archives/edgar/data/1722388/000183988225001662/ex99-pxvi.htm) , previously filed with Post-Effective Amendment No. 91 on Form N-1A on January 13, 2025, and is incorporated herein by reference.

(xvi) [Code of Ethics for PEO Partners, LLC,](http://www.sec.gov/Archives/edgar/data/1722388/000199937125000454/ex99-pxvii.htm) previously filed with Post-Effective Amendment No. 95 on Form N-1A on January 17, 2025 and is incorporated herein by reference.

(xvii) [Code of Ethics for AlphaQuest LLC](http://www.sec.gov/Archives/edgar/data/1722388/000199937125000454/ex99-pxviii.htm) , previously filed with Post-Effective Amendment No. 95 on Form N-1A on January 17, 2025 and is incorporated herein by reference.

(xviii) [Code of Ethics for Intech Investment Management LLC](http://www.sec.gov/Archives/edgar/data/1722388/000183988225011125/ex99-pxix.htm) , previously filed with Post-Effective Amendment No. 101 on Form N-1A on February 26, 2025 and is incorporated herein by reference.

(xix) [Code of Ethics for Measured Risk Portfolios, Inc.](http://www.sec.gov/Archives/edgar/data/1722388/000183988225011278/ex99-pxx.htm) , previously filed with Post-Effective Amendment No. 102 on Form N-1A on February 26, 2025 and is incorporated herein by reference.

(xx) [Code of Ethics for Accuvest Global Advisors Inc.](http://www.sec.gov/Archives/edgar/data/1722388/000199937125006488/ex99-pxxi.htm) – previously filed with Post-Effective Amendment No. 113 on Form N-1A on May 21, 2025 and is incorporated herein by reference.

(xxi) [Code of Ethics for RCN Wealth Advisors, Inc. – **filed herewith**.](ex99-pxxi.htm)

(xxii) Code of Ethics for Worth Charting Options Income – **to be filed by amendment**.

(xxiii) Code of Ethics for Hohimer Wealth Management, LLC– **to be filed by amendment**.

**Item 29.** **Persons Controlled by or under Common Control with Registrant.**

Not Applicable.

**Item 30.** **Indemnification**

Reference is made to Article IV of the Registrant's Third Amended and Restated Agreement and Declaration of Trust. The general effect of this provision is to indemnify the Trustees, officers, employees and other agents of the Trust who are parties pursuant to any proceeding by reason of their actions performed in their scope of service on behalf of the Trust.

Pursuant to Rule 484 under the Securities Act of 1933, as amended (the Securities Act), the Registrant furnishes the following undertaking: Insofar as indemnification for liability arising under the Securities Act of 1933 may be permitted to trustees, officers and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that, in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a trustee, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such trustee, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.

**Item 31. Business and Other Connections of Investment Adviser**

Each of the investment advisers and investment sub-advisers to one or more of the Funds is registered as an investment adviser under the Investment Advisers Act of 1940, as amended (the "Advisers Act"). The list required by this Item 31 of officers and directors of each adviser/sub-adviser together with information as to any other business, profession, vocation or employment of a substantial nature engaged in by such officers and directors during the past two years, is incorporated by reference to the respective Schedules A and D of Form ADV filed by each such firm pursuant to the Advisers Act. Each adviser's/sub-adviser's state of organization and SEC Advisers Act file number is noted below.

---

| | |
|:---|:---|
| **<u>Investment Adviser</u>** | **<u>SEC File No.</u>** |
| Tidal Investments LLC (f/k/a Toroso Investments, LLC) | 801-76857 |

---

---

| | |
|:---|:---|
| **<u>Investment Sub-Advisers</u>** |  |
| Impact Shares Corp. | 801-112391 |
| Unity Wealth Partners LLC | 801-130370 |
| Rockefeller Asset Management, a division of Rockefeller & Co. LLC | 801-113009 |
| Traders A.I., Inc. | 801-130642 |
| Route 20 Private Wealth Inc. | 801-130981 |
| VistaShares Advisors LLC | 801-130962 |
| Fundstrat Capital, LLC | 801-131012 |
| Ned Davis Research Inc. | 801-60241 |
| Ninepoint Partners LP | 801-111715 |
| Cannell & Spears LLC | 801-67401 |
| Harmonic Capital, LLC | 801-132705 |
| Nest Egg ETFs, LLC | 801-131316 |
| USCF Advisers LLC | 801-79985 |
| TH GARP ETFS LTD | 801-131592 |
| PEO Partners, LLC | 801-131277 |
| AlphaQuest LLC | 801-108500 |
| Intech Investment Management LLC | 801-60987 |
| Measured Risk Portfolios, Inc. | 801-80124 |
| Accuvest Global Advisors Inc. | 801-68887 |
| RCN Wealth Advisors, Inc. | 801-135338 |
| Worth Charting Group LLC | [ ] |
| Hohimer Wealth Management, LLC | 801-114746 |

---

**Item 32.** **Foreside Fund Services, LLC**

---

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

---

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

2. ABS Long/Short Strategies Fund

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

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

5. ActivePassive International Equity ETF, Series of Trust for Professional Managers

6. ActivePassive U.S. Equity ETF, Series of Trust for Professional Managers

7. AdvisorShares Trust

8. AFA Private Credit Fund

9. AGF Investments Trust

10. AIM ETF Products Trust

11. Alexis Practical Tactical ETF, Series of Listed Funds Trust

12. AlphaCentric Prime Meridian Income Fund

13. American Century ETF Trust

14. AMG ETF Trust

15. Amplify ETF Trust

16. Applied Finance Dividend Fund, Series of World Funds Trust

17. Applied Finance Explorer Fund, Series of World Funds Trust

18. Applied Finance Select Fund, Series of World Funds Trust

19. Ardian Access LLC

20. ARK ETF Trust

21. ARK Venture Fund

22. Bitwise Funds Trust

23. BondBloxx ETF Trust

24. Bramshill Multi-Strategy Income Fund, Series of Investment Managers Series Trust

25. Bridgeway Funds, Inc.

26. Brinker Capital Destinations Trust

27. Brookfield Real Assets Income Fund Inc.

28. Build Funds Trust

29. Calamos Convertible and High Income Fund

30. Calamos Convertible Opportunities and Income Fund

31. Calamos Dynamic Convertible and Income Fund

32. Calamos Global Dynamic Income Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33. Calamos Global Total Return Fund

34. Calamos Strategic Total Return Fund

35. Carlyle Tactical Private Credit Fund

36. Cascade Private Capital Fund

37. Catalyst/Perini Strategic Income Fund

38. CBRE Global Real Estate Income Fund

39. Center Coast Brookfield MLP & Energy Infrastructure Fund

40. Clifford Capital Partners Fund, Series of World Funds Trust

41. Cliffwater Corporate Lending Fund

42. Cliffwater Enhanced Lending Fund

43. Coatue Innovative Strategies Fund

44. Cohen & Steers ETF Trust

45. Convergence Long/Short Equity ETF, Series of Trust for Professional Managers

46. CornerCap Small-Cap Value Fund, Series of Managed Portfolio Series

47. CrossingBridge Pre-Merger SPAC ETF, Series of Trust for Professional Managers

48. Curasset Capital Management Core Bond Fund, Series of World Funds Trust

49. Curasset Capital Management Limited Term Income Fund, Series of World Funds Trust

50. CYBER HORNET S&P 500<sup>®</sup> and Bitcoin 75/25 Strategy ETF, Series of CYBER HORNET Trust

51. Davis Fundamental ETF Trust

52. Defiance BMNR Option Income ETF, Series of ETF Series Solutions

53. Defiance Connective Technologies ETF, Series of ETF Series Solutions

54. Defiance Drone and Modern Warfare ETF, Series of ETF Series Solutions

55. Defiance Quantum ETF, Series of ETF Series Solutions

56. Denali Structured Return Strategy Fund

57. Dodge & Cox Funds

58. DoubleLine ETF Trust

59. DoubleLine Income Solutions Fund

60. DoubleLine Opportunistic Credit Fund

61. DoubleLine Yield Opportunities Fund

62. DriveWealth ETF Trust

63. EIP Investment Trust

64. Ellington Income Opportunities Fund

65. ETF Opportunities Trust

66. Exchange Listed Funds Trust

67. Exchange Place Advisors Trust

68. FIS Trust

69. FlexShares Trust

70. Fortuna Hedged Bitcoin Fund, Series of Listed Funds Trust

71. Forum Funds

72. Forum Funds II

73. Forum Real Estate Income Fund

74. Fundrise Growth Tech Fund, LLC

75. GMO ETF Trust

76. GoldenTree Opportunistic Credit Fund

77. Gramercy Emerging Markets Debt Fund, Series of Investment Managers Series Trust

78. Grayscale Funds Trust

79. Guinness Atkinson Funds

80. Harbor ETF Trust

81. Harris Oakmark ETF Trust

82. Hawaiian Tax-Free Trust

83. Horizon Kinetics Blockchain Development ETF, Series of Listed Funds Trust

84. Horizon Kinetics Energy and Remediation ETF, Series of Listed Funds Trust

85. Horizon Kinetics Inflation Beneficiaries ETF, Series of Listed Funds Trust

86. Horizon Kinetics Japan Owner Operator ETF, Series of Listed Funds Trust

87. Horizon Kinetics Medical ETF, Series of Listed Funds Trust

88. Horizon Kinetics SPAC Active ETF, Series of Listed Funds Trust

89. Innovator ETFs Trust

90. Ironwood Institutional Multi-Strategy Fund LLC

91. Ironwood Multi-Strategy Fund LLC

92. Jensen Quality Growth ETF, Series of Trust for Professional Managers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93. John Hancock Exchange-Traded Fund Trust

94. Kurv ETF Trust

95. Lazard Active ETF Trust

96. LDR Real Estate Value-Opportunity Fund, Series of World Funds Trust

97. Mairs & Power Balanced Fund, Series of Trust for Professional Managers

98. Mairs & Power Growth Fund, Series of Trust for Professional Managers

99. Mairs & Power Minnesota Municipal Bond ETF, Series of Trust for Professional Managers

100. Mairs & Power Small Cap Fund, Series of Trust for Professional Managers

101. Manor Investment Funds

102. MoA Funds Corporation

103. Moerus Worldwide Value Fund, Series of Northern Lights Fund Trust IV

104. Morgan Stanley ETF Trust

105. Morgan Stanley Pathway Large Cap Equity ETF, Series of Morgan Stanley Pathway Funds

106. Morgan Stanley Pathway Small-Mid Cap Equity ETF, Series of Morgan Stanley Pathway Funds

107. Morningstar Funds Trust

108. NEOS ETF Trust

109. Niagara Income Opportunities Fund

110. North Square Evanston Multi-Alpha Fund

111. NXG Cushing<sup>®</sup> Midstream Energy Fund

112. NXG NextGen Infrastructure Income Fund

113. OTG Latin American Fund, Series of World Funds Trust

114. Overlay Shares Core Bond ETF, Series of Listed Funds Trust

115. Overlay Shares Foreign Equity ETF, Series of Listed Funds Trust

116. Overlay Shares Hedged Large Cap Equity ETF, Series of Listed Funds Trust

117. Overlay Shares Large Cap Equity ETF, Series of Listed Funds Trust

118. Overlay Shares Municipal Bond ETF, Series of Listed Funds Trust

119. Overlay Shares Short Term Bond ETF, Series of Listed Funds Trust

120. Overlay Shares Small Cap Equity ETF, Series of Listed Funds Trust

121. Palmer Square Funds Trust

122. Palmer Square Opportunistic Income Fund

123. Partners Group Private Income Opportunities, LLC

124. Perkins Discovery Fund, Series of World Funds Trust

125. Philotimo Focused Growth and Income Fund, Series of World Funds Trust

126. Plan Investment Fund, Inc.

127. Point Bridge America First ETF, Series of ETF Series Solutions

128. Precidian ETFs Trust

129. Rareview 2x Bull Cryptocurrency & Precious Metals ETF, Series of Collaborative Investment Series Trust

130. Rareview Dynamic Fixed Income ETF, Series of Collaborative Investment Series Trust

131. Rareview Systematic Equity ETF, Series of Collaborative Investment Series Trust

132. Rareview Tax Advantaged Income ETF, Series of Collaborative Investment Series Trust

133. Rareview Total Return Bond ETF, Series of Collaborative Investment Series Trust

134. Renaissance Capital Greenwich Funds

135. REX ETF Trust

136. Reynolds Funds, Inc.

137. RMB Investors Trust

138. Robinson Opportunistic Income Fund, Series of Investment Managers Series Trust

139. Robinson Tax Advantaged Income Fund, Series of Investment Managers Series Trust

140. Roundhill Ball Metaverse ETF, Series of Listed Funds Trust

141. Roundhill Cannabis ETF, Series of Listed Funds Trust

142. Roundhill ETF Trust

143. Roundhill Magnificent Seven ETF, Series of Listed Funds Trust

144. Roundhill Sports Betting & iGaming ETF, Series of Listed Funds Trust

145. Roundhill Video Games ETF, Series of Listed Funds Trust

146. Rule One Fund, Series of World Funds Trust

147. Russell Investments Exchange Traded Funds

148. Securian AM Real Asset Income Fund, Series of Investment Managers Series Trust

149. Six Circles Trust

150. Sound Shore Fund, Inc.

151. SP Funds Trust

152. Sparrow Funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153. Spear Alpha ETF, Series of Listed Funds Trust

154. STF Tactical Growth & Income ETF, Series of Listed Funds Trust

155. STF Tactical Growth ETF, Series of Listed Funds Trust

156. Strategic Trust

157. Strategy Shares

158. Swan Hedged Equity US Large Cap ETF, Series of Listed Funds Trust

159. Tekla World Healthcare Fund

160. Tema ETF Trust

161. The 2023 ETF Series Trust

162. The Community Development Fund

163. The Cook & Bynum Fund, Series of World Funds Trust

164. The Private Shares Fund

165. The SPAC and New Issue ETF, Series of Collaborative Investment Series Trust

166. Third Avenue Trust

167. Third Avenue Variable Series Trust

168. Tidal Trust I

169. Tidal Trust II

170. Tidal Trust III

171. Tidal Trust IV

172. TIFF Investment Program

173. Timothy Plan High Dividend Stock ETF, Series of The Timothy Plan

174. Timothy Plan International ETF, Series of The Timothy Plan

175. Timothy Plan Market Neutral ETF, Series of The Timothy Plan

176. Timothy Plan US Large/Mid Cap Core ETF, Series of The Timothy Plan

177. Timothy Plan US Small Cap Core ETF, Series of The Timothy Plan

178. Total Fund Solution

179. Touchstone ETF Trust

180. Trailmark Series Trust

181. T-Rex 2X Inverse Bitcoin Daily Target ETF, Series of World Funds Trust

182. T-Rex 2x Inverse Ether Daily Target ETF, Series of World Funds Trust

183. T-Rex 2X Long Bitcoin Daily Target ETF, Series of World Funds Trust

184. T-Rex 2x Long Ether Daily Target ETF

185. U.S. Global Investors Funds

186. Union Street Partners Value Fund, Series of World Funds Trust

187. Vest Bitcoin Strategy Managed Volatility Fund, Series of World Funds Trust

188. Vest S&P 500<sup>®</sup> Dividend Aristocrats Target Income Fund, Series of World Funds Trust

189. Vest US Large Cap 10% Buffer Strategies Fund, Series of World Funds Trust

190. Vest US Large Cap 20% Buffer Strategies Fund, Series of World Funds Trust

191. Vest US Large Cap 20% Buffer Strategies VI Fund, Series of World Funds Trust

192. Virtus Stone Harbor Emerging Markets Income Fund

193. Volatility Shares Trust

194. WEBs ETF Trust

195. Wedbush Series Trust

196. Wellington Global Multi-Strategy Fund

197. Wilshire Mutual Funds, Inc.

198. Wilshire Variable Insurance Trust

199. WisdomTree Trust

200. XAI Octagon Floating Rate & Alternative Income Term Trust

---

| | |
|:---|:---|
| Item 32(b) | The following are the Officers and Manager of the Distributor, the Registrant's underwriter. The Distributor's main business address is 190 Middle Street, Suite 301, Portland, Maine 04101. |

---

---

| | | | |
|:---|:---|:---|:---|
| Name | Address | Position with Underwriter | Position with Registrant |
| Teresa Cowan | 190 Middle Street, Suite 301,<br> Portland, ME 04101 | President/Manager |  |
| Chris Lanza | 190 Middle Street, Suite 301,<br> Portland, ME 04101 | Vice President |  |
| Kate Macchia | 190 Middle Street, Suite 301,<br> Portland, ME 04101 | Vice President |  |
| Alicia Strout | 190 Middle Street, Suite 301,<br> Portland, ME 04101 | Vice President and Chief Compliance Officer |  |
| Gabriel E. Edelman | 190 Middle Street, Suite 301,<br> Portland, ME 04101 | Secretary |  |
| Susan L. LaFond | 190 Middle Street, Suite 301,<br> Portland, ME 04101 | Treasurer |  |
| Weston Sommers | 190 Middle Street, Suite 301,<br> Portland, ME 04101 | Financial and Operations Principal <br> and Chief Financial Officer<br>|  |

---

---

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

---

**Item 33. Location of Accounts and Records**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Impact Shares, Corp, 5950 Berkshire Lane, Suite 1420, Dallas, Texas 75225

(2) Tidal Investments LLC (formerly Toroso Investments, LLC), 234 West Florida Street, Suite 700, Milwaukee, Wisconsin 53204

(3) Tidal ETF Services LLC, 234 West Florida Street, Suite 700, Milwaukee, Wisconsin 53204

(4) U.S. Bancorp Fund Services, LLC, 615 E. Michigan Street, Milwaukee, Wisconsin 53202

(5) U.S. Bank, National Association, 1555 N. Rivercenter Drive, Milwaukee, Wisconsin 53202

(6) Foreside Fund Service, LLC, 190 Middle Street, Suite 301, Portland, Maine 04101

(7) Unity Wealth Partners LLC, 4050 W. Metropolitan Dr., Suite 150, Orange, CA 92868

(8) Rockefeller Asset Management (a division of Rockefeller & Co. LLC), 510 Madison Avenue, 21st Floor, New York, NY 10022

(9) Traders A.I., Inc., 10300 Eaton Pl, Suite 440/448, Fairfax, VA 22030

(10) Route 20 Private Wealth Inc., 401 East Las Olas Boulevard, Suite 1400, Fort Lauderdale, Florida 33301

(11) VistaShares Advisors LLC, 1111B S Governors Avenue, Suite 20096, Dover, Delaware 19904

(12) Fundstrat Capital, LLC, 150 East 52nd Street, New York, NY 10022

(13) Ned Davis Research Inc., 3665 Bee Ridge Road, Suite 306 Sarasota, Florida 34233

(14) Ninepoint Partners LP, Royal Bank Plaza, South Tower, Toronto, Ontario M5J 2J1

(15) Cannell & Spears LLC, 545 Madison Avenue, 11th Floor, New York, New York 10022

(16) Harmonic Capital, LLC, 444 North Wabash Ave, Chicago, IL 60611

(17) Nest Egg ETFs, LLC., 8141 2<sup>nd</sup>Street, Suite 330, Downey, California 90241

(18) USCF Advisers LLC, 1850 Mt. Diablo Blvd. Suite 640, Walnut Creek, CA 94596

(19) TH GARP ETFS LTD, 99 Bishopsgate, London, UK EC2M 3XD

(20) PEO Partners, LLC, 100 Park Avenue, 26<sup>th</sup>Floor, New York, New York 10017

(21) AlphaQuest LLC, 126 East 56<sup>th</sup>Street, 25<sup>th</sup>Floor, New York, New York 10022

(22) Intech Investment Management LLC, 250 S. Australian Avenue, Suite 1700, West Palm Beach, Florida 33401

(23) Measured Risk Portfolios, Inc., 5230 Carroll Canyon Road, Suite 224, San Diego, CA 92121

(24) Accuvest Global Advisors Inc., 3575 N. 100 E. Suite 350, Provo, UT 84604

(25) RCN Wealth Advisors, Inc., 116 Terrapin Ln. Stevensville, MD 21666

(26) Worth Charting Group LLC, located at 445 Park Avenue, 9<sup>th</sup> Floor, New York, New York 10022

(27) Hohimer Wealth Management, LLC, One Union Square 600 University Street, Suite 2401Seattle, WA 98101

**Item 34. Management Services**

Not applicable.

**Item 35. Undertakings**

Not applicable.

**SIGNATURES**

Pursuant to the requirements of the Securities Act of 1933, as amended, and the Investment Company Act of 1940, as amended, the Registrant certifies that it meets all requirements for effectiveness of this Post-Effective Amendment No. 177 to its Registration Statement on Form N-1A under Rule 485(b) under the Securities Act and has duly caused this Post-Effective Amendment No. 177 to its Registration Statement on Form N-1A to be signed on its behalf by the undersigned, duly authorized, in the City of Milwaukee, State of Wisconsin, on March 23, 2026.

---

| |
|:---|
| **Tidal Trust III** |
| /s/ Eric W. Falkeis |
| Eric W. Falkeis<br> President |

---

Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement has been signed below by the following persons in the capacities indicated on March 23, 2026.

---

| | |
|:---|:---|
| **Signature** | **Title** |
| /s/ Eric W. Falkeis | President, Principal Executive Officer and Trustee |
| Eric W. Falkeis |  |
| /s/ Monica H. Byrd\* | Trustee |
| Monica H. Byrd |  |
| /s/ Pamela Cytron\* | Trustee |
| Pamela Cytron |  |
| /s/ Lawrence Jules\* | Trustee |
| Lawrence Jules |  |
| /s/ Ethan Powell\* | Trustee |
| Ethan Powell |  |
| /s/ Aaron Perkovich | Treasurer, Principal Financial Officer and Principal Accounting Officer |
| Aaron Perkovich |  |

---

---

| | |
|:---|:---|
| \*By: | /s/ Eric W. Falkeis |
|  | Eric W. Falkeis, Attorney in Fact |
|  | By Power of Attorney |

---

**Exhibit Index**

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| [(a)(viii)(1)](ex99-aviii1.htm) | [Investment Advisory Agreement](ex99-aviii1.htm) |
| [(a)(viii)(2)](ex99-aviii2.htm) | [Investment Sub-Advisory Agreement](ex99-aviii2.htm) |
| [(a)(viii)(3)](ex99-aviii3.htm) | [Memorandum and Articles of Association](ex99-aviii3.htm) |
| [(a)(viii)(4)](ex99-aviii4.htm) | [Certificate of Incorporation](ex99-aviii4.htm) |
| [(a)(viii)(5)](ex99-aviii5.htm) | [Tax Undertaking](ex99-aviii5.htm) |
| [(a)(viii)(6)](ex99-aviii6.htm) | [Form of Private Investment Company Custodian Agreement](ex99-aviii6.htm) |
| [(d)(xxiii)](ex99-dxxiii.htm) | [Investment Advisory Agreement](ex99-dxxiii.htm) |
| [(d)(xliii)](ex99-dxliii.htm) | [Investment Sub-Advisory Agreement](ex99-dxliii.htm) |
| [(e)(i)(xiii)](ex99-eixiii.htm) | [Sixteenth Amendment to the Distribution Agreement](ex99-eixiii.htm) |
| [(g)(i)(xiv)](ex99-gixiv.htm) | [Form of Sixteenth Amendment to the Custodian Agreement](ex99-gixiv.htm) |
| [(h)(i)(iv)](ex99-hiiv.htm) | [Fourth Amendment to the Amended and Restated Fund Administration Servicing Agreement](ex99-hiiv.htm) |
| [(h)(ii)(xiv)](ex99-hiixiv.htm) | [Form of Sixteenth Amendment to the Transfer Agency Agreement](ex99-hiixiv.htm) |
| [(h)(iii)(xiv)](ex99-hiiixiv.htm) | [Form of Sixteenth Amendment to the Fund Accounting Agreement](ex99-hiiixiv.htm) |
| [(i)(xxxiv)](ex99-ixxxiv.htm) | [Opinion and Consent of Counsel](ex99-ixxxiv.htm) |
| [(j)](ex99-j.htm) | [Consent of Independent Registered Public Accounting Firm](ex99-j.htm) |
| [(m)](ex99-m.htm) | [Amended and Restated Rule 12b-1 Distribution Plan](ex99-m.htm) |
| [(p)(iv)](ex99-piv.htm) | [Code of Ethics for Rockefeller Asset Management](ex99-piv.htm) |
| [(p)(vii)](ex99-pvii.htm) | [Code of Ethics for VistaShares Advisors LLC](ex99-pvii.htm) |
| [(p)(xxi)](ex99-pxxi.htm) | [Code of Ethics for RCN Wealth Advisors, Inc.](ex99-pxxi.htm) |

---

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

[Tidal Trust III 485BPOS](prto-485bpos_032326.htm)

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

INVESTMENT ADVISORY AGREEMENT

Between

RCN PARETO STRATEGIC ALLOCATION CAYMAN SUBSIDIARY

AND

TIDAL INVESTMENTS LLC

This Investment Advisory Agreement (the "<u>Agreement</u>") is made as of March 11, 2026, by and between **RCN Pareto Strategic Allocation Cayman Subsidiary**, an Exempted Company incorporated in the Cayman Islands with limited liability (the "<u>Fund</u>"), and **Tidal Investments LLC**, a Delaware limited liability company (the "<u>Adviser</u>") located at 234 West Florida Street, Suite 700 Milwaukee, Wisconsin 53204, USA.

BACKGROUND:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The Fund is an Exempted Company incorporated in the Cayman Islands
with limited liability, and will be wholly-owned by its sole investor, **RCN Pareto Strategic Allocation ETF** (the " <u>U.S. Fund</u> ") which is a series of Tidal
Trust III (the " <u>Trust</u> "), a Delaware statutory trust, registered with the
U.S. Securities and Exchange Commission (the " <u>SEC</u> ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. The Fund is authorized to issue shares of beneficial interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. The Adviser is registered as an investment adviser under the U.S. Investment Advisers Act of 1940,
as amended (the " <u>Advisers Act</u> ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. The Fund desires to retain the Adviser to render investment advisory services to the Fund in the
manner and on the terms and conditions hereinafter set forth.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. This Background section is incorporated by reference into and made a part of this Agreement.

**TERMS:**

**NOW, THEREFORE**, in consideration of the mutual promises and consideration contained herein, the receipt and sufficiency of which is acknowledged by each party, intending to be legally bound, agree as follows:

**1. Services of the Adviser.**

1.1 <u>Investment Advisory Services</u>. The Adviser will: (a) provide a program of continuous investment management for the Fund; (b) make investment decisions for the Fund; and (c) place orders to purchase and sell securities and investments for the Fund in accordance with the Fund's investment objectives, policies and limitations as stated in the U.S. Fund's current Prospectus and Statement of Additional Information (the "<u>Registration Statement</u>") as provided to the Adviser, as they may be amended from time to time.

The Adviser further agrees that, in performing its duties hereunder, it will:

(a) with regard to its activities under this Agreement, use reasonable efforts to comply in all material respects with the applicable provisions of the U.S. Investment Company Act of 1940, as amended (the "1940 Act"), the Advisers Act, and all applicable rules and regulations thereunder, the U.S. Internal Revenue Code of 1986, as amended (the "<u>Code</u>"), and all other applicable U.S. federal and state laws and regulations, and with the U.S. Fund's Registration Statement, the provisions of Cayman Island law and any applicable procedures adopted by the Fund's Directors or the Board of Trustees of the Trust, on behalf of the U.S. Fund, as they may be amended from time to time, provided that written copies of such procedures and amendments thereto are provided to the Adviser;

(b) use reasonable efforts to manage the Fund's assets in a manner that will not impair the U.S. Fund's qualification as a regulated investment company under Subchapter M of the Code and regulations issued thereunder; place orders pursuant to its investment determinations for the Fund, in accordance with applicable policies expressed in the U.S. Fund's Registration Statement or otherwise established through written guidelines established by the Fund and provided to the Adviser, including without limitation, Section 1.1.2 hereof;

(c) furnish to the Fund whatever statistical information the Fund may reasonably request with respect to the Fund's assets or investments. In addition, the Adviser will keep the Fund and the Directors informed of developments that the Adviser reasonably believes will materially affect the Fund's portfolio, and shall, on the Adviser's own initiative, furnish to the Fund from time to time whatever information the Adviser believes appropriate for this purpose;

(d) make available to the Fund, promptly upon request, such copies of its investment records and ledgers with respect to the Fund as may reasonably be required to assist the Fund in its compliance with applicable laws and regulations. The Adviser will furnish the Directors and the Fund with such periodic and special reports regarding the Fund as they may reasonably request;

(e) provide assistance to the Fund or custodian or recordkeeping agent for the Fund in determining or confirming, consistent with the procedures and policies stated in the U.S. Fund's valuation procedures and/or Registration Statement, the value of any portfolio securities or other assets of the Fund for which the Fund, custodian or recordkeeping agent seeks assistance from the Adviser or identifies for review by the Adviser;

(f) assist the Fund, and any of its Directors, officers, and/or employees in complying with the provisions of the Sarbanes-Oxley Act of 2002 to the extent such provisions relate to the services to be provided by, and obligations of, the Adviser hereunder;

(g) assist the Fund, and accordingly, the U.S. Fund's Chief Compliance Officer ("<u>CCO</u>") in complying with Rule 38a-1 under the 1940 Act. Specifically, the Adviser represents and warrants that it shall maintain a compliance program in accordance with the requirements of Rule 206(4)-7 under the Advisers Act, and shall provide the CCO with reasonable access to information regarding the Adviser's compliance program, which access shall include on-site visits with the Adviser as may be reasonably requested from time to time. In connection with the periodic review and annual report required to be prepared by the CCO pursuant to Rule 38a-1, the Adviser agrees to provide certifications as may be reasonably requested by the CCO related to the design and implementation of the Adviser's compliance program;

(h) provide assistance as may be reasonably requested by the Fund in connection with compliance by the Fund with any current or future legal and regulatory requirements related to the services provided by the Adviser hereunder;

(i) promptly notify the Fund to the extent required by applicable law in the event that the Adviser or any of its affiliates: (1) becomes aware that it is subject to a statutory disqualification that prevents the Adviser from serving as an investment adviser pursuant to this Agreement; or (2) becomes aware that it is the subject of an administrative proceeding or enforcement action by the SEC or other regulatory authority. The Adviser further agrees to notify the Fund immediately of any material fact known to the Adviser respecting or relating to the Adviser that would make any written representation in this Agreement materially inaccurate or incomplete or if any such written representation becomes untrue in any material respect;

(j) promptly notify the Fund if the Adviser suffers a material adverse change in its business that would materially impair its ability to perform its relevant duties for the Fund. For the purposes of this paragraph, a "material adverse change" shall include, but is not limited to, a material loss of assets or accounts under management or the departure of senior investment professionals to the extent such professionals are not replaced promptly with professionals of comparable experience and quality;

(k) use no material non-public information that may be in its possession in making investment decisions for the Fund, nor seek to obtain any such information; and

(l) use its best judgment and efforts in rendering the advice and services contemplated by this Agreement.

1.1.1 <u>Investment Authority</u>. The Adviser's investment authority shall include the authority to purchase and sell securities, options, swaps (including but not limited to interest rate swaps, inflation swaps, swaptions and credit default swaps), financial futures contracts and options thereon, currency transactions, and other derivatives and investment instruments and techniques as may be permitted for use by the Fund and consistent with the Registration Statement.

The Adviser may: (i) open and maintain brokerage accounts for financial futures and options and securities (such accounts hereinafter referred to as "<u>Brokerage Accounts</u>") on behalf of and in the name of the Fund; and (ii) execute for and on behalf of the Brokerage Accounts, standard customer agreements with a broker or brokers. The Adviser may, using such of the securities and other property in the Brokerage Accounts as the Adviser deems necessary or desirable, direct the custodian to deposit on behalf of the Fund, original and maintenance brokerage deposits and otherwise direct payments of cash, cash equivalents and securities and other property into such brokerage accounts and to such brokers as the Adviser deems desirable or appropriate. The Fund hereby authorizes any entity or person associated with the Adviser or any sub-adviser or futures trading advisor retained by the Adviser pursuant to Section 8 of this Agreement to effect any transaction on the exchange for the account of the Fund which is permitted by Section 11(a) of the U.S. Securities Exchange Act of 1934, as amended, and Rule 11a2-2(T) thereunder, and the Fund hereby consents to the retention of compensation for such transactions in accordance with Rule 11a2-2(T)(a)(2)(iv).

1.1.2 <u>Investment Guidelines</u>. The Fund shall supply the Adviser with such other information as the Adviser shall reasonably request concerning the Fund's investment policies, restrictions, limitations, tax position, liquidity requirements and other information useful in managing the Fund's investments.

1.2 <u>Administrative Services</u>. The Fund has engaged the services of an administrator. The Adviser shall provide such additional administrative services as reasonably requested by the Fund's Directors or officers of the Fund; provided, that the Adviser shall not have any obligation to provide under this Agreement any direct or indirect services to Fund shareholders, any services related to the distribution of Fund shares, or any other services which are the subject of a separate agreement or arrangement between the Fund and the Adviser. Subject to the foregoing, in providing administrative services hereunder, the Adviser shall:

(a) <u>Office Space, Equipment and Facilities</u>. Provide such office space, office equipment and
office facilities as are adequate to fulfill the Adviser's obligations hereunder;

(b) <u>Personnel</u>. Provide, without remuneration from or other cost to the Fund, the services of
individuals competent to perform the administrative functions which are not performed by employees or other agents engaged by the
Fund or by the Adviser acting in some other capacity pursuant to a separate agreement or arrangement with the Fund;

(c) <u>Agents</u>. Assist the Fund in selecting and coordinating the activities of the other agents
engaged by the Fund, including the Fund's shareholder servicing agent, custodian, administrator, independent auditors and
legal counsel;

(d) <u>Directors and Officers</u>. Authorize and permit the Adviser's directors, officers and
employees who may be elected or appointed as Directors or officers of the Fund to serve in such capacities, without remuneration
from or other cost to the Fund;

(e) <u>Books and Records</u>. Assure that all financial, accounting and other records required to be
maintained and preserved by the Adviser on behalf of the Fund are maintained and preserved by it in accordance with applicable
laws and regulations;

(f) <u>Reports and Filings</u>. Assist in the preparation of (but not pay for) all periodic reports
by the Fund to its shareholders and all reports and filings required to maintain the registration and qualification of the Funds
and Fund shares, or to meet other regulatory or tax requirements applicable to the Fund, under federal and state securities and
tax laws;

(g) <u>Change in Management or Control</u>. The Adviser shall provide at least sixty (60) days'
prior written notice to the Fund of any change in the ownership or management of the Adviser, or any event or action that may constitute
a change in "control," as that term is defined in Section 2 of the 1940 Act. The Adviser shall provide prompt
notice of any change in the portfolio manager(s) responsible for the day-to-day management of the Funds.

**2. Expenses of the Fund.**

During the term of this Agreement, the Adviser shall bear its own costs of providing services under this Agreement. The Adviser agrees to pay, or require a sub-adviser or futures trading advisor to pay, all expenses incurred by the Fund pursuant to this Agreement, excluding interest charges on any borrowings, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability and litigation expenses and other non-routine or extraordinary expenses.

**3. Advisory Fee.**

The Adviser will not receive any compensation for services rendered by the Adviser as investment adviser to the Fund, and is not entitled to any compensation under this Agreement.

**4. Proxy Voting.**

The Adviser will vote, or make arrangements to have voted, all proxies solicited by or with respect to the issuers of securities in which assets of the Fund may be invested from time to time. Such proxies will be voted in a manner that the Adviser deems, in good faith, to be in the best interest of the Fund and in accordance with the Adviser's proxy voting policy. The Adviser agrees to provide a copy of its proxy voting policy to the Fund prior to the execution of this Agreement, and any amendments thereto promptly.

**5. Records and Agent for Service of Process.**

5.1 <u>Tax Treatment</u>. Both the Adviser and the Fund shall maintain, or arrange for others to maintain, the books and records of the Fund in such a manner that treats the Fund as a separate entity for federal income tax purposes.

5.2 <u>Ownership</u>. All records required to be maintained and preserved by the Fund pursuant to the provisions or rules or regulations of the SEC under Section 31(a) of the 1940 Act and maintained and preserved by the Adviser on behalf of the Fund are the property of the Fund and shall be surrendered by the Adviser promptly on request by the Fund; provided, that the Adviser may at its own expense make and retain copies of any such records. The Fund, for so long as the U.S. Fund is the sole investor in the Fund, agrees to inspection by the staff of the SEC of the Fund's books and records.

5.3 <u>Agent for Service of Process</u>. The Fund will designate an agent for service of process in the United States.

**6. Reports to Adviser.**

The Fund shall furnish or otherwise make available to the Adviser such copies of the Fund's financial statements, proxy statements, reports and other information relating to its business and affairs as the Adviser may, at any time or from time to time, reasonably require in order to discharge its obligations under this Agreement.

**7. Code of Ethics.**

The Adviser has adopted a written code of ethics complying with the requirements of Rule 17j-1 under the 1940 Act. Upon request, the Adviser will provide to the Fund's Directors a written report that describes any issues arising under the code of ethics since the last report to the Fund's Directors, including, but not limited to, information about material violations of the code and sanctions imposed in response to the material violations and which certifies that the Adviser has adopted procedures reasonably necessary to prevent "access persons" (as that term is defined in Rule 17j-1) from violating the code.

**8. Retention of Sub-Adviser and/or Futures Trading Advisor.**

Subject to the approval by the Board of Trustees of the Trust, on behalf of the U.S. Fund, the Adviser may retain one or more sub-advisers or futures trading advisors, at the Adviser's own cost and expense, for the purpose of managing the investments of the assets of the Fund. Retention of one or more sub-advisers or futures trading advisors shall in no way reduce the responsibilities or obligations of the Adviser under this Agreement and the Adviser shall, subject to Section 10 of this Agreement, be responsible to the Fund for all acts or omissions of any sub-adviser or futures trading advisor in connection with the performance of the Adviser's duties hereunder.

**9. Services to Other Clients.**

Nothing herein contained shall limit the freedom of the Adviser or any affiliated person of the Adviser to render investment management and administrative services to other investment companies, to act as investment adviser or investment counselor to other persons, firms or corporations, or to engage in other business activities.

**10. Limitation of Liability of Adviser and its Personnel.**

Neither the Adviser nor any director, manager, officer or employee of the Adviser performing services for the Fund at the direction or request of the Adviser in connection with the Adviser's discharge of its obligations hereunder shall be liable for any error of judgment or mistake of law or for any loss suffered by the Fund in connection with any matter to which this Agreement relates, and the Adviser shall not be responsible for any action of the Directors of the Fund in following or declining to follow any advice or recommendation of the Adviser or any sub-adviser or futures trading advisor retained by the Adviser pursuant to Section 8 of this Agreement; <u>provided that</u>, nothing herein contained shall be construed (i) to protect the Adviser against any liability to the Fund or its shareholders to which the Adviser would otherwise be subject by reason of willful misfeasance, bad faith, or gross negligence in the performance of the Adviser's duties, or by reason of the Adviser's reckless disregard of its obligations and duties under this Agreement, or (ii) to protect any director, manager, officer or employee of the Adviser who is or was a Director or officer of the Fund against any liability of the Fund or its shareholders to which such 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 person's office with the Fund.

**11. Effect of Agreement.**

Nothing herein contained shall be deemed to require to the Fund to take any action contrary to its Charter Documents or any applicable law, regulation or order to which it is subject or by which it is bound, or to relieve or deprive the Directors of the Fund of their responsibility for and control of the conduct of the business and affairs of the Fund.

**12. Term of Agreement.**

The term of this Agreement shall begin as of the date and year upon which the Fund commences investment operations, and unless sooner terminated as hereinafter provided, this Agreement shall remain in effect for a period of two years. Thereafter, this Agreement shall continue in effect with respect to the Fund from year to year, subject to the termination provisions and all other terms and conditions hereof; <u>provided that</u>, such continuance with respect to the Fund is approved at least annually by the Board of Trustees of the Trust, including a majority of the Trustees of the Trust who are not parties to this Agreement or interested persons of either party hereto.

The Adviser shall furnish to the Fund, promptly upon its request, such information as may reasonably be necessary to evaluate the terms of this Agreement or any extension, renewal or amendment thereof.

**13. Amendment or Assignment of Agreement.**

Any amendment to this Agreement shall be in writing signed by the parties hereto; <u>provided that</u>, no such amendment shall be effective unless authorized (i) by resolution of the Fund's Directors) and the Board of Trustees of the Trust, including the vote or written consent of a majority of the Trustees of the Trust who are not parties to this Agreement or interested persons of either party hereto, and (ii) by vote of a majority of the outstanding voting securities of the Fund affected by such amendment as required by applicable law. This Agreement shall terminate automatically and immediately in the event of its assignment.

**14. Termination of Agreement.**

This Agreement may be terminated as to the Fund at any time by either party hereto, without the payment of any penalty, upon sixty (60) days' prior written notice to the other party. This Agreement shall terminate automatically upon termination of the investment advisory agreement between the Trust and the Adviser, on behalf of the U.S. Fund.

**15.** **Memorandum and Articles of Association (the "Charter Documents").** 

The Adviser is hereby expressly put on notice of the limitation of shareholder liability as set forth in the Fund's Charter Documents and agrees that the obligations assumed by the Fund pursuant to this Agreement shall be limited in all cases to the Fund and its assets, and the Adviser shall not seek satisfaction of any such obligation from the shareholders or any shareholder of the Fund. In addition, the Adviser shall not seek satisfaction of any such obligations from the Directors or any individual Director. The Adviser agrees that the Adviser must look solely to the assets of the Fund for the enforcement or satisfaction of any claims against the Fund.

**16.** **Confidentiality.** 

The Adviser agrees to treat all non-public records and other information relating to the Fund and the securities holdings of the Fund as confidential (collectively, "<u>Fund Confidential Information</u>") and shall not disclose any such Fund Confidential Information to any other person unless either (a) permitted by this Agreement or (b) the Board of Directors of the Fund has approved the disclosure. In addition, the Adviser and the Adviser's officers, directors and employees are prohibited from receiving compensation or other consideration, for themselves or on behalf of the Fund, as a result of disclosing the Fund's portfolio holdings. The Adviser agrees that, consistent with the Adviser's Code of Ethics, neither the Adviser nor the Adviser's officers, directors, members or employees may engage in personal securities transactions based on nonpublic information about the Fund's portfolio holdings.

The Fund agrees to treat all non-public records and other information relating to the Adviser as confidential (collectively, "<u>Adviser Confidential Information</u>," and together with "Fund Confidential Information," "<u>Confidential Information</u>") and shall not disclose any such Adviser Confidential Information to any other person unless (i) the Adviser has approved the disclosure or (ii) such disclosure is otherwise permitted by this Agreement.

Confidential Information shall not be subject to the above confidentiality obligations to the extent: (i) it is already known to the receiving party at the time it is obtained; (ii) it is or becomes publicly known or available through no wrongful act of the receiving party; (iii) it is rightfully received from a third party who, to the receiving party's knowledge, is not under a duty of confidentiality; (iv) it is released by the protected party to a third party without restriction; or (v) it has been or is independently developed or obtained by the receiving party without reference to the Confidential Information provided by the protected party.

Confidential Information may be disclosed by a party without violating its confidentiality obligations under this Agreement to third parties to the limited extent that: (i) release of the information is necessary or appropriate in connection with the provision of services (or receipt of services) contemplated by this Agreement (including services to the Fund); (ii) it is required to be disclosed by the receiving party pursuant to a requirement of a court order, subpoena, governmental or regulatory authority or agency, law, or binding discovery request in pending litigation (provided the receiving party will provide the disclosing party written notice of such requirement, to the extent such notice is permitted); (iii) it is requested to be disclosed by a governmental or regulatory authority or agency with jurisdiction over the disclosing party; or (iv) it is relevant to any claim or cause of action between the parties or the defense of any claim or cause of action asserted against the receiving party. Confidential Information shared with third parties in accordance with the foregoing sentence shall otherwise remain subject to the confidentiality obligations of this section.

**17. Jurisdiction.**

This Agreement shall be governed by and construed in accordance with the substantive laws of the State of New York without reference to choice of law principles thereof and in accordance with the 1940 Act. In the case of any conflict, the 1940 Act shall control.

**18. Interpretation and Definition of Terms.**

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 shall be resolved by reference to such term or provision of the 1940 Act and to interpretation 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 person," as used in this Agreement shall have the meanings assigned to them by Section 2(a) of the 1940 Act. To the extent there is any inconsistency between the provisions of this Agreement and the provisions of the 1940 Act, the parties agree that the provisions of the 1940 Act shall prevail. In addition, when the effect of a requirement of the 1940 Act reflected in any provision of this Agreement is modified, interpreted or relaxed by a rule, regulation or order of the SEC, whether of special or of general application, such provision shall be deemed to incorporate the effect of such rule, regulation or order.

**19. Captions.**

The captions in this Agreement are included for convenience of reference only and in no way define or delineate any of the provisions hereof or otherwise affect their construction or effect.

**20. Execution in Counterparts.**

This Agreement may be executed simultaneously in counterparts, each of which shall be deemed an original, but both of which together shall constitute one and the same instrument.

**[Signature Page Follows]** 

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

---

| | |
|:---|:---|
| **RCN Pareto Strategic Allocation Cayman Subsidiary** | **RCN Pareto Strategic Allocation Cayman Subsidiary** |
| By: | /s/ Ronnie Riven |
| Name: | Ronnie Riven |
| Title: | Director |
| **Tidal Investments LLC** | **Tidal Investments LLC** |
| By: | /s/ Jay Pestrichelli |
| Name: | Jay Pestrichelli |
| Title: | Chief Trading Officer |

---

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

[Tidal Trust III 485BPOS](prto-485bpos_032326.htm)

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

**SUBSIDIARY SUB-ADVISORY AGREEMENT**

This **Subsidiary Sub-Advisory Agreement** (the "**Agreement**") is made as of March 11, 2026, by and between **RCN Wealth Advisors, Inc.**, a Maryland corporation, located at 116 Terrapin Lane, Stevensville, Maryland 21666, United States (the "**Sub-Adviser**"), and **Tidal Investments LLC**, a Delaware limited liability company located at 234 West Florida Street, Suite 700 Milwaukee, Wisconsin 53204 (the "**Adviser**"). The Adviser and the Sub-Adviser are each and individually a "Party" and collectively the "Parties."

**WHEREAS,** the Adviser is registered as an investment adviser under the Investment Advisers Act of 1940, as amended (the "**Advisers Act**"), and as a commodity pool operator ("**CPO**") subject to regulation under the Commodity Exchange Act ("**CEA**") and by the Commodity Futures Trading Commission ("**CFTC**") and the National Futures Association ("**NFA**");

**WHEREAS,** **RCN Pareto Strategic Allocation Cayman Subsidiary** (the "**Cayman Fund**"), is an Exempted Company incorporated in the Cayman Islands with limited liability, and will be wholly-owned by its sole investor, **RCN Pareto Strategic Allocation ETF** (the "**U.S. Fund**") which is a series of Tidal Trust III, a Delaware statutory trust, (the "**Trust**"), is engaged in business as an open-end investment company with one or more series of shares and is registered under the Investment Company Act of 1940, as amended (the "**1940 Act**");

**WHEREAS**, the Trust has retained the Adviser to perform investment advisory services for the Cayman Fund under the terms of an investment advisory agreement between the Adviser and the Cayman Fund, dated March 11, 2026 (the "**Advisory Agreement**");

**WHEREAS**, the Advisory Agreement provides that the Adviser shall have the authority to select and retain sub-advisers to perform some or all of the services for which the Adviser is responsible pursuant to the Advisory Agreement;

**WHEREAS,** the Adviser, acting pursuant to the Advisory Agreement, wishes to retain the Sub-Adviser, with the approval of the Board of Trustees of the Trust and, if required, the shareholders of the U.S. Fund, to provide sub-advisory services in the manner and in accordance with the terms of this Agreement (as it may be amended from time to time);

**WHEREAS**, the Adviser has furnished the Sub-Adviser with copies of each of the following documents: (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**"); (b) By-Laws of the Trust (such By-Laws, as in effect on the date of this Agreement and as amended from time to time); (c) Prospectus and Statement of Additional Information of the U.S. Fund ("**Prospectus**" and "**SAI**", respectively); and (d) policies and procedures of the Trust and the Advisory Agreement that govern the Sub-Adviser's portfolio management services under this Agreement; and

**WHEREAS**, the U.S. Fund is a separate series of the Trust having separate assets and liabilities.

**NOW, THEREFORE**: intending to be legally bound, the Parties hereby agree as follows:

**1.** **APPOINTMENT OF sub-adviser**.

&nbsp;&nbsp;&nbsp;&nbsp;a. <u>Acceptance</u>. The Adviser hereby retains the Sub-Adviser to manage the portion of the Cayman
Fund's assets allocated to the Sub-Adviser by the Adviser ("Allocated Portion") for the period and on the terms
set forth in this Agreement. The Sub-Adviser hereby accepts the appointment, on the terms herein set forth and for the compensation
herein provided.

&nbsp;&nbsp;&nbsp;&nbsp;b. <u>Independent Contractor</u>. The Sub-Adviser shall for all purposes herein be deemed to be an
independent contractor and shall, unless otherwise expressly provided or authorized, have no authority to act for or be deemed
an agent of the Cayman Fund.

&nbsp;&nbsp;&nbsp;&nbsp;c. <u>The Sub-Adviser's Representations</u>. The Sub-Adviser represents, warrants and agrees
that it has all requisite power and authority to enter into and perform its obligations under this Agreement, and has taken all
necessary corporate action to authorize its execution, delivery and performance of this Agreement. The Sub-Adviser represents,
warrants and agrees that it is registered as an investment adviser under the Advisers Act and further represents, warrants and
agrees that it is duly organized and properly registered and operating under the laws of Delaware with the power to own its assets
and carry on its business as it is now being conducted and as proposed to be conducted under the terms of this Agreement. The information
contained in the Sub-Adviser's Form ADV of the Adviser as provided to the Adviser is true and complete in all material respects,
and also as filed with the SEC and provided to clients, is true and complete in all material respects, and does not make any untrue
statement of a material fact or omit to state any material fact which is required to be stated in the Form ADV.

&nbsp;&nbsp;&nbsp;&nbsp;d. <u>The Adviser's Representations.</u> The Adviser represents, warrants and agrees that (i)
it is registered as an investment adviser under the Advisers Act and has all requisite power and authority to enter into and perform
its obligations under this Agreement, and has taken all necessary corporate action to authorize its execution, delivery and performance
of this Agreement; and (ii) it has the authority under the Advisory Agreement to appoint the Sub-Adviser;. The Adviser further
represents, warrants and agrees that is duly organized and properly registered and operating under the laws of Delaware with the
power to own its assets and carry on its business as it is now being conducted and as proposed to be conducted under the terms
of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;e. <u>Plenary authority of the Board of Trustees</u>. The Sub-Adviser and the Adviser both acknowledge
that the U.S. Fund is a registered investment company that operates as a series of the Trust under the authority of the Board of
Trustees.

**2.** **PROVISION OF TRADING SERVICES**.

The Sub-Adviser will make recommendations to the Adviser for the Allocated Portion in accordance with this Agreement and the investment objective, policies and restrictions as stated in the U.S. Fund's then-current Prospectus and Statement of Additional Information (the **"Investment Guidelines"**). The Parties acknowledge the current Investment Guidelines applicable to the Allocated Portion, including descriptions of each of the one or more strategies to be employed by the Sub-Adviser from time to time in respect of the Allocated Portion (together, the "**Strategies**" and each, a "**Strategy**"). From time to time, the Adviser or the Trust may provide the Sub-Adviser with written copies of additional or amended investment guidelines, or the Adviser may determine to add, amend, or discontinue one or more new or existing Strategies, in each case which shall become effective at such time as agreed upon by both Parties in writing and promptly incorporated as an amendment of the Investment Guidelines (with any corresponding amendments, if necessary, to the U.S. Fund's Prospectus and SAI being the responsibility of the Adviser and/or Trust). The Sub-Adviser will manage the investment and reinvestment of the Allocated Portion, and perform the functions set forth below, subject to the overall supervision, direction, control and review of the Adviser, consistent with the applicable Investment Guidelines or any directions or instructions delivered to the Sub-Adviser in writing by the Adviser or the Trust from time to time, and further subject to the plenary authority of the Board of Trustees. It is acknowledged and agreed by the Parties to this Agreement that any amendment to the Investment Guidelines from time to time as described above, including any addition, amendment or discontinuance of a Strategy or Strategies, will not constitute a termination of this Agreement, and further that any termination of this Agreement shall be made in accordance solely with the provisions of Section 8 of this Agreement.

Consistent with the Investment Guidelines, unless otherwise directed in writing by the Adviser or the Trust, the Sub-Adviser shall supervise the day-to-day operations of the Allocated Portion and is authorized to perform the following services: cash management of the Allocated Portion, including determining which portion of the Cayman Fund's assets will be held uninvested in cash or cash equivalents and/or invested in U.S. Treasury bills, money market instruments or similar instruments, as well as any other investments the Adviser may so direct or authorize.

