# EDGAR Filing Document

**Accession Number:** 0001924868
**File Stem:** 0001999371-25-007547
**Filing Date:** 2025-6
**Character Count:** 911174
**Document Hash:** df5c9caf0edeeace0d370e897d88c770
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001999371-25-007547.hdr.sgml**: 20250610

**ACCESSION NUMBER**: 0001999371-25-007547

**CONFORMED SUBMISSION TYPE**: 485BPOS

**PUBLIC DOCUMENT COUNT**: 46

**FILED AS OF DATE**: 20250610

**DATE AS OF CHANGE**: 20250610

**EFFECTIVENESS DATE**: 20250610

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Tidal Trust II
- **CENTRAL INDEX KEY:** 0001924868

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

**FILING VALUES:**
- **FORM TYPE:** 485BPOS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23793
- **FILM NUMBER:** 251037216

**BUSINESS ADDRESS:**
- **STREET 1:** 234 WEST FLORIDA STREET, SUITE 203
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53204
- **BUSINESS PHONE:** (844) 986-7676

**MAIL ADDRESS:**
- **STREET 1:** 234 WEST FLORIDA STREET, SUITE 203
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53204

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Tidal ETF Trust II
- **DATE OF NAME CHANGE:** 20220421
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Tidal Trust II
- **CENTRAL INDEX KEY:** 0001924868

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

**FILING VALUES:**
- **FORM TYPE:** 485BPOS
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-264478
- **FILM NUMBER:** 251037215

**BUSINESS ADDRESS:**
- **STREET 1:** 234 WEST FLORIDA STREET, SUITE 203
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53204
- **BUSINESS PHONE:** (844) 986-7676

**MAIL ADDRESS:**
- **STREET 1:** 234 WEST FLORIDA STREET, SUITE 203
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53204

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Tidal ETF Trust II
- **DATE OF NAME CHANGE:** 20220421

## Series and Classes Contracts Data

### Nicholas Crypto Income ETF (Series ID: S000093157)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000261287 | Nicholas Crypto Income ETF |  |

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

AS FILED WITH THE U.S. SECURITIES AND EXCHANGE COMMISSION ON JUNE 10, 2025

1933 Act Registration File No.: 333-264478

1940 Act File No.: 811-23793

**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. 363 | ☑ |
| and/or | 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. 366 | ☑ |

---

**<u>TIDAL TRUST II</u>**

(Exact Name of Registrant as Specified in Charter)

**234 West Florida Street, Suite 203**

**Milwaukee, Wisconsin 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 203**<br> **Milwaukee, WI 53204** | **Domenick Pugliese**<br> **Sullivan & Worcester LLP**<br> **1251 Avenue of the Americas 19<sup>th</sup> Floor**<br> **New York, NY 10020** |

---

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

---

| | |
|:---|:---|
| ☑ | 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. 363 to the Registration Statement of Tidal Trust II (the "Trust") is being filed to respond to Staff comments with respect to the registration of Nicholas Crypto Income ETF as a new series of the Trust, and to make other permissible changes under Rule 485(b).

![](blox485bpos001.jpg)

---

| | |
|:---|:---|
| **BLOX** | **Nicholas Crypto Income ETF** |
|  | ***listed on NYSE Arca, Inc.*** |

---

**PROSPECTUS**

**June 10, 2025**

**The U.S. Securities and Exchange Commission (the "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**

---

| | |
|:---|:---|
| **[Nicholas Crypto Income ETF - Fund Summary](#blox485bposa001)** | **1** |
| **[Additional Information about the Fund](#blox485bposa002)** | **14** |
| **[Portfolio Holdings Information](#blox485bposa003)** | **29** |
| **[Management](#blox485bposa004)** | **29** |
| **[How to Buy and Sell Shares](#blox485bposa005)** | **31** |
| **[Dividends, Distributions, and Taxes](#blox485bposa006)** | **33** |
| **[Distribution](#blox485bposa007)** | **36** |
| **[Premium/Discount Information](#blox485bposa008)** | **36** |
| **[Additional Notices](#blox485bposa009)** | **36** |
| **[Financial Highlights](#blox485bposa010)** | **37** |

---

**SUMMARY INFORMATION**

**NICHOLAS CRYPTO INCOME ETF – FUND SUMMARY**

**Investment Objective**

The Nicholas Crypto Income ETF's (the "Fund") primary investment objective is to seek capital appreciation. The Fund's secondary investment objective is to seek current income.

**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) |  |
| &nbsp;&nbsp;&nbsp;Management Fees | 0.99% |
| &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> | 0.04% |
| **Total Annual Fund Operating Expenses** | 1.03% |

---

<sup>(1)</sup> The Fund's investment adviser, Tidal Investments LLC (the "Adviser"), a Tidal Financial Group company, will pay, or require a sub-adviser to pay, all of the Fund's expenses, except for the following: advisory and sub-advisory fees, interest charges on any borrowings made for investment purposes, 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"), 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 the indirect costs of investing in 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** |
| $105 | $328 |

---

**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 expense example above, affect the Fund's performance. Because the Fund is newly organized, portfolio turnover information is not yet available.

**Principal Investment Strategies**

The Fund is an actively managed exchange-traded fund ("ETF") that primarily seeks capital appreciation, with a secondary objective of current income. The Fund's strategy includes three components:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) **Equity Portfolio:** holding equity shares of companies that have principal business activities in the "crypto asset" industry, referred to herein as "Crypto Industry Companies" (defined below);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) **Crypto Portfolio:** providing exposure to the share price (*i.e.*, the price returns) of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. select U.S.-listed exchange-traded funds ("ETFs") and/or exchange-traded products ("ETPs") that seek exposure to bitcoin, which is a crypto asset, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. select U.S.-listed ETPs and ETFs that seek exposure to ether, which is also a crypto asset (together with bitcoin ETPs and ETFs, each an "Underlying Fund" and collectively, the "Underlying Funds"); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) **Options Overlay:** generating income through an options portfolio (the "Options Strategies"), which involves using options contracts on the individual holdings of the equity portfolio as well as the Underlying Funds (collectively, the "Underlying Securities").

The Fund will also hold cash or U.S. Treasuries as collateral to support the Fund's options contracts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**I.**  **<u>Equity Portfolio</u>** 

The Fund's investment sub-adviser, Nicholas Wealth, LLC ("Nicholas Wealth" or the "Sub-Adviser), selects the Crypto Industry Companies in which the Fund invests. Crypto Industry Companies are companies engaged in crypto asset mining, blockchain technology development, crypto asset trading platforms, financial services related to the crypto asset industry, payment processing, digital wallet services, decentralized finance (DeFi) platforms, non-fungible token (NFT) related platforms and services, as well as technology providers within the crypto industry and companies that invest directly in crypto assets.

In selecting specific Crypto Industry Companies for investment, the Sub-Adviser evaluates a potential investment's price level (i.e., its price relative to the Sub-Adviser's evaluation of its value) and implied volatility (i.e., a measure of how much the market believes the price of a stock or other underlying asset will move in the future when selecting companies for investment). The Sub-Adviser also evaluates publicly available data, such as quarterly earnings reports, company presentations and/or official earnings conference call transcripts, as well as news. The Sub-Adviser will monitor for these factors when determining whether to select new investments or remove existing investments from the portfolio. The Fund's equity portfolio will typically hold between ten and twenty different Crypto Industry Companies. Individual weightings will be based upon the Sub-Adviser's assessment of various factors, including, changes in a company's business model or operations; a company's increase or decrease in crypto related revenue; financial fundamentals, such as price to earnings and potential revenue growth, relative to other companies; and/or unusual trading volumes and market pricing.

Crypto Industry Companies may include companies from foreign countries, including emerging markets, and may include companies of all market capitalizations. Crypto Industry Companies may include depositary receipts, such as American Depositary Receipts ("ADRs") and Global Depositary Receipts ("GDRs"). The Fund may also invest in Crypto Industry ETFs (defined below) as part of its equity portfolio. The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in securities issued by companies, and/or instruments that provide exposure to companies, within the group of industries that comprise the information technology sector.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**II.**  **<u>Crypto Portfolio</u>** 

The Fund provides exposure to the share price (i.e., the price returns) of one or more Underlying Funds. The Fund may invest directly in the Underlying Funds and it may also utilize options strategies, including synthetic covered calls and credit call spreads, that are designed to provide indirect exposure to the share price returns of one or more Underlying Funds.

An Underlying Fund may include both:

● an Underlying Fund that invests directly in bitcoin or ether as its primary underlying asset, and

● an Underlying Fund that invests indirectly in bitcoin or ether via derivatives contracts based on bitcoin's or ether's prices.

*<u>Synthetic Covered Call Strategy</u>*

As part of the Fund's synthetic covered call strategy, the Fund will purchase and sell a combination of standardized exchange-traded and FLexible EXchange® ("FLEX") call and put option contracts that correspond to an Underlying Fund and whose values are based on the share price of such Underlying Fund. A synthetic covered call strategy is similar to a traditional covered call strategy in that the investor sells a call option that is based on the value of the underlying security. However, in a synthetic covered call strategy, the investor (the Fund) <u>does not own the underlying security</u>, but rather seeks to synthetically replicate 100% of the price movements of the underlying security through the use of various investment instruments. To achieve a synthetic long exposure to an Underlying Fund, the Fund will buy call options on each Underlying Fund and, simultaneously, sell put options on each Underlying Fund to try to replicate the price movements of the Underlying Fund. The expected target maturity for the options used for this strategy is generally between 1 and 30 days.

The Fund's options contracts on the Underlying Funds through the synthetic covered call strategy provide:

**●** indirect exposure to the share price returns of the Underlying Fund,

**●** current income from the option premiums, and

**●** a limit on the Fund's participation in gains, if any, of the share price return of the Underlying Fund

In addition, the synthetic covered call strategy is designed to produce higher income levels when the Underlying Fund experiences, or Underlying Funds experience, and subsequently reflect, as applicable, more volatility. This is because higher volatility increases the premium an option buyer is willing to pay, and a seller receives for the increased risk.

*<u>Credit Call Spreads</u>*

In addition, The Fund may write (sell) credit call spreads to seek greater participation in the potential appreciation of an Underlying Fund's share price, while still generating net premium income. The Adviser will primarily employ this options strategy when it believes that the share price of an Underlying Fund is likely to rise significantly in the short term (e.g., following a substantial selloff or overall positive market news). Additionally, the Adviser may use this strategy in other scenarios (e.g., if the market is undervaluing further out-of-the-money options (i.e., options contracts where the strike price is far from the current market price of the underlying asset such that the option has no value to exercise) relative to near-the-money options (i.e., options contracts where the strike price is close to the current market price of the underlying asset)), where it believes the use of credit call spreads may prove more advantageous to the Fund's total return than the synthetic covered call strategy discussed above.

When employing the credit call spread strategy, the Fund's sale of call option contracts, paired with the purchase of higher strike call option contracts, aims to generate income while still allowing for potential indirect participation in increases in the share price of an Underlying Fund above the strike of the higher price call option which was bought. However, this strategy may nonetheless still limit the degree to which the Fund fully participates in such increases as the Fund will not participate (directly or indirectly) in any appreciation between the strikes of the sold call option and bought call option.

The Fund does not invest directly in bitcoin, ether or any other digital assets. The Fund does not invest in or seek direct exposure to the current "spot" or cash price of bitcoin or ether. Investors seeking direct exposure to the price of bitcoin or ether should consider an investment other than the Fund. Although bitcoin and ether may each be referred to as a "cryptocurrency," neither is yet widely accepted as a means of payment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**III.**  **<u>Options Overlay</u>** 

The Fund seeks to generate income from engaging in the Options Strategies primarily using options contracts on some or all of its Underlying Securities. In particular, the Fund will receive income in the form of a premium when it writes (sells) an option. By selling options, the Fund will earn premiums from buyers who pay for the right to buy or sell the underlying asset at a predetermined price.

The Adviser can implement the Options Strategies in various market conditions. Depending on the Adviser's outlook, the Adviser will select one Options Strategy or a combination of Options Strategies that it believes will best provide the Fund with current income while generally also attempting to capture some upside appreciation (potential for increase in asset value). Additionally, the Adviser considers the performance of the Underlying Securities. In some instances, the aim is to generate additional gains if the Underlying Security increases in value, while, in other cases, the aim is to limit losses if the Underlying Security decreases in value.

Further, depending on the Adviser's assessment of one or more of the Underlying Securities' options contracts (e.g., they are insufficiently liquid or too costly), the Fund may employ Options Strategies using options on a "Crypto Industry ETF" (i.e., a passively-managed, U.S.-listed ETF that seeks to track the performance of a Crypto Industry Index (described below)). The Fund's use of Options Strategies with Underlying Securities or ETFs will generally be covered; however, from time the Fund may utilize Options Strategies with respect to an index of Crypto Industry Companies or an index of ETFs that invest in Crypto Industry Companies. When Options Strategies are utilized with respect to an index, they are typically structured as spread options which have defined risk despite the Fund not necessarily holding the underlying index constituents.

The Fund may be subject to different outcomes depending on the Options Strategies used. For example:

● When writing a **covered call** (selling a call option on security the Fund already owns), the Fund might limit its potential for capital appreciation in exchange for premium income, which also provides some downside protection should the Underlying Security decline in value.

● When selling a **credit spread** (writing a call option at one strike price and buying another call option at a higher strike price or writing a put option at one strike price and buying another put option at a lower strike price), the Fund might limit the potential loss compared to selling an option outright, by capping it at the difference between the strike prices minus the net premium received. In a best case scenario, the options expire worthless and the Fund retains the premium on the written option.

● When selling a **diagonal call spread** (selling a call option with a nearer expiration date and buying a call option with a later expiration date at a different strike price), the Fund might benefit from the time decay (i.e., the reduction in an option's value as the time to its expiration date approaches) of the nearer-term option. An option's decay accelerates as its expiration date gets closer because there is less time for an investor to earn a profit from that option; however, there is no guarantee that the written option will expire worthless.

● Using an Options Strategy such as **cash-secured put selling** (selling put options while holding enough cash to purchase the underlying security if assigned), the Fund can potentially buy securities at lower prices should the Underlying Security decline in value due to the premium received, or retain the premium if the Underlying Security remains the same or increases in value.

● When selling **calendar call spreads** (selling a short-term option and buying a longer-term option at the same strike price), the Fund might benefit from the faster time decay of the short-term option. However, if the written option is exercised, the loss is offset by the premium received as well as the increase in value of the longer-term option.

● When selling **collars** (selling a call option and buying a put option to protect against significant price movements), the Fund might be able to generate income from the premium received while limiting potential losses. In a best case scenario, the security's share price falls below the put strike price, and the Fund gains the difference between the security's share price and strike price. Otherwise, the Fund will experience losses that will be partially offset by the premium received on the written option.

These Options Strategies impact the risk-return profile of the Fund, potentially affecting volatility, income generation, upside capture (gain potential), and capital preservation (protecting value).

Additionally, the premiums the Fund receives from selling options are directly influenced by market volatility; higher volatility (larger price swings) typically results in higher premiums. Therefore, the Adviser analyzes market conditions to determine the timing and type of Options Strategies to employ to achieve the primary objective of current income. By strategically entering and exiting options positions, the Adviser seeks to enhance the Fund's income potential.

Cayman Subsidiary

The Fund intends to gain exposure to Underlying Funds and options on Underlying Funds either directly or indirectly through a wholly-owned Cayman Islands subsidiary (the "Subsidiary") that is advised by the Adviser 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 Investment Company Act of 1940, as amended (the "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.

Reverse Repurchase Agreements

The Fund may invest in reverse repurchase agreements, which are a form of borrowing where the Fund sells portfolio securities to financial institutions and agrees to repurchase them at a later date for a higher price. This arrangement allows the Fund to use the proceeds from the initial sale for other investment purposes. However, since the Fund repurchases the securities at a higher price, it incurs a loss on these transactions.

To qualify for treatment as a regulated investment company (RIC) under the Internal Revenue Code, the Fund may use reverse repurchase agreements to ensure that its investment in the Subsidiary does not exceed 25% of the Fund's total assets at the end of each fiscal quarter (the "Asset Diversification Test"). During other times of the year, the Fund's investments in the Subsidiary may exceed 25% of its total assets.

Collateral

As part of the Fund's strategy, the Fund holds collateral investments. The Fund expects to invest in U.S. Treasury bills, money market funds, cash and cash equivalents (e.g., high quality commercial paper and similar instruments that are rated investment grade or, if unrated, of comparable quality, as the Adviser determines), that provide liquidity, serve as margin or collateralize the Fund's or the Subsidiary's investments in options contracts.

Other Fund Attributes

Under normal circumstances, the Fund will invest at least 80% of the value of its assets, plus borrowings for investment purposes, in (i) the equity securities of Crypto Industry Companies, (ii) options contracts on Crypto Industry Companies and on Crypto Industry ETFs, (iii) Underlying Funds, and (iv) options contracts on Underlying Funds.

For purposes of the foregoing, the Fund defines a "Crypto Industry Company" as a company that derives 50% or more of its revenue in one or more of the following proprietary sectors: (i) crypto asset mining, (ii) blockchain technology development (e.g., companies providing infrastructure and tools for blockchain networks), (iii) crypto asset trading platforms, (iv) digital wallet providers, (v) decentralized finance (DeFi) platforms, (vi) companies involved in the development of smart contract technology, (vii) manufacturers and distributors of hardware related to crypto asset (e.g., mining rigs, hardware wallets, and other related equipment), (viii) companies providing blockchain-as-a-service (BaaS), (ix) interactive platforms and services related to NFTs (non-fungible tokens), (x) crypto asset cross-border payments, (xi) crypto asset tokenization, and (xii) crypto asset decentralized lending. A "Crypto Industry Company" also includes a company that holds at least $50 million of crypto assets on its balance sheet. The Fund defines a "Crypto Industry ETF" as a passively managed U.S.-listed ETF that seeks to track the performance of a Crypto Industry Index. Lastly, the Fund defines an "Crypto Industry Index" as a benchmark that tracks the performance of a selection of Crypto Industry Companies.

It is anticipated that the Fund's assets will be allocated to each strategy approximately as follows:

● Equity Portfolio – between 25% and 50%

● Crypto Portfolio – between 25% and 50%

● Options Overlay – between 25% and 50%

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

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

**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 ("NAV") per share, trading price, yield, total return, and/or ability to meet its 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."

An investment in the Fund entails risk. The Fund may not achieve its investment objective and there is a risk that you could lose all of your money invested in the Fund. The Fund is not a complete investment program. It is important that investors closely review all of the risks listed below and understand them before making an investment in the Fund.

**Bitcoin Investment Risks.** The Fund's indirect investment in bitcoin, through investment in Underlying Funds and/or options on Underlying Funds, 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, which could impact the valuation of bitcoin-linked derivatives held by the Fund.

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.

**Ether Investment Risks.** The Fund's indirect investment in ether, through investment in Underlying Funds and/or options on Underlying Funds, exposes it to the unique risks of this emerging innovation. Ether is a relatively new and is subject to unique and substantial risks. The market for ether is subject to rapid price swings, changes and uncertainty. The further development of the Ethereum Network and the acceptance and use of ether are subject to a variety of factors that are difficult to evaluate. The slowing, stopping or reversing of the development of the Ethereum Network or the acceptance of ether may adversely affect the price and liquidity of ether. Ether is subject to the risk of fraud, theft, manipulation or security failures, operational or other problems that impact ether trading venues. Additionally, if one or a coordinated group of validators were to gain control of 33% or more of staked ether (i.e., ether that is deposited to support the Ethereum Network), they would have the ability to execute extensive attacks, manipulate transactions and fraudulently obtain ether. If such a validator or group of validators were to gain control of one-third of staked ether, they could halt payments. A significant portion of ether is held by a small number of holders sometimes referred to as "whales". Transactions by these holders may influence the price of ether.

The value of ether may be substantially dependent on speculation, such that trading and investing in ether generally may not be based on fundamental analysis. The exposure of ether to instability and other speculative parts of the blockchain crypto industry, such as an event that is not necessarily related to the security or utility of the Etherum Network, can nonetheless precipitate a significant decline in the price of ether. There are risks related to fragmentation and lack of regulatory compliance with regard to crypto asset trading platforms. The crypto asset trading platforms upon which ether is traded and which may serve as a pricing source of the valuation of ether linked derivatives held by an Underlying Fund are or may become subject to enforcement actions by regulatory authorities.

Unlike the exchanges for more traditional assets, such as equity securities and futures contracts, ether and ether trading venues are largely unregulated. As a result of the lack of regulation, individuals or groups may engage in fraud or market manipulation (including using social media to promote ether in a way that artificially increases the price of ether). Investors may be more exposed to the risk of theft, fraud and market manipulation than when investing in more traditional asset classes. Over the past several years, a number of ether trading venues have been closed due to fraud, failure or security breaches. Investors in ether may have little or no recourse should such theft, fraud or manipulation occur and could suffer significant losses.

The realization of any of these risks could result in a decline in the acceptance of ether and consequently a reduction in the value of ether, ether futures, Underlying Funds and the Fund. Additionally, legal or regulatory changes may negatively impact the operation of the Ethereum Network or restrict the use of ether. For example, if ether were determined to be or were expected to be determined to be a security under the federal securities laws, it is possible certain trading venues would no longer facilitate trading in ether, trading in ether futures may become significantly more volatile and/or completely halted, and the value of an investment in the Underlying Funds and/or the Fund could decline significantly and without warning, including to zero.

Finally, the creation of a "fork" or a substantial giveaway of ether (sometimes referred to as an "air drop") may result in significant and unexpected declines in the value of ether, ether futures, Underlying Funds and the Fund. A fork may be intentional, such as the 'Merge.' The 'Merge' refers to protocol changes altering the method by which transactions are validated.

The market for ether futures may be less developed, and potentially less liquid and more volatile, than more established futures markets. While the ether futures market has grown substantially since ether futures commenced trading, there can be no assurance that this growth will continue. The price for ether futures contracts is based on a number of factors, including the supply of and the demand for ether futures contracts. Market conditions and expectations, regulatory limitations or limitations imposed by the listing exchanges or futures commission merchants ("FCMs") (e.g., margin requirements, position limits, and accountability levels), collateral requirements, availability of counterparties, and other factors each can impact the supply of and demand for ether futures contracts, which can impact the Underlying Funds.

Market conditions and expectations, margin requirements, position limits, accountability levels, collateral requirements, availability of counterparties, and other factors may also limit the Underlying Funds' ability to achieve their desired exposure to ether futures contracts, thereby impacting the Fund. If the Underlying Funds are unable to achieve their targeted exposure, the Fund may not be able to meet its investment objective and the Fund's returns may be different or lower than expected. Additionally, collateral requirements may require Underlying Funds to liquidate their positions, potentially incurring losses and expenses, when it otherwise would not do so. Investing in derivatives like ether futures may be considered aggressive and may expose the Underlying Funds, and thereby the Fund, to significant risks. These risks include counterparty risk and liquidity risk.

The performance of ether futures contracts, in general, has historically been highly correlated to the performance of ether. However, there can be no guarantee this will continue. Transaction costs (including the costs associated with futures investing), position limits, the availability of counterparties and other factors may impact the cost of ether futures contracts and decrease the correlation between the performance of ether futures contracts and ether, over short or even long-term periods. In addition, the performance of back-month futures contracts (i.e, futures contracts whose delivery dates are relatively far in the future) is likely to differ more significantly from the performance of the spot prices of ether. To the extent the Underlying Funds are invested in back-month ether future contracts, their performance, and thereby the performance of the Fund, should be expected to deviate more significantly from the performance of ether.

**Crypto Industry Risk.** Investing in the Crypto Industry involves substantial risks, including but not limited to market volatility, regulatory changes, technological obsolescence, and security vulnerabilities. Crypto Industry companies typically face significant volatility due to the nascent and rapidly evolving nature of the sector. High research and capital expenditures are common, which can result in substantial variability in profitability, or even sustained losses. The industry is intensely competitive, with technological advancements occurring at a rapid pace, potentially rendering existing products or services obsolete. These companies are heavily reliant on digital and intellectual property, including proprietary blockchain technology and cryptographic algorithms, and may be adversely affected by the loss, theft, or impairment of these assets. Furthermore, the Crypto Industry is subject to a complex and constantly changing legal, regulatory, and political landscape, which can have a substantial impact on the profitability and viability of companies within the sector. Regulatory actions or unfavorable legal rulings could significantly hinder operations or market access. Additionally, security breaches, hacking incidents, or failures in the underlying technology of a crypto asset or blockchain could have devastating effects on the issuer, particularly if the compromised asset or technology is central to the issuer's business model. The Crypto Industry has been, and may continue to be, dependent on speculation. The identification and classification of Crypto Industry companies can be challenging, as the boundaries of the industry are often unclear and subject to interpretation.

● *Blockchain Risk*. Companies involved in the crypto asset industry are subject to the risks associated with blockchain technology, the occurrence of which could negatively impact the value of such companies. These risks include (i) the risk that the integrity and viability of the consensus mechanism of the blockchain fails; (ii) the risk that the blockchain's capacity to execute and settle transactions in a timely and predictable manner is compromised; (iii) the open source nature of blockchain technology which makes it vulnerable to being "forked" by users and miners/validators (i.e., creation of a new competing blockchain when a significant portion of the miners/validators adopts updates to the existing blockchain protocol); and (iv) development of so-called Layer 2 networks, including the "Lightning Network," which are separate blockchains built on top of "Layer 1" blockchains, like the Bitcoin Blockchain, for the purpose of augmenting the throughput of the Layer 1 blockchain. Layer 2 blockchains are a relatively new and still developing technology and include certain risks, such as the potential for hacks, bugs or failures.

● *Crypto Asset Trading Platform Risk*. Companies involved in the crypto asset industry are subject to the risks associated with crypto asset trading platforms. Crypto asset trading platforms and other trading venues on which crypto assets trade are relatively new and, in most cases, largely unregulated and may therefore be more exposed to market manipulation, fraud and failure than established, regulated exchanges for securities, derivatives and other currencies. Crypto asset trading platforms may (and in certain cases have) become subject to enforcement actions by regulatory authorities.

**Technology Sector Risk.** The Fund will invest substantially in companies in the information technology sector, and therefore the performance of the Fund could be negatively impacted by events affecting this sector. Market or economic factors impacting technology companies and companies that rely heavily on technological advances could have a significant effect on the value of the Fund's investments. The value of stocks of information technology companies and companies that rely heavily on technology is particularly vulnerable to rapid changes in technology product cycles, rapid product obsolescence, government regulation and competition, both domestically and internationally, including competition from foreign competitors with lower production costs. Stocks of information technology companies and companies that rely heavily on technology, especially those of smaller, less-seasoned companies, tend to be more volatile than the overall market. Information technology companies are heavily dependent on patent and intellectual property rights, the loss or impairment of which may adversely affect profitability.

**Equity Market Risk.** The equity securities held in the Fund's portfolio 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. Common stocks, such as those held by the Fund, 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 issuers. 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. Factors that could impact the market value of an equity security include a company's business performance, investor perceptions, stock market trends and general economic conditions.

**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 Index 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 instrument, 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 Security. 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 at the underlying instrument. There may at times be an imperfect correlation between the movement in the values of options contracts and the underlying instrument, 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 and put options, which includes the risk that the underlying instrument appreciates or depreciates sufficiently over the period to offset the net premium received by the Fund for the written option, resulting in a loss to the Fund. Additionally, to the extent the Fund maintains indirect exposure to an Underlying Security through the use of options contracts, as the options contracts it holds are exercised or expire it will enter into new options contracts, a practice referred to as "rolling." If the expiring options contracts do not generate proceeds enough to cover the cost of entering into new options contracts, the Fund may experience losses.

**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.

**Commodity-Linked Derivatives Tax Risk.** The tax treatment of commodity-linked derivative instruments, such as options on certain Underlying Funds, may be adversely affected by changes in legislation, regulations, or other legally binding authority. As a RIC, the Fund must derive at least 90% of its gross income each taxable year from certain qualifying sources of income under the Code. If, as a result of any adverse future legislation, U.S. Treasury regulations, and/or guidance issued by the Internal Revenue Service (the "IRS"), the income of the Fund from certain commodity-linked derivatives, including income from the Fund's investments in the Subsidiary, were treated as non-qualifying income, the Fund may fail to qualify as RIC and/or be subject to federal income tax at the Fund level. The uncertainty surrounding the treatment of certain derivative instruments under the qualification tests for a RIC may limit the Fund's use of such derivative instruments.

The Fund intends to limit its investment in the Subsidiary to no more than 25% of the value of its total assets in order to satisfy certain asset diversification requirements for taxation as a regulated investment company. The Fund intends to manage the exposure to the Subsidiary so that the Fund's investments in the Subsidiary do not exceed 25% of the total assets at the end of any quarter. If the Fund's investments in the Subsidiary 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.

**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 options and Underlying Funds it holds whose value is determined by reference to a specific underlying asset (bitcoin or ether) is never 25% of the total value of Fund assets at the close of any quarter. If the Fund's investments in Underlying Funds or options whose value is determined by reference to a specific underlying asset 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.

**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.

**Underlying Fund Risk.** The Fund's investment strategy, involving indirect exposure to bitcoin and ether through one or more Underlying Funds, is subject to the risks associated with bitcoin and ether. Shareholders in the Fund bear both their proportionate share of expenses in the Fund and, indirectly, the expenses of the Underlying Funds.

● *Underlying Bitcoin and Ether Fund Risks:* Investing in an Underlying Fund that focuses on bitcoin or ether, either through direct holdings or indirectly via derivatives like futures contracts and swaps, carries significant risks. These risks include high market volatility, which can be influenced by technological advancements, regulatory changes, and broader economic factors. When trading derivatives, liquidity risks and counterparty risks are substantial. Managing futures contracts can be complex and may affect the performance of an Underlying Fund. 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. Additionally, each Underlying Fund, and consequently the Fund, is dependent on blockchain technology, which brings technological and cybersecurity risks, along with custodial challenges for securely storing digital assets. The constantly evolving regulatory and legal landscape presents continuous compliance and valuation difficulties. Risks related to market concentration and network issues in the digital asset sector further add complexity. Moreover, operational intricacies in managing digital assets and potential market volatility can lead to losses for each Underlying Fund.

● *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. In addition, Underlying Funds that invest directly in bitcoin or ether are not 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. Although the Fund invests in one or more Underlying Funds only indirectly, the Fund's investments are expected to be subject to loss as a result of these risks.

**Foreign Investment Risk.** The Fund will invest in foreign securities, including non-U.S. dollar-denominated securities traded outside of the United States and U.S. dollar-denominated securities of foreign issuers traded in the United States. Returns on investments in foreign securities could be more volatile than, or trail the returns on, investments in U.S. securities. Investments in foreign securities, including investments in American Depositary Receipts (ADRs) and Global Depositary Receipts (GDRs), are subject to special risks, including the following:

● *Foreign Securities Risk*. Investments in non-U.S. securities involve risks that may not be present with investments in U.S. securities. For example, investments in non-U.S. securities may be subject to risk of loss due to foreign currency fluctuations or to political or economic instability. There may be less information publicly available about a non-U.S. issuer than a U.S. issuer. Non-U.S. issuers may be subject to different accounting, auditing, financial reporting and investor protection standards than U.S. issuers. Changes to the financial condition or credit rating of foreign issuers may also adversely affect the value of the Fund's securities. Investments in non-U.S. securities may be subject to withholding or other taxes and may be subject to additional trading, settlement, custodial, and operational risks. Because legal systems differ, there is also the possibility that it will be difficult to obtain or enforce legal judgments in some countries. Since foreign exchanges may be open on days when the Fund does not price its Shares, the value of the securities in the Fund's portfolio may change on days when shareholders will not be able to purchase or sell the Fund's Shares. Conversely, Shares may trade on days when foreign exchanges are closed. Investment in foreign securities may involve higher costs than investment in U.S. securities, including higher transaction and custody costs as well as the imposition of additional taxes by foreign governments. Each of these factors can make investments in the Fund more volatile and potentially less liquid than other types of investments.

● *Depositary Receipt Risk.* Depositary receipts involve risks similar to those associated with investments in foreign securities and certain additional risks. Depositary receipts listed on U.S. exchanges are issued by banks or trust companies and entitle the holder to all dividends and capital gains that are paid out on the underlying foreign shares ("Underlying Shares"). When the Fund invests in depositary receipts as a substitute for an investment directly in the Underlying Shares, the Fund is exposed to the risk that the depositary receipts may not provide a return that corresponds precisely with that of the Underlying Shares. The Fund may invest in unsponsored depositary receipts. 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.

**Emerging Markets Risk**. The Fund may invest in companies in emerging markets. Emerging market countries generally have less established economies, smaller capital markets and greater social, economic, regulatory or political risks. These factors could contribute to increased volatility, liquidity risks and valuation risks. These risks apply to direct holdings in foreign companies and holdings in

**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.

○ *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.

**Distribution Risk.** As part of the Fund's investment objective, the Fund seeks to provide current monthly income. There is no assurance that the Fund will make a distribution in any given month. If the Fund does make distributions, the amounts of such distributions will likely vary greatly from one distribution to the next. Additionally, the monthly distributions, if any, may consist of returns of capital, which would decrease the Fund's NAV and trading price over time. As a result, an investor may suffer significant losses to their investment.

**NAV Erosion Risk Due to Distributions.** When the Fund makes a distribution, the Fund's NAV will typically drop by the amount of the distribution on the related ex-dividend date. The repeated payment of distributions by the Fund, if any, may significantly erode the Fund's NAV and trading price over time. As a result, an investor may suffer significant losses to their investment.

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

**Reverse Repurchase Agreement Risk**. Similar to borrowing, reverse repurchase agreements provide the Fund with cash for investment purposes, which creates leverage and subjects the Fund to the risks of leverage. Reverse repurchase agreements also involve the risk that the other party may fail to return the securities in a timely manner or at all. The Fund could lose money if it is unable to recover the securities and/or if the value of collateral held by the Fund, including the value of the investments made with cash collateral, is less than the value of securities.

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

*Management Risk.* The Fund is subject to management risk because it is an actively managed portfolio. In managing the Fund's investment portfolio, the portfolio managers will apply investment techniques and risk analyses that may not produce the desired result. There can be no guarantee that the Fund will meet its investment objective.

*Shares May Trade at Prices Other Than NAV.* As with all ETFs, Shares may be bought and sold in the secondary market at market prices. Although it is expected that the market price of Shares will approximate the Fund's NAV, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount) due to supply and demand of Shares or during periods of market volatility. This risk is heightened in times of market volatility, 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 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 an active trading market for the Shares will develop or be maintained or that the Shares will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of Shares may begin to mirror the liquidity of the Fund's underlying portfolio holdings, which can be significantly less liquid than Shares. Shares trade on the Exchange at a market price that may be below, at or above the Fund's NAV. Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable. In addition, trading in Shares on the Exchange is subject to trading halts caused by extraordinary market volatility pursuant to the Exchange "circuit breaker" rules. There can be no assurance that the requirements of the Exchange necessary to maintain the listing of the Fund will continue to be met or will remain unchanged.

**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 all or 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.

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

**New Fund Risk.** The Fund is a recently organized management investment company with limited operating history. As a result, prospective investors have a limited track record or history on which to base their investment decisions.

**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. 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. 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 give you some indication of the risks of investing in the Fund. Updated performance information will be available on the Fund's website at www.nicholasx.com.

**Management**

*Investment Adviser*

Tidal Investments LLC serves as investment adviser to the Fund and the Subsidiary.

*Investment Sub-Adviser*

Nicholas Wealth, LLC serves as an investment sub-adviser to the Fund and the Subsidiary.

*Portfolio Managers*

The following individuals are jointly and primarily responsible for the day-to-day management of the Fund and the Subsidiary.

David Nicholas, Founder and President of Nicholas Wealth, has been a portfolio manager of the Fund and Subsidiary since their inception in 2025.

Jay Pestrichelli, Portfolio Manager for the Adviser, has been a portfolio manager of the Fund and Subsidiary since their inception in 2025.

Scott Snyder, Portfolio Manager for the Adviser, has been a portfolio manager of the Fund and Subsidiary since their inception in 2025.

Christopher P. Mullen, Portfolio Manager for the Adviser, has been a portfolio manager of the Fund and Subsidiary since their inception in 2025.

**Purchase and Sale of Shares**

The Fund issues and redeems Shares at NAV only in large blocks known as "Creation Units," which only Authorized Participants (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.nicholasx.com.

**Tax Information**

Fund distributions are generally taxable as ordinary income, qualified dividend income, or capital gains (or a combination), unless an 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 or its 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 primary investment objective of the Fund is to seek capital appreciation. It has a secondary investment objective to seek current income.

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 its investment objective may be changed without the consent of Fund shareholders upon approval by the Board of Trustees (the "Board") of Tidal Trust II (the "Trust") and 60 days' written notice to shareholders.

**Principal Investment Strategies**

**There is no guarantee that the Fund's investment strategy will be properly implemented, and an investor may lose some or all of its investment.**

Under normal circumstances, the Fund will invest at least 80% of the value of its assets, plus borrowings for investment purposes, in (i) the equity securities of Crypto Industry Companies, (ii) options contracts on Crypto Industry Companies and on Crypto Industry ETFs, (iii) Underlying Funds and (iv) options contracts on Underlying Funds.

For purposes of the foregoing, the Fund defines a "Crypto Industry Company" as a company that derives 50% or more of its revenue in one or more of the following proprietary sectors: (i) crypto asset mining, (ii) blockchain technology development (e.g., companies providing infrastructure and tools for blockchain networks), (iii) crypto asset trading platforms, (iv) digital wallet providers, (v) decentralized finance (DeFi) platforms, (vi) companies involved in the development of smart contract technology, (vii) manufacturers and distributors of hardware related to crypto asset (e.g., mining rigs, hardware wallets, and other related equipment), (viii) companies providing blockchain-as-a-service (BaaS), (ix) interactive platforms and services related to NFTs (non-fungible tokens), (x) crypto asset cross-border payments, (xi) crypto asset tokenization, and (xii) crypto asset decentralized lending. A "Crypto Industry Company" also includes a company that holds at least $50 million of crypto assets on its balance sheet. The Fund defines a "Crypto Industry ETF" as a passively managed U.S.-listed ETF that seeks to track the performance of a Crypto Industry Index. Lastly, the Fund defines an "Crypto Industry Index" as a benchmark that tracks the performance of a selection of Crypto Industry Companies.

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

**Crypto Industry Companies**

The Fund invests in companies involved in the crypto asset industry, and the Fund is therefore exposed to the crypto asset industry and its unique characteristics, such as the use of blockchain technology. Generally, a blockchain is an immutable transaction ledger maintained within a distributed network of peer nodes. The immutability of the blockchain means that once an entry is accepted onto the ledger, it cannot be deleted or changed. A public, permissionless blockchain is a type of blockchain that is open to anyone who wishes to participate, without requiring permission from any central authority. It is decentralized and operates based on a consensus mechanism that ensures trust and security without the need for intermediaries.

The first blockchain/crypto asset was bitcoin, which was developed to be a decentralized, peer-to-peer electric cash network; disintermediating centralized monetary systems. 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. This proof of work process occurs through "mining." Mining involves miners using a sophisticated computer program to repeatedly solve complex mathematical problems on specialized computer hardware. Miners authenticate and bundle bitcoin transactions sequentially into files called "blocks." Because each solved block contains a reference to the previous block, they form a chronological "chain" back to the first bitcoin transaction. A miner's proposed block is added to the blockchain once a majority of the nodes on the network confirm the miner's work. A miner that is successful in adding a block to the blockchain is automatically awarded a fixed amount of bitcoin for its efforts plus any transaction fees paid by transferors whose transactions are recorded in the block. This reward system is the means by which new bitcoin enter circulation.

The bitcoin network allows people to exchange tokens of value, called bitcoin, which are recorded on a public transaction ledger known as the Bitcoin Blockchain. Each bitcoin is associated with a set of unique cryptographic "keys", in the form of a string of numbers and letters, which allow whoever is in possession of the private key to assign that bitcoin in a transfer that the bitcoin network will recognize. One or more private keys control the transfer or "spending" of bitcoin from an associated public address. To use bitcoin, a user or a service provider must have access to keys that identify it for its transactions (similar to an ATM card and its related PIN). Bitcoin users keep their keys in electronic "wallets" that can be maintained on their computers, mobile phones, specialized hardware wallets, or wallets provided by online custodians.

While the bitcoin network allows for the exchange of bitcoin, a token of value, there are other blockchains that are designed to support different uses. For example, the Ethereum Network also allows users to write and implement smart contracts—that is, general-purpose code that executes on every computer in the network and can instruct the exchange of information and value based on a sophisticated set of logical conditions.

Bitcoin (and other crypto assets) can be used to pay for goods and services, although they are not currently widely accepted for such purpose, or they can be converted to fiat currencies, such as the U.S. dollar, at rates determined on digital asset trading platforms that enable trading in bitcoin or in individual end-user-to-end-user transactions under a barter system. Blockchain technology has since evolved to allow for greater programmability, which has resulted in a wide array of use cases, including smart contracts, without sacrificing the blockchains three core tenants: decentralization, security, and scalability.

**Crypto Asset Exposure**

*Information About Bitcoin*

As noted above, 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;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;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;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;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;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.

*Information About Ether*

As noted above, the Fund does not invest directly in ether or any other digital assets. The Fund does not invest in or seek direct exposure to the current "spot" or cash price of ether. Investors seeking direct exposure to the price of ether should consider an investment other than the Fund.

Ether Description

Ether is a digital asset which serves as the unit of account on an open-source, decentralized, peer-to-peer computer network. Ether may be used to pay for goods and services, stored for future use, or converted to a government-issued currency. As of the date of this Prospectus, the adoption of ether for these purposes has been limited. The value of ether is not backed by any government, corporation, or other identified body.

The value of ether is determined in part by the supply of and demand for, ether in the markets for exchange that have been organized to facilitate the trading of ether. Ether is the second largest digital asset by market capitalization behind bitcoin.

Ether is maintained on the decentralized, open source, peer-to-peer computer network ("Ethereum Network"). No single entity owns or operates the Ethereum Network. The Ethereum Network is accessed through software and governs the creation and movement of ether. The source code for the Ethereum Network is open-source, and anyone can contribute to its development.

Ethereum Network

The infrastructure of the Ethereum Network is collectively maintained by participants in the Ethereum Network, which include validators, developers, and users. Validators validate transactions and are currently compensated for that service in ether, as determined by the Ethereum Protocol. Developers maintain and contribute updates to the Ethereum Network's source code. Users access the Ethereum Network using open-source software. Anyone can be a user, developer, or validator.

Ether is maintained on a digital transaction ledger commonly known as a "blockchain." A blockchain is a type of shared and continually reconciled database, stored in a decentralized manner on the computers of certain users of the digital asset and is protected by cryptography. The Ethereum blockchain contains a record and history for each ether transaction.

The Ethereum blockchain allows for the creation of decentralized applications that are supported by a transaction protocol referred to as "smart contracts," which includes the cryptographic operations that verify and secure ether transactions. A smart contract operates by a pre-defined set of rules (i.e., "if/then statements") that allows it to automatically execute code on the Ethereum Network. Such actions taken by the pre-defined set of rules are not necessarily contractual in nature but are intended to eliminate the need for a third party to carry out code execution on behalf of users, making the system decentralized, allowing decentralized application developers to create a wide range of applications. Requiring payment in Ether on the Ethereum Network incentivizes developers to write quality applications and increases the efficiency of the Ethereum Network because wasteful code costs more. It also ensures that the Ethereum Network remains economically viable by compensating people for their contributed computational resources.

Ethereum Protocol

The Ethereum Protocol is an open source project with no official company or group in control. Anyone can review the underlying code and suggest changes. Because there is no central authority, the release of updates to the Ethereum Protocol source code by developers does not guarantee that the updates will be automatically adopted by the other participants. Users and validators must accept any changes made to the source code by downloading the proposed modification and that modification is effective only with respect to those ether users and validators who choose to download it. As a practical matter, a modification to the source code becomes part of the Ethereum Network only if it is accepted by validators that collectively represent a supermajority (two-thirds) of the cumulative validations on the Ethereum blockchain.

If a modification is accepted by only a portion of users and validators, a division will occur such that one network will run the pre-modification source code and the other network will run the modified source code. Such a division is known as a "fork."

New ether is created through "staking" of ether by validators. Validators are required to stake ether in order to perform validation activities and then, as a reward, earn newly created ether. Validation activities include verifying transactions, storing data, and adding to the Ethereum blockchain. Further, with its collective computing power on the distributed network, the Ethereum network provides the ability to execute peer-to-peer transactions to realize, via smart contracts, automatic, conditional transfer of value and information, including money, voting rights, and property.

**Options Overlay Strategies**

As noted above under the Fund's principal investment strategy disclosures, the Fund is managed using various options strategies. The following describes the options strategies that the Adviser plans to implement at various times to manage the Fund's assets. The Fund's options strategies using options contracts will generally be "covered." That is, the Fund will implement an options strategy on an Underlying Security that the Fund owns, or the Fund will have a synthetic long exposure to the Underlying Security. Alternatively, for Options Strategies involving an index, the Fund will implement inherently covered Options Strategies, such as credit spreads.

To achieve a synthetic long exposure to an Underlying Security, the Fund will buy the Underlying Security's call options and, simultaneously, sell the Underlying Security's put options to try to replicate the price movements of the Underlying Security. The call options purchased by the Fund and the put options sold by the Fund will generally have two-month to one-year terms and strike prices that are approximately equal to then-current share price of the Underlying Security at the time the contracts are purchased and sold, respectively. The combination of the long call options and sold put options provides the Fund with investment exposure equal to approximately 100% of an Underlying Security for the duration of the applicable options exposure.

**1. Selling Calls**

**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;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.

**2. Selling Credit Spreads**

**Strategy Overview**: Selling credit spreads involves writing a call option at one strike price and buying another call option at a higher strike price or writing a put option at one strike price and buying another put option at a lower strike price. This strategy limits the potential loss compared to selling an option outright by capping it at the difference between the strike prices minus the net premium received.

● **Market Movement Scenarios (Call Example)**:

&nbsp;&nbsp;&nbsp;&nbsp;&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 higher strike price, the option position will lose the difference between the strike prices minus the net premium received. Between strikes, the option position loses the difference between the security's share price and the lower strike.

2. **Security Remains the Same**: If the security's share price remains the same, both options will expire worthless, and the Fund keeps the net premium received as profit.

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

● **Market Movement Scenarios (Put Example)**:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **Security increases in Value**: If the security's share price increases, both options will expire worthless, and the Fund keeps the net premium received as profit.

2. **Security Remains the Same**: If the security's share price remains the same, both options will expire worthless, and the Fund keeps the net premium received as profit.

3. **Security decreases in Value**: If the security's share price decreases below the higher strike price, the Fund's loss is capped at the difference between the strike prices minus the net premium received. Between strikes the option position loses the difference between the security's share price and the lower strike.

**3. Selling Diagonal Call Spreads**

**Strategy Overview**: Selling diagonal call spreads involves selling a call option with a nearer expiration date and buying a call option with a later expiration date at a different strike price. This strategy aims to benefit from the time decay (see below) of the nearer-term option.

● Time decay is the reduction in an option's value as the time to its expiration date approaches. An option's decay accelerates as its expiration date gets closer because there is less time for an investor to earn a profit from that option.

**Market Movement Scenarios (at the max maturity date of the options)**:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **Security Increases in Value**: If the security's share price rises above the higher strike price, the option position's loss is capped at the difference between the strike prices minus the net premium received. Between strikes the option position loses the difference between the security's share price and the lower strike.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **Security Remains the Same**: If the security's share price remains the same, both options will expire worthless, and the Fund keeps the net premium received as profit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. **Security Decreases in Value**: If the security's share price decreases, both options will expire worthless, and the Fund keeps the net premium received as profit.

**4. Cash-Secured Out of the Money Put Selling**

**Strategy Overview**: Cash-secured put selling involves selling put options at a strike price below the market while holding enough cash to buy the security at the strike price if assigned. This strategy generates income from the premium received.

**Market Movement Scenarios**:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **Security Increases in Value**: If the security's share price rises higher than the strike of the put option, the put option will expire worthless, and the Fund keeps the premium received.

2. **Security Remains the Same**: If the security's share price remains the same, the put option will expire worthless, and the Fund keeps the premium received.

3. **Security Decreases in Value**: If the security's share price decreases, the Fund may be assigned the security (i.e., the Fund will need to purchase the security) at the strike price, but the Fund effectively buys it at a lower net price due to the premium received.

**5. Selling Calendar Call Spreads**

**Strategy Overview**: Selling calendar call spreads involves selling a short-term option and buying a longer-term option at the same strike price. This strategy benefits from the faster time decay of the short-term option.

**Market Movement Scenarios (between the two maturity dates)**:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **Security Increases in Value**: If the security's share price rises above the strike, the short-term option will be covered at a loss, minus the premium received, but the long-term option increases in value, offsetting some losses.

2. **Security Remains the Same (below the strike)**: If the security's share price remains the same, the short-term option expires worthless, and the Fund profits from the time decay differential; however, the long-term option will experience some decay resulting in an offsetting loss.

3. **Security Decreases in Value**: If the security's share price decreases, the short-term option expires worthless, and the Fund profits from the time decay differential; however, the long-term option will experience some decay resulting in an offsetting loss.

**6. Selling Collars**

**Strategy Overview**: Selling collars involves selling a call option and buying a put option to limit volatility against significant price movements, aiming to generate income from the premium received while limiting potential losses.

**Market Movement Scenarios**:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **Security Increases in Value**: If the security's share price rises above the call strike price, the call option position loses the difference between the security's share price and strike price.

2. **Security Remains the Same**: If the security's share price remains the same, both options expire worthless, and the Fund keeps the premium received from the call option, but offset by the loss of premium paid on the put option.

3. **Security Decreases in Value**: If the security's share price falls below the put strike price, the put option position gains the difference between the security's share price and strike price of the long put option, as well as earning the premium from the sold call option.