In addition, the Sub-Adviser will in the performance of its duties and obligations under this Agreement in respect of the Allocated Portion:

&nbsp;&nbsp;&nbsp;&nbsp;a. maintain and preserve the records relating to its activities hereunder required by applicable law
to be maintained and preserved by the Sub-Adviser, to the extent not maintained by the Adviser or another agent of the Trust, and
the Sub-Adviser hereby agrees that all records which it maintains for the Cayman Fund are the property of the Cayman Fund and further
agrees to surrender promptly to the Trust or the Adviser copies of any such records upon the Trust's or Adviser's request;

&nbsp;&nbsp;&nbsp;&nbsp;b. as soon as practicable after the close of business each day, but no later than the close of business
the following business day, provide the U.S. Fund's Administrator and/or Custodian, as requested (generally via electronic
file format) with the trade information for each transaction effected for the Allocated Portion, provide copies of such trade tickets
to the Adviser and the Trust upon request, and promptly forward to the Custodian and/or Administrator, as requested, copies of
all brokerage or dealer confirmations;

&nbsp;&nbsp;&nbsp;&nbsp;c. to the extent reasonably requested by the Trust, use its commercially reasonable best efforts to
assist the Chief Compliance Officer of the Trust ()"**CCO**") comply with applicable requirements of Rule 38a-1 under
the 1940 Act and the Advisory Agreement, including, without limitation, providing the CCO with (a) current copies of the compliance
policies and procedures of the Sub-Adviser in effect from time to time (including prompt notice of any material changes thereto),
(b) a summary of such policies and procedures in connection with the annual review thereof by the Trust required under Rule 38a-1,
and (c) upon request, a certificate of the chief compliance officer of the Sub-Adviser to the effect that the policies and procedures
of the Sub-Adviser are reasonably designed to prevent violation of Federal Securities Laws (as such term is defined in Rule 38a-1)
to the extent applicable to the Sub-Adviser's management of the Allocated Portion;

&nbsp;&nbsp;&nbsp;&nbsp;d. act in conformity with the Trust's Declaration of Trust, the U.S. Fund's Prospectus
and SAI and all other applicable federal laws and regulations, as each is amended from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;e. except as permitted by the Trust's policies and procedures, not disclose but shall treat
confidentially all information in respect of the portfolio investments of the Allocated Portion, including, without limitation,
the identification and market value or other pricing information of any and all portfolio investments or other financial instruments
held by the Allocated Portion, and any and all trades of portfolio investments or other transactions effected for the Allocated
Portion (including past, pending and proposed trades); and

&nbsp;&nbsp;&nbsp;&nbsp;f. provide reasonable assistance to the Adviser, the Administrator and/or the Trust with respect to
the annual audit of the U.S. Fund's financial statements, including, but not limited to: (i) providing broker contacts as
needed for obtaining trade confirmations; (ii) providing, as applicable, copies of trade-related documentation, including, but
not limited to, agreements relating to loans, swaps or other derivatives, or futures trading accounts, within a reasonable time
after the execution of such agreements; (iii) providing assistance in obtaining trade confirmations in the event the U.S. Fund,
Cayman Fund or the U.S. Fund's independent registered public accounting firm is unable to obtain such confirmations directly
from the brokers; and (iv) obtaining market quotations for investments that are not readily ascertainable in the event the U.S.
Fund, Cayman Fund or the U.S. Fund's independent registered public accounting firm is unable to obtain such market quotations
through independent means.

The Adviser or its authorized agents will timely provide the Sub-Adviser, or arrange for the Trust to provide the Sub-Adviser, with copies of monthly accounting statements for the Allocated Portion, and such other information as may be reasonably necessary or appropriate in order for the Sub-Adviser to perform its responsibilities hereunder.

In the case of notices of class action suits received by Sub-Adviser involving issuers, counterparties or other parties in interest with respect to investments presently or formerly held in the Allocated Portion, the Sub-Adviser shall promptly forward such notices to the Adviser or the Trust.

**3.** **ALLOCATION OF EXPENSES** 

Each Party to this Agreement shall bear the costs and expenses of performing its obligations hereunder, except that the Cayman Fund or the Adviser shall be responsible for payment of brokerage commissions, transfer fees, registration costs, transaction-related taxes and other similar costs and transaction-related expenses and fees arising out of transactions effected on behalf of the Cayman Fund. The Sub-Adviser specifically agrees that with respect to the operation of the Allocated Portion, the Sub-Adviser shall be responsible for providing the personnel, office space and equipment reasonably necessary to provide its advisory services in respect of the Allocated Portion hereunder. Nothing in this Agreement shall alter the allocation of expenses and costs agreed upon between the Cayman Fund and the Adviser in the Advisory Agreement or any other agreement to which they are Parties.

**4.** **FEES** 

The Sub-Adviser receives compensation for its services to the U.S. Fund, and will not receive any additional compensation for services rendered by the Sub-Adviser as investment sub-adviser to the Cayman Fund.

**5.** **Limitation of Liability; Indemnification** 

&nbsp;&nbsp;&nbsp;&nbsp;a. In the absence of willful misfeasance, bad faith or gross negligence on the part of the Sub-Adviser,
or reckless disregard of its obligations and duties hereunder, none of the Sub-Adviser, its affiliates or their respective officers,
controlling persons, members, partners, shareholders, agents or employees (each, an "Indemnified Person" and collectively,
the "Indemnified Persons") shall be subject to any liability to the Adviser, the Cayman Fund, the U.S. Fund, or the
Trust for any act or omission in the course of, or connected with, rendering services hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;b. Neither the Adviser (including its affiliates, their officers, controlling persons, agents or employees)
nor the Sub-Adviser (including all Indemnified Persons) shall be liable to one another for special, consequential or incidental
damages.

&nbsp;&nbsp;&nbsp;&nbsp;c. Sub-Adviser shall indemnify the Adviser, its affiliates, officers, controlling persons, agents,
and employees for, and hold it harmless against, any and all losses, claims, damages, liabilities (including amounts paid in settlement
with the written consent of the Sub-Adviser) or litigation (including reasonable legal and other expenses) ("Losses")
to which the Adviser may become subject as a result of Sub-Adviser's willful misfeasance, bad faith or gross negligence in
the performance of its duties or from reckless disregard by it of its obligations and duties under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;d. The Adviser shall indemnify the Indemnified Persons for, and hold each Indemnified Person harmless
against, any and all Losses to which such Indemnified Person may become subject as a direct result of this Agreement or Sub-Adviser's
performance of its duties hereunder; provided, however, that nothing contained herein shall require that the Sub-Adviser be indemnified
for Losses that resulted from the Sub-Adviser's willful misfeasance, bad faith or gross negligence in the performance of
its duties or from reckless disregard by it of its obligations and duties under this Agreement; provided that the Adviser shall
have been given written notice concerning any matter for which indemnification is claimed under this Section.

**6.** **STANDARD OF CARE** 

The Sub-Adviser shall comply with all applicable laws and regulations in the discharge of its duties under this Agreement; shall (as provided in Section 2 above) comply with the Investment Guidelines; shall act at all times in the best interests of the Cayman Fund; and shall discharge its duties with the care, skill, prudence and diligence under the circumstances then prevailing that a prudent person acting in a like capacity and familiar with such matters would use in the conduct of a similar enterprise.

**7.** **TERM AND TERMINATION OF THIS AGREEMENT; NO ASSIGNMENT** 

This Agreement shall become effective as to the Cayman Fund upon its approval by the Board of Trustees of the Trust and its execution by the Parties hereto. Unless sooner terminated, this Agreement shall continue for an initial period of no more than two years from the effective date, and thereafter shall continue in effect for successive additional periods not exceeding one (1) year so long as such continuation with respect to the Cayman Fund is approved at least annually by the Board of Trustees of the Trust, including a majority of the Trustees of the Trust who are not parties to this Agreement or interested persons of either party hereto;

This Agreement may be terminated at any time by either party hereto, without the payment of any penalty, upon sixty (60) days' prior written notice to the other party; and

This Agreement shall terminate automatically in the event of any assignment thereof, as defined in the 1940 Act. This Agreement will also terminate immediately in the event that the Advisory Agreement is terminated.

**8.** **SERVICES NOT EXCLUSIVE** 

The services of the Sub-Adviser to the Adviser and the Allocated Portion are not to be deemed exclusive and the Sub-Adviser shall be free to render similar services to others so long as its services hereunder are not impaired thereby. It is specifically understood that the Sub-Adviser and each Indemnified Person may continue to engage in providing portfolio management services and advice to other investment advisory clients. The Adviser agrees that Sub-Adviser and each Indemnified Person may give advice and take action in the performance of its duties with respect to any of the Sub-Adviser's or Indemnified Person's other clients which may differ from advice given or the timing or nature of action taken with respect to the Allocated Portion. The Sub-Adviser and the Indemnified Persons, however, shall not provide investment advice to any assets of the Cayman Fund other than the Allocated Portion. Nothing in this Agreement shall be deemed to require the Sub-Adviser or any Indemnified Person to purchase or sell for the Allocated Portion of the Cayman Fund any security or other property which the Sub-Adviser or any Indemnified Person may purchase or sell for its or their own account or for the account of any other client.

**9.** **AGGREGATION OF ORDERS** 

Nothing in this Agreement shall preclude the combination of orders for the sale or purchase of portfolio investments of the Allocated Portion with those for other accounts managed by the Sub-Adviser or its affiliates, to the extent permitted by applicable laws and regulations and only if orders are allocated in a manner deemed equitable by the Sub-Adviser among the accounts.

The Sub-Adviser agrees that (i) it will not aggregate transactions unless aggregation is consistent with its duty to seek best execution; (ii) no account will be favored over any other account; each account participating in an aggregated order will participate at the average price for all transactions in that investment on a given business day, with transaction costs shared pro-rata based on each account's participation in the transaction; and (iii) allocations will be made in accordance with the Sub-Adviser's compliance policies and procedures.

**10.** **NO SHORTING FUND SHARES; NO BORROWING FROM FUND** 

The Sub-Adviser agrees that neither it nor any of its officers or employees shall take any short position in the shares of the Cayman Fund or U.S. Fund. This prohibition shall not prevent the purchase of such shares by any of the officers or employees of the Sub-Adviser or any trust, pension, profit-sharing or other benefit plan for such persons or affiliates thereof, at a price not less than the net asset value thereof at the time of purchase, as allowed pursuant to rules promulgated under the 1940 Act.

The Sub-Adviser may not borrow any assets, securities or other property from the Cayman Fund.

**11.** **AMENDMENT** 

No provision of this Agreement may be changed, waived, discharged or terminated orally, but only by an instrument in writing signed by all Parties.

**12.** **CONFIDENTIAL RELATIONSHIP.** 

The Sub-Adviser will not disclose, in any manner whatsoever, any list of securities or other investments held by the Cayman Fund or the U.S. Fund, except in accordance with the U.S. Fund's portfolio holdings disclosure policy or as otherwise directed in writing by the Adviser or the Trust. The Sub-Adviser has adopted appropriate policies which require that each of its officers, employees, or other access persons refrain from disclosing the securities or other investments of the Cayman Fund and the U.S. Fund, except in accordance with the U.S. Fund's portfolio holdings disclosure policy or as otherwise directed in writing by the Adviser or the Trust.

**13.** **CERTIFICATIONS; DISCLOSURE CONTROLS AND PROCEDURES** 

The Sub-Adviser acknowledges that, in compliance with the Sarbanes-Oxley Act of 2002 (the "**Sarbanes-Oxley Act**"), and the implementing regulations promulgated thereunder, the Trust and the U.S. Fund are required to make certain certifications and have adopted disclosure controls and procedures. To the extent reasonably requested by the Trust, the Sub-Adviser agrees to use its commercially reasonable efforts to assist the Trust and the U.S. Fund in complying with the Sarbanes-Oxley Act and implementing the Trust's disclosure controls and procedures. The Sub-Adviser agrees to inform the Trust of any material development related to the Allocated Portion that the Sub-Adviser reasonably believes is relevant to the U.S. Fund's certification obligations under the Sarbanes-Oxley Act.

**14.** **COMPLIANCE PROGRAM AND REPORTING** 

The Sub-Adviser acknowledges it is an "investment adviser" to the Cayman Fund as that term is defined in Section 2(a)(20) of the 1940 Act, and represents and warrants that it has adopted and implemented and will maintain written policies and procedures reasonably designed to prevent violations of the Federal Securities Laws as defined in Rule 38a-1 of the 1940 Act, including adoption of a code of ethics consistent with the requirements of Rule 17j-1 of the 1940 Act, in connection with its management of the Allocated Portion (the policies and procedures referred to in this Section are referred to herein as the Sub-Adviser's "**Compliance Program**").

The Sub-Adviser shall furnish the Adviser, the Board of Trustees of the Trust and/or the CCO of the Trust with such information, certifications and reports as such persons may reasonably deem appropriate or may reasonably request from the Sub-Adviser regarding the Sub-Adviser's compliance with the Federal Securities Laws, as defined in Rule 38a-1 under the 1940 Act. Upon the commercially reasonable request of the Adviser or the Trust given upon commercially reasonable advance notice, the Sub-Adviser shall make its officers and employees available to the Adviser and/or the CCO of the Trust from time to time to review the Sub-Adviser's Compliance Program and its adherence thereto.

**15.** **REFERENCE TO ADVISER AND SUB-ADVISER** 

&nbsp;&nbsp;&nbsp;&nbsp;a. The Sub-Adviser grants the Adviser non-exclusive rights to use, display and promote trademarks,
symbols, logos or other trade dress of the Sub-Adviser in conjunction with any activity associated with the Cayman Fund, and the
Adviser may promote the identity of and services provided by the Sub-Adviser to the Adviser, which references shall not differ
in substance from those included in the Prospectus, SAI and this Agreement, in any advertising or promotional materials; provided,
however, that at all times the Adviser shall protect the goodwill and reputation of the Sub-Adviser in connection with marketing
and promotion of the Cayman Fund.

&nbsp;&nbsp;&nbsp;&nbsp;b. Neither the Sub-Adviser nor any affiliate or agent of Sub-Adviser shall make reference to or use
the name of the Adviser or any of its affiliates, or any of their clients, except references concerning the identity of and services
provided by the Sub-Adviser to the Cayman Fund or to the Adviser, which references shall not differ in substance from those included
in the U.S. Fund's Prospectus, SAI and this Agreement, in any advertising or promotional materials without the prior approval
of Adviser, which approval shall not be unreasonably withheld or delayed and notice of approval or disapproval will be provided
promptly and in any event within three (3) business days. Subsequent advertising or promotional materials having substantially
the same form as previously approved by the Adviser, and without material difference in content, may be used by the Sub-Adviser
without obtaining the Adviser's approval, unless the Adviser's previous approval is withdrawn in writing. The Sub-Adviser
hereby agrees to make all commercially reasonable efforts to cause any agent or affiliate of the Sub-Adviser to satisfy the foregoing
obligation.

&nbsp;&nbsp;&nbsp;&nbsp;c. It is understood that the name of each Party to this Agreement, and any derivatives thereof or
logos associated with that name, is the valuable property of the Party in question and its affiliates, and that each other Party

so long as this Agreement shall continue in effect. Upon termination of this Agreement, the Parties shall forthwith cease to use
the names of the other Party (or any derivative or logo) as appropriate and to the extent that continued use is not required by
applicable laws, rules and regulations.

**16.** **OTHER SUB-ADVISERS** 

In performance of its duties and obligations under this Agreement, the Sub-Adviser may, at its own expense, consult with other sub-advisers for the Cayman Fund concerning transactions for the Cayman Fund in securities or other assets.

**17.** **NOTIFICATION** 

The Sub-Adviser agrees that it will provide prompt notice to the Adviser and the Trust about: (a) material changes in the employment status of key investment and portfolio management personnel, including a Chief Investment Officer or similar position, involved in the management of the Allocated Portion; (b) material changes in the investment process used to manage the Allocated Portion; (c) material changes in senior management or operations of the Sub-Adviser, including specifically changes in the roles of Chief Executive Officer, Chief Financial Officer, Chief Compliance Officer or General Counsel; or (d) any material change in ownership or capital structure of the Sub-Adviser which may constitute an "assignment" of this Agreement as defined in Section 15 of the 1940 Act, and the rules promulgated thereunder.

**18.** **NOTICES** 

Notices and other communications required or permitted under this Agreement shall be in writing, shall be deemed to be effectively delivered when actually received, and may be delivered by US mail (first class, postage prepaid), by facsimile transmission, by hand or by commercial overnight delivery service, addressed as follows:

ADVISER: Tidal Investments, LLC 234 West Florida Street, Suite 700 Milwaukee, Wisconsin 53204 Attention: Chief Executive Officer

SUB-ADVISER: RCN Wealth Advisors, Inc. 116 Terrapin Lane<br> Stevensville, Maryland 21666<br> United States Attn:

**19.** **ASSIGNMENT** 

This Agreement may not be assigned by any Party, either in whole or in part, without the prior written consent of each other Party.

**20.** **SEVERABILITY** 

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

**21.** **CAPTIONS** 

The captions in this Agreement are included for convenience of reference only and in no way define or limit any of the provisions hereof or otherwise affect their construction or effect.

**22.** **GOVERNING LAW AND ARBITRATION** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement shall be governed by and construed in accordance with the laws of the State of New York, without regard to the conflicts of laws principles thereof, and (b) 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, shall be resolved by reference to such term or provision of the 1940 Act and to interpretation 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 Securities and Exchange Commission issued pursuant to said 1940 Act. In addition, where the effect of a requirement of the Act reflected in any provision of this Agreement is revised by rule, regulation or order of the Securities and Exchange Commission, 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;(b) Subject to the conditions and exceptions noted below, and to the extent not inconsistent with applicable law, in the event of any dispute pertaining to this Agreement, Sub-Adviser and Adviser agree to submit the dispute to arbitration in accordance with the auspices and rules of the American Arbitration Association ("AAA"), provided that the AAA accepts jurisdiction. Sub-Adviser and Adviser understand that such arbitration shall be final and binding, and that by agreeing to arbitration, Adviser and Sub-Adviser are waiving their respective rights to seek remedies in court, including the right to a jury trial.

**23.** **COUNTERPARTS** 

This Agreement may be executed in any number of counterparts, each of which shall be deemed an original and all of which together shall constitute one instrument.

[signature page follows]

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

---

| | |
|:---|:---|
| Tidal Investments LLC (Adviser) | Tidal Investments LLC (Adviser) |
| By: | /s/ Jay Pestrichelli |
| Name: | Jay Pestrichelli |
| Title: | Chief Trading Officer |
| RCN Wealth Advisors, Inc. (Sub-Adviser) | RCN Wealth Advisors, Inc. (Sub-Adviser) |
| By: | /s/ Nicholas Lumpp |
| Name: | Nicholas Lumpp |
| Title: | President |

---

## Ex-99.(A)(Vii)(3)

[Tidal Trust III 485BPOS](prto-485bpos_032326.htm)

**Exhibit 99.(a)(viii)(3)**

![](ex99avii3001.jpg)

**COMPANIES ACT (AS AMENDED)**

**COMPANY LIMITED BY SHARES**

**MEMORANDUM AND ARTICLES OF ASSOCIATION**

**OF**

**RCN PARETO STRATEGIC ALLOCATION CAYMAN SUBSIDIARY**

*Auth Code: D41669669036*

*www.verify.gov.ky*

![](ex99avii3001.jpg)

**COMPANIES ACT (AS AMENDED)**

**COMPANY LIMITED BY SHARES**

**MEMORANDUM OF ASSOCIATION**

**OF**

**RCN PARETO STRATEGIC ALLOCATION CAYMAN SUBSIDIARY**

1. The name of the Company is RCN Pareto Strategic Allocation Cayman Subsidiary.

2. The
 registered office of the Company will be at the offices of Mourant Governance Services
 (Cayman) Limited, 94 Solaris Avenue, Camana Bay, PO Box 1348, Grand Cayman KY1-1108,
 Cayman Islands or at such other place as the Directors may from time to time decide.

3. The
 objects for which the Company is established are unrestricted and the Company shall have
 full power and authority to carry out any object not prohibited by law as provided by
 Section 7(4) of the Companies Act.

4. The
 Company shall have and be capable of exercising all the functions of a natural person
 of full capacity irrespective of any question of corporate benefit as provided by Section
 27(2) of the Companies Act.

5. Nothing
 in the preceding paragraphs shall be deemed to permit the Company to carry on the business
 of a bank or trust company without being licensed in that behalf under the provisions
 of the Banks and Trust Companies Act (as amended) or to carry on insurance business from
 within the Cayman Islands or the business of an insurance manager, agent, sub-agent or
 broker without being licensed in that behalf under the provisions of the Insurance Act
 (as amended), or to carry on the business of company management without being licensed
 in that behalf under the provisions of the Companies Management Act (as amended).

*Auth Code: D41669669036*

*www.verify.gov.ky*

![](ex99avii3001.jpg)

6. The
 Company will not trade in the Cayman Islands with any person, firm or corporation except
 in furtherance of the business of the Company carried on outside the Cayman Islands,
 provided that nothing in this Memorandum of Association shall be construed as to prevent
 the Company from effecting and concluding contracts in the Cayman Islands, and exercising
 in the Cayman Islands all of its powers necessary for the carrying on of business outside
 the Cayman Islands.

7. The
 liability of each member is limited to the amount from time to time unpaid on such member's
 shares.

8. The
 authorised share capital of the Company is US$50,000 divided into 5,000,000 shares of
 US$0.01 par value each, with the power for the Company, insofar as is permitted by law
 and the Articles, to redeem, purchase or redesignate any of its shares and to increase
 or reduce the said share capital subject to the Companies Act (as amended) and the Articles
 and to issue any part of its capital, whether original, redeemed or increased with or
 without any preference, priority or special privilege or subject to any postponement
 of rights or to any conditions or restrictions and so that unless the conditions of issue
 shall otherwise expressly declare every issue of shares whether declared to be preference
 or otherwise shall be subject to the powers hereinbefore contained.

9. The
 Company may exercise the power contained in Section 206 of the Companies Act to deregister
 in the Cayman Islands and be registered by way of continuation in another jurisdiction.

10. Capitalised
 terms that are not defined in this Memorandum bear the meanings given to those terms
 in the Articles.

*Auth Code: D41669669036*

*www.verify.gov.ky*

![](ex99avii3001.jpg)

We, the subscriber to this Memorandum, wish to form a company limited by shares pursuant to this Memorandum, and we agree to take the number of shares in the capital of the Company shown opposite our name.

Name and address of Subscriber Number of shares taken

Mourant Nominees (Cayman) Limited One

94 Solaris Avenue

Camana Bay

PO Box 1348

Grand Cayman KY1-1108

CAYMAN ISLANDS

---

| |
|:---|
| Mourant Nominees (Cayman) Limited |
| acting by: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;![](ex99avii3002.jpg) |
| Name: Ana Casildo |
| Title: Authorised Signatory |
| Witness to the above signature: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;![](ex99avii3003.jpg) |

---

---

| |
|:---|
| Name: Kimberly Turner |
| Address: |
| 94 Solaris Avenue |
| Camana Bay |
| PO Box 1348 |
| Grand Cayman KY1-1108 |
| CAYMAN ISLANDS |
| Occupation: Administrator/Secretary |

---

Date: 5 February 2026

*Auth Code: D41669669036*

*www.verify.gov.ky*

---

| | |
|:---|:---|
| ![](ex99avii3004.jpg) | ![](ex99avii3001.jpg) |

---

**COMPANIES ACT (AS AMENDED)**

**COMPANY LIMITED BY SHARES**

**ARTICLES OF ASSOCIATION**

**OF**

**RCN PARETO STRATEGIC ALLOCATION CAYMAN SUBSIDIARY**

*Auth Code: K30764574958*

*www.verify.gov.ky*

i

![](ex99avii3001.jpg)

**<u>**TABLE OF CONTENTS**</u>**

---

| | |
|:---|:---|
| **ARTICLE** | **PAGE** |
| TABLE A | 1 |
| DEFINITIONS AND INTERPRETATION | 1 |
| COMMENCEMENT OF BUSINESS | 3 |
| SITUATION OF REGISTERED OFFICE | 3 |
| SHARES | 3 |
| REDEMPTION, PURCHASE AND SURRENDER OF SHARES | 4 |
| TREASURY SHARES | 5 |
| MODIFICATION OF RIGHTS | 5 |
| SHARE CERTIFICATES | 6 |
| TRANSFER AND TRANSMISSION OF SHARES | 6 |
| LIEN | 7 |
| CALL ON SHARES | 8 |
| FORFEITURE OF SHARES | 8 |
| ALTERATION OF SHARE CAPITAL | 9 |
| GENERAL MEETINGS | 10 |
| NOTICE OF GENERAL MEETINGS | 10 |
| PROCEEDINGS AT GENERAL MEETINGS | 10 |
| VOTES OF SHAREHOLDERS | 12 |
| WRITTEN RESOLUTIONS OF SHAREHOLDERS | 13 |
| DIRECTORS | 13 |
| TRANSACTIONS WITH DIRECTORS | 15 |
| POWERS OF DIRECTORS | 15 |
| PROCEEDINGS OF DIRECTORS | 16 |
| WRITTEN RESOLUTIONS OF DIRECTORS | 17 |
| PRESUMPTION OF ASSENT | 17 |
| BORROWING POWERS | 18 |
| SECRETARY | 18 |
| THE SEAL | 18 |
| DIVIDENDS, DISTRIBUTIONS AND RESERVES | 18 |
| SHARE PREMIUM ACCOUNT | 19 |
| ACCOUNTS | 19 |
| AUDIT | 20 |
| NOTICES | 20 |
| WINDING UP AND FINAL DISTRIBUTION OF ASSETS | 21 |
| INDEMNITY | 21 |
| DISCLOSURE | 21 |
| CLOSING REGISTER OF MEMBERS OR FIXING RECORD DATE | 22 |
| REGISTRATION BY WAY OF CONTINUATION | 22 |
| FINANCIAL YEAR | 22 |
| AMENDMENTS TO MEMORANDUM AND ARTICLES OF ASSOCIATION | 22 |
| CAYMAN ISLANDS DATA PROTECTION | 22 |

---

*Auth Code: K30764574958*

*www.verify.gov.ky*

ii

![](ex99avii3001.jpg)

**COMPANIES ACT (AS AMENDED)**

**COMPANY LIMITED BY SHARES**

**ARTICLES OF ASSOCIATION**

**OF**

**RCN PARETO STRATEGIC ALLOCATION CAYMAN SUBSIDIARY**

**TABLE A**

1. In
 these Articles, the regulations contained in Table A in the First Schedule to the Companies
 Act (as defined below) do not apply except insofar as they are repeated or contained
 in these Articles.

**DEFINITIONS AND INTERPRETATION**

2. In
 these Articles, the following words and expressions shall have the meanings set out below
 save where the context otherwise requires:

---

| | |
|:---|:---|
| **Articles** | these Articles of Association of the Company, as amended from time to time by Special Resolution; |

---

---

| | |
|:---|:---|
| **Auditors** | the auditor or auditors for the time being of the Company; |

---

---

| | |
|:---|:---|
| **Board of Directors** | the Directors assembled as a board or assembled as a committee appointed by that board; |

---

---

| | |
|:---|:---|
| **Companies Act** | the Companies Act (as amended); |

---

---

| | |
|:---|:---|
| **Company** | the above-named company; |

---

---

| | |
|:---|:---|
| **Directors** | the directors of the Company for the time being; |

---

---

| | |
|:---|:---|
| **Electronic Record** | has the same meaning as in the Electronic Transactions Act; |

---

---

| | |
|:---|:---|
| **Electronic <br> Transactions Act** | the Electronic Transactions Act (as amended); |

---

---

| | |
|:---|:---|
| **Memorandum** | the Memorandum of Association of the Company, as amended and restated from time to time by Special Resolution; |

---

*Auth Code: K30764574958*

*www.verify.gov.ky*

![](ex99avii3001.jpg)

---

| | |
|:---|:---|
| **Ordinary Resolution** | a resolution passed by a simple majority of the votes of such Shareholders as, being entitled to do so, vote in person or, where proxies are allowed, by proxy, at a general meeting, and includes a unanimous written resolution; |

---

---

| | |
|:---|:---|
| **paid up** | paid up as to the par value and any premium payable in respect of the issue of any Shares and includes credited as paid up; |

---

---

| | |
|:---|:---|
| **person** | any natural person, firm, company, joint venture, partnership, corporation, association or other entity (whether or not having separate legal personality) or any of them as the context so requires; |

---

---

| | |
|:---|:---|
| **Register of Members** | the register of Shareholders to be kept pursuant to these Articles; |

---

---

| | |
|:---|:---|
| **Registered Office** | the registered office of the Company for the time being; |

---

---

| | |
|:---|:---|
| **Seal** | the common seal of the Company including any duplicate seal; |

---

---

| | |
|:---|:---|
| **Secretary** | any person appointed by the Directors to perform any of the duties of the secretary of the Company, including a joint, assistant or deputy secretary; |

---

---

| | |
|:---|:---|
| **Share** | a share in the capital of the Company of any class including a fraction of such share; |

---

---

| | |
|:---|:---|
| **Shareholder** | any person registered in the Register of Members as the holder of Shares of the Company and, where two or more persons are so registered as the joint holders of such Shares, the person whose name stands first in the Register of Members as one of such joint holders; |

---

---

| | |
|:---|:---|
| **Share Premium Account** | the share premium account established in accordance with these Articles and the Companies Act; |

---

---

| | |
|:---|:---|
| **signed** | includes an electronic signature and a signature or representation of a signature affixed by mechanical means; |

---

---

| | |
|:---|:---|
| **Special Resolution** | has the same meaning as in the Companies Act, and includes a unanimous written resolution; and |

---

---

| | |
|:---|:---|
| **Treasury Shares** | Shares that were previously issued but were purchased, redeemed, surrendered or otherwise acquired by the Company and not cancelled. |

---

3. In
 these Articles, unless there be something in the subject or context inconsistent with
 such construction:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) words
 importing the singular number shall include the plural number and vice versa;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) words
 importing a gender shall include other genders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) words
 importing persons only shall include companies, partnerships, trusts or associations
 or bodies of persons, whether corporate or not;

*Auth Code: K30764574958*

*www.verify.gov.ky*

![](ex99avii3001.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the
 word "may" shall be construed as permissive and the word "shall"
 shall be construed as imperative;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the
 word "year" shall mean calendar year, the word "quarter" shall
 mean calendar quarter and the word "month" shall mean calendar month;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) a
 reference to a "dollar" or "$" is a reference to the legal currency
 of the United States of America;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) a
 reference to any enactment includes a reference to any modification or re-enactment thereof
 for the time being in force;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) a
 reference to any meeting (whether of the Directors, a committee appointed by the Board
 of Directors or the Shareholders or any class of Shareholders) includes any adjournment
 of that meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Sections
 8 and 19 of the Electronic Transactions Act shall not apply; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) a
 reference to "written" or "in writing" includes a reference to
 all modes of representing or reproducing words in visible form, including in the form
 of an Electronic Record.

4. Subject
 to the two preceding Articles, any words defined in the Companies Act shall, if not inconsistent
 with the subject or context, bear the same meaning in these Articles.

5. The
 table of contents to, and the headings in, these Articles are for convenience of reference
 only and are to be ignored in construing these Articles.

**COMMENCEMENT OF BUSINESS**

6. The
 business of the Company may be commenced as soon after incorporation as the Board of
 Directors shall see fit.

**SITUATION OF REGISTERED OFFICE**

7. The
 Registered Office shall be at such address in the Cayman Islands as the Directors shall
 from time to time determine. The Company, in addition to the Registered Office, may establish
 and maintain such other offices and places of business and agencies in such places as
 the Directors may from time to time determine.

**SHARES**

8. The
 Directors may impose such restrictions as they think necessary on the offer and sale
 of any Shares.

9. Subject
 to these Articles, all Shares for the time being unissued shall be under the control
 of the Directors who may issue, allot and dispose of or grant options over the same and
 issue warrants or similar instruments with respect thereto to such persons, on such terms,
 and with or without preferred, deferred or other rights and restrictions, whether in
 regard to dividend, voting, return of capital or otherwise, and otherwise in such manner
 as they may think fit. For such purposes, the Directors may reserve an appropriate number
 of Shares for the time being unissued.

10. Subject
 to the Companies Act, and without prejudice to any rights previously conferred on the
 holders of existing Shares, any share or fraction of a share in the Company's share
 capital may be issued either at a premium or at par, and with such preferred, deferred,
 other special rights, or restrictions, whether in regard to dividend, voting, return
 of share capital or otherwise, as the Board of Directors may from time to time by resolution
 determine, and any share may be issued by the Directors on the terms that it is, or at
 the option of the Directors is liable, to be redeemed or purchased by the Company whether
 out of capital in whole or in part or otherwise. No Share may be issued at a discount
 except in accordance with the Companies Act.

*Auth Code: K30764574958*

*www.verify.gov.ky*

![](ex99avii3001.jpg)

11. The
 Directors may in their absolute discretion refuse to accept any application for Shares
 and may accept any application in whole or in part.

12. The
 Company may on any issue of Shares deduct any sales charge or subscription fee from the
 amount subscribed for the Shares.

13. No
 person shall be recognised by the Company as holding any Share upon any trust, and the
 Company shall not be bound by or recognise (even when having notice thereof) any equitable,
 contingent, future or partial interest in any Share, or (except as otherwise provided
 by these Articles or as required by law) any other right in respect of any Share except
 an absolute right thereto in the registered holder, provided that, notwithstanding the
 foregoing, the Company shall be entitled to recognise any such interests as shall be
 determined by the Directors.

14. The
 Directors shall keep or cause to be kept a Register of Members as required by the Companies
 Act at such place or places as the Directors may from time to time determine. In the
 absence of any such determination, the Register of Members shall be kept at the Registered
 Office.

15. The
 Directors in each year shall prepare or cause to be prepared an annual return and declaration
 setting forth the particulars required by the Companies Act in respect of exempted companies
 and deliver a copy thereof to the Registrar of Companies in the Cayman Islands.

16. The
 Company shall not issue Shares to bearer.

17. The
 Directors may issue fractions of a Share and, if so issued, a fraction of a Share shall
 be subject to and carry the corresponding fraction of liabilities (whether with respect
 to nominal or par value, premium, calls or otherwise howsoever), limitations, preferences,
 privileges, qualifications, restrictions, rights (including, without prejudice to the
 foregoing generality, voting and participation rights) and other attributes of a Share.
 If more than one fraction of a Share is issued to or acquired by the same Shareholder,
 such fractions shall be accumulated.

18. The
 premium arising on all issues of Shares shall be held in the Share Premium Account established
 in accordance with these Articles.

19. Payment
 for Shares shall be made at such time and place and to such person on behalf of the Company
 as the Directors may from time to time determine. Payment for any Shares shall be made
 in such currency as the Directors may determine from time to time, provided that the
 Directors shall have the discretion to accept payment in any other currency or in kind
 or a combination of cash and in kind.

**REDEMPTION, PURCHASE AND SURRENDER OF SHARES**

20. Subject
 to the Companies Act, the Company may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) issue
 Shares on terms that they are to be redeemed or are liable to be redeemed at the option
 of the Company and/or the Shareholder on such terms and in such manner as the Directors
 may, before the issue of such Shares, determine;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) purchase
 its own Shares (including any redeemable Shares) on such terms and in such manner as
 the Directors may determine and agree with the Shareholder; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) make
 a payment in respect of the redemption or purchase of Shares in any manner authorised
 by the Companies Act, including out of its capital, profits or the proceeds of a fresh
 issue of Shares.

*Auth Code: K30764574958*

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21. Unless
 the Directors determine otherwise, any Share in respect of which notice of redemption
 has been given shall not be entitled to participate in the profits of the Company in
 respect of the period after the date specified as the date of redemption in the notice
 of redemption.

22. The
 redemption or purchase of any Share shall not be deemed to give rise to the redemption
 or purchase of any other Share.

23. The
 Directors may when making payments in respect of a redemption or purchase of Shares,
 if authorised by the terms of issue of the Shares being redeemed or purchased or with
 the agreement of the holder of such Shares, make such payment either in cash or in specie.

24. Subject
 to the Companies Act, the Company may accept the surrender for no consideration of any
 fully paid Share (including any redeemable Share) on such terms and in such manner as
 the Directors may determine.

**TREASURY SHARES**

25. Shares
 that the Company purchases, redeems or acquires (by way of surrender or otherwise) may,
 at the option of the Company, be cancelled immediately or held as Treasury Shares in
 accordance with the Companies Act. In the event that the Directors do not specify that
 the relevant Shares are to be held as Treasury Shares, such Shares shall be cancelled.

26. No
 dividend may be declared or paid, and no other distribution (whether in cash or otherwise)
 of the Company's assets (including any distribution of assets to Shareholders on
 a winding up) may be declared or paid in respect of a Treasury Share.

27. The
 Company shall be entered in the Register of Members as the holder of the Treasury Shares,
 provided that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 Company shall not be treated as a Shareholder for any purpose and shall not exercise
 any right in respect of the Treasury Shares, and any purported exercise of such a right
 shall be void; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a
 Treasury Share shall not be voted, directly or indirectly, at any meeting of the Company
 and shall not be counted in determining the total number of issued shares at any given
 time, whether for the purposes of these Articles or the Companies Act, save that an allotment
 of Shares as fully paid bonus shares in respect of Treasury Shares is permitted and Shares
 allotted as fully paid bonus shares in respect of Treasury Shares shall be treated as
 Treasury Shares.

28. Treasury
 Shares may be disposed of by the Company on any terms and conditions determined by the
 Directors.

**MODIFICATION OF RIGHTS**

29. If
 at any time the share capital of the Company is divided into different classes of Shares,
 the rights attached to any class (unless otherwise provided by the terms of issue of
 the Shares of that class) may, whether or not the Company is being wound up, be varied
 or abrogated:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) by,
 or with the approval of, the Directors without the consent of the holders of the Shares
 of that class if the Directors determine that the variation or abrogation is not materially
 adverse to the interests of those Shareholders; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) otherwise
 only with the consent in writing of the holders of at least two-thirds of the issued
 Shares of that class or with the sanction of a resolution passed by a majority of at
 least two-thirds of the votes cast at a separate meeting of the holders of the Shares
 of that class (subject to any rights or restrictions attached to those Shares).

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30. The
 provisions of these Articles relating to general meetings shall apply, *mutatis mutandis*,
 to every class meeting of the holders of one class of Shares, except that the necessary
 quorum shall be one or more Shareholders holding or representing by proxy at least twenty
 (20) per cent in par value of the issued Shares of that class and that any holder of
 Shares of that class present in person or by proxy may demand a poll.

31. For
 the purposes of Articles 29 and 30, the Directors may treat all classes of Shares, or
 any two classes of Shares, as forming a single class if they consider that each class
 would be affected in the same way by the proposal or proposals under consideration. In
 any other case, the Directors shall treat all classes of Shares, or any two classes of
 Shares, as separate classes.

32. The
 rights of the holders of the Shares of any class shall not, where those Shares were issued
 with preferred or other rights, be deemed to be materially adversely varied or abrogated
 by the creation or issue of further Shares ranking equally with those Shares or the redemption
 or purchase of Shares of any other class by the Company (subject to any rights or restrictions
 attached to those Shares).

**SHARE CERTIFICATES**

33. The
 Shares will be issued in fully registered, book-entry form. Certificates will not be
 issued unless the Directors determine otherwise.

34. If
 a share certificate is defaced, lost or destroyed it may be renewed on payment of such
 fee, if any, and on such terms if any, as to evidence and obligations to indemnify the
 Company as the Board of Directors may determine.

**TRANSFER AND TRANSMISSION OF SHARES**

35. No
 transfer of Shares shall be permitted without the consent of the Directors, which may
 be withheld for any or no reason but may include any transfer which in the opinion of
 the Directors is not or may not be consistent with any representation or warranty that
 the transferor of the Shares may have given to the Company, may result in Shares being
 held by any person in breach of the laws of any country or government authority, or may
 subject the Company or Shareholders to adverse tax or regulatory consequences under the
 laws of any country.

36. All
 transfers of Shares shall be effected by an instrument of transfer in writing in any
 usual or common form in use in the Cayman Islands or in any other form approved by the
 Directors and need not be under seal.

37. The
 instrument of transfer must be executed by or on behalf of the transferor. The instrument
 of transfer must be accompanied by such evidence as the Directors may reasonably require
 to show the right of the transferor to make the transfer and the transferor is deemed
 to remain the holder until the transferee's name is entered in the Register of
 Members. The instrument of transfer must be completed and signed in the exact name or
 names in which such Shares are registered, indicating any special capacity in which it
 is being signed with relevant details supplied to the Company.

38. The
 Directors shall not recognise any transfer of Shares unless the instrument of transfer
 is deposited at the Registered Office or such other place as the Directors may reasonably
 require for the Shares to which it relates, together with such other evidence as the
 Directors may reasonably require to show the right of the transferor to make the transfer.

39. The
 registration and transfer of Shares may be suspended at such times and for such periods
 as the Directors may from time to time determine.

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40. All
 instruments of transfer which are registered shall be retained by the Company, but any
 instrument of transfer which the Directors may decline to register shall (except in any
 case of fraud) be returned to the person depositing the same.

41. In
 case of the death of a Shareholder, the survivors or survivor (where the deceased was
 a joint holder) and the executors or administrators of the deceased where the deceased
 was the sole or only surviving holder, shall be the only persons recognised by the Company
 as having title to the deceased's interest in the Shares, but nothing in this Article
 shall release the estate of the deceased holder whether sole or joint from any liability
 in respect of any Share solely or jointly held by the deceased.

42. Any
 guardian of an infant Shareholder and any curator or other legal representative of a
 Shareholder under legal disability and any person entitled to a share in consequence
 of the death or bankruptcy of a Shareholder shall, upon producing such evidence of title
 as the Directors may require, have the right either to be registered as the holder of
 the Share or to make such transfer thereof as the deceased or bankrupt Shareholder could
 have made, but the Directors shall in either case have the same right to refuse or suspend
 registration as they would have had in the case of a transfer of the Shares by the infant
 or by the deceased or bankrupt Shareholder before the death or bankruptcy or by the Shareholder
 under legal disability before such disability.

43. A
 person so becoming entitled to a Share in consequence of the death or bankruptcy of a
 Shareholder shall have the right to receive and may give a discharge for all dividends
 and other money payable or other advantages due on or in respect of the Share, but such
 person shall not be entitled to receive notice of or to attend or vote at meetings of
 the Company, or save as aforesaid, to any of the rights or privileges of a Shareholder
 unless and until such person shall be registered as a Shareholder in respect of the Share,
 provided always that the Directors may at any time give notice requiring any such person
 to elect either to be registered or to transfer the Share and if the notice is not complied
 with within ninety (90) days the Directors may thereafter withhold all dividends or other
 monies payable or other advantages due in respect of the Share until the requirements
 of the notice have been complied with.

**LIEN**

44. The
 Company shall have a first and paramount lien on all Shares (whether fully paid-up or
 not) registered in the name of a Shareholder (whether solely or jointly with others)
 for all debts, liabilities or engagements to or with the Company (whether presently payable
 or not) by such Shareholder or the Shareholder's estate, either alone or jointly
 with any other person, whether a Shareholder or not, but the Directors may at any time
 declare any Share to be wholly or in part exempt from the provisions of this Article.
 The registration of a transfer of any such Share shall operate as a waiver of the Company's
 lien thereon. The Company's lien on a Share shall also extend to any amount payable
 in respect of that Share.

45. The
 Company may sell, in such manner as the Directors think fit, any Shares on which the
 Company has a lien, if a sum in respect of which the lien exists is presently payable,
 and is not paid within fourteen (14) clear days after notice has been given to the holder
 of the Shares, or to the person entitled to it in consequence of the death or bankruptcy
 of the holder, demanding payment and stating that if the notice is not complied with
 the Shares may be sold.

46. To
 give effect to any such sale the Directors may authorise any person to execute an instrument
 of transfer of the Shares sold to, or in accordance with the directions of, the purchaser.
 The purchaser or the purchaser's nominee shall be registered as the holder of the
 Shares comprised in any such transfer, and the purchaser shall not be bound to see to
 the application of the purchase money, nor shall the purchaser's title to the Shares
 be affected by any irregularity or invalidity in the sale or the exercise of the Company's
 power of sale under these Articles.

47. The
 net proceeds of such sale, after payment of costs, shall be applied in payment of such
 part of the amount in respect of which the lien exists as is presently payable and any
 residue shall (subject to a like lien for sums not presently payable as existed upon
 the Shares before the sale) be paid to the person entitled to the Shares at the date
 of the sale.

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**CALL ON SHARES**

48. Subject
 to the terms of the allotment the Directors may from time to time make calls upon the
 Shareholders in respect of any monies unpaid on their Shares (whether in respect of par
 value or premium), and each Shareholder shall (subject to receiving at least fourteen
 (14) days' notice specifying the time or times of payment) pay to the Company at
 the time or times so specified the amount called on the Shares. A call may be revoked
 or postponed as the Directors may determine. A call may be required to be paid by instalments.
 A person upon whom a call is made shall remain liable for calls made upon them notwithstanding
 the subsequent transfer of the Shares in respect of which the call was made.

49. A
 call shall be deemed to have been made at the time when the resolution of the Directors
 authorising such call was passed.

50. The
 joint holders of a Share shall be jointly and severally liable to pay all calls in respect
 thereof.

51. If
 a call remains unpaid after it has become due and payable, the person from whom it is
 due shall pay interest on the amount unpaid from the day it became due and payable until
 it is paid at such rate as the Directors may determine, but the Directors may waive payment
 of the interest wholly or in part.

52. An
 amount payable in respect of a Share on allotment or at any fixed date, whether on account
 of the par value of the Share or premium or otherwise, shall be deemed to be a call and
 if it is not paid all the provisions of these Articles shall apply as if that amount
 had become due and payable by virtue of a call.

53. The
 Directors may issue Shares with different terms as to the amount and times of payment
 of calls, or the interest to be paid.

54. The
 Directors may, if they think fit, receive an amount from any Shareholder willing to advance
 all or any part of the monies uncalled and unpaid upon any Shares held by such Shareholder,
 and may (until the amount would otherwise become payable) pay interest at such rate as
 may be agreed upon between the Directors and the Shareholder paying such amount in advance.

55. No
 such amount paid in advance of calls shall entitle the Shareholder paying such amount
 to any portion of a dividend declared in respect of any period prior to the date upon
 which such amount would, but for such payment, become payable.

**FORFEITURE OF SHARES**

56. If
 a call remains unpaid after it has become due and payable the Directors may give to the
 person from whom it is due not less than fourteen (14) clear days' notice requiring
 payment of the amount unpaid together with any interest which may have accrued. The notice
 shall specify where payment is to be made and shall state that if the notice is not complied
 with the Shares in respect of which the call was made will be liable to be forfeited.

57. If
 the notice is not complied with any Share in respect of which it was given may, before
 the payment required by the notice has been made, be forfeited by a resolution of the
 Directors. Such forfeiture shall include all dividends or other monies declared payable
 in respect of the forfeited Share and not paid before the forfeiture.

58. A
 forfeited Share may be sold, re-allotted or otherwise disposed of on such terms and in
 such manner as the Directors think fit and at any time before a sale, re-allotment or
 disposition the forfeiture may be cancelled on such terms as the Directors think fit.
 Where for the purposes of its disposal a forfeited Share is to be transferred to any
 person the Directors may authorise some person to execute an instrument of transfer of
 the Share in favour of that person.

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59. A
 person any of whose Shares have been forfeited shall cease to be a Shareholder in respect
 of them and shall surrender to the Company for cancellation the certificate for the Shares
 forfeited and shall remain liable to pay to the Company all monies which at the date
 of forfeiture were payable by such person to the Company in respect of those Shares together
 with interest, but such person's liability shall cease if and when the Company
 shall have received payment in full of all monies due and payable by such person in respect
 of those Shares.

60. A
 certificate in writing under the hand of one Director or officer of the Company that
 a Share has been forfeited on a specified date shall be conclusive evidence of the fact
 as against all persons claiming to be entitled to the Share. The certificate shall (subject
 to the execution of any instrument of transfer) constitute a good title to the Share
 and the person to whom the Share is disposed of shall not be bound to see to the application
 of the purchase money, if any, nor shall such person's title to the Share be affected
 by any irregularity or invalidity in the proceedings in reference to the forfeiture,
 sale or disposal of the Share.

61. The
 provisions of these Articles as to forfeiture shall apply in the case of non-payment
 of any sum which, by the terms of issue of a Share, becomes payable at a fixed time,
 whether on account of the par value of the Share or by way of premium as if it had been
 payable by virtue of a call duly made and notified.

**ALTERATION OF SHARE CAPITAL**

62. The
 Company may from time to time by Ordinary Resolution increase its share capital by such
 sum to be divided into Shares of such amounts as the resolution shall prescribe.

63. All
 new Shares shall be subject to the provisions of these Articles with reference to transfer,
 transmission and otherwise.

64. Subject
 to the Companies Act, the Company may by Special Resolution from time to time reduce
 its share capital in any way, and in particular, without prejudice to the generality
 of the foregoing power, may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) cancel
 any paid-up share capital which is lost, or which is not represented by available assets;
 or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) pay
 off any paid-up share capital which is in excess of the requirements of the Company,

and may, if and so far as is necessary, alter the Memorandum by reducing the amounts of its share capital and of its Shares accordingly.

65. The
 Company may from time to time by Ordinary Resolution alter (without reducing) its share
 capital by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) consolidating
 and dividing all or any of its share capital into Shares of larger amount than its existing
 Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) sub-dividing
 its Shares, or any of them, into Shares of smaller amount than that fixed by the Memorandum
 so, however, that in the sub-division the proportion between the amount paid and the
 amount, if any, unpaid on each reduced Share shall be the same as it was in the case
 of the Share from which the reduced Share is derived; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) cancelling
 any Shares which, at the date of the passing of the Ordinary Resolution, have not been
 taken, or agreed to be taken by any person, and diminishing the amount of its authorised
 share capital by the amount of the Shares so cancelled.

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**GENERAL MEETINGS**

66. The
 Directors may proceed to convene a general meeting whenever they think fit, including,
 without limitation, for the purposes of considering a liquidation of the Company, and
 they shall convene a general meeting on the requisition of the Shareholders holding at
 the date of the deposit of the requisition not less than one-half of such of the paid-up
 capital of the Company as at the date of the deposit carries the right of voting at general
 meetings.

67. The
 requisition:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) must
 be in writing and state the objects of the meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) must
 be signed by each requisitionist and deposited at the Registered Office; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) may
 consist of several documents in like form each signed by one or more requisitionists.

68. If
 the Directors do not within ten (10) days from the date of the deposit of the requisition
 duly proceed to convene a general meeting, the requisitionists, or any of them representing
 more than one-half of the total voting rights of all of them, may themselves convene
 a general meeting, but any meeting so convened shall not be held after the expiration
 of three months after the expiration of the said ten (10) days.

69. A
 general meeting convened as aforesaid by requisitionists shall be convened in the same
 manner as nearly as possible as that in which general meetings are convened by the Directors.
 A general meeting may be convened in the Cayman Islands or at such other location, as
 the Directors think fit.

**NOTICE OF GENERAL MEETINGS**

70. Five
 (5) calendar days' notice at least specifying the place, the day and the hour of
 any general meeting and the general nature of the business to be conducted at the general
 meeting, shall be given in the manner hereinafter mentioned to such persons as are under
 these Articles or the conditions of issue of the Shares held by them entitled to receive
 notices from the Company. If the Directors determine that prompt Shareholder action is
 advisable, they may shorten the notice period for any general meeting to such period
 as the Directors consider reasonable.

71. A
 general meeting shall, notwithstanding that it is called by shorter notice than that
 specified in the preceding Article, be deemed to have been duly called with regard to
 the length of notice if it is so agreed by all the Shareholders entitled to attend and
 vote thereat.

72. In
 every notice calling a general meeting, there shall appear with reasonable prominence
 a statement that a Shareholder entitled to attend and vote either (i) is entitled to
 appoint one or more proxies to attend such meeting and vote instead of such Shareholder
 and that a proxy need not also be a Shareholder or (ii) has appointed a proxy who, unless
 such appointment is revoked, will attend such meeting and vote on behalf of such Shareholder.

73. The
 accidental omission to give notice to, or the non-receipt of notice by, any person entitled
 to receive notice shall not invalidate the proceedings at any general meeting.

**PROCEEDINGS AT GENERAL MEETINGS**

74. No
 business shall be transacted at any general meeting unless a quorum is present. Save
 as otherwise provided in these Articles a quorum shall be the presence, in person or
 by proxy, of one or more persons holding at least twenty (20) per cent in par value of
 the issued Shares which confer the right to attend and vote thereat.

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75. Save
 as otherwise provided for in these Articles, if within half an hour from the time appointed
 for the meeting a quorum is not present, the meeting, if convened on the requisition
 of or by Shareholders, shall be dissolved. In any other case it shall stand adjourned
 to the same day in the next week, at the same time and place or to such other day and
 at such other time and place as the Directors may determine and if at such adjourned
 meeting a quorum is not present within fifteen (15) minutes from the time appointed for
 holding the meeting, the Shareholders present shall be a quorum.

76. A
 person may, with the consent of the Directors, participate at a general meeting by means
 of telephone, video or similar communication equipment by way of which all persons participating
 in such meeting can hear each other and such participation shall be deemed to constitute
 presence in person at such meeting.

77. The
 Chairperson (if any) or, if absent, the Deputy Chairperson (if any) of the Board of Directors,
 or, failing them, some other Director nominated by the Directors shall preside as Chairperson
 at every general meeting, but if at any meeting neither the Chairperson nor the Deputy
 Chairperson nor such other Director be present within fifteen (15) minutes after the
 time appointed for holding the meeting, or if neither of them be willing to act as Chairperson,
 the Directors present shall choose some Director present to be Chairperson or if no Directors
 be present, or if all the Directors present decline to take the chair, the Shareholders
 present shall choose some Shareholder present to be Chairperson.

78. The
 Chairperson may with the consent of any meeting at which a quorum is present (and shall
 if so directed by the meeting) adjourn the meeting from time to time and from place to
 place but no business shall be transacted at any adjourned meeting except business which
 might lawfully have been transacted at the meeting from which the adjournment took place.
 When a meeting is adjourned for fourteen (14) days or more, five (5) calendar days'
 notice at the least specifying the place, the day and the hour of the adjourned meeting
 shall be given as in the case of the original meeting but it shall not be necessary to
 specify in such notice the nature of the business to be transacted at the adjourned meeting.
 Save as aforesaid, it shall not be necessary to give any notice of an adjournment or
 of the business to be transacted at an adjourned meeting.

79. The
 Directors may cancel or postpone any duly convened general meeting at any time prior
 to such meeting, except for general meetings requisitioned by the Shareholders in accordance
 with these Articles, for any reason or for no reason, upon notice in writing to Shareholders.
 A postponement may be for a stated period of any length or indefinitely as the Directors
 may determine.

80. At
 any general meeting, a resolution put to the vote of the meeting shall be decided on
 a show of hands unless a poll is, before or on the declaration of the result of the show
 of hands, demanded by the Chairperson or any Shareholder or Shareholders present in person
 or by proxy.