**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 its 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 its Subsidiary, and the Fund's role as sole shareholder of its 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.

The investment adviser to the Subsidiary complies with provisions of the 1940 Act relating to investment advisory contracts (Section 15) as if each were an investment adviser to the Fund 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 its 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 the 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.

**Reverse Repurchase Agreements**

As noted above, the Fund may use reverse repurchase agreements, a form of borrowing where it sells securities and agrees to buy them back later at a higher price, allowing it to use the sale proceeds for other investments. This practice results in a loss for the Fund as it repurchases the securities at a higher price. To qualify as a regulated investment company (RIC) under the Internal Revenue Code, the Fund ensures its investment in the Subsidiary does not exceed 25% of its total assets at the end of each fiscal quarter. During other times of the year, this investment may exceed 25%.

To manage its asset exposure to the Subsidiary, the Fund may use short-term Treasury Bills it owns (and purchase additional Treasury Bills if necessary) to engage in reverse repurchase agreements, which function as loans to the Fund. These loans increase the Fund's gross assets, helping it meet the Asset Diversification Test. When entering a reverse repurchase agreement, the Fund will either (i) comply with Section 18 of the Investment Company Act of 1940 by maintaining asset coverage of at least 300% of the value of the reverse repurchase agreement; or (ii) treat the reverse repurchase agreement transactions as derivative transactions under Rule 18f-4 of the 1940 Act, adhering to the applicable value-at-risk based limit on leverage risk.

**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 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).

**Temporary Defensive Strategies**

For temporary defensive purposes during adverse market, economic, political, or other conditions, the Fund may invest in a manner that is inconsistent with its principal investment strategies, including investments in cash or cash equivalents or short-term instruments such as commercial paper, money market mutual funds, or short-term U.S. government securities. Taking a temporary defensive position may result in the Fund not achieving its investment objective.

**Principal Risks of Investing in the Fund**

There can be no assurance that the Fund will achieve its investment objectives. The following information is in addition to, and should be read along with, the description of the Fund's principal investment risks in the section titled "Fund Summary— Principal Investment Risks" above. 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.

**Bitcoin Investment Risks.** The Fund's indirect investment in bitcoin, through investment in Underlying Funds and/or options on Underlying Funds, 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, which could impact the valuation of bitcoin-linked derivatives held by the Fund.

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.

**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.

**Commodity-Linked Derivatives Tax Risk.** The tax treatment of commodity-linked derivative instruments, such as options on certain Underlying Funds, may be adversely affected by changes in legislation, regulations, or other legally binding authority. As a RIC, the Fund must derive at least 90% of its gross income each taxable year from certain qualifying sources of income under the Code. If, as a result of any adverse future legislation, U.S. Treasury regulations, and/or guidance issued by the Internal Revenue Service (the "IRS"), the income of the Fund from certain commodity-linked derivatives, including income from the Fund's investments in the Subsidiary, were treated as non-qualifying income, the Fund may fail to qualify as RIC and/or be subject to federal income tax at the Fund level. The uncertainty surrounding the treatment of certain derivative instruments under the qualification tests for a RIC may limit the Fund's use of such derivative instruments.

The Fund intends to limit its investment in the Subsidiary to no more than 25% of the value of its total assets in order to satisfy certain asset diversification requirements for taxation as a regulated investment company. The Fund intends to manage the exposure to the Subsidiary so that the Fund's investments in the Subsidiary do not exceed 25% of the total assets at the end of any quarter. If the Fund's investments in the Subsidiary 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.

**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. Each 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.

**Crypto Industry Risk.** Investing in the Crypto Industry involves substantial risks, including but not limited to market volatility, regulatory changes, technological obsolescence, and security vulnerabilities. Crypto Industry companies typically face significant volatility due to the nascent and rapidly evolving nature of the sector. High research and capital expenditures are common, which can result in substantial variability in profitability, or even sustained losses. The industry is intensely competitive, with technological advancements occurring at a rapid pace, potentially rendering existing products or services obsolete. These companies are heavily reliant on digital and intellectual property, including proprietary blockchain technology and cryptographic algorithms, and may be adversely affected by the loss, theft, or impairment of these assets. Furthermore, the Crypto Industry is subject to a complex and constantly changing legal, regulatory, and political landscape, which can have a substantial impact on the profitability and viability of companies within the sector. Regulatory actions or unfavorable legal rulings could significantly hinder operations or market access. Additionally, security breaches, hacking incidents, or failures in the underlying technology of a crypto asset or blockchain could have devastating effects on the issuer, particularly if the compromised asset or technology is central to the issuer's business model. The Crypto Industry has been, and may continue to be, dependent on speculation. The identification and classification of Crypto Industry companies can be challenging, as the boundaries of the industry are often unclear and subject to interpretation.

● *Blockchain Risk*. Companies involved in the crypto asset industry are subject to the risks associated with blockchain technology, the occurrence of which could negatively impact the value of such companies. These risks include (i) the risk that the integrity and viability of the consensus mechanism of the blockchain fails; (ii) the risk that the blockchain's capacity to execute and settle transactions in a timely and predictable manner is compromised; (iii) the open source nature of blockchain technology which makes it vulnerable to being "forked" by users and miners/validators (i.e., creation of a new competing blockchain when a significant portion of the miners/validators adopts updates to the existing blockchain protocol); and (iv) development of so-called Layer 2 networks, including the "Lightning Network," which are separate blockchains built on top of "Layer 1" blockchains, like the Bitcoin Blockchain, for the purpose of augmenting the throughput of the Layer 1 blockchain. Layer 2 blockchains are a relatively new and still developing technology and include certain risks, such as the potential for hacks, bugs or failures.

● *Crypto Asset Trading Platform Risk*. Companies involved in the crypto asset industry are subject to the risks associated with crypto asset trading platforms. Crypto asset trading platforms and other trading venues on which crypto assets trade are relatively new and, in most cases, largely unregulated and may therefore be more exposed to market manipulation, fraud and failure than established, regulated exchanges for securities, derivatives and other currencies. Crypto asset trading platforms may (and in certain cases have) become subject to enforcement actions by regulatory authorities.

**Derivatives Risk.** The Fund's derivative investments have risks, including the imperfect correlation between the value of such instruments and the underlying assets; the loss of principal, including the potential loss of amounts greater than the initial amount invested in the derivative instrument; the possible default of the other party to the transaction; and illiquidity of the derivative investments. Use of derivatives could also result in a loss if the counterparty to the transaction does not perform as promised, including because of such counterparty's bankruptcy or insolvency. This risk may be greater during volatile market conditions. Other risks include the inability to close out a position because the trading market becomes illiquid (particularly in the OTC markets) or the availability of counterparties becomes limited for a period of time. In addition, the presence of speculators in a particular market could lead to price distortions.

Certain of the Fund's transactions in derivatives could also affect the amount, timing, and character of distributions to shareholders, which may result in the Fund realizing more short-term capital gain and ordinary income subject to tax at ordinary income tax rates than it would if it did not engage in such transactions, which may adversely impact such Fund's after-tax returns.

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 instrument, 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 Security. 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 at the underlying instrument. There may at times be an imperfect correlation between the movement in the values of options contracts and the underlying instrument, 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 and put options, which includes the risk that the underlying instrument appreciates or depreciates sufficiently over the period to offset the net premium received by the Fund for the written option, resulting in a loss to the Fund. Additionally, to the extent the Fund maintains indirect exposure to an Underlying Security through the use of options contracts, as the options contracts it holds are exercised or expire it will enter into new options contracts, a practice referred to as "rolling." If the expiring options contracts do not generate proceeds enough to cover the cost of entering into new options contracts, the Fund may experience losses.

**Distribution Risk.** As part of the Fund's investment objectives, the Fund seeks to provide current monthly income. There is no assurance that the Fund will make a distribution in any given month. If the Fund makes distributions, the amounts of such distributions will likely vary greatly from one distribution to the next. Additionally, monthly distributions, if any, may consist of returns of capital, which would decrease the Fund's NAV and trading price over time. As a result, an investor may suffer significant losses to their investment.

**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.

**Emerging Markets Risk.** All of the risks of investing in foreign securities are heightened by investing in emerging markets. Emerging market countries may have less established economies and may face greater social, economic, regulatory and political risks, and may have smaller or more limited capital markets, which could contribute to increased volatility or more difficulty in determining the value or liquidity of holdings. Securities issued by companies in emerging markets are subject to a greater risk of market interventions, inflationary or deflationary forces, and potentially more monetary policy influences which can affect a security's value.

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

*Management Risk.* The Fund is subject to management risk because it is an actively managed portfolio. In managing the Fund's investment portfolio, the portfolio managers will apply investment techniques and risk analyses that may not produce the desired result. There can be no guarantee that the Fund will meet its investment objective.

*Shares May Trade at Prices Other Than NAV.* As with all ETFs, Shares may be bought and sold in the secondary market at market prices. Although it is expected that the market price of Shares will approximate the Fund's NAV, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount) due to supply and demand of Shares or during periods of market volatility. This risk is heightened in times of market volatility, 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 on a national securities exchange, such as the applicable Exchange, and may be traded on U.S. exchanges other than the applicable Exchange, there can be no assurance that an active trading market for the Shares will develop or be maintained or that the Shares will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of Shares may begin to mirror the liquidity of the Fund's underlying portfolio holdings, which can be significantly less liquid than Shares. Shares trade on the applicable Exchange at a market price that may be below, at or above the Fund's NAV. Trading in Shares on the applicable Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable. In addition, trading in Shares on an Exchange is subject to trading halts caused by extraordinary market volatility pursuant to the applicable Exchange's "circuit breaker" rules. There can be no assurance that the requirements of the applicable Exchange necessary to maintain the listing of the Fund will continue to be met or will remain unchanged.

**Ether Investment Risks.** The Fund's indirect investment in ether, through investment in Underlying Funds and/or options on Underlying Funds, exposes it to the unique risks of this emerging innovation. Ether is a relatively new and is subject to unique and substantial risks. The market for ether is subject to rapid price swings, changes and uncertainty. The further development of the Ethereum Network and the acceptance and use of ether are subject to a variety of factors that are difficult to evaluate. The slowing, stopping or reversing of the development of the Ethereum Network or the acceptance of ether may adversely affect the price and liquidity of ether. Ether is subject to the risk of fraud, theft, manipulation or security failures, operational or other problems that impact ether trading venues. Additionally, if one or a coordinated group of validators were to gain control of 33% or more of staked ether (i.e., ether that is deposited to support the Ethereum Network), they would have the ability to execute extensive attacks, manipulate transactions and fraudulently obtain ether. If such a validator or group of validators were to gain control of one-third of staked ether, they could halt payments. A significant portion of ether is held by a small number of holders sometimes referred to as "whales". Transactions by these holders may influence the price of ether.

The value of ether may be substantially dependent on speculation, such that trading and investing in ether generally may not be based on fundamental analysis. The exposure of ether to instability and other speculative parts of the blockchain crypto industry, such as an event that is not necessarily related to the security or utility of the Etherum Network, can nonetheless precipitate a significant decline in the price of ether. There are risks related to fragmentation and lack of regulatory compliance with regard to crypto asset trading platforms. The crypto asset trading platforms upon which ether is traded and which may serve as a pricing source of the valuation of ether linked derivatives held by an Underlying Fund are or may become subject to enforcement actions by regulatory authorities.

Unlike the exchanges for more traditional assets, such as equity securities and futures contracts, ether and ether trading venues are largely unregulated. As a result of the lack of regulation, individuals or groups may engage in fraud or market manipulation (including using social media to promote ether in a way that artificially increases the price of ether). Investors may be more exposed to the risk of theft, fraud and market manipulation than when investing in more traditional asset classes. Over the past several years, a number of ether trading venues have been closed due to fraud, failure or security breaches. Investors in ether may have little or no recourse should such theft, fraud or manipulation occur and could suffer significant losses.

The realization of any of these risks could result in a decline in the acceptance of ether and consequently a reduction in the value of ether, ether futures, Underlying Funds and the Fund.

Additionally, legal or regulatory changes may negatively impact the operation of the Ethereum Network or restrict the use of ether. For example, if ether were determined to be or were expected to be determined to be a security under the federal securities laws, it is possible certain trading venues would no longer facilitate trading in ether, trading in ether futures may become significantly more volatile and/or completely halted, and the value of an investment in the Underlying Funds and/or the Fund could decline significantly and without warning, including to zero.

Finally, the creation of a "fork" (as described above) or a substantial giveaway of ether (sometimes referred to as an "air drop") may result in significant and unexpected declines in the value of ether, ether futures, Underlying Funds and the Fund. A fork may be intentional, such as the 'Merge.' The 'Merge' refers to protocol changes altering the method by which transactions are validated.

The market for ether futures may be less developed, and potentially less liquid and more volatile, than more established futures markets. While the ether futures market has grown substantially since ether futures commenced trading, there can be no assurance that this growth will continue. The price for ether futures contracts is based on a number of factors, including the supply of and the demand for ether futures contracts. Market conditions and expectations, regulatory limitations or limitations imposed by the listing exchanges or futures commission merchants ("FCMs") (e.g., margin requirements, position limits, and accountability levels), collateral requirements, availability of counterparties, and other factors each can impact the supply of and demand for ether futures contracts, which can impact the Underlying Funds.

Market conditions and expectations, margin requirements, position limits, accountability levels, collateral requirements, availability of counterparties, and other factors may also limit the Underlying Funds' ability to achieve their desired exposure to ether futures contracts, thereby impacting the Fund. If the Underlying Funds are unable to achieve their targeted exposure, the Fund may not be able to meet its investment objective and the Fund's returns may be different or lower than expected. Additionally, collateral requirements may require Underlying Funds to liquidate their positions, potentially incurring losses and expenses, when it otherwise would not do so. Investing in derivatives like ether futures may be considered aggressive and may expose the Underlying Funds, and thereby the Fund, to significant risks. These risks include counterparty risk and liquidity risk.

The performance of ether futures contracts, in general, has historically been highly correlated to the performance of ether. However, there can be no guarantee this will continue. Transaction costs (including the costs associated with futures investing), position limits, the availability of counterparties and other factors may impact the cost of ether futures contracts and decrease the correlation between the performance of ether futures contracts and ether, over short or even long-term periods. In addition, the performance of back-month futures contracts (i.e, futures contracts whose delivery dates are relatively far in the future) is likely to differ more significantly from the performance of the spot prices of ether. To the extent the Underlying Funds are invested in back-month ether future contracts, their performance, and thereby the performance of the Fund, should be expected to deviate more significantly from the performance of ether.

**Equity Market Risk.** The equity securities held in the Fund's portfolio 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. Common stocks, such as those held by the Fund, 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 issuers. 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. Factors that could impact the market value of an equity security include a company's business performance, investor perceptions, stock market trends and general economic conditions.

**Foreign Investment Risk.** The Fund will invest in foreign securities, including non-U.S. dollar-denominated securities traded outside of the United States and U.S. dollar-denominated securities of foreign issuers traded in the United States. Returns on investments in foreign securities could be more volatile than, or trail the returns on, investments in U.S. securities. Investments in foreign securities, including investments in American Depositary Receipts (ADRs), European Depositary Receipts (EDRs) and Global Depositary Receipts (GDRs), are subject to special risks, including the following:

● *Foreign Securities Risk*. Investments in non-U.S. securities involve risks that may not be present with investments in U.S. securities. For example, investments in non-U.S. securities may be subject to risk of loss due to foreign currency fluctuations or to political or economic instability. There may be less information publicly available about a non-U.S. issuer than a U.S. issuer. Non-U.S. issuers may be subject to different accounting, auditing, financial reporting and investor protection standards than U.S. issuers. Changes to the financial condition or credit rating of foreign issuers may also adversely affect the value of the Fund's securities. Investments in non-U.S. securities may be subject to withholding or other taxes and may be subject to additional trading, settlement, custodial, and operational risks. Because legal systems differ, there is also the possibility that it will be difficult to obtain or enforce legal judgments in some countries. Since foreign exchanges may be open on days when the Fund does not price its Shares, the value of the securities in the Fund's portfolio may change on days when shareholders will not be able to purchase or sell the Fund's Shares. Conversely, Shares may trade on days when foreign exchanges are closed. Investment in foreign securities may involve higher costs than investment in U.S. securities, including higher transaction and custody costs as well as the imposition of additional taxes by foreign governments. Each of these factors can make investments in the Fund more volatile and potentially less liquid than other types of investments.

● *Depositary Receipt Risk.* Depositary receipts involve risks similar to those associated with investments in foreign securities and certain additional risks. Depositary receipts listed on U.S. exchanges are issued by banks or trust companies and entitle the holder to all dividends and capital gains that are paid out on the underlying foreign shares ("Underlying Shares"). When the Fund invests in depositary receipts as a substitute for an investment directly in the Underlying Shares, the Fund is exposed to the risk that the depositary receipts may not provide a return that corresponds precisely with that of the Underlying Shares. The Fund may invest in unsponsored depositary receipts. 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.

**High Portfolio Turnover Risk.** The Fund may actively and frequently trade all or a significant portion of the securities in its portfolio. 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.

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

**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.

○ *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.

**NAV Erosion Risk Due to Distributions.** If the Fund makes a distribution, the Fund's NAV will typically drop by the amount of the distribution on the related ex-dividend date. The repeated payment of distributions, if any, by the Fund may significantly erode the Fund's NAV and trading price over time. As a result, an investor may suffer significant losses to their investment.

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

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

**Operational Risk.** Each 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. Each 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 and the Fund's investment advisor seek to reduce these operational risks through controls and procedures, there is no way to completely protect against such risks.

**Reverse Repurchase Agreement Risk**. Similar to borrowing, reverse repurchase agreements provide the Fund with cash for investment purposes, which creates leverage and subjects the Fund to the risks of leverage. Reverse repurchase agreements also involve the risk that the other party may fail to return the securities in a timely manner or at all. The Fund could lose money if it is unable to recover the securities and/or if the value of collateral held by the Fund, including the value of the investments made with cash collateral, is less than the value of securities.

**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 options and Underlying Funds it holds whose value is determined by reference to a specific underlying asset (bitcoin or ether) is never 25% of the total value of Fund assets at the close of any quarter. If the Fund's investments in Underlying Funds or options whose value is determined by reference to a specific underlying asset 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.

**Technology Sector Risk.** The Fund will invest substantially in companies in the information technology sector, and therefore the performance of the Fund could be negatively impacted by events affecting this sector. Market or economic factors impacting technology companies and companies that rely heavily on technological advances could have a significant effect on the value of the Fund's investments. The value of stocks of information technology companies and companies that rely heavily on technology is particularly vulnerable to rapid changes in technology product cycles, rapid product obsolescence, government regulation and competition, both domestically and internationally, including competition from foreign competitors with lower production costs. Stocks of information technology companies and companies that rely heavily on technology, especially those of smaller, less-seasoned companies, tend to be more volatile than the overall market. Information technology companies are heavily dependent on patent and intellectual property rights, the loss or impairment of which may adversely affect profitability.

**Underlying Fund Risk.** The Fund's investment strategy, involving indirect exposure to bitcoin and ether through one or more Underlying Funds, is subject to the risks associated with bitcoin and ether. Shareholders in the Fund bear both their proportionate share of expenses in the Fund and, indirectly, the expenses of the Underlying Funds.

● *Underlying Bitcoin and Ether Fund Risks:* Investing in an Underlying Fund that focuses on bitcoin or ether, either through direct holdings or indirectly via derivatives like futures contracts and swaps, carries significant risks. These risks include high market volatility, which can be influenced by technological advancements, regulatory changes, and broader economic factors. When trading derivatives, liquidity risks and counterparty risks are substantial. Managing futures contracts can be complex and may affect the performance of an Underlying Fund. 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. Additionally, each Underlying Fund, and consequently the Fund, is dependent on blockchain technology, which brings technological and cybersecurity risks, along with custodial challenges for securely storing digital assets. The constantly evolving regulatory and legal landscape presents continuous compliance and valuation difficulties. Risks related to market concentration and network issues in the digital asset sector further add complexity. Moreover, operational intricacies in managing digital assets and potential market volatility can lead to losses for each Underlying Fund.

● *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. In addition, Underlying Funds that invest directly in bitcoin or ether are not 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. Although the Fund invests in one or more Underlying Funds only indirectly, the Fund's investments are expected to be subject to loss as a result of these 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. 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. 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 https://www.nicholasx.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 ("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 April 30, 2025, Tidal had assets under management of approximately $30.51 billion and served as the investment adviser or sub-adviser for 236 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 provides oversight of the Sub-Adviser and review of the Sub-Adviser's performance. The Adviser is also responsible for trading portfolio securities and financial instruments for the Fund and the Subsidiary, including selecting broker-dealers to execute purchase and sale transactions. 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 0.99% 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 interest charges on any borrowings made for investment purposes, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, extraordinary expenses, distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the 1940 Act, and the unitary management fee payable to the Adviser (collectively, the "Excluded 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 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 the Subsidiary, will not have all of the protections offered to investors in registered investment companies. Because the Fund wholly owns and controls the 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**

**Nicholas Wealth**

Nicholas Wealth, LLC ("Nicholas Wealth"), located at 218 Roswell Street NE Marietta, Georgia 30060 serves as an investment sub-adviser to the Fund pursuant to an investment sub-advisory agreement with the Adviser ("Sub-Advisory Agreement"). Nicholas Wealth was founded in May 2016, is an investment advisor registered with the SEC, and provides investment advisory services to investment advisors and high net worth individuals. As of April 30, 2025, Nicholas Wealth had approximately $421 million in assets under management.

Nicholas Wealth is jointly responsible for the day-to-day management of the Fund's portfolio, including determining the securities purchased and sold by the Fund, subject to the supervision of the Adviser and the Board. For its services, Nicholas Wealth is paid a fee by the Adviser, which fee is calculated daily and paid monthly, at an annual rate of 0.05% of the Fund's average daily net assets.

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 does not receive additional compensation for its services to the Subsidiary. The Subsidiary Sub-Advisory Agreement was approved by the Board.

A discussion regarding the basis for the Board's approval of the Fund's Advisory Agreement and Sub-Advisory Agreement will be available in the Fund's annual report to shareholders on Form N-CSR for the period ended October 31, 2025.

**Portfolio Managers**

The following individuals (each, a "Portfolio Manager") have served as portfolio managers of the Fund and the Subsidiary since their inception in 2025.

*David Nicholas, Portfolio Manager for Nicholas Wealth*

Mr. Nicholas is the CEO and Founder of Nicholas Wealth. Mr. Nicholas has over 18 years of experience in the financial industry. Prior to founding Nicholas Wealth in 2016, Mr. Nicholas spent 4 years as the President & Founder of Nicholas & Company, Inc, where he provided insurance and capital preservation strategies to retirees. Mr. Nicholas received his Bachelor of Business Administration in Finance from Kennesaw State University and a Master's degree in Financial Planning from the University of Georgia.

*Jay Pestrichelli, Portfolio Manager for the Adviser*

Mr. Pestrichelli joined the Adviser in 2025 and is Chief Trading Officer of the Adviser's ETF Trading and Portfolio Management team. Mr. Pestrichelli has over 30 years of experience in the financial markets. Prior to joining the Adviser, Mr. Pestrichelli co-founded ZEGA Financial LLC ("ZEGA") where he led the development and execution of ZEGA's investment strategies since its inception in 2011. He is also the author of the best-selling book "Buy & Hedge: The Five Iron Rules for Investing Over the Long Term." Prior to founding ZEGA, Mr. Pestrichelli spent 12 years managing and growing the online trading business for TD Ameritrade from 1999 to 2010. Mr. Pestrichelli has a Bachelor degree in Behavioral Science from Concordia College.

*Scott Snyder, Portfolio Manager for the Adviser*

Scott Snyder joined the Adviser 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 Chicago Board Options Exchange (CBOE). In 2003, Mr. Snyder joined thinkorswim as Chief Options Strategist for a subsidiary of thinkorswim advisors. Mr. Snyder then helped lead the trading, execution platform support and option education business for TD Ameritrade and then Schwab from 2009 to 2024.

*Christopher P. Mullen, Portfolio Manager for the Adviser* 

Christopher P. Mullen serves as Portfolio Manager at the Adviser, having joined the firm in January 2024. From September 2019 to December 2023, he was a Portfolio Manager at Vest Financial LLC, where he managed exchange-traded funds, mutual funds and retirement fund portfolios. Mr. Mullen previously served as a Senior Portfolio Analyst at ProShares Advisors LLC from September 2016 until September 2019. Prior to that, Mr. Mullen served as associate portfolio manager at USCF Investments LLC from February 2013 to September 2016. Mr. Mullen received a Master of Business Administration from the University of Maryland. He also holds a dual bachelor's degree in global politics and history from Marquette University.

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 Sponsors**

The Adviser has entered into a fund sponsorship agreement with each of Nicholas Wealth and ZEGA (each, a "Sponsor," and together the "Sponsors") pursuant to which each Sponsor is a sponsor to the Fund. Under this arrangement, each Sponsor has agreed to provide financial support (as described below) to the Fund. In turn, the Adviser has agreed to share with Sponsor a portion of profits, if any, generated by the Fund's Advisory Fee. Every month, the Advisory Fees, which are unitary management fees, for the Fund are calculated and paid to the Adviser.

If the amount of the unitary management fee for the Fund exceeds the Fund's operating expenses (including the sub-advisory fees) and the Adviser-retained amount, the Adviser pays the net total to Sponsors. The amounts paid to Sponsors represent any remaining profits from the Advisory Fee.

During months when the funds generated by the unitary management fee are insufficient to cover the entire sub-advisory fees, that amount is automatically waived (and any such waiver is 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, each Sponsor is obligated to reimburse the Adviser for a portion of 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.

In order to purchase Creation Units of the Fund, an AP must generally deposit a designated portfolio of equity securities (the "Deposit Securities") and/or a designated amount of U.S. cash. Purchases and redemptions of Creation Units primarily with cash, rather than through in-kind delivery of portfolio securities, may cause the Fund to incur certain costs. These costs could include brokerage costs or taxable gains or losses that it might not have incurred if it had made redemption in-kind. These costs could be imposed on the Fund, and thus decrease the Fund's NAV, to the extent that the costs are not offset by a transaction fee payable by an AP.

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. The Depository Trust Company ("DTC") or its nominee is the record owner of all outstanding Shares.

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

**Frequent Purchases and Redemptions of 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 regular 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).

**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's 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 set forth by rule 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, on a weekly basis, 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 the 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.nicholasx.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 Three Canal Plaza, Suite 100, 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.nicholasx.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 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, the Fund and the Subsidiary 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 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.

**Nicholas Crypto Income 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; **Nicholas Wealth Management**<br>218 Roswell Street NE<br>Marietta, Georgia 30060<br>|
| &nbsp;&nbsp;**Distributor** | &nbsp;&nbsp; **Foreside Fund Services, LLC**<br>Three Canal Plaza, Suite 100<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**<br>| &nbsp;&nbsp; **Cohen & Company , Ltd.**<br>1835 Market Street, Suite 310<br>Philadelphia, PA 19103 |
| &nbsp;&nbsp;**Sub-Administrator,**<br> **Fund Accountant, and**<br> **Transfer Agent** | &nbsp;&nbsp; **U.S. Bancorp Fund Services, LLC,**<br>**doing business as U.S. Bank Global Fund Services**<br>615 East Michigan Street<br>Milwaukee, Wisconsin 53202<br>| &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 June 10, 2025, 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: A**dditional information about the Fund's investments is 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 the 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 Nicholas Crypto Income ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701 or calling (855) 563-6900.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;● Free of charge from the Fund's Internet website at www.nicholasx.com; or

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

The SAI and other information are also available from a financial intermediary (such as a broker-dealer or bank) through which the Fund's shares may be purchased or sold.

(SEC Investment Company Act File No. 811-23793)

![](blox485bpos001.jpg)

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| | |
|:---|:---|
| **BLOX** | &nbsp;&nbsp;**Nicholas Crypto Income ETF** |
|  | &nbsp;&nbsp;***listed on NYSE Arca, Inc.*** |

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**STATEMENT OF ADDITIONAL INFORMATION**

June 10, 2025

This Statement of Additional Information ("SAI") is not a prospectus and should be read in conjunction with the Prospectus for the Nicholas Crypto Income ETF (the "Fund"), a series of Tidal Trust II (the "Trust"), dated June 10, 2025, 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 (855) 563-6900, visiting www.nicholasx.com, or writing to the Nicholas Crypto Income ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701.

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 Certified Shareholder Report on Form N-CSR (File No. 811-23793). When available, a copy of the Fund's annual Certified Shareholder Report 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](#blox485bposb001) | 1 |
| [Additional Information about Investment Objectives, Policies, and Related Risks](#blox485bposb002) | 1 |
| [Description of Permitted Investments](#blox485bposb003) | 2 |
| [Investment Restrictions](#blox485bposb004) | 12 |
| [Exchange Listing and Trading](#blox485bposb005) | 13 |
| [Management of the Trust](#blox485bposb006) | 13 |
| [Principal Shareholders, Control Persons and Management Ownership](#blox485bposb007) | 18 |
| [Codes of Ethics](#blox485bposb008) | 18 |
| [Proxy Voting Policies](#blox485bposb009) | 19 |
| [Investment Adviser](#blox485bposb010) | 19 |
| [Investment Sub-Adviser](#blox485bposb011) | 20 |
| [Portfolio Managers](#blox485bposb012) | 20 |
| [The Distributor](#blox485bposb013) | 22 |
| [Administrator](#blox485bposb014) | 23 |
| [Sub-Administrator and Transfer Agent](#blox485bposb015) | 23 |
| [Custodian](#blox485bposb016) | 24 |
| [Legal Counsel](#blox485bposb017) | 24 |
| [Independent Registered Public Accounting Firm](#blox485bposb018) | 24 |
| [Portfolio Holdings Disclosure Policies and Procedures](#blox485bposb019) | 24 |
| [Description of Shares](#blox485bposb020) | 24 |
| [Limitation of Trustees' Liability](#blox485bposb021) | 25 |
| [Brokerage Transactions](#blox485bposb022) | 25 |
| [Portfolio Turnover Rate](#blox485bposb023) | 26 |
| [Book Entry Only System](#blox485bposb024) | 27 |
| [Purchase and Redemption of Shares in Creation Units](#blox485bposb025) | 27 |
| [Determination of Net Asset Value](#blox485bposb026) | 32 |
| [Dividends and Distributions](#blox485bposb027) | 33 |
| [Federal Income Taxes](#blox485bposb028) | 33 |
| [Financial Statements](#blox485bposb029) | 38 |

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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 January 13, 2022. 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") a Tidal Financial Group company, serves as investment adviser to the Fund and the Subsidiary (defined below). Nicholas Wealth, LLC (the "Sub-Adviser" or "Nicholas Wealth") serves as an investment sub-adviser to the Fund and the Subsidiary.

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, and generally in exchange for portfolio securities and a specified cash payment, or entirely for cash. 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, under "Investment Objective" and "Principal Investment Strategies," respectively. 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.

**Non-Diversification**

The Fund is classified as a non-diversified investment company under the 1940 Act's diversification requirements. A "non-diversified" classification means that the Fund is not limited by the 1940 Act's diversification restrictions with regard to the percentage of its assets that may be invested in the securities of a single issuer. This means that the Fund may invest a greater portion of its assets in the securities of a single issuer or a small number of issuers than if it was a diversified fund, and therefore, those issuers may constitute a greater portion of the Fund's portfolio. This may have an adverse effect on the Fund's performance or subject its Shares to greater price volatility than more diversified investment companies. Moreover, in pursuing its objective, the Fund may hold the securities of a single issuer in an amount exceeding 10% of the value of the outstanding securities of the issuer, subject to restrictions imposed by the Internal Revenue Code of 1986, as amended (the "Code").

Although the Fund is non-diversified for purposes of the 1940 Act, 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 Code, and to relieve the Fund of any liability for federal income tax to the extent that their 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 the 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.

**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. The Fund will borrow money only for short-term or emergency purposes. Such borrowing is not for investment purposes and will be repaid by the Fund promptly. Borrowing will tend to exaggerate the effect on NAV of any increase or decrease in the market value of 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.

**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.

**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.

*<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.

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.

*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 a 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.

*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 complete 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.

SEC Rule 18f-4 under the 1940 Act ("Rule 18f-4" or the "Derivatives Rule") 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.

**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.

**Foreign Currencies**

The Fund's net asset value could decline if a relevant foreign currency depreciates against the U.S. dollar or if there are delays or limits on the repatriation of such currency. Currency exchange rates can be very volatile and can change quickly and unpredictably. As a result, the Fund's net asset value may change without warning, which could have a significant negative impact on the Fund.

**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.

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

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: (1) more than 3% of the total outstanding voting stock of the acquired company; (2) securities issued by the acquired company having an aggregate value in excess of 5% of the value of the total assets of the Fund; or (3) 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.

However, registered investment companies are permitted to invest in other investment companies beyond the limits set forth in Section 12(d)(1), 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 stated limits 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)

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").

**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.

**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.

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." As a result of the Relative VaR Test, the Fund may not seek returns in excess of 2x the designated reference portfolio. 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.

If the Fund writes a covered call option, any underlying reference instruments that are held by the Fund and are subject to the call option will be earmarked on the books of the Fund as segregated to satisfy its obligations under the option. The Fund will be unable to sell the underlying reference instruments that are subject to the written call option until it either effects a closing transaction with respect to the written call, or otherwise satisfies the conditions for release of the underlying reference instruments from segregation. 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 Sub-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.

*Commodity Pool Operator Regulation*. Pursuant to U.S. Commodity Futures Trading Commission ("CFTC") Rule 4.5, the Adviser may claim exclusion from the definition of commodity pool operator ("CPO"), and thus from having to register as a CPO, with regard to a fund that enters into commodity futures, commodity options, or swaps solely for "bona fide hedging purposes," or that limits its investment in commodities to a "de minimis" amount, as defined in CFTC rules, so long as the shares of the Fund are not marketed as interests in a commodity pool or other vehicle for trading in commodity futures, commodity options, or swaps. If applicable, it is expected that the Fund would be able to operate pursuant to the limitations under the revised CFTC Rule 4.5 without materially adversely affecting its ability to achieve its investment objective. If, however, these limitations were to make it difficult for the Fund to achieve its investment objective in the future, the Trust may determine to operate the Fund as a regulated commodity pool pursuant to the Adviser's CPO registration or to reorganize or close the Fund or to materially change the Fund's investment objective and strategy.

**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: (i) shares of money market funds; (ii) obligations issued or guaranteed by the U.S. government, its agencies, or instrumentalities (including government-sponsored enterprises); (iii) negotiable certificates of deposit ("CDs"), bankers' acceptances, fixed time deposits, and other obligations of U.S. and foreign banks (including foreign branches) and similar institutions; (iv) commercial paper rated at the date of purchase "Prime-1" by Moody's Investors Service or "A-1" by S&P Global Ratings or, if unrated, of comparable quality as determined by the Adviser or Sub-Adviser; (v) non-convertible corporate debt securities (e.g., bonds and debentures) with remaining maturities at the date of purchase of not more than 397 days and that satisfy the rating requirements set forth in Rule 2a-7 under the 1940 Act; and (vi) short-term U.S. dollar-denominated obligations of foreign banks (including U.S. branches) that, in the opinion of the Adviser or Sub-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.

**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 in any type of investment in which the corresponding Fund is permitted to invest, as described in the Prospectus and this SAI. The Fund's investment in its Subsidiary will not exceed 25% of the value of the Fund's total assets, as measured at the end 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. The Sub-Adviser serves as the 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 corresponding Fund, as described in this SAI. The Fund 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 corresponding 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 its 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.

The Internal Revenue Service ("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. Like futures contracts, income derived from commodities does not qualify as good income for purposes of the source of income test applicable to RICs. 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 its 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. As discussed above, in the Final Regulations, the Proposed Regulations were reversed with respect to this particular issue. Under the 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. 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 its 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.

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"). 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 its Subsidiary is intended to provide the Fund with exposure to investments 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.

**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 or Sub-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.

**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:

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Concentrate its investments (i.e., hold more than 25% of its total assets) in any industry or group of related industries, except that the Fund will invest more than 25% of its total assets in securities issued by companies, and/or instruments that provide exposure to companies, within the group of industries that comprise the information technology sector. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities), repurchase agreements collateralized by U.S. government securities, 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. Additionally, for purposes of this limitation, digital assets are considered a type of investment and not an industry.

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 of the Fund 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 Shares of the Fund 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 mutual funds, 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 Sub-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, the 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 four members of the Board, three 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 (75 percent) of Independent Trustees. The Board has determined its leadership structure is appropriate given the specific characteristics and circumstances of the Trust. The Board has a Lead Independent Trustee, who acts as the primary liaison between the Independent Trustees and management. Ms. Michelle McDonough currently serves as the Lead Independent Trustee of 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 II, 234 West Florida Street, Suite 203, Milwaukee, Wisconsin 53204.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name and**<br> **Year of Birth** | &nbsp;&nbsp; **Position**<br>**Held**<br>**with**<br> **the Trust**  | &nbsp;&nbsp; **Term of**<br>**Office and**<br>**Length of**<br>**Time**<br>**Served<sup>(1)</sup>**<br>| &nbsp;&nbsp;**Principal Occupation(s)**<br> **During Past 5 Years** | &nbsp;&nbsp; **Number of**<br>**Portfolios**<br>**in Fund**<br>**Complex**<br> **Overseen** <br> **by Trustee<sup>(2)</sup>**<br>| &nbsp;&nbsp; **Other**<br> **Directorships**<br>**Held**<br> **by Trustee** <br> **During**<br> **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; Javier Marquina<br>Born: 1973<br>| &nbsp;&nbsp;Trustee | &nbsp;&nbsp;Indefinite term;<br> since 2022 | &nbsp;&nbsp;Founder and Chief Executive Officer of ARQ Consultants Inc. (since 2019); Interim CEO for the Americas of Acciona Inmobiliaria (2020 to 2021); Head of Investment Team for Latin America for GLL Real Estate Partners (2016 to 2020). | &nbsp;&nbsp;180 | &nbsp;&nbsp;Board Vice-Chairman of Inmobiliaria Specturm (Guatemala and UK); Independent Board Member of LATAM Logistics Properties S.A. (Columbia, Peru and Costa Rica); Independent Board Member of Logistic Properties of the Americas |
| &nbsp;&nbsp; Michelle McDonough<br>Born: 1980<br>| &nbsp;&nbsp;Trustee | &nbsp;&nbsp;Indefinite term;<br> since 2022 | &nbsp;&nbsp;Chief Operating Officer, Trillium Asset Management LLC (2010 to June 2024) | &nbsp;&nbsp;180 | &nbsp;&nbsp;Trillium Asset Management, LLC (2020 to June 2024) |
| &nbsp;&nbsp; Dave Norris<br>Born: 1976<br>| &nbsp;&nbsp;Trustee | &nbsp;&nbsp;Indefinite term;<br> since 2022 | &nbsp;&nbsp;Consulting work with Rubin Brown CPA services (since December 2024); Consulting work with RedRidge Diligence Services (2023 to 2024); Chief Operating Officer, RedRidge Diligence Services (2011 to 2023) | &nbsp;&nbsp;180 |  |
| &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<br>| &nbsp;&nbsp;Principal Executive Officer, Trustee, and Chairman | &nbsp;&nbsp;Principal Executive Officer since 2022, Indefinite term; Trustee, and Chairman, since 2022, Indefinite term | &nbsp;&nbsp;Chief Executive Officer, Tidal ETF Services LLC (since 2018); Chief Operating Officer (and other positions), Rafferty Asset Management, LLC (2013 to 2018) and Direxion Advisors, LLC (2017 to 2018); President and Principal Executive Officer (since 2018). | &nbsp;&nbsp;229 | &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); Interested Trustee, Direxion Fund, Direxion Shares ETF Trust, and Direxion Insurance Trust (2014 to 2018); Trustee and Chairman of Tidal ETF Trust (since 2018). |

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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 the Adviser or its affiliates, including Tidal ETF Trust, Tidal Trust II and Tidal Trust III.

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

<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 Mr. Marquina should serve as a Trustee because of his substantial business experience related to commercial real estate investment and business development through his current position as CEO and Founder at ARQ Consultants Inc., as well as through former positions. The Board believes Mr. Marquina's experience, qualifications, attributes, or skills, on an individual basis and in combination with those of the other Trustees, led to the 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 Ms. McDonough should serve as a Trustee because of her substantial financial services experience, including experience with operations, compliance, IT, service provider oversight and management. For over a decade, Ms. McDonough has served as COO of Trillium Asset Management and in that capacity oversees all non-investment functions for the firm. The Board believes Ms. McDonough's experience, qualifications, attributes, or skills, on an individual basis and in combination with those of the other Trustees, led to the 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. Norris should serve as a Trustee because of his substantial experience across multitude of industries and operated businesses. Mr. Norris' business operation experience consists of capital raising, business development, investor relations, strategic planning, treasury management, deal execution, restructuring oversight of back-office functions. Mr. Norris serves as the Trust's Audit Committee Financial Expert. The Board believes Mr. Norris' experience, qualifications, attributes, or skills, on an individual basis and in combination with those of the other Trustees, led to the 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" or the "Transfer Agent"), a full service provider to ETFs, mutual funds, and alternative investment products, from 1997 to 2013, as well as a Trustee and Chairman of the Tidal ETF Trust, from 2018 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. The Board believes Mr. Falkeis' experience, qualifications, attributes, or skills on an individual basis and in combination with those of the other Trustees led to the 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 of each of the Independent Trustees of the Trust and is chaired by an Independent Trustee. Mr. Norris is chair of the Audit Committee and he 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. McDonough is the chair of the Nominating and Governance Committee. The Nominating and Governance Committee meets periodically, as necessary, but at least annually. 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 as 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 II, 234 West Florida Street, Suite 203, 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)**<br> **Held**<br> **with the Trust** | &nbsp;&nbsp;**Term of Office**<br> **and Length of**<br> **Time Served** | &nbsp;&nbsp; **Principal Occupation(s)**<br>**During Past 5 Years**  |
| &nbsp;&nbsp; Eric W. Falkeis<sup>(1)</sup><br>Born: 1973<br>| &nbsp;&nbsp;Principal Executive Officer, Interested Trustee, Chairman | &nbsp;&nbsp;Principal Executive Officer since 2022, Indefinite term; Interested Trustee, Chairman, since 2022, Indefinite term | &nbsp;&nbsp;Chief Executive Officer, Tidal ETF Services LLC (since 2018); Chief Operating Officer (and other positions), Rafferty Asset Management, LLC (2013 to 2018) and Direxion Advisors, LLC (2017 to 2018); President (2018 to 2024), Principal Executive Officer, Interested Trustee and Chairman, of Tidal ETF Trust (since 2018). |
| &nbsp;&nbsp; William H. Woolverton, Esq.<br>Born: 1951<br>| &nbsp;&nbsp;Chief Compliance Officer and AML Compliance Officer | &nbsp;&nbsp;AML Compliance Officer since 2023, Indefinite term; Chief Compliance Officer, Indefinite term; since 2022 | &nbsp;&nbsp;Chief Compliance Officer (since 2023), Compliance Advisor (2022 to 2023), Tidal Investments LLC; Chief Compliance Officer, Tidal ETF Services LLC (since 2022); Senior Compliance Advisor, ACA Global (2020 to 2022); Operating Partner, Altamont Capital Partners (private equity firm) (2021 to present); Director, Hadron Specialty Insurance Company; Managing Director and Head of Legal - US, Waystone (global governance solutions) (2016 to 2019). |
| &nbsp;&nbsp; Ally L. Mueller<br>Born: 1979<br>| &nbsp;&nbsp;President | &nbsp;&nbsp; Indefinite term;<br>since 2025<br>| &nbsp;&nbsp;SVP of Launches & Client Success Management (since 2024), Head of ETF Launches and Client Success (2023 to 2024), Head of ETF Launches and Finance Director (2019 to 2023), Tidal ETF Services LLC; Assistant Treasurer, Tidal ETF Trust (since 2022). |
| &nbsp;&nbsp;&nbsp;Aaron J. Perkovich <br> Born: 1973 | &nbsp;&nbsp;Treasurer, Principal Financial Officer, and Principal Accounting Officer | &nbsp;&nbsp; Indefinite term;<br>since 2023<br>| &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<br>| &nbsp;&nbsp;Vice President | &nbsp;&nbsp; Indefinite term;<br>since 2025<br>| &nbsp;&nbsp;VP of Fund Governance and Compliance (since 2024), ETF Regulatory Manager, Tidal ETF Services LLC (2021 to 2024); Senior Paralegal, Rafferty Asset Management, LLC (2013 to 2020); Senior Paralegal, Officer, U.S Bancorp Fund Services LLC, (2005 to 2013). |
| &nbsp;&nbsp; Kelly J. Lavari<br>Born: 1967<br>| &nbsp;&nbsp;Secretary | &nbsp;&nbsp; Indefinite term;<br>since 2025<br>| &nbsp;&nbsp;VP of Fund Governance and Compliance (since 2024), Fund Governance Specialist (2023 to 2024), Compliance Manager – Global Credit Finance, State Street Bank & Trust (2016 to 2023). |
| &nbsp;&nbsp; Peter Chappy<br>Born: 1975<br>| &nbsp;&nbsp;Assistant Treasurer | &nbsp;&nbsp; Indefinite term;<br>since 2023<br>| &nbsp;&nbsp;AVP of Fund Administration (since 2024), Fund Administration Manager, Tidal ETF Services LLC (2023 to 2024); Product Owner, Allvue Systems (2022 to 2023); Senior Business Consultant, Refinitiv (2015 to 2022); Assistant Vice President, U.S. Bancorp Fund Services, LLC (2008 to 2015). |
| &nbsp;&nbsp; Melissa Breitzman<br>Born: 1983<br>| &nbsp;&nbsp;Assistant Treasurer | &nbsp;&nbsp; Indefinite term;<br>since 2023<br>| &nbsp;&nbsp;VP of Database Management (since 2024), Fund Administration Manager, Tidal ETF Services LLC (2023 to 2024); Assistant Vice President, U.S. Bancorp Fund Services, LLC (2005 to 2023). |
| &nbsp;&nbsp; Charles Ragauss<br>Born: 1987<br>| &nbsp;&nbsp;Vice President | &nbsp;&nbsp; Indefinite term;<br>since 2022<br>| &nbsp;&nbsp;SVP of PM & Trading (since 2024), Portfolio Manager, Tidal Investments LLC (2020 to 2024); Chief Operating Officer (and other capacities) CSat Investment Advisory, L.P. (2016 to 2020). |

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<sup>(1)</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.

**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 the date of this SAI, the Fund had not yet commenced operations and no Shares were outstanding.

As of December 31, 2024, Mr. Marquina beneficially owned shares of certain series of the Trust as follows, and no other Trustee owned shares of any series of the Trust:

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| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Dollar Range of Shares**<br> **Owned in the Fund<sup>(1)</sup>** | &nbsp;&nbsp; **Aggregate Dollar Range of Shares of**<br>**Series of the Trust**<br>|
| &nbsp;&nbsp;Javier Marquina |  | &nbsp;&nbsp;Over $100,000 |

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<sup>(1)</sup> The Fund had not commenced operations as a series of the Trust as of December 31, 2024.

As of December 31, 2024, 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 the 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 a quarterly retainer of $25,000 plus $5,000 for each meeting attended. The Independent Trustees also receive reimbursement for travel and other out-of-pocket expenses incurred in connection with serving as a Trustee. In addition, the Lead Independent Trustee receives an annual retainer of $35,000 and the Audit Committee Chair receives an annual retainer of $30,000. 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 October 31, 2025. 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; **Estimated Aggregate Compensation**<br>**From Fund**  | &nbsp;&nbsp;**Estimated 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 W. Falkeis | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 |
| &nbsp;&nbsp;**Independent Trustees** | &nbsp;&nbsp;**Independent Trustees** | &nbsp;&nbsp;**Independent Trustees** |
| &nbsp;&nbsp;Javier Marquina | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$30000 |
| &nbsp;&nbsp;Michelle McDonough | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$38750 |
| &nbsp;&nbsp;David Norris | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$37500 |

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<sup>(1)</sup> Compensation is based on estimated amounts for the Fund's fiscal year ending October 31, 2025.

**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 Fund had not yet commenced operations and no Shares were outstanding.

**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, the 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 at the SEC's website at http://www.sec.gov.

**PROXY VOTING POLICIES**

The Board 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 (855) 563-6900, (2) on the Fund's website at www.nicholasx.com or (3) on the SEC's website at www.sec.gov.

**INVESTMENT ADVISER**

Tidal Investments LLC, a Tidal Financial Group company, located at 234 West Florida Street, Suite 203, Milwaukee, Wisconsin 53204, serves as investment adviser to the Fund and the Subsidiary 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. The Adviser is responsible for the day-to-day management of the Fund's portfolio, including determining the securities purchased and sold by the Fund and trading portfolio securities on behalf of the Fund. Under the Advisory Agreement, the Adviser is also responsible for arranging 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 review of the Sub-Adviser's performance. 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 at an annual rate of 0.99%, which is calculated daily and paid monthly, based on the Fund's average daily net assets.

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

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 provides oversight of the Sub-Adviser and review of the Sub-Adviser's performance. 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.

Each of the Advisory Agreement and Subsidiary Advisory Agreement with respect to the Fund and Subsidiary, respectively, will continue in force for an initial period of two years. Thereafter, each of the Advisory Agreement and Subsidiary Advisory Agreement will be renewable from year to year with respect to the Fund and the Subsidiary, respectively, 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.

**INVESTMENT SUB-ADVISER**

The Adviser has retained Nicholas Wealth, LLC, located at 218 Roswell Street NE Marietta, Georgia 30060, to serve as investment sub-adviser to the Fund pursuant to a sub-advisory agreement between the Adviser and Nicholas Wealth (the "Sub-Advisory Agreement").