81. Unless
 a poll be so demanded, a declaration by the Chairperson that a resolution has on a show
 of hands been carried, or carried unanimously, or by a particular majority, or lost,
 and an entry to that effect made in the Company's minute book containing the minutes
 of the proceedings of the meeting, shall be conclusive evidence of the fact without proof
 of the number or the proportion of the votes recorded in favour of or against such resolution.

82. If
 a poll is duly demanded it shall be taken in such manner and at such place as the Chairperson
 may direct (including the use of a ballot or voting papers, or tickets) and the result
 of a poll shall be deemed to be the resolution of the meeting at which the poll was demanded.
 The Chairperson may, in the event of a poll, appoint scrutineers and may adjourn the
 meeting to some place and time fixed by the Chairperson for the purpose of declaring
 the result of the poll.

83. In
 the case of an equality of votes, whether on a show of hands or on a poll, the Chairperson
 of the meeting at which the show of hands or at which the poll is taken, shall not be
 entitled to a second or casting vote.

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84. A
 poll demanded on the election of a Chairperson and a poll demanded on a question of adjournment
 shall be taken forthwith. A poll demanded on any other question shall be taken at such
 time and place as the Chairperson directs not being more than ten (10) days from the
 date of the meeting or adjourned meeting at which the poll was demanded.

85. The
 demand for a poll shall not prevent the continuance of a meeting for the transaction
 of any business other than the question on which the poll has been demanded.

86. A
 demand for a poll may be withdrawn and no notice need be given of a poll not taken immediately.

**VOTES OF SHAREHOLDERS**

87. On
 a show of hands every holder of Shares present and entitled to vote thereon shall have
 one vote. On a poll every holder of Shares, present in person or by proxy and entitled
 to vote thereon, shall be entitled to one vote in respect of each Share held by them.

88. In
 the case of joint holders of a Share, the vote of the senior holder who tenders a vote,
 whether in person or by proxy, shall be accepted to the exclusion of the votes of the
 other joint holders, and for this purpose seniority shall be determined by the order
 in which the names stand in the Register of Members in respect of the Shares.

89. A
 Shareholder who has appointed special or general attorneys or a Shareholder who is subject
 to a disability may vote on a poll, by such Shareholder's attorney, committee,
 receiver, curator bonis or other person in the nature of a committee, receiver, or curator
 bonis appointed by a court and such attorney, committee, receiver, curator bonis or other
 person may on a poll vote by proxy; provided that such evidence as the Directors may
 require of the authority of the person claiming to vote shall, unless otherwise waived
 by the Directors, have been deposited at the Registered Office not less than forty-eight
 (48) hours before the time for holding the meeting or adjourned meeting at which such
 person claims to vote.

90. No
 objection shall be raised to the qualification of any voter except at the meeting or
 adjourned meeting at which the vote objected to is given or tendered, and every vote
 not disallowed at such meeting shall be valid for all purposes. Any such objection made
 in due time shall be referred to the Chairperson of the meeting, whose decision shall
 be final and conclusive.

91. On
 a poll votes may be given either personally or by proxy and a Shareholder entitled to
 more than one vote need not, if the Shareholder votes, use all their votes or cast all
 the votes the Shareholder uses in the same way.

92. The
 instrument appointing a proxy shall be in writing under the hand of the appointor or
 of the appointor's attorney duly authorised in writing, or if the appointor is
 a corporation, either under its common seal or under the hand of an officer or attorney
 so authorised.

93. Any
 person (whether a Shareholder or not) may be appointed to act as a proxy. A Shareholder
 may appoint more than one proxy to attend on the same occasion.

94. The
 instrument appointing a proxy and the power of attorney or other authority (if any) under
 which it is signed, or a certified copy of such power or authority, must be deposited
 at the Registered Office, or at such other place as is specified for that purpose in
 the notice of meeting or in the instrument of proxy issued by the Company, no later than
 the time appointed for holding the meeting or adjourned meeting; provided that the Chairperson
 of the meeting may in the Chairperson's discretion accept an instrument of proxy
 sent by fax, email or other electronic means.

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95. An
 instrument of proxy shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) be
 in any common form or in such other form as the Directors may approve;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) be
 deemed to confer authority to demand or join in demanding a poll and to vote on any amendment
 of a resolution put to the general meeting for which it is given as the proxy thinks
 fit; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) subject
 to its terms, be valid for any adjournment of the general meeting for which it is given.

96. The
 Directors may at the expense of the Company send to the Shareholders instruments of proxy
 (with or without prepaid postage for their return) for use at any general meeting, either
 in blank or nominating in the alternative any one or more of the Directors or any other
 persons. If for the purpose of any meeting invitations to appoint as proxy a person or
 one of a number of persons specified in the invitations are issued at the expense of
 the Company, such invitations shall be issued to all (and not to some only) of the Shareholders
 entitled to be sent a notice of the meeting and to vote thereat by proxy.

97. A
 vote given in accordance with the terms of an instrument of proxy shall be valid notwithstanding
 the death or insanity of the principal or the revocation of the instrument of proxy,
 or of the authority under which the instrument of proxy was executed, provided that no
 intimation in writing of such death, insanity, revocation or transfer shall have been
 received by the Company at the Registered Office before commencement of the meeting or
 adjourned meeting at which the instrument of proxy is used.

98. Anything
 which under these Articles a Shareholder may do by proxy that Shareholder may also do
 by a duly appointed attorney. The provisions of these Articles relating to proxies and
 instruments appointing proxies apply, *mutatis mutandis*, to any such attorney and
 the instrument appointing that attorney.

99. Any
 Shareholder which is a corporation or partnership may, by a resolution of its directors
 or other governing body, authorise such person as it thinks fit to act as its representative
 at any meeting or meetings of the Company. The person so authorised shall be entitled
 to exercise the same powers on behalf of such corporation or partnership as the corporation
 or partnership could exercise if it were a Shareholder who was an individual and such
 corporation or partnership shall for the purposes of these Articles be deemed to be present
 in person at any such meeting if a person so authorised is present.

**WRITTEN RESOLUTIONS OF SHAREHOLDERS**

100. A
 resolution in writing signed by all the Shareholders for the time being entitled to receive
 notice of, attend and vote at a general meeting shall be as valid and effective as a
 resolution passed at a general meeting duly convened and held and may consist of several
 documents in the like form each signed by one or more of the Shareholders.

**DIRECTORS**

101. Unless
 otherwise determined by the Company by Ordinary Resolution, the minimum number of Directors
 shall be one and the maximum number of Directors shall be unlimited. The first Director(s)
 shall be determined in writing by, or appointed by a resolution of, the subscriber(s)
 to the Memorandum.

102. A
 Director need not be a Shareholder but shall be entitled to receive notice of and attend
 all general meetings.

103. The
 Company may, by Ordinary Resolution, appoint any person to be a Director and may in like
 manner remove any Director and may appoint another person in the Director's stead.
 Without prejudice to the power of the Company by Ordinary Resolution to appoint a person
 to be a Director, the Board of Directors, so long as a quorum of Directors remains in
 office, shall have the power at any time and from time to time to appoint any person
 to be a Director so as to fill a casual vacancy or otherwise.

*Auth Code: K30764574958*

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104. Each
 Director shall be entitled to such remuneration as approved by the Board of Directors
 and this may be in addition to such remuneration as may be payable under any other Article.
 Such remuneration shall be deemed to accrue from day to day. The Directors and the Secretary
 may also be paid all travelling, hotel and other expenses properly incurred by them in
 attending and returning from meetings of the Directors or any committee of the Directors
 or general meetings or in connection with the business of the Company. The Directors
 may, in addition to such remuneration as aforesaid, grant special remuneration to any
 Director who, being called upon, shall perform any special or extra services to or at
 the request of the Company.

105. Each
 Director shall have the power to nominate another Director or any other person to act
 as alternate Director in the Director's place at any meeting of the Directors at
 which the Director is unable to be present and at the Director's discretion to
 remove such alternate Director. On such appointment being made the alternate Director
 shall (except as regards the power to appoint an alternate Director) be subject in all
 respects to the terms and conditions existing with reference to the other Directors and
 each alternate Director, whilst acting in the place of an absent Director, shall exercise
 and discharge all the functions, powers and duties of the Director being represented.
 Any Director who is appointed as alternate Director shall be entitled at a meeting of
 the Directors to cast a vote on behalf of their appointor in addition to the vote to
 which such Director is entitled in their own capacity as a Director, and shall also be
 considered as two Directors for the purpose of making a quorum of Directors. Any person
 appointed as an alternate Director shall automatically vacate such office as an alternate
 Director if and when the Director by whom the alternate Director has been appointed vacates
 their office of Director. The remuneration of an alternate Director shall be payable
 out of the remuneration of the Director appointing such alternate Director and shall
 be agreed between them.

106. Every
 instrument appointing an alternate Director shall be in such common form as the Directors
 may approve.

107. The
 appointment and removal of an alternate Director shall take effect when lodged at the
 Registered Office or delivered at a meeting of the Directors.

108. The
 office of a Director shall be vacated in any of the following events namely:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if
 the Director resigns their office by notice in writing signed by such Director and left
 at the Registered Office;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if
 the Director becomes bankrupt or makes any arrangement or composition with such Director's
 creditors generally;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if
 the Director dies or is found to be or becomes of unsound mind;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) if
 the Director ceases to be a Director by virtue of, or becomes prohibited from being a
 Director by reason of, an order made under any provisions of any law or enactment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) if
 the Director is removed from office by notice addressed to such Director at their last
 known address and signed by all of the co-Directors (not being less than two in number);
 or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) if
 the Director is removed from office by Ordinary Resolution.

*Auth Code: K30764574958*

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**TRANSACTIONS WITH DIRECTORS**

109. A
 Director may hold any other office or place of profit under the Company (other than the
 office of Auditor) in conjunction with their office of Director on such terms as to tenure
 of office and otherwise as the Directors may determine.

110. No
 Director or intending Director shall be disqualified by their office from contracting
 with the Company either as vendor, purchaser or otherwise, nor shall any such contract
 or any contract or arrangement entered into by or on behalf of the Company in which any
 Director is in any way interested be liable to be avoided, nor shall any Director so
 contracting or being so interested be liable to account to the Company for any profit
 realised by any such contract or arrangement by reason of such Director holding that
 office or of the fiduciary relationship thereby established, but the nature of the Director's
 interest must be declared by such Director at the meeting of the Directors at which the
 question of entering into the contract or arrangement is first taken into consideration,
 or if the Director was not at the date of that meeting interested in the proposed contract
 or arrangement, then at the next meeting of the Directors held after such Director becomes
 so interested, and in a case where the Director becomes interested in a contract or arrangement
 after it is made, then at the first meeting of the Directors held after such Director
 becomes so interested.

111. In
 the absence of some other material interest than is indicated below, provided a Director
 who is in any way, whether directly or indirectly, interested in a contract or proposed
 contract with the Company declares (whether by specific or general notice) the nature
 of their interest at a meeting of the Directors that Director may vote in respect of
 any contract or proposed contract or arrangement notwithstanding that such Director may
 be interested therein and if such Director does so their vote shall be counted and such
 Director may be counted in the quorum at any meeting of the Directors at which any such
 contract or proposed contract or arrangement shall come before the meeting for consideration.

112. Where
 proposals are under consideration concerning the appointment (including fixing or varying
 the terms of appointment) of two or more Directors to offices or employments with the
 Company or any company in which the Company is interested, such proposals may be divided
 and considered in relation to each Director separately and in such cases each of the
 Directors concerned shall be entitled to vote (and be counted in the quorum) in respect
 of each resolution except that concerning the Director's own appointment.

113. Any
 Director may act independently or through the Director's firm in a professional
 capacity for the Company, and the Director or the firm shall be entitled to remuneration
 for professional services as if the Director were not a Director, provided that nothing
 herein contained shall authorise a Director or the Director's firm to act as Auditor
 to the Company.

114. Any
 Director may continue to be or become a director, managing director, manager or other
 officer or shareholder of any company promoted by the Company or in which the Company
 may be interested, and no such Director shall be accountable for any remuneration or
 other benefits received by the Director as a director, managing director, manager or
 other officer or shareholder of any such other company. The Directors may exercise the
 voting power conferred by the shares in any other company held or owned by the Company
 or exercisable by them as directors of such other company, in such manner in all respects
 as they think fit (including the exercise thereof in favour of any resolution appointing
 themselves or any of them directors, managing directors or other officers of such company,
 or voting or providing for the payment of remuneration to the directors, managing directors
 or other officers of such company).

**POWERS OF DIRECTORS**

115. The
 business of the Company shall be managed by the Directors, who may exercise all such
 powers of the Company as are not by the Companies Act or by these Articles required to
 be exercised by the Company in general meeting, subject nevertheless to any regulations
 of these Articles, to the Companies Act, and to such regulations being not inconsistent
 with the aforesaid regulations or provisions as may be prescribed by the Company in general
 meeting, but no regulations made by the Company in general meeting shall invalidate any
 prior act of the Directors which would have been valid if such regulations had not been
 made. The general powers given by this Article shall not be limited or restricted by
 any special authority or power given to the Directors by any other Article.

*Auth Code: K30764574958*

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116. The
 Directors may from time to time and at any time by power of attorney appoint any company,
 firm or person or any fluctuating body of persons, whether nominated directly or indirectly
 by the Directors, to be the attorney or attorneys of the Company for such purposes and
 with such powers authorities and discretions (not exceeding those vested in or exercisable
 by the Directors under these Articles) and for such period and subject to such conditions
 as they may think fit, and any such appointment may contain such provisions for the protection
 and convenience of persons dealing with any such attorneys as the Directors may think
 fit, and may also authorise any such attorney to sub-delegate all or any of the powers,
 authorities and discretions vested in such attorney. The Directors may also appoint any
 person to be the agent of the Company for such purposes and with such powers, authorities
 and discretions (not exceeding those vested in or exercisable by the Directors under
 these Articles) and for such period and on such conditions as they determine, including
 authority for the agent to delegate all or any of their powers.

117. All
 cheques, promissory notes, drafts, bills of exchange and other negotiable or transferable
 instruments drawn by the Company, and all receipts for monies paid to the Company shall
 be signed, drawn, accepted, endorsed or otherwise executed, as the case may be, in such
 manner as the Directors shall from time to time by resolution determine.

**PROCEEDINGS OF DIRECTORS**

118. The
 Directors may meet together for the dispatch of business, adjourn and otherwise regulate
 their meetings, as they think fit. Questions and matters arising at any meeting shall
 be determined by a majority of votes. In the case of an equality of votes, the Chairperson
 shall not have a second or casting vote. A Director may, and the Secretary on the requisition
 of a Director shall, at any time summon a meeting of the Directors.

119. A
 Director or Directors may participate in any meeting of the Board of Directors, or of
 any committee appointed by the Board of Directors of which such Director or Directors
 are members, by means of telephone, video or similar communication equipment by way of
 which all persons participating in such meeting can hear each other and such participation
 shall be deemed to constitute presence in person at the meeting.

120. The
 quorum necessary for the transaction of the business of the Directors may be fixed by
 the Directors and, unless so fixed, shall be two, if there are two or more Directors,
 and shall be one if there is only one Director.

121. The
 continuing Directors or a sole continuing Director may act notwithstanding any vacancies
 in their number, but if and so long as the number of Directors is reduced below the minimum
 number fixed by or in accordance with these Articles the continuing Directors or Director
 may act for the purpose of filling up vacancies in their number, or of summoning general
 meetings, but not for any other purpose. If there be no Directors or Director able or
 willing to act, then any two Shareholders, if there are two or more shareholders, or
 the sole shareholder, if there is only one shareholder, may summon a general meeting
 for the purpose of appointing Directors.

122. The
 Directors may from time to time elect and remove a Chairperson and, if they think fit,
 a Deputy Chairperson and determine the period for which they respectively are to hold
 office. The Chairperson or, failing them, the Deputy Chairperson shall preside at all
 meetings of the Directors, but if there be no Chairperson or Deputy Chairperson, or if
 at any meeting the Chairperson or Deputy Chairperson be not present within five (5) minutes
 after the time appointed for holding the same, the Directors present may choose one of
 their number to be Chairperson of the meeting.

*Auth Code: K30764574958*

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123. A
 meeting of the Directors for the time being at which a quorum is present shall be competent
 to exercise all powers and discretions for the time being exercisable by the Directors.

124. Without
 prejudice to the powers conferred by these Articles, the Directors may delegate any of
 their powers to committees consisting of such member or members of their body as they
 think fit. Any committee so formed shall, in the exercise of the powers so delegated,
 conform to any regulations that may be imposed on them by the Directors. The Directors
 may, by power of attorney or otherwise, appoint any person to be an agent of the Company
 on such condition as the Directors may determine, provided that the delegation is not
 to the exclusion of their own powers.

125. The
 meetings and proceedings of any such committee consisting of two or more Directors shall
 be governed by the provisions of these Articles regulating the meetings and proceedings
 of the Directors so far as the same are applicable and are not superseded by any regulations
 made by the Directors under the preceding Article.

126. The
 Directors may appoint such officers as they consider necessary on such terms, at such
 remuneration and to perform such duties, and subject to such provisions as to disqualification
 and removal as the Directors may think fit. Unless otherwise specified in the terms of
 the officer's appointment an officer may be removed by resolution of the Directors
 or Shareholders.

127. All
 acts done by any meeting of Directors, or of a committee of Directors or by any person
 acting as a Director, shall, notwithstanding it be afterwards discovered that there was
 some defect in the appointment of any such Director or person acting as aforesaid, or
 that they or any of them were disqualified, or had vacated office, or were not entitled
 to vote, be as valid as if every such person had been duly appointed, and was qualified
 and had continued to be a Director and had been entitled to vote.

128. The
 Directors shall cause minutes to be made of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all
 appointments of officers made by the Directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 names of the Directors present at each meeting of the Directors and of any committee
 of Directors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) all
 resolutions and proceedings of all meetings of the Company and of the Directors and of
 any committee of Directors.

Any such minutes, if purporting to be signed by the Chairperson of the meeting at which the proceedings took place, or by the Chairperson of the next succeeding meeting, shall, until the contrary be proved, be conclusive evidence of the proceedings.

**WRITTEN RESOLUTIONS OF DIRECTORS**

129. A
 resolution in writing signed by all the Directors for the time being entitled to attend
 and vote at a meeting of the Directors (an alternate Director being entitled to sign
 such a resolution on behalf of their appointor) shall be as valid and effective as a
 resolution passed at a meeting of the Directors duly convened and held and may consist
 of several documents in the like form each signed by one or more of the Directors (or
 their alternates).

**PRESUMPTION OF ASSENT**

130. A
 Director who is present at a meeting of the Board of Directors at which action on any
 Company matter is taken shall be presumed to have assented to the action taken unless
 the Director's dissent shall be entered in the minutes of the meeting or unless
 the Director shall file their written dissent from such action with the person acting
 as the secretary of the meeting before the adjournment thereof or shall forward such
 dissent by registered mail to such person immediately after the adjournment of the meeting.
 Such right to dissent shall not apply to a Director who voted in favour of such action.

*Auth Code: K30764574958*

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**BORROWING POWERS**

131. The
 Directors may exercise all the powers of the Company to borrow money and hypothecate,
 mortgage, charge or pledge its undertaking, property, and assets or any part thereof,
 and to issue debentures, debenture stock or other securities, whether outright or as
 collateral security for any debt liability or obligation of the Company or of any third
 party.

**SECRETARY**

132. The
 Directors may appoint any person to be a Secretary who shall hold office for such term,
 at such remuneration and upon such conditions and with such powers as they think fit.
 Any Secretary so appointed by the Directors may be removed by the Directors or by the
 Company by Ordinary Resolution. Anything required or authorised to be done by or to the
 Secretary may, if the office is vacant or there is for any other reason no Secretary
 capable of acting, be done by or to any assistant or deputy Secretary or if there is
 no assistant or deputy Secretary capable of acting, by or to any officer of the Company
 authorised generally or specially in that behalf by the Directors, provided that any
 provisions of these Articles requiring or authorising a thing to be done by or to a Director
 and the Secretary shall not be satisfied by its being done by or to the same person acting
 both as Director and as, or in the place of, the Secretary.

133. No
 person shall be appointed or hold office as Secretary who is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 sole Director;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a
 corporation the sole director of which is the sole Director; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the
 sole director of a corporation which is the sole Director.

**THE SEAL**

134. The
 Directors shall provide for the safe custody of the Seal and the Seal shall never be
 used except by the authority of a resolution of the Directors or of a committee of the
 Directors authorised by the Directors in that behalf. The Directors may keep for use
 outside the Cayman Islands a duplicate Seal. The Directors may from time to time as they
 see fit (subject to the provisions of these Articles relating to share certificates)
 determine the persons and the number of such persons in whose presence the Seal or the
 facsimile thereof shall be used, and until otherwise so determined the Seal or the duplicate
 thereof shall be affixed in the presence of any one Director or the Secretary, or of
 some other person duly authorised by the Directors.

**DIVIDENDS, DISTRIBUTIONS AND RESERVES**

135. Subject
 to the Companies Act, these Articles, and the special rights attaching to Shares of any
 class, the Directors may, in their absolute discretion, declare dividends and distributions
 on Shares in issue and authorise payment of the dividends or distributions out of the
 funds of the Company lawfully available therefor. No dividend or distribution shall be
 paid except out of the realised or unrealised profits of the Company, or out of the Share
 Premium Account, or as otherwise permitted by the Companies Act.

136. Except
 as otherwise provided by the rights attached to Shares, or as otherwise determined by
 the Directors, all dividends and distributions in respect of Shares shall be declared
 and paid according to the par value of the Shares that a Shareholder holds. If any Share
 is issued on terms providing that it shall rank for dividend or distribution as from
 a particular date, that Share shall rank for dividend or distribution accordingly.

*Auth Code: K30764574958*

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137. The
 Directors may deduct and withhold from any dividend or distribution otherwise payable
 to any Shareholder all sums of money (if any) then payable by the Shareholder to the
 Company on account of calls or otherwise or any monies which the Company is obliged by
 law to pay to any taxing or other authority.

138. The
 Directors may declare that any dividend or distribution be paid wholly or partly by the
 distribution of specific assets and in particular of shares, debentures or securities
 of any other company or in any one or more of such ways and, where any difficulty arises
 in regard to such distribution, the Directors may settle the same as they think expedient
 and in particular may issue fractional Shares and fix the value for distribution of such
 specific assets or any part thereof and may determine that cash payments shall be made
 to any Shareholder upon the basis of the value so fixed in order to adjust the rights
 of all Shareholders and may vest any such specific assets in trustees as may seem expedient
 to the Directors.

139. Any
 dividend, distribution, interest or other monies payable in cash in respect of Shares
 may be paid by wire transfer to the holder or by cheque or warrant sent through the post
 directed to the registered address of the holder or, in the case of joint holders, to
 the registered address of the holder who is first named on the Register of Members or
 to such person and to such address as such holder or joint holders may in writing direct.
 Every such cheque or warrant shall (unless the Directors in their sole discretion otherwise
 determine) be made payable to the order of the person to whom it is sent. Any one of
 two or more joint holders may give effectual receipts for any dividends, bonuses, or
 other monies payable in respect of the Share held by them as joint holders.

140. Any
 dividend or distribution which cannot be paid to a Shareholder and/or which remains unclaimed
 after six (6) months from the date of declaration of such dividend or distribution may,
 in the discretion of the Directors, be paid into a separate account in the Company's
 name, provided that the Company shall not be constituted as a trustee in respect of that
 account and the dividend or distribution shall remain as a debt due to the Shareholder.
 Any dividend or distribution which remains unclaimed after a period of six years from
 the date of declaration of such dividend or distribution shall be forfeited and shall
 revert to the Company.

141. No
 dividend or distribution shall bear interest against the Company.

**SHARE PREMIUM ACCOUNT**

142. The
 Directors shall establish an account on the books and records of the Company to be called
 the Share Premium Account and shall carry to the credit of such account from time to
 time a sum equal to the amount or value of the premium paid on the issue of any Share.

**ACCOUNTS**

143. The
 Directors shall cause proper books of account to be kept with respect to all sums of
 money received and expended by the Company and the matters in respect of which the receipt
 or expenditure takes place, all sales and purchases of goods by the Company and the assets
 and liabilities of the Company. Proper books shall not be deemed to be kept if there
 are not kept such books of account as are necessary to give a true and fair view of the
 state of the Company's affairs and to explain its transactions.

144. The
 books of account shall be kept at the Registered Office or at such other place as the
 Directors think fit, and shall always be open to inspection by the Directors.

145. The
 Board of Directors shall from time to time determine whether and to what extent and at
 what time and places and under what conditions or articles the accounts and books of
 the Company or any of them shall be open to the inspection of Shareholders not being
 Directors, and no Shareholder (not being a Director) shall have any right of inspection
 of any account or book or document of the Company except as conferred by law or authorised
 by the Board of Directors or by resolution of the Shareholders.

*Auth Code: K30764574958*

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**AUDIT**

146. The
 accounts relating to the Company's affairs shall be audited in such manner as may
 be determined from time to time by resolution of the Shareholders or failing any such
 determination, by the Board of Directors, or failing any determination as aforesaid,
 shall not be audited.

**NOTICES**

147. Any
 notice or document may be served by the Company on any Shareholder:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) personally;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) by
 registered post or courier to that Shareholder's address as appearing in the Register
 of Members; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) by
 cable, telex, facsimile, e-mail or any other electronic means should the Directors deem
 it appropriate.

148. In
 the case of joint holders of a Share, all notices shall be given to that one of the joint
 holders whose name stands first in the Register of Members in respect of the joint holding,
 and notice so given shall be sufficient notice to all the joint holders.

149. Any
 Shareholder present, either personally or by proxy, at any meeting of the Company shall
 for all purposes be deemed to have received due notice of such meeting and, where requisite,
 of the purposes for which such meeting was convened.

150. Any
 summons, notice, order or other document required to be sent to or served upon the Company,
 or upon any officer of the Company may be sent or served by leaving the same or sending
 it through the post in a prepaid letter envelope or wrapper, addressed to the Company
 or to such officer at the Registered Office.

151. Where
 a notice or other document is sent by registered post, service of that notice or other
 document shall be deemed to be effected by properly addressing, pre-paying and posting
 an envelope containing it, and that notice or other document shall be deemed to have
 been received on the third day (not including Saturdays or Sundays or public holidays)
 following the day on which it was posted. Where a notice or other document is sent by
 courier, service of that notice or other document shall be deemed to be effected by delivery
 of the notice or other document to a courier company, and that notice or other document
 shall be deemed to have been received on the fifth day (not including Saturdays or Sundays
 or public holidays in the Cayman Islands) following the day on which it was delivered
 to the courier company. Where a notice or other document is sent by cable, telex or facsimile,
 service of that notice or other document shall be deemed to be effected by properly addressing
 and sending it, and that notice or other document shall be deemed to have been received
 on the same day that it was transmitted. Where a notice or other document is sent by
 email, service of that notice or other document shall be deemed to be effected by transmitting
 the email to the email address provided by the intended recipient and that notice or
 other document shall be deemed to have been received on the same day that it was sent,
 and it shall not be necessary for the receipt of the email to be acknowledged by the
 recipient.

152. Any
 notice or document delivered or sent by post to or left at the registered address of
 any Shareholder in pursuance of these Articles shall notwithstanding that such Shareholder
 be then dead, insane, bankrupt or dissolved, and whether or not the Company has notice
 of such death, insanity, bankruptcy or dissolution, be deemed to have been duly served
 in respect of any Share registered in the name of such Shareholder as sole or joint holder,
 unless the Shareholder's name shall at the time of the service of the notice or
 document, have been removed from the Register of Members as the holder of the Share,
 and such service shall for all purposes be deemed a sufficient service of such notice
 or document on all persons interested (whether jointly with or as claiming through or
 under such Shareholder) in the Share.

*Auth Code: K30764574958*

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**WINDING UP AND FINAL DISTRIBUTION OF ASSETS**

153. The
 Directors may present a winding up petition on behalf of the Company without the sanction
 of a resolution of the Shareholders passed at a general meeting.

154. If
 the Company shall be wound up the liquidator shall apply the assets of the Company in
 satisfaction of creditors' claims in such manner and order as such liquidator thinks
 fit.

155. If
 the Company shall be wound up, and the assets available for distribution amongst the
 Shareholders shall be insufficient to repay the whole of the share capital, such assets
 shall be distributed so that, as nearly as may be, the losses shall be borne by the Shareholders
 in proportion to the par value of the Shares held by them. If in a winding up the assets
 available for distribution amongst the Shareholders shall be more than sufficient to
 repay the whole of the share capital at the commencement of the winding up, the surplus
 shall be distributed amongst the Shareholders in proportion to the par value of the Shares
 held by them at the commencement of the winding up subject to a deduction from those
 Shares in respect of which there are monies due of all monies payable to the Company
 for unpaid calls or otherwise. This Article is without prejudice to the rights of the
 holders of Shares issued upon special terms and conditions.

156. If
 the Company shall be wound up (whether the liquidation is voluntary, under supervision
 or by the Court) the liquidator may, with the authority of a Special Resolution, divide
 among the Shareholders in specie the whole or any part of the assets of the Company,
 and whether or not the assets shall consist of property of a single kind, and may for
 such purposes set such value as the liquidator deems fair upon any one or more class
 or classes of property, and may determine how such division shall be carried out as between
 the Shareholders. The liquidator may, with the like authority, vest any part of the assets
 in trustees upon such trusts for the benefit of Shareholders as the liquidator, with
 the like authority, shall think fit, and the liquidation of the Company may be closed
 and the Company dissolved, but so that no Shareholder shall be compelled to accept any
 Shares in respect of which there is liability.

**INDEMNITY**

157. Every
 Director or officer of the Company shall be indemnified out of the assets of the Company
 against any liability incurred by that Director or officer as a result of any act or
 failure to act in carrying out their functions other than such liability (if any) that
 the Director or officer may incur by their own actual fraud or wilful default. No such
 Director or officer shall be liable to the Company for any loss or damage in carrying
 out their functions unless that liability arises through the actual fraud or wilful default
 of such Director or officer. References in this Article to actual fraud or wilful default
 mean a finding to such effect by a competent court in relation to the conduct of the
 relevant party.

158. The
 Directors shall have the power to purchase and maintain insurance for the benefit of
 any person who is or was a Director or officer of the Company indemnifying them against
 any liability which may lawfully be insured against by the Company.

**DISCLOSURE**

159. Any
 Director, officer or authorised agent of the Company shall, if lawfully required to do
 so under the laws of any jurisdiction to which the Company is subject or in compliance
 with the rules of any stock exchange upon which the Company's shares are listed
 or in accordance with any contract entered into by the Company, be entitled to release
 or disclose any information in their possession regarding the affairs of the Company
 including, without limitation, any information contained in the Register of Members.

*Auth Code: K30764574958*

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**CLOSING REGISTER OF MEMBERS OR FIXING RECORD DATE**

160. The
 Directors may fix in advance a date as the record date for any determination of Shareholders
 entitled to notice of or to vote at a meeting of the Shareholders and for the purpose
 of determining the Shareholders entitled to receive payment of any dividend the Directors
 may either before or on the date of declaration of such dividend fix a date as the record
 date for such determination.

161. If
 no record date is fixed for the determination of Shareholders entitled to notice of or
 to vote at a meeting of Shareholders or Shareholders entitled to receive payment of a
 dividend, the date on which notice of the meeting is mailed or the date on which the
 resolution of the Directors declaring such dividend is adopted, as the case may be, shall
 be the record date for such determination of Shareholders. When a determination of Shareholders
 entitled to vote at any meeting has been made in the manner provided in the preceding
 Article, such determination shall apply to any adjournment thereof.

**REGISTRATION BY WAY OF CONTINUATION**

162. The
 Company may by Special Resolution resolve to be registered by way of continuation in
 a jurisdiction outside the Cayman Islands or such other jurisdiction in which it is for
 the time being incorporated, registered or existing. The Directors may cause an application
 to be made to the Registrar of Companies to deregister the Company in the Cayman Islands
 or such other jurisdiction in which it is for the time being incorporated, registered
 or existing and may cause all such further steps as they consider appropriate to be taken
 to effect the transfer by way of continuation of the Company.

**FINANCIAL YEAR**

163. The
 Directors shall determine the financial year of the Company and may change the same from
 time to time. Unless they determine otherwise, the financial year shall end on 31 December
 in each year.

**AMENDMENTS TO MEMORANDUM AND ARTICLES OF ASSOCIATION**

164. The
 Company may from time to time alter or add to these Articles or alter or add to the Memorandum
 with respect to any objects, powers or other matters specified therein by passing a Special
 Resolution in the manner prescribed by the Companies Act.

**CAYMAN ISLANDS DATA PROTECTION**

165. The
 Company is a "data controller" for the purposes of the Data Protection Act
 (as amended) (the **DPA**). By virtue of subscribing for and holding Shares in the
 Company, Shareholders provide the Company with certain information (**Personal Data**)
 that constitutes "personal data" under the DPA. Personal Data includes, without
 limitation, the following information relating to a Shareholder and/or any natural person(s)
 connected with a Shareholder (such as a Shareholder's individual directors, members
 and/or beneficial owner(s)): name, residential address, email address, corporate contact
 information, other contact information, date of birth, place of birth, passport or other
 national identifier details, national insurance or social security number, tax identification,
 bank account details and information regarding assets, income, employment and source
 of funds.

166. The
 Company processes such Personal Data for the purposes of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) performing
 contractual rights and obligations (including under the Memorandum and these Articles);

*Auth Code: K30764574958*

*www.verify.gov.ky*

![](ex99avii3001.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) complying
 with legal or regulatory obligations (including those relating to anti-money laundering
 and counter-terrorist financing, preventing and detecting fraud, sanctions, automatic
 exchange of tax information, requests from governmental, regulatory, tax and law enforcement
 authorities, beneficial ownership and the maintenance of statutory registers); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the
 legitimate interests pursued by the Company or third parties to whom Personal Data may
 be transferred, including to manage and administer the Company, to send updates, information
 and notices to Shareholders or otherwise correspond with Shareholders regarding the Company,
 to seek professional advice (including legal advice), to meet accounting, tax reporting
 and audit obligations, to manage risk and operations and to maintain internal records.

167. The
 Company transfers Personal Data to certain third parties who process the Personal Data
 on the Company's behalf, including third party service providers that it appoints
 or engages to assist with its management, operation, administration and legal, governance
 and regulatory compliance. In certain circumstances, the Company may be required by law
 or regulation to transfer Personal Data and other information with respect to one or
 more Shareholders to a governmental, regulatory, tax or law enforcement authority. That
 authority may, in turn, exchange this information with another governmental, regulatory,
 tax or law enforcement authority established in or outside the Cayman Islands .

*Auth Code: K30764574958*

*www.verify.gov.ky*

![](ex99avii3001.jpg)

Name and address of Subscriber

Mourant Nominees (Cayman) Limited

94 Solaris Avenue

Camana Bay

PO Box 1348

Grand Cayman KY1-1108

CAYMAN ISLANDS

---

| |
|:---|
| Mourant Nominees (Cayman) Limited |
| acting by: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;![](ex99avii3002.jpg) |
| Name: Ana Casildo |
| Title: Authorised Signatory |
| Witness to the above signature: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;![](ex99avii3003.jpg) |
| Name: Kimberly Turner |
| Address: |
| 94 Solaris Avenue |
| Camana Bay |
| PO Box 1348 |
| Grand Cayman KY1-1108 |
| CAYMAN ISLANDS |
| Occupation: Administrator/Secretary |

---

Date: 5 February 2026

*Auth Code: K30764574958*

*www.verify.gov.ky*

## Ex-99.(A)(Vii)(4)

[Tidal Trust III 485BPOS](prto-485bpos_032326.htm)

**Exhibit 99.(a)(viii)(4)**

![](ex99avii4001.jpg)

## Ex-99.(A)(Vii)(5)

[Tidal Trust III 485BPOS](prto-485bpos_032326.htm)

**Exhibit 99.(a)(viii)(5)**

QH-431221

![](ex99avii5001.jpg)

**THE TAX CONCESSIONS LAW**

**UNDERTAKING AS TO TAX CONCESSIONS**

**In accordance with the Tax Concessions Law the following undertaking is hereby given to**

**RCN Pareto Strategic Allocation Cayman Subsidiary "the Company"**

&nbsp;&nbsp;&nbsp;&nbsp;**(a)** **That no Law which is hereafter enacted in the Islands imposing any tax to be levied on profits, income, gains or appreciations shall apply to the Company or its operations; and** 

&nbsp;&nbsp;&nbsp;&nbsp;**(b)** **In addition, that no tax to be levied on profits, income, gains or appreciations or which is in the nature of estate duty or inheritance tax shall be payable** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(i)** **on or in respect of the shares debentures or other obligations of the Company; or** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ii)** **by way of the withholding in whole or in part of any relevant payment as defined in the Tax Concessions Law.** 

**These concessions shall be for a period of TWENTY years from the 11th day of February 2026.**

---

| | |
|:---|:---|
| ![](ex99avii5002.jpg) | ![](ex99avii5003.jpg) |
|  | **CLERK OF THE CABINET** |

---

Authentication Number: 735859444201

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

[Tidal Trust III 485BPOS](prto-485bpos_032326.htm)

**Exhibit 99.(a)(viii)(6)**

**FORM OF** 

**PRIVATE INVESTMENT COMPANY** 

**CUSTODIAN AGREEMENT**

THIS AGREEMENT is made and entered into as of the date last written in the signature page (the "Effective Date"), by and between **RCN PARETO STRATEGIC ALLOCATION CAYMAN SUBSIDIARY**, an exempted company incorporated in the Cayman Islands with limited liability (the "Fund") 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 Fund is a wholly owned subsidiary of the RCN Pareto Strategic Allocation ETF;

WHEREAS, the Custodian is in the business of, among other things, providing custodial services to private investment companies;

WHEREAS, the Fund desires to retain the Custodian to act as custodian of its cash and securities; and

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

**Article 1** 

**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;(a) " <u>Authorized Person</u> " means any person authorized by the Fund, on a list to be provided to the Custodian (as amended from time to
time), to give Written Instructions on behalf of the Fund. Such officer or person shall continue to be an Authorized Person until
such time as the Custodian receives Written Instructions from the Fund or the Fund's investment advisor or other agent that
any such person is no longer an Authorized Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) " <u>Depository Account</u> " means an account of the Custodian in which Securities of the Fund are kept in a book-entry system or securities
depository which includes only assets held by the Custodian as a fiduciary, custodian or otherwise for customers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) " <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;(d) " <u>Straight Through Processing</u> " shall have the meaning assigned to it in Section 5.3 of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) " <u>Written Instructions</u> " mean (i) written instructions signed by an Authorized Person and received by the Custodian, or (ii) trade
instructions transmitted by an Authorized Person by means of an electronic transaction reporting system which requires the use
of a password or other authorized identifier in order to gain access. Written Instructions may be delivered electronically or
by hand, electronic mail or facsimile sending device.

**Article 2**

**APPOINTMENT OF CUSTODIAN**

**Section 2.1** <u>Appointment</u>. The Fund hereby appoints the Custodian as custodian of all Securities and cash owned by or in the possession of the Fund, 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 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.

**Section 2.2** <u>Documents to be Furnished.</u> The following documents, including any amendments thereto, will be provided contemporaneously with the execution of this Agreement to the Custodian by the Fund:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A copy of the Fund's organizational documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) A copy of the current offering documents of the Fund (the "Confidential Private Placement Memorandums");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) A completed Authorized Persons schedule, with specimen signatures; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If applicable, an executed election required by the Shareholder Communications Act of 1985, attached hereto as <u>Exhibit B</u>.

**Article 3**

**INSTRUCTIONS**

**Section 3.1** Unless otherwise provided in this Agreement, the Custodian shall act only upon Written Instructions (which may be standing Written Instructions).

**Section 3.2** The Custodian shall be entitled to rely upon any Written Instruction it receives from an Authorized Person pursuant to this Agreement. The Custodian may assume that any Written Instructions received hereunder are not in any way inconsistent with the provisions of organizational documents of the Fund or of any vote, resolution or proceeding of the Fund or the Fund's members, unless and until the Custodian receives Written Instructions to the contrary.

**Section 3.3** Where Written Instructions reasonably appear to have been received from an Authorized Person, the Custodian shall incur no liability to the Fund in acting upon such Written Instruction provided that the Custodian's actions comply with the other provisions of this Agreement.

**Article 4**

**NAMES, TITLES, AND SIGNATURES OF AUTHORIZED PERSONS**

The Fund shall certify to the Custodian the names, titles, and signatures of Authorized Persons who are authorized to give Written Instructions to the Custodian on behalf of the Fund. The Fund agrees that, whenever any change in such authorization occurs, it will file with the Custodian a new certified list of names, titles, and signatures which shall be signed by at least one officer previously certified to the Custodian if such officer still holds an office with the Fund. The Custodian is authorized to rely and act upon the names, titles, and signatures of the individuals as they appear in the most recent certified list which has been delivered to the Custodian.

**Article 5**

**RECEIPT AND DISBURSEMENT OF MONEY**

**Section 5.1** The Fund shall, from time to time, cause certain cash owned by the Fund to be delivered or paid to the Custodian, but the Custodian shall not be under any obligation or duty to determine whether all cash of the Fund is being so deposited or to take any action or to give any notice with respect to cash not so deposited. The Custodian agrees to hold such cash, together with any other sum collected or received by it, for or on behalf of the Fund (the "Fund Account"). The Custodian shall make payments of cash from the Fund Account only:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) for
bills, statements and other obligations of the Fund (including but not limited to obligations in connection with the conversion,
exchange or surrender of securities owned by the Fund, interest charges, dividend disbursements, taxes, management fees, custodian
fees, legal fees, auditors' fees, transfer agents' fees, brokerage commissions, compensation to personnel, and other
operating expenses of the Fund) pursuant to Written Instructions from the Fund setting forth the name of the person to whom payment
is to be made, the amount of the payment, and the purpose of the payment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) as
provided in Article 6 hereof; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) upon
the termination of this Agreement.

**Section 5.2** The Custodian is hereby appointed the attorney-in-fact of the Fund to enforce and collect all checks, drafts, or other orders for the payment of money received by the Custodian for the Fund Account and drawn to or to the order of the Fund and to deposit them in said account.

**Section 5.3** <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 ("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 6**

**RECEIPT OF SECURITIES**

The Fund may, from time to time, place certain of its Securities in the custody of the Custodian. The Custodian shall have no obligations with respect to any Securities owned by the Fund but not so deposited in the Fund Account. The Custodian agrees to hold such Securities for the account of the Fund, in the name of the Fund or a bearer or nominee of the Custodian, and in conformity with the terms of this Agreement. The Custodian also agrees, upon Written Instructions from the Fund, to receive from persons other than the Fund and to hold for the account of the Fund Securities specified in said Written Instructions, and, if the same are in proper form, to cause payment to be made therefor to the persons from whom such Securities were received, from the funds of the Fund held by it in the Fund Account in the amounts provided and in the manner directed by the Written Instructions from the Fund.

The Custodian agrees that all Securities of the Fund placed in its custody shall be kept physically segregated at all times from those of any other person, firm, or corporation, and shall be held by the Custodian with all reasonable precautions for the safekeeping thereof, with safeguards substantially equivalent to those maintained by the Custodian for its own Securities.

Subject to such rules, regulations, and orders as the Securities and Exchange Commission (the "SEC") may adopt, the Fund may direct the Custodian to deposit all or any part of the Securities owned by the Fund in a system for the central handling of Securities established by a national securities exchange or a national securities association registered with the SEC under the Securities Exchange Act of 1934, as amended, or such other person as may be permitted by the SEC, pursuant to which system all Securities of any particular class of any issuer deposited within the system are treated as fungible and may be transferred or pledged by bookkeeping entry without physical delivery of such Securities, provided that all such deposits shall be subject to withdrawal only at the direction of the Fund.

**Article 7**

**TRANSFER, EXCHANGE, AND DELIVERY OF SECURITIES**

The Custodian agrees to transfer, exchange, and deliver Securities as provided in Article 8, or on receipt by it of, and in accordance with, Written Instructions from the Fund in which the Fund shall state specifically which of the following cases is covered thereby, provided that it shall not be the responsibility of the Custodian to determine the propriety or legality of any such order:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In
the case of deliveries of Securities sold by the Fund, against receipt by the Custodian of the proceeds of sale and after receipt
of a confirmation from a broker or dealer with respect to the transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In
the case of deliveries of Securities which may mature or be called, redeemed, retired, or otherwise become payable, against receipt
by the Custodian of the sums payable thereon or against interim receipts or other proper delivery receipts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In
the case of deliveries of Securities which are to be transferred to and registered in the name of the Fund or of a nominee of
the Custodian and delivered to the Custodian for the account of the Fund, against receipt by the Custodian of interim receipts
or other proper delivery receipts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) In
the case of deliveries of Securities to the issuer thereof, its transfer agent or other proper agent, or to any committee or other
organization for exchange for other Securities to be delivered to the Custodian in connection with a reorganization or recapitalization
of the issuer or any split-up or similar transaction involving such Securities, against receipt by the Custodian of such other
Securities or against interim receipts or other proper delivery receipts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) In
the case of deliveries of temporary certificates in exchange for permanent certificates, against receipt by the Custodian of such
permanent certificates or against interim receipts or other proper delivery receipts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) In
the case of deliveries of Securities upon conversion thereof into other Securities, against receipt by the Custodian of such other
Securities or against interim receipts or other proper delivery receipts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) In
the case of deliveries of Securities in exchange for other Securities (whether or not such transactions also involve the receipt
or payment of cash), against receipt by the Custodian of such other Securities or against interim receipts or other proper delivery
receipts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) In
a case not covered by the preceding paragraphs of this Article, upon receipt of a Written Instruction from the Fund specifying
the Securities and assets to be transferred, exchanged, or delivered, the purposes for which such delivery is being made, declaring
such purposes to be proper corporate purposes, and naming a person or persons to whom such transfer, exchange, or delivery is
to be made; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) In
the case of deliveries pursuant to paragraphs (a), (b), (c), (d), (e), (f), and (g) above, the Written Instructions from the Fund
shall direct that the proceeds of any Securities delivered, or Securities or other assets exchanged for or in lieu of Securities
so delivered, are to be delivered to the Custodian.

**Article 8**

**CUSTODIAN'S ACTS WITHOUT INSTRUCTIONS**

Unless and until the Custodian receives contrary Written Instructions from the Fund, the Custodian shall, without order from the Fund:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Present
for payment all bills, notes, checks, drafts, and similar items, and all coupons or other income items (except stock dividends),
held or received for the account of the Fund, and which require presentation in the ordinary course of business, and credit such
items to the Fund Account pursuant to the Custodian's then current funds availability schedule, but the Custodian shall
have no duty to take action to effect collection of any amount if the assets upon which such payment is due are in default or
if payment is refused after due demand and presentation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Present
for payment all Securities which may mature or be called, redeemed, retired, or otherwise become payable and credit such items
to the Fund Account pursuant to the Custodian's then current funds availability schedule, but the Custodian shall have no
duty to take action to effect collection of any amount if the assets upon which such payment is due are in default or if payment
is refused after due demand and presentation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Hold
for and credit to the Fund Account all shares of stock and other Securities received as stock dividends or as the result of a
stock split or otherwise from or on account of Securities of the Fund, and notify the Fund promptly of the receipt of such items;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Deposit
any cash received by it from, for or on behalf of the Fund to the credit of the Fund in the Fund Account (in its own deposit department
without liability for interest);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Charge
against the Fund Account for Fund disbursements authorized to be made by the Custodian hereunder and actually made by it, and
notify the Fund of such charges at least once a month;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Deliver
Securities which are to be transferred to and reissued in the name of the Fund, or of a nominee of the Custodian for the account
of the Fund, and temporary certificates which are to be exchanged for permanent certificates, to a proper transfer agent for such
purpose against interim receipts or other proper delivery receipts; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Hold
for disposition in accordance with Written Instructions from the Fund hereunder all options, rights, and similar Securities which
may be received by the Custodian and which are issued with respect to any Securities held by it hereunder, and notify the Fund
promptly of the receipt of such items.

**Article 9**

**DELIVERY OF PROXIES**

The Custodian shall deliver promptly to the Fund all proxies, written notices, and communications with respect to Securities held by it for the account of the Fund which it may receive from securities issuers or obligors and/or via the industry standard information services to which Custodian subscribes.

**Article 10**

**TRANSFER OF SECURITIES**

The Fund shall furnish to the Custodian appropriate instruments to enable the Custodian to hold or deliver in proper form for transfer any Securities which it may hold for the Fund. For the purpose of facilitating the handling of Securities, unless the Fund shall otherwise direct by Written Instructions, the Custodian is authorized to hold Securities deposited with it under this Agreement in the name of its registered nominee or nominees (as defined in the Internal Revenue Code and any Regulations of the United States Treasury Department issued thereunder or in any provision of any subsequent federal tax law exempting such transaction from liability for stock transfer taxes) and shall execute and deliver such certificates in connection therewith as may be required by such laws or regulations or under the laws of any state. The Custodian shall advise the Fund of the certificate number of each certificate so presented for transfer and that of the certificate received in exchange therefor, and shall use its best efforts to the end that the specific Securities held by it hereunder shall be at all times identifiable.

**Article 11**

**TRANSFER TAXES AND OTHER DISBURSEMENTS**

The Fund shall pay or reimburse the Custodian for any transfer taxes payable upon transfers of Securities made hereunder, including transfers incident to the termination of this Agreement, and for all other necessary and proper disbursements and expenses made or incurred by the Custodian in the performance or incident to the termination of this Agreement, and the Custodian shall have a lien upon any cash or Securities held by it for the account of the Fund for all such items, enforceable, after 60 days' written notice by registered mail to the Fund, by the sale of sufficient Securities to satisfy such lien. The Custodian may reimburse itself by deducting from the proceeds of any sale of Securities an amount sufficient to pay any transfer taxes payable upon the transfer of Securities sold. The Custodian shall execute such certificates in connection with Securities delivered to it under this Agreement as may be required, under the provisions of any federal revenue act and any Regulations of the Treasury Department issued thereunder or any state laws, to exempt from taxation any transfers and/or deliveries of any such Securities as may qualify for such exemption.

**Article 12**

**CUSTODIAN'S REPORT**

The Custodian shall furnish the Fund, as of the close of business on the last business day of each month, a statement showing all cash transactions and entries for the Fund Account and a list of the Securities held by it in custody for the account of the Fund.

**Article 13** 

**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 Fund, the Custodian and a registered
 broker-dealer or 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 and other Fund obligations
 set forth in this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) for
 other proper corporate 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 corporate purposes.

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

**Article 14**

**COMPENSATION OF CUSTODIAN**

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 A</u> hereto (as amended from time to time). The Custodian shall also be compensated for such miscellaneous expenses (e.g., telecommunication charges, postage and delivery charges, and reproduction charges) as are reasonably incurred by the Custodian in performing its duties hereunder. The Fund shall pay all such fees and reimbursable expenses within 30 calendar days following the receipt of the billing notice, except for any fee or expense subject to a good faith dispute. The Fund shall notify the Custodian in writing within 30 calendar days following receipt of each invoice if the Fund is disputing any amounts in good faith. The Fund 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 Fund is disputing in good faith as set forth above, unpaid invoices shall accrue a finance charge of 1½% per month after the due date.

**Article 15** 

**REPRESENTATIONS AND WARRANTIES**

**Section 15.1** <u>Representations and Warranties of the Fund</u>. The Fund 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 Fund in accordance with all requisite action and constitutes
a valid and legally binding obligation of the Fund, enforceable in accordance with its terms, subject to bankruptcy, insolvency,
reorganization, moratorium and other laws of general application affecting the rights and remedies of creditors and secured parties;
and

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

&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.

**Section 15.2** <u>Representations and Warranties of the Custodian</u>. The Custodian hereby represents and warrants to the Fund, 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 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;(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.

**Article 16**

**STANDARD OF CARE; INDEMNIFICATION; LIMITATION OF LIABILITY**

**Section 16.1** <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 or mistake of law or for any loss suffered by the Fund in connection with its duties under this Agreement, including losses resulting from mechanical breakdowns or the failure of communication or power supplies beyond the Custodian's control, except a loss arising out of or relating to the Custodian's refusal or failure to comply with the terms of this Agreement or from its bad faith, gross negligence or willful misconduct in the performance of its duties under this 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 Fund of any action taken or omitted by the Custodian pursuant to advice of counsel.

**Section 16.2** <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.

**Section 16.3** <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.

**Section 16.4** <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.

**Section 16.5** <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.

**Section 16.6** <u>Indemnification by Fund</u>. The Fund shall indemnify and hold harmless the Custodian, any Sub-Custodian and any of their respective directors, officers, employees or nominee thereof (each, a "Fund Indemnified Party" and collectively, the "Fund Indemnified Parties") from and against any and all claims, demands, losses, reasonable expenses and liabilities of any nature (including reasonable attorneys' fees) that a Fund Indemnified Party may sustain or incur or that may be asserted against a Fund 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 a Fund Indemnified Party (a) at the request or direction of or in reliance on the advice of the Fund, or (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 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 a Fund Indemnified Party shall not 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 Fund, its successors and assigns, notwithstanding the termination of this Agreement. If requested by a Fund Indemnified Party, the Fund shall advance (within thirty (30) days of such request) any and all reasonable costs and expenses of such Fund Indemnified Party incurred in connection with any losses or investigating or defending any matter to which such Fund Indemnified Party may be entitled to indemnification including, without limitation, attorneys' and experts' fees. The Fund Indemnified Party shall, in connection with any such advancement, agree to an undertaking to repay such advancement if and to the extent that it is ultimately determined by a court of competent jurisdiction in a final non-appealable judgement that the Fund Indemnified Party is not entitled to be indemnified by the Fund.

**Section 16.7** <u>Indemnification by Custodian</u>. The Custodian shall indemnify and hold harmless the Fund, including its trustees, officers, and employees (the "Custodian Indemnified Party"), from and against any and all claims, demands, losses, expenses, and liabilities of any and every nature (including reasonable attorneys' fees) that the Custodian Indemnified Party may sustain or incur or that may be asserted against the Custodian Indemnified Party by any person arising directly or indirectly out of any action taken or omitted to be taken by the Custodian as a result of the Custodian'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.