Nicholas Wealth (Sub-Adviser) is jointly responsible with the Adviser for the day-to-day management of the Fund's portfolio, including determining the securities to be purchased and sold by the Fund, 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 0.05% of the Fund's average daily net assets.

The Sub-Adviser have agreed to assume the Adviser's obligation to pay all expenses incurred by the Fund, except for Excluded Expenses. Such expenses incurred by the Fund and paid by the Sub-Adviser include fees charged by Tidal ETF Services, LLC, the Fund's administrator and an affiliate of the Adviser.

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

The Sub-Adviser also serves as the 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 trading 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 investments, including making recommendations about the investments to be purchased and sold by the Subsidiary, 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 and Subsidiary Sub-Advisory Agreement with respect to the Fund and Subsidiary, respectively, will continue in force for an initial period of two years. Thereafter, each of the Sub-Advisory Agreement and Subsidiary Sub-Advisory Agreement will be renewable from year to year with respect to the Fund and the Subsidiary, respectively, so long as its continuance is approved at least annually (1) by the vote, cast in person at a meeting called for that purpose (or in another manner permitted by the 1940 Act or pursuant to exemptive relief therefrom), 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 the 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 Sub-Adviser on 60 days' written notice to the Trust and the other party. Each of the Sub-Advisory Agreement and Subsidiary Sub-Advisory Agreement provides that the Sub-Adviser shall not be protected against any liability to the Trust or its shareholders by reason of willful misfeasance, bad faith or gross negligence on its part in the performance of its duties or from reckless disregard of its obligations or duties thereunder.

**PORTFOLIO MANAGERS**

**Other Accounts.** In addition to the Fund, the portfolio managers managed the following other accounts as of April 30, 2025.

*David Nicholas, Portfolio Manager for Nicholas Wealth*

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Type of Accounts** | &nbsp;&nbsp;**Total Number of Accounts** | &nbsp;&nbsp; **Total Assets of Accounts**<br>**(in millions)**<br>| &nbsp;&nbsp;**Total Number of Accounts Subject to a Performance-Based Fee** | &nbsp;&nbsp;**Total Assets of Accounts Subject to a Performance-Based Fee** |
| &nbsp;&nbsp;Registered Investment Companies | &nbsp;&nbsp;2 | &nbsp;&nbsp;$207 | &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;1709 | &nbsp;&nbsp;$214 | &nbsp;&nbsp;0 | &nbsp;&nbsp;$0 |

---

 

*Jay Pestrichelli, Portfolio Manager for the Adviser*

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Type of Accounts** | &nbsp;&nbsp;**Total Number of Accounts** | &nbsp;&nbsp; **Total Assets of Accounts** <br>**(in millions)**<br>| &nbsp;&nbsp;**Total Number of Accounts Subject to a Performance-Based Fee** | &nbsp;&nbsp;**Total Assets of Accounts Subject to a Performance-Based Fee** |
| &nbsp;&nbsp;Registered Investment Companies | &nbsp;&nbsp;65 | &nbsp;&nbsp;$8085 | &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 |

---

 

*Scott Snyder, Portfolio Manager for the Adviser*

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Type of Accounts** | &nbsp;&nbsp;**Total Number of Accounts** | &nbsp;&nbsp; **Total Assets of Accounts**<br>**(in millions)**  | &nbsp;&nbsp;**Total Number of Accounts Subject to a Performance-Based Fee** | &nbsp;&nbsp;**Total Assets of Accounts Subject to a Performance-Based Fee** |
| &nbsp;&nbsp;Registered Investment Companies | &nbsp;&nbsp;1 | &nbsp;&nbsp;$5 | &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 |

---

 

*Christopher P. Mullen, Portfolio Manager for the Advise r*

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Type of Accounts** | &nbsp;&nbsp; **Total Number of**<br>**Accounts**<br>| &nbsp;&nbsp; **Total Assets of**<br>**Accounts**<br>(in millions)<br>| &nbsp;&nbsp; **Total Number of**<br>**Accounts Subject**<br>**to a Performance-**<br>**Based Fee**<br>| &nbsp;&nbsp; **Total Assets of**<br>**Accounts Subject**<br>**to a Performance-**<br>**Based Fee**<br>|
| &nbsp;&nbsp;Registered Investment Companies | &nbsp;&nbsp;64 | &nbsp;&nbsp;$4268 | &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 |

---

**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. Pestrichelli, Mr. Snyder and Mr. Mullen are 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. Each of Mr. Pestrichelli and Mr. Mullen is an equity owner of the Adviser, and therefore may benefit indirectly from the revenue generated by the Fund's Advisory Agreement with the Adviser. Mr. Snyder has been issued membership units in the Adviser that have not vested. Once the membership units vest, he may benefit indirectly from the revenue generated by the Fund's Advisory Agreement with the Adviser.

Mr. Nicholas is compensated as an equity owner of Nicholas Wealth, and therefore benefits indirectly from the revenue generated from Nicholas Wealth's Sub-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 firm manages 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 Three Canal Plaza, Suite 100, Portland, ME 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 (855) 563-6900.

**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 ("Disinterested Trustees"). None of the 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 Disinterested 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 Disinterested 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 203, 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.

**SUB-ADMINISTRATOR AND TRANSFER AGENT**

Global Fund Services, located at 615 East Michigan Street, Milwaukee, Wisconsin 53202, serves as the Fund's sub-administrator and transfer agent.

Pursuant to a Fund Sub-Administration Servicing Agreement and a Fund Accounting Servicing Agreement between the Trust and Global Fund Services, Global Fund Services provides the Trust with administrative and management services (other than investment advisory services) and accounting services, including portfolio accounting services, tax accounting services and furnishing financial reports. 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 administration, accounting and management 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 sub-administration 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**

Cohen & Company, Ltd.1835 Market Street, Suite 310 Philadelphia, PA 19103, 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 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. The Trust will call for a meeting of shareholders to consider the removal of one or more Trustees and other certain matters upon the written request of shareholders holding at least a majority of the outstanding shares of the Trust entitled to vote at such meeting. In the event that such a meeting is requested, the Trust will provide appropriate assistance and information to the shareholders requesting the meeting.

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 their 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 the Fund's 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 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 are considered at or about the same time, transactions in such securities are allocated among the several investment companies and clients in a manner deemed equitable and consistent with its fiduciary obligations to all by the Adviser. 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.

As of the date of this SAI the Fund has not paid brokerage commissions to any registered broker-dealer affiliates of the Fund, the Adviser, or the Sub-Adviser.

**Directed Brokerage**

The Fund is new and has not paid 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.

**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 New York Stock Exchange ("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.

**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 "Book Entry Only System"). 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 expected to be 2:00 p.m. Eastern Time, which time may be modified by the Fund from time-to-time by amendment to the Participant Agreement and/or applicable order form. 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 2:00 p.m. Eastern Time for the Fund (or such other time as specified by the Trust) on the contractual settlement date. 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 the 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 by 2:00 p.m. Eastern Time for the Fund, with the Custodian on the contractual settlement date. If the order is not placed in proper form as required, or federal funds in the appropriate amount are not received by 2:00 p.m. Eastern Time for the Fund on the contractual settlement date, 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 and the 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 2:00 p.m. Eastern Time for the Fund (or such other time as specified by the Trust) on the contractual settlement date. 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 (a) the order is not in proper form; (b) 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; (c) the investor(s), upon obtaining Shares ordered, would own 80% or more of the currently outstanding Shares; (d) the acceptance of the Fund Deposit would, in the opinion of counsel, be unlawful; (e) the acceptance or receipt of the order for a Creation Unit would, in the opinion of counsel to the Trust, be unlawful; or (f) 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 Rule 6c-11 under the 1940 Act, and SEC guidance relating thereto, including the ability of the Trust to suspend orders only in limited times and extraordinary circumstances. Additionally, a suspension of creation units by the Trust, on behalf of the Fund, will not impair 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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| | |
|:---|:---|
| **Fixed Creation Transaction Fee** | **Maximum Variable Transaction Fee** |
| $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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| | |
|:---|:---|
| **Fixed Redemption Transaction Fee** | **Maximum Variable Transaction Fee** |
| $300 | &nbsp;&nbsp;&nbsp;&nbsp;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 be submitted in proper form to the Transfer Agent prior to 2:00 p.m. Eastern Time. 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 within by the next Business Day of 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 of such Fund 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, the Fund's investments are generally valued using a pricing service. 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. For assets traded on an exchange, the Fund may value investments using market valuations. A market valuation generally means a valuation (1) obtained from an exchange, a pricing service, or a major market maker (or dealer), (2) 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 (3) 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.

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."

**General Policies.** The Fund intends to pay out dividends and interest income, if any, on a weekly basis, 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. In addition, because the tax rules applicable to such instruments may be uncertain under current law, an adverse determination or future IRS guidance with respect to these rules (which determination or guidance could be retroactive) may affect whether the Fund has made sufficient distributions and otherwise satisfied the relevant requirements to maintain its qualification as a RIC and avoid a Fund-level tax.

**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.

**Non-U.S. 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 Certified Shareholder Report at no charge by calling (855) 563-6900 or through the Fund's website at www.nicholasx.com.

**TIDAL TRUST II**

**PART C: OTHER INFORMATION**

**Item 28. Exhibits**

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| | | |
|:---|:---|:---|
| **Exhibit** <br> **No.** | **Description of Exhibit** | **Description of Exhibit** |
| (a) (i) | [Certificate of Trust of Tidal Trust II (formerly, Tidal ETF Trust II) (the "Trust" or the "Registrant")](http://www.sec.gov/Archives/edgar/data/1924868/000182646622000042/certification.htm), previously filed with the Trusts registration statement on Form N-1A on April 26, 2022, is hereby incorporated by reference. | [Certificate of Trust of Tidal Trust II (formerly, Tidal ETF Trust II) (the "Trust" or the "Registrant")](http://www.sec.gov/Archives/edgar/data/1924868/000182646622000042/certification.htm), previously filed with the Trusts registration statement on Form N-1A on April 26, 2022, is hereby incorporated by reference. |
| (ii) | [Certificate of Amendment to Certificate of Trust](http://www.sec.gov/Archives/edgar/data/1924868/000138713122011416/ex99-aii.htm), previously filed with Post-Effective Amendment No. 28 on Form N-1A on November 14, 2022 and is incorporated herein by reference. | [Certificate of Amendment to Certificate of Trust](http://www.sec.gov/Archives/edgar/data/1924868/000138713122011416/ex99-aii.htm), previously filed with Post-Effective Amendment No. 28 on Form N-1A on November 14, 2022 and is incorporated herein by reference. |
| (iii) | [Registrant's Third Amended and Restated Declaration of Trust](http://www.sec.gov/Archives/edgar/data/1924868/000199937123000397/ex99-aiii.htm), previously filed with Post-Effective Amendment No. 135 on Form N-1A on November 20, 2023 and is incorporated herein by reference. | [Registrant's Third Amended and Restated Declaration of Trust](http://www.sec.gov/Archives/edgar/data/1924868/000199937123000397/ex99-aiii.htm), previously filed with Post-Effective Amendment No. 135 on Form N-1A on November 20, 2023 and is incorporated herein by reference. |
| (iv) |  | Organizational Documents for Return Stacked<sup>®</sup> Cayman Subsidiary (for the Return Stacked<sup>®</sup> Bonds & Managed Futures ETF). |
|  | (1) | [Investment Advisory Agreement](http://www.sec.gov/Archives/edgar/data/1924868/000138713123001445/ex99-aiv1.htm), previously filed with Post-Effective Amendment No. 56 on Form N-1A on February 6, 2023 and is incorporated herein by reference. |
|  | (2) | [Subsidiary Futures Trading Advisory Agreement](http://www.sec.gov/Archives/edgar/data/1924868/000138713123012670/ex99-aiv2.htm), previously filed with Post-Effective Amendment No. 131 on Form N-1A on October 25, 2023 and is incorporated herein by reference. |
|  | (3) | [Memorandum and Articles of Association](http://www.sec.gov/Archives/edgar/data/1924868/000138713123001445/ex99-aiv3.htm), previously filed with Post-Effective Amendment No. 56 on Form N-1A on February 6, 2023 and is incorporated herein by reference. |
|  | (4) | [Certificate of Incorporation](http://www.sec.gov/Archives/edgar/data/1924868/000138713123001445/ex99-aiv4.htm), previously filed with Post-Effective Amendment No. 56 on Form N-1A on February 6, 2023 and is incorporated herein by reference. |
|  | (5) | [Tax Undertaking](http://www.sec.gov/Archives/edgar/data/1924868/000138713123001445/ex99-aiv5.htm), previously filed with Post-Effective Amendment No. 56 on Form N-1A on February 6, 2023 and is incorporated herein by reference. |
|  | (6) | [Private Investment Company Custodian Agreement](http://www.sec.gov/Archives/edgar/data/1924868/000138713123001445/ex99-aiv6.htm), previously filed with Post-Effective Amendment No. 56 on Form N-1A on February 6, 2023 and is incorporated herein by reference. |
| (v) |  | Organizational Documents for Newfound RSST Cayman Subsidiary (for the Return Stacked<sup>®</sup> U.S. Stocks & Managed Futures ETF). |
|  | (1) | [Investment Advisory Agreement](http://www.sec.gov/Archives/edgar/data/1924868/000138713123010574/ex99-av1.htm), previously filed with Post-Effective Amendment No. 118 on Form N-1A on August 29, 2023 and is incorporated herein by reference. |
|  | (2) | [Subsidiary Futures Trading Advisory Agreement](http://www.sec.gov/Archives/edgar/data/1924868/000138713123012670/ex99-av2.htm), previously filed with Post-Effective Amendment No. 131 on Form N-1A on October 25, 2023 and is incorporated herein by reference. |
|  | (3) | [Memorandum and Articles of Association](http://www.sec.gov/Archives/edgar/data/1924868/000138713123010574/ex99-av3.htm), previously filed with Post-Effective Amendment No. 118 on Form N-1A on August 29, 2023 and is incorporated herein by reference. |
|  | (4) | [Certificate of Incorporation](http://www.sec.gov/Archives/edgar/data/1924868/000138713123010574/ex99-av4.htm), previously filed with Post-Effective Amendment No. 118 on Form N-1A on August 29, 2023 and is incorporated herein by reference. |
|  | (5) | [Tax Underwriting](http://www.sec.gov/Archives/edgar/data/1924868/000138713123010574/ex99-av5.htm), previously filed with Post-Effective Amendment No. 118 on Form N-1A on August 29, 2023 and is incorporated herein by reference. |
|  | (6) | [Private Investment Company Custodian Agreement](http://www.sec.gov/Archives/edgar/data/1924868/000138713123010574/ex99-av6.htm), previously filed with Post-Effective Amendment No. 118 on Form N-1A on August 29, 2023 and is incorporated herein by reference. |
| (vi) |  | Organizational Documents for Blueprint-Chesapeake Cayman Subsidiary (for the Blueprint-Chesapeake Multi-Asset Trend ETF). |
|  | (1) | [Investment Advisory Agreement](http://www.sec.gov/Archives/edgar/data/1924868/000138713123010574/ex99-avii1.htm), previously filed with Post-Effective Amendment No. 118 on Form N-1A on August 29, 2023 and is incorporated herein by reference. |
|  | (2) | [Subsidiary Futures Trading Advisory Agreement between Toroso Investments, LLC and Chesapeake Capital Corporation (for the Blueprint-Chesapeake Cayman Subsidiary)](http://www.sec.gov/Archives/edgar/data/1924868/000138713123007903/ex99-hxxvi.htm), previously filed with Post-Effective Amendment No. 102 on Form N-1A on June 27, 2023 and is incorporated herein by reference. |
|  | (3) | [Memorandum and Articles of Association](http://www.sec.gov/Archives/edgar/data/1924868/000138713123010574/ex99-avii3.htm), previously filed with Post-Effective Amendment No. 118 on Form N-1A on August 29, 2023 and is incorporated herein by reference. |
|  | (4) | [Certificate of Incorporation](http://www.sec.gov/Archives/edgar/data/1924868/000138713123010574/ex99-avii4.htm), previously filed with Post-Effective Amendment No. 118 on Form N-1A on August 29, 2023 and is incorporated herein by reference. |
|  | (5) | [Tax Underwriting](http://www.sec.gov/Archives/edgar/data/1924868/000138713123010574/ex99-avii5.htm), previously filed with Post-Effective Amendment No. 118 on Form N-1A on August 29, 2023 and is incorporated herein by reference. |
|  | (6) | [Private Investment Company Custodian Agreement](http://www.sec.gov/Archives/edgar/data/1924868/000138713123010574/ex99-avii6.htm), previously filed with Post-Effective Amendment No. 118 on Form N-1A on August 29, 2023 and is incorporated herein by reference. |
| (vii) |  | Organizational Documents for Newfound RSSY Cayman Subsidiary (for the Return Stacked<sup>®</sup> U.S. Stocks & Futures Yield ETF). |
|  | (1) | [Investment Advisory Agreement](http://www.sec.gov/Archives/edgar/data/1924868/000199937124004978/ex99-aviii1.htm), previously filed with Post-Effective Amendment No. 204 on Form N-1A on April 19, 2024 and is incorporated herein by reference. |

---

(2) [Subsidiary Futures Trading Advisory Agreement](http://www.sec.gov/Archives/edgar/data/1924868/000199937124004978/ex99-aviii2.htm) , previously filed with Post-Effective Amendment No. 204 on Form N-1A on April 19, 2024 and is incorporated herein by reference.

(3) [Memorandum and Articles of Association](http://www.sec.gov/Archives/edgar/data/1924868/000199937124004978/ex99-aviii3.htm) , previously filed with Post-Effective Amendment No. 204 on Form N-1A on April 19, 2024 and is incorporated herein by reference.

(4) [Certificate of Incorporation](http://www.sec.gov/Archives/edgar/data/1924868/000199937124004978/ex99-aviii4.htm) , previously filed with Post-Effective Amendment No. 204 on Form N-1A on April 19, 2024 and is incorporated herein by reference.

(5) [Tax Underwriting](http://www.sec.gov/Archives/edgar/data/1924868/000199937124004978/ex99-aviii5.htm) , previously filed with Post-Effective Amendment No. 204 on Form N-1A on April 19, 2024 and is incorporated herein by reference.

(6) [Private Investment Company Custodian Agreement](http://www.sec.gov/Archives/edgar/data/1924868/000199937124004978/ex99-aviii6.htm) , previously filed with Post-Effective Amendment No. 204 on Form N-1A on April 19, 2024 and is incorporated herein by reference.

(viii) Organizational Documents for Newfound RSBY Cayman Subsidiary (for Return Stacked<sup>®</sup> Bonds & Futures Yield ETF)

(1) [Investment Advisory Agreement](http://www.sec.gov/Archives/edgar/data/1924868/000199937124004978/ex99-aviiii1.htm) , previously filed with Post-Effective Amendment No. 204 on Form N-1A on April 19, 2024 and is incorporated herein by reference.

(2) [Subsidiary Futures Trading Advisory Agreement](http://www.sec.gov/Archives/edgar/data/1924868/000199937124004978/ex99-aviiii2.htm) , previously filed with Post-Effective Amendment No. 204 on Form N-1A on April 19, 2024 and is incorporated herein by reference.

(3) [Memorandum and Articles of Association](http://www.sec.gov/Archives/edgar/data/1924868/000199937124004978/ex99-aviiii3.htm) , previously filed with Post-Effective Amendment No. 204 on Form N-1A on April 19, 2024 and is incorporated herein by reference.

(4) [Certificate of Incorporation](http://www.sec.gov/Archives/edgar/data/1924868/000199937124004978/ex99-aviiii4.htm) , previously filed with Post-Effective Amendment No. 204 on Form N-1A on April 19, 2024 and is incorporated herein by reference.

(5) [Tax Underwriting](http://www.sec.gov/Archives/edgar/data/1924868/000199937124004978/ex99-aviiii5.htm) , previously filed with Post-Effective Amendment No. 204 on Form N-1A on April 19, 2024 and is incorporated herein by reference.

(6) [Private Investment Company Custodian Agreement](http://www.sec.gov/Archives/edgar/data/1924868/000199937124004978/ex99-aviiii6.htm) , previously filed with Post-Effective Amendment No. 204 on Form N-1A on April 19, 2024 and is incorporated herein by reference.

(ix) Organizational Documents for Cambria-Chesapeake Cayman Subsidiary (for Cambria Chesapeake Pure Trend ETF)

(1) [Investment Advisory Agreement](http://www.sec.gov/Archives/edgar/data/1924868/000199937124006405/ex99-ax1.htm) , previously filed with Post-Effective Amendment No. 213 on Form N-1A on May 21, 2024 and is incorporated herein by reference.

(2) [Subsidiary Futures Trading Advisory Agreement](http://www.sec.gov/Archives/edgar/data/1924868/000199937124006405/ex99-ax2.htm) , previously filed with Post-Effective Amendment No. 213 on Form N-1A on May 21, 2024 and is incorporated herein by reference.

(3) [Memorandum and Articles of Association](http://www.sec.gov/Archives/edgar/data/1924868/000199937124006405/ex99-ax3.htm) , previously filed with Post-Effective Amendment No. 213 on Form N-1A on May 21, 2024 and is incorporated herein by reference.

(4) [Certificate of Incorporation](http://www.sec.gov/Archives/edgar/data/1924868/000199937124006405/ex99-ax4.htm) , previously filed with Post-Effective Amendment No. 213 on Form N-1A on May 21, 2024 and is incorporated herein by reference.

(5) [Tax Underwriting](http://www.sec.gov/Archives/edgar/data/1924868/000199937124006405/ex99-ax5.htm) , previously filed with Post-Effective Amendment No. 213 on Form N-1A on May 21, 2024 and is incorporated herein by reference.

(6) [Private Investment Company Custodian Agreement](http://www.sec.gov/Archives/edgar/data/1924868/000199937124006473/ex99-ax6.htm) , previously filed with Post-Effective Amendment No. 216 on Form N-1A on May 22, 2024 and is incorporated herein by reference.

(x) Organizational Documents for Quantify Chaos Cayman Subsidiary (for STKd 100% Bitcoin & 100% Gold ETF)

(1) [Investment Advisory Agreement](http://www.sec.gov/Archives/edgar/data/1924868/000199937124012244/ex99-axi1.htm) , previously filed with Post-Effective Amendment No. 264 on Form N-1A on September 23, 2024 and is incorporated herein by reference.

(2) [Subsidiary Sub-Advisory Agreement](http://www.sec.gov/Archives/edgar/data/1924868/000199937124012244/ex99-axi2.htm) , previously filed with Post-Effective Amendment No. 264 on Form N-1A on September 23, 2024 and is incorporated herein by reference.

(3) [Memorandum and Articles of Association](http://www.sec.gov/Archives/edgar/data/1924868/000199937124012244/ex99-axi3.htm) , previously filed with Post-Effective Amendment No. 264 on Form N-1A on September 23, 2024 and is incorporated herein by reference.

(4) [Certificate of Incorporation](http://www.sec.gov/Archives/edgar/data/1924868/000199937124012244/ex99-axi4.htm) , previously filed with Post-Effective Amendment No. 264 on Form N-1A on September 23, 2024 and is incorporated herein by reference.

(5) [Tax Underwriting](http://www.sec.gov/Archives/edgar/data/1924868/000199937124012244/ex99-axi5.htm) , previously filed with Post-Effective Amendment No. 264 on Form N-1A on September 23, 2024 and is incorporated herein by reference.

(6) [Private Investment Company Custodian Agreement](http://www.sec.gov/Archives/edgar/data/1924868/000199937124012244/ex99-axi6.htm) , previously filed with Post-Effective Amendment No. 264 on Form N-1A on September 23, 2024 and is incorporated herein by reference.

(xi) Organizational Documents for Newfound RSSX Cayman Subsidiary (for Return Stacked<sup>®</sup> U.S. Stocks & Gold/Bitcoin ETF)

(1) [Investment Advisory Agreement **–** previously filed with Post-Effective Amendment No. 342 on Form N-1A on April 25, 2025 and is incorporated herein by reference](http://www.sec.gov/Archives/edgar/data/1924868/000199937125004740/ex99-axi1.htm) .

(2) [Subsidiary Futures Trading Advisory Agreement – previously filed with Post-Effective Amendment No. 342 on Form N-1A on April 25, 2025 and is incorporated herein by reference](http://www.sec.gov/Archives/edgar/data/1924868/000199937125004740/ex99-axi2.htm) .

(3) [Memorandum and Articles of Association – previously filed with Post-Effective Amendment No. 342 on Form N-1A on April 25, 2025 and is incorporated herein by reference](http://www.sec.gov/Archives/edgar/data/1924868/000199937125004740/ex99-axi3.htm) .

---

| |
|:---|
| (4) |
| (5) |
| (6) |
| (xii) |
| (1) |
| (2) |
| (3) |
| (4) |
| (5) |
| (6) |
| (b) |
| (c) |
| (d) (i) |
| (ii) |
| (i) [First Amendment to Investment Advisory Agreement to add the following series](http://www.sec.gov/Archives/edgar/data/1924868/000138713123009799/ex99-diia.htm):<br> [YieldMax<sup>®</sup> ABNB Option Income Strategy ETF, YieldMax<sup>®</sup> AMD Option Income Strategy ETF, YieldMax<sup>®</sup> MRNA Option Income Strategy ETF, YieldMax<sup>®</sup> PYPL Option Income Strategy ETF, YieldMax<sup>®</sup> DIS Option Income Strategy ETF, YieldMax<sup>®</sup> JPM Option Income Strategy ETF, YieldMax<sup>®</sup> MSFT Option Income Strategy ETF, YieldMax<sup>®</sup> XOM Option Income Strategy ETF](http://www.sec.gov/Archives/edgar/data/1924868/000138713123009799/ex99-diia.htm), previously filed with Post-Effective Amendment No. 111 on Form N-1A on August 14, 2023 and is incorporated herein by reference. |
| (ii) [Second Amendment to Investment Advisory Agreement to add the following series: YieldMax<sup>®</sup> ADBE Option Income Strategy ETF, YieldMax<sup>®</sup> AI Option Income Strategy ETF, YieldMax<sup>®</sup> BA Option Income Strategy ETF, YieldMax<sup>®</sup> BIIB Option Income Strategy ETF, YieldMax<sup>®</sup> INTC Option Income Strategy ETF, YieldMax<sup>®</sup> NKE Option Income Strategy ETF, YieldMax<sup>®</sup> ORCL Option Income Strategy ETF, YieldMax<sup>®</sup> ROKU Option Income Strategy ETF, YieldMax<sup>®</sup> SNOW Option Income Strategy ETF, YieldMax<sup>®</sup> TGT Option Income Strategy ETF and YieldMax<sup>®</sup> ZM Option Income Strategy ETF](http://www.sec.gov/Archives/edgar/data/1924868/000138713123012010/ex99-diib.htm), previously filed with Post-Effective Amendment No. 130 on Form N-1A on October 6, 2023 and is incorporated herein by reference. |
| (iii) [Third Amendment to Investment Advisory Agreement to add the following series: YieldMax<sup>®</sup> Universe Fund of Option Income ETFs and YieldMax<sup>®</sup> Magnificent 7 Fund of Option Income ETFs](http://www.sec.gov/Archives/edgar/data/1924868/000199937124000178/ex99-diic.htm), previously filed with Post-Effective Amendment No. 153 on Form N-1A on January 8, 2024 and is incorporated herein by reference. |
| (iv) [Fourth Amendment to Investment Advisory Agreement to add the following series: YieldMax<sup>®</sup> Ultra Option Income Strategy ETF and YieldMax<sup>®</sup> MSTR Option Income Strategy ETF](http://www.sec.gov/Archives/edgar/data/1924868/000199937124002461/ex99-diiiv.htm), previously filed with Post-Effective Amendment No. 171 on Form N-1A on February 16, 2024 and is incorporated herein by reference. |
| (v) [Fifth Amendment to Investment Advisory Agreement to add the following series: YieldMax<sup>®</sup> TSLA Short Option Income Strategy ETF, YieldMax<sup>®</sup> Innovation Short Option Income Strategy ETF, YieldMax<sup>®</sup> NVDA Short Option Income Strategy ETF, YieldMax<sup>®</sup> COIN Short Option Income Strategy ETF, YieldMax<sup>®</sup> AAPL Short Option Income Strategy ETF and YieldMax<sup>®</sup> N100 Short Option Income Strategy ETF](http://www.sec.gov/Archives/edgar/data/1924868/000199937124003038/ex99-diiv.htm), previously filed with Post-Effective Amendment No. 182 on Form N-1A on March 4, 2024 and is incorporated herein by reference. |
| (vi) [Sixth Amendment to the Investment Advisory Agreement to add the following series: YieldMax<sup>®</sup> Bitcoin Option Income Strategy ETF](http://www.sec.gov/Archives/edgar/data/1924868/000199937124004893/ex99-diivi.htm), previously filed with Post-Effective Amendment No. 203 on Form N-1A on April 17, 2024 and is incorporated herein by reference. |
| (vii) [Seventh Amendment to the Investment Advisory Agreement to add the following series: YieldMax<sup>®</sup> BABA Option Income Strategy ETF, YieldMax<sup>®</sup> CVNA Option Income Strategy ETF, YieldMax<sup>®</sup> DKNG Option Income Strategy ETF, YieldMax<sup>®</sup> HOOD Option Income Strategy ETF, YieldMax<sup>®</sup> JD Option Income Strategy ETF, YieldMax<sup>®</sup> MARA Option Income Strategy ETF, YieldMax<sup>®</sup> PDD Option Income Strategy ETF, YieldMax<sup>®</sup> PLTR Option Income Strategy ETF, YieldMax<sup>®</sup> RBLX Option Income Strategy ETF, YieldMax<sup>®</sup> SHOP Option Income Strategy ETF, YieldMax<sup>®</sup> SMCI Option Income Strategy ETF, and YieldMax<sup>®</sup> TSM Option Income Strategy ETF](http://www.sec.gov/Archives/edgar/data/1924868/000199937124009244/ex99-diivii.htm), previously filed with Post-Effective Amendment No. 241 on Form N-1A on July 30, 2024, and is incorporated herein by reference. |

---

---

| | | |
|:---|:---|:---|
|  | (viii) | [Eighth Amendment to the Investment Advisory Agreement to add the following series: YieldMax<sup>®</sup> Ether Option Income Strategy ETF](http://www.sec.gov/Archives/edgar/data/1924868/000199937124011660/ex99-diiviii.htm), previously filed with Post-Effective Amendment No. 259 on Form N-1A on September 9, 2024, and is incorporated herein by reference. |
|  | (ix) | [Ninth Amendment to the Investment Advisory Agreement to add the following series: YieldMax<sup>®</sup> Target 12™ Semiconductor Option Income ETF, YieldMax<sup>®</sup> Target 12™ Biotech & Pharma Option Income ETF, YieldMax<sup>®</sup> Target 12™ Energy Option Income ETF, YieldMax<sup>®</sup> Target 12™ Real Estate Option Income ETF, YieldMax<sup>®</sup> Target 12™ Tech & Innovation Option Income ETF, YieldMax<sup>®</sup> Target 12™ Big 50 Option Income ETF, YieldMax<sup>®</sup> Dorsey Wright Hybrid 5 Income ETF, YieldMax<sup>®</sup> Dorsey Wright Featured 5 Income ETF, YieldMax<sup>®</sup> AI & Tech Portfolio Option Income ETF, YieldMax<sup>®</sup> Crypto Industry & Tech Portfolio Option Income ETF, YieldMax<sup>®</sup> China Portfolio Option Income ETF, YieldMax<sup>®</sup> Semiconductor Portfolio Option Income ETF, YieldMax<sup>®</sup> Biotech & Pharma Portfolio Option Income ETF and YieldMax<sup>®</sup> Ultra Short Option Income Strategy ETF](http://www.sec.gov/Archives/edgar/data/1924868/000199937124014425/ex99-diiix.htm), previously filed with Post-Effective Amendment No. 277 on Form N-1A on November 8, 2024 and is incorporated herein by reference. |
|  | (x) | [Tenth Amendment to the Investment Advisory Agreement to add the following series: YieldMax<sup>®</sup> Nasdaq 100 0DTE Covered Call Strategy ETF, YieldMax<sup>®</sup> S&P 500 0DTE Covered Call Strategy ETF, and YieldMax<sup>®</sup> R2000 0DTE Covered Call Strategy ETF](http://www.sec.gov/Archives/edgar/data/1924868/000199937125001162/ex99-diix.htm), previously filed with Post-Effective Amendment No. 307 on Form N-1A on February 4, 2025 and is incorporated herein by reference. |
|  | (xi) | [Eleventh Amendment to the Investment Advisory Agreement to add the following series: YieldMax<sup>®</sup> MSTR Short Option Income Strategy ETF, YieldMax<sup>®</sup> AMD Short Option Income Strategy ETF, YieldMax<sup>®</sup> AMZN Short Option Income Strategy ETF, YieldMax<sup>®</sup> MARA Short Option Income Strategy ETF, YieldMax<sup>®</sup> BITCOIN Short Option Income Strategy ETF, YieldMax<sup>®</sup> META Short Option Income Strategy ETF and YieldMax<sup>®</sup> SMCI Short Option Income Strategy ETF](http://www.sec.gov/Archives/edgar/data/1924868/000199937125002964/ex99-dixi.htm), previously filed with Post-Effective Amendment No. 329 on Form N-1A on March 21, 2025 and is incorporated herein by reference. |
|  | (xii) | Twelfth Amendment to the Investment Advisory Agreement to add the following series: YieldMax<sup>®</sup> Target 25™ AI Option Income ETF, YieldMax<sup>®</sup> Target 25™ AMD Option Income ETF, YieldMax<sup>®</sup> Target 25™ AMZN Option Income ETF, YieldMax<sup>®</sup> Target 25™ COIN Option Income ETF, YieldMax<sup>®</sup> Target 25™ MARA Option Income ETF, YieldMax<sup>®</sup> Target 25™ MSTR Option Income ETF, YieldMax<sup>®</sup> Target 25™ NVDA Option Income ETF, YieldMax<sup>®</sup> Target 25™ PLTR Option Income ETF, YieldMax<sup>®</sup> Target 25™ SMCI Option Income ETF and YieldMax<sup>®</sup> Target 25™ TSLA Option Income ETF **– to be filed by amendment**. |
|  | (xiii) | Thirteenth Amendment to the Investment Advisory Agreement to add the following series: YieldMax<sup>®</sup> Target 25™ Bitcoin Option Income ETF – **to be filed by amendment.** |
|  | (xiv) | Fourteenth Amendment to the Investment Advisory Agreement to add the following series: YieldMax<sup>®</sup> AFRM Option Income Strategy ETF, YieldMax<sup>®</sup> APP Option Income Strategy ETF, YieldMax<sup>®</sup> ARM Option Income Strategy ETF, YieldMax<sup>®</sup> AVGO Option Income Strategy ETF, YieldMax<sup>®</sup> CRWD Option Income Strategy ETF, YieldMax<sup>®</sup> GME Option Income Strategy ETF, YieldMax<sup>®</sup> HIMS Option Income Strategy ETF, YieldMax<sup>®</sup> IONQ Option Income Strategy ETF, YieldMax<sup>®</sup> LLY Option Income Strategy ETF, YieldMax<sup>®</sup> RDDT Option Income Strategy ETF, YieldMax<sup>®</sup> SPOT Option Income Strategy ETF and YieldMax<sup>®</sup> UBER Option Income Strategy ETF – **to be filed by amendment.** |
| (iii) | [Investment Advisory Agreement between the Trust (on behalf of Senior Secured Credit Opportunities ETF) and Toroso Investments, LLC](http://www.sec.gov/Archives/edgar/data/1924868/000138713122010432/ex99-diii.htm), previously filed with Post-Effective Amendment No. 15 on Form N-1A on October 13, 2022 and is incorporated herein by reference. | [Investment Advisory Agreement between the Trust (on behalf of Senior Secured Credit Opportunities ETF) and Toroso Investments, LLC](http://www.sec.gov/Archives/edgar/data/1924868/000138713122010432/ex99-diii.htm), previously filed with Post-Effective Amendment No. 15 on Form N-1A on October 13, 2022 and is incorporated herein by reference. |
| (iv) | [Investment Advisory Agreement between the Trust (on behalf of Nicholas Fixed Income Alternative ETF) and Toroso Investments, LLC](http://www.sec.gov/Archives/edgar/data/1924868/000138713122011714/ex99-dvi.htm), previously filed with Post-Effective Amendment No. 34 on Form N-1A on November 22, 2022 and is incorporated herein by reference. | [Investment Advisory Agreement between the Trust (on behalf of Nicholas Fixed Income Alternative ETF) and Toroso Investments, LLC](http://www.sec.gov/Archives/edgar/data/1924868/000138713122011714/ex99-dvi.htm), previously filed with Post-Effective Amendment No. 34 on Form N-1A on November 22, 2022 and is incorporated herein by reference. |
|  | (i) [First Amendment to the Investment Advisory Agreement adding Nicholas Global Equity and Income ETF](http://www.sec.gov/Archives/edgar/data/1924868/000199937124008919/ex99-dvi.htm), previously filed with Post-Effective Amendment No. 238 on Form N-1A on July 23, 2024 and is incorporated herein by reference. | (i) [First Amendment to the Investment Advisory Agreement adding Nicholas Global Equity and Income ETF](http://www.sec.gov/Archives/edgar/data/1924868/000199937124008919/ex99-dvi.htm), previously filed with Post-Effective Amendment No. 238 on Form N-1A on July 23, 2024 and is incorporated herein by reference. |
|  | [(ii) Second Amendment to the Investment Advisory Agreement adding Nicholas Crypto Income ETF](ex99-divii.htm) **– filed herewith.** | [(ii) Second Amendment to the Investment Advisory Agreement adding Nicholas Crypto Income ETF](ex99-divii.htm) **– filed herewith.** |
| (v) | [Investment Advisory Agreement between the Trust (on behalf of the Pinnacle Focused Opportunities ETF) and Toroso Investments, LLC](http://www.sec.gov/Archives/edgar/data/1924868/000183988222030436/ex99-dviii.htm), previously filed with Post-Effective Amendment No. 45 on Form N-1A on December 28, 2022 and is incorporated herein by reference. | [Investment Advisory Agreement between the Trust (on behalf of the Pinnacle Focused Opportunities ETF) and Toroso Investments, LLC](http://www.sec.gov/Archives/edgar/data/1924868/000183988222030436/ex99-dviii.htm), previously filed with Post-Effective Amendment No. 45 on Form N-1A on December 28, 2022 and is incorporated herein by reference. |
| (vi) | [Investment Advisory Agreement between the Trust (on behalf of the Tactical Advantage ETF) and Toroso Investments, LLC](http://www.sec.gov/Archives/edgar/data/1924868/000138713123004540/ex99-dix.htm), previously filed with Post-Effective Amendment No. 72 on Form N-1A on April 6, 2023 and is incorporated herein by reference. | [Investment Advisory Agreement between the Trust (on behalf of the Tactical Advantage ETF) and Toroso Investments, LLC](http://www.sec.gov/Archives/edgar/data/1924868/000138713123004540/ex99-dix.htm), previously filed with Post-Effective Amendment No. 72 on Form N-1A on April 6, 2023 and is incorporated herein by reference. |

---

---

| | |
|:---|:---|
| (vii) | [Investment Advisory Agreement between the Trust (on behalf of the Veridien Climate Action ETF) and Toroso Investments, LLC](http://www.sec.gov/Archives/edgar/data/1924868/000183988223009341/ex99-dx.htm), previously filed with Post-Effective Amendment No. 74 on Form N-1A on April 11, 2023 and is incorporated herein by reference. |
| (viii) | [Investment Advisory Agreement between the Trust (on behalf of the Return Stacked<sup>®</sup> Bonds & Managed Futures ETF and Return Stacked<sup>®</sup> Global Stocks & Bonds ETF) and Toroso Investments, LLC](http://www.sec.gov/Archives/edgar/data/1924868/000138713123001445/ex99-dx.htm), previously filed with Post-Effective Amendment No. 56 on Form N-1A on February 6, 2023 and is incorporated herein by reference. |
|  | (i) [First amendment to the Investment Advisory Agreement adding Return Stacked<sup>®</sup> U.S. Stocks & Managed Futures ETF](http://www.sec.gov/Archives/edgar/data/1924868/000138713123010574/ex99-dxii.htm), previously filed with Post-Effective Amendment No. 118 on Form N-1A on August 29, 2023 and is incorporated herein by reference. |
|  | (ii) [Second Amendment to the Investment Advisory Agreement adding Return Stacked<sup>®</sup> Bonds & Futures Yield ETF and Return Stacked<sup>®</sup> U.S. Stocks & Futures Yield ETF](http://www.sec.gov/Archives/edgar/data/1924868/000199937124004978/ex99-dixii.htm), previously filed with Post-Effective Amendment No. 204 on Form N-1A on April 19, 2024 and is incorporated herein by reference. |
|  | (iii) [Third Amendment to the Investment Advisory Agreement adding Return Stacked® Bonds & Merger Arbitrage ETF](http://www.sec.gov/Archives/edgar/data/1924868/000183988224045295/ex99-dixiii.htm), previously filed with Post-Effective Amendment No. 291 on Form N-1A on December 16, 2024 and is incorporated herein by reference. |
|  | (iv) [Fifth Amendment to the Investment Advisory Agreement adding Return Stacked<sup>®</sup> U.S. Stocks & Gold/Bitcoin ETF](http://www.sec.gov/Archives/edgar/data/1924868/000199937125006665/ex99-dviiiiv.htm) – previously filed with Post-Effective Amendment No. 355 on Form N-1A on May 27, 2025 and is incorporated herein by reference. |
| (ix) | [Investment Advisory Agreement between the Trust (on behalf of the DGA Absolute Return ETF) and Toroso Investments, LLC](http://www.sec.gov/Archives/edgar/data/1924868/000138713123004751/ex99-dxii.htm), previously filed with Post-Effective Amendment No. 79 on April 14, 2023. |
| (x) | [Investment Advisory Agreement between the Trust (on behalf of the Tactical Advantage ETF) and Toroso Investments, LLC](http://www.sec.gov/Archives/edgar/data/1924868/000138713123004540/ex99-dix.htm), previously filed with Post-Effective Amendment No. 72 on April 6, 2023. |
| (xi) | [Investment Advisory Agreement between the Trust (on behalf of the Roundhill Generative AI & Technology ETF) and Toroso Investments, LLC](http://www.sec.gov/Archives/edgar/data/1924868/000138713123006448/ex99-dxv.htm), previously filed with Post-Effective Amendment No. 88 on Form N-1A on May 12, 2023 and is incorporated herein by reference. |
| (xii) | [Investment Advisory Agreement between the Trust (on behalf of the Blueprint Chesapeake Multi-Asset Trend ETF) and Toroso Investments, LLC](http://www.sec.gov/Archives/edgar/data/1924868/000138713123007903/ex99-dxvii.htm), previously filed with Post-Effective Amendment No. 102 on Form N-1A on June 27, 2023 and is incorporated herein by reference. |
| (xiii) | [Investment Advisory Agreement between the Trust (on behalf of Cboe Validus S&P 500 Dynamic PutWrite Index ETF) and Toroso Investments, LLC](http://www.sec.gov/Archives/edgar/data/1924868/000138713123008622/ex99-dxviii.htm), previously filed with Post-Effective Amendment No. 107 on Form N-1A on July 25, 2023 and incorporated herein by reference. |
| (xiv) | [Investment Advisory Agreement between the Trust (on behalf of the Grizzle Growth ETF) and Toroso Investments, LLC](http://www.sec.gov/Archives/edgar/data/1924868/000138713123009390/ex99-dxix.htm), previously filed with Post-Effective Amendment No. 109 on Form N-1A on August 7, 2023 and is incorporated herein by reference. |
| (xv) | [Investment Advisory Agreement between the Trust (on behalf of CoreValues Alpha Greater China Growth ETF) and Toroso Investments, LLC,](http://www.sec.gov/Archives/edgar/data/1924868/000138713123011378/ex99-dxx.htm) previously filed with Post-Effective Amendment No. 124 on Form N-1A on September 20, 2023 and is incorporated herein by reference. |
| (xvi) | [Investment Advisory Agreement between the Trust (on behalf of Defiance Nasdaq 100 Target 30 Income ETF, Defiance S&P 500 Target 30 Income ETF and Defiance R2000 Target 30 Income ETF) and Toroso Investments, LLC](http://www.sec.gov/Archives/edgar/data/1924868/000138713123010338/ex99-dxxi.htm), previously filed with Post-Effective Amendment No. 117 on Form N-1A on August 25, 2023 and is incorporated herein by reference. |
|  | (i) [First Amendment to Investment Advisory Agreement to add the following series: Defiance Treasury Alternative Yield ETF](http://www.sec.gov/Archives/edgar/data/1924868/000199937124000690/ex99-dxxii.htm), previously filed with Post-Effective Amendment No. 155 on Form N-1A on January 23, 2024 and is incorporated herein by reference. |
|  | (ii) [Second Amendment to the Investment Advisory Agreement to add the following series: (for the Defiance Developed Markets Enhanced Options Income ETF, Defiance Emerging Markets Enhanced Options Income ETF, Defiance Nasdaq 100 Target Income ETF, Defiance S&P 500 Target Income ETF and Defiance R2000 Target Income ETF) and Tidal Investments LLC](http://www.sec.gov/Archives/edgar/data/1924868/000199937124001388/ex99-dxxiii.htm), previously filed with Post-Effective Amendment No. 165 on Form N-1A on February 1, 2024 and is incorporated herein by reference. |
|  | (iii) [Third Amendment to the Investment Advisory Agreement (on behalf of the Defiance Nasdaq 100 Target Income ETF, Defiance S&P 500 Target Income ETF and Defiance R2000 Target Income ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124002792/ex99-dxviiiiii.htm), previously filed with Post-Effective Amendment No. 177 on Form N-1A on February 28, 2024, and is incorporated herein by reference. |
|  | (iv) [Fourth Amendment to the Investment Advisory Agreement to add the following series: (for the Defiance Gold Enhanced Options Income ETF, Defiance Silver Enhanced Options Income ETF, Defiance Oil Enhanced Options Income ETF, and Defiance Treasury Enhanced Options Income ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124005390/ex99-dxviiiiv.htm), previously filed with Post-Effective Amendment No. 206 on Form N-1A on April 29, 2024 and is incorporated herein by reference. |
|  | (v) [Fifth Amendment to the Investment Advisory Agreement to add the following series: (for the Defiance Daily Target 2X Long Copper ETF, Defiance Daily Target 2X Long RIOT ETF (formerly known as Defiance Daily Target 2X Long Carbon ETF), Defiance Daily Target 2X Long China Dragons ETF (formerly known as Defiance Daily Target 2X Long Lithium ETF), Defiance Daily Target 2X Long Solar ETF, Defiance Daily Target 2X Long Uranium ETF, Defiance Daily Target 2X Long LLY ETF, Defiance Daily Target 2X Long MSTR ETF, Defiance Daily Target 2X Long NVO ETF, Defiance Daily Target 2X Long AVGO ETF, Defiance Daily Target 2X Long SMCI ETF and Defiance Daily Target 2X Short MSTR ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124006473/ex99-dxviiiv.htm), previously filed with Post-Effective Amendment No. 216 on Form N-1A on May 22, 2024 and is incorporated herein by reference. |