**Section 16.8** <u>Security</u>. The Fund hereby grants to the Custodian, in order to secure payment and performance of the Fund's obligations under this Agreement, whether contingent or otherwise and to the maximum extent permitted by law, a security interest in and right of recoupment and setoff against all cash, Securities and other assets at any time held for the account of a Fund by or through the Custodian. For such purposes, secured obligations and liabilities include, without limitation, the Fund's obligation to reimburse the Custodian if the Custodian (or Sub-Custodian) or an affiliate thereof advances cash, Securities or other assets of the Fund for any purpose, either at the Fund's request or its investment advisor's request, and including, but not limited to, amounts paid by Custodian but not yet received in the course of Fund's liquidation, settlements of Securities or other assets, extensions of credit and obligations related to foreign exchange transactions or an amount owed in connection with the early termination of such transactions, or in the event that the Custodian or its nominee shall incur or be assessed any taxes, charges, expenses, costs, assessments, claims or liabilities in connection with the performance of this Agreement, as well as the Fund's obligation to pay fees (including reasonable attorneys' fees) or to indemnify the Custodian pursuant to the terms of this Agreement. Should the Fund fail to promptly reimburse or otherwise pay the Custodian any such obligation, or in the event that the assets of Fund are insufficient to repay or indemnify the Custodian, without limiting other remedies available to it, the Custodian shall have the rights and remedies of a secured party under this Agreement under applicable law, including the right to utilize available cash and to sell or otherwise dispose of Securities or other assets to the extent necessary to obtain payment or reimbursement. The Custodian may at any time reject a request by Fund or its investment manager to deliver cash, Securities or other assets if the Custodian determines in its reasonable discretion that those remaining will not have sufficient value to fully secure the Fund's payment or reimbursement obligations specified herein. In the event that the assets of Fund are insufficient to repay or indemnify the Custodian, the Fund shall indemnify the Custodian for any remaining liabilities advanced or incurred by the Custodian as contemplated hereunder.

**Section 16.9** <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) It
is understood that if in any case the indemnifying party is asked to indemnify or hold the indemnified party harmless, the indemnifying
party shall be promptly advised of all pertinent facts concerning the situation in question, and it is further understood that
the indemnified party will use all reasonable care to notify the indemnifying party promptly concerning any situation that presents
or appears likely to present the probability of a claim for indemnification. The indemnifying party shall have the option to defend
the indemnified party against any claim that may be the subject of this indemnification. In the event that the indemnifying party
so elects to defend the indemnified party against any claim arising hereunder, the indemnifying party will so notify the indemnified
party and thereupon the indemnifying party shall take over complete defense of the claim, and the indemnified party shall in such
situation initiate no further legal or other expenses for which it shall seek indemnification under this Article. No indemnified
party shall settle, confess or compromise on any claim against it for which it intends to seek indemnification from the indemnifying
party without prior written notice to and consent from the indemnifying party, which consent shall not be unreasonably withheld.
No indemnified party 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.

**Article 17**

**CUSTODIAN'S LIABILITY FOR PROCEEDS OF SECURITIES SOLD**

If the mode of payment for Securities to be delivered by the Custodian is not specified in the Written Instructions from the Fund directing such delivery, the Custodian shall make delivery of such Securities against receipt by it of cash, a postal money order or a check drawn by a bank, trust company, or other banking institution, or by a broker named in such Written Instructions from the Fund, for the amount the Custodian is directed to receive. The Custodian shall be liable for the proceeds of any delivery of Securities made pursuant to this Article, but provided that it has complied with the provisions of this Article, only to the extent that such proceeds are actually received.

**Article 18**

**FORCE MAJEURE**

Neither the Custodian nor the Fund shall be liable for any failure or delay in performance of their respective 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 19** 

**PROPRIETARY AND CONFIDENTIAL INFORMATION**

The Custodian agrees on behalf of itself and its directors, officers and employees to treat confidentially and as proprietary information of the Fund, all non-public records and other information relative to the Fund and prior, present, or potential investors thereof (and clients of said investors) 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 Fund, 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 Fund if disclosure is permitted by applicable law, rule or regulation, or (iii) when so requested in writing by the Fund. 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 the receipt thereof from the Fund or its agent, shall not be subject to this paragraph.

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 Fund and its shareholders.

The Fund 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 Fund 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 Fund, provided that the Fund 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 Fund or any of its employees, agents or representatives, and information that was already in the possession of the Fund prior to receipt thereof from the Custodian, shall not be subject to this paragraph.

Notwithstanding anything herein to the contrary, (i) the Fund 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 Fund's 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 Fund 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 it 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.

This Article shall survive the termination of this Agreement.

**Article 20** 

**RECORDS**

The books and records pertaining to the Fund, which are in the possession or under the control of the Custodian, shall be the property of the Fund. The Custodian shall keep such books and records in the form and manner, and for such period, as it may deem advisable, as is consistent with industry practice and as is agreeable to the Fund. The Fund and Authorized Persons shall have reasonable access to such books and records at all times during the Custodian's normal business hours. Upon the reasonable request of the Fund, copies of any such books and records shall be provided by the Custodian to the Fund or to an Authorized Person, at the Fund's expense.

**Article 21**

**TERM OF AGREEMENT; AMENDMENT**

This Agreement shall become effective as of the date last written in the signature page and will continue in effect for a period of one year. Subsequent to the initial one-year term, this Agreement may be terminated by either party upon giving 90 days prior written notice to the other party or such shorter period as is mutually agreed upon by the parties. Notwithstanding the foregoing, 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. This Agreement may not be amended or modified in any manner except by written agreement executed by the Custodian and the Fund.

**Article 22**

**DUTIES IN THE EVENT OF TERMINATION**

Upon termination of this Agreement, the assets of the Fund held by the Custodian shall be delivered by the Custodian to a successor custodian upon receipt of Written Instructions designating the successor custodian and if no successor custodian is designated, the Custodian shall, upon such termination, deliver all such assets to the Fund. In addition, the Custodian shall transfer to such successor custodian or to the Fund, as the case may be, at the expense of the Fund, all relevant books, records, correspondence, and other data established or maintained by the Custodian under this Agreement in a form reasonably acceptable to the Fund (if such form differs from the form in which the Custodian has maintained the same, the Fund 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 or the Fund, as the case may be.

**Article 23**

**SECURITIES LITIGATION PROCESSING**

Securities litigation processing is an optional service for which the Fund, must affirmatively opt-in to. The Custodian will utilize a third-party vendor specializing in securities litigation processing services (the "SLP Vendor"). The SLP Vendor shall identify claims, file claims, maintain communications with claim administrators for monitoring the status of any claims, respond to inquiries from claim administrators with respect to claim forms and filings, provide notifications, and perform recovery services from such claims for and on behalf of the Fund in relation to any settled U.S./Canadian, non-U.S. passive class actions and U.S. antitrust suits that impacts any security the Fund may have held in any active or closed accounts (except for terminated/closed distributed trusts) during the class period. If the Fund has not opted-in, it will not receive any notification of claims, nor any other securities litigation processing services.

The Fund (i) authorizes Custodian to deliver any relevant data or information as may be requested by the SLP Vendor to file claims on the Fund's behalf, including but not limited to the participating Fund's relevant account, holdings, and transaction information (collectively, "Client Data"), (ii) understands that filing of a claim may require the disclosure of beneficial ownership information by the Custodian to vendors, sub-custodians, or a third-party claim administrator to validate the Fund's eligibility in the class and consents to such disclosures if necessary, and (iii) holds harmless and indemnifies Custodian from any liability from such disclosures or releases as described herein.

The Fund hereby acknowledges and understands that (i) it may be waiving and/or releasing certain rights to make claims or otherwise pursue the securities litigation defendants who settle their claims, (ii) there is no guarantee these claims will result in any payment of potential proceeds, (iii) the timing of such payment of proceeds, if any, is uncertain, (iv) it may be required to provide additional Client Data or sign tax forms upon request related to the claim processing, and (v) its failure to respond promptly to requests for additional Client Data could impact the Fund's ability to recover any proceeds.

**Article 24**

**MISCELLANEOUS**

**Section 24.1** <u>Compliance with Laws</u>. The Fund has and retains primary responsibility for all compliance matters relating to the Fund, including but not limited to, compliance with the Internal Revenue Code of 1986, as amended ("IRC"), the Sarbanes-Oxley Act of 2022, the U.S. Patriot Act of 2001, the Employee Retirement Income Security Act of 1974 ("ERISA") and the policies and limitations of the Fund relating to its portfolio investments as set forth in its Confidential Private Placement Memorandums. The Custodian's services hereunder shall not relieve the Fund of its responsibilities for assuring such compliance with respect thereto. The Fund shall immediately notify the Custodian if there is a material change to the investment strategy of the Fund, or if it 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 Fund or the services provided under this Agreement.

**Section 24.2** <u>ERISA</u>. The Custodian acknowledges that assets of the Fund may be subject to ERISA and Section 4975 of the IRC. The Fund acknowledges that (i) the Custodian is not a "named fiduciary" with respect to the Fund within the meaning of ERISA Section 402(a); (ii) the Custodian does not provide any services under this Agreement as a fiduciary with respect to the Fund or any "participating plan" within the meaning of ERISA Section 3(21); (iii) the Custodian has determined that it is not acting as a "covered service provider" within the meaning of 29 C.F.R 2500.408(b)-2(c) and as a result, the Custodian will not provide any participating plan's "administrator" within the meaning of ERISA Section 3(16)(A), participants, or beneficiaries with any plan-related, investment-related, fee and expense, or other information in connection with the Fund Custody Account, this Agreement or the Fund, including but not limited to, any information required for compliance with the reporting and disclosure requirements of ERISA or any description of the services to be provided or of the compensation to be received therefore; and (iv) the Custodian has no duty to establish, maintain, or reconcile to any individual accounts, or receive investment, distribution, or other directions from participants or beneficiaries.

**Section 24.3** <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 either party hereto without the written consent of the other party.

**Section 24.4** <u>Governing Law</u>. This Agreement shall be construed in accordance with the laws of the State of Minnesota, without regard to conflicts of law principles.

**Section 24.5** <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.

**Section 24.6** <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.

**Section 24.7** <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.

**Section 24.8** <u>Notices</u>. Any notice required or permitted to be given by either party to the other shall be in writing and shall be deemed to have been given on the date delivered personally or by courier service, or three days after sent by registered or certified mail, postage prepaid, return receipt requested, or on the date sent and confirmed received by facsimile transmission to the other party's address set forth below:

Notice to the Custodian shall be sent to:

U.S. Bank National Association

Lunken Operations Center

CN-OH-L2GL

5065 Wooster Rd

Cincinnati, Ohio 45226

Attn: Global Fund Custody Support Services

Fax: 844.206.1025

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

Notice to the Fund shall be sent to:

RCN Pareto Strategic Allocation Cayman Subsidiary

c/o Tidal Trust III

234 W. Florida Street

Suite 203

Milwaukee, WI 53204

Attn: Chairman

**Section 24.9** <u>Multiple Originals</u>. This Agreement may be executed on two or more counterparts, each of which when so executed shall be deemed to be an original, but such counterparts shall together constitute but one and the same instrument.

**Section 24.10** <u>Shareholder Communications Election</u>. 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 and the shareholder who votes those securities. **Unless Fund specifically requires Custodian to NOT release Fund's name and address to requesting companies by indicating such "NO" election in Exhibit B hereto, Custodian is required by law to disclose Fund's name and address and will treat the Fund as consenting "YES" to disclosure of this information**.

**SIGNATURES ON NEXT PAGE**

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

---

| |
|:---|
| **RCN PARETO STRATEGIC ALLOCATION CAYMAN SUBSIDIARY** |
| By: |
| Name: |
| Title: |
| Date: |

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| |
|:---|
| **U.S. BANK NATIONAL ASSOCIATION** |
| By: |
| Name: |
| Title: |
| Date: |

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

[Tidal Trust III 485BPOS](prto-485bpos_032326.htm)

**Exhibit 99.(d)(xxiii)**

**INVESTMENT ADVISORY AGREEMENT**

This Investment Advisory Agreement (the "<u>Agreement</u>") is made as of March 11, 2026, by and between **Tidal Trust III**, a Delaware statutory trust (the "<u>Trust</u>"), on behalf of each series of the Trust listed on Schedule A attached hereto, as may be amended from time to time (each, a "<u>Fund</u>" and collectively, the "<u>Funds</u>"), and **Tidal Investments LLC**, a Delaware limited liability company (the "<u>Adviser</u>").

**BACKGROUND**

A. The
 Trust has been organized and operates as an open-end management investment company registered
 under the Investment Company Act of 1940, as amended (the " <u>1940 Act</u> ")
 and engages in the business of investing and reinvesting Fund assets in securities and
 other investments. Each Fund is a series of the Trust having separate assets and liabilities.

B. The
 Adviser is a registered investment adviser under the Investment Advisers Act of 1940,
 as amended (the " <u>Advisers Act</u> "), and engages in the business of providing
 investment advisory services.

C. The
 Trust has selected the Adviser to serve as the investment adviser for each Fund listed
 on Schedule A.

**TERMS**

NOW, THEREFORE, in consideration of the mutual covenants herein contained, the sufficiency of which is hereby acknowledged, and each of the parties hereto intending to be legally bound, it is agreed as follows:

1. <u>Advisory Services</u>.

1.1. The
Trust, on behalf of each Fund, hereby appoints the Adviser to manage the investment and reinvestment of such Fund's assets,
subject to the supervision and oversight of the Trust's Board of Trustees (the " <u>Board</u> ") and the officers
of the Trust, for the period and on the terms hereinafter set forth. The Adviser hereby accepts such appointment and agrees during
such period to render the services and assume the obligations herein set forth for the compensation herein provided.

1.2. The
Adviser shall, for all purposes herein, be deemed to be an independent contractor, and shall, unless otherwise expressly provided
and authorized, have no authority to act for or to represent the Trust or a Fund in any way, or in any way be deemed an agent
of the Trust or a Fund. The Adviser shall determine, from time to time, what securities (and other financial instruments) shall
be purchased for each Fund, what securities (and other financial instruments) shall be held, exchanged or sold by each Fund and
what portion of each Fund's assets shall be held uninvested in cash, subject always to the provisions of the Trust's
Agreement and Declaration of Trust, By-Laws and each Fund's prospectus and statement of additional information each, as
may be amended from time to time, as set forth in the Trust's registration statement on Form N-1A (the " <u>Registration Statement</u> ") under the 1940 Act, and under the Securities Act of 1933, as amended (the " <u>1933 Act</u> "),
covering Fund shares, as filed with the U.S. Securities and Exchange Commission (the " <u>SEC</u> "), and to the investment
objectives, policies and restrictions of each Fund, as shall be from time to time in effect, and such other limitations, policies
and procedures as the Board may reasonably impose from time to time and provide in writing to the Adviser (the " <u>Investment Policies</u> "). To carry out such obligations, the Adviser shall exercise full discretion and act for each Fund in the same
manner and with the same force and effect as each Fund itself might or could do with respect to purchases, sales or other transactions,
as well as with respect to all other such things necessary or incidental to the furtherance or conduct of such purchases, sales
or other transactions.

1.3. No
reference in this Agreement to the Adviser having full discretionary authority over each Fund's investments shall in any
way limit the right of the Board, in its sole discretion, to establish or revise policies in connection with the management of
a Fund's assets or to otherwise exercise its right to control the overall management of the Trust and each Fund. The Adviser
acknowledges that the Board retains ultimate authority over each Fund and may take any and all actions necessary and reasonable
to protect the interests of Fund shareholders.

2. <u>Selection of Sub-Adviser(s)</u>. The Adviser shall have the authority hereunder to engage, terminate and replace one or more sub-advisers, including an affiliated person (as defined under the 1940 Act) of the Adviser (each, a "<u>Sub-Adviser</u>"), for each Fund referenced in Schedule A to perform some or all of the services for which the Adviser is responsible pursuant to this Agreement. The Adviser shall supervise the activities of the Sub-Adviser(s), and the retention of a Sub-Adviser by the Adviser shall not relieve the Adviser of its responsibilities under this Agreement. Any such Sub-Adviser shall be registered and in good standing with the SEC and capable of performing its sub-advisory duties pursuant to a sub-advisory agreement approved by the Board and, except as otherwise permitted by the 1940 Act or by rule, regulation or Order of the SEC, a vote of a majority of the outstanding voting securities of the applicable Fund. The Adviser will compensate each Sub-Adviser for its services to each applicable Fund.

3. <u>Representations of the Adviser.</u> 

3.1. The
Adviser shall use its best judgment and efforts in rendering the advice and services to each Fund as contemplated by this Agreement.

3.2. The
 Adviser maintains errors and omissions insurance coverage in an appropriate amount and
 shall provide prior written notice to the Trust (i) of any material changes in its
 insurance policies or insurance coverage; or (ii) if any material claims will be
 made on its insurance policies. Furthermore, the Adviser shall upon reasonable request
 provide the Trust with any information it may reasonably require concerning the amount
 of or scope of such insurance.

3.3. The
 Adviser shall implement and maintain a business continuity plan and policies and procedures
 reasonably designed to prevent, detect and respond to cybersecurity threats and to implement
 such internal controls and other safeguards with a goal of safeguarding each Fund's
 confidential information and the nonpublic personal information of Fund shareholders.
 The Adviser shall promptly notify the Trust upon the Adviser's discovery of any
 material violations or breaches of such policies and procedures.

3.4. None
 of the Adviser, its affiliates, or any officer, manager, partner or employee of the Adviser
 or its affiliates is subject to any event set forth in Section 9 of the 1940 Act
 that would disqualify the Adviser from acting as an investment adviser to an investment
 company under the 1940 Act. The Adviser will promptly notify the Trust upon its discovery
 of the occurrence of any event that would disqualify the Adviser from serving as an investment
 adviser to an investment company pursuant to Section 9(a) of the 1940 Act or otherwise.

3.5. The
 Adviser will not engage in any futures transactions, options on futures transactions
 or transactions in other commodity interests on behalf of a Fund prior to the Adviser
 becoming registered or filing a notice of exemption on behalf of the Fund with the National
 Futures Association.

4. <u>Compliance</u>. The Adviser agrees to comply with the requirements of the 1940 Act, the Advisers Act, the 1933 Act, the Securities Exchange Act of 1934, as amended (the "<u>1934 Act</u>"), the Commodity Exchange Act and the respective rules and regulations thereunder, as applicable, and any exemptive relief therefrom, as well as with all other applicable federal and state laws, rules, regulations and case law that relate to the services and relationships described hereunder and to the conduct of its business as a registered investment adviser and to maintain all licenses and registrations necessary to perform its duties hereunder in good order. The Adviser also agrees to comply with the objectives, policies and restrictions set forth in the Registration Statement, as amended or supplemented, of the Fund(s), and with any policies, guidelines, instructions and procedures approved by the Board and provided to the Adviser, and with any requirements applicable to the Fund of any national securities exchange on which the Fund's shares are listed. In selecting each Fund's portfolio securities and performing the Adviser's obligations hereunder, the Adviser shall cause each Fund to comply with the diversification and source of income requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the "<u>Code</u>"), for qualification as a regulated investment company if the Fund has elected to be treated as a regulated investment company under the Code. The Adviser shall maintain compliance procedures that it reasonably believes are adequate to ensure its compliance with the foregoing. No supervisory activity undertaken by the Board shall limit the Adviser's full responsibility for any of the foregoing.

5. <u>Proxy Voting</u>. The Board has the authority to determine how proxies with respect to securities that are held by each Fund shall be voted, and the Board has initially determined to delegate the authority and responsibility to vote proxies for each Fund's securities to the Adviser. So long as proxy voting authority for a Fund has been delegated to the Adviser, the Adviser shall exercise its proxy voting responsibilities. The Adviser shall carry out such responsibility in accordance with any instructions that the Board shall provide from time to time, and at all times in a manner consistent with Rule 206(4)-6 under the Advisers Act and its fiduciary responsibilities to the Trust. The Adviser shall provide periodic reports and keep records relating to proxy voting as the Board may reasonably request or as may be necessary for each Fund to comply with the 1940 Act and other applicable law. Any such delegation of proxy voting responsibility to the Adviser may be revoked or modified by the Board at any time. The Trust acknowledges and agrees that the Adviser may delegate its responsibility to vote proxies for a Fund to the Fund's Sub-Adviser(s).

6. <u>Brokerage</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1. The
 Adviser shall arrange for the placing and execution of Fund orders for the purchase and
 sale of portfolio securities with broker-dealers. Subject to seeking the best price and
 execution reasonably available, the Adviser is authorized to place orders for the purchase
 and sale of portfolio securities for a Fund with such broker-dealers as it may select
 from time to time. Subject to Section 6.2 below, the Adviser is also authorized
 to place transactions with brokers who provide research or statistical information or
 analyses to such Fund, to the Adviser, or to any other client for which the Adviser provides
 investment advisory services. The Adviser also agrees that it will cooperate with the
 Trust to allocate brokerage transactions to brokers or dealers who provide benefits directly
 to a particular Fund; <u>provided, however</u>, that such allocation comports with applicable
 law including, without limitation, Rule 12b-1(h) under the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2. Notwithstanding
 the provisions of Section 6.1 above and subject to such policies and procedures
 as may be adopted by the Board and officers of the Trust and consistent with Section 28(e)
 of the 1934 Act, the Adviser is authorized to cause a Fund to pay a member of an exchange,
 broker or dealer an amount of commission for effecting a securities transaction in excess
 of the amount of commission another member of an exchange, broker or dealer would have
 charged for effecting that transaction, in such instances where the Adviser has determined
 in good faith that such amount of commission was reasonable in relation to the value
 of the brokerage and research services provided by such member, broker or dealer, viewed
 in terms of either that particular transaction or the Adviser's overall responsibilities
 with respect to such Fund and to other funds or clients for which the Adviser exercises
 investment discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3. The
 Adviser is authorized to direct portfolio transactions to a broker that is an affiliated
 person of the Adviser, any Sub-Adviser or a Fund in accordance with such standards and
 procedures as may be approved by the Board in accordance with Rule 17e-1 under the
 1940 Act, or other rules or guidance promulgated by the SEC. Any transaction placed with
 an affiliated broker must (i) be placed at best execution, and (ii) may not
 be a principal transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4. The
 Adviser is authorized to aggregate or "bunch" purchase or sale orders for
 a Fund with orders for various other clients when it believes that such action is in
 the best interests of such Fund and all other such clients. In such an event, allocation
 of the securities purchased or sold will be made by the Adviser in accordance with the
 Adviser's written policy.

7. <u>Records/Reports.</u> 

7.1. <u>Recordkeeping</u>.
 The Adviser shall not be responsible for the provision of administrative, bookkeeping
 or accounting services to each Fund, except as otherwise provided herein or as may be
 necessary for the Adviser to supply to the Trust, including the Trust's chief compliance
 officer (the " <u>Chief Compliance Officer</u> "), or the Board the information
 required to be supplied under this Agreement.

7.2. The
 Adviser shall maintain separate books and detailed records of all matters pertaining
 to Fund assets advised by the Adviser required by Rule 31a-1 under the 1940 Act
 (other than those records being maintained by any administrator, sub-administrator, custodian
 or transfer agent appointed by the Trust) relating to its responsibilities provided hereunder
 with respect to the Fund(s) and other such records as may be required by law including,
 but not limited to, Rule 31a-4 of the 1940 Act, and shall preserve such records for the
 periods and in a manner prescribed therefore by Rule 31a-2 under the 1940 Act, or
 other applicable provisions of the 1940 Act (the " <u>Fund Books and Records</u> ").
 The Fund Books and Records shall be available to the Board and the Chief Compliance Officer
 at any time upon request, shall be delivered to the Trust upon the termination of this
 Agreement and shall be available without delay during any day the Trust is open for business.

7.3. <u>Holdings Information and Pricing</u>. The Adviser shall provide regular reports regarding Fund
 holdings, and shall furnish the Trust and the Board from time to time with whatever information
 the Adviser, or the Board believes is appropriate for this purpose. The Adviser agrees
 to provide such valuation reports and pricing information, of which the Adviser is aware,
 that the Board shall require in connection with the Board's responsibilities under
 Rule 2a-5, to the Trust, the Board, and/or any Fund pricing agent to assist in the determination
 of the fair value of any Fund holdings for which market quotations are not readily available
 or as otherwise required in accordance with the 1940 Act or the Trust's valuation
 procedures.

7.4. <u>Cooperation with Agents of the Trust</u>. The Adviser agrees to cooperate with and provide reasonable
 assistance to the Trust, the Chief Compliance Officer, any Trust custodian or foreign
 sub-custodians, any Trust pricing agents and all other agents and representatives of
 the Trust, such information with respect to each Fund as they may reasonably request
 from time to time in the performance of their obligations, provide prompt responses to
 reasonable requests made by such persons and establish appropriate interfaces with each
 so as to promote the efficient exchange of information and compliance with applicable
 laws and regulations.

7.5. <u>Information and Reporting</u>. The Adviser shall provide the Trust and its respective officers with
 such periodic reports concerning the obligations the Adviser has assumed under this Agreement
 as the Trust may from time to time reasonably request.

7.6. <u>Notification of Breach/Compliance Reports</u>. The Adviser shall promptly notify the Trust of (i) any
 material failure to manage any Fund in accordance with its investment objectives and
 policies or any applicable law; or (ii) any material breach of any of a Fund's
 or the Adviser's policies, guidelines or procedures. The Adviser agrees to correct
 any such failure promptly and to take any action that the Board may reasonably request
 in connection with any such breach. Upon request, the Adviser shall also provide the
 officers of the Trust with supporting certifications in connection with such certifications
 of Fund financial statements and the Trust's disclosure controls and procedures
 adopted pursuant to the Sarbanes-Oxley Act of 2002 (the " <u>Sarbanes-Oxley Act</u> "),
 and the implementing regulations adopted thereunder, and agrees to inform the Trust of
 any material development related to a Fund that the Adviser reasonably believes is relevant
 to the Fund's certification obligations under the Sarbanes-Oxley Act. The Adviser
 will promptly notify the Trust in the event (i) the Adviser is served or otherwise
 receives notice of any action, suit, proceeding, inquiry or investigation, at law or
 in equity, before or by any court, public board, or body, involving the affairs of the
 Trust (excluding class action suits in which a Fund is a member of the plaintiff class
 by reason of the Fund's ownership of shares in the defendant) or the compliance
 by the Adviser with the federal or state securities laws or (ii) an actual change
 in control of the Adviser resulting in an "assignment" (as defined in the
 1940 Act) has occurred or is otherwise proposed to occur.

7.7. <u>Board and Filings Information</u>. The Adviser will also provide the Trust with any information
 reasonably requested regarding its management of the Fund(s) required for any meeting
 of the Board, or for any shareholder report, amended registration statement, proxy statement,
 or prospectus supplement to be filed by the Trust with the SEC. The Adviser will make
 its officers and employees available to meet with the Board from time to time on reasonable
 notice to review its investment management services to the Fund(s) in light of current
 and prospective economic and market conditions and shall furnish to the Board such information
 as may reasonably be requested by the Board under Section 15(c) of the 1940 Act
 in order for the Board to evaluate this Agreement or any proposed amendments thereto.

7.8. <u>Transaction Information</u>. The Adviser shall furnish to the Trust such information concerning portfolio
 transactions as may be necessary to enable the Trust, the Chief Compliance Officer or
 their designated agents to perform such compliance testing on each Fund and the Adviser's
 services as the Trust or its Chief Compliance Officer may determine to be appropriate.
 The provision of such information by the Adviser to the Trust or its designated agent
 in no way relieves the Adviser of its own responsibilities under this Agreement.

8. <u>Code of Ethics</u>. The Adviser has adopted a written code of ethics that it reasonably believes complies with the requirements of Rule 17j-1 under the 1940 Act, which it will provide to the Trust. The Adviser shall ensure that its Access Persons (as defined in the Adviser's Code of Ethics) comply in all material respects with the Adviser's Code of Ethics, as in effect from time to time. Upon request, the Adviser shall provide the Trust with (i) a copy of the Adviser's current Code of Ethics, as in effect from time to time, and (ii) a certification that it has adopted procedures reasonably necessary to prevent Access Persons from engaging in any conduct prohibited by the Adviser's Code of Ethics. Annually, the Adviser shall furnish a written report, which complies with the requirements of Rule 17j-1, concerning the Adviser's Code of Ethics to the Trust. The Adviser shall respond to requests for information from the Trust as to violations of the Code of Ethics by Access Persons and the sanctions imposed by the Adviser. The Adviser shall immediately notify the Trust of any material violation of the Code of Ethics, whether or not such violation relates to a security held by any Fund.

9. <u>Members and Employees</u>. Members and employees of the Adviser may be trustees, officers or employees of the Trust.

10. <u>Custody</u>. Nothing in this Agreement shall permit the Adviser to take or receive physical possession of cash, securities or other investments of a Fund.

11. <u>Unitary Fee</u>. During the term of this Agreement, the Adviser shall bear its own costs of providing services under this Agreement. The Adviser agrees to pay all expenses incurred by the Trust and each Fund (except for advisory fees payable to the Adviser under this Agreement) pursuant to this Agreement, excluding interest charges on any borrowings, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the 1940 Act, and litigation expenses, and other non-routine or extraordinary expenses.

12. <u>Compensation</u>.

12.1. As
 compensation for the services to be rendered to the Fund(s) by the Adviser under the
 provisions of this Agreement, the Trust, on behalf of each Fund, shall pay to the Adviser
 from a Fund's assets an annual advisory fee equal to the amount of the daily average
 net assets of such Fund shown on Schedule A attached hereto, payable on a monthly
 basis.

12.2. The
 initial fee under this Agreement shall be payable on the first business day of the first
 month following the effective date of this Agreement with respect to a Fund and shall
 be prorated as set forth below. If this Agreement is terminated with respect to a Fund
 prior to the end of any calendar month, the advisory fee shall be prorated for the portion
 of any month in which this Agreement is in effect according to the proportion which the
 number of calendar days, during which the Agreement is in effect, bears to the number
 of calendar days in the month, and shall be payable within 30 days after the date of
 termination.

12.3. The
 Adviser shall look exclusively to the assets of each Fund for payment of that Fund's
 advisory fee.

12.4. The
 Adviser may voluntarily or contractually waive the Adviser's own advisory fee.

13. <u>Non-Exclusivity</u>. The services to be rendered by the Adviser to the Trust on behalf of a Fund under the provisions of this Agreement are not to be deemed to be exclusive, and the Adviser shall be free to render similar or different services to others so long as its ability to render the services provided for in this Agreement shall not be impaired thereby. Without limiting the foregoing, the Adviser, its members, employees and agents may engage in other businesses, may render investment advisory services to other investment companies, or to any other corporation, association, firm, entity or individual, and may render underwriting services to the Trust on behalf of a Fund or to any other investment company, corporation, association, firm, entity or individual. Likewise, the Trust may from time to time employ other individuals or entities to furnish other separate series of the Trust with the services provided for herein.

14. <u>Liability and Standard of Care</u>.

14.1. The
 Adviser shall exercise due care and diligence and use the same skill and care in providing
 its services hereunder as it uses in providing services to other investment companies,
 accounts and customers, but the Adviser and its affiliates and their respective agents,
 control persons, directors, officers, employees, supervised persons and access persons
 shall not be liable for any action taken or omitted to be taken by the Adviser in the
 absence of willful misfeasance, bad faith, gross negligence or reckless disregard of
 its duties. Notwithstanding the foregoing, federal securities laws and certain state
 laws impose liabilities under certain circumstances on persons who have acted in good
 faith, and therefore nothing herein shall in any way constitute a waiver or limitation
 of any right which the Trust, a Fund or any shareholder of a Fund may have under any
 federal securities law or state law the applicability of which is not permitted to be
 contractually waived.

14.2. The
 Adviser 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 "Adviser 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 Adviser furnished to the Trust by the Adviser 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 Adviser in the performance of its duties under this Agreement (collectively,
 "Adviser Disabling Conduct").

14.3. The
 Trust shall indemnify and hold harmless the Adviser and its members, trustees, officers
 and employees of the other party (any such person, an "Adviser 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 Adviser Indemnified Party against any portion of liability that is attributable
 to Adviser Disabling Conduct.

14.4. Notwithstanding
 anything to the contrary contained herein, the Adviser, its affiliates and their respective
 agents, control persons, directors, partners, officers, employees, supervised persons
 and access persons shall not be liable to, nor shall they have any indemnity obligation
 to, the 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 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 Adviser specifically for use therein; (ii) any action taken or failure to
 act in good faith reliance upon (A) information, instructions or requests, whether
 oral or written, with respect to a Fund made to the Adviser by a duly authorized officer
 of the Trust who is not an affiliated person of the Adviser or any affiliated person
 of the Adviser; (B) the advice of counsel to the Trust; or (C) any written
 instruction of the Board; provided, however, that the limitations on the Adviser'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
 Adviser Disabling Conduct.

14.5. The
 Adviser shall not be deemed by virtue of this Agreement to have made any representation
 or warranty that any level of investment performance or level of investment results,
 either relative or absolute, will be achieved.

14.6. For
 the avoidance of doubt, neither Fund shareholders nor the members of the Board shall
 be personally liable under this Agreement.

15. <u>Term/Approval/Amendments</u>.

15.1. This
 Agreement shall become effective with respect to a Fund as of the date of commencement
 of operations of the Fund if approved by (i) the Board, including a majority of
 the Trustees who are not parties to this Agreement or interested persons of such party
 (the " <u>Independent Trustees</u> "), cast in person at a meeting called for
 the purpose of voting on such approval (or in another manner permitted by the 1940 Act
 or pursuant to exemptive relief therefrom); and (ii) the vote of a majority of the
 outstanding voting securities of a Fund (to the extent required under the 1940 Act).
 It shall continue in effect with respect to the Fund for an initial period of two years
 thereafter, and may be renewed annually thereafter only so long as such renewal and continuance
 is specifically approved as required by the 1940 Act (currently, at least annually by
 the Board or by vote of a majority of the outstanding voting securities of a Fund and
 only if the terms and the renewal hereof have been approved by the vote of a majority
 of the Independent Trustees, cast in person at a meeting called for the purpose of voting
 on such approval, or in another manner permitted by the 1940 Act or pursuant to exemptive
 relief therefrom).

15.2. No
 material amendment to this Agreement shall be effective unless the terms thereof have
 been approved as required by the 1940 Act (currently, by the vote of a majority of the
 outstanding voting securities of a Fund unless such shareholder approval would not be
 required under applicable interpretations by the staff of the SEC, and by the vote of
 a majority of Independent Trustees, cast in person at a meeting called for the purpose
 of voting on such approval or in another manner permitted by the 1940 Act or pursuant
 to exemptive relief therefrom). The modification of any of the non-material terms of
 this Agreement may be approved by the vote, cast in person at a meeting called for such
 purpose or in another manner permitted by the 1940 Act or pursuant to exemptive relief
 therefrom, of a majority of the Independent Trustees.

15.3. In
 connection with such renewal or amendment, the Adviser shall furnish such information
 as may be reasonably necessary for the Board to evaluate the terms of this Agreement
 and any amendment thereto.

15.4. Notwithstanding
 the foregoing, this Agreement may be terminated by the Trust at any time, without the
 payment of a penalty, on sixty days' written notice to the Adviser of the Trust's
 intention to do so, pursuant to action by the Board or pursuant to a vote of a majority
 of the outstanding voting securities of a Fund. The Adviser may terminate this Agreement
 at any time, without the payment of penalty, on sixty days' written notice to the
 Trust of its intention to do so. Upon termination of this Agreement, the obligations
 of all the parties hereunder shall cease and terminate as of the date of such termination,
 except for any obligation to respond for a breach of this Agreement committed prior to
 such termination, and except for the obligation of the Trust, on behalf of each Fund,
 to pay to the Adviser the fee provided in Section 12.

15.5. This
 Agreement shall automatically terminate in the event of its assignment (as defined in
 Section 2(a)(4) of the 1940 Act) unless the parties hereto, by agreement, obtain
 an exemption from the SEC from the provisions of the 1940 Act pertaining to the subject
 matter of this subsection. If the Adviser enters into a definitive agreement that would
 result in an assignment (as defined in Section 2(a)(4) of the 1940 Act) of this
 Agreement by the Adviser, the Adviser agrees to give the Trust the lesser of sixty days'
 written notice or such notice as is reasonably practicable before consummating the transaction.

16. <u>Use of the Adviser's Name</u>.

16.1. The
 parties agree that the name of the Adviser, any Sub-Adviser, the names of any affiliates
 of the Adviser or a Sub-Adviser and any derivative or logo or trademark or service mark
 or trade name are the valuable property of the Adviser, the Sub-Adviser, or their respective
 affiliates, as applicable. The Trust shall have the right to use such name(s), derivatives,
 logos, trademarks or service marks or trade names only with the prior written approval
 of the Adviser, which approval shall not be unreasonably withheld or delayed so long
 as this Agreement is in effect.

16.2. Upon
 termination of this Agreement, the Trust shall forthwith cease to use such name(s), derivatives,
 logos, trademarks or service marks or trade names identified in section 16.1 above. If
 the Trust makes any unauthorized use of the Adviser's or any Sub-Adviser's
 names, derivatives, logos, trademarks or service marks or trade names, the parties acknowledge
 that the Adviser and/or Sub-Adviser(s) shall suffer irreparable harm for which monetary
 damages may be inadequate and thus, the Adviser shall be entitled to injunctive relief,
 as well as any other remedy available under law.

17. <u>Nonpublic Personal Information.</u> Notwithstanding any provision herein to the contrary, the Adviser agrees on behalf of itself and its managers, members, shareholders, officers, and employees (1) to treat confidentially and as proprietary information of the Trust (a) all records and other information relative to each Fund's prior, present, or potential shareholders (and clients of said shareholders) and (b) any Nonpublic Personal Information, as defined under Section 248.3(t) of Regulation S-P ("Regulation S-P"), promulgated under the Gramm-Leach-Bliley Act (the "G-L-B Act"), and (2) except after prior notification to and approval in writing by the Trust, not to use such records and information for any purpose other than the performance of its responsibilities and duties hereunder, or as otherwise permitted by Regulation S-P or the G-L-B Act, and if in compliance therewith, the privacy policies adopted by the Trust and communicated in writing to the Adviser. Such written approval shall not be unreasonably withheld by the Trust and may not be withheld where the Adviser may be exposed to civil or criminal contempt or other proceedings for failure to comply after being requested to divulge such information by duly constituted authorities.

18. <u>Anti-Money Laundering Compliance.</u> The Adviser acknowledges that, in compliance with the Bank Secrecy Act, as amended, the USA PATRIOT Act, and any implementing regulations thereunder (together, "AML Laws"), the Trust has adopted an Anti-Money Laundering Policy. The Adviser agrees to comply with the Trust's Anti-Money Laundering Policy and the AML Laws, to the extent the same may apply to the Adviser, now and in the future. The Adviser further agrees to provide to the Trust, the Trust's administrator, sub-administrator and/or the Trust's anti-money laundering compliance officer such reports, certifications and contractual assurances as may be reasonably requested by the Trust. The Trust may disclose information regarding the Adviser to governmental and/or regulatory or self-regulatory authorities to the extent required by applicable law or regulation and may file reports with such authorities as may be required by applicable law or regulation.

19. <u>Successors</u>. This Agreement shall extend to and bind the heirs, executors, administrators and successors of the parties hereto.

20. <u>Meanings</u>. For the purposes of this Agreement, the terms "vote of a majority of the outstanding voting securities," "interested persons" and "assignment" shall have the meaning defined in the 1940 Act or the rules promulgated thereunder; subject, however, to such exemptions as may be granted by the SEC under the 1940 Act or any interpretations of the SEC staff.

21. <u>Entire Agreement and Amendments</u>. This Agreement represents the entire agreement among the parties with regard to the investment management matters described herein and may not be added to or changed orally and may not be modified or rescinded except by a writing signed by the parties hereto except as otherwise noted herein.

22. <u>Enforceability</u>. Any term or provision of this Agreement which is invalid or unenforceable in any jurisdiction shall, as to such jurisdiction be ineffective to the extent of such invalidity or unenforceability without rendering invalid or unenforceable the remaining terms or provisions of this Agreement or affecting the validity or enforceability of any of the terms or provisions of this Agreement in any other jurisdiction. Where the effect of a requirement of the 1940 Act reflected in or contemplated by any provisions 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.

23. <u>Limited Recourse</u>. The parties to this Agreement acknowledge and agree that all litigation arising hereunder, whether direct or indirect, and of any and every nature whatsoever shall be satisfied solely out of the assets of the affected Fund and that no Trustee, officer or holder of shares of beneficial interest of the Fund shall be personally liable for any of the foregoing liabilities. The Trust's Certificate of Trust, as amended from time to time, is on file in the Office of the Secretary of State of the State of Delaware. Such Certificate of Trust and the Trust's Agreement and Declaration of Trust describe in detail the respective responsibilities and limitations on liability of the Trustees, officers, and holders of shares of beneficial interest.

24. <u>Jurisdiction</u>. This Agreement shall be governed by and construed in accordance with the substantive laws of the state of Delaware and the Adviser consents to the jurisdiction of courts, both state or federal, in Delaware, with respect to any dispute under this Agreement.

25. <u>Paragraph Headings</u>. The headings of paragraphs contained in this Agreement are provided for convenience only, form no part of this Agreement and shall not affect its construction.

26. <u>Counterparts</u>. This Agreement may be executed simultaneously in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.

27. <u>No Third Party Beneficiaries</u>. This Agreement is not intended and shall not convey any rights, privileges, claims or remedies to any person other than a party to this Agreement and its respective successors and permitted assigns.

[Signature Page Follows]

**IN WITNESS WHEREOF**, the parties hereto have this Agreement to be executed by their duly authorized officers on the day and year first written above.

---

| | |
|:---|:---|
| **TIDAL TRUST III** | **TIDAL TRUST III** |
| **On behalf of each series listed on Schedule A attached hereto** | **On behalf of each series listed on Schedule A attached hereto** |
| By: | /s/ Eric Falkeis |
| Name: | Eric Falkeis |
| Title: | President |
| Date: | March 12, 2026 |
| **TIDAL INVESTMENTS LLC** | **TIDAL INVESTMENTS LLC** |
| By: | /s/ Jay Pestrichelli |
| Name: | Jay Pestrichelli |
| Title: | Chief Trading Officer |
| Date: | March 12, 2026 |

---

**Schedule A** 

**to the**

**Investment Advisory Agreement**

**by and between**

**Tidal Trust III** 

**and**

**Tidal Investments LLC**

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Fund Name** | &nbsp;&nbsp;**Advisory Fee** |
| &nbsp;&nbsp;RCN Pareto Strategic Allocation ETF | &nbsp;&nbsp;0.69% |

---

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

[Tidal Trust III 485BPOS](prto-485bpos_032326.htm)

**Exhibit 99.(d)(xliii)**

**SUB-ADVISORY AGREEMENT**

This Sub-Advisory Agreement (the "<u>Agreement</u>") is made as of March 11, 2026, by and between **Tidal Investments LLC**, a Delaware limited liability company, with its principal place of business at 234 West Florida Street, Suite 203 Milwaukee, Wisconsin 53204 (the "<u>Adviser</u>"), and **RCN Wealth Advisors, Inc.**, a Maryalnd corporation, with its principal place of business at 116 Terrapin Lane, Stevensville, Maryland 21666, United States (the "<u>Sub-Adviser</u>"), with respect to each series of **Tidal Trust III** (the "<u>Trust</u>") identified on Schedule A to this Agreement, as may be amended from time to time (each, a "<u>Fund</u>" and, if more than one Fund, together, the "<u>Funds</u>").

**BACKGROUND**

A. The Adviser is registered as an investment adviser under the Investment Advisers Act of 1940, as amended (the "<u>Advisers Act</u>"), and engages in the business of providing investment advisory services.

B. The Adviser has entered into an Investment Advisory Agreement dated March 11, 2026 (the "<u>Investment Advisory Agreement</u>") with the Trust, an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "<u>1940 Act</u>"), on behalf of each Fund.

C. The Sub-Adviser is registered as an investment adviser under the Advisers Act and engages in the business of providing investment advisory services.

D. The Investment Advisory Agreement contemplates that the Adviser may appoint one or more sub-advisers to perform some or all of the services for which the Adviser is responsible.

E. Subject to the terms of this Agreement, the Sub-Adviser is willing to furnish such services to the Adviser and each Fund.

**TERMS**

NOW, THEREFORE, in consideration of the mutual covenants herein contained, the sufficiency of which is hereby acknowledged, and each of the parties hereto intending to be legally bound, it is agreed as follows:

1. <u>Appointment of the Sub-Adviser</u>. The Adviser hereby appoints the Sub-Adviser to act as an investment adviser for each Fund, subject to the supervision and oversight of the Adviser and the Board of Trustees of the Trust (the "<u>Board</u>"), and in accordance with the terms and conditions of this Agreement. The Sub-Adviser will be an independent contractor and will have no authority to act for or represent the Trust or the Adviser in any way or otherwise be deemed an agent of the Trust or the Adviser except as expressly authorized in this Agreement or another writing by the Trust, the Adviser and the Sub-Adviser. The Sub-Adviser accepts that appointment and agrees to render the services herein set forth, for the compensation herein provided.

2. <u>Sub-Advisory Services</u>. The Sub-Adviser shall have full discretionary authority for portfolio investment decisions for a Fund (or each portion of a Fund's assets allocated to the Sub-Adviser by the Adviser), including determining, from time to time, what securities (and other financial instruments) shall be purchased for the Fund, what securities (and other financial instruments) shall be held or sold by the Fund, and what portion of the Fund's assets shall be held uninvested in cash, subject always to the provisions of the Trust's Agreement and Declaration of Trust, By-Laws and each Fund's prospectus and statement of additional information as set forth in the Trust's registration statement on Form N-1A (the "<u>Registration Statement</u>") under the 1940 Act, and under the Securities Act of 1933, as amended (the "<u>1933 Act</u>"), covering Fund shares, as filed with the U.S. Securities and Exchange Commission (the "<u>SEC</u>"), and to the investment objectives, policies and restrictions of each Fund, as shall be from time to time in effect, and such other limitations, policies and procedures as the Board or the Adviser may reasonably impose from time to time and provide in writing to the Sub-Adviser (the "<u>Investment Policies</u>"). No reference in this Agreement to the Sub-Adviser having full discretionary authority over each Fund's portfolio investment decisions shall in any way limit the right of the Board or the Adviser to establish or revise policies in connection with the management of a Fund's assets or to otherwise exercise its right to control the overall management of the Trust and each Fund.

The scope of the Sub-Adviser's authority for trading portfolio securities (and other financial instruments) for a Fund, including selecting broker-dealers to execute purchase and sale transactions ("trading authority"), shall initially be as set forth on Schedule A hereto (which may differ by Fund). The Adviser may revise the scope of the Sub-Adviser's trading authority upon the provision of at least 30 days' written notice to the Sub-Adviser. Absent the Sub-Adviser's provision of written notice declining such change, such a change shall be effective as of the later of the end of such 30-day period or the date set forth in such notice.

If Schedule A indicates "partially discretionary" trading authority, initially, the Adviser shall retain discretionary trading authority for a mutually agreed subset of the Fund's portfolio investments (the "<u>Subset</u>"), and the Sub-Adviser shall be responsible for providing non-discretionary trading recommendations to the Adviser with respect to the Subset (in accordance with the applicable terms of the "non-discretionary" trading authority paragraph below). In addition, the Sub-Adviser shall have full discretionary trading authority for the remaining portion of the Fund's portfolio (in accordance with the applicable terms of the "discretionary" trading authority paragraph below).

If Schedule A indicates "fully discretionary" trading authority, initially, the Sub-Adviser shall exercise full trading authority for a Fund with respect to purchases, sales or other transactions, as well as with respect to all other such things necessary or incidental to the furtherance or conduct of such purchases, sales or other transactions.

If Schedule A indicates "non-discretionary" trading authority, initially, the Sub-Adviser shall be responsible for promptly informing the Adviser (or another investment sub-advisory firm designated by the Adviser (herein, a "<u>Trading Adviser</u>")) of portfolio investment decisions for a Fund in writing pursuant to mutually agreed notification protocols. In turn, the parties understand and acknowledge that the Adviser or the Trading Adviser, as the case may be, will fully rely on such notifications to effect the security (and other financial instrument) trading execution for each Fund's portfolio investments. Additionally, the Adviser and the Trading Adviser, as the case may be, has full discretionary authority to select broker-dealers to effect the trading execution for a Fund's portfolio investments. In the event the Adviser or the Trading Adviser desire clarification on a particular Sub-Adviser notification, the Adviser or the Trading Adviser, as the case may be, will seek guidance from the Sub-Adviser prior to executing any transaction in question.

In any case (e.g., non-discretionary, partial discretion, or full discretion), the Adviser may retain such discretionary authority as it deems appropriate for effecting in-kind and other transactions of Fund portfolio investments vis-à-vis "creation units."

Regardless of the scope of the Sub-Adviser's trading authority, the Sub-Adviser acknowledges that the Board retains ultimate authority over each Fund and may take any and all actions necessary and reasonable to protect the interests of Fund shareholders.

3. <u>Representations of the Sub-Adviser</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1. The
 Sub-Adviser has all requisite power and authority to enter into and perform its obligations
 under this Agreement, and has taken all necessary corporate action to authorize its execution,
 delivery and performance of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2. The
 Sub-Adviser is registered as an investment adviser under the Advisers Act and has provided
 its current Form ADV, including the firm brochure and applicable brochure supplements
 to the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3. The
 Sub-Adviser maintains errors and omissions insurance coverage in an appropriate amount
 and shall provide prior written notice to the Adviser and the Trust (i) of any material
 changes in its insurance policies or insurance coverage or (ii) if any material claims
 will be made on its insurance policies. Furthermore, the Sub-Adviser shall upon reasonable
 request provide the Adviser and the Trust with any information they may reasonably require
 concerning the amount of or scope of such insurance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4. None
 of the Sub-Adviser, its affiliates, or any officer, director or employee of the Sub-Adviser
 or its affiliates is subject to any event set forth in Section 9 of the 1940 Act that
 would disqualify the Sub-Adviser from acting as an investment adviser to an investment
 company under the 1940 Act. The Sub-Adviser will promptly notify the Adviser and the
 Trust upon the Sub-Adviser's discovery of the occurrence of any event that would
 disqualify the Sub-Adviser from serving as an investment adviser of an investment company
 pursuant to Section 9(a) of the 1940 Act or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5. The
 Sub-Adviser has adopted and implemented written policies and procedures, as required
 by Rule 206(4)-7 under the Advisers Act, which are reasonably designed to prevent violations
 of federal securities laws by the Sub-Adviser, its employees, officers, and agents. Upon
 reasonable notice to and reasonable request, the Sub-Adviser shall provide the Adviser
 and the Trust with access to the records relating to such policies and procedures as
 they relate to the Funds. The Sub-Adviser will also provide, at the reasonable request
 of the Adviser or the Trust, periodic certifications, in a form reasonably acceptable
 to the Adviser or the Trust, attesting to such written policies and procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6. The
 Sub-Adviser shall implement and maintain a business continuity plan and policies and
 procedures reasonably designed to prevent, detect and respond to cybersecurity threats
 and to implement such internal controls and other safeguards as the Sub-Adviser reasonably
 believes are necessary to protect each Fund's confidential information and the
 nonpublic personal information of Fund shareholders. The Sub-Adviser shall promptly notify
 the Adviser and the Trust of any material violations or breaches of such policies and
 procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.7. To
 the extent the Sub-Adviser is exercising "discretionary" trading authority,
 if any, the Sub-Adviser will not engage in any futures transactions, options on futures
 transactions or transactions in other commodity interests on behalf of a Fund prior to
 the Sub-Adviser becoming registered or filing a notice of exemption on behalf of the
 Fund with the National Futures Association (the " <u>NFA</u> "). To the extent
 the Sub-Adviser has "non-discretionary" trading authority, the Sub-Adviser
 will not recommend that a Fund engage in any futures transactions, options on futures
 transactions or transactions in other commodity interests prior to both the Sub-Adviser
 and the Adviser (or the Trading Adviser, as the case may be) becoming registered or filing
 a notice of exemption on behalf of the Fund with the NFA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.8. The
 Sub-Adviser agrees to provide reasonable assistance with the liquidity classifications
 required under each Fund's liquidity risk management program.

4. <u>Representations of the Adviser</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1. The
 Adviser has all requisite power and authority to enter into and perform its obligations
 under this Agreement, and has taken all necessary corporate action to authorize its execution,
 delivery and performance of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2. The
 Adviser is registered as an investment adviser under the Advisers Act. None of the Adviser,
 its affiliates, or any officer, manager, partner or employee of the Adviser or its affiliates
 is subject to any event set forth in Section 9 of the 1940 Act that would disqualify
 the Adviser from acting as an investment adviser to an investment company under the 1940
 Act. The Adviser will promptly notify the Sub-Adviser upon the Adviser's discovery
 of an occurrence of any event that would disqualify the Adviser from serving as an investment
 adviser of an investment company pursuant to Section 9(a) of the 1940 Act or otherwise.
 The Adviser agrees to comply with the requirements of the 1940 Act, the Advisers Act,
 the 1933 Act, the Securities Exchange Act of 1934, as amended, the Commodity Exchange
 Act and the rules and regulations thereunder, as applicable, as well all other applicable
 federal and state laws, rules, regulations and case law that relate to the Adviser's
 services described hereunder and to the conduct of its business as a registered investment
 adviser and to maintain all licenses and registrations necessary to perform its duties
 hereunder in good order. The Adviser shall maintain compliance procedures that it reasonably
 believes are adequate to ensure its compliance with the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3. The
 Adviser has the authority under the Investment Advisory Agreement to appoint the Sub-Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4. The
 Adviser further represents and warrants that it has received a copy of the Sub-Adviser's
 current Form ADV.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5. The
 Adviser has provided the Sub-Adviser with each Fund's most current prospectus and
 statement of additional information contained in the Trust's registration statement
 and the Investment Policies, as in effect from time to time. The Adviser shall promptly
 furnish to the Sub-Adviser copies of all material amendments or supplements to the foregoing
 documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.6. The
 Adviser or its delegate will provide timely information to the Sub-Adviser regarding
 such matters as inflows to and outflows from each Fund and the cash requirements of,
 and cash available for investment in, the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.7. The
 Adviser or its delegate will timely provide the Sub-Adviser with copies of monthly accounting
 statements for each Fund, and such other information as may be reasonably necessary or
 appropriate in order for the Sub-Adviser to perform its responsibilities hereunder.

5. <u>Compliance</u>. The Sub-Adviser agrees to comply with the requirements of the 1940 Act, the Advisers Act, the 1933 Act, the Securities Exchange Act of 1934, as amended (the "<u>1934 Act</u>"), the Commodity Exchange Act and the respective rules and regulations thereunder, as applicable, as well as with all other applicable federal and state laws, rules, regulations and case law that relate to the services and relationships described hereunder and to the conduct of its business as a registered investment adviser and to maintain all licenses and registrations necessary to perform its duties hereunder in good order. The Sub-Adviser also agrees to comply with the objectives, policies and restrictions set forth in the Registration Statement, as amended or supplemented, of the Funds, and with any policies, guidelines, instructions and procedures approved by the Board or the Adviser and provided to the Sub-Adviser. In selecting each Fund's portfolio investments and performing the Sub-Adviser's obligations hereunder, the Sub-Adviser shall cause each Fund to comply with the diversification and source of income requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the "<u>Code</u>"), for qualification as a regulated investment company if the Fund has elected to be treated as a regulated investment company under the Code. The Sub-Adviser shall maintain compliance procedures that it reasonably believes are adequate to ensure its compliance with the foregoing. No supervisory activity undertaken by the Board or the Adviser shall limit the Sub-Adviser's full responsibility for any of the foregoing.

6. <u>Proxy Voting</u>. The Board has the authority to determine how proxies with respect to securities that are held by the Funds shall be voted, and the Board has initially determined to delegate the authority and responsibility to vote proxies for each Fund's portfolio investments to the Adviser with the authority to delegate such responsibility to sub-advisers.

To carry out such proxy voting obligations, the Sub-Adviser shall initially have the proxy voting authority, if any, as set forth on Schedule A hereto (which may differ by Fund). The Adviser may revise the scope of the Sub-Adviser's proxy voting authority upon the provision of at least 30 days' written notice to the Sub-Adviser. Absent the Sub-Adviser's provision of written notice to the Adviser declining such change, such a change shall be effective as of the later of the end of such 30-day period or the date set forth in such notice.

If Schedule A indicates "full" proxy voting authority, initially, the Adviser hereby delegates such proxy voting authority for a Fund to the Sub-Adviser. So long as proxy voting authority for a Fund has been delegated to the Sub-Adviser, the Sub-Adviser shall exercise its proxy voting responsibilities. The Sub-Adviser shall carry out such responsibility in accordance with any instructions that the Board or the Adviser shall provide from time to time, and at all times in a manner consistent with Rule 206(4)-6 under the Advisers Act and its fiduciary responsibilities to the Trust. The Sub-Adviser shall provide periodic reports and keep records relating to proxy voting as the Board or the Adviser may reasonably request or as may be necessary for the Funds to comply with the 1940 Act and other applicable law. Any such delegation of proxy voting authority to the Sub-Adviser may be revoked or modified by the Adviser at any time.

If Schedule A indicates "advisory" proxy voting authority, initially, the Sub-Adviser shall provide the Adviser, via a mutually agreed upon methodology, the Sub-Adviser's recommendations with respect to how to vote proxies with respect to all or a sub-set of a Fund's proxies. Notwithstanding such recommendations, the Adviser shall retain full proxy voting authority to decide how to vote all such proxies.

If Schedule A indicates "none" with respect to proxy voting authority, the Sub-Adviser shall have no proxy voting authority or responsibilities with respect to a Fund's proxy voting obligations.

7. <u>Brokerage</u>. As described above in Section 2, the Adviser may delegate full trading authority to the Sub-Adviser, delegate shared (or partial) trading authority to the Sub-Adviser, or the Adviser may retain full trading authority (and, in that case, delegate no such authority to the Sub-Adviser). If Schedule A indicates "fully discretionary" trading authority, initially, the Sub-Adviser shall have the trading authority set forth below in this Section 7 (Brokerage) for a Fund's entire portfolio. If Schedule A indicates "partially discretionary" trading authority, initially, the Sub-Adviser shall have no trading authority with respect to the Subset, but shall have the authority set forth below in this Section 7 (Brokerage) for the remaining portion of a Fund's portfolio. Finally, if Schedule A indicates "non-discretionary" trading authority, initially, the Sub-Adviser will have no trading authority or responsibilities under this Agreement (for a Fund), nor any authority to place or execute securities transactions on behalf of such Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1. The
 Sub-Adviser shall arrange for the placing and execution Fund orders for the purchase
 and sale of portfolio securities with broker-dealers. Subject to seeking the best price
 and execution reasonably available, the Sub-Adviser is authorized to place orders for
 the purchase and sale of portfolio securities for a Fund with such broker-dealers as
 it may select from time to time. Subject to Section 7.2 below, the Sub-Adviser is also
 authorized to place transactions with brokers who provide research or statistical information
 or analyses to such Fund, to the Sub-Adviser, or to any other client for which the Sub-Adviser
 provides investment advisory services. The Sub-Adviser also agrees that it will cooperate
 with the Trust and the Adviser to allocate brokerage transactions to brokers or dealers
 who provide benefits directly to a particular Fund; provided, however, that such allocation
 comports with applicable law including, without limitation, Rule 12b-1(h) under the 1940
 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2. Notwithstanding
 the provisions of Section 7.1 above and subject to such policies and procedures as may
 be adopted by the Board and officers of the Trust or the direction of the Adviser and
 consistent with Section 28(e) of the 1934 Act, the Sub-Adviser is authorized to cause
 a Fund to pay a member of an exchange, broker or dealer an amount of commission for effecting
 a securities transaction in excess of the amount of commission another member of an exchange,
 broker or dealer would have charged for effecting that transaction, in such instances
 where the Sub-Adviser has determined in good faith that such amount of commission was
 reasonable in relation to the value of the brokerage and research services provided by
 such member, broker or dealer, viewed in terms of either that particular transaction
 or the Sub-Adviser's overall responsibilities with respect to such Fund and to
 other funds or clients for which the Sub-Adviser exercises investment discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3. The
 Sub-Adviser is authorized to direct portfolio transactions to a broker that is an affiliated
 person of the Adviser, the Sub-Adviser, or a Fund in accordance with such standards and
 procedures as may be approved by the Board in accordance with Rule 17e-1 under the 1940
 Act, or other rules or guidance promulgated by the SEC. Any transaction placed with an
 affiliated broker must (i) be placed at best execution, and (ii) may not be a principal
 transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4. The
 Sub-Adviser is authorized to aggregate or "bunch" purchase or sale orders
 for a Fund with orders for various other clients when it believes that such action is
 in the best interests of such Fund and all other such clients. In such an event, allocation
 of the securities purchased or sold will be made by the Sub-Adviser in accordance with
 the Sub-Adviser's written policy.

8. <u>Records/Reports</u>.

8.1. <u>Recordkeeping</u>.
 The Sub-Adviser shall not be responsible for the provision of administrative, bookkeeping
 or accounting services to the Funds, except as otherwise provided herein or as may be
 necessary for the Sub-Adviser to supply to the Adviser, the Board or the Trust's
 chief compliance officer (the " <u>Chief Compliance Officer</u> ") the information
 required to be supplied under this Agreement.

8.2. The
 Sub-Adviser shall maintain separate books and detailed records of all matters pertaining
 to Fund assets advised by the Sub-Adviser required by Rule 31a-1 under the 1940 Act (other
 than those records being maintained by any administrator, sub-administrator, custodian
 or transfer agent appointed by the Funds) relating to its responsibilities provided hereunder
 with respect to the Funds, and shall preserve such records for the periods and in a manner
 prescribed therefore by Rule 31a-2 under the 1940 Act (the " <u>Funds' Books and Records</u> "). The Funds' Books and Records shall be available to the
 Adviser, the Board and the Chief Compliance Officer at any time upon request, shall be
 delivered to the Adviser upon the termination of this Agreement and shall be available
 without delay during any day the Adviser is open for business.

8.3. <u>Holdings Information and Pricing</u>. The Sub-Adviser shall provide regular reports regarding
 Fund holdings, and shall, on its own initiative, furnish the Adviser and the Board from
 time to time with whatever information the Sub-Adviser believes is appropriate for this
 purpose. The Sub-Adviser agrees to immediately notify the Adviser if the Sub-Adviser
 reasonably believes that the value of any security held by a Fund may not reflect its
 fair value. The Sub-Adviser agrees to provide any pricing information of which the Sub-Adviser
 is aware to the Trust, the Board, the Adviser and/or any Fund pricing agent to assist
 in the determination of the fair value of any Fund holdings for which market quotations
 are not readily available or as otherwise required in accordance with the 1940 Act or
 the Trust's valuation procedures for the purpose of calculating each Fund's
 net asset value in accordance with procedures and methods established by the Board.

8.4. <u>Cooperation with Agents of the Trust</u>. The Sub-Adviser agrees to cooperate with and provide reasonable
 assistance to the Adviser, the Trust, the Chief Compliance Officer, any Trust custodian
 or foreign sub-custodians, any Trust pricing agents and all other agents and representatives
 of the Trust, and to provide such information with respect to the Funds as they may reasonably
 request from time to time in the performance of their obligations, provide prompt responses
 to reasonable requests made by such persons and establish appropriate interfaces with
 each so as to promote the efficient exchange of information and compliance with applicable
 laws and regulations.

8.5. <u>Information and Reporting</u>. The Sub-Adviser shall provide the Adviser and the Trust, and its respective
 officers, with such periodic reports concerning the obligations the Sub-Adviser has assumed
 under this Agreement as the Board or the Adviser may from time to time reasonably request.

8.6. <u>Notification of Breach/Compliance Reports</u>. The Sub-Adviser shall notify the Adviser immediately
 upon detection of (i) any material failure to manage any Fund in accordance with its
 investment objectives and policies or any applicable law; or (ii) any material breach
 of any of the Funds' or the Sub-Adviser's policies, guidelines or procedures.
 The Sub-Adviser agrees to correct any such failure promptly and to take any action that
 the Adviser or the Board may reasonably request in connection with any such breach. Upon
 request, the Sub-Adviser shall also provide the officers of the Trust with supporting
 certifications in connection with such certifications of Fund financial statements and
 the Trust's disclosure controls adopted pursuant to the Sarbanes-Oxley Act of 2002
 (the " <u>Sarbanes-Oxley Act</u> "), and the implementing regulations adopted
 thereunder, and agrees to inform the Trust of any material development related to a Fund
 that the Adviser reasonably believes is relevant to the Fund's certification obligations
 under the Sarbanes-Oxley Act. The Sub-Adviser will promptly notify the Adviser in the
 event (i) the Sub-Adviser is served or otherwise receives notice of any action, suit,
 proceeding, inquiry or investigation, at law or in equity, before or by any court, public
 board, or body, involving the affairs of the Trust or the Adviser (excluding class action
 suits in which a Fund is a member of the plaintiff class by reason of the Fund's
 ownership of shares in the defendant) or the compliance by the Sub-Adviser with the federal
 or state securities laws or (ii) an actual change in control of the Sub-Adviser resulting
 in an "assignment" (as defined in the 1940 Act) that has occurred or is otherwise
 proposed to occur.

8.7. <u>Board and Filings Information</u>. The Sub-Adviser will also provide the Adviser and the Board
 with any information reasonably requested regarding its management of the Funds required
 for any meeting of the Board, or for any shareholder report, amended registration statement,
 proxy statement, or prospectus supplement to be filed by the Trust with the SEC. The
 Sub-Adviser will make its officers and employees available to meet with the Board from
 time to time on reasonable notice to review its investment management services to the
 Funds in light of current and prospective economic and market conditions and shall furnish
 to the Board such information as may reasonably be requested by the Board under Section
 15(c) of the 1940 Act in order for the Board to evaluate this Agreement or any proposed
 amendments thereto.

8.8. <u>Transaction Information</u>. The Sub-Adviser shall furnish to the Adviser, the Board or a designee
 such information concerning portfolio transactions as may be necessary to enable the
 Adviser, the Board or a designated agent to perform such compliance testing on the Funds
 and the Sub-Adviser's services as the Adviser may, in its sole discretion, determine
 to be appropriate. The provision of such information by the Sub-Adviser to the Adviser,
 the Board or a designated agent in no way relieves the Sub-Adviser of its own responsibilities
 under this Agreement.

9. <u>Code of Ethics</u>. The Sub-Adviser has adopted a written code of ethics that it reasonably believes complies with the requirements of Rule 17j-1 under the 1940 Act, which it will provide to the Adviser and Trust. The Sub-Adviser shall ensure that its Access Persons (as defined in the Sub-Adviser's Code of Ethics) comply in all material respects with the Sub-Adviser's Code of Ethics, as in effect from time to time. Upon request, the Sub-Adviser shall provide the Adviser and the Trust with a copy of the Sub-Adviser's current Code of Ethics, as in effect from time to time. The Sub-Adviser certifies that it has adopted procedures reasonably necessary to prevent Access Persons from engaging in any conduct prohibited by the Sub-Adviser's Code of Ethics. Annually, the Sub-Adviser shall furnish a written report, which complies with the requirements of Rule 17j-1, concerning the Sub-Adviser's Code of Ethics to the Adviser and Trust. The Sub-Adviser shall respond to requests for information from the Adviser and the Trust as to violations of the Code of Ethics by Access Persons and the sanctions imposed by the Sub-Adviser. The Sub-Adviser shall immediately notify the Adviser of any material violation of the Code of Ethics, whether or not such violation relates to a security held by any Fund.

10. <u>Members and Employees</u>. Members and employees of the Sub-Adviser may be trustees, officers or employees of the Trust.

11. <u>Custody</u>. Nothing in this Agreement shall permit the Sub-Adviser to take or receive physical possession of cash, securities or other investments of a Fund.

12. <u>Compensation</u>.

12.1. <u>Sub-Advisory Fee</u>. During the term of this Agreement, the Sub-Adviser shall bear its own costs
 of providing services under this Agreement. The Adviser agrees to pay to the Sub-Adviser
 or its designated paying agent, an annual sub-advisory fee equal to the amount of the
 daily average net assets of each Fund shown on Schedule A attached hereto, payable on
 a monthly basis.

12.2. The
 initial fee under this Agreement shall be payable on the first business day of the first
 month following the effective date of this Agreement with respect to a Fund and shall
 be prorated as set forth below. If this Agreement is terminated with respect to a Fund
 prior to the end of any calendar month, the sub-advisory fee shall be prorated for the
 portion of any month in which this Agreement is in effect according to the proportion
 which the number of calendar days, during which the Agreement is in effect, bears to
 the number of calendar days in the month, and shall be payable within 30 days after the
 date of termination.

12.3. The
 Sub-Adviser shall look exclusively to the Adviser for payment of the sub-advisory fee.

13. <u>Non-Exclusivity</u>. The services to be rendered by the Sub-Adviser under the provisions of this Agreement are not to be deemed to be exclusive, and the Sub-Adviser shall be free to render similar or different services to others so long as its ability to render the services provided for in this Agreement shall not be impaired thereby. Without limiting the foregoing, the Sub-Adviser, its members, employees and agents may engage in other businesses, may render investment advisory services to other investment companies, or to any other corporation, association, firm, entity or individual, and may render underwriting services to the Trust on behalf of a Fund or to any other investment company, corporation, association, firm, entity or individual.

14. <u>Liability and Standard of Care</u>.

14.1. The
 Sub-Adviser shall exercise due care and diligence and use the same skill and care in
 providing its services hereunder as it uses in providing services to other investment
 companies, accounts and customers, but the Sub-Adviser and its affiliates and their respective
 agents, control persons, directors, officers, employees, supervised persons and access
 persons shall not be liable for any action taken or omitted to be taken by the Sub-Adviser
 in the absence of willful misfeasance, bad faith, gross negligence or reckless disregard
 of its duties. Notwithstanding the foregoing, federal securities laws and certain state
 laws impose liabilities under certain circumstances on persons who have acted in good
 faith, and therefore nothing herein shall in any way constitute a waiver or limitation
 of any right which the Trust, a Fund or any shareholder of a Fund may have under any
 federal securities law or state law the applicability of which is not permitted to be
 contractually waived. In addition, to the extent the Sub-Adviser is acting under this
 Agreement with "non-discretionary" trading authority or "partially
 discretionary" trading authority, the Sub-Adviser will be liable for Losses (defined
 below) caused by the Sub-Adviser's provision of a securities (or other financial
 instrument) purchase or sale recommendation to the Adviser or the Trading Adviser, but
 for which the Sub-Adviser failed to: (i) correctly identify one or more securities and/or
 financial instruments for purchase, sale, shorting, or closing out a short (e.g., wrong
 CUSIP number); (ii) provide the correct amount or percentage of the Fund's investment
 portfolio for a particular security or financial instrument; (iii) accurately identify
 the type of transaction (e.g., buy, rather than short); or (iv) provide a particular
 recommendation to the Adviser in a timely manner (collectively, " <u>Update Failures</u> ").

14.2. The
 Sub-Adviser shall indemnify the Trust, each Fund, the Adviser and each of their respective
 affiliates, agents, control persons, directors, members of the Board, officers, employees
 and shareholders (the " <u>Adviser Indemnified Parties</u> ") against, and
 hold them harmless from, any costs, expense, claim, loss, liability, judgment, fine,
 settlement or damage (including reasonable legal and other expenses) (collectively, " <u>Losses</u> ")
 arising out of any claim, demands, actions, suits or proceedings (civil, criminal, administrative
 or investigative) asserted or threatened to be asserted by any third party (collectively,
 " <u>Proceedings</u> ") in so far as such Loss (or actions with respect thereto)
 arises out of or is based upon: (i) any material misstatement or omission of a material
 fact in information regarding the Sub-Adviser furnished in writing to the Adviser by
 the Sub-Adviser for use in the Registration Statement, proxy materials or reports filed
 with the SEC; (ii) the willful misfeasance, bad faith, gross negligence, or reckless
 disregard of obligations or duties of the Sub-Adviser in the performance of its duties
 under this Agreement (collectively, " <u>Sub-Adviser Disabling Conduct</u> ");
 or (iii) Update Failures.

14.3. Notwithstanding
 anything to the contrary contained herein, the Sub-Adviser, its affiliates and their
 respective agents, control persons, directors, partners, officers, employees, supervised
 persons and access persons shall not be liable to, nor shall they have any indemnity
 obligation to, the Adviser, its officers, directors, agents, employees, controlling persons
 or shareholders or to a Fund, Trust or their shareholders for: (i) any material misstatement
 or omission of a material fact in a Fund's Prospectus, registration statement,
 proxy materials or reports filed with the SEC, unless and to the extent such material
 misstatement or omission was made in reliance upon, and is consistent with, the information
 furnished to the Adviser by the Sub-Adviser specifically for use therein; (ii) any action
 taken or failure to act in good faith reliance upon (A) information, instructions or
 requests, whether oral or written, with respect to a Fund made to the Sub-Adviser by
 a duly authorized officer of the Adviser or the Trust; (B) the advice of counsel to the
 Trust; or (C) any written instruction of the Board; or (iii) acts of the Sub-Adviser
 which result from or are based upon acts or omissions of the Adviser, including, but
 not limited to, a failure of the Adviser to provide accurate and current information
 with respect to any records maintained by Adviser, which records are not also maintained
 by the Sub-Adviser; provided, however, that the limitations on the Sub-Adviser's
 liability and indemnification obligations described in (i) through (iii) above shall
 not apply with respect to, and to the extent, any portion of liability is attributable
 to Sub-Adviser Disabling Conduct.

14.4. The
 Sub-Adviser shall not be deemed by virtue of this Agreement to have made any representation
 or warranty that any level of investment performance or level of investment results,
 either relative or absolute, will be achieved.

14.5. For
 the avoidance of doubt, neither Fund shareholders nor the members of the Board shall
 be personally liable under this Agreement.

14.6. The
 Adviser shall indemnify the Sub-Adviser and each of its respective affiliates, agents,
 control persons, directors, officers, employees and shareholders (the " <u>Sub-Adviser Indemnified Parties</u> ") against, and hold them harmless from, any Losses arising
 out of any Proceedings in so far as such Loss (or actions with respect thereto) arises
 out of or is based upon: (i) any material misstatement or omission of a material fact
 in information regarding the Adviser furnished by or on behalf of the Adviser in writing
 for use in 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 Adviser in the performance of its duties under this Agreement
 (collectively, " <u>Adviser Disabling Conduct</u> ").

14.7. Notwithstanding
 anything to the contrary contained herein, the Adviser, its affiliates and their respective
 agents, control persons, directors, partners, officers, employees, supervised persons
 and access persons shall not be liable to, nor shall they have any indemnity obligation
 to, any Sub-Adviser Indemnified Parties 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, to the extent such material misstatement or omission was
 made in reliance upon, and is consistent with, the information furnished to the Adviser
 by or on behalf of the Sub-Adviser specifically for use therein; (ii) any action taken
 or failure to act in good faith reliance upon acts or omissions of the Sub-Adviser which
 result from or are based upon acts or omissions of the Sub-Adviser, including, but not
 limited to, a failure of the Sub-Adviser to provide accurate and current information
 with respect to any records maintained by Sub-Adviser; provided, however, that the limitations
 on the Adviser's liability and indemnification obligations described in this Section
 14.7 shall not apply with respect to, and to the extent, any portion of liability that
 is attributable to Adviser Disabling Conduct.

15. <u>Term/Approval/Amendments</u>.

15.1. This
 Agreement shall become effective with respect to a Fund as of the date of commencement
 of operations of the Fund if approved: (i) by a vote of the Board, including a majority
 of those trustees of the Trust who are not "interested persons" (as defined
 in the 1940 Act) of any party to this Agreement (the " <u>Independent Trustees</u> "),
 cast in person at a meeting called for the purpose of voting on such approval (or in
 another manner permitted by the 1940 Act or pursuant to exemptive relief therefrom),
 and (ii) by vote of a majority of the Fund's outstanding securities (to the extent
 required under the 1940 Act). This Agreement shall continue in effect with respect to
 a Fund for an initial period of two years thereafter, and may be renewed annually thereafter
 only so long as such renewal and continuance is specifically approved at least annually
 by the Board provided that in such event such renewal and continuance shall also be approved
 by the vote of a majority of the Independent Trustees cast in person at a meeting called
 for the purpose of voting on such approval (or in another manner permitted by the 1940
 Act or pursuant to exemptive relief therefrom).

15.2. No
 material amendment to this Agreement shall be effective unless the terms thereof have
 been approved as required by the 1940 Act. The modification of any of the non-material
 terms of this Agreement may be approved by the vote, cast in person at a meeting called
 for such purpose (or in another manner permitted by the 1940 Act or pursuant to exemptive
 relief therefrom), of a majority of the Independent Trustees.

15.3. In
 connection with such renewal or amendment, the Sub-Adviser shall furnish such information
 as may be reasonably necessary by the Adviser or the Board to evaluate the terms of this
 Agreement and any amendment thereto.

15.4. This
 Agreement may be terminated at any time, without the payment of any penalty, by the Board,
 including a majority of the Independent Trustees, by the vote of a majority of the outstanding
 voting securities of a Fund, on sixty (60) days' written notice to the Adviser
 and the Sub-Adviser, or by the Adviser or Sub-Adviser on sixty (60) days' written
 notice to the Trust and the other party. This Agreement will automatically terminate,
 without the payment of any penalty, in the event the Investment Advisory Agreement between
 the Adviser and the Trust is assigned (as defined in the 1940 Act) or terminates for
 any other reason. This Agreement will also terminate upon written notice to the other
 party that the other party is in material breach of this Agreement, unless the other
 party in material breach of this Agreement cures such breach to the reasonable satisfaction
 of the party alleging the breach within thirty (30) days after written notice. This Agreement
 will also automatically terminate in the event of its assignment (as defined in the 1940
 Act) unless the parties hereto, by agreement, obtain an exemption from the SEC from the
 provisions of the 1940 Act pertaining to the subject matter of this subsection.

16. <u>Use of the Sub-Adviser's Name</u>.

16.1. The
 parties agree that the name of the Sub-Adviser, the names of any affiliates of the Sub-Adviser
 and any derivative or logo or trademark or service mark or trade name are the valuable
 property of the Sub-Adviser and its affiliates. The Adviser and the Trust shall have
 the right to use such name(s), derivatives, logos, trademarks or service marks or trade
 names only with the prior written approval of the Sub-Adviser, which approval shall not
 be unreasonably withheld or delayed so long as this Agreement is in effect.

16.2. Upon
 termination of this Agreement, the Adviser and the Trust shall forthwith cease to use
 such name(s), derivatives, logos, trademarks or service marks or trade names. The Adviser
 and the Trust agree that they will review with the Sub-Adviser any advertisement, sales
 literature, or notice prior to its use that makes reference to the Sub-Adviser or its
 affiliates or any such name(s), derivatives, logos, trademarks, service marks or trade
 names so that the Sub-Adviser may review the context in which it is referred to, it being
 agreed that the Sub-Adviser shall have no responsibility to ensure the adequacy of the
 form or content of such materials for purposes of the 1940 Act or other applicable laws
 and regulations. If the Adviser or the Trust makes any unauthorized use of the Sub-Adviser's
 names, derivatives, logos, trademarks or service marks or trade names, the parties acknowledge
 that the Sub-Adviser shall suffer irreparable harm for which monetary damages may be
 inadequate and thus, the Sub-Adviser shall be entitled to injunctive relief, as well
 as any other remedy available under law.

17. <u>Nonpublic Personal Information</u>. Notwithstanding any provision herein to the contrary, the Sub-Adviser
 agrees on behalf of itself and its directors, shareholders, officers, and employees (1)
 to treat confidentially and as proprietary information of the Adviser and the Trust (a)
 all records and other information relative to each Fund's prior, present, or potential
 shareholders (and clients of said shareholders) and (b) any Nonpublic Personal Information,
 as defined under Section 248.3(t) of Regulation S-P (" <u>Regulation S-P</u> "),
 promulgated under the Gramm-Leach-Bliley Act (the " <u>G-L-B Act</u> "), and
 (2) except after prior notification to and approval in writing by the Adviser or the
 Trust, not to use such records and information for any purpose other than the performance
 of its responsibilities and duties hereunder, or as otherwise permitted by Regulation
 S-P or the G-L-B Act, and if in compliance therewith, the privacy policies adopted by
 the Trust and communicated in writing to the Sub-Adviser. Such written approval shall
 not be unreasonably withheld by the Adviser or the Trust and may not be withheld where
 the Sub-Adviser may be exposed to civil or criminal contempt or other proceedings for
 failure to comply after being requested to divulge such information by duly constituted
 authorities.

18. <u>Anti-Money Laundering Compliance</u>. The Sub-Adviser acknowledges that, in compliance with the
 Bank Secrecy Act, as amended, the USA PATRIOT Act, and any implementing regulations thereunder
 (together, " <u>AML Laws</u> "), the Trust has adopted an Anti-Money Laundering
 Policy. The Sub-Adviser agrees to comply with the Trust's Anti-Money Laundering
 Policy and the AML Laws, as the same may apply to the Sub-Adviser, now and in the future.
 The Sub-Adviser further agrees to provide to the Trust, the Trust's administrator,
 sub-administrator and/or the Trust's anti-money laundering compliance officer such
 reports, certifications and contractual assurances as may be reasonably requested by
 the Trust. The Trust may disclose information regarding the Sub-Adviser to governmental
 and/or regulatory or self-regulatory authorities to the extent required by applicable
 law or regulation and may file reports with such authorities as may be required by applicable
 law or regulation.

19. <u>Notices</u>. Any notice required or permitted to be given by either party to the other shall be in writing and shall be deemed to have been given on the date delivered personally or by courier service, or three days after sent by registered or certified mail, postage prepaid, return receipt requested, or on the date sent and confirmed received by facsimile transmission to the other party's address set forth below, or such other address(es) as may be specified in writing by one party to the other party.

---

| |
|:---|
| Notices to Adviser shall be sent to: |
| Tidal Investments LLC |
| 234 West Florida Street, Suite 203 |
| Milwaukee, Wisconsin 53204 |
| Attn: Chief Executive Officer |
| Notices to Sub-Adviser shall be sent to: |
| RCN Wealth Advisors, Inc. |
| 116 Terrapin Lane<br> Stevensville, Maryland 21666<br> United States |
| Attn: |

---

20. <u>Successors</u>. This Agreement shall extend to and bind the heirs, executors, administrators and successors of the parties hereto.

21. <u>Meanings</u>. For the purposes of this Agreement, the terms "vote of a majority of the outstanding voting securities;" "interested persons;" and "assignment" shall have the meaning defined in the 1940 Act or the rules promulgated thereunder; subject, however, to such exemptions as may be granted by the SEC under the 1940 Act or any interpretations of the SEC staff.

22. <u>Entire Agreement and Amendments</u>. This Agreement represents the entire agreement among the parties with regard to the investment management matters described herein and may not be added to or changed orally and may not be modified or rescinded except by a writing signed by the parties hereto except as otherwise noted herein.

23. <u>Enforceability</u>. Any term or provision of this Agreement which is invalid or unenforceable in any jurisdiction shall, as to such jurisdiction be ineffective to the extent of such invalidity or unenforceability without rendering invalid or unenforceable the remaining terms or provisions of this Agreement or affecting the validity or enforceability of any of the terms or provisions of this Agreement in any other jurisdiction.

24. <u>Jurisdiction</u>. This Agreement shall be governed by and construed in accordance with the substantive laws of the state of New York and the Adviser and Sub-Adviser consent to the jurisdiction of courts, both state or federal, in New York, with respect to any dispute under this Agreement.

25. <u>Section Headings</u>. The headings of sections contained in this Agreement are provided for convenience only, form no part of this Agreement and shall not affect its construction.

26. <u>Counterparts</u>. This Agreement may be executed simultaneously in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.

[Signature Page Follows]

IN WITNESS WHEREOF, the parties hereto have this Agreement to be executed by their duly authorized officers on the day and year first written above.

---

| | |
|:---|:---|
| TIDAL INVESTMENTS LLC | TIDAL INVESTMENTS LLC |
| By: | /s/ Jay Pestrichelli |
| Name: | Jay Pestrichelli |
| Title: | Chief Trading Officer |
| Date: | March 19, 2026 |
| RCN WEALTH ADVISORS, INC. | RCN WEALTH ADVISORS, INC. |
| By: | /s/ Nicholas Lumpp |
| Name: | Nicholas Lumpp |
| Title: | President |
| Date: | March 21, 2026 |

---

Schedule A

to the

Sub-Advisory Agreement

by and between

Tidal Investments LLC

and

RCN Wealth Advisors, Inc.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Fund Name** | &nbsp;&nbsp;**Sub-Advisory Fee** | &nbsp;&nbsp;**Effective Date** | &nbsp;&nbsp;**Trading Authority** | &nbsp;&nbsp;**Proxy Voting Authority** |
| RCN Pareto Strategic Allocation ETF | 0.04% | Commencement of Operations | Non-Discretionary |  |

---

## Ex-99.(E)(I)(Xiii)

[Tidal Trust III 485BPOS](prto-485bpos_032326.htm)

**Exhibit 99.(e)(i)(xiii)**

**SIXTEENTH AMENDMENT** 

**TO ETF DISTRIBUTION AGREEMENT**

This sixteenth amendment ("Amendment") to the ETF Distribution Agreement dated as of June 18, 2024 (the "Agreement"), by and between Tidal Trust III (the "Trust") and Foreside March 11, 2026 (the "Effective Date").

**WHEREAS**, The Parties desire to amend Exhibit A of the Agreement to reflect an updated Funds list; and

**WHEREAS**, Section 8(b) of the Agreement requires that all amendments and modifications to the Agreement be in writing and executed by the Parties.

**NOW THEREFORE**, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties hereby agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Capitalized
 terms not otherwise defined herein shall have the meanings set forth in Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Exhibit
 A of the Agreement is hereby deleted and replaced in its entirety by Exhibit A attached
 hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Except
 as expressly amended hereby, all of the provisions of the Agreement shall remain unamended
 and in full force and effect to the same extent as if fully set forth herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. This
 Amendment shall be governed by, and the provisions of this Amendment shall be construed
 and interpreted under and in accordance with, the laws of the State of Delaware.

**IN WITNESS WHEREOF**, the Parties hereto have caused this Amendment to be executed in their names and on their behalf by and through their duly authorized officers, as of the Effective Date.

---

| | | | |
|:---|:---|:---|:---|
| **TIDAL TRUST III** | **TIDAL TRUST III** | **FORESIDE FUND SERVICES, LLC** | **FORESIDE FUND SERVICES, LLC** |
| By: | /s/ Eric Falkeis | By: | /s/ Teresa Cowan |
| Name: | Eric Falkeis | Name: | Teresa Cowan |
| Title: | President | Title: | President |

---

**EXHIBIT A**

TradersAI Large Cap Equity & Cash ETF

Rockefeller Opportunistic Municipal Bond ETF

Rockefeller California Municipal Bond ETF

Rockefeller New York Municipal Bond ETF

Rockefeller Global Equity ETF

Rockefeller U.S. Small-Mid Cap ETF

4E Quality Growth ETF

GammaRoad Market Navigation ETF

Impact Shares Women's Empowerment ETF

Impact Shares NAACP Minority Empowerment ETF

VistaShares Artificial Intelligence Supercycle ETF

VistaShares Electrification Supercycle ETF

Fundstrat Granny Shot US Large Cap ETF

Ned Davis Research 360<sup>o</sup> Dynamic Allocation ETF

Ned Davis Research 360º Core Equity ETF

Ninepoint Energy ETF

Ninepoint Energy Income ETF

The BeeHive ETF

NestYield Total Return Guard ETF

NestYield Dynamic Income ETF

NestYield Visionary ETF

USCF Daily Target 2X Copper Index ETF

Battleshares™ NVDA vs INTC ETF

Battleshares™ AMZN vs M ETF

Battleshares™ COIN vs WFC ETF

Battleshares™ MSTR vs JPM ETF

Battleshares™ NFLX vs CMCSA ETF

Battleshares™ LLY vs YUM ETF

Battleshares™ GOOGL vs NYT ETF

TH GARP Global Rising Leaders ETF

TH GARP India Rising Leaders ETF

PEO AlphaQuest™ Thematic PE ETF

World Dynamic Momentum Leaders ETF

VistaShares Target 15 Berkshire Select Income ETF

VistaShares Target 15 USA Momentum Income ETF

VistaShares Target 15 USA Value Income ETF

VistaShares Target 15 USA Quality Income ETF

VistaShares Target 15 USA Low Volatility Income ETF

VistaShares Animal Spirits Strategy ETF

Intech S&P Large Cap Diversified Alpha ETF

Intech S&P Small-Mid Cap Diversified Alpha ETF

MRP SynthEquity ETF

Alpha Brands™ Consumption Leaders ETF

Azoria Golden Age ETF

Battleshares™ Bitcoin vs Ether ETF

Battleshares™ Ether vs Bitcoin ETF

Battleshares™ Bitcoin vs Gold ETF

Battleshares™ Gold vs Bitcoin ETF

VistaShares Target 15 ACKtivist Distribution ETF<br> VistaShares ACKtivist Select ETF<br> VistaShares BigShort Select ETF<br> VistaShares Target 15 BigShort Distribution ETF<br> VistaShares DRUKMacro Select ETF<br> VistaShares Target 15 DRUKMacro Distribution ETF<br> VistaShares Berkshire Select ETF

NovaTide Flexible Allocation ETF

Stoneport Advisors Commodity Long Short ETF

VistaShares BitBonds 1-3 Yr Enhanced Weekly Distribution ETF

VistaShares BitBonds 5 Yr Enhanced Weekly Distribution ETF

VistaShares BitBonds 10 Yr Enhanced Weekly Distribution ETF

VistaShares BitBonds 20 Yr Enhanced Weekly Distribution ETF

VistaShares Bitcoin Treasury Income ETF

VistaShares Ethereum Treasury Income ETF

VistaShares Ethereum Treasury ETF

VistaShares IPO and Income ETF

VistaShares Target 15™ International Innovators Income ETF

VistaShares Target 15™ European High Dividend Payers Income ETF

VistaShares Target 15™ S&P 100 Distribution ETF

VistaShares Target 15™ Global 100 Distribution ETF

Fundstrat Granny Shots US Small- & Mid-Cap ETF

Fundstrat Granny Shots US Large Cap & Income ETF

VistaShares DIVBoost Dividend Leaders Distribution ETF

VistaShares DIVBoost Dividend Champions Distribution ETF

VistaShares DIVBoost Sector Distribution ETF

VistaShares DIVBoost High Yield Bond Distribution ETF

VistaShares DIVBoost REIT Distribution ETF

VistaShares DIVBoost Energy Distribution ETF

VistaShares DIVBoost Utilities Distribution ETF

VistaShares TEPRTantrum Contrarian Select ETF

VistaShares Target 15 TEPRTantrum Contrarian Distribution ETF

VistaShares TPLoeb Event Driven Select ETF

VistaShares Target 15 TPLoeb Event Driven Distribution ETF

VistaShares TIGR Cub NextGen Select ETF

VistaShares Target 15 TIGR Cub NextGen Distribution ETF

VistaShares LAFFTech Select ETF

VistaShares Target 15 LAFFTech Distribution ETF

VistaShares HRVD Select ETF

VistaShares Target 15 HRVD Distribution ETF

VistaShares GATE Endowment Select ETF

VistaShares Target 15 GATE Endowment Distribution ETF

VistaShares Gulf Soveriegn Select ETF

VistaShares Target 15 Gulf Sovereign Distribution ETF

VistaShares Nordic Wealth Select ETF

VistaShares Target 15 Nordic Wealth Distribution ETF

RCN Pareto Strategic Allocation ETF

U.S. Defense ETF

## Ex-99.(G)(I)(Xiv)

[Tidal Trust III 485BPOS](prto-485bpos_032326.htm)

**Exhibit 99.(g)(i)(xiv)**

**SIXTEENTH AMENDMENT TO THE** 

**TIDAL TRUST III** 

**CUSTODY AGREEMENT**

**THIS SIXTEENTH AMENDMENT** effective as of the last date on the signature block (the "Effective Date"), to the Custody Agreement dated as of July 11, 2024, as amended (the "Agreement"), is entered into by and between **TIDAL TRUST III**, a Delaware statutory trust (the "Trust"), and **U.S. BANK NATIONAL ASSOCIATION**, a national banking association organized and existing under the laws of the United States of America with its principal place of business at Minneapolis, Minnesota (the "Custodian").

**RECITALS**

**WHEREAS,** the parties have entered into the Agreement; and

**WHEREAS,** the parties desire to amend the Agreement to update Exhibit A to:

Add the following funds:

● RCN Pareto Strategic Allocation ETF

● U.S. Defense ETF

Remove the following fund:

● VistaShares Animal Spirits Daily 2x Strategy ETF

Reflect the following name changes:

● VistaShares DIVBoost Dividend Champions Distribution ETF (f/k/a VistaShares DIVBoost Dividend Kings Distribution ETF)

● VistaShares DIVBoost Dividend Leaders Distribution ETF (f/k/a VistaShares DIVBoost Dividend Nobles Distribution ETF)

**WHEREAS,** Section 15.02 of the Agreement allows for its amendment by a written instrument executed by both parties and authorized or approved by the Board of Trustees of the Trust.

**NOW, THEREFORE,** the parties agree as follows:

**Exhibit A of the Agreement is hereby superseded and replaced in its entirety with Exhibit A attached hereto.**

Except to the extent amended hereby, the Agreement shall remain in full force and effect.

**SIGNATURES ON NEXT PAGE**

**IN WITNESS WHEREOF,** the parties hereto have caused this Sixteenth Amendment to be executed by a duly authorized officer on one or more counterparts as of the Effective Date.

---

| | |
|:---|:---|
| **TIDAL TRUST III** | **U.S. BANK NATIONAL ASSOCIATION** |
| By: | By: |
| Name: | Name: |
| Title: | Title: |
| Date: | Date: |

---

**Exhibit A to the Custody Agreement**

Separate Series of Tidal Trust III

<u>Name of Series:</u>

---

| |
|:---|
| TradersAI Large Cap Equity & Cash ETF |
| Rockefeller Opportunistic Municipal Bond ETF |
| Rockefeller California Municipal Bond ETF |
| Rockefeller New York Municipal Bond ETF |
| Rockefeller Global Equity ETF |
| Rockefeller U.S. Small-Mid Cap ETF |
| 4E Quality Growth ETF |
| GammaRoad Market Navigation ETF |
| Impact Shares Women's Empowerment ETF |
| Impact Shares NAACP Minority Empowerment ETF |
| VistaShares Artificial Intelligence Supercycle ETF |
| VistaShares Electrification Supercycle ETF |
| FIRE Funds™ Wealth Builder ETF |
| FIRE Funds™ Income Target ETF |
| Ninepoint Energy Income ETF |
| Ninepoint Energy ETF |
| Ned Davis Research 360° Core Equity ETF |
| Ned Davis Research 360° Dynamic Allocation ETF |
| Fundstrat Granny Shots US Large Cap ETF |
| The BeeHive ETF |
| NestYield Total Return Guard ETF |
| NestYield Dynamic Income Shield ETF |
| NestYield Visionary ETF |
| USCF Daily Target 2X Copper Index ETF |
| Battleshares™ NVDA vs INTC ETF |
| Battleshares™ AMZN vs M ETF |
| Battleshares™ COIN vs WFC ETF |
| Battleshares™ MSTR vs JPM ETF |
| Battleshares™ NFLX vs CMCSA ETF |
| Battleshares™ LLY vs YUM ETF |
| Battleshares™ GOOGL vs NYT ETF |
| TH GARP Global Rising Leaders ETF |
| TH GARP India Rising Leaders ETF |
| PEO Quest Liquid PE Replication ETF |
| World Dynamic Momentum Leaders ETF |
| VistaShares Target 15 USA Momentum Income ETF |
| VistaShares Target 15 USA Value Income ETF |
| VistaShares Target 15 USA Quality Income ETF |
| VistaShares Target 15 USA Low Volatility Income ETF |
| VistaShares Target 15 Berkshire Select Income ETF |

---

Intech S&P Large Cap Diversified Alpha ETF

Intech S&P Small-Mid Cap Diversified Alpha ETF

MRP SynthEquity ETF

Alpha Brands™ Consumption Leaders ETF

VistaShares Animal Spirits Strategy ETF

Azoria Golden Age ETF

Azoria 500 Meritocracy ETF

Azoria TSLA Convexity ETF

Battleshares™ Bitcoin vs Ether ETF

Battleshares™ Ether vs Bitcoin ETF

Battleshares™ Bitcoin vs Gold ETF

Battleshares™ Gold vs Bitcoin ETF

VistaShares Target 15 ACKtivist Select Income ETF

VistaShares ACKtivist Select ETF

VistaShares BigShort Select ETF

VistaShares Target 15 BigShort Select Income ETF

VistaShares DRUKMacro Select ETF

VistaShares Target 15 DRUKMacro Select Income ETF

VistaShares Berkshire Select ETF

VistaShares DRUKMacro Select ETF

VistaShares Target 15 DRUKMacro Select Income ETF

NovaTide Flexible Allocation ETF

Stoneport Advisors Commodity Long Short ETF

Fundstrat Granny Shots US Small- & Mid-Cap ETF

Fundstrat Granny Shots US Large Cap & Income ETF

VistaShares BitBonds 1-3 Yr Enhanced Weekly Distribution ETF

VistaShares BitBonds 5 Yr Enhanced Weekly Distribution ETF

VistaShares BitBonds 10 Yr Enhanced Weekly Distribution ETF

VistaShares BitBonds 20 Yr Enhanced Weekly Distribution ETF

VistaShares IPO and Income ETF

VistaShares Bitcoin Treasury Income ETF

VistaShares Ethereum Treasury Income ETF

VistaShares Ethereum Treasury ETF

VistaShares Target 15™ International Innovators Distribution ETF

VistaShares Target 15™ European High Dividend Payers Distribution ETF

VistaShares Target 15™ Global 100 Distribution ETF

VistaShares Target 15™ S&P 100 Distribution ETF

VistaShares DIVBoost Dividend Leaders Distribution ETF

VistaShares DIVBoost Dividend Champions Distribution ETF

VistaShares DIVBoost Sector Distribution ETF

VistaShares DIVBoost High Yield Bond Distribution ETF

VistaShares DIVBoost REIT Distribution ETF

VistaShares DIVBoost Energy Distribution ETF

VistaShares DIVBoost Utilities Distribution ETF

VistaShares TEPRTantrum Contrarian Select ETF

VistaShares Target 15 TEPRTantrum Contrarian Distribution ETF

VistaShares TPLoeb Event Driven Select ETF

VistaShares Target 15 TPLoeb Event Driven Distribution ETF

VistaShares TIGR Cub NextGen Select ETF

VistaShares Target 15 TIGR Cub NextGen Distribution ETF

VistaShares LAFFTech Select ETF

VistaShares Target 15 LAFFTech Distribution ETF

VistaShares HRVD Select ETF

VistaShares Target 15 HRVD Distribution ETF

VistaShares GATE Endowment Select ETF

VistaShares Target 15 GATE Endowment Distribution ETF

VistaShares Gulf Sovereign Select ETF

VistaShares Target 15 Gulf Sovereign Distribution ETF

VistaShares Nordic Wealth Select ETF

VistaShares Target 15 Nordic Wealth Distribution ETF

RCN Pareto Strategic Allocation ETF

U.S. Defense ETF

## Ex-99.(H)(I)(Iv)

[Tidal Trust III 485BPOS](prto-485bpos_032326.htm)

**Exhibit 99.(h)(i)(iv)**

**FOURTH AMENDMENT** 

**TO THE AMENDED AND RESTATED FUND ADMINISTRATION SERVICING AGREEMENT**

**THIS FOURTH AMENDMENT**, effective as of March 11, 2026, to the Amended and Restated Fund Administration Servicing Agreement (the "<u>Agreement</u>") dated as of August 1, 2025, by and between **Tidal Trust III**, a Delaware statutory trust (the "<u>Trust</u>"), **Tidal ETF Services LLC**, a Delaware limited liability company ("<u>Tidal</u>") and **Tidal Investments LLC** (the "<u>Adviser</u>"), solely in respect of the rights and obligations set forth in Section 4 and applicable provisions of Section 12 and 13 of the Agreement.

**RECITALS**

**WHEREAS,** the parties have entered into the Agreement; and

**WHEREAS,** the parties desire to amend the Agreement to update Exhibit A to:

Add the following funds:

RCN Pareto Strategic Allocation ETF

U.S. Defense ETF

Remove the following fund:

VistaShares Animal Spirits Daily 2x Strategy ETF

Reflect the following name changes:

*VistaShares DIVBoost Dividend Nobles Distribution ETF* to *VistaShares DIVBoost Dividend Leaders Distribution ETF*

*VistaShares DIVBoost Dividend Kings Distribution ETF* to *VistaShares DIVBoost Dividend Champions Distribution ETF*

**WHEREAS,** Section 11 of the Agreement allows for its amendment by written agreement executed by the Trust and Tidal and approved by the Board of Trustees of the Trust.

**NOW, THEREFORE,** the parties agree as follows:

**Amended Exhibit A of the Agreement is hereby superseded and replaced in its entirety with Amended Exhibit A attached hereto.**

Except to the extent amended hereby, the Agreement shall remain in full force and effect.

[Signature Page Follows]

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

---

| | | | |
|:---|:---|:---|:---|
| **TIDAL TRUST III** | **TIDAL TRUST III** | **TIDAL ETF SERVICES LLC** | **TIDAL ETF SERVICES LLC** |
| By: | /s/ Lissa Richter | By: | /s/ Eric Falkeis |
| Name: | Lissa Richter | Name: | Eric Falkeis |
| Title: | Secretary & Vice President | Title: | Co-Founder & COO |
| Date: |  | Date: |  |

---

**Amended Exhibit A** 

**to the** 

**Amended and Restated Fund Administration Servicing Agreement** 

Separate Series (Funds) of Tidal Trust III

<u>Name of Series</u>

Impact Shares Women's Empowerment ETF<br> Impact Shares NAACP Minority Empowerment ETF<br>TradersAI Large Cap Equity & Cash ETF<br>Rockefeller Opportunistic Municipal Bond ETF<br> Rockefeller California Municipal Bond ETF<br> Rockefeller New York Municipal Bond ETF<br> Rockefeller Global Equity ETF<br> Rockefeller U.S. Small-Mid Cap ETF<br>4E Quality Growth ETF<br>GammaRoad Market Navigation ETF<br>VistaShares Artificial Intelligence Supercycle ETF<br> VistaShares Electrification Supercycle ETF<br> VistaShares Animal Spirits Strategy ETF<br> VistaShares Animal Spirits Daily 2X Strategy ETF

VistaShares Target 15 Berkshire Select Income ETF

VistaShares Target 15 USA Momentum Income ETF

VistaShares Target 15 USA Value Income ETF

VistaShares Target 15 USA Quality Income ETF

VistaShares Target 15 USA Low Volatility Income ETF

VistaShares Target 15 ACKtivist Distribution ETF

VistaShares ACKtivist Select ETF

VistaShares BigShort Select ETF

VistaShares Target 15 BigShort Distribution ETF

VistaShares DRUKMacro Select ETF

VistaShares Target 15 DRUKMacro Distribution ETF

VistaShares Berkshire Select ETF

VistaShares BitBonds 1-3 Yr Enhanced Weekly Distribution ETF

VistaShares BitBonds 5 Yr Enhanced Weekly Distribution ETF

VistaShares BitBonds 10 Yr Enhanced Weekly Distribution ETF

VistaShares BitBonds 20 Yr Enhanced Weekly Distribution ETF

VistaShares Bitcoin Treasury Income ETF

VistaShares Ethereum Treasury Income ETF

VistaShares Ethereum Treasury ETF

VistaShares IPO and Income ETF

VistaShares Target 15™ International Innovators Income ETF

VistaShares Target 15™ European High Dividend Payers Income ETF

VistaShares Target 15™ S&P 100 Distribution ETF

VistaShares Target 15™ Global 100 Distribution ETF

VistaShares DIVBoost Dividend Leaders Distribution ETF

VistaShares DIVBoost Dividend Champions Distribution ETF

VistaShares DIVBoost Sector Distribution ETF

VistaShares DIVBoost High Yield Bond Distribution ETF

VistaShares DIVBoost REIT Distribution ETF

VistaShares DIVBoost Energy Distribution ETF

VistaShares DIVBoost Utilities Distribution ETF

VistaShares TEPRTantrum Contrarian Select ETF

VistaShares Target 15 TEPRTantrum Contrarian Distribution ETF

VistaShares TPLoeb Event Driven Select ETF

VistaShares Target 15 TPLoeb Event Driven Distribution ETF

VistaShares TIGR Cub NextGen Select ETF

VistaShares Target 15 TIGR Cub NextGen Distribution ETF

VistaShares LAFFTech Select ETF

VistaShares Target 15 LAFFTech Distribution ETF

VistaShares HRVD Select ETF

VistaShares Target 15 HRVD Distribution ETF

VistaShares GATE Endowment Select ETF

VistaShares Target 15 GATE Endowment Distribution ETF

VistaShares Gulf Soveriegn Select ETF

VistaShares Target 15 Gulf Sovereign Distribution ETF

VistaShares Nordic Wealth Select ETF

VistaShares Target 15 Nordic Wealth Distribution ETF<br>Fundstrat Granny Shot US Large Cap ETF

Fundstrat Granny Shots US Small- & Mid-Cap ETF

Fundstrat Granny Shots US Large Cap & Income ETF<br>Ned Davis Research 360º Dynamic Allocation ETF<br> Ned Davis Research 360º Core Equity ETF<br>Ninepoint Energy ETF<br> Ninepoint Energy Income ETF<br>The BeeHive ETF<br>NestYield Total Return Guard ETF<br> NestYield Dynamic Income ETF<br> NestYield Visionary ETF<br>USCF Daily Target 2X Copper Index ETF<br>Battleshares™ NVDA vs INTC ETF<br> Battleshares™ AMZN vs M ETF <br> Battleshares™ COIN vs WFC ETF <br> Battleshares™ MSTR vs JPM ETF<br> Battleshares™ NFLX vs CMCSA ETF<br> Battleshares™ LLY vs YUM ETF<br> Battleshares™ GOOGL vs NYT ETF

Battleshares™ Bitcoin vs Ether ETF

Battleshares™ Ether vs Bitcoin ETF

Battleshares™ Bitcoin vs Gold ETF

Battleshares™ Gold vs Bitcoin ETF<br>TH GARP Global Rising Leaders ETF<br> TH GARP India Rising Leaders ETF<br>PEO AlphaQuest™ Thematic PE ETF<br>World Dynamic Momentum Leaders ETF<br>Intech S&P Large Cap Diversified Alpha ETF<br> Intech S&P Small-Mid Cap Diversified Alpha ETF<br>MRP SynthEquity ETF<br>Alpha Brands™ Consumption Leaders ETF

Azoria Golden Age ETF

RCN Pareto Strategic Allocation ETF

U.S. Defense ETF

## Ex-99.(H)(Ii)(Xiv)

[Tidal Trust III 485BPOS](prto-485bpos_032326.htm)

**Exhibit 99.(h)(ii)(xiv)**

**SIXTEENTH AMENDMENT TO THE** 

**TIDAL TRUST III**

**TRANSFER AGENT SERVICING AGREEMENT** 

**THIS SIXTEENTH AMENDMENT** effective as of the last date on the signature block (the "Effective Date"), to the Transfer Agent Servicing Agreement (the "Agreement") dated as of July 11, 2024, as amended, is entered into by and between **TIDAL TRUST III**, a Delaware statutory trust (the "Trust"), and **U.S. BANCORP FUND SERVICES, LLC d/b/a U.S. BANK GLOBAL FUND SERVICES**, a Wisconsin limited liability company ("<u>Fund Services</u>").