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| | |
|:---|:---|
|  | (vi) [Eighth Amendment to the Investment Advisory Agreement to add the following series: (on behalf of Defiance Large Cap ex-Mag 7 ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124013272/ex99-dxviiivi.htm), previously filed with Post-Effective Amendment No. 266 on Form N-1A on October 11, 2024 and is incorporated herein by reference. |
|  | (vii) [Ninth Amendment to the Investment Advisory Agreement to add the following series: (on behalf of Defiance Daily Target 2X Long SOFI ETF, Defiance Daily Target 2X Long AMAT ETF, Defiance Daily Target 2X Long GOLD ETF, Defiance Daily Target 2X Long ORCL ETF, Defiance Daily Target 2X Long FSLR ETF, Defiance Daily Target 2X Long DKNG ETF, Defiance Hot Sauce Daily 2X Strategy ETF and Defiance AI & Power Infrastructure ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000183988225001947/ex99-dxviii.htm), previously filed with Post-Effective Amendment No. 299 on Form N-1A on January 14, 2025 and is incorporated herein by reference. |
|  | (viii) [Tenth Amendment to the Investment Advisory Agreement to add the following series: (on behalf of Defiance Daily Target 2X Long HIMS ETF, Defiance Daily Target 2X Long IONQ ETF, Defiance Daily Target 2X Long RKLB ETF, Defiance Daily Target 2X Long CVNA ETF, Defiance Daily Target 2X Long HOOD ETF, Defiance Daily Target 2X Long VST ETF, Defiance Daily Target 2X Long JPM ETF, Defiance Daily Target 2X Long PENN ETF, Defiance Daily Target 2X Long SOUN ETF, Defiance Daily Target 2X Long MRVL ETF, Defiance Daily Target 2X Long RGTI ETF, Defiance Leveraged Long MSTR ETF, Defiance Leveraged Long + Income MSTR ETF, Defiance Daily Target 2X Short RIOT ETF, Defiance Daily Target 2X Short SMCI ETF and Defiance Daily Target 2X Short LLY ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000183988225014844/ex99-dxviiviii.htm) previously filed with Post-Effective Amendment No. 327 on Form N-1A on March 11, 2025 and is incorporated herein by reference. |
|  | (ix) [Eleventh Amendment to the Investment Advisory Agreement to add the following series: (on behalf of Defiance Daily Target 2X Long DJT ETF, Defiance Daily Target 2X Long RDDT ETF, Defiance Trillion Dollar Club Index ET, Defiance Nasdaq 100 LightningSpread™ Income ETF, Defiance S&P 500 LightningSpread™ Income ETF, Defiance Russell 2000 LightningSpread™ Income ETF, Defiance Daily Target 2X Short CVNA ETF, Defiance Daily Target 2X Short IONQ ETF, Defiance Daily Target 2X Short PLTR ETF, Defiance Daily Target 2X Short RKLB ETF, Defiance Daily Target 2X Long ANET ETF, Defiance Daily Target 2X Long ARM ETF, Defiance Daily Target 2X Long PM ETF, and Defiance Daily Target 2X Long UBER ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937125004019/ex99-dxviix.htm), previously filed with Post-Effective Amendment No. 339 on Form N-1A on April 8, 2025 and is incorporated herein by reference. |
|  | (x) Twelfth Amendment to the Investment Advisory Agreement to add the following series: (on behalf of Defiance 2X Daily Long Pure Quantum ETF) **– to be filed by amendment**. |
|  | (xi) Thirteenth Amendment to the Investment Advisory Agreement to add the following series: (on behalf of Defiance Daily Target 2X Long OKLO ETF and Defiance Daily Target 2X Long QBTS ETF) **– to be filed by amendment**. <br> (xii) Fourteenth Amendment to the Investment Advisory Agreement to add the following series: (on behalf of Defiance Daily Target 2X Short RGTI ETF and Defiance Daily Target 2X Short QBTS ETF) **– to be filed by amendment**.  |
|  | (xiii) Fifteenth Amendment to the Investment Advisory Agreement to add the following series: (on behalf of Defiance MSTR Double Short Hedged ETF) **– to be filed by amendment**. |
|  | (xiv) Sixteenth Amendment to the Investment Advisory Agreement to add the following series: (on behalf of Defiance Nasdaq 100 Double Short Hedged ETF) **– to be filed by amendment**. |
|  | (xv) Seventeenth Amendment to the Investment Advisory Agreement to add the following series: (on behalf of Defiance Vol Carry Hedged ETF, Defiance Enhanced Short Vol ETF and Defiance Enhanced Long Vol ETF) **– to be filed by amendment.** |
|  | (xvi) Eighteenth Amendment to the Investment Advisory Agreement to add the following series: (on behalf of Defiance Leveraged Long + Income AAPL ETF, Defiance Leveraged Long + Income AMD ETF, Defiance Leveraged Long + Income AMZN ETF, Defiance Leveraged Long + Income BRK.B ETF, Defiance Leveraged Long + Income COIN ETF, Defiance Leveraged Long + Income GOOG ETF, Defiance Leveraged Long + Income HIMS ETF, Defiance Leveraged Long + Income HOOD ETF, Defiance Leveraged Long + Income META ETF, Defiance Leveraged Long + Income NFLX ETF, Defiance Leveraged Long + Income NVDA ETF, Defiance Leveraged Long + Income PLTR ETF, Defiance Leveraged Long + Income SMCI ETF, and Defiance Leveraged Long + Income TSLA ETF) – **to be filed by amendment.** |
| (xvii) | [Investment Advisory Agreement between the Trust (on behalf of Hilton Small-MidCap Opportunity ETF) and Tidal Investments LLC](http://www.sec.gov/Archives/edgar/data/1924868/000199937123000397/ex99-dxxii.htm), previously filed with Post-Effective Amendment No. 135 on Form N-1A on November 20, 2023 and is incorporated herein by reference.<br> (i) [First Amendment to the Investment Advisory Agreement adding Hilton BDC Corporate Bond ETF](http://www.sec.gov/Archives/edgar/data/1924868/000199937125007009/ex99-dxvii.htm), previously filed with Post-Effective Amendment No. 356 on Form N-1A on June 2, 2025 and is incorporated herein by reference. |
| (xviii) | [Investment Advisory Agreement between the Trust (for the Quantify Absolute Income ETF) and Tidal Investments LLC](http://www.sec.gov/Archives/edgar/data/1924868/000199937124004487/ex99-dxx.htm), previously filed with Post-Effective Amendment No. 197 on Form N-1A on April 5, 2024 and is incorporated herein by reference. |
|  | (i) [First Amendment to the Investment Advisory Agreement to add the following series: (for STKd 100% Bitcoin & 100% Gold ETF) and Tidal Investments LLC](http://www.sec.gov/Archives/edgar/data/1924868/000199937124012244/ex99-dxxi.htm), previously filed with Post-Effective Amendment No. 264 on Form N-1A on September 23, 2024 and is incorporated herein by reference. |
|  | (ii) [Second Amendment to the Investment Advisory Agreement to add the following series: (for the STKd 100% COIN & 100% NVDA ETF, STKd 100% NVDA & 100% MSTR ETF, STKd 100% MSTR & 100% COIN ETF, STKd 100% COIN & 100% HOOD ETF, STKd 100% NVDA & 100% AMD ETF, STKd 100% TSLA & 100% MSTR ETF, STKd 100% TSLA & 100% NVDA ETF, STKd 100% SMCI & 100% NVDA ETF, STKd 100% UBER & 100% TSLA ETF and STKd 100% META & 100% AMZN ETF) and Tidal Investments LLC](http://www.sec.gov/Archives/edgar/data/1924868/000183988225010423/ex99-dxxii.htm), previously filed with Post-Effective Amendment No. 316 on Form N-1A on February 24, 2025 and is incorporated herein by reference. |

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|:---|:---|
| (xix) | [Investment Advisory Agreement between the Trust (for the iREIT – MarketVector Quality REIT Index ETF) and Tidal Investments LLC](http://www.sec.gov/Archives/edgar/data/1924868/000199937124002955/ex99-dxxi.htm), previously filed with Post-Effective Amendment No. 181 on Form N-1A on February 29, 2024 and is incorporated herein by reference. |
| (xx) | [Investment Advisory Agreement between the Trust (for Even Herd Long Short ETF) and Tidal Investments LLC](http://www.sec.gov/Archives/edgar/data/1924868/000199937124003975/ex99-dxxiii.htm), previously filed with Post-Effective Amendment No. 194 on Form N-1A on March 26, 2024 and is incorporated herein by reference. |
| (xxi) | [Investment Advisory Agreement between the Trust (for Peerless Option Wheel ETF) and Tidal Investments LLC](http://www.sec.gov/Archives/edgar/data/1924868/000199937124005938/ex99-dxxiv.htm), previously filed with Post-Effective Amendment No. 211 on Form N-1A on May 10, 2024 and is incorporated herein by reference. |
| (xxii) | [Investment Advisory Agreement between the Trust (for Clockwise Core Equity & Innovation ETF) and Tidal Investments LLC](http://www.sec.gov/Archives/edgar/data/1924868/000199937124007338/ex99-dxxvi.htm) – previously filed with Post-Effective Amendment No. 224 on Form N-1A on June 11, 2024 and is incorporated herein by reference**.** |
| (xxiii) | [Investment Advisory Agreement between the Trust (for Cambria Chesapeake Pure Trend ETF) and Tidal Investments LLC](http://www.sec.gov/Archives/edgar/data/1924868/000199937124006405/ex99-dxxvii.htm), previously filed with Post-Effective Amendment No. 213 on Form N-1A on May 21, 2024 and is incorporated herein by reference. |
| (xxiv) | Investment Advisory Agreement between the Trust (for LevMax™ AMZN [Monthly 3x1] ETF, LevMax™ Bitcoin [Monthly 3x1] ETF, LevMax™ BRK-B [Monthly 3x1] ETF, LevMax™ COIN [Monthly 3x1] ETF, LevMax™ HOOD [Monthly 3x1] ETF, LevMax™ MSFT [Monthly 3x1] ETF, LevMax™ MSTR [Monthly 3x1] ETF, LevMax™ NVDA [Monthly 3x1] ETF, LevMax™ PLTR [Monthly 3x1] ETF, LevMax™ RDDT [Monthly 3x1] ETF, LevMax™ SMCI [Monthly 3x1] ETF and LevMax™ TSLA [Monthly 3x1] ETF) and Tidal Investments LLC – **to be filed by amendment.** |
| (xxv) | [Investment Sub-Advisory Agreement between Toroso Investments, LLC and Carbon Collective Investing, LLC (for the Carbon Collective Climate Solutions U.S. Equity ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000138713122007650/ex99-dii.htm), previously filed with the Trusts registration statement on Form N-1A/A on July 12, 2022, is hereby incorporated by reference. |
|  | (a) [First Amendment to Investment Advisory Agreement to add the following series: Carbon Collective Short Duration Green Bond ETF](http://www.sec.gov/Archives/edgar/data/1924868/000199937124004345/ex99-dxxixa.htm), previously filed with Post-Effective Amendment No. 196 on Form N-1A on April 2, 2024 and is incorporated herein by reference. |
| (xxvi) | [Investment Sub-Advisory Agreement between Toroso Investments, LLC and Nicholas Wealth, LLC (for the Nicholas Fixed Income Alternative ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000138713122011714/ex99-dxiv.htm), previously filed with Post-Effective Amendment No. 34 on Form N-1A on November 22, 2022 and is incorporated herein by reference. |
|  | (i) [First Amendment to the Sub-Advisory Agreement adding: Nicholas Global Equity and Income ETF](http://www.sec.gov/Archives/edgar/data/1924868/000199937124008919/ex99-dxxxii.htm) – previously filed with Post-Effective Amendment No. 238 on Form N-1A on July 23, 2024 and is incorporated herein by reference. |
|  | [(ii) Second Amendment to the Sub-Advisory Agreement adding: Nicholas Crypto Income ETF](ex99-dxxviii.htm) **– filed herewith.** |
| (xxvii) | [Investment Sub-Advisory Agreement between Toroso Investments, LLC and Pinnacle Family Advisors, LLC (for the Pinnacle Focused Opportunities ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000183988222030436/ex99-dxvi.htm) previously filed with Post-Effective Amendment No. 45 on Form N-1A on December 28, 2022 and is incorporated herein by reference. |
| (xxviii) | [Investment Sub-Advisory Agreement between Toroso Investments, LLC and Family Dynasty Advisors LLC (for the Tactical Advantage ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000138713123004540/ex99-dxxii.htm), previously filed with Post-Effective Amendment No. 72 on Form N-1A on April 6, 2023 and is incorporated herein by reference. |
| (xxix) | [Investment Sub-Advisory Agreement between Tidal Investments LLC and Newfound Research LLC (for the Return Stacked® Bonds & Managed Futures ETF, Return Stacked® Global Stocks & Bonds ETF, Return Stacked® U.S. Stocks & Managed Futures ETF, Return Stacked<sup>®</sup> Bonds & Futures Yield ETF, Return Stacked<sup>®</sup> U.S. Equity & Futures Yield ETF and Return Stacked<sup>®</sup> Bonds & Merger Arbitrage ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000183988224045295/ex99-dxxxv.htm), previously filed with Post-Effective Amendment No. 291 on Form N-1A on December 16, 2024 and is incorporated herein by reference. |
|  | [(i) First Amendment to the Investment Sub-Advisory Agreement between Tidal Investment LLC and Newfound Research LLC (for the Return Stacked<sup>®</sup> U.S. Stocks & Gold/Bitcoin ETF) – previously filed with Post-Effective Amendment No. 342 on Form N-1A on April 25, 2025 and is incorporated herein by reference](http://www.sec.gov/Archives/edgar/data/1924868/000199937125004740/ex99-dxxviiii.htm). |
|  | (ii) [Second Amendment to the Investment Sub-Advisory Agreement between Tidal Investment LLC and Newfound Research LLC (for the Return Stacked® Bonds & Managed Futures ETF, Return Stacked® Global Stocks & Bonds ETF, Return Stacked<sup>®</sup> U.S. Stocks & Managed Futures ETF, Return Stacked<sup>®</sup> Bonds & Futures Yield ETF, Return Stacked<sup>®</sup> U.S. Equity & Futures Yield ETF, Return Stacked<sup>®</sup> Bonds & Merger Arbitrage ETF and Return Stacked<sup>®</sup> U.S. Stocks & Gold/Bitcoin ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937125006665/ex99-dxxviiii.htm), previously filed with Post-Effective Amendment No. 355 on Form N-1A on May 27, 2025 and is incorporated herein by reference. |
| (xxx) | [Investment Sub-Advisory Agreement between Toroso Investments, LLC and Montrose Estate Capital Management, LLC d/b/a Days Global Advisors (for the DGA Absolute Return ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000138713123004751/ex99-dxxvi.htm), previously filed with Post-Effective Amendment No. 79 on April 14, 2023. |

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| (xxxi) |
| (xxxii) |
| (xxxiii) |
| (xxxiv) |
| (xxxv) |
| (xxxvi) |
| (xxxvii) |
| (xxxviii) |
| (xxxix) |
| (xl) |
| (xli) |
| (xlii) |
| (xliii) |
| (xliv) |
| (xlv) |
| (e) (i) [Distribution Agreement between the Trust and Foreside Fund Services, LLC](http://www.sec.gov/Archives/edgar/data/1924868/000138713122007650/ex99-ei.htm), previously filed with the Trusts' registration statement on Form N-1A/A on July 12, 2022, is hereby incorporated by reference.<br> (1) [First Amendment to the Distribution Agreement (adding YieldMax<sup>®</sup> AAPL Option Income ETF, YieldMax<sup>®</sup> AMZN Option Income Strategy ETF, YieldMax<sup>®</sup> BRK.B Option Income Strategy ETF, YieldMax<sup>®</sup> COIN Option Income Strategy ETF, YieldMax<sup>®</sup> META Option Income Strategy ETF, YieldMax<sup>®</sup> GOOG Option Income Strategy ETF, YieldMax<sup>®</sup> NFLX Option Income Strategy ETF, YieldMax<sup>®</sup> NVDA Option Income Strategy ETF, YieldMax<sup>®</sup> XYZ Option Income Strategy ETF, YieldMax<sup>®</sup> TSLA Option Income Strategy ETF, YieldMax<sup>®</sup> ARKK Option Income Strategy ETF, YieldMax<sup>®</sup> KWEB Option Income Strategy ETF, YieldMax<sup>®</sup> GDX Option Income Strategy ETF, YieldMax<sup>®</sup> XBI Option Income Strategy ETF, and YieldMax<sup>®</sup> TLT Option Income Strategy ETF, and Senior Secured Credit Opportunities ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000138713122010432/ex99-ei1.htm), previously filed with Post-Effective Amendment No. 15 on Form N-1A on October 13, 2022 and is incorporated herein by reference.  |

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|:---|
| (2) [Third Amendment to the Distribution Agreement (adding Nicholas Fixed Income Alternative ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000138713122011714/ex99-ei3.htm), previously filed with Post-Effective Amendment No. 34 on Form N-1A on November 22, 2022 and is incorporated herein by reference. |
| (3) [Fourth Amendment to the Distribution Agreement (adding Pinnacle Focused Opportunities ETF and Veridien Climate Action ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000183988222030436/ex99-ei4.htm), previously filed with Post-Effective Amendment No. 45 on Form N-1A on December 28, 2022 and is incorporated herein by reference. |
| (4) [Fifth Amendment to the Distribution Agreement (adding Return Stacked<sup>®</sup> Bonds & Managed Futures ETF and Return Stacked<sup>®</sup> Global Stocks & Bonds ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000138713123001445/ex99-ei5.htm), previously filed with Post-Effective Amendment No. 56 on Form N-1A on February 6, 2023 and is incorporated herein by reference. |
| (5) [Sixth Amendment to the Distribution Agreement (adding DGA Absolute Return ETF and Tactical Advantage ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000138713123004540/ex99-ei6.htm), previously filed with Post-Effective Amendment No. 72 on Form N-1A on April 6, 2023 and is incorporated herein by reference. |
| (6) [Seventh Amendment to the Distribution Agreement (adding Roundhill Generative AI & Technology ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000138713123005837/ex99-ei7.htm), previously filed with Post-Effective Amendment No. 83 on Form N-1A on May 2, 2023 and is incorporated herein by reference. |
| (7) [Eighth Amendment to the Distribution Agreement (adding Blueprint Chesapeake Multi-Asset Trend ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000138713123007903/ex99-ei.htm), previously filed with Post-Effective Amendment No. 102 on Form N-1A on June 27, 2023 and is incorporated herein by reference. |
| (8) [Ninth Amendment to the Distribution Agreement (adding Cboe Validus S&P 500 Dynamic PutWrite Index ETF, Grizzle Growth ETF, YieldMax<sup>®</sup> MSTR Option Income Strategy ETF, YieldMax<sup>®</sup> ABNB Option Income Strategy ETF, YieldMax<sup>®</sup> AMD Option Income Strategy ETF, YieldMax<sup>®</sup> MRNA Option Income Strategy ETF, YieldMax<sup>®</sup> PYPL Option Income Strategy ETF, YieldMax<sup>®</sup> DIS Option Income Strategy ETF, YieldMax<sup>®</sup> JPM Option Income Strategy ETF, YieldMax<sup>®</sup> MSFT Option Income Strategy ETF, and YieldMax<sup>®</sup> XOM Option Income Strategy ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000138713123008622/ex99-ei9.htm), previously filed with Post-Effective Amendment No. 107 on Form N-1A on July 25, 2023 and is incorporated herein by reference. |
| (9) [Tenth Amendment to the Distribution Agreement (adding Return Stacked<sup>®</sup> U.S. Stocks & Managed Futures ETF, Defiance Nasdaq 100 Target 30 Income ETF, Defiance S&P 500 Target 30 Income ETF and Defiance R2000 Target 30 Income ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000138713123010338/ex99-ei10.htm), previously filed with Post-Effective Amendment No. 117 on Form N-1A on August 25, 2023 and is incorporated herein by reference. |
| (10) [Eleventh Amendment to the Distribution Agreement (adding CoreValues Alpha Greater China Growth ETF, YieldMax<sup>®</sup> ADBE Option Income Strategy ETF, YieldMax<sup>®</sup> AI Option Income Strategy ETF, YieldMax<sup>®</sup> BA Option Income Strategy ETF, YieldMax<sup>®</sup> BIIB Option Income Strategy ETF, YieldMax<sup>®</sup> INTC Option Income Strategy ETF, YieldMax<sup>®</sup> NKE Option Income Strategy ETF, YieldMax<sup>®</sup> ORCL Option Income Strategy ETF, YieldMax<sup>®</sup> ROKU Option Income Strategy ETF, YieldMax<sup>®</sup> SNOW Option Income Strategy ETF, YieldMax<sup>®</sup> TGT Option Income Strategy ETF and YieldMax<sup>®</sup> ZM Option Income Strategy ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000138713123012010/ex99-ei11.htm), previously filed with Post-Effective Amendment No. 130 on Form N-1A on October 6, 2023 and is incorporated herein by reference. |
| (11) [Twelfth Amendment to the Distribution Agreement (adding Hilton Small-MidCap Opportunity ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124000178/ex99-ei12.htm), previously filed with Post-Effective Amendment No. 153 on Form N-1A on January 8, 2024 and is incorporated herein by reference. |
| (12) [Thirteenth Amendment to the Distribution Agreement (adding YieldMax<sup>®</sup> Universe Fund of Option Income ETFs, YieldMax<sup>®</sup> Magnificent 7 Fund of Option Income ETFs and Defiance Treasury Alternative Yield ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124000178/ex99-ei13.htm), previously filed with Post-Effective Amendment No. 153 on Form N-1A on January 8, 2024 and is incorporated herein by reference. |
| (13) [Fourteenth Amendment to the Distribution Agreement (adding Defiance Developed Markets Enhanced Options Income ETF, Defiance Emerging Markets Enhanced Options Income ETF, Defiance Nasdaq 100 Target Income ETF, Defiance S&P 500 Target Income ETF, Defiance R2000 Target Income ETF Quantify Absolute Income ETF, iREIT – MarketVector Quality REIT Index ETF, YieldMax<sup>®</sup> Ultra Option Income Strategy ETF and YieldMax<sup>®</sup> MSTR Option Income Strategy ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124001388/ex99-ei15.htm), previously filed with Post-Effective Amendment No. 165 on Form N-1A on February 1, 2024 and is incorporated herein by reference. |
| (14) [Fifteenth Amendment to the Distribution Agreement (adding YieldMax<sup>®</sup> TSLA Short Option Income Strategy ETF, YieldMax<sup>®</sup> Innovation Short Option Income Strategy ETF, YieldMax<sup>®</sup> NVDA Short Option Income Strategy ETF, YieldMax<sup>®</sup> COIN Short Option Income Strategy ETF and YieldMax<sup>®</sup> AAPL Short Option Income Strategy ETF, YieldMax<sup>®</sup> N100 Short Option Income Strategy ETF and Carbon Collective Short Duration Green Bond ETF),](http://www.sec.gov/Archives/edgar/data/1924868/000199937124003038/ex99-ei15.htm) previously filed with Post-Effective Amendment No. 182 on Form N-1A on March 4, 2024 and is incorporated herein by reference. |
| (15) [Sixteenth Amendment to the Distribution Agreement (adding Even Herd Long Short ETF, Peerless Option Wheel ETF, Return Stacked<sup>®</sup> Bonds & Futures Yield ETF, Return Stacked<sup>®</sup> U.S. Equity & Futures Yield ETF and YieldMax<sup>®</sup> Bitcoin Option Income Strategy ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124003975/ex99-ei16.htm), previously filed with Post-Effective Amendment No. 194 on Form N-1A on March 26, 2024 and is incorporated herein by reference. |
| (16) [Seventeenth Amendment to the Distribution Agreement (adding Defiance Gold Enhanced Options Income ETF, Defiance Silver Enhanced Options Income ETF, Defiance Oil Enhanced Options Income ETF, Defiance Treasury Enhanced Options Income ETF and Clockwise Core Equity & Innovation ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124005390/ex99-ei17.htm), previously filed with Post-Effective Amendment No. 206 on Form N-1A on April 29, 2024 and is incorporated herein by reference. |

---

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| |
|:---|
| (17) [Eighteenth Amendment to the Distribution Agreement (adding Cambria Chesapeake Pure Trend ETF, Defiance Daily Target 2X Short MSTR ETF, Defiance Daily Target 2X Long RIOT ETF (formerly known as Defiance Daily Target 2X Long Carbon ETF), Defiance Daily Target 2X Long Copper ETF, Defiance Daily Target 2X Long China Dragons ETF (formerly known as Defiance Daily Target 2X Long Lithium ETF), Defiance Daily Target 2x Long LLY ETF, Defiance Daily Target 2X Long MSTR ETF, Defiance Daily Target 2X Long NVO ETF, Defiance Daily Target 2X Long AVGO ETF, Defiance Daily Target 2X Long SMCI ETF, Defiance Daily Target 2X Long Solar ETF and Defiance Daily Target 2x Long Uranium ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124006405/ex99-ei18.htm), previously filed with Post-Effective Amendment No. 213 on Form N-1A on May 21, 2024 and is incorporated herein by reference. |
| (18) [Nineteenth Amendment to the Distribution Agreement (adding Nicholas Global Equity and Income ETF, YieldMax<sup>®</sup> BABA Option Income Strategy ETF, YieldMax<sup>®</sup> CVNA Option Income Strategy ETF, YieldMax<sup>®</sup> DKNG Option Income Strategy ETF, YieldMax<sup>®</sup> HOOD Option Income Strategy ETF, YieldMax<sup>®</sup> JD Option Income Strategy ETF, YieldMax<sup>®</sup> MARA Option Income Strategy ETF, YieldMax<sup>®</sup> PDD Option Income Strategy ETF, YieldMax<sup>®</sup> PLTR Option Income Strategy ETF, YieldMax<sup>®</sup> RBLX Option Income Strategy ETF, YieldMax<sup>®</sup> SHOP Option Income Strategy ETF, YieldMax<sup>®</sup> SMCI Option Income Strategy ETF, and YieldMax<sup>®</sup> TSM Option Income Strategy ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124008818/ex99-ei19.htm), previously filed with Post-Effective Amendment No. 237 on Form N-1A on July 18, 2024 and is incorporated herein by reference. |
| (19) [Twentieth Amendment to the Distribution Agreement (adding YieldMax<sup>®</sup> Ether Option Income Strategy ETF, STKd 100% Bitcoin & 100% Gold ETF and Defiance Large Cap ex-Mag 7 ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124011660/ex99-ei20.htm), previously filed with Post-Effective Amendment No. 259 on Form N-1A on September 9, 2024, and is incorporated herein by reference. |
| (20) [Twenty-First Amendment to the Distribution Agreement (adding YieldMax<sup>®</sup> Target 12™ Semiconductor Option Income ETF, YieldMax<sup>®</sup> Target 12™ Biotech & Pharma Option Income ETF, YieldMax<sup>®</sup> Target 12™ Energy Option Income ETF, YieldMax<sup>®</sup> Target 12™ Real Estate Option Income ETF, YieldMax<sup>®</sup> Target 12™ Tech & Innovation Option Income ETF, YieldMax<sup>®</sup> Target 12™ Big 50 Option Income ETF, YieldMax<sup>®</sup> Dorsey Wright Hybrid 5 Income ETF, YieldMax<sup>®</sup> Dorsey Wright Featured 5 Income ETF, YieldMax<sup>®</sup> AI & Tech Portfolio Option Income ETF, YieldMax<sup>®</sup> Crypto Industry & Tech Portfolio Option Income ETF, YieldMax<sup>®</sup> China Portfolio Option Income ETF, YieldMax<sup>®</sup> Semiconductor Portfolio Option Income ETF, YieldMax<sup>®</sup> Biotech & Pharma Portfolio Option Income ETF, YieldMax<sup>®</sup> Ultra Short Option Income Strategy ETF and Return Stacked<sup>®</sup> Bonds & Merger Arbitrage ETF](http://www.sec.gov/Archives/edgar/data/1924868/000183988224040788/ex99-ei21.htm), previously filed with Post-Effective Amendment No. 280 on Form N-1A on November 22, 2024, and is incorporated herein by reference. |
| (21) [Twenty-Second Amendment to the Distribution Agreement (adding Defiance Daily Target 2X Long SOFI ETF, Defiance Daily Target 2X Long AMAT ETF, Defiance Daily Target 2X Long GOLD ETF, Defiance Daily Target 2X Long ORCL ETF, Defiance Daily Target 2X Long FSLR ETF and Defiance Daily Target 2X Long DKNG ETF, Defiance Hot Sauce Daily 2X Strategy ETF, Defiance AI & Power Infrastructure ETF, YieldMax<sup>®</sup> Nasdaq 100 0DTE Covered Call Strategy ETF, YieldMax<sup>®</sup> S&P 500 0DTE Covered Call Strategy ETF and YieldMax<sup>®</sup> R2000 0DTE Covered Call Strategy ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000183988225001947/ex99-ei22.htm), previously filed with Post-Effective Amendment No. 299 on Form N-1A on January 14, 2025 and is incorporated herein by reference. |
| (22) [Twenty-Third Amendment to the Distribution Agreement (adding STKd 100% COIN & 100% NVDA ETF, STKd 100% NVDA & 100% MSTR ETF, STKd 100% MSTR & 100% COIN ETF, STKd 100% COIN & 100% HOOD ETF, STKd 100% NVDA & 100% AMD ETF, STKd 100% TSLA & 100% MSTR ETF, STKd 100% TSLA & 100% NVDA ETF, STKd 100% SMCI & 100% NVDA ETF, STKd 100% UBER & 100% TSLA ETF, STKd 100% META & 100% AMZN ETF, Defiance Leveraged Long MSTR ETF, Defiance Leveraged Long + Income MSTR ETF, Defiance Daily Target 2X Long HIMS ETF, Defiance Daily Target 2X Long IONQ ETF, Defiance Daily Target 2X Long RKLB ETF, Defiance Daily Target 2X Long CVNA ETF, Defiance Daily Target 2X Long HOOD ETF, Defiance Daily Target 2X Long VST ETF, Defiance Daily Target 2X Long JPM ETF, Defiance Daily Target 2X Long PENN ETF, Defiance Daily Target 2X Long SOUN ETF, Defiance Daily Target 2X Long MRVL ETF, Defiance Daily Target 2X Long RGTI ETF, Defiance Daily Target 2X Short RIOT ETF, Defiance Daily Target 2X Short SMCI ETF, Defiance Daily Target 2X Short LLY ETF, YieldMax<sup>®</sup> MSTR Short Option Income Strategy ETF, YieldMax<sup>®</sup> AMD Short Option Income Strategy ETF, YieldMax<sup>®</sup> AMZN Short Option Income Strategy ETF, YieldMax<sup>®</sup> MARA Short Option Income Strategy ETF, YieldMax<sup>®</sup> Bitcoin Short Option Income Strategy ETF, YieldMax<sup>®</sup> META Short Option Income Strategy ETF and YieldMax<sup>®</sup> SMCI Short Option Income Strategy ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000183988225014844/ex99-ei23.htm) previously filed with Post-Effective Amendment No. 327 on Form N-1A on March 11, 2025 and is incorporated herein by reference. |
| (23) [Twenty-Fourth Amendment to the Distribution Agreement (adding Defiance Daily Target 2X Long DJT ETF, Defiance Daily Target 2X Long RDDT ETF, Return Stacked® U.S. Stocks & Gold/Bitcoin ETF, Defiance Trillion Dollar Club Index ETF, Defiance Nasdaq 100 LightningSpread™ Income ETF, Defiance S&P 500 LightningSpread™ Income ETF, Defiance Russell 2000 LightningSpread™ Income ETF, YieldMax<sup>®</sup> Target 25™ AI Option Income ETF, YieldMax<sup>®</sup> Target 25™ AMD Option Income ETF, YieldMax<sup>®</sup> Target 25™ AMZN Option Income ETF, YieldMax<sup>®</sup> Target 25™ COIN Option Income ETF, YieldMax<sup>®</sup> Target 25™ MARA Option Income ETF, YieldMax<sup>®</sup> Target 25™ MSTR Option Income ETF, YieldMax<sup>®</sup> Target 25™ NVDA Option Income ETF, YieldMax<sup>®</sup> Target 25™ PLTR Option Income ETF, YieldMax<sup>®</sup> Target 25™ SMCI Option Income ETF, YieldMax<sup>®</sup> Target 25™ TSLA Option Income ETF, Defiance Daily Target 2X Short CVNA ETF, Defiance Daily Target 2X Short IONQ ETF, Defiance Daily Target 2X Short PLTR ETF, Defiance Daily Target 2X Short RKLB ETF, Defiance Daily Target 2X Long ANET ETF, Defiance Daily Target 2X Long ARM ETF, Defiance Daily Target 2X Long PM ETF, Defiance Daily Target 2X Long UBER ETF, Hilton BDC Corporate Bond ETF and Nicholas Crypto Income ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937125004019/ex99-ei23.htm), previously filed with Post-Effective Amendment No. 339 on Form N-1A on April 8, 2025 and is incorporated herein by reference. |

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| | |
|:---|:---|
|  | (24) Twenty-Fifth Amendment to the Distribution Agreement (adding Defiance 2X Daily Long Pure Quantum ETF) – **to be filed by amendment.** |
|  | (25) Twenty-Sixth Amendment to the Distribution Agreement (adding Defiance MAGA Seven ETF) – **to be filed by amendment.** |
|  | (26) Twenty-Seventh Amendment to the Distribution Agreement (adding YieldMax<sup>®</sup> Target 25™ Bitcoin Option Income ETF) – **to be filed by amendment.** |
|  | (27) Twenty-Eighth Amendment to the Distribution Agreement (adding Defiance Daily Target 2X Long OKLO ETF and Defiance Daily Target 2X Long QBTS ETF) – **to be filed by amendment.** |
|  | (28) Twenty-Ninth Amendment to the Distribution Agreement (adding Defiance Daily Target 2X Short RGTI ETF and Defiance Daily Target 2X Short QBTS ETF) – **to be filed by amendment.** |
|  | (29) Thirtieth Amendment to the Distribution Agreement (adding Defiance MSTR Double Short Hedged ETF) – **to be filed by amendment.** |
|  | (30) Thiry-First Amendment to the Distribution Agreement (adding Defiance Nasdaq 100 Double Short Hedged ETF) – **to be filed by amendment.** |
|  | (31) Thiry-Second Amendment to the Distribution Agreement (adding Defiance Vol Carry Hedged ETF, Defiance Enhanced Short Vol ETF and Defiance Enhanced Long Vol ETF) – **to be filed by amendment.** |
|  | (32) Thiry-Third Amendment to the Distribution Agreement (adding Defiance Leveraged Long + Income AAPL ETF, Defiance Leveraged Long + Income AMD ETF, Defiance Leveraged Long + Income AMZN ETF, Defiance Leveraged Long + Income BRK.B ETF, Defiance Leveraged Long + Income COIN ETF, Defiance Leveraged Long + Income GOOG ETF, Defiance Leveraged Long + Income HIMS ETF, Defiance Leveraged Long + Income HOOD ETF, Defiance Leveraged Long + Income META ETF, Defiance Leveraged Long + Income NFLX ETF, Defiance Leveraged Long + Income NVDA ETF, Defiance Leveraged Long + Income PLTR ETF, Defiance Leveraged Long + Income SMCI ETF, and Defiance Leveraged Long + Income TSLA ETF) – **to be filed by amendment.** |
|  | (33) Thiry-Fourth Amendment to the Distribution Agreement (adding LevMax™ AMZN [Monthly 3x1] ETF, LevMax™ Bitcoin [Monthly 3x1] ETF, LevMax™ BRK-B [Monthly 3x1] ETF, LevMax™ COIN [Monthly 3x1] ETF, LevMax™ HOOD [Monthly 3x1] ETF, LevMax™ MSFT [Monthly 3x1] ETF, LevMax™ MSTR [Monthly 3x1] ETF, LevMax™ NVDA [Monthly 3x1] ETF, LevMax™ PLTR [Monthly 3x1] ETF, LevMax™ RDDT [Monthly 3x1] ETF, LevMax™ SMCI [Monthly 3x1] ETF and LevMax™ TSLA [Monthly 3x1] ETF) – **to be filed by amendment.** |
|  | (34) Thiry-Fifth Amendment to the Distribution Agreement (adding YieldMax<sup>®</sup> AFRM Option Income Strategy ETF, YieldMax<sup>®</sup> APP Option Income Strategy ETF, YieldMax<sup>®</sup> ARM Option Income Strategy ETF, YieldMax<sup>®</sup> AVGO Option Income Strategy ETF, YieldMax<sup>®</sup> CRWD Option Income Strategy ETF, YieldMax<sup>®</sup> GME Option Income Strategy ETF, YieldMax<sup>®</sup> HIMS Option Income Strategy ETF, YieldMax<sup>®</sup> IONQ Option Income Strategy ETF, YieldMax<sup>®</sup> LLY Option Income Strategy ETF, YieldMax<sup>®</sup> RDDT Option Income Strategy ETF, YieldMax<sup>®</sup> SPOT Option Income Strategy ETF and YieldMax<sup>®</sup> UBER Option Income Strategy ETF) – **to be filed by amendment.** |
| (ii) | [Distribution Agreement between the Trust and ALPS Distributors, Inc. (on behalf of Cambria Chesapeake Pure Trend ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937125003807/ex99-eii.htm), previously filed with Post-Effective Amendment No. 338 on Form N-1A on April 4, 2025 and is incorporated herein by reference. |
| (iii) | [Form of Authorized Participant Agreement](http://www.sec.gov/Archives/edgar/data/1924868/000138713122007650/ex99-eii.htm), previously filed with the Trusts registration statement on Form N-1A/A on July 12, 2022, is hereby incorporated by reference. |
| (iv) | [Distribution Services Agreement between Toroso Investments, LLC and Foreside Fund Services, LLC](http://www.sec.gov/Archives/edgar/data/1924868/000138713122007650/ex99-eiii.htm), previously filed with the Trusts registration statement on Form N-1A/A on July 12, 2022, is hereby incorporated 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/1924868/000138713122007650/ex99-g.htm), previously filed with the Trusts registration statement on Form N-1A/A on July 12, 2022, is hereby incorporated by reference. |
|  | (1) [First Amendment to the Custodian Agreement (adding YieldMax<sup>®</sup> AAPL Option Income Strategy ETF, YieldMax<sup>®</sup> AMZN Option Income Strategy ETF, YieldMax<sup>®</sup> BRK.B Option Income Strategy ETF, YieldMax<sup>®</sup> COIN Option Income Strategy ETF, YieldMax<sup>®</sup> META Option Income Strategy ETF, YieldMax<sup>®</sup> GOOG Option Income Strategy ETF, YieldMax<sup>®</sup> NFLX Option Income Strategy ETF, YieldMax<sup>®</sup> NVDA Option Income Strategy ETF, YieldMax<sup>®</sup> XYZ Option Income Strategy ETF, and YieldMax<sup>®</sup> TSLA Option Income ETF, YieldMax<sup>®</sup> ARKK Option Income ETF, YieldMax<sup>®</sup> KWEB Option Income ETF, YieldMax<sup>®</sup> GDX Option Income Strategy ETF, YieldMax<sup>®</sup> XBI Option Income Strategy ETF, and YieldMax<sup>®</sup> TLT Option Income Strategy ETF, and Senior Secured Credit Opportunities ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000138713122010432/ex99-g1.htm), previously filed with Post-Effective Amendment No. 15 on Form N-1A on October 13, 2022 and is incorporated herein by reference. |
|  | (2) [Third Amendment to the Custodian Agreement (adding Nicholas Fixed Income Alternative ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000183988225010628/ex99-gi3.htm), previously filed with Post-Effective Amendment No. 318 on Form N-1A on February 24, 2025 and is incorporated herein by reference. |

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|:---|
| (3) [Fourth Amendment to the Custodian Agreement (adding Pinnacle Focused Opportunities ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000183988222030436/ex99-g4.htm), previously filed with Post-Effective Amendment No. 45 on Form N-1A on December 28, 2022 and is incorporated herein by reference. |
| (4) [Fifth Amendment to the Custodian Agreement (adding Return Stacked<sup>®</sup> Bonds & Managed Futures ETF and Return Stacked<sup>®</sup> Global Stocks & Bonds ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000138713123001445/ex99-gi5.htm) previously filed with Post-Effective Amendment No. 56 on Form N-1A on February 6, 2023 and is incorporated herein by reference. |
| (5) [Sixth Amendment to the Custodian Agreement (adding DGA Absolute Return ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000138713123004540/ex99-gi6.htm), previously filed with Post-Effective Amendment No. 72 on Form N-1A on April 6, 2023 and is incorporated herein by reference. |
| (6) [Seventh Amendment to the Custodian Agreement (adding Tactical Advantage ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000138713123004540/ex99-gi7.htm), previously filed with Post-Effective Amendment No. 72 on Form N-1A on April 6, 2023 and is incorporated herein by reference. |
| (7) [Eighth Amendment to the Custodian Agreement (adding Roundhill Generative AI & Technology ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000138713123005837/ex99-gi8.htm), previously filed with Post-Effective Amendment No. 83 on Form N-1A on May 2, 2023 and is incorporated herein by reference. |
| (8) [Ninth Amendment to the Custodian Agreement (adding Blueprint Chesapeake Multi-Asset Trend ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000138713123007903/ex99-gi.htm), previously filed with Post-Effective Amendment No. 102 on Form N-1A on June 27, 2023 and is incorporated herein by reference. |
| (9) [Tenth Amendment to the Custodian Agreement (adding Cboe Validus S&P 500 Dynamic PutWrite Index ETF, Grizzle Growth ETF, YieldMax<sup>®</sup> MSTR Option Income Strategy ETF, YieldMax<sup>®</sup> ABNB Option Income Strategy ETF, YieldMax<sup>®</sup> AMD Option Income Strategy ETF, YieldMax<sup>®</sup> MRNA Option Income Strategy ETF, YieldMax<sup>®</sup> PYPL Option Income Strategy ETF, YieldMax<sup>®</sup> DIS Option Income Strategy ETF, YieldMax<sup>®</sup> JPM Option Income Strategy ETF, YieldMax<sup>®</sup> MSFT Option Income Strategy ETF, and YieldMax<sup>®</sup> XOM Option Income Strategy ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000138713123008622/ex99-gi10.htm), previously filed with Post-Effective Amendment No. 107 on Form N-1A on July 25, 2023 and is incorporated herein by reference. |
| (10) [Eleventh Amendment to the Custodian Agreement (adding Return Stacked<sup>®</sup> U.S. Stocks & Managed Futures ETF, Defiance Nasdaq 100 Target 30 Income ETF, Defiance S&P 500 Target 30 Income ETF and Defiance R2000 Target 30 Income ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000138713123010338/ex99-gi11.htm), previously filed with Post-Effective Amendment No. 117 on Form N-1A on August 25, 2023 and is incorporated herein by reference. |
| (11) [Twelfth Amendment to the Custodian Agreement (adding CoreValues Alpha Greater China Growth ETF, YieldMax<sup>®</sup> ADBE Option Income Strategy ETF, YieldMax<sup>®</sup> AI Option Income Strategy ETF, YieldMax<sup>®</sup> BA Option Income Strategy ETF, YieldMax<sup>®</sup> BIIB Option Income Strategy ETF, YieldMax<sup>®</sup> INTC Option Income Strategy ETF, YieldMax<sup>®</sup> NKE Option Income Strategy ETF, YieldMax<sup>®</sup> ORCL Option Income Strategy ETF, YieldMax<sup>®</sup> ROKU Option Income Strategy ETF, YieldMax<sup>®</sup> SNOW Option Income Strategy ETF, YieldMax<sup>®</sup> TGT Option Income Strategy ETF and YieldMax<sup>®</sup> ZM Option Income Strategy ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000138713123012010/ex99-gi12.htm), previously filed with Post-Effective Amendment No. 130 on Form N-1A on October 6, 2023 and is incorporated herein by reference. |
| (12) [Thirteenth Amendment to the Custodian Agreement (adding Hilton Small-MidCap Opportunity ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937123000397/ex99-gi13.htm), previously filed with Post-Effective Amendment No. 135 on Form N-1A on November 20, 2023 and is incorporated herein by reference. |
| (13) [Fourteenth Amendment to the Custodian Agreement (adding YieldMax<sup>®</sup> Universe Fund of Option Income ETFs, YieldMax<sup>®</sup> Magnificent 7 Fund of Option Income ETFs and Defiance Treasury Alternative Yield ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124000178/ex99-gi14.htm), previously filed with Post-Effective Amendment No. 153 on Form N-1A on January 8, 2024 and is incorporated herein by reference. |
| (14) [Fifteenth Amendment to the Custodian Agreement](http://www.sec.gov/Archives/edgar/data/1924868/000199937124002461/ex99-gi15.htm) [(adding Defiance Developed Markets Enhanced Options Income ETF, Defiance Emerging Markets Enhanced Options Income ETF, Defiance Nasdaq 100 Target Income ETF, Defiance S&P 500 Target Income ETF, Defiance R2000 Target Income ETF Quantify Absolute Income ETF, iREIT - MarketVector Quality REIT Index ETF, YieldMax<sup>®</sup> Ultra Option Income Strategy ETF and YieldMax<sup>®</sup> MSTR Option Income Strategy ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124002461/ex99-gi15.htm), previously filed with Post-Effective Amendment No. 171 on Form N-1A on February 16, 2024 and is incorporated herein by reference. |
| (15) [Sixteenth Amendment to the Custodian Agreement (adding YieldMax<sup>®</sup> TSLA Short Option Income Strategy ETF, YieldMax<sup>®</sup> Innovation Short Option Income Strategy ETF, YieldMax<sup>®</sup> NVDA Short Option Income Strategy ETF, YieldMax<sup>®</sup> COIN Short Option Income Strategy ETF, YieldMax<sup>®</sup> AAPL Short Option Income Strategy ETF, YieldMax<sup>®</sup> N100 Short Option Income Strategy ETF and Carbon Collective Short Duration Green Bond ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124003038/ex99-gi16.htm), previously filed with Post-Effective Amendment No. 182 on Form N-1A on March 4, 2024 and is incorporated herein by reference. |
| (16) [Seventeenth Amendment to the Custodian Agreement (adding Even Herd Long Short ETF, Peerless Option Wheel ETF, Return Stacked<sup>®</sup> Bonds & Futures Yield ETF, Return Stacked<sup>®</sup> U.S. Equity & Futures Yield ETF and YieldMax<sup>®</sup> Bitcoin Option Income Strategy ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124003975/ex99-gi17.htm), previously filed with Post-Effective Amendment No. 194 on Form N-1A on March 26, 2024 and is incorporated herein by reference. |
| (17) [Eighteenth Amendment to the Custodian Agreement (adding Defiance Gold Enhanced Options Income ETF, Defiance Silver Enhanced Options Income ETF, Defiance Oil Enhanced Options Income ETF, Defiance Treasury Enhanced Options Income ETF and Clockwise Core Equity & Innovation ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124005390/ex99-gi18.htm), previously filed with Post-Effective Amendment No. 206 on Form N-1A on April 29, 2024 and is incorporated herein by reference. |
| (18) [Nineteenth Amendment to the Custodian Agreement (adding Cambria Chesapeake Pure Trend ETF, Defiance Daily Target 2X Short MSTR ETF, Defiance Daily Target 2X Long RIOT ETF (formerly known as Defiance Daily Target 2X Long Carbon ETF), Defiance Daily Target 2X Long Copper ETF, Defiance Daily Target 2X Long China Dragons ETF (formerly known as Defiance Daily Target 2X Long Lithium ETF), Defiance Daily Target 2X Long LLY ETF, Defiance Daily Target 2X Long MSTR ETF, Defiance Daily Target 2X Long NVO ETF, Defiance Daily Target 2X Long AVGO ETF, Defiance Daily Target 2X Long SMCI ETF, Defiance Daily Target 2X Long Solar ETF and Defiance Daily Target 2X Long Uranium ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124006405/ex99-gi19.htm), previously filed with Post-Effective Amendment No. 213 on Form N-1A on May 21, 2024 and is incorporated herein by reference. |

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| |
|:---|
| (19) [Twentieth Amendment to the Custodian Agreement (adding Nicholas Global Equity and Income ETF, YieldMax<sup>®</sup> BABA Option Income Strategy ETF, YieldMax<sup>®</sup> CVNA Option Income Strategy ETF, YieldMax<sup>®</sup> DKNG Option Income Strategy ETF, YieldMax<sup>®</sup> HOOD Option Income Strategy ETF, YieldMax<sup>®</sup> JD Option Income Strategy ETF, YieldMax<sup>®</sup> MARA Option Income Strategy ETF, YieldMax<sup>®</sup> PDD Option Income Strategy ETF, YieldMax<sup>®</sup> PLTR Option Income Strategy ETF, YieldMax<sup>®</sup> RBLX Option Income Strategy ETF, YieldMax<sup>®</sup> SHOP Option Income Strategy ETF, YieldMax<sup>®</sup> SMCI Option Income Strategy ETF, and YieldMax<sup>®</sup> TSM Option Income Strategy ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124008818/ex99-gi20.htm), previously filed with Post-Effective Amendment No. 237 on Form N-1A on July 18, 2024 and is incorporated herein by reference. |
| (20) [Twenty-First Amendment to the Custodian Agreement (adding YieldMax<sup>®</sup> Ether Option Income Strategy ETF, STKd 100% Bitcoin & 100% Gold ETF and Defiance Large Cap ex-Mag 7 ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124012089/ex99-gi21.htm), previously filed with Post-Effective Amendment No. 261 on Form N-1A on September 18, 2024, and is incorporated herein by reference. |
| (21) [Twenty-Second Amendment to the Custodian Agreement (adding YieldMax<sup>®</sup> Target 12™ Semiconductor Option Income ETF, YieldMax<sup>®</sup> Target 12™ Biotech & Pharma Option Income ETF, YieldMax<sup>®</sup> Target 12™ Energy Option Income ETF, YieldMax<sup>®</sup> Target 12™ Real Estate Option Income ETF, YieldMax<sup>®</sup> Target 12™ Tech & Innovation Option Income ETF, YieldMax<sup>®</sup> Target 12™ Big 50 Option Income ETF, YieldMax<sup>®</sup> Dorsey Wright Hybrid 5 Income ETF, YieldMax<sup>®</sup> Dorsey Wright Featured 5 Income ETF, YieldMax<sup>®</sup> AI & Tech Portfolio Option Income ETF, YieldMax<sup>®</sup> Crypto Industry & Tech Portfolio Option Income ETF, YieldMax<sup>®</sup> China Portfolio Option Income ETF, YieldMax<sup>®</sup> Semiconductor Portfolio Option Income ETF, YieldMax<sup>®</sup> Biotech & Pharma Portfolio Option Income ETF, YieldMax<sup>®</sup> Ultra Short Option Income Strategy ETF and Return Stacked<sup>®</sup> Bonds & Merger Arbitrage ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000183988224040788/ex99-gi22.htm), previously filed with Post-Effective Amendment No. 280 on Form N-1A on November 22, 2024, and is incorporated herein by reference. |
| (22) [Twenty-Third Amendment to the Custodian Agreement (adding Defiance Daily Target 2X Long SOFI ETF, Defiance Daily Target 2X Long AMAT ETF, Defiance Daily Target 2X Long GOLD ETF, Defiance Daily Target 2X Long ORCL ETF, Defiance Daily Target 2X Long FSLR ETF, Defiance Daily Target 2X Long DKNG ETF, Defiance Hot Sauce Daily 2X Strategy ETF, Defiance AI & Power Infrastructure ETF, YieldMax<sup>®</sup> Nasdaq 100 0DTE Covered Call Strategy ETF, YieldMax<sup>®</sup> S&P 500 0DTE Covered Call Strategy ETF and YieldMax<sup>®</sup> R2000 0DTE Covered Call Strategy ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000183988225001947/ex99-gi23.htm), previously filed with Post-Effective Amendment No. 299 on Form N-1A on January 14, 2025 and is incorporated herein by reference. |
| (23) [Twenty-Fourth Amendment to the Custodian Agreement (adding STKd 100% COIN & 100% NVDA ETF, STKd 100% NVDA & 100% MSTR ETF, STKd 100% MSTR & 100% COIN ETF, STKd 100% COIN & 100% HOOD ETF, STKd 100% NVDA & 100% AMD ETF, STKd 100% TSLA & 100% MSTR ETF, STKd 100% TSLA & 100% NVDA ETF, STKd 100% SMCI & 100% NVDA ETF, STKd 100% UBER & 100% TSLA ETF and STKd 100% META & 100% AMZN ETF