**RECITALS** 

**WHEREAS,** the parties have entered into the Agreement; and

**WHEREAS,** the parties desire to amend the Agreement to update Exhibit A to:

Add the following funds:

● RCN Pareto Strategic Allocation ETF

● U.S. Defense ETF

Remove the following fund:

● VistaShares Animal Spirits Daily 2x Strategy ETF

Reflect the following name changes:

● VistaShares DIVBoost Dividend Champions Distribution ETF (f/k/a VistaShares DIVBoost Dividend Kings Distribution ETF)

● VistaShares DIVBoost Dividend Leaders Distribution ETF (f/k/a VistaShares DIVBoost Dividend Nobles Distribution ETF)

**WHEREAS,** Section 13 of the Agreement allows for its amendment by a written instrument executed by both parties and authorized or approved by the Board of Trustees of the Trust.

**NOW, THEREFORE,** the parties agree as follows:

**Exhibit A of the Agreement is hereby superseded and replaced in its entirety with Exhibit A attached hereto.** 

Except to the extent amended hereby, the Agreement shall remain in full force and effect.

**SIGNATURES ON NEXT PAGE** 

**IN WITNESS WHEREOF,** the parties hereto have caused this Sixteenth Amendment to be executed by a duly authorized officer on one or more counterparts as of the Effective Date.

---

| | |
|:---|:---|
| **TIDAL TRUST III** | **U.S. BANCORP FUND SERVICES, LLC** |
| By: | By: |
| Name: | Name: |
| Title: | Title: |
| Date: | Date: |

---

**Exhibit A to the** 

**Transfer Agent Servicing Agreement**

Separate Series of Tidal Trust III

<u>Name of Series</u>

---

| |
|:---|
| &nbsp;&nbsp;TradersAI Large Cap Equity & Cash ETF |
| &nbsp;&nbsp;Rockefeller Opportunistic Municipal Bond ETF |
| &nbsp;&nbsp;Rockefeller California Municipal Bond ETF |
| &nbsp;&nbsp;Rockefeller New York Municipal Bond ETF |
| &nbsp;&nbsp;Rockefeller Global Equity ETF |
| &nbsp;&nbsp;Rockefeller U.S. Small-Mid Cap ETF |
| &nbsp;&nbsp;4E Quality Growth ETF |
| &nbsp;&nbsp;GammaRoad Market Navigation ETF |
| &nbsp;&nbsp;Impact Shares Women's Empowerment ETF |
| &nbsp;&nbsp;Impact Shares NAACP Minority Empowerment ETF |
| &nbsp;&nbsp;VistaShares Artificial Intelligence Supercycle ETF |
| &nbsp;&nbsp;VistaShares Electrification Supercycle ETF |
| &nbsp;&nbsp;FIRE Funds™ Wealth Builder ETF |
| &nbsp;&nbsp;FIRE Funds™ Income Target ETF |
| &nbsp;&nbsp;Ninepoint Energy Income ETF |
| &nbsp;&nbsp;Ninepoint Energy ETF |
| &nbsp;&nbsp;Ned Davis Research 360° Core Equity ETF |
| &nbsp;&nbsp;Ned Davis Research 360° Dynamic Allocation ETF |
| &nbsp;&nbsp;Fundstrat Granny Shots US Large Cap ETF |
| &nbsp;&nbsp;The BeeHive ETF |
| &nbsp;&nbsp;NestYield Total Return Guard ETF |
| &nbsp;&nbsp;NestYield Dynamic Income Shield ETF |
| &nbsp;&nbsp;NestYield Visionary ETF |
| &nbsp;&nbsp;USCF Daily Target 2X Copper Index ETF |
| &nbsp;&nbsp;Battleshares™ NVDA vs INTC ETF |
| &nbsp;&nbsp;Battleshares™ AMZN vs M ETF |
| &nbsp;&nbsp;Battleshares™ COIN vs WFC ETF |
| &nbsp;&nbsp;Battleshares™ MSTR vs JPM ETF |
| &nbsp;&nbsp;Battleshares™ NFLX vs CMCSA ETF |
| &nbsp;&nbsp;Battleshares™ LLY vs YUM ETF |
| &nbsp;&nbsp;Battleshares™ GOOGL vs NYT ETF |
| &nbsp;&nbsp;TH GARP Global Rising Leaders ETF |
| &nbsp;&nbsp;TH GARP India Rising Leaders ETF |
| &nbsp;&nbsp;PEO Quest Liquid PE Replication ETF |
| &nbsp;&nbsp;World Dynamic Momentum Leaders ETF |
| &nbsp;&nbsp;VistaShares Target 15 USA Momentum Income ETF |
| &nbsp;&nbsp;VistaShares Target 15 USA Value Income ETF |
| &nbsp;&nbsp;VistaShares Target 15 USA Quality Income ETF |
| &nbsp;&nbsp;VistaShares Target 15 USA Low Volatility Income ETF |

---

---

| |
|:---|
| &nbsp;&nbsp;VistaShares Target 15 Berkshire Select Income ETF |
| &nbsp;&nbsp;Intech S&P Large Cap Diversified Alpha ETF |
| &nbsp;&nbsp;Intech S&P Small-Mid Cap Diversified Alpha ETF |
| &nbsp;&nbsp;MRP SynthEquity ETF |
| &nbsp;&nbsp;Alpha Brands™ Consumption Leaders ETF |
| &nbsp;&nbsp;VistaShares Animal Spirits Strategy ETF |
| &nbsp;&nbsp;Azoria Golden Age ETF |
| &nbsp;&nbsp;Azoria 500 Meritocracy ETF |
| &nbsp;&nbsp;Azoria TSLA Convexity ETF |
| &nbsp;&nbsp;Battleshares™ Bitcoin vs Ether ETF |
| &nbsp;&nbsp;Battleshares™ Ether vs Bitcoin ETF |
| &nbsp;&nbsp;Battleshares™ Bitcoin vs Gold ETF |
| &nbsp;&nbsp;Battleshares™ Gold vs Bitcoin ETF |
| &nbsp;&nbsp;VistaShares Target 15 ACKtivist Select Income ETF |
| &nbsp;&nbsp;VistaShares ACKtivist Select ETF |
| &nbsp;&nbsp;VistaShares BigShort Select ETF |
| &nbsp;&nbsp;VistaShares Target 15 BigShort Select Income ETF |
| &nbsp;&nbsp;VistaShares DRUKMacro Select ETF |
| &nbsp;&nbsp;VistaShares Target 15 DRUKMacro Select Income ETF |
| &nbsp;&nbsp; VistaShares Berkshire Select ETF <br> NovaTide Flexible Allocation ETF <br> Stoneport Advisors Commodity Long Short ETF <br> Fundstrat Granny Shots US Small- & Mid-Cap ETF <br> Fundstrat Granny Shots US Large Cap & Income ETF <br> VistaShares BitBonds 1-3 Yr Enhanced Weekly Distribution ETF <br> VistaShares BitBonds 5 Yr Enhanced Weekly Distribution ETF <br> VistaShares BitBonds 10 Yr Enhanced Weekly Distribution ETF <br> VistaShares BitBonds 20 Yr Enhanced Weekly Distribution ETF <br> VistaShares IPO and Income ETF <br> VistaShares Bitcoin Treasury Income ETF <br> VistaShares Ethereum Treasury Income ETF <br> VistaShares Ethereum Treasury ETF <br> VistaShares Target 15™ International Innovators Distribution ETF <br> VistaShares Target 15™ European High Dividend Payers Distribution ETF <br> VistaShares Target 15™ Global 100 Distribution ETF <br> VistaShares Target 15™ S&P 100 Distribution ETF <br> VistaShares DIVBoost Dividend Leaders Distribution ETF <br> VistaShares DIVBoost Dividend Champions Distribution ETF <br> VistaShares DIVBoost Sector Distribution ETF <br> VistaShares DIVBoost High Yield Bond Distribution ETF <br> VistaShares DIVBoost REIT Distribution ETF <br> VistaShares DIVBoost Energy Distribution ETF <br> VistaShares DIVBoost Utilities Distribution ETF <br> VistaShares TEPRTantrum Contrarian Select ETF <br> VistaShares Target 15 TEPRTantrum Contrarian Distribution ETF <br> VistaShares TPLoeb Event Driven Select ETF <br> VistaShares Target 15 TPLoeb Event Driven Distribution ETF <br> VistaShares TIGR Cub NextGen Select ETF  |

---

VistaShares Target 15 TIGR Cub NextGen Distribution ETF

VistaShares LAFFTech Select ETF

VistaShares Target 15 LAFFTech Distribution ETF

VistaShares HRVD Select ETF

VistaShares Target 15 HRVD Distribution ETF

VistaShares GATE Endowment Select ETF

VistaShares Target 15 GATE Endowment Distribution ETF

VistaShares Gulf Sovereign Select ETF

VistaShares Target 15 Gulf Sovereign Distribution ETF

VistaShares Nordic Wealth Select ETF

VistaShares Target 15 Nordic Wealth Distribution ETF

RCN Pareto Strategic Allocation ETF

U.S. Defense ETF

## Ex-99.(H)(Iii)(Xiv)

[Tidal Trust III 485BPOS](prto-485bpos_032326.htm)

**Exhibit 99.(h)(iii)(xiv)**

**SIXTEENTH AMENDMENT TO THE** 

**TIDAL TRUST III** 

**FUND ACCOUNTING SERVICING AGREEMENT**

**THIS SIXTEENTH AMENDMENT** effective as of the last date on the signature block (the "Effective Date"), to the Fund Accounting Servicing Agreement dated as of July 11, 2024, as amended, (the "Agreement"), is entered into by and between **TIDAL TRUST III**, a Delaware statutory trust (the "Trust"), and **U.S. BANCORP FUND SERVICES, LLC d/b/a U.S. BANK GLOBAL FUND SERVICES**, a Wisconsin limited liability company ("<u>Fund Services</u>").

**RECITALS**

**WHEREAS,** the parties have entered into the Agreement; and

**WHEREAS,** the parties desire to amend the Agreement to update Exhibit A to:

Add the following funds:

● RCN Pareto Strategic Allocation ETF

● U.S. Defense ETF

Remove the following fund:

● VistaShares Animal Spirits Daily 2x Strategy ETF

Reflect the following name changes:

● VistaShares DIVBoost Dividend Champions Distribution ETF (f/k/a VistaShares DIVBoost Dividend Kings Distribution ETF)

● VistaShares DIVBoost Dividend Leaders Distribution ETF (f/k/a VistaShares DIVBoost Dividend Nobles Distribution ETF)

**WHEREAS,** Section 15 of the Agreement allows for its amendment by a written instrument executed by both parties and authorized or approved by the Board of Trustees of the Trust.

**NOW, THEREFORE,** the parties agree as follows:

**Exhibit A of the Agreement is hereby superseded and replaced in its entirety with Exhibit A attached hereto.**

Except to the extent amended hereby, the Agreement shall remain in full force and effect.

**SIGNATURES ON NEXT PAGE** 

**IN WITNESS WHEREOF,** the parties hereto have caused this Sixteenth Amendment to be executed by a duly authorized officer on one or more counterparts as of the Effective Date.

---

| | |
|:---|:---|
| **TIDAL TRUST III** | **U.S. BANCORP FUND SERVICES, LLC** |
| By: | By: |
| Name: | Name: |
| Title: | Title: |
| Date: | Date: |

---

**Exhibit A to the**

**Fund Accounting Servicing Agreement**

Separate Series of Tidal Trust III

<u>Name of Series:</u>

---

| |
|:---|
| TradersAI Large Cap Equity & Cash ETF |
| Rockefeller Opportunistic Municipal Bond ETF |
| Rockefeller California Municipal Bond ETF |
| Rockefeller New York Municipal Bond ETF |
| Rockefeller Global Equity ETF |
| Rockefeller U.S. Small-Mid Cap ETF |
| 4E Quality Growth ETF |
| GammaRoad Market Navigation ETF |
| Impact Shares Women's Empowerment ETF |
| Impact Shares NAACP Minority Empowerment ETF |
| VistaShares Artificial Intelligence Supercycle ETF |
| VistaShares Electrification Supercycle ETF |
| FIRE Funds™ Wealth Builder ETF |
| FIRE Funds™ Income Target ETF |
| Ninepoint Energy Income ETF |
| Ninepoint Energy ETF |
| Ned Davis Research 360° Core Equity ETF |
| Ned Davis Research 360° Dynamic Allocation ETF |
| Fundstrat Granny Shots US Large Cap ETF |
| The BeeHive ETF |
| NestYield Total Return Guard ETF |
| NestYield Dynamic Income Shield ETF |
| NestYield Visionary ETF |
| USCF Daily Target 2X Copper Index ETF |
| Battleshares™ NVDA vs INTC ETF |
| Battleshares™ AMZN vs M ETF |
| Battleshares™ COIN vs WFC ETF |
| Battleshares™ MSTR vs JPM ETF |
| Battleshares™ NFLX vs CMCSA ETF |
| Battleshares™ LLY vs YUM ETF |
| Battleshares™ GOOGL vs NYT ETF |
| TH GARP Global Rising Leaders ETF |
| TH GARP India Rising Leaders ETF |
| PEO Quest Liquid PE Replication ETF |
| World Dynamic Momentum Leaders ETF |
| VistaShares Target 15 USA Momentum Income ETF |
| VistaShares Target 15 USA Value Income ETF |
| VistaShares Target 15 USA Quality Income ETF |
| VistaShares Target 15 USA Low Volatility Income ETF |

---

---

| |
|:---|
| VistaShares Target 15 Berkshire Select Income ETF |
| Intech S&P Large Cap Diversified Alpha ETF |
| Intech S&P Small-Mid Cap Diversified Alpha ETF |
| MRP SynthEquity ETF |
| Alpha Brands™ Consumption Leaders ETF |
| VistaShares Animal Spirits Strategy ETF |
| Azoria Golden Age ETF |
| Azoria 500 Meritocracy ETF |
| Azoria TSLA Convexity ETF |
| Battleshares™ Bitcoin vs Ether ETF |
| Battleshares™ Ether vs Bitcoin ETF |
| Battleshares™ Bitcoin vs Gold ETF |
| Battleshares™ Gold vs Bitcoin ETF |
| VistaShares Target 15 ACKtivist Select Income ETF |
| VistaShares ACKtivist Select ETF |
| VistaShares BigShort Select ETF |
| VistaShares Target 15 BigShort Select Income ETF |
| VistaShares DRUKMacro Select ETF |
| VistaShares Target 15 DRUKMacro Select Income ETF |
| VistaShares Berkshire Select ETF <br> NovaTide Flexible Allocation ETF <br> Stoneport Advisors Commodity Long Short ETF <br> Fundstrat Granny Shots US Small- & Mid-Cap ETF <br> Fundstrat Granny Shots US Large Cap & Income ETF <br> VistaShares BitBonds 1-3 Yr Enhanced Weekly Distribution ETF <br> VistaShares BitBonds 5 Yr Enhanced Weekly Distribution ETF <br> VistaShares BitBonds 10 Yr Enhanced Weekly Distribution ETF <br> VistaShares BitBonds 20 Yr Enhanced Weekly Distribution ETF <br> VistaShares IPO and Income ETF <br> VistaShares Bitcoin Treasury Income ETF <br> VistaShares Ethereum Treasury Income ETF <br> VistaShares Ethereum Treasury ETF <br> VistaShares Target 15™ International Innovators Distribution ETF <br> VistaShares Target 15™ European High Dividend Payers Distribution ETF <br> VistaShares Target 15™ Global 100 Distribution ETF <br> VistaShares Target 15™ S&P 100 Distribution ETF <br> VistaShares DIVBoost Dividend Leaders Distribution ETF <br> VistaShares DIVBoost Dividend Champions Distribution ETF <br> VistaShares DIVBoost Sector Distribution ETF <br> VistaShares DIVBoost High Yield Bond Distribution ETF <br> VistaShares DIVBoost REIT Distribution ETF <br> VistaShares DIVBoost Energy Distribution ETF <br> VistaShares DIVBoost Utilities Distribution ETF <br> VistaShares TEPRTantrum Contrarian Select ETF <br> VistaShares Target 15 TEPRTantrum Contrarian Distribution ETF <br> VistaShares TPLoeb Event Driven Select ETF <br> VistaShares Target 15 TPLoeb Event Driven Distribution ETF <br> VistaShares TIGR Cub NextGen Select ETF <br>|

---

VistaShares Target 15 TIGR Cub NextGen Distribution ETF

VistaShares LAFFTech Select ETF

VistaShares Target 15 LAFFTech Distribution ETF

VistaShares HRVD Select ETF

VistaShares Target 15 HRVD Distribution ETF

VistaShares GATE Endowment Select ETF

VistaShares Target 15 GATE Endowment Distribution ETF

VistaShares Gulf Sovereign Select ETF

VistaShares Target 15 Gulf Sovereign Distribution ETF

VistaShares Nordic Wealth Select ETF

VistaShares Target 15 Nordic Wealth Distribution ETF

RCN Pareto Strategic Allocation ETF

U.S. Defense ETF

## Ex-99.(I)(Xxxiv)

[Tidal Trust III 485BPOS](prto-485bpos_032326.htm)

**Exhibit 99.(i)(xxxiv)**

![](ex99ixxxiv001.jpg)

March 23, 2026

RCN Pareto Strategic Allocation ETF, a series of Tidal Trust III

234 West Florida Street, Suite 700

Milwaukee, Wisconsin 53204

Ladies and Gentlemen:

We have acted as counsel to Tidal Trust III, a Delaware statutory trust with transferable shares (the "Trust") in connection with the Trust's Post-Effective Amendment No. 177 to its Registration Statement filed on Form N-1A with the Securities and Exchange Commission (the "Amendment") relating to the issuance by the Trust of an unlimited number of shares of beneficial interest, with no par value per share (the "Shares") in respect of RCN Pareto Strategic Allocation ETF, a series of the Trust.

We have examined copies, either certified or otherwise proved to be genuine to our satisfaction, of the Trust's Third Amended and Restated Declaration of Trust ("Declaration of Trust") and Amended and Restated By-Laws ("By-laws"), and other documents relating to its organization, operation, and proposed operation, and we have made such other investigations as, in our judgment, are necessary or appropriate to enable us to render the opinion expressed below.

We express no opinion herein as to any laws other than Chapter 38 of Title 12 of the Delaware Code Annotated, as amended, entitled "Treatment of Delaware Statutory Trusts" (the "Delaware Statutory Trust Act") and the federal laws of the United States. We call to your attention that our opinion herein is based solely upon our examination of the Delaware Statutory Trust Act as currently in effect.

This letter expresses our opinion as to the provisions of the Declaration of Trust, but does not extend to the Delaware Uniform Securities Act, or to other state securities laws.

Based upon the foregoing and subject to the qualifications set forth herein, we hereby advise you that, in our opinion:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The
 Trust is validly existing as a statutory trust under the laws of the State of Delaware.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The
 Trust is authorized to issue an unlimited number of shares of beneficial interest, the
 Shares have been duly and validly authorized by all action of the Trustees of the Trust,
 and no action of the shareholders of the Trust is required in such connection.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The
 Shares, when issued in accordance with the Declaration of Trust and By-laws, will be
 legally issued, fully paid and non-assessable by the Trust.

March 23, 2026

We understand that this opinion is to be used in connection with the registration of the Shares for offering and sale pursuant to the 1933 Act. We consent to the filing of this opinion with and as a part of the Registration Statement. In giving such consent, we do not thereby admit that we come within the category of persons whose consent is required under Section 7 of the 1933 Act or the rules and regulations promulgated thereunder. We also hereby consent to the use of our name as legal counsel in the Registration Statement.

Very truly yours,<br>/s/ Sullivan & Worcester LLP <br> SULLIVAN & WORCESTER LLP<br>DP/RLS<br>

## Ex-99.(J)

[Tidal Trust III 485BPOS](prto-485bpos_032326.htm)

**Exhibit 99.(j)**

**CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

We consent to the references to our firm in the Post-Effective Amendment No. 177 and Amendment No. 180, to the Registration Statement on Form N-1A of RCN Pareto Strategic Allocation ETF, a series of Tidal Trust III.

**/s/ TAIT, WELLER & BAKER LLP**

**Philadelphia, Pennsylvania**

**March 23, 2026**

## Ex-99.(M)

[Tidal Trust III 485BPOS](prto-485bpos_032326.htm)

**Exhibit 99.(m)**

**Amended and Restated**

**Rule 12b-1 Distribution and Servicing Plan**

**Tidal Trust III**

**1. <u>The Trust</u>.** Tidal Trust III (formerly known as Impact Shares Trust I) (the "Trust") is an open-end management investment company registered as such under the Investment Company Act of 1940, as amended (the "1940 Act"), and organized as a series trust (each series of the Trust is referred to herein as a "Fund").

**2. <u>The Plan</u>.** The Trust desires to adopt a plan of distribution pursuant to Rule 12b-1 under the 1940 Act with respect to the shares of beneficial interest ("Shares") of each Fund, and the Board of Trustees of the Trust (the "Board of Trustees") has determined that there is a reasonable likelihood that adoption of this Rule 12b-1 Plan (the "Plan") will benefit each Fund and the holders of its Shares. Accordingly, each Fund hereby adopts this Plan in accordance with Rule 12b-1 under the 1940 Act on the following terms and conditions (capitalized terms not otherwise defined herein have the meanings assigned thereto in the Funds' registration statement under the 1940 Act and under the Securities Act of 1933, as amended, as such registration statement is amended by any amendments thereto at the time in effect).

**3. <u>The Distributor</u>.** The Trust has entered into a written Distribution Agreement with the Trust's distributor (the "Distributor"), pursuant to which the Distributor will act as the principal underwriter with respect to the distribution of Shares as described in the Funds' registration statement for each Fund.

**4. <u>Payments</u>.** Each Fund may pay fees to the Distributor, or to such person or persons as may from time to time be designated by the Distributor, pursuant to this Plan at annual rates set forth on Exhibit A attached hereto, or such lower rates, if any, as may hereafter be determined from time to time by the Board of Trustees as compensation for services rendered in connection with the sale of such Shares by the Distributor and related expenses incurred by the Distributor. Payments made hereunder may be used by the Distributor for any purpose, including (but not limited to) to compensate the Distributor, the Fund's investment adviser or any of their affiliates, as well as any banks, broker/dealers or other financial institutions for distribution or sales support services rendered, and related expenses incurred, for or on behalf of a Fund. The Distributor may also use the fees hereunder for the provision of personal services to investors in the Shares and/or the maintenance of shareholder accounts, and it is intended that, to the extent such fees are so used, such fees qualify as "service fees" as defined in Rule 2830 of the NASD Manual of the Financial Industry Regulatory Authority ("FINRA"). All agreements related to this Plan shall be in writing and shall provide: (A) that such agreement may be terminated at any time, without payment of any penalty, by vote of a majority of 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 operator of this Plan or in any agreement related to this Plan (the "Independent Trustees") or by a vote of a majority of the outstanding voting securities (as defined in the 1940 Act) of the Fund, on not more than 60 days' written notice to any other party to the agreement, and (B) that such agreement shall terminate automatically in the event of its assignment (as defined in the 1940 Act).

**5. <u>Effective Date</u>.** This Plan shall become effective upon approval by a vote of both a majority of the Board of Trustees and a majority of the Independent Trustees, cast in person at a meeting called for the purpose of voting on this Plan.

**6. <u>Term</u>.** This Plan shall, unless terminated as hereinafter provided, remain in effect with respect to the Fund for one year from its effective date and shall continue thereafter, provided that its continuance is specifically approved at least annually by a vote of both a majority of the Trustees and a majority of Independent Trustees, cast in person at a meeting called for the purpose of voting on this Plan.

**7. <u>Amendment</u>.** This Plan may be amended at any time by the Board of Trustees, provided that, except to the extent permitted by applicable law (a) any amendment to increase materially the rate at which payments may be made by a Fund under this Plan shall be effective only upon approval by a vote of a majority of the outstanding voting securities (as such term is defined in the 1940 Act) of the Fund, and (b) any material amendment of this Plan shall be effective only upon approval by a vote of both a majority of the Board of Trustees and a majority of the Independent Trustees, cast in person at a meeting called for the purpose of voting on such amendment.

**8. <u>Termination</u>.** This Plan may be terminated with respect to a Fund at any time, without payment of any penalty, by vote of a majority of the Independent Trustees, or by vote of a majority of the outstanding voting securities (as such term is defined in the 1940 Act) of the Fund. In the event of termination or non-continuance of this Plan, the Trust may reimburse any expense that it incurred prior to such termination or non-continuance, provided that such reimbursement is specifically approved by both a majority of the Board of Trustees and a majority of the Independent Trustees.

**9. <u>Reports</u>.** While this Plan is in effect, the Distributor shall provide to the Trustees, and the Trustees shall review, at least quarterly, a written report of the amounts expended pursuant to the Plan and the purposes for which such expenditures were made.

**10. <u>Records</u>.** The Trust shall preserve copies of this Plan, each agreement related hereto and each report referred to in paragraph 9 hereof for a period of at least six years from the date of the Plan, agreement and report, the first two years in an easily accessible place.

**11. <u>Independent Trustees</u>.** While this Plan is in effect, the selection and nomination of Independent Trustees shall be committed to the discretion of the Trustees who are not "interested persons" of the Trust (as defined in the 1940 Act).

**12. <u>Severability</u>.** If any provision of the Plan shall be held or made invalid by a court decision, statute, rule or otherwise, the remainder of the Plan shall not be affected thereby.

Plan adopted: April 12, 2018

Amended and Restated: May 7, 2024

Amended: March 11, 2026

**EXHIBIT A TO** 

**AMENDED AND RESTATED RULE 12b-1 DISTRIBUTION AND SERVICING PLAN**

**As of March 1!, 2026**

The fees payable to the Distributor under this Plan shall not exceed, with respect to a particular Fund, if applicable, on an annualized basis, the percentage of such Fund's average daily net assets set forth below next to the Fund's name.

---

| | |
|:---|:---|
| **<u>Fund</u>** | **<u>Fee Limitation</u>** |
| Impact Shares Women's Empowerment ETF | 0.25% |
| Impact Shares NAACP Minority Empowerment ETF | 0.25% |
| TradersAI Large Cap Equity & Cash ETF | 0.25% |
| Rockefeller Opportunistic Municipal Bond ETF | 0.25% |
| Rockefeller California Municipal Bond ETF | 0.25% |
| Rockefeller New York Municipal Bond ETF | 0.25% |
| Rockefeller Global Equity ETF | 0.25% |
| Rockefeller U.S. Small-Mid Cap ETF | 0.25% |
| 4E Quality Growth ETF | 0.25% |
| GammaRoad Market Navigation ETF | 0.25% |
| VistaShares Artificial Intelligence Supercycle ETF | 0.25% |
| VistaShares Electrification Supercycle ETF | 0.25% |
| Fundstrat Granny Shot US Large Cap ETF | 0.25% |
| Ned Davis Research 360<sup>o</sup> Dynamic Allocation ETF | 0.25% |
| Ned Davis Research 360º Core Equity ETF | 0.25% |
| Ninepoint Energy ETF | 0.25% |
| Ninepoint Energy Income ETF | 0.25% |
| The BeeHive ETF | 0.25% |
| NestYield Total Return Guard ETF | 0.25% |
| NestYield Dynamic Income ETF | 0.25% |
| NestYield Visionary ETF | 0.25% |
| USCF Daily Target 2X Copper Index ETF | 0.25% |
| Battleshares™ NVDA vs INTC ETF | 0.25% |
| Battleshares™ TSLA vs F ETF | 0.25% |
| Battleshares™ AMZN vs M ETF | 0.25% |
| Battleshares™ COIN vs WFC ETF | 0.25% |
| Battleshares™ MSTR vs JPM ETF | 0.25% |
| Battleshares™ NFLX vs CMCSA ETF | 0.25% |
| Battleshares™ LLY vs YUM ETF | 0.25% |
| Battleshares™ GOOGL vs NYT ETF | 0.25% |
| TH GARP Global Rising Leaders ETF | 0.25% |
| TH GARP India Rising Leaders ETF | 0.25% |
| PEO Quest Liquid PE Replication ETF | 0.25% |
| World Dynamic Momentum Leaders ETF | 0.25% |
| VistaShares Target 15 Berkshire Select Income ETF | 0.25% |
| VistaShares Target 15 USA Momentum Income ETF | 0.25% |
| VistaShares Target 15 USA Value Income ETF | 0.25% |
| VistaShares Target 15 USA Quality Income ETF | 0.25% |
| VistaShares Target 15 USA Low Volatility Income ETF | 0.25% |

---

---

| | |
|:---|:---|
| Intech S&P Large Cap Diversified Alpha ETF | 0.25% |
| Intech S&P Small-Mid Cap Diversified Alpha ETF | 0.25% |
| MRP SynthEquity ETF | 0.25% |
| Alpha Brands™ Consumption Leaders ETF<br>VistaShares Animal Spirits Strategy ETF  | 0.25%<br>0.25%  |
| VistaShares Animal Spirits Daily 2X Strategy ETF | 0.25% |
| Azoria Golden Age ETF | 0.25% |
| 2X Daily Software Platform ETF | 0.25% |
| Battleshares™ Bitcoin vs Ether ETF | 0.25% |
| Battleshares™ Ether vs Bitcoin ETF | 0.25% |
| Battleshares™ Bitcoin vs Gold ETF | 0.25% |
| Battleshares™ Gold vs Bitcoin ETF | 0.25% |
| VistaShares Target 15 ACKtivist Distribution ETF | 0.25% |
| VistaShares ACKtivist Select ETF | 0.25% |
| VistaShares BigShort Select ETF | 0.25% |
| VistaShares Target 15 BigShort Distribution ETF | 0.25% |
| VistaShares DRUKMacro Select ETF | 0.25% |
| VistaShares Target 15 DRUKMacro Distribution ETF | 0.25% |
| VistaShares Berkshire Select ETF | 0.25% |
| NovaTide Flexible Allocation ETF | 0.25% |
| Stoneport Advisors Commodity Long Short ETF | 0.25% |
| VistaShares BitBonds 1-3 Yr Enhanced Weekly Distribution ETF | 0.25% |
| VistaShares BitBonds 5 Yr Enhanced Weekly Distribution ETF | 0.25% |
| VistaShares BitBonds 10 Yr Enhanced Weekly Distribution ETF | 0.25% |
| VistaShares BitBonds 20 Yr Enhanced Weekly Distribution ETF | 0.25% |
| VistaShares Bitcoin Treasury Income ETF | 0.25% |
| VistaShares Ethereum Treasury Income ETF | 0.25% |
| VistaShares Ethereum Treasury ETF | 0.25% |
| VistaShares IPO and Income ETF | 0.25% |
| VistaShares Target 15™ International Innovators Income ETF | 0.25% |
| VistaShares Target 15™ European High Dividend Payers Income ETF | 0.25% |
| VistaShares Target 15™ S&P 100 Distribution ETF | 0.25% |
| VistaShares Target 15™ Global 100 Distribution ETF | 0.25% |
| Fundstrat Granny Shots US Small- & Mid-Cap ETF | 0.25% |
| Fundstrat Granny Shots US Large Cap & Income ETF | 0.25% |
| VistaShares DIVBoost Dividend Nobles Distribution ETF | 0.25% |
| VistaShares DIVBoost Dividend Kings Distribution ETF | 0.25% |
| VistaShares DIVBoost Sector Distribution ETF | 0.25% |
| VistaShares DIVBoost High Yield Bond Distribution ETF | 0.25% |
| VistaShares DIVBoost REIT Distribution ETF | 0.25% |
| VistaShares DIVBoost Energy Distribution ETF | 0.25% |
| VistaShares DIVBoost Utilities Distribution ETF | 0.25% |
| VistaShares TEPRTantrum Contrarian Select ETF | 0.25% |

---

---

| | |
|:---|:---|
| VistaShares Target 15 TEPRTantrum Contrarian Distribution ETF | 0.25% |
| VistaShares TPLoeb Event Driven Select ETF | 0.25% |
| VistaShares Target 15 TPLoeb Event Driven Distribution ETF | 0.25% |
| VistaShares TIGR Cub NextGen Select ETF | 0.25% |
| VistaShares Target 15 TIGR Cub NextGen Distribution ETF | 0.25% |
| VistaShares LAFFTech Select ETF | 0.25% |
| VistaShares Target 15 LAFFTech Distribution ETF | 0.25% |
| VistaShares HRVD Select ETF | 0.25% |
| VistaShares Target 15 HRVD Distribution ETF | 0.25% |
| VistaShares GATE Endowment Select ETF | 0.25% |
| VistaShares Target 15 GATE Endowmwn Distribution ETF | 0.25% |
| VistaShares Gulf Soveriegn Select ETF | 0.25% |
| VistaShares Target 15 Gulf Sovereign Distribution ETF | 0.25% |
| VistaShares Nordic Wealth Select ETF | 0.25% |
| VistaShares Target 15 Nordic Wealth Distribution ETF | 0.25% |
| RCN Pareto Strategic Allocation ETF | 0.25% |
| U.S. Defense ETF | 0.25% |

---

## Ex-99.(P)(Iv)

[Tidal Trust III 485BPOS](prto-485bpos_032326.htm)

**Exhibit 99.(p)(iv)**

![](ex99piv001.jpg)

Internal Use Only

**Table of Contents**

---

| | |
|:---|:---|
| **<u>Introduction-Rockefeller Capital Management Code of Ethics</u>** | 3 |
| **<u>Commitment to Integrity</u>** | 4 |
| **<u>The Code of Ethics Applies to All of Us</u>** | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Supervised Persons</u> | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>RCM Policies and Procedures</u> | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Code Violations</u> | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>About Rockefeller Capital Management</u> | 7 |
| **<u>Acting with Integrity</u>** | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Avoiding Conflicts of Interest</u> | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Gifts & Entertainment</u> | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Outside Business Activities</u> | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Personal Account Trading</u> | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Political Contributions</u> | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Charitable Contributions</u> | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Certifications of Compliance</u> | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Firm-Required Training</u> | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Prohibited Practices Related to Approved, Completed, or Signed Documentation</u> | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Work-Related Conduct</u> | 17 |
| **<u>Compliance with the Law</u>** | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Cooperation with Regulators</u> | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Required Disclosures</u> | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Obeying the Law and Reporting Code Violations</u> | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Raising Concerns</u> | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Anti-Bribery and Anti-Corruption</u> | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Anti-Money Laundering/Sanctions</u> | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Anti-Tax Evasion</u> | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Maintaining Accurate Books and Records</u> | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Business-Related Electronic Communications</u> | 23 |
| **<u>Safeguarding Information</u>** | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Protection of Client, Proprietary, and Other Confidential Information</u> | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Material Non-Public Information and Insider Trading</u> | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Cybersecurity, Privacy, and Data Protection</u> | 26 |
| **<u>Thank You</u>** | 27 |
| **<u>Code of Ethics Resources</u>** | 28 |

---

Internal Use Only 2

Rockefeller Capital Management Code of Ethics

Around the world, the Rockefeller name embodies a unique reputation to be treasured and protected. At all times, we are committed to conducting our business with uncompromising integrity to the highest standards. To strengthen and deepen that commitment, we must each assume responsibility for our actions.

The Rockefeller Capital Management Code of Ethics ("Code") represents our individual and collective obligation to preserve and protect the Firm's principles, shaped by over 140 years working alongside members of the Rockefeller family. This requires that we each do our part, even when not expedient or easy to do so.

We recommend you use this Code as a resource and compass to guide your decision-making and actions. If you have questions about the Code of Ethics or any related policy, seek guidance from your manager, the Legal & Compliance Department, or other contact referenced in this Code.

![](ex99piv002.jpg)

Internal Use Only 3

Commitment to Integrity

This Code of Ethics is rooted in Rockefeller Capital Management's ("RCM," "Rockefeller," or "Firm") core value of Commitment to Integrity. While we strictly adhere to the principle "Do the right thing," our Commitment to Integrity signifies Rockefeller's unwavering dedication to upholding an ethical culture.

Neither Rockefeller's Code nor its policies can anticipate or address every possible issue or situation that may arise, and the proper course of action may not always be clear.

When something doesn't feel right or there is any uncertainty as to the appropriate decision or course of action, asking yourself questions through the lens of the Firm's values and standards can help you decide how to proceed.

Internal Use Only 4

![](ex99piv005.jpg)

Internal Use Only 5

Supervised Persons

This Code outlines the standards of ethical conduct we expect from ourselves and each other. Rockefeller has adopted this Code to affirm the values and principles that guide the business conduct of the Firm and its Supervised Persons.

**Supervised Persons** include any**:**

&nbsp;&nbsp;&nbsp;&nbsp;● Partner,
 officer, director (or other person occupying a similar status or performing similar functions);

&nbsp;&nbsp;&nbsp;&nbsp;● Employee,
 contingent worker, and intern of Rockefeller and its subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;● Other
 person who provides investment advice on behalf of Rockefeller; or

&nbsp;&nbsp;&nbsp;&nbsp;● Other
 person subject to Rockefeller's supervision and control who the Legal & Compliance
 Department determines is subject to the Code.

Compliance with the Code is a term and condition of each Supervised Person's employment. While you are not expected to know the details of every law governing the Firm's business, you are expected to be familiar with and adhere to the Firm's Code of Ethics and policies and procedures applicable to RCM, your business line, and job responsibilities.

&nbsp;&nbsp; <br> There is zero tolerance for unethical behavior at Rockefeller, and ignorance of the Code or Firm policy is no excuse for violating it.<br>

Policies & Procedures

The Code provides an overview of expected conduct in a number of key areas, but it does not constitute a comprehensive set of requirements. Rather, many of the principles and standards stated in the Code are detailed in separate Firm policies and procedures.

Therefore, RCM's Code of Ethics must be read along with other applicable Compliance policies, which can be found on RCM's Policies & Procedures Portal.

---

| |
|:---|
| &nbsp;&nbsp;**RESOURCES AND CONTACTS** |
| &nbsp;&nbsp;● <u>RCM Policies and Procedures Portal</u> |

---

Code Violations

Noncompliance with Rockefeller's Code of Ethics can put our clients and colleagues at risk, result in significant legal and regulatory exposure for the Firm, and subject Rockefeller's legacy to serious reputational harm. Non-adherence to this policy may subject you to disciplinary and/or other corrective actions.

Regardless of business line, position, or seniority, all Supervised Persons must comply with the laws and regulations governing our businesses, adhere to Firm policies and procedures, and maintain the highest ethical standards in all we do.

Internal Use Only 6

About Rockefeller Management

**Rockefeller Capital Management LP** is the holding company of various operating subsidiaries, including (i) Rockefeller Financial LLC, (ii) Rockefeller & Co. LLC, (iii) Rockefeller Trust Company, N.A., and (iv) The Rockefeller Trust Company (Delaware) (collectively, "Rockefeller" or the "Firm").

**Rockefeller Financial LLC** is dually registered with the U.S. Securities & Exchange Commission (SEC) as an investment adviser and broker-dealer.

**Rockefeller & Co. LLC** is registered with the SEC as an investment adviser.

**Rockefeller Trust Company, N.A.** is a national trust bank regulated by the Office of the Comptroller of the Currency, and

**The Rockefeller Trust Company (Delaware)** is a limited purpose trust company regulated by the Office of the State Bank Commissioner of the State of Delaware.

This Code requires the Firm and its Supervised Persons to comply with the federal securities laws, and it fulfills the Firm's obligations to its clients under the Investment Advisers Act of 1940, as amended (the "Advisers Act") and Rule 17j-1 under the Investment Company Act of 1940, as amended (the "Investment Company Act") with respect to registered investment companies advised by Rockefeller & Co. LLC. The Code is intended to reflect the fiduciary principles that govern the conduct of the Firm and its Supervised Persons in those situations where the Firm acts as an investment advisor as defined under the Advisers Act and is providing

For **Rockefeller Asset Management** Supervised Persons, Rule 206(4)-8 under Section 206 generally prohibits an investment adviser from making false or misleading statements, omitting material facts, or engaging in fraudulent, deceptive, or manipulative conduct with respect to investors and prospective investors in investment funds advised by the investment adviser; and Rule17j-1 prohibits any affiliate of a fund or its investment adviser or principal underwriter from engaging in fraudulent conduct in connection with the purchase or sale of securities held or to be acquired by the fund. It is unlawful for any investment adviser, directly or indirectly: (i) to employ a device, scheme, or artifice to defraud any client or prospective client; (ii) to engage in any transaction, practice or course of business which operates as a fraud or deceit upon any client or prospective client; (iii) acting as a principal for his own account, knowingly to sell any security to or purchase any security from a client, or acting as a broker for a person other than a client, knowingly to effect any sale or purchase of any security for the account of such client; or (iv) to engage in any act, practice, or course of business which is fraudulent, deceptive, or manipulative.

![](ex99piv006.jpg)

Internal Use Only 7

![](ex99piv007.jpg)

Internal Use Only 8

Avoiding Conflicts of Interest

A conflict may arise when the interest of the Firm, an Employee, or a Client are in actual or perceived opposition. Conflicts pose risks that decisions or actions may be improperly influenced by personal or other motivations that have the potential to harm clients, colleagues, and/or the Firm.

To ensure Rockefeller maintains its reputation and commitment to the highest ethical standards, the Firm has established a Conflicts of Interest Policy that requires Rockefeller, its various business units, and Supervised persons to:

● Identify and manage conflicts through an established conflicts framework;

● Be vigilant about whether activities or relationships could create an actual or potential conflict of interest, or even the appearance of a conflict, and avoid those activities or relationships; and

● Adhere to the Conflicts of Interest Policy to eliminate and/or mitigate any conflicts.

Where a conflict cannot be avoided, it must be disclosed so the Firm can review and manage the conflict in an appropriate manner.

![](ex99piv008.jpg)

Internal Use Only 9

Avoiding Conflicts of Interest

**CONFLICT MANAGEMENT GUIDING PRINCIPLES** 

Many conflicts can be effectively managed, mitigated, or avoided by following these guiding principles:

---

| | |
|:---|:---|
| ![](ex99piv010.jpg) | Be cognizant of situations that could create an actual, potential, or perceived conflict. |

---

---

| | |
|:---|:---|
| ![](ex99piv010.jpg) | Always put the best interest of the customer ahead of your own. |

---

---

| | |
|:---|:---|
| ![](ex99piv010.jpg) | If there is a conflict, disclose it. |

---

---

| | |
|:---|:---|
| ![](ex99piv010.jpg) | Follow Rockefeller policies and procedures designed to mitigate conflicts of interest. |

---

---

| | |
|:---|:---|
| ![](ex99piv010.jpg) | Escalate potential conflicts to a supervisor or Compliance. |

---

&nbsp;&nbsp;**RESOURCES AND CONTACTS**

● <u>RCM Conflicts of Interest Policy</u> 

● <u>RCM Policy on Customer Complaints</u> 

● <u>RCM Gift and Entertainment Compliance Policy</u> 

● <u>RCM Outside Business Activities (OBA) Compliance Policy</u> 

● <u>RCM Information Barriers Policy</u> 

● <u>RCM Personal Account Trading Compliance Policy</u> 

● <u>RFLLC Compliance Manual</u> 

● <u>RTCDE Policies and Procedures Manual</u> 

● <u>RTCNA Policies and Procedures Manual</u> 

**RAM EMPLOYEES** 

There are potential conflicts that may arise as a consequence of the business and other relationships of RAM's Supervised Persons' immediate family and other close, personal relationships.

RAM requires Supervised Persons to complete a questionnaire to disclose certain family and close, personal relationships that may give rise to actual or potential material conflicts of interest and will seek to identify and address any actual or potential material conflicts of interest arising from these relationships.

![](ex99piv009.jpg)

Internal Use Only 10

Gifts & Entertainment

While the giving or receiving of gifts and entertainment has become a common industry practice, it is especially important that our actions remain consistent with Rockefeller's high ethical standards and commitment to effective conflict of interest management.

The Gift and Entertainment Compliance Policy provides guidance on gift and entertainment limits and books and records requirements, which may vary depending upon the business line you work for. It also addresses non-cash compensation requirements.

The Gift and Entertainment Compliance Policy prohibits the receipt of cash/cash equivalents, gifts in connection with an ERISA plan, and gifts or entertainment in connection with any government or foreign official.

&nbsp;&nbsp;**RESOURCES AND CONTACTS**

● <u>RCM Gift and Entertainment Compliance Policy</u> 

● <u>MyApps / StarCompliance</u> 

● <u>StarCompliance User Guide & FAQs</u> 

● <u>Email the Code of Ethics (COE) Compliance Team</u> 

Outside Business Activities (OBAs)

Our obligation to Rockefeller's clients and each other to use good judgment and maintain high ethical standards in all we do extends to participation in any business activity outside the scope of our relationship with Rockefeller. Examples include, but are not limited to, serving as a trustee, officer, or board member to a non-profit organization, full or partial ownership in a private operating business, and serving on the board of a condo association.

The Outside Business Activities (OBA) Compliance Policy requires all OBAs be disclosed and submitted for approval. Supervised Persons are prohibited from engaging in an OBA prior to obtaining the required approvals.

&nbsp;&nbsp;**RESOURCES AND CONTACTS**

● <u>RCM Outside Business Activities (OBA) Compliance Policy</u> 

● <u>RCM Conflicts of Interest Policy</u> 

● <u>RCM Information Barriers Policy</u> 

● <u>RCM Personal Account Trading Compliance Policy</u> 

● <u>MyApps / StarCompliance</u> 

● <u>Email the Code of Ethics (COE) Compliance Team</u>![](ex99piv011.jpg)

Internal Use Only 11

Personal Account Trading

Rockefeller recognizes the importance to Supervised Persons of being able to manage and develop their own and their dependents' financial resources through long-term investments and strategies. At the same time, when conducting personal account trading, Supervised Persons must always place the interests of RCM clients first, avoid actual, potential, or perceived conflicts of interest, and comply with all applicable laws and regulations.

**KEY REQUIREMENTS INCLUDE:** 

Rockefeller is subject to various laws and/or regulations governing the personal trading of securities that, if not adhered to, subject the Firm to legal, regulatory, and reputation risk. Rockefeller has established requirements and limitations on personal account trading to minimize potential conflicts of interest and ensure regulatory compliance. These requirements and limits may vary depending on the business line you work for and position within the Firm.

● All employees are required to maintain their personal accounts at an approved broker; Managing Directors and/or Private Advisors are required to maintain their personal accounts at RCM.

● Employees are prohibited from transacting in securities on the Firm's Restricted List, including any derivative of such security or any other related security. Employees are required to consult the Restricted List prior to placing any personal trades.

● The following employees must preclear all transactions in all Personal Accounts, except for transactions in Exempt Instruments and transactions in Managed Accounts with third-party discretionary authority:

> The President and CEO of RCM, (including his direct reports),

---

| | |
|:---|:---|
| > | RAM, |

---

> Corporate Finance,

---

| | |
|:---|:---|
| > | I&CS, |

---

> Legal & Compliance,

---

| | |
|:---|:---|
| > | Risk, |

---

> RGIB, and

> Any other Covered Person (as defined in the Personal Account Trading Policy) designated by senior management of the Firm because of their access to information.

● All RCM Employees and their immediate family members are required to preclear Private Securities Transactions (hedge funds, private equity funds, direct private equity investments, etc.) via the Private Transactions icon found on StarCompliance's dashboard. However, Private Securities purchased or sold in an RCM account do not require such pre-clearance (unless the employee is a member of I&CS, to which additional requirements apply).

Internal Use Only 12

Personal Account Trading

**PRIVATE ADVISORS AND MANAGING DIRECTORS**

Supervised Persons who are Private Advisors or Managing Directors are required to transfer their Personal Accounts to RCM within 90 calendar days of commencing employment at RCM or change in status. Any exception request must be submitted through StarCompliance and approved by the RCM employee's supervisor and/or line manager and RCM's Chief Operating Officer.

&nbsp;&nbsp;**RESOURCES AND CONTACTS**

● <u>RCM Personal Account Trading Compliance Policy</u> 

 (See Exhibit A for list of approved brokers)

● <u>StarCompliance User Guide & FAQs</u> 

● <u>RCM Restricted List</u> 

● <u>MyApps / StarCompliance</u> 

● <u>Email the Code of Ethics (COE) Compliance Team</u> 

**PRIVATE ADVISORS AND TEAM MEMBERS**

Supervised Persons who are a Private Advisor or a team member of a Private Advisor that has or obtains a client who is a publicly traded company or an officer, director, or beneficial owner of more than 10% of the voting shares of a public company must:

● Disclose and document in writing, the details of the insider account, to a member of their Divisional Management Team;

● Work with their Divisional Management Team to notate the relationship to the public company on applicable Wealthscape account (suitability) profile screens;

● Request and obtain pre-approval through StarCompliance prior to effecting any personal transactions in the securities of that company; and

● Effect personal transactions in the securities of the company only within the pre-defined quarterly personal trading window.

![](ex99piv012.jpg)

Internal Use Only 13

Political Contribution

There has been an increase in restrictions on political activity by companies and their employees, and sometimes those employees' immediate family members, who conduct business with government entities. Violations, even if unintentional, can have a significant negative impact on the Firm.

Supervised Persons must request prior review and receive written approval from Compliance before making, soliciting, or coordinating any political contribution. Immediate family members of certain Supervised Persons are also prohibited from making, soliciting, or coordinating any political contribution in certain jurisdictions, as outlined in the Political Contributions Compliance Policy. RCM Management Committee members are prohibited from making, soliciting, or coordinating any political contributions.

&nbsp;&nbsp;**RESOURCES AND CONTACTS**

● <u>RCM</u> <u>Political Contributions Compliance Policy</u> 

● <u>MyApps / StarCompliance</u> 

● <u>Email the Code of Ethics (COE) Compliance Team</u>![](ex99piv014.jpg)

Charitable Contributions

Rockefeller is committed to supporting our communities. However, (501(c)(3) charitable contributions must not be made by any Supervised Person with the intention of influencing such charity to become an RCM client or vendor, or in exchange for business or services of any kind.

Supervised Persons are prohibited from soliciting charitable contributions from clients, prospects, or vendors if it creates a material conflict of interest, and are required to obtain pre-approval from their business line manager for business-related charitable contributions, including sponsorship of charitable events.

&nbsp;&nbsp;**RESOURCES AND CONTACTS**

● <u>RCM</u> <u>Political Contributions Compliance Policy</u> 

● <u>MyApps / StarCompliance</u> 

● <u>Email the Code of Ethics (COE) Compliance Team</u>![](ex99piv013.jpg)

Internal Use Only 14

Compliance Certifications

To emphasize the importance of certain obligations and/or meet regulatory requirements, Supervised Persons must periodically complete a certification of compliance related to one or more topics. The certifications serve as an acknowledgement that the Supervised Person has received, read, understood, complied with, and/or agreed to continue to comply with, the subject of the certification.

**Certifications of compliance** include, but are not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;● RCM
 New Hire Personal Disclosures & Certifications

&nbsp;&nbsp;&nbsp;&nbsp;● RCM
 New Hire Electronic Communications Compliance

&nbsp;&nbsp;&nbsp;&nbsp;● RCM
 ADV Disciplinary Questionnaire for New Hires

&nbsp;&nbsp;&nbsp;&nbsp;● New
 Hire Code of Ethics & Policy Certification

&nbsp;&nbsp;&nbsp;&nbsp;● Quarterly
 Electronic Communications Compliance Certification

&nbsp;&nbsp;&nbsp;&nbsp;● Annual
 Code of Ethics & Policy Certification

&nbsp;&nbsp;&nbsp;&nbsp;● Annual
 Personal Disclosures Report & Certification

&nbsp;&nbsp;&nbsp;&nbsp;● RCM
 ADV Disciplinary Questionnaire Annual

***Note:*** *Personal Disclosures includes Broker Accounts, Holdings, Private Investments, OBAs, and Political Contributions.*

&nbsp;&nbsp;**RESOURCES AND CONTACTS**

● <u>MyApps / StarCompliance</u> 

● <u>StarCompliance User Guide & FAQs</u> 

● <u>Email the Code of Ethics (COE) Compliance Team</u> 

Firm-Required Training

At Rockefeller, our steadfast commitment to excellence guides all that we do. Continuous learning and improvement are key contributors to our pursuit of excellence. **New Hire Compliance Training and Firm-Required Training** play a pivotal role in achieving this goal by enhancing our knowledge and understanding of relevant laws, rules, and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;● New
 Hire Supervised Persons are required to complete mandatory foundational training upon
 joining the Firm.

&nbsp;&nbsp;&nbsp;&nbsp;● All
 Supervised Persons are required to complete mandatory Firm-Required Training as assigned
 throughout the year.

![](ex99piv015.jpg)

&nbsp;&nbsp;**RESOURCES AND CONTACTS**

● <u>MyApps / Reg/Ed</u> 

● <u>RegEd Login Instructions</u> 

● <u>Email the Code of Ethics (COE) Compliance Team</u> 

Internal Use Only 15

Prohibited Practices Related to Approval, Completed, or Signed Documentations

Prohibited practices related to approved, completed, or signed documentation include but are not limited to the following:

**Forging or otherwise completing** the signature or initials of another person in any format, including on any paper document or in any electronic/digital format (*e.g.,* in DocuSign), even if a client or other authorized person requests such activity for the sake of convenience.

**Adding to, deleting from, or otherwise modifying** any document provided by or previously completed by a prospect or client, changing prospect/client instructions, or inserting or modifying prospect/client signatures.

**Adding, deleting, or otherwise changing** the content of any previously generated Rockefeller or third-party documents to be provided to prospects or clients.

This policy includes but is not limited to the following:

---

| | | |
|:---|:---|:---|
| New Account <br> Documentation\* | Client <br> Agreements | Client <br> Facing Forms  |
| Disclaimers | Disclosures | Prospectuses |
| Marketing Materials | Offering Memoranda | Order Memoranda |
| Performance Reports | Financial Statements | Statements |

---

\*Such as application and enrollment documents

With respect to written prospect/client communications and marketing materials (such as presentations and proposals), the use of any tool or application (e.g., Adobe Acrobat, Word, Paint, etc.) to make modifications are prohibited once the document has been approved for client use, absent the prior express approval of the Divisional Business Director and/or other designated Registered Principal.

For ease of assisting our prospects and clients, the above prohibition excludes the pre-filling of blank fields in documents other than the prospect's/client's signature and date of such signature, such as a prospect's or client's name, address, date of birth, and related prospect/client-specific information, prior to prospect/ client distribution; in such instances, the pre-filling of such information other than the prospect's/client's signature and date of such signature is not prohibited under this policy.

&nbsp;&nbsp;**RESOURCES AND CONTACTS**

● <u>Email the Code of Ethics (COE) Compliance Team</u> 

● <u>RFLLC Compliance Manual</u>![](ex99piv016.jpg)

Internal Use Only 16

Work-Related Conduct

Rockefeller prohibits unacceptable conduct not only in the physical and virtual workplace, but also in any work-related setting outside the workplace, such as during business trips, business meetings, and work-related social events or parties. The Firm's Work-Related Conduct Policy also applies to use of Rockefeller's email and other electronic communication systems or devices, regardless of whether that use occurs on or away from Rockefeller premises, on personal devices, or during non-work hours.

Every Supervised Person is responsible for maintaining and contributing to a safe and respectful work environment and is expected to conduct themselves in a manner that demonstrates professionalism and respect for others.

&nbsp;&nbsp;**RESOURCES AND CONTACTS**

● <u>RCM Work-Related Conduct Policy</u> 

● <u>RCM Raising Concerns - EthicsPoint Reporting Site</u> 

● <u>RCM Raising Concerns Policy</u> 

● <u>EthicsPoint FAQs</u>![](ex99piv017.jpg)

Internal Use Only 17

![](ex99piv018.jpg)

Internal Use Only 18

Cooperation with Regulators

Rockefeller is committed to cooperating fully with law enforcement, other government authorities, and regulatory organizations in accordance with applicable laws and regulations and with due consideration for the privacy of our clients. Supervised Persons must cooperate and provide truthful and complete information in connection with any internal or external investigation or request for information and must immediately report to their supervisor if they are subject to any external investigation. Any Supervised Person who receives a written or oral request for information from the government or a regulatory agency must immediately refer the matter to the Legal & Compliance Department.

&nbsp;&nbsp;**RESOURCES AND CONTACTS**

● Ashley McCarthy, RCM Co-Chief Legal Officer

 (201) 879-9144 \| <u>AMcCarthy@rockco.com</u> 

● Patricia Solfaro, RCM Co-Chief Legal Officer

 (201) 879-9152 \| <u>PSolfaro@rockco.com</u> 

● Rizwan Mirza, ISG & SA Compliance Lead \| RGFO Chief Compliance Officer

 (609) 881-0142 \| <u>RMirza@rockco.com</u> 

● Wendy Wong-Tsang, RAM Chief Compliance Officer

 (332) 262-5904 \| <u>WWongTsang@rockco.com</u> 

● Jennie Pfeifer, Head of Trust Compliance

 (302) 830-3704 \| <u>JPfeifer@rockco.com</u> 

Required Disclosures

Supervised Persons have an ongoing obligation to promptly notify their supervisor if they are involved in, or become aware of, a reportable event. Common reportable disclosures include a home address or office location change, but it's equally important to report the less common reportable disclosures, such as a customer complaint, compromise with creditors, bankruptcy, civil or arbitration litigation, and judgement or lien.

Please reach out to Rockefeller's Registration Department for guidance if you think you may have a less common reportable Form U4 disclosure, or any other question related to your FINRA registrations.

Supervised Persons unsure about whether to disclose an event should consult their supervisor and the Legal & Compliance Department. Supervisors must notify the Legal & Compliance Department of any reportable event brought to their attention.

&nbsp;&nbsp;**RESOURCES AND CONTACTS**

● <u>RFLLC Compliance Manual</u> (Form U-4)

Internal Use Only 19

Obeying the Law and Reporting Code Violations

Rockefeller's business is subject to extensive regulation. To ensure Rockefeller maintains its reputation for the highest standards of ethical conduct, it is essential the Firm and its Supervised Persons abide by both the letter and the spirit of all securities laws and regulations applicable to the Firm's operations and business.

Supervised Persons should contact the Legal & Compliance Department with any uncertainty regarding this Code, Firm policies, applicable laws, rules, or regulations related to the Firm or any specific role or entity within it.

Supervised Persons must promptly report any improper or suspicious activities, including any suspected violations of the Code or the federal securities laws, to their designated supervisor and/or Legal & Compliance.

&nbsp;&nbsp;**RESOURCES AND CONTACTS**

● <u>RCM Raising Concerns Policy</u> 

● <u>RCM Raising Concerns **-** EthicsPoint Reporting Site</u> 

● <u>EthicsPoint FAQs</u> 

● <u>Email the Code of Ethics (COE) Compliance Team</u> 

Raising Concerns

Rockefeller is committed to a culture of compliance grounded in honesty, integrity, trust, and accountability. As such, we offer multiple channels for Supervised Persons to raise any concern regarding suspected violations of applicable laws, regulations, and/or firm policies — confidentially, anonymously, and without fear of retaliation.

The Firm depends on you to raise any concern regarding possible violations of this Code. No adverse employment action, including termination, corrective action or impacted performance review, may be taken against a Supervised Person who reports a concern in good faith.

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;**DIRECT CONTACTS** |
| &nbsp;&nbsp;&nbsp;Toll-free and anonymous, within the United States, Guam, Puerto Rico, and Canada: **844-757-1211** |
| &nbsp;&nbsp; ● Ashley McCarthy, RCM Co-Chief Legal Officer: <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(201) 879-9144  |
| &nbsp;&nbsp; ● Patricia Solfaro, RCM Co-Chief Legal Officer: <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(201) 879-9152  |
| &nbsp;&nbsp; ● Joe Lamicela, Head of Central Compliance and AML: <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(212) 549-5472  |

---

Internal Use Only 20

Anti-Bribery and Anti-Corruption

RCM is committed to conducting business in an honest and ethical manner at all times, including complying with applicable anti-bribery, anti-corruption, and anti-kickback laws in the countries where we do business. RCM prohibits offering, promising, providing, authorizing, and accepting improper payments. RCM also prohibits making improper payments or engaging in similar improper conduct through third parties.

Supervised Persons are encouraged to be aware of "Red Flags" which might suggest a closer look at a transaction or relationship is necessary before proceeding. Any Red Flag encountered must be promptly reported to the Legal & Compliance Department for further review.

&nbsp;&nbsp;**RESOURCES AND CONTACTS**

● Joe Lamicela, Head of Central Compliance and AML

 (212) 549-5472 \| <u>JLamicela@rockco.com</u> 

● <u>RCM Anti-Bribery and Anti-Corruption (ABC) Policy</u> (See Appendix-1 for lists of transaction-specific red flags and payment red flags)

Anti-Money Laundering/Sanctions

RCM is committed to prohibiting and actively preventing money laundering and any activity that facilitates money laundering or the funding of terrorist or criminal activities. Rockefeller is also committed to ensuring strict compliance with all applicable sanctions programs.

The Firm's dedication to integrity requires strict compliance with all applicable anti-money laundering and sanctions rules and regulations. The participation in, or facilitation of, money laundering, even unintentionally, could result in civil and criminal penalties against Supervised Persons and the Firm.

Supervised Persons are responsible for reviewing, understanding, and complying with the Firm's Anti-Money Laundering (AML) Compliance Policy (as well as the entity-specific AML and Sanctions Programs incorporated into that Policy).

&nbsp;&nbsp;**RESOURCES AND CONTACTS**

● Joe Lamicela, Head of Central Compliance and AML

 (212) 549-5472 \| <u>JLamicela@rockco.com</u> 

● <u>RCM Anti-Money Laundering Compliance Policy</u> 

● <u>Rock & Co. AML and Sanctions Program</u> 

● <u>RFLLC AML and Sanctions Program</u> 

● <u>RTCDE AML and Sanctions Program</u> 

● <u>RTCNA AML and Sanctions Program</u> 

Internal Use Only 21

Anti-Tax Evasion

Supervised Persons must maintain accurate tax records on behalf of their clients and are prohibited from engaging in any activities that would assist a client in committing tax evasion. Supervised persons should be vigilant and promptly report to the Legal & Compliance Department any violations, potential violations, or conduct that appears to be tax evasion or concealment of information from tax authorities.

Questions about whether a particular act or request constitutes tax evasion should be raised with a supervisor or the Legal & Compliance Department at the earliest possible stage.

![](ex99piv019.jpg)

Maintaining Accurate Books & Records

At Rockefeller, we aim to demonstrate discipline and excellence in all aspects of operating the business including in the creation, management, and required retention of important documents. Furthermore, our business is subject to recordkeeping requirements promulgated and enforced by the U.S. Securities and Exchange Commission (SEC), the various states, and self-regulatory agencies such as the Financial Industry Regulatory Authority (FINRA).

To conduct its business successfully and meet legal and regulatory requirements, Rockefeller requires complete and accurate books and records of its business activities. The Firm has policies and procedures, including specific retention periods, designed to comply with these requirements. Supervised Persons are responsible for maintaining the integrity of their records and must adhere to all applicable Firm policies and procedures.

&nbsp;&nbsp;**RESOURCES AND CONTACTS**

● <u>RCM Records Retention Policy</u> 

● <u>RFLLC Compliance Manual</u> 

● <u>RTCDE Policies and Procedures Manual</u> 

● <u>RTCNA Policies and Procedures Manual</u> 

● <u>Email the Code of Ethics (COE) Compliance Team</u> 

Internal Use Only 22

Business-Related Electronic Communications

Rockefeller operates with the highest standards of professionalism and integrity in accordance with our legal and regulatory books and records obligations. The Firm is committed to ensuring business-related electronic communications by Supervised Persons are conducted on Firm approved systems, applications, and accounts (collectively "systems") and retained as required by applicable regulation.

Employees may not use personal email, text messaging, or any other non-approved communication application to interact with clients, prospective clients, or any fellow RCM employee when discussing business-related matters. Any attempt to violate, circumvent, and/or disregard these requirements may result in disciplinary action, up to and including termination.

&nbsp;&nbsp;**RESOURCES AND CONTACTS**

● <u>RCM Business-Related Electronic Communications</u> 

 (see Appendix B for list of Approved Systems & Applications)

● <u>Business-Related Electronic Communications FAQs</u> 

● <u>RCM Advertising and Marketing Material Policy</u> 

● <u>RCM Discrimination and Harassment Policy</u> 

● <u>RCM Information Barriers Policy</u> 

● <u>RCM Records Retention Policy</u> 

● <u>RCM Social Media Policy</u> 

● <u>RCM Work-Related Conduct Policy</u> 

● <u>RFLLC Compliance Manual</u>![](ex99piv020.jpg)

Internal Use Only 23

![](ex99piv021.jpg)

Internal Use Only 24

Protection of Client, Proprietary, and Other Confidential Information

Supervised Persons must protect client, proprietary, and other confidential information. The mishandling, loss, unauthorized disclosure, or access of such information could result in significant legal, business, regulatory, and reputational harm to Rockefeller.

Rockefeller has established information barriers policies and procedures to control the dissemination and/or misuse of confidential information, including proprietary and material non-public information (MNPI). All confidential information must be safeguarded and used solely for the intended business purposes of Rockefeller and applicable clients.

&nbsp;&nbsp;**RESOURCES AND CONTACTS**

● <u>RCM Information Barriers Policy</u> 

● <u>RCM Identity Theft Prevention Program</u> 

● <u>RTCDE Policies and Procedures Manual</u> 

● <u>RTCNA Policies and Procedures Manual</u> 

● <u>Email the Control Group</u> 

● <u>RFLLC Compliance Manual</u> 

Material Non-public Information (MNPI) and Insider Trading

MNPI is information that (1) has not yet been broadly disseminated in the marketplace and (2) a reasonable investor would consider important in making a decision to buy, hold, or sell a security.

In certain circumstances, employees may become aware of MNPI in their general course of business activities or in servicing client transactions. This information may have been intentionally provided by the client or inadvertently received. If a public side employee has become aware of MNPI, they must immediately inform the Control Group to notify them of the facts and circumstances associated with the information. Employees who become aware of MNPI may be wall crossed by the Control Group and subject to the requirements noted in this policy and other considerations.

It is illegal and in contravention of Rockefeller policy for anyone to trade or cause the trading of a security or related financial instrument (collectively "security") while in possession of MNPI relating to that security. This conduct is referred to as insider trading and may result in civil and/or criminal penalties. The prohibition on insider trading applies to both personal securities transactions and to transactions entered on behalf of clients or prospective clients of the Firm.

![](ex99piv022.jpg)

Internal Use Only 25

Cybersecurity, Privacy, and Data Protection

The business world grows increasingly digital every day, and with it the volume and sophistication of threats to cybersecurity. It's more important than ever that we practice vigilance against bad cyber actors in our online communications, interactions, and transactions of every kind.

To mitigate the risk associated with the use of digital technology, the Firm maintains a framework of safeguards to prevent, detect, and respond to cyber threats. Supervised Persons share responsibility with the Firm for protecting customer information and the Firm from cyber threats.

<br> Safeguards in **Privacy**, **Identity Theft**, and **Cybersecurity** are key to<br> maintaining trust with our clients.<br>

Many states have enacted security breach notification laws that require the reporting of security breaches to regulatory agencies and affected customers. In the event of a breach or other cybersecurity-related incident, Supervised Persons must immediately report the incident to the Legal & Compliance Department, which will determine the appropriate course of action regarding any applicable notification requirements.

Supervised Persons must comply with the Firm's data protection policies and procedures and **may not:**

● Access confidential information remotely except through devices that have appropriate Firm-approved security and software;

● Use Wi-Fi that is not password protected to access confidential information;

● Share their Rockefeller username or passwords with others; and

● Access a client's Rockefeller account or any client's external, third-party account using the client's own unique identifying information, even if the client has provided authorization for such access.

&nbsp;&nbsp;**RESOURCES AND CONTACTS**

● <u>RCM Identity Theft Prevention Program</u> 

● <u>RCM Information Security Policy</u> 

● <u>RCM Online Privacy Policy</u> 

● <u>RFLLC Compliance Manual</u> 

● <u>RTCDE Policies and Procedures Manual</u> 

● <u>RTCNA Policies and Procedures Manual</u> 

Internal Use Only 26

Thank You

![](ex99piv023.jpg)

Thank you for taking the time to read through this Code. We are all on the front lines of safeguarding Rockefeller's reputation and upholding our ethical standards.

If you have any questions about the Code or require additional guidance, please speak with your manager, Compliance, or other appropriate contacts referenced in this Code.

To achieve the remarkable, ethical behavior and personal integrity are indispensable. By seeking advice, raising a concern, or reporting potential misconduct, you are embodying Rockefeller's Code of Ethics and Commitment to Integrity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>"Next to doing the right thing,<br> the most important thing is to **let people know**<br> **you are doing the right thing**."<br>**- JOHN D. ROCKEFELLER**<br>

Internal Use Only 27

RCM Code of Ethics Resources

Rockefeller maintains policies and procedures on the <u>Rockefeller Capital Management Policies and Procedures Portal</u>. Additional policy related-documents and supplemental information can be found on the <u>RCM Legal & Compliance SharePoint site</u>.

Below is a non-exhaustive list of policies and FAQs referenced in this Code and located on the <u>RCM Policies & Procedures Portal</u>.

**POLICIES AND PROCEDURES**

<u>RCM Advertising and Marketing Material Policy</u>

<u>RCM Anti-Bribery and Anti-Corruption (ABC) Policy</u>

<u>RCM Anti-Money Laundering Compliance Policy</u>

<u>RCM Business-Related Electronic Communications</u>

<u>RCM Charitable Contributions Compliance Policy</u>

<u>RCM Conflicts of Interest Policy</u>

<u>RCM Customer Complaints Policy</u>

<u>RCM Discrimination and Harassment Policy</u>

<u>RCM Gift and Entertainment Compliance Policy</u>

<u>RCM Identity Theft Prevention Program</u>

<u>RCM Information Barriers Policy</u>

<u>RCM Information Security Policy</u>

<u>RCM Online Privacy Policy</u>

<u>RCM Outside Business Activities (OBA) Compliance Policy</u>

<u>RCM Personal Account Trading Compliance Policy</u>

<u>RCM Political Contributions Compliance Policy</u>

<u>RCM Raising Concerns Policy</u>

<u>RCM Records Retention Policy</u>

<u>RCM Restricted List</u>

<u>RCM Work-Related Conduct Policy</u>

<u>RCM Social Media Policy</u>

<u>Rock & Co. AML and Sanctions Program</u>

<u>RFLLC Compliance Manual</u>

<u>RFLLC AML and Sanctions Program</u>

<u>RTCDE Policies and Procedures Manual</u>

<u>RTCDE AML and Sanctions Program</u>

<u>RTCNA Policies and Procedures Manual</u>

<u>RTCNA AML and Sanctions Program</u>

**FAQS**

<u>StarCompliance User Guide & FAQs</u>

<u>EthicsPoint FAQs</u>

<u>Business-Related Electronic Communications FAQs</u>

Internal Use Only 28

RCM Code of Ethics Resources

Below is a non-exhaustive list of contacts and applications referenced in this Code.

&nbsp;&nbsp;**EMAIL CONTACTS**

● <u>Compliance Partner Contact List</u> 

● <u>Email the Code of Ethics (COE) Compliance Team</u> 

● <u>Email the Control Group</u> 

&nbsp;&nbsp;**APPLICATIONS**

● <u>MyApps / StarCompliance</u> 

● <u>MyApps / RegEd</u> 

● <u>RegEd Login Instructions</u> 

● <u>RCM Raising Concerns **-** EthicsPoint Reporting Site</u> 

&nbsp;&nbsp;**RAISING CONCERNS CONTACTS**

● Ashley McCarthy, RCM Co-Chief Legal Officer: (201) 879-9144

● Patricia Solfaro, RCM Co-Chief Legal Officer: (201) 879-9152

● Joe Lamicela, Head of Central Compliance and AML: (212) 549-5472

Internal Use Only 29

## Ex-99.(P)(Vii)

[Tidal Trust III 485BPOS](prto-485bpos_032326.htm)

**Exhibit 99.(p)(vii)**

**Regulatory Compliance Manual**

**VistaShares Advisors LLC**

**CRD # 331812**

**SEC File No. 801-130962**

**Needham, MA 02492**

**917-319-4683**

December 15, 2025

This Compliance Manual ("**Manual**") has been prepared for the sole and exclusive use by<br> VistaShares Advisors LLC. All information contained herein is confidential and proprietary<br> and may not be disclosed to anyone or otherwise shared or disseminated in any way, except as<br> required by law, without the prior written permission of the Chief Compliance Officer<br> designated in the Manual. This Manual is for informational purposes only and is not intended<br> and should not be considered to be legal advice on any subject matter.

**Appendix** **1**

**Code of Ethics**

**VistaShares Advisors LLC ("vistashares")**

**I.** **DEFINITIONS** 

**"Access Person"** is a Supervised Person (defined below) who has access to non-public information regarding clients' purchase or sale of securities, is involved in making securities recommendations to clients or who has access to such recommendations that are non-public. A Supervised Person who has access to non-public information regarding the portfolio holdings of affiliated mutual funds is also an Access Person.

**"Beneficial Ownership"** - Access Persons are considered to have beneficial ownership of securities if they have or share a direct or indirect beneficial interest in the securities. Access Persons have a beneficial interest in a security if they have the ability to profit from a transaction directly or indirectly in such security. Examples of a beneficial interest in securities include the following:

● Securities held by members of an Access Person's immediate family sharing the same household. 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. Adoptive relationships are included;

● An Access Person's interest as a general partner or limited partner in securities held by a general or limited partnership; and

● An Access Person's interest as a manager/member in the securities held by an LLC.

An Access Person does not have a beneficial interest in securities held by entities in which he or she holds an equity interest (e.g., the portfolio holdings of a mutual fund of which an Access Person owns shares) unless he or she is a controlling equity holder or shares investment control over the securities held by the entity.

"**Covered Securities**" shall mean any financial instrument that is known as a security and as defined in detail in Section 202(a)(18) of the Advisers Act, EXCEPT, for purposes of this Code, it does not include securities issued by the U.S. Government, bank certificates of deposit, bankers' acceptance, commercial paper, high quality short-term debt instruments, money market instruments, or shares of registered open end investment companies (mutual funds) as long as VistaShares is not advising such mutual funds.

"**Immediate family member**" is any child, stepchild, grandchild, parent, stepparent, grandparent, spouse, sibling, father-in-law, mother-in-law, son-in-law, daughter-in-law, sister-in-law, brother-in-law (including adoptive relationship). If the immediate family member resides in the same household as the employee, they are subject to VistaShares' personal securities trading reporting requirements.

"**Limited Offering**" means an offering that is exempt from registration under the Securities Act of 1933 pursuant to section 4(a)(2) or section 4(a)(5) (15 U.S.C. 77d(a)(2) or 77d(a)(5)) or pursuant to §§ 230.504 or 230.506 of this chapter.

"**Material non-public information**" ("**MNPI**") is information about a company that has not yet been made public, for which there is a substantial likelihood that a reasonable investor would consider important in making his or her investment decisions, or information that is reasonably certain to have a substantial effect on the price of a company's securities were it to be disclosed in the public domain.

"**Supervised Person**" is defined as any partner, officer, director (or other person occupying a similar status or performing similar functions), or employee of VistaShares or other person who provides investment advice on behalf of VistaShares and is subject to the supervision and control of VistaShares.

"**Portfolio Manager**" means an individual who is involved in making the purchase or sale decisions of securities pertaining to a VistaShares Fund.

**II. GENERAL PROVISIONS**

**All Supervised Persons of VistaShares are deemed "Access Persons" and are therefore subject to the Code of Ethics and its related policies. The CCO maintains a list of Supervised Persons separately from this Code.**

VistaShares has adopted the following polices and rules of conduct ("**Code**") for all Supervised Persons. The Code is designed to ensure that the high ethical standards maintained by VistaShares are consistently applied. The excellent name and reputation of VistaShares is a direct reflection of the conduct of each Supervised Person. The Code requires all Supervised Persons to comply with applicable federal securities laws.

The Code is based upon the principle that VistaShares, and its Supervised Persons owe a fiduciary duty to its Clients and that VistaShares and its Supervised Persons must conduct their affairs, including their personal securities transactions, in such a manner as to avoid (i) serving their own personal interests ahead of Clients, (ii) taking inappropriate advantage of their position with VistaShares, and (iii) abusing their position of trust and responsibility. In meeting its fiduciary responsibilities, VistaShares expects every Supervised Person to demonstrate the highest standards of ethical conduct. Compliance with the provisions of the Code, the Advisers Act and all applicable federal securities laws shall be considered a basic condition of employment and association with VistaShares.

Pursuant to Section 206 of the Advisers Act, both VistaShares and its Supervised Persons are prohibited from engaging in fraudulent, deceptive, or manipulative conduct. Compliance with the Code involves more than acting with honesty and good faith alone. It means that VistaShares has an affirmative duty of utmost good faith to act solely in the best interest of Clients.

VistaShares recognizes that no single policy or governance statement can address all potential scenarios whereby Supervised Persons are challenged to comport themselves in an appropriate manner. To this end, the provisions of the Code are not all-inclusive. Rather, they are intended as a guide for Supervised Persons in their conduct. Supervised Persons are urged to seek the advice of the CCO for any questions about the Code, the application of the Code to their individual circumstances, and particularly in any situation where any Supervised Person may be uncertain as to the intent or purpose of the Code. Supervised Persons should also understand that a material breach of the provisions of the Code may constitute grounds for disciplinary action, including termination of employment and/or association with VistaShares.

All Supervised Persons must promptly report any suspected or apparent violations of this Code to the CCO. The CCO shall consider reports made to them hereunder and shall determine whether the Code has been violated and what sanctions, if any, should be imposed. The CCO will aggregate and report all violations of the Code of Ethics or other compliance policies in the annual compliance program review report. Supervised Persons will not be subjected to any form of retaliation for reporting legitimate suspicions or actual concerns or abuses.

**III.** **INSIDER TRADING PREVENTION** 

***Background***

Trading securities (including equity and debt securities and derivative instruments), either personally or on behalf of others, while in possession of material, non-public information, or improperly communicating that information to others, is referred to as "**insider trading**." Insider trading is a violation of federal securities statutes and therefore is a prohibited activity by VistaShares and each of its Supervised Persons and agents. VistaShares absolutely forbids insider trading.

In addition to subjecting VistaShares to potential penalties, Supervised Persons may face severe penalties if trading securities while in possession of material non-public information, or if improperly communicating non-public information to others. The consequences of illegal insider trading include:

● VistaShares may terminate your employment and/or association with VistaShares;

● You may be subject to criminal sanctions which may include fines, penalties and imprisonment;

● The SEC can recover your profits gained or losses avoided through illegal trading and impose a penalty of up to three times the profit from the illegal trades;

● The SEC may issue an order permanently barring you from the securities industry; and

● Clients and the issuer's shareholders may sue you, seeking to recover damages for insider trading violations.

Insider trading laws provide for penalties against "controlling persons" of individuals who engage in insider trading. Accordingly, under certain circumstances, a supervisor of a Supervised Person who is found liable for insider trading may also be subject to penalties.

Supervised Persons must notify the CCO immediately if there is any reason to believe that a violation of VistaShares' insider trading policy has occurred or may occur.

***Prohibition on Insider Trading***

Buying or selling securities of an issuer, personally or on behalf of others (including Client portfolios managed by VistaShares), while in possession of material, non-public information about such issuer is prohibited.

**Supervised Persons must not independently determine if information is material, non-public information without consulting with the CCO. If you believe you might be in possession of material, non-public information, you must notify the CCO immediately.**

Disclosing or communicating material, non-public information to any person or entity except persons who need to know the information to perform their responsibilities for VistaShares is prohibited. All such persons are subject to obligations of confidentiality with respect to such information and have agreed or are otherwise obligated not to buy or sell securities of the applicable issuer while in possession of such information.

The CCO will review personal trading activity which occurs in Supervised Person reportable accounts, as specified in the Code of Ethics. The CCO or her designee will conduct e-mail surveillance (through random and keyword searches) to ascertain whether material non-public information has been obtained without authorization or has been used impermissibly.

**If you have any questions as to whether you are permitted to disclose non-public information to any other person, you should contact the CCO.**

***What is Material, Non-Public Information?***

● Information is material if there is a "substantial likelihood" that a "reasonable investor" would consider it important in making an investment decision, the disclosure of the information would be "viewed by the reasonable investor as having significantly altered the 'total mix' of information made available," or the information is reasonably certain to have a substantial effect on the price of a company's securities were it to be disclosed in the public domain.

● Non-public information is information that is not generally available to the investing public. Information is "public" when it has been disseminated broadly to investors in the marketplace.

Keep in mind that VistaShares may be party to non-disclosure agreements, which when signed by a Supervised Person of VistaShares, are applicable to all Supervised Persons of VistaShares. If you are uncertain whether information is non-public information or is subject to a non-disclosure agreement, you should contact the CCO.

**IV.** **PERSONAL INVESTMENT AND TRADING POLICY** 

***General Statement***

These policies and procedures do not limit the ability of Supervised Persons to engage in personal securities transactions. However, VistaShares reserves the right to further restrict personal investment and trading at any point the CCO deems appropriate.

VistaShares has adopted the following principles to govern personal investment activities by Supervised Persons:

● Supervised Persons will adhere to the highest standards of ethical conduct;

● The interests of Clients will always be placed above the interests of VistaShares and its Supervised Persons;

● Appropriate investment opportunities must be considered for and/or offered to Clients first before VistaShares or any Supervised Person may act on them;

● All personal securities transactions will be conducted in such a manner as to avoid or mitigate any actual or potential conflict of interest and so as to avoid any abuse of an individual's position of trust and responsibility;

● Supervised Persons should not take inappropriate advantage of their positions;

● Supervised Persons will not engage in any transaction that would be in violation of any governing agreement; and

● Supervised Persons that serve as directors or officers of publicly traded companies must be aware of such companies' own trading policies and restrictions, including any "black-out" periods.

All Supervised Persons are required to comply with applicable federal and state securities laws. Failure to adhere to federal and state securities laws could expose VistaShares and its Supervised Persons to sanctions imposed by the SEC or law enforcement officials. These sanctions may include, among others, suspension, or termination of employment by VistaShares, or criminal or civil penalties.

All Supervised Persons are required to report holdings and transactions in Covered Securities (defined above) in which they have beneficial ownership, a term defined above. You may not use confidential or proprietary information, obtained during your employment or association with VistaShares, for your personal investment purposes or for your personal gain, and you may not share such information with others for their personal benefit. The following restrictions and limitations govern investments and personal securities transactions by all Supervised Persons (and their respective household members).

***Restrictions and Limitations on Personal Securities Transactions*** It is the responsibility of each Supervised Person to ensure that a particular securities transaction being considered for his or her personal account is not subject to a restriction contained in this Code, including due to its inclusion on the Restricted List, as defined below, or otherwise prohibited by any applicable law. Personal securities transactions may be effected only in accordance with the provisions of this Code. Rule 17(j) under the 1940 Act requires that every investment company adopt procedures designed to prevent improper personal trading by investment company personnel. Rule 17(j) was created to prevent conflicts of interest between investment company personnel and shareholders, to promote shareholder value, and to prevent investment company personnel from profiting from their access to proprietary information.

Each Supervised Person is responsible for household member compliance. It is the duty of all Supervised Persons to act in a manner that avoids any conflict of interest or the appearance of a conflict of interest with Clients. In addition, it is the responsibility of each Supervised Person to comply with all applicable Federal Securities Laws and the guidelines set forth below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. 60-Day Hold.** To deter market timing, Supervised Persons are required to hold any Covered Securities including any sub-advised Funds they purchase for a period of 60 days. This restriction applies to accounts for which Supervised Persons have a direct or indirect beneficial interest, including household members.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2. 7-Day Blackout Rule.** Portfolio Managers are prohibited from executing a transaction on behalf of themselves or another Supervised Person within seven days of a Fund or any Client having a pending buy or sell order in the same or an equivalent security and until such time as that order is executed or withdrawn. Individual securities within a Client or Fund portfolio may not be available seven days prior to execution. In this case, the Portfolio Manager is free to submit the trade for preclearance or execute the trade if it is exempt from preclearance per the terms below. Nevertheless, a personal trade by any Portfolio Manager shall not prevent a portfolio from trading in the same or an equivalent security on behalf of the Funds or Clients. However, such a transaction shall be subject to independent review by the CCO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3. Preclearance of Securities.** Supervised Persons must preclear all personal securities transactions with the exception of those identified in the list below. All approved orders must be executed by the close of business on the day in which preclearance is granted; provided however that approved orders for securities traded in foreign markets may be executed within two business days from the date preclearance is granted. If any order is not timely executed, a request for pre-clearance must be resubmitted. Exceptions to the requirement to resubmit preclearance requests may be granted in advance by the CCO for unusual circumstances.

**The following are exempt from preclearance:**

● Non-proprietary, open-ended mutual funds and ETFs (e.g., mutual funds and ETFs not managed, advised, or sub-advised by VistaShares).

● Broad based index and commodity options and futures.

● Fixed income securities.

● Discretionary accounts that are managed externally by an independent third party (e.g., an external investment adviser with discretionary authority or in a blind trust) where the Supervised Person has no influence over the trading decision.

● Exceptions by prior written approval of the CCO.

● Automatic investment/withdrawal programs and automatic rebalancing as part of a model portfolio managed by VistaShares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4. IPOs are Prohibited.** No Supervised Person or household member thereof may acquire any security in an Initial Public Offering ("**IPO**"). For purposes of this policy, an IPO does not include offerings of government or municipal securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5. Preclearance Required for Limited Offerings and Private Placements.** Securities issued in limited offerings and private placements<sup>1</sup> (including investments in limited partnerships such as buyout, venture capital, oil and gas, real estate, and hedge funds or funds of funds) may only be acquired by a Supervised Person or household member thereof with the advance written approval of the CCO. A request for approval of a private placement or limited offering should generally be submitted at least one week in advance of the proposed date of investment. A Supervised Person need not pre-clear any private placement investments in which such Supervised Person's only "beneficial ownership" is through the general partner of a Fund sponsored by VistaShares or its affiliates. Certain limited partnership investments may not be securities, such as a partnership created to invest in a building. Supervised Persons are urged to consult the CCO with any questions about limited offerings. Preclearance does not preclude subsequent reporting of transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6. Preclearance Required for Option Writing.** Supervised Persons must preclear with the CCO any option writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7. Short Selling Restrictions.** Supervised Persons and household members are prohibited from selling short any security which is owned in a Client portfolio, including the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8. Investment Clubs are Prohibited.** Supervised Persons and household members are prohibited from participating in investment clubs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9. Prohibition on Trading Securities on the Restricted Security List.** VistaShares has established a Restricted Security List that includes certain public company issuers where VistaShares has, or may receive, material non-public information about such companies because of a special relationship between VistaShares or an affiliate or a Supervised Person and such companies or otherwise. No Supervised Persons or household member thereof can trade or invest in any securities listed on the Restricted Security List without the prior consent of the CCO. This restriction covers all instruments of the issuer, including equity, debt, and derivative instruments.

In addition, in the event any Supervised Person is exposed to material non-public information regarding a public company or any non-public portfolio data regarding VistaShares sub-advised funds, such information shall be communicated immediately to the CCO, and such public company will be added to the Restricted Security List.

<sup>1</sup> A Private Placement, also known as an unregistered offering, is the purchase of any security or offering exempt from the Securities Act of 1933.

If any Supervised Person or household member thereof already holds a security that is on the Restricted Security List and has not received consent from the CCO, such Supervised Person or household member must continue to hold and may not execute any buy or sell orders for the relevant security until such security is removed from the Restricted Security List. This requirement covers all instruments of the issuer. All Supervised Persons are responsible for knowing the contents of the Restricted Security List prior to effecting or soliciting a transaction in a security. Any Supervised Person with access to the Restricted Security List is prohibited from disclosing the securities listed on the Restricted Security List to third parties (except household members to facilitate their compliance with this policy) without the authorization of the CCO.

The CCO is responsible to administer Restricted Security List controls to prevent the misappropriation of material non-public information, and to ensure that Supervised Persons receive appropriate training relative to this policy. The CCO will determine whether a security should be placed on the Restricted Security List and maintain and update the Restricted Security List, as necessary. The CCO will periodically monitor transactions by Supervised Persons and their respective household members that are reported to the CCO pursuant to the Code to ascertain any pattern of conduct which may violate the restriction requirements or evidence front-running, scalping, or other inappropriate behavior.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10. Trustee Arrangements.** Supervised Persons must receive pre-approval from the CCO before accepting a trustee position for any person or entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11. Restrictions on Disclosures.** You may not disclose any non-public information (whether or not it is material) relating to VistaShares or securities transactions on behalf of Clients to any person outside VistaShares (unless such disclosure has been authorized by VistaShares). You may not communicate material, non-public information to anyone, including persons within VistaShares, except as permitted by this Code and related policies outlined in this Manual. All material non-public information must be secured. For example, access to files containing material, non-public information should be restricted, and conversations containing such information, if appropriate at all, should be conducted in a private setting to the extent practicable. Conversations in public places, such as elevators, restaurants, and airplanes, should be limited to matters that do not pertain to information of a sensitive or confidential nature. Disclosure restrictions are not intended to preclude a Supervised Person's rights under the Whistleblower Policy, outlined below.

The CCO will review and consider any proper request for relief or exemption from any restriction, limitation or procedure contained in this Code which you believe will cause you a hardship. The decision of the CCO is completely within his discretion.

Each Supervised Person is solely responsible for any violation of this Code by a household member thereof.

**V.** **REPORTING REQUIRMENTS** 

***Transactions and Accounts Covered***

Supervised Persons are required to submit to the CCO the following reports:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. Initial Holdings Report.** Each Supervised Person is required to provide an Initial Holdings Report listing all holdings in Covered Securities with the CCO (or such other person designated by the CCO) within 10 days after first becoming a Supervised Person. The information contained in an Initial Holdings Report must be current as of a date no more than 45 days prior to the date of becoming a Supervised Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2. Quarterly Trade Reports.** Each Supervised Person must also file with the CCO (or such other person designated by the CCO) periodic reports of personal transactions in Covered Securities within 30 days after the end of each calendar quarter Each Supervised Person must file a Quarterly Transactions Report even if no purchases or sales of securities are made during the period covered by the report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3. Annual Holdings Report.** Each Supervised Person must submit an Annual Holdings Report within 30 days after the end of each calendar year, and the information must be current as of a date no more than 45 days prior to the date such report is submitted.

Each Supervised Person will be responsible for submitting a copy of: (i) all transaction confirmations for each account in which such Supervised Person or a household member thereof directly or indirectly holds a Covered Security, and (ii) all account statements for each such account (collectively, "**Brokerage Statements**"), or otherwise ensuring that the CCO has access to such Brokerage Statements. A Supervised Person is not required to provide information that is contained in Brokerage Statements sent to the CCO or such other designated person in accordance with this Code, if such Brokerage Statements are provided to the CCO or such other designated person/system consistent with the required timing set forth above. Supervised Persons are still responsible to validate such reports annually and quarterly as directed by the CCO.

***Cryptocurrencies***

A cryptocurrency is a digital asset designed to work as a medium of exchange that uses strong cryptography to secure financial transactions, control the creation of additional units, and verify the transfer of assets. There is some debate as to whether cryptocurrencies are securities. If there is a centralized third party, along with purchasers of a cryptocurrency with an expectation of a return, then the transaction should be considered a securities transaction. Bitcoin is not deemed to be a security because it is decentralized: there is no central party whose efforts are a key determining factor in the enterprise. In addition, ether is also not a security because the Ethereum network is also decentralized. Supervised Persons are not required to pre-clear, or report transactions or holdings related to cryptocurrencies which are not deemed to be securities.

Until further notice, cryptocurrencies that are deemed to be securities and Initial Coin Offerings ("**ICOs**") are included in the definition of a covered security. If there is any question as to whether a security is "covered" under this Code, s/he should consult with the CCO for clarification on the issue before entering any trade for his/her personal account.

***Exceptions from Reporting Requirement***

Initial, annual, and quarterly reporting is not required for any account over which a Supervised Person or a household member has no direct or indirect influence or control. However, each Supervised Person must report the existence of such an account to the CCO. The CCO has the authority to request further information and documentation from you regarding any account over which you claim to have no influence or control, including to direct the adviser or broker to the account to provide an affirmative certification that the Supervised Person or household member has no direct or indirect influence or control. Each Supervised Person must certify annually that he or she, or a household member when applicable, does not have direct or indirect influence or control over the account.

Furthermore, accounts restricted solely to the purchase and sale of mutual funds (to include Funds), 529 College Savings Plans, and 403b/401k plans are not subject to this policy and do not require disclosure or quarterly reporting. However, if the accounts described above can trade other securities, (e.g., individual equity names or proprietary VistaShares Funds), those accounts are subject to the policy even if they hold only mutual funds.

If the Supervised Person's level of discretion changes relative to a non-discretionary account, the CCO must be notified immediately. All related documentation pertaining to a personal account exemption will be maintained by the CCO pursuant to VistaShares' Books and Records policy.

In addition, a Supervised Person need not report on any securities in which such Supervised Person's only "beneficial ownership" is through the general partner of a Fund sponsored by VistaShares or its affiliates. All policy exceptions are noted as such by the CCO within the compliance records of the Firm.

***Responsibility to Report***

All reports must be filed with the CCO or her named designee. The responsibility for taking the initiative to report is imposed on each Supervised Person required to make a report. Any effort by the CCO to facilitate the reporting process does not change or alter that responsibility. Any Supervised Person who has failed to provide the referenced information by the prescribed deadline will be deemed to have violated VistaShares' Code of Ethics and may be subject to disciplinary action.

***Review and Confidentiality***

All Holdings Reports, Transactions Reports, and Preclearance requests will be reviewed by the CCO or a designee. Because the Firm has more than one employee, another Supervised Person will review the CCO's reports to avoid self-review.

Supervised Persons must report personal securities accounts and holdings to the CCO as outlined herein. It is the intent of the CCO to regard and preserve information pertaining to Supervised Person personal trading activities as confidential in nature. However, in certain circumstances, VistaShares may be authorized to disclose such information as required by law enforcement or regulatory inquiry and under any circumstances wherein VistaShares deems disclosure to be reasonably necessary to prevent fraud, unauthorized transactions, liability, or to respond to judicial process or subpoena.

**VI.** **CONFLICTS AND PROHIBITED ACTIVITIES** 

It is a violation of your duty of loyalty to VistaShares for you, without the prior written consent of the CCO to accept, directly or indirectly, from any person, firm, corporation, or association, other than VistaShares and its affiliates, compensation of any nature as a bonus, commission, fee, gratuity, or other consideration in connection with any transaction on behalf of VistaShares or Clients.

**VII.** **SPREAD OF FALSE INFORMATION** 

VistaShares unequivocally prohibits and forbids all Supervised Persons from communicating or transmitting "false rumors" or other information regarding any Fund, portfolio investment, or any registered security which such Supervised Person does not know or reasonably believe to be true to any person outside of VistaShares for any reason.

If the CCO, upon due investigation, finds that any Supervised Person has engaged in the spread of false rumors or information as described above, the CCO may recommend sanctions including, but not limited to, dismissal of the person or persons involved and/or reporting of any improper conduct to the SEC or other regulatory authorities.

**VIII.** **POLITICAL CONTRIBUTIONS** 

SEC Rule 206(4)-5 restricts contributions and solicitation practices of investment advisers and their affiliates beyond certain dollar amounts. Specifically, the Rule prohibits an investment adviser from providing advisory services to any state or local government entity, for two years, if that investment adviser or any "Covered Associate" has made a contribution to a public official who is in a position to influence the award of that advisory service contract. The Rule further prohibits an investment adviser, or a Covered Associate, from paying directly or indirectly any person to solicit a government entity for advisory services on behalf of the adviser unless such person is: a registered investment adviser representative, or an executive officer, general partner, managing member or an employee of the adviser.

A "Covered Associate" includes: (1) any general partner, managing member or executive officer of the Advisor, (2) any employee who solicits a governmental entity on behalf of VistaShares and anyone directly or indirectly supervising such employee, and (3) any political action committee controlled by VistaShares or one of its Covered Associates.

"Contribution" means any gift, subscription, loan, advance, or deposit of money, or anything of value made for:

● the purpose of influencing any election for federal, state, or local office;

● the payment of debt incurred in connection with any such election;

● transition or inaugural expenses incurred by a successful candidate for state or local office; or

● charitable donations and contributions to a political action committee (PAC).

**For purposes of this policy, all Supervised Persons are deemed to be Covered Associates. It is VistaShares' policy that no Covered Associate, his/her spouse, partner, or household member is permitted to make a political contribution to any candidate, officeholder, political party, or PAC. Exceptions to this policy must be pre-approved by the CCO.**

**IX.** **GIFTS AND ENTERTAINMENT** 

***Accepting Gifts***

On occasion, because of their position with the Firm, Supervised Persons of VistaShares may be offered or may receive without notice gifts from Clients, brokers, service providers, or other persons in relation to the business of the Firm. Acceptance of extraordinary or extravagant gifts by a Supervised Person (or his/her spouse, partner, or household member) is prohibited. Any such gifts must be declined and returned in order to protect the reputation and integrity of VistaShares. Gifts of nominal value (i.e., a gift whose reasonable value, alone or in the aggregate, is not more than $100 in any twelve-month period), customary business meals, entertainment (e.g., sporting events), and promotional items (i.e., pens, mugs, T-shirts) may be accepted. All gifts received by a Supervised Person (or his/her spouse, partner, or household member) that might violate this Code must be promptly reported to the CCO. In addition, all gifts received/gifted whose reasonable value exceeds $100 must be reported to the CCO.

***Solicitation of Gifts***

Supervised Persons (and a spouse, partner, or household member) are prohibited from soliciting gifts of any size under any circumstances.

***Giving Gifts***

Supervised Persons (and a spouse, partner, or household member) may not give any gift with a value in excess of $100 per year to a Client or persons who do business with, regulate, advise, or render professional service to VistaShares.

**X.** **OUTSIDE ACTIVITIES AND INTERESTS** 

Upon hire, or designation as a Supervised Person, all employees must report outside activities and interests. Thereafter, Supervised Persons must obtain prior approval from the CCO for any outside business activity that was not already underway at the time this policy was first adopted.

An outside activity or interest may never:

● Present a substantial risk of confusing Clients or the public as to the capacity in which the Supervised Person is acting;

● Pose a reputational risk for VistaShares;

● Inappropriately influence a Supervised Person's business dealings or otherwise create a conflict of interest vis-à-vis the interests of VistaShares or Clients; and/or

● Involve use of VistaShares' Client, or proprietary information.

Supervised Persons may not serve on the board of any company whose securities are publicly traded, or of any company in which VistaShares or Client owns securities without the consent of the CCO.

On an annual basis, Supervised Persons must review and certify to outside business activities. At all times, Supervised Persons should ensure that their outside business activities do not present a risk of a conflict of interest for VistaShares, and that the Supervised Person is clear that they are not acting or providing advice on behalf of VistaShares.

The CCO may require further information concerning any outside activity for which you request approval, including the number of hours involved and the compensation to be received. The CCO will review each reported outside business activity and decide whether such activity must be restricted, monitored, and/or disclosed by VistaShares. Supervised Persons are advised to consult the CCO with any questions as to whether an outside activity or interest is reportable under this policy.

**XI.** **WHISTLEBLOWERS** 

All Supervised Persons have a duty to observe the highest standards of business and personal ethics while discharging their professional responsibilities on behalf of VistaShares and to report suspected violations of the Code of Ethics, Compliance Manual or securities laws in the manner described in this policy. Supervised Persons are advised to first share any questions, suggestions, concerns, or complaints with the CCO of VistaShares who can address them properly. However, if a Supervised Person is not comfortable speaking with the CCO of VistaShares, or is not satisfied with the initial response, the Supervised Person is advised to file a complaint under this policy. Supervisors are required to report suspected compliance violations to the CCO. All reports to the CCO by a supervisor will be handled per the process outlined in this policy. Any employee of VistaShares may also directly contact the SEC's Office of the Whistleblower at (202) 551-4790.

This policy offers protection from retaliation for Supervised Persons who make any complaint related to a known or suspected compliance violation ("**Reporting Person**"), if the complaint is made in good faith. "Good faith" means the Reporting Person has a reasonable belief that the complaint is true and is not being conveyed for personal gain or other ulterior motive.

Any acts of retaliation against a Reporting Person acting in good faith will invoke VistaShares' disciplinary policy and any person who retaliates against a Reporting Person will be subject to sanctions up to and including termination of employment. VistaShares recommends that Reporting Persons approach VistaShares with any concerns related to possible or actual violations of securities laws but does not prohibit Reporting Persons from voluntarily communicating with the SEC or other regulatory authority regarding possible or actual violations of securities law. Furthermore, VistaShares does not prohibit Reporting Persons from recovering an SEC whistleblower award.

Reporting Persons are urged to promptly report irregularities and suspected violations of the Code of Ethics and compliance policies ("**compliance violations**") to the CCO.

The failure of a Supervised Person to report suspicious activity which pertains to a serious act of noncompliance may expose the Supervised Person to an enforcement action by the SEC based on the legal doctrine of "**willful blindness**" which essentially posits that certain individuals, especially supervisors, who should have known that noncompliant activity was undertaken, cannot use the defense that they "did not know."

The CCO will keep the identity of any Reporting Person confidential and privileged under all circumstances to the fullest extent allowed by law unless the Reporting Person has authorized VistaShares to disclose his/her identity. Following a formal investigation, the CCO will continue to protect the identity of the Reporting Person unless confidentiality is incompatible with a fair investigation, there is an overriding reason for identifying or otherwise disclosing the identity of such person, or disclosure is required by law, such as where a regulatory authority initiates an investigation of allegations contained in the complaint.

**Any complaint filed under this policy which relates to the Funds must be reported to the CCO, who will escalate the complaint to Tidal Investments as soon as reasonably practical. The CCO's ability to protect the identity of a whistleblower will depend upon several variables, including the terms of the Sub-Advisory Agreement and other governing legal documents and applicable regulations.**

Reporting Persons should submit complaints concerning compliance violations in accordance with the following procedures:

● Complaints must be submitted in writing and mailed or delivered in a sealed envelope addressed to the CCO.

● The content of the complaint must be sufficiently detailed to include a summary of the complaint, date(s) of alleged wrongdoing, parties involved in the wrongdoing, and how the Reporting Person learned about the suspected violation.

● If appropriate, the Reporting Person may request an opportunity to discuss the complaint with the CCO by indicating such intent and including their identity in the complaint.

● Reporting Persons may report compliance violations on an anonymous basis. Any Supervised Person that contemplates making an anonymous complaint must realize that anonymous complaints are, by their nature, susceptible to abuse, less dependable, and more difficult to resolve. In addition, Supervised Persons considering making an anonymous complaint should be aware that there may be rights and protections available to them if they identify themselves when making a complaint, and that these rights and protections may be lost if they make the complaint on an anonymous basis.

Therefore, VistaShares encourages Supervised Persons to identify themselves when making reports of compliance violations.

Upon receipt of a complaint, the CCO will confirm that the complaint involves a compliance violation. An investigation will be conducted as quickly as possible, considering the nature and complexity of the complaint and the issues it raises. Prompt and appropriate remedial action will be taken as warranted in the judgment of the CCO. Any actions taken in response to a complaint will be conveyed to the Reporting Person to the extent allowed by law unless the complaint is submitted anonymously.

The CCO will maintain all complaints received, tracking their receipt, investigation, and resolution. All complaints and reports will be maintained in accordance with VistaShares' confidentiality and record retention policies.

In the normal conduct of its business, VistaShares may use employment, severance, and non-disclosure agreements. Nothing contained in those agreements may prohibit current or former employees from voluntarily communicating with the SEC or other regulatory authorities about possible violations of law or from recovering an SEC whistleblower award. The CCO is responsible to ensure that all such agreements comply with this requirement, and to make clear to all employees who sign such agreements that VistaShares does not prohibit them from communicating with the SEC or seeking a whistleblower award.

**XII.** **DISCIPLINARY MATTERS** 

To ensure that VistaShares follows its disclosure obligations, Supervised Persons must notify the CCO immediately in the event of any "reportable event." A reportable event occurs when a Supervised Person:

● Violates any provision of any securities law or regulation or any agreement with or rule or standard of any government agency, self-regulatory organization or business or professional organization, or have engaged in conduct which may be material to a current or prospective Client's evaluation of VistaShares' advisory business or the integrity of VistaShares' management;

● Violates any provision of this Manual, or governing agreement;

● Is the subject of any written complaint involving allegations of theft or misappropriation of funds or securities, or forgery;

● Is named as a defendant or respondent in any proceeding brought by a regulatory or self-regulatory body;

● Is denied registration, expelled, enjoined, directed to cease, and desist, suspended, or otherwise disciplined by any securities, insurance, or commodities industry regulatory or self-regulatory organization;

● Is denied membership or continued membership in any self-regulatory organization, or are barred from becoming associated with any member or member organization of any self-regulatory organization;

● Is arrested, arraigned, indicted, or convicted of or plead guilty to or plead no contest to any criminal offense (other than minor traffic violations);

● Is a director, controlling stockholder, partner, officer, sole proprietor or an associated person of a broker, dealer or insurance company which was suspended, expelled, or had its registration denied or revoked by any agency, jurisdiction, or organization or are associated in such a capacity with a bank, trust company or other financial institution which was convicted of or pleaded no contest to any felony or misdemeanor;

● Is a defendant or respondent in any securities or commodities-related civil litigation or arbitration which has been disposed of by judgment, award, or settlement; and/or

● Is the subject of any claim settled for damages by a customer, broker, or dealer.

From time to time, Supervised Persons may be asked to complete a Disciplinary History Report which mandates disclosure by the individual of any financial or disciplinary event since the last written certification. Supervised Persons are required to answer detailed questions related to such information candidly and on a timely basis.

The CCO will determine when any required disclosure should be made, to whom any required disclosure should be made, and the method by which it will be made. However, where disclosure is required by the Advisers Act, the disclosure should be made promptly to the SEC, applicable state regulatory authority, and Clients.

Disciplinary action, up to and including termination, may result if you do not properly notify the CCO immediately following the occurrence of a reportable event. VistaShares will be responsible for making the determination of notifying Tidal Investments and Clients, as well as the appropriate authorities of the occurrence of any such events. In addition, VistaShares may conduct a thorough background check on all new Supervised Persons to determine whether there are any such events required to be disclosed.

**Appendix 2**

**<u>COMPLIANCE MANUAL AND CODE OF ETHICS CERTIFICATION</u>**

&nbsp;&nbsp;&nbsp;&nbsp;1. The
 undersigned employee, agent or other person ()"**Supervised Person** ")
 associated with VistaShares Advisors, LLC, (the "**Firm** "), hereby acknowledges,
 certifies, represents, warrants, and agrees as follows:

&nbsp;&nbsp;&nbsp;&nbsp;2. Supervised
 Person has received a copy of the Firm's Compliance Manual (the "**Manual** "),
 which includes, among other provisions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The
 Firm's Privacy Policy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. The
 Firm's Code of Ethics, including insider trading and conflicts of interest policies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. The
 Firm's Personal Account Trading Policy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. The
 Firm's Cybersecurity Policy.

&nbsp;&nbsp;&nbsp;&nbsp;3. Supervised
 Person has read and understands the information contained in the Manual.

&nbsp;&nbsp;&nbsp;&nbsp;4. Supervised
 Person will abide by: (i) all rules, restrictions, policies, and procedures described
 in the Manual (as amended from time to time); and (ii) all covered laws applicable to
 him or her (as amended from time to time), whether in connection with his or her activities
 on behalf of the Firm or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;5. Supervised
 Person has complied with the Firm's compliance policies and procedures since the
 last date on which such person signed and delivered this Acknowledgement and Agreement
 (or its predecessor form) to the Firm.

&nbsp;&nbsp;&nbsp;&nbsp;6. Supervised
 Person understands that any violation of the Firm's compliance policies and procedures
 by Supervised Person, may lead to sanctions, including the termination of his or her
 employment with the Firm or other dismissal.

&nbsp;&nbsp;&nbsp;&nbsp;7. Supervised
 Person understands that nothing contained in the Firm's compliance policies and
 procedures affects in any way the at-will nature of Supervised Person employment with
 the Firm, which the Firm may terminate at any time for any reason without penalty or
 other payment except as required by law or written agreement.

____________________________ ____________________

Supervised Person Name (print) Date

____________________________

Supervised Person Signature

**Appendix 3** 

**<u>OUTSIDE BUSINESS ACTIVITIES DISCLOSURE FORM</u>**

<u>Check One</u>: _____ New Disclosure _____ Updated Disclosure _____ Remove Disclosure

Supervised Persons who engage in any outside business activity, with or without compensation, must complete and submit this form to the CCO for review and approval. Please refer to the Code of Ethics for complete information.

An outside business activity includes any business activity that is outside the scope of the Firm's business. Such business activity includes acting as a proprietor, partner, officer, director, trustee, consultant, or having any financial interest in another business or organization. An outside business activity also includes non-compensated positions for which you have a fiduciary duty (i.e., president, treasurer, trustee, power of attorney, charitable or other office positions for a nonprofit board). While an outside business activity does not include passive investments, exception might apply by virtue of their nature, position, percentage of ownership or control or obligations with respect to that activity.

Failure to promptly disclose an outside business activity could result in disciplinary actions including termination. You must utilize this Outside Business Activity Disclosure Form to disclose any activity to the Firm. Your disclosure must be both accurate and complete to be considered for review.

In the event that you have any change in your outside business activity profile, you must update this form promptly and forward it to the CCO for review and final updating.

**I understand it is my obligation to promptly update any changes in my outside business activities.** 

**Please Initial, Sign and Date:**

I DO NOT engage in any outside business activities. ___________

I DO engage in the following outside activities: ___________

**Description of outside activities** (list all that apply; attach separate page if needed):

Supervised Person (print) Date Signature

_____________________________________ _______________

Compliance Approval Signature Date

**Appendix 4**

**<u>Personal Account Certification</u>**

***To be completed upon employment, promptly upon any changes and annually thereafter***

Check One: New Disclosure _______ Updated Disclosure ________ **OR**

Annual Disclosure_________

Supervised Person Name (print):_______________________________________

Date of Report: _________________

**Check <u>one</u> of the following as applicable:**

____ I do not have any personal accounts to disclose.

____ I have personal accounts to disclose which are listed below.

Listed below are personal accounts which I have beneficial interest as defined in the Firm's Personal Trading Policy. Attach additional sheets if necessary.

---

| | | | | |
|:---|:---|:---|:---|:---|
| Type of<br> Account<br> (e.g. brokerage, IRA)<br>| Name on<br> Account | Relationship<br> to me<br> (e.g. self, spouse) | Financial Institution<br> (e.g. Schwab, E-Trade)<br>| Account<br> Number |

---

Supervised Person Signature: ____________________________ Date: ___________________

_____________________________________ _______________

Compliance Approval Signature Date

**Appendix 5**

**<u>Personal Holdings Certification</u>**

***To be completed upon employment, upon any changes and annually thereafter***

Name of Supervised Person (print): ______________________________________

Check One: _____ New Disclosure _____Updated Disclosure ______ Annual Disclosure

Please list all personal holdings in which you have a financial interest or over which you exercise control that have not otherwise been disclosed to the Firm <u>or</u> check the box below stating you do not have any additional holdings to disclose.

---

| | | | |
|:---|:---|:---|:---|
| **NAME OF HOLDING, <br> AMOUNT OWNED <br> AND DATE <br> ACQUIRED** | **BROKERAGE FIRM <br> OR CUSTODIAN** | **ACCOUNT <br> NUMBER <br> AND NAME ON <br> ACCOUNT** | **STATEMENTS <br> SENT TO CCO?**<br>**(Yes/No//N/A/Will <br> be Arranged)**<br>|

---

**Attach additional sheets if necessary.**

**OR**

**___________** I do not have any personal holdings to disclose (check here only if this applies).

Supervised Person Signature: ____________________________ Date: ___________________

_____________________________________ _______________

Compliance Approval Signature Date

**Appendix 6**

**<u>Quarterly Personal Securities Transactions Report</u>**

**Page 1 of 2**

The Code of Ethics and SEC regulations require that each Access Person (defined at Rule 204A-1(e)(1)) report, within 30 days of the end of each calendar quarter, any personal securities transactions in any account of the Access Person, or any account in which the Access Person or any immediate family or household member, has a direct or indirect pecuniary interest. If the Access Person has arranged for the CCO or other designee to receive copies of brokerage statements for all covered accounts, then such brokerage reports will negate the need for the Access Person to separately complete this quarterly transaction report. If the Access Person has arranged for the Firm to receive copies of brokerage statements for all covered accounts, the use of this form would be limited to reporting transactions in private offerings which are transacted outside of brokerage accounts.

Quarter ending: ______________

____ YES, I had reportable personal securities transactions within the past quarter as reported on (check all that apply):

_____ the attached page/or monthly brokerage statements

_____ confirmations/statements sent directly by my broker-dealer

_____ the attached report

_____ NO, I had no reportable personal securities transaction(s) in the past quarter.

This report is to be signed, dated, and returned to the CCO (or designated person), within 30 days of quarter end.

_________________________________

Supervised Person Signature

_________________________________ ____________________

Print Name\* Date

_________________________________ ____________________

CCO or Designated Officer Signature Date

\*Important Note: The CCO has discretion to rely upon e-mail attestation in lieu of signatures.

**Appendix 6**

**<u>Quarterly Personal Securities Transactions Report</u>**

**Page 2 of 2**

**Transactions do not need to be reported for:**

● Any account in which the *Access Person* has no direct or indirect influence or control;

● Direct obligations of the U.S. Government, e.g., U.S. Treasury bills, notes, and bonds;

● High quality short-term instruments, e.g., U.S. bank certificates of deposit, bankers' acceptances, and commercial paper;

● Open-end investment companies, i.e., mutual funds unless the Firm, or an affiliated company acts as investment adviser, sub-adviser, or principal underwriter to the mutual fund(s);

● 529 Plans, unless the Firm or a control affiliate manages, distributes, markets, or underwrites the 529 Plan or the investments (including a fund that is defined as a reportable fund under Rule 204A-1) and strategies underlying the 529 Plan that is a college savings plan; and

● Units of unit investment trusts, so long as the unit investment trust is neither managed by the Firm, any affiliate of the Firm, nor invested in affiliated mutual funds.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Account <br> Identification <br> Information <br> (Name/#) | &nbsp;&nbsp;Trade Date <br> and <br> Transaction <br> Type <br> (Buy/Sell) | &nbsp;&nbsp;Transaction<br> Price and <br> Number of <br> Shares | &nbsp;&nbsp;Name of <br> Security | &nbsp;&nbsp;Ticker<br> or <br> CUSIP | &nbsp;&nbsp;Interest <br> Rate and <br> Maturity <br> Date | &nbsp;&nbsp;Principal <br> Amount | &nbsp;&nbsp;Broker |

---

The reporting or recording of any such transaction should not be construed as an admission you have any direct or indirect beneficial ownership in the security reported.

**Appendix 7**

**<u>Pre-Approval Form: Personal Securities TRANSACTIONS</u>**

**Page 1 of 2**

This form must be submitted <u>prior to</u> executing a transaction in personal securities (with some exceptions as defined in the Code of Ethics), a private placement, limited offering, sub-advised Fund, or any other transaction the employee believes could cause a conflict or compliance violation. IPOs are prohibited. See the Code of Ethics for details.

**IRRESPECTIVE OF APPROVAL BY THE CHIEF COMPLIANCE OFFICER, NO EMPLOYEE MAY EXECUTE ANY SECURITIES TRANSACTION WHILE IN POSSESSION OF INSIDE INFORMATION. SEE THE CODE OF ETHICS FOR INFORMATION ABOUT INSIDER TRADING AND NON-PUBLIC INFORMATION.**

Whether or not an employee has "inside information," no employee may "trade ahead" of a client or execute any transaction which might in any respect disadvantage a client account or result in an employee in any respect profiting from a transaction executed or positions held for a client.

Name as it appears on the Account: ________________________________________

Account Number: ________________________________________

Issuer: ____________________

---

| | | |
|:---|:---|:---|
| **Equity Investments**: | □ Common | □ Preferred |

---

Number of shares: ____________________

---

| | | |
|:---|:---|:---|
| **Debt Investments**: | □ Public | □ Private |

---

Interest rate: ____________________

Maturity date: ____________________

**Limited Offering:** 

Please provide details:

Describe whether and why this investment would or would not be suitable for a client:

Transaction Type (please check):

□ Purchase

□ Sale

**Appendix 7**

**<u>Pre-Approval Form: Personal Securities TRANSACTIONS</u>**

**Page 2 of 2**

Estimated Trade Date: ____________________ Estimated Price: ____________________

Broker/Dealer: ____________________

Is the investment a limited offering? □ Yes □ No

---

| | | |
|:---|:---|:---|
| Is the investment a private placement? | □ Yes | □ No |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If yes, will the private placement invest in corporate debt or equity? | □ Yes | □ No |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If yes, will you take an active role in the management of investments? | □ Yes | □ No |

---

Representation and Signature:

By executing this form, I represent that the information contained herein is accurate and complete and that my trading in this investment is not based on any material non-public information.

_________________________________ _______________

Supervised Person Name Date

_________________________________

Supervised Person Signature

\*\*\*\*\*\*\*\*\*\*\*\*\*\*

Compliance Approval: ________________________ Date: _____________________

Duration of preclearance approval: _________________________________

**Approval of a trade does not mean that the Firm in any respect recommends or endorses such transaction.** **THIS APPROVAL IS ONLY VALID UNTIL THE LAST DATE LISTED ABOVE. FURTHERMORE, THIS APPROVAL IS NOT VALID SHOULD ANY OF THE INFORMATION LISTED ABOVE CHANGE OR SHOULD THE EMPLOYEE COME INTO POSSESSION OF "INSIDE INFORMATION."**

## Ex-99.(P)(Xxi)

[Tidal Trust III 485BPOS](prto-485bpos_032326.htm)

**Exhibit 99.(p)(xxi)**![](ex99pxxi001.jpg)

**Regulatory Compliance Manual**

**RCN Wealth Advisors, Inc.**

**CRD # 163562**

**116 Terrapin Ln.**

**Stevensville, MD. 21666**

**(410) 956-6003**

**www.rcnwa.com**

Confidential

February 9, 2026

This Compliance Manual ("**Manual**") has been prepared for the sole and exclusive use by<br> RCN Wealth Advisors, Inc. All information contained herein is confidential and proprietary<br> and may not be disclosed to anyone or otherwise shared or disseminated in any way, except as<br> required by law, without the prior written permission of the Chief Compliance Officer<br> designated in the Manual. The information contained herein is for informational purposes<br> only and is not intended and should not be considered to be legal advice on any subject<br> matter.

**Appendix** **1** 

**Code of Ethics**

**RCN Wealth Advisors, Inc.**

**I.** **DEFINITIONS** 

**"Access Person"** is a Supervised Person (defined below) who has access to non-public information regarding clients' purchase or sale of securities, is involved in making securities recommendations to clients or who has access to such recommendations that are non-public. A Supervised Person who has access to non-public information regarding the portfolio holdings of affiliated mutual funds is also an Access Person.

**"Beneficial Ownership"** - Access Persons are considered to have beneficial ownership of securities if they have or share a direct or indirect beneficial interest in the securities. Access Persons have a beneficial interest in a security if they have the ability to profit from a transaction directly or indirectly in such security. Examples of a beneficial interest in securities include the following:

● Securities held by members of an Access Person's immediate family sharing the same household. 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. Adoptive relationships are included;

● An Access Person's interest as a general partner or limited partner in securities held by a general or limited partnership; and

● An Access Person's interest as a manager/member in the securities held by an LLC.

An Access Person does not have a beneficial interest in securities held by entities in which he or she holds an equity interest (e.g., the portfolio holdings of a mutual fund of which an Access Person owns shares) unless he or she is a controlling equity holder or shares investment control over the securities held by the entity.

"**Covered Securities**" shall mean any financial instrument that is known as a security and as defined in detail in Section 202(a)(18) of the Advisers Act, EXCEPT, for purposes of this Code, it does not include securities issued by the U.S. Government, bank certificates of deposit, bankers' acceptance, commercial paper, high quality short-term debt instruments, money market instruments, or shares of registered open end investment companies (mutual funds) as long as RCN is not advising such mutual funds.

"**Immediate family member**" is any child, stepchild, grandchild, parent, stepparent, grandparent, spouse, sibling, father-in-law, mother-in-law, son-in-law, daughter-in-law, sister-in-law, brother-in-law (including adoptive relationship). If the immediate family member resides in the same household as the employee, they are subject to RCN's personal securities trading reporting requirements.

"**Limited Offering**" means an offering that is exempt from registration under the Securities Act of 1933 pursuant to section 4(a)(2) or section 4(a)(5) (15 U.S.C. 77d(a)(2) or 77d(a)(5)) or pursuant to §§ 230.504 or 230.506 of this chapter.

"**Material non-public information**" ("**MNPI**") is information about a company that has not yet been made public, for which there is a substantial likelihood that a reasonable investor would consider important in making his or her investment decisions, or information that is reasonably certain to have a substantial effect on the price of a company's securities were it to be disclosed in the public domain.

"**Supervised Person**" is defined as any partner, officer, director (or other person occupying a similar status or performing similar functions), or employee of RCN or other person who provides investment advice on behalf of RCN and is subject to the supervision and control of RCN.

**II. GENERAL PROVISIONS**

**All Supervised Persons of RCN are deemed "Access Persons" and are therefore subject to the Code of Ethics and its related policies. If RCN hires new employees in the future, the CCO will maintain a list of Supervised Persons separately from this Code.**

RCN has adopted the following polices and rules of conduct ("**Code**") for all Supervised Persons. The Code is designed to ensure that the high ethical standards maintained by RCN are consistently applied. The excellent name and reputation of RCN continues to be a direct reflection of the conduct of each Supervised Person. The Code requires all Supervised Persons to comply with applicable federal securities laws.

The Code is based upon the principle that RCN, and its Supervised Persons owe a fiduciary duty to its clients and that RCN and its Supervised Persons must conduct their affairs, including their personal securities transactions, in such a manner as to avoid (i) serving their own personal interests ahead of clients, (ii) taking inappropriate advantage of their position with RCN, and (iii) abusing their position of trust and responsibility. In meeting its fiduciary responsibilities, RCN expects every Supervised Person to demonstrate the highest standards of ethical conduct. Compliance with the provisions of the Code, the Advisers Act and all applicable federal securities laws shall be considered a basic condition of employment and association with RCN.

Pursuant to Section 206 of the Advisers Act, both RCN and its Supervised Persons are prohibited from engaging in fraudulent, deceptive, or manipulative conduct. Compliance with the Code involves more than acting with honesty and good faith alone. It means that RCN has an affirmative duty of utmost good faith to act solely in the best interest of clients.

RCN recognizes that no single policy or governance statement can address all potential scenarios whereby Supervised Persons are challenged to comport themselves in an appropriate manner. To this end, the provisions of the Code are not all-inclusive. Rather, they are intended as a guide for Supervised Persons in their conduct. Supervised Persons are urged to seek the advice of the CCO for any questions about the Code, the application of the Code to their individual circumstances, and particularly in any situation where any Supervised Person may be uncertain as to the intent or purpose of the Code. Supervised Persons should also understand that a material breach of the provisions of the Code may constitute grounds for disciplinary action, including termination of employment and/or association with RCN.

All Supervised Persons must promptly report any suspected or apparent violations of this Code to the CCO. The CCO shall consider reports made to them hereunder and shall determine whether the Code has been violated and what sanctions, if any, should be imposed. The CCO will aggregate and report all violations of the Code of Ethics or other compliance policies in the annual compliance program review report. Supervised Persons will not be subjected to any form of retaliation for reporting legitimate suspected or actual concerns or abuses.

**III.** **INSIDER TRADING PREVENTION** 

***Background***

Trading securities (including equity and debt securities and derivative instruments), either personally or on behalf of others, while in possession of material, non-public information, or improperly communicating that information to others, is referred to as "**insider trading**." Insider trading is a violation of federal securities statutes and therefore is a prohibited activity by RCN and each of its Supervised Persons and agents. RCN absolutely forbids insider trading.

In addition to subjecting RCN to potential penalties, Supervised Persons may face severe penalties if trading securities while in possession of material non-public information, or if improperly communicating non-public information to others. The consequences of illegal insider trading include:

● RCN may terminate your employment and/or association with RCN;

● You may be subject to criminal sanctions which may include fines, penalties and imprisonment;

● The SEC can recover your profits gained or losses avoided through illegal trading and impose a penalty of up to three times the profit from the illegal trades;

● The SEC may issue an order permanently barring you from the securities industry; and

● Clients and the issuer's shareholders may sue you, seeking to recover damages for insider trading violations.

Insider trading laws provide for penalties against "controlling persons" of individuals who engage in insider trading. Accordingly, under certain circumstances, a supervisor of a Supervised Person who is found liable for insider trading may also be subject to penalties.

Supervised Persons must notify the CCO immediately if there is any reason to believe that a violation of RCN's insider trading policy has occurred or may occur.

***Prohibition on Insider Trading***

Buying or selling securities of an issuer, personally or on behalf of others (including client portfolios managed by RCN), while in possession of material, non-public information about such issuer is prohibited. **Supervised Persons must not independently determine if information is material, non-public information without consulting with the CCO. If you believe you might be in possession of material, non-public information, you must notify the CCO immediately.**

Disclosing or communicating material, non-public information to any person or entity except persons who need to know the information to perform their responsibilities for RCN is prohibited. All such persons are subject to obligations of confidentiality with respect to such information and have agreed or are otherwise obligated not to buy or sell securities of the applicable issuer while in possession of such information.

The CCO will review personal trading activity which occurs in Supervised Person reportable accounts, as specified in the Code of Ethics. The CCO or her designee will conduct e-mail surveillance (through random and keyword searches) to ascertain whether material non-public information has been obtained without authorization or has been used impermissibly.

**If you have any questions as to whether you are permitted to disclose non-public information to any other person, you should contact the CCO.**

***What is Material, Non-Public Information?***

● Information is material if there is a "substantial likelihood" that a "reasonable investor" would consider it important in making an investment decision, the disclosure of the information would be "viewed by the reasonable investor as having significantly altered the 'total mix' of information made available," or the information is reasonably certain to have a substantial effect on the price of a company's securities were it to be disclosed in the public domain.

● Non-public information is information that is not generally available to the investing public. Information is "public" when it has been disseminated broadly to investors in the marketplace.

Keep in mind that RCN may be party to non-disclosure agreements, which when signed by a Supervised Person of RCN, are applicable to all Supervised Persons of RCN. If you are uncertain whether information is non-public information or is subject to a non-disclosure agreement, you should contact the CCO.

**IV.** **PERSONAL INVESTMENT AND TRADING POLICY** 

***General Statement***

These policies and procedures do not limit the ability of Supervised Persons to engage in personal securities transactions. However, RCN reserves the right to further restrict personal investment and trading at any point the CCO deems appropriate. RCN has adopted certain principles to govern personal investment activities by Supervised Persons which are listed below.

● Supervised Persons will adhere to the highest standards of ethical conduct;

● The interests of clients will always be placed above the interests of RCN and its Supervised Persons;

● Appropriate investment opportunities must be considered for and/or offered to clients first before RCN or any Supervised Person may act on them;

● All personal securities transactions will be conducted in such a manner as to avoid or mitigate any actual or potential conflict of interest and so as to avoid any abuse of an individual's position of trust and responsibility;

● Supervised Persons should not take inappropriate advantage of their positions;

● Supervised Persons will not engage in any transaction that would be in violation of any governing agreement; and

● Supervised Persons that serve as directors or officers of publicly traded companies must be aware of such companies' own trading policies and restrictions, including any "black-out" periods.

All Supervised Persons are required to comply with applicable federal and state securities laws. Failure to adhere to federal and state securities laws could expose RCN and its Supervised Persons to sanctions imposed by the SEC or law enforcement officials. These sanctions may include, among others, suspension, or termination of employment by RCN, or criminal or civil penalties.

All Supervised Persons are required to report holdings and transactions in Covered Securities (defined above) in which they have beneficial ownership, a term defined above. Supervised Persons may not use confidential or proprietary information, obtained during your employment or association with RCN, for your personal investment purposes or for your personal gain, and you may not share such information with others for their personal benefit. The following restrictions and limitations govern investments and personal securities transactions by all Supervised Persons (and their respective household members).

***Restrictions and Limitations on Personal Securities Transactions*** It is the responsibility of each Supervised Person to ensure that a particular securities transaction being considered for his or her personal account is not subject to a restriction contained in this Code, including due to its inclusion on the Restricted List, as defined below, or otherwise prohibited by any applicable law. Personal securities transactions may be effected only in accordance with the provisions of this Code. Rule 17(j) under the 1940 Act requires that every investment company adopt procedures designed to prevent improper personal trading by investment company personnel. Rule 17(j) was created to prevent conflicts of interest between investment company personnel and shareholders, to promote shareholder value, and to prevent investment company personnel from profiting from their access to proprietary information.

It is the duty of all Supervised Persons to act in a manner that avoids any conflict of interest or the appearance of a conflict of interest with clients. In addition, it is the responsibility of each Supervised Person to comply with all applicable Federal Securities Laws and the guidelines set forth below.

**Important Note: to the extent the CCO is the only Supervised Person of the Firm, the CCO is expected to follow the guidelines outlined herein but is not required to seek pre-approval from a third party. All records required to be retained under the Code of Ethics shall be created and retained in the books and records of the Firm, and available to the SEC and to Tidal Investments upon reasonable request.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. Preclearance of Personal Trades in Underlying ETF Single Equity Security Holdings by Supervised Persons.** Trades in a personal investment account covered under this Code of Ethics in a single equity security held in the ETF are subject to preclearance by the CCO.

**The following are exempt from preclearance:**

● Discretionary accounts that are managed externally by an independent third party (e.g., an external investment adviser with discretionary authority) where the Supervised Person has no influence over the trading decision.

● Acquisitions or dispositions of securities that result from a stock dividend, stock split, or other corporate action.

● Purchase of securities by the exercise of rights issued to a class of security holders on a pro rata basis.

● Automatic investment/withdrawal programs.

Exceptions by prior written approval of the CCO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2. 90-Day Hold.** To deter market timing, Supervised Persons are required to hold the sponsored ETF for a period of 90 days within all accounts covered under this policy. This restriction applies to accounts for which Supervised Persons have a direct or indirect beneficial interest, including household members. The CCO has discretion to approve limited exceptions when doing so does not present a material conflict to clients, including, but not limited to, situations related to hardship or extended disability. Exceptions must be approved by the CCO prior to execution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3. IPOs are Prohibited.** No Supervised Person or household member thereof may acquire any security in an Initial Public Offering ("**IPO**"). For purposes of this policy, an IPO does not include offerings of government or municipal securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4. Preclearance Required for Limited Offerings and Private Placements.** Securities issued in limited offerings and private placements<sup>1</sup> (including investments in limited partnerships such as buyout, venture capital, oil and gas, real estate, and hedge funds or funds of funds) may only be acquired by a Supervised Person or household member thereof with the advance written approval of the CCO. A request for approval of a private placement or limited offering should generally be submitted at least one week in advance of the proposed date of investment. A Supervised Person need not pre-clear any private placement investments in which such Supervised Person's only "beneficial ownership" is through the general partner of a Fund sponsored by RCN or its affiliates. Certain limited partnership investments may not be securities, such as a partnership created to invest in a building. Supervised Persons are urged to consult the CCO with any questions about limited offerings. Preclearance does not preclude subsequent reporting of transactions.

<sup>1</sup> A Private Placement, also known as an unregistered offering, is the purchase of any security or offering exempt from the Securities Act of 1933.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5. Short Selling Restrictions.** Supervised Persons and household members are prohibited from selling short any security which is owned in a client portfolio, including the sponsored ETF.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6. Investment Clubs are Prohibited.** Supervised Persons and household members are prohibited from participating in investment clubs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7. Prohibition on Trading Securities on the Restricted Security List.** RCN has discretion to create a Restricted Security List to include certain public company or other security issuers where RCN has, or may receive, material non-public information about such companies or securities because of a special relationship between RCN or an affiliate or a Supervised Person and such companies or securities, or otherwise. No Supervised Persons or household member thereof can trade or invest in any securities listed on the Restricted Security List without the prior consent of the CCO. This restriction covers all instruments of the issuer or security, including equity, debt, and derivative instruments.

In addition, if any Supervised Person is exposed to material non-public information regarding a public company, such information shall be communicated immediately to the CCO, and such public company will be added to the Restricted Security List.

If any Supervised Person or household member thereof already holds a security that is added to the Restricted Security List and has not received consent from the CCO, such Supervised Person or household member must continue to hold and may not execute any buy or sell orders for the relevant security until such security is removed from the Restricted Security List. This requirement covers all instruments of the issuer. All Supervised Persons are responsible for knowing the contents of the Restricted Security List prior to effecting or soliciting a transaction in a security. Any Supervised Person with access to the Restricted Security List is prohibited from disclosing the securities listed on the Restricted Security List to third parties (except household members to facilitate their compliance with this policy) without the authorization of the CCO.

The CCO is responsible to administer Restricted Security List controls to prevent the misappropriation of material non-public information, and to ensure that Supervised Persons receive appropriate training relative to this policy. The CCO will determine whether a security should be placed on the Restricted Security List and maintain and update the Restricted Security List, as necessary. The CCO will periodically monitor transactions by Supervised Persons and their respective household members that are reported to the CCO pursuant to the Code to ascertain any pattern of conduct which may violate the restriction requirements or evidence front-running, scalping, or other inappropriate behavior.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8. Trustee Arrangements.** Supervised Persons must receive pre-approval from the CCO before accepting a trustee position for any person or entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9. Restrictions on Disclosures.** Supervised Persons may not disclose any non-public information (whether or not it is material) relating to RCN or securities transactions on behalf of clients to any person outside RCN (unless such disclosure has been authorized by RCN). You may not communicate material, non-public information to anyone, including persons within RCN, except as permitted by this Code and related policies outlined in this Manual. All material non-public information must be secured. For example, access to files containing material, non-public information should be restricted, and conversations containing such information, if appropriate at all, should be conducted in a private setting to the extent practicable. Conversations in public places, such as elevators, restaurants, and airplanes, should be limited to matters that do not pertain to information of a sensitive or confidential nature. Disclosure restrictions are not intended to preclude a Supervised Person's rights under the Whistleblower Policy, outlined below.

The CCO will review and consider any proper request for relief or exemption from any restriction, limitation or procedure contained in this Code which you believe will cause you a hardship. The decision of the CCO is completely within his discretion.

Each Supervised Person is solely responsible for any violation of this Code by a household member thereof.

**V.** **REPORTING REQUIRMENTS** 

***Transactions and Accounts Covered***

Supervised Persons are required to submit to the CCO the following reports:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. Initial Holdings Report.** Each Supervised Person is required to provide an Initial Holdings Report listing all holdings in Covered Securities with the CCO (or such other person designated by the CCO) within 10 days after first becoming a Supervised Person. The information contained in an Initial Holdings Report must be current as of a date no more than 45 days prior to the date of becoming a Supervised Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2. Quarterly Trade Reports.** Each Supervised Person must also file with the CCO (or such other person designated by the CCO) periodic reports of personal transactions in Covered Securities within 30 days after the end of each calendar quarter Each Supervised Person must file a Quarterly Transactions Report even if no purchases or sales of securities are made during the period covered by the report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3. Annual Holdings Report.** Each Supervised Person must submit an Annual Holdings Report within 30 days after the end of each calendar year, and the information must be current as of a date no more than 45 days prior to the date such report is submitted.

Each Supervised Person will be responsible for submitting a copy of: (i) all transaction confirmations for each account in which such Supervised Person or a household member thereof directly or indirectly holds a Covered Security, and (ii) all account statements for each such account (collectively, "**Brokerage Statements**") or otherwise ensuring that the CCO has access to such Brokerage Statements. A Supervised Person is not required to provide information that is contained in Brokerage Statements sent to the CCO or such other designated person in accordance with this Code, if such Brokerage Statements are provided to the CCO or such other designated person/system consistent with the required timing set forth above. Supervised Persons are still responsible to validate such reports annually and quarterly as directed by the CCO.

***Cryptocurrencies***

A cryptocurrency is a digital asset designed to work as a medium of exchange that uses strong cryptography to secure financial transactions, control the creation of additional units, and verify the transfer of assets. There is some debate as to whether cryptocurrencies are securities. If there is a centralized third party, along with purchasers of a cryptocurrency with an expectation of a return, then the transaction should be considered a securities transaction. Bitcoin is not deemed to be a security because it is decentralized: there is no central party whose efforts are a key determining factor in the enterprise. In addition, ether is not a security because the Ethereum network is also decentralized. Supervised Persons are not required to pre-clear, or report transactions or holdings related to cryptocurrencies which are not deemed to be securities.

Until further notice, cryptocurrencies that are deemed to be securities and Initial Coin Offerings ("**ICOs**") are included in the definition of a covered security. If there is any question by a Supervised Person as to whether a security is "covered" under this Code, s/he should consult with the CCO for clarification on the issue before entering any trade for his/her personal account.

***Exceptions from Reporting Requirement***

Initial, annual, and quarterly reporting is not required for any account over which a Supervised Person or a household member has no direct or indirect influence or control. However, each Supervised Person must report the existence of such an account to the CCO. The CCO has the authority to request further information and documentation from you regarding any account over which you claim to have no influence or control, including to direct the adviser or broker to the account to provide an affirmative certification that the Supervised Person or household member has no direct or indirect influence or control. Each Supervised Person must certify annually that he or she, or a household member when applicable, does not have direct or indirect influence or control over the account.

Furthermore, accounts restricted solely to the purchase and sale of mutual funds (to include Funds), 529 College Savings Plans, and 403b/401k plans are not subject to this policy and do not require disclosure or quarterly reporting. However, if the accounts described above can trade other securities, (e.g., individual equity names or proprietary RCN Funds), those accounts are subject to the policy even if it holds only mutual funds.

If the Supervised Person's level of discretion changes relative to a non-discretionary account, the CCO must be notified immediately. All related documentation pertaining to a personal account exemption will be maintained by the CCO pursuant to RCN's Books and Records policy.

In addition, a Supervised Person need not report on any securities in which such Supervised Person's only "beneficial ownership" is through the general partner of a Fund sponsored by RCN or its affiliates. All policy exceptions are noted as such by the CCO within the compliance records of the Firm.

***Responsibility to Report***

All reports must be filed with the CCO or her named designee. The responsibility for taking the initiative to report is imposed on each Supervised Person required to make a report. Any effort by the CCO to facilitate the reporting process does not change or alter that responsibility. Any Supervised Person who has failed to provide the referenced information by the prescribed deadline will be deemed to have violated RCN's Code of Ethics and may be subject to disciplinary action.

***Review and Confidentiality***

All Holdings Reports, Transactions Reports, and Preclearance requests will be reviewed by the CCO or a designee. If there are more than a single employee, another Supervised Person will review the CCO's reports to avoid self-review. If RCN has one employee, no review is necessary. Reports shall be filed, and subject to review by the adviser to the ETF and regulators upon request.

Supervised Persons must report personal securities accounts and holdings to the CCO as outlined herein. It is the intent of the CCO to regard and preserve information pertaining to each Supervised Person's personal trading activities as confidential in nature. However, in certain circumstances, RCN may be authorized to disclose such information as required by law enforcement or regulatory inquiry and under any circumstances wherein RCN deems disclosure to be reasonably necessary to prevent fraud, unauthorized transactions, liability, or to respond to judicial process or subpoena.

**VI.** **CONFLICTS AND PROHIBITED ACTIVITIES** 

It is a violation of your duty of loyalty to RCN for you, without the prior written consent of the CCO to accept, directly or indirectly, from any person, firm, corporation, or association, other than RCN and its affiliates, compensation of any nature as a bonus, commission, fee, gratuity, or other consideration in connection with any transaction on behalf of RCN or clients.

**VII.** **SPREAD OF FALSE INFORMATION** 

RCN unequivocally prohibits and forbids all Supervised Persons from communicating or transmitting "false rumors" or other information regarding the ETF, portfolio investment, or any registered security which such Supervised Person does not know or reasonably believe to be true to any person outside of RCN for any reason.

If the CCO, upon due investigation, finds that any Supervised Person has engaged in the spread of false rumors or information as described above, the CCO may recommend sanctions including, but not limited to, dismissal of the person or persons involved and/or reporting of any improper conduct to the SEC or other regulatory authorities.

**VIII.** **POLITICAL CONTRIBUTIONS** 

SEC Rule 206(4)-5 restricts contributions and solicitation practices of investment advisers and their affiliates beyond certain dollar amounts. Specifically, the Rule prohibits an investment adviser from providing advisory services to any state or local government entity, for two years, if that investment adviser or any "Covered Associate" has made a contribution to a public official who is in a position to influence the award of that advisory service contract. The Rule further prohibits an investment adviser, or a Covered Associate, from paying directly or indirectly, any person to solicit a government entity for advisory services on behalf of the adviser unless such person is: a registered investment adviser representative or an executive officer, general partner, managing member or an employee of the adviser.

A "Covered Associate" includes: (1) any general partner, managing member or executive officer of the Advisor, (2) any employee who solicits a governmental entity on behalf of RCN and anyone directly or indirectly supervising such employee, and (3) any political action committee controlled by RCN or one of its Covered Associates.

"Contribution" means any gift, subscription, loan, advance, or deposit of money, or anything of value made for:

● the purpose of influencing any election for federal, state, or local office;

● the payment of debt incurred in connection with any such election;

● transition or inaugural expenses incurred by a successful candidate for state or local office; or

● charitable donations and contributions to a political action committee (PAC).

**For purposes of this policy, all Supervised Persons are deemed to be Covered Associates. It is RCN's policy that no Covered Associate, his/her spouse, partner, or household member is permitted to make a political contribution to any candidate, officeholder, political party, or PAC.**

**IX.** **GIFTS AND ENTERTAINMENT** 

***Accepting Gifts***

On occasion, because of their position with the Firm, Supervised Persons of RCN may be offered or may receive without notice gifts from clients, brokers, service providers, or other persons in relation to the business of the Firm. Acceptance of extraordinary or extravagant gifts by a Supervised Person (or his/her spouse, partner, or household member) is prohibited. Any such gifts must be declined and returned in order to protect the reputation and integrity of RCN. Gifts of nominal value (i.e., a gift whose reasonable value, alone or in the aggregate, is not more than $250 in any twelve-month period), customary business meals, entertainment (e.g. sporting events), and promotional items (i.e., pens, mugs, T-shirts) may be accepted. All gifts received by a Supervised Person (or his/her spouse, partner, or household member) that might violate this Code must seek pre-approval from the CCO. In addition, all gifts received/gifted whose reasonable value exceeds $250 must be pre-approved the CCO.

***Solicitation of Gifts***

Supervised Persons (and a spouse, partner, or household member) are prohibited from soliciting gifts of any size under any circumstances.

***Giving Gifts***

Supervised Persons (and a spouse, partner, or household member) may not give any gift with a value in excess of $250 per year to a client or persons who do business with, regulate, advise, or render professional service to RCN, unless approved in advance by the CCO.

**X.** **OUTSIDE ACTIVITIES AND INTERESTS** 

Upon hire, or designation as a Supervised Person, all employees must report outside activities and interests. Thereafter, Supervised Persons must obtain prior approval from the CCO for any outside business activity that was not already underway at the time this policy was first adopted. An outside activity or interest may never:

● Present a substantial risk of confusing clients or the public as to the capacity in which the Supervised Person is acting;

● Present a reputational risk for RCN;

● Inappropriately influence a Supervised Person's business dealings or otherwise create a conflict of interest vis-à-vis the interests of RCN or clients; and/or

● Involve use of RCN's client, or proprietary information.

Supervised Persons may not serve on the board of any company whose securities are publicly traded, or of any company in which RCN or client owns securities without the consent of the CCO.

On an annual basis, Supervised Persons must review and certify to outside business activities. At all times, Supervised Persons should ensure that their outside business activities do not present a risk of a conflict of interest for RCN, and that the Supervised Person is clear that they are not acting or providing advice on behalf of RCN.

The CCO may require further information concerning any outside activity for which you request approval, including the number of hours involved and the compensation to be received. The CCO will review each reported outside business activity and decide whether such activity must be restricted, monitored, and/or disclosed by RCN. Supervised Persons are advised to consult the CCO with any questions as to whether an outside activity or interest is reportable under this policy.

**XI.** **WHISTLEBLOWERS** 

All Supervised Persons have a duty to observe the highest standards of business and personal ethics while discharging their professional responsibilities on behalf of RCN and to report suspected violations of the Code of Ethics, Compliance Manual or securities laws in the manner described in this policy. Supervised Persons are advised to first share any questions, suggestions, concerns, or complaints with the CCO of RCN who can address them properly. However, if a Supervised Person is not comfortable speaking with the CCO of RCN, or is not satisfied with the initial response, the Supervised Person is advised to file a complaint under this policy. Supervisors are required to report suspected compliance violations to the CCO. All reports to the CCO by a supervisor will be handled per the process outlined in this policy. Any employee of RCN may directly contact the SEC's Office of the Whistleblower at (202) 551-4790.

This policy offers protection from retaliation for Supervised Persons who make any complaint related to a known or suspected compliance violation ("**Reporting Person**"), if the complaint is made in good faith. "Good faith" means the Reporting Person has a reasonable belief that the complaint is true and is not being conveyed for personal gain or other ulterior motive.

Any acts of retaliation against a Reporting Person acting in good faith will invoke RCN's disciplinary policy and any person who retaliates against a Reporting Person will be subject to sanctions up to and including termination of employment. RCN recommends that Reporting Persons approach RCN with any concerns related to possible or actual violations of securities laws but does not prohibit Reporting Persons from voluntarily communicating with the SEC or other regulatory authority regarding possible or actual violations of securities law. Furthermore, RCN does not prohibit Reporting Persons from recovering an SEC whistleblower award.

Reporting Persons are required to promptly report irregularities and suspected violations of the Code of Ethics and compliance policies ("**compliance violations**") to the CCO.

The failure of a Supervised Person to report suspicious activity which pertains to a serious act of noncompliance may expose the Supervised Person to an enforcement action by the SEC based on the legal doctrine of "**willful blindness**" which essentially posits that certain individuals, especially supervisors, who should have known that noncompliant activity was undertaken, cannot use the defense that they "did not know."

The CCO will keep the identity of any Reporting Person confidential and privileged under all circumstances to the fullest extent allowed by law unless the Reporting Person has authorized RCN to disclose his/her identity. Following a formal investigation, the CCO will continue to protect the identity of the Reporting Person unless confidentiality is incompatible with a fair investigation, there is an overriding reason for identifying or otherwise disclosing the identity of such person, or disclosure is required by law, such as where a regulatory authority initiates an investigation of allegations contained in the complaint.

**Any complaint filed under this policy which relates to the ETF must be reported to the CCO, who will escalate the complaint to Tidal Investments as soon as reasonably practical. The CCO's ability to protect the identity of a whistleblower will depend upon several variables, including the terms of the Sub-Advisory Agreement and other governing legal documents and applicable regulations.**

Reporting Persons should submit complaints concerning compliance violations in accordance with the following procedures:

● Complaints must be submitted in writing and mailed or delivered in a sealed envelope addressed to the CCO.

● The content of the complaint must be sufficiently detailed to include a summary of the complaint, date(s) of alleged wrongdoing, parties involved in the wrongdoing, and how the Reporting Person learned about the suspected violation.

● If appropriate, the Reporting Person may request an opportunity to discuss the complaint with the CCO by indicating such intent and including their identity in the complaint.

● Reporting Persons may report compliance violations on an anonymous basis. Any Supervised Person that contemplates making an anonymous complaint must realize that anonymous complaints are, by their nature, susceptible to abuse, less dependable, and more difficult to resolve. In addition, Supervised Persons considering making an anonymous complaint should be aware that there may be rights and protections available to them if they identify themselves when making a complaint, and that these rights and protections may be lost if they make the complaint on an anonymous basis.

Therefore, RCN encourages Supervised Persons to identify themselves when making reports of compliance violations.

Upon receipt of a complaint, the CCO will confirm that the complaint involves a compliance violation. An investigation will be conducted as quickly as possible, considering the nature and complexity of the complaint and the issues it raises. Prompt and appropriate remedial action will be taken as warranted in the judgment of the CCO. Any actions taken in response to a complaint will be conveyed to the Reporting Person to the extent allowed by law unless the complaint is submitted anonymously.

The CCO will maintain all complaints received, tracking their receipt, investigation, and resolution. All complaints and reports will be maintained in accordance with RCN's confidentiality and record retention policies.

In the normal conduct of its business, RCN may use employment, severance, and non-disclosure agreements. Nothing contained in those agreements may prohibit current or former employees from voluntarily communicating with the SEC or other regulatory authorities about possible violations of law or from recovering an SEC whistleblower award. The CCO is responsible to ensure that all such agreements comply with this requirement, and to make clear to all employees who sign such agreements that RCN does not prohibit them from communicating with the SEC or seeking a whistleblower award.

**XII.** **DISCIPLINARY MATTERS** 

To ensure that RCN follows its disclosure obligations, Supervised Persons must notify the CCO immediately in the event of any "reportable event." A reportable event occurs when a Supervised Person:

● Violates any provision of any securities law or regulation or any agreement with or rule or standard of any government agency, self-regulatory organization or business or professional organization, or have engaged in conduct which may be material to a current or prospective client's evaluation of RCN's advisory business or the integrity of RCN's management;

● Violates any provision of this Manual, or governing agreement;

● Is the subject of any written complaint involving allegations of theft or misappropriation of funds or securities, or forgery;

● Is named as a defendant or respondent in any proceeding brought by a regulatory or self-regulatory body;

● Is denied registration, expelled, enjoined, directed to cease, and desist, suspended, or otherwise disciplined by any securities, insurance, or commodities industry regulatory or self-regulatory organization;

● Is denied membership or continued membership in any self-regulatory organization, or are barred from becoming associated with any member or member organization of any self-regulatory organization;

● Is arrested, arraigned, indicted, or convicted of or plead guilty to or plead no contest to any criminal offense (other than minor traffic violations);

● Is a director, controlling stockholder, partner, officer, sole proprietor or an associated person of a broker, dealer or insurance company which was suspended, expelled, or had its registration denied or revoked by any agency, jurisdiction, or organization or are associated in such a capacity with a bank, trust company or other financial institution which was convicted of or pleaded no contest to any felony or misdemeanor;

● Is a defendant or respondent in any securities or commodities-related civil litigation or arbitration which has been disposed of by judgment, award, or settlement; and/or

● Is the subject of any claim settled for damages by a customer, broker, or dealer.

From time to time, Supervised Persons may be asked to complete a Disciplinary History Report which mandates disclosure by the individual of any financial or disciplinary event since the last written certification. Supervised Persons are required to answer detailed questions related to such information candidly and on a timely basis.

The CCO will determine when any required disclosure should be made, to whom any required disclosure should be made, and the method by which it will be made. However, where disclosure is required by the Advisers Act, the disclosure should be made promptly to the SEC, applicable state regulatory authority, and clients.

Disciplinary action, up to and including termination, may result if you do not properly notify the CCO immediately following the occurrence of a reportable event. RCN will be responsible for making the determination of notifying Tidal Investments and clients, as well as the appropriate authorities of the occurrence of any such events. In addition, RCN may conduct a thorough background check on all new Supervised Persons to determine whether there are any such events required to be disclosed.

***Important Note About Remaining Appendices: The CCO may use his discretion to modify the appendices shown below as long as such modification facilitates compliance with applicable securities statutes.***

**Appendix 2**

**<u>COMPLIANCE MANUAL AND CODE OF ETHICS CERTIFICATION</u>**

&nbsp;&nbsp;&nbsp;&nbsp;1. The
 undersigned employee, agent or other person ()"**Supervised Person** ")
 associated with RCN Wealth Advisors, Inc. (the "**Firm** "), hereby acknowledges,
 certifies, represents, warrants, and agrees as follows:

&nbsp;&nbsp;&nbsp;&nbsp;2. Supervised
 Person has received a copy of the Firm's Compliance Manual (the "Manual"),
 which includes, among other provisions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The
 Firm's Privacy Policy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. The
 Firm's Code of Ethics, including insider trading and conflicts of interest policies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. The
 Firm's Personal Account Trading Policy; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. The
 Firm's Cybersecurity Policy.

&nbsp;&nbsp;&nbsp;&nbsp;3. Supervised
 Person has read and understands the information contained in the Manual.

&nbsp;&nbsp;&nbsp;&nbsp;4. Supervised
 Person will abide by: (i) all rules, restrictions, policies, and procedures described
 in the Manual (as amended from time to time); and (ii) all covered laws applicable to
 him or her (as amended from time to time), whether in connection with his or her activities
 on behalf of the Firm or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;5. Supervised
 Person has complied with the Firm's compliance policies and procedures since the
 last date on which such person signed and delivered this Acknowledgement and Agreement
 (or its predecessor form) to the Firm.

&nbsp;&nbsp;&nbsp;&nbsp;6. Supervised
 Person understands that any violation of the Firm's compliance policies and procedures
 by Supervised Person, may lead to sanctions, including the termination of his or her
 employment with the Firm or other dismissal.

&nbsp;&nbsp;&nbsp;&nbsp;7. Supervised
 Person understands that nothing contained in the Firm's compliance policies and
 procedures affects in any way the at-will nature of Supervised Person employment with
 the Firm, which the Firm may terminate at any time for any reason without penalty or
 other payment except as required by law or written agreement.

---

| | |
|:---|:---|
| Supervised Person Name (print) | Date |
| Supervised Person Signature |  |

---

**Appendix 3**

**<u>OUTSIDE BUSINESS ACTIVITIES DISCLOSURE FORM</u>**

<u>Check One</u>: _____ New Disclosure _____ Updated Disclosure _____ Remove Disclosure

Supervised Persons who engage in any outside business activity, with or without compensation, must complete and submit this form to the CCO for review and approval. Please refer to the Code of Ethics for complete information.

An outside business activity includes any business activity that is outside the scope of the Firm's business. Such business activity includes acting as a proprietor, partner, officer, director, trustee, consultant, or having any financial interest in another business or organization. An outside business activity also includes non-compensated positions for which you have a fiduciary duty (i.e. president, treasurer, trustee, power of attorney, charitable or other office positions for a nonprofit board). While an outside business activity does not include passive investments, exception might apply by virtue of their nature, position, percentage of ownership or control or obligations with respect to that activity.

Failure to promptly disclose an outside business activity could result in disciplinary actions including termination. You must utilize this Outside Business Activity Disclosure Form to disclose any activity to the Firm. Your disclosure must be both accurate and complete to be considered for review.

In the event that you have any change in your outside business activity profile, you must update this form promptly and forward it to the CCO for review and final updating.

**I understand it is my obligation to promptly update any changes in my outside business activities.** 

**Please Initial, Sign and Date:**

I DO NOT engage in any outside business activities. ___________

I DO engage in the following outside activities: ___________

**Description of outside activities** (list all that apply; attach separate page if needed):

Supervised Person (print) Date Signature

Approver's Signature Date

**Appendix 4**

**<u>Personal Account Certification</u>**

***To be completed upon employment, promptly upon any changes and annually thereafter***

Check One: New Disclosure _______ Updated Disclosure ________ **OR**

Annual Disclosure_________

Supervised Person Name (print):_______________________________________

Date of Report: _________________

**Check <u>one</u> of the following as applicable:**

____ I do not have any personal accounts to disclose.

____ I have personal accounts to disclose which are listed below.

Listed below are personal accounts which I have beneficial interest as defined in the Firm's Personal Trading Policy. Attach additional sheets if necessary.

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| | | | | |
|:---|:---|:---|:---|:---|
| Type of<br> Account<br> (e.g. brokerage, IRA) | Name on<br> Account | Relationship<br> to me<br> (e.g. self, spouse) | Financial<br> Institution<br> (e.g. Schwab, E-Trade) | Account<br> Number |

---

Supervised Person Signature: ____________________________ Date: ___________________

Approver's Signature Date

**Appendix 5**

**<u>Personal Holdings Certification</u>**

***To be completed upon employment, upon any changes and annually thereafter***

Name of Supervised Person (print): ______________________________________

Check One: _____ New Disclosure _____Updated Disclosure ______ Annual Disclosure

Please list all personal holdings in which you have a financial interest or over which you exercise control that have not otherwise been disclosed to the Firm <u>or</u> check the box below stating you do not have any additional holdings to disclose.

---

| | | | |
|:---|:---|:---|:---|
| **NAME OF HOLDING, AMOUNT OWNED AND DATE ACQUIRED** | **BROKERAGE FIRM OR CUSTODIAN** | **ACCOUNT NUMBER AND NAME ON ACCOUNT** | **STATEMENTS SENT TO CCO?** <br> **(Yes/No//N/A/Will be Arranged)**  |

---

**Attach additional sheets if necessary.**

**OR**

**___________** I do not have any personal holdings to disclose (check here only if this applies).

Supervised Person Signature: ____________________________ Date: ___________________

Approver's Signature Date

**Appendix 6**

**<u>Quarterly Personal Securities Transactions Report</u>**

**Page 1 of 2**

The Code of Ethics and SEC regulations require that each Access Person (defined at Rule 204A-1(e)(1)) report, within 30 days of the end of each calendar quarter, any personal securities transactions in any account of the Access Person, or any account in which the Access Person or any immediate family or household member, has a direct or indirect pecuniary interest. If the Access Person has arranged for the CCO or other designee to receive copies of brokerage statements for all covered accounts, then such brokerage reports will negate the need for the Access Person to separately complete this quarterly transaction report. If the Access Person has arranged for the Firm to receive copies of brokerage statements for all covered accounts, the use of this form would be limited to reporting transactions in private offerings which are transacted outside of brokerage accounts.

Quarter ending: ______________

____ YES, I had reportable personal securities transactions within the past quarter as reported on (check all that apply):

_____ the attached page/or monthly brokerage statements

_____ confirmations/statements sent directly by my broker-dealer

_____ the attached report

_____ NO, I had no reportable personal securities transaction(s) in the past quarter.

This report is to be signed, dated, and returned to the CCO (or designated person), within 30 days of quarter end.

Supervised Person Signature

Print Name\* Date

Approver's Signature Date

\*Important Note: The CCO has discretion to rely upon e-mail attestation in lieu of signatures.

**Appendix 6**

**<u>Quarterly Personal Securities Transactions Report</u>**

**Page 2 of 2**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Account Identification Information (Name/#) | &nbsp;&nbsp;Trade Date and Transaction Type (Buy/Sell) | &nbsp;&nbsp;Transaction Price and Number of Shares | &nbsp;&nbsp;Name of Security | &nbsp;&nbsp;Ticker or CUSIP | &nbsp;&nbsp;Interest Rate and Maturity Date | &nbsp;&nbsp;Principal Amount | &nbsp;&nbsp;Broker |

---

See the Code of Ethics for a complete list of securities subject to reporting. The reporting or recording of any such transaction should not be construed as an admission you have any direct or indirect beneficial ownership in the security reported.

**Appendix 7**

**<u>Pre-Approval Form: Personal Securities TRANSACTION</u>**

**Page 1 of 2**

This form must be submitted <u>prior to</u> executing a transaction in personal securities (with some exceptions as defined in the Code of Ethics), a private placement, limited offering, sub-advised Fund, or any other transaction the employee believes could cause a conflict or compliance violation. IPOs are prohibited. See the Code of Ethics for details.

**IRRESPECTIVE OF APPROVAL BY THE CHIEF COMPLIANCE OFFICER, NO EMPLOYEE MAY EXECUTE ANY SECURITIES TRANSACTION WHILE IN POSSESSION OF INSIDE INFORMATION. SEE THE CODE OF ETHICS FOR INFORMATION ABOUT INSIDER TRADING AND NON-PUBLIC INFORMATION.**

Whether or not an employee has "inside information," no employee may "trade ahead" of a client or execute any transaction which might in any respect disadvantage a client account or result in an employee in any respect profiting from a transaction executed or positions held for a client.

Name as it appears on the Account: ________________________________________

Account Number: ________________________________________

Issuer: ____________________

---

| | | |
|:---|:---|:---|
| **Equity Investments**: | ☐ Common | ☐ Preferred |

---

Number of shares: ____________________

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| | | |
|:---|:---|:---|
| **Debt Investments**: | ☐ Public | ☐ Private |

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Interest rate: ____________________

Maturity date: ____________________

**Limited Offering:**

Please provide details:

Describe whether and why this investment would or would not be suitable for a client:

Transaction Type (please check):

☐ Purchase

☐ Sale

**Appendix 7**

**<u>Pre-Approval Form: Personal Securities TRANSACTION</u>**

**Page 2 of 2**

Estimated Trade Date: ____________________ Estimated Price: ____________________

Broker/Dealer: ____________________

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| | | |
|:---|:---|:---|
| Is the investment a limited offering? | ☐ Yes | ☐ No |
| Is the investment a private placement? | ☐ Yes | ☐ No |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If yes, will the private placement invest in corporate debt or equity? | ☐ Yes | ☐ No |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If yes, will you take an active role in the management of investments? | ☐ Yes | ☐ No |

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Representation and Signature:

By executing this form, I represent that the information contained herein is accurate and complete and that my trading in this investment is not based on any material non-public information.

Supervised Person Name Date

Supervised Person Signature

\*\*\*\*\*\*\*\*\*\*\*\*\*\*

Compliance Approval: ________________________ Date: _____________________

Duration of preclearance approval: _________________________________

**Approval of a trade does not mean that the Firm in any respect recommends or endorses such transaction.** **THIS APPROVAL IS ONLY VALID UNTIL THE LAST DATE LISTED ABOVE. FURTHERMORE, THIS APPROVAL IS NOT VALID SHOULD ANY OF THE INFORMATION LISTED ABOVE CHANGE OR SHOULD THE EMPLOYEE COME INTO POSSESSION OF "INSIDE INFORMATION."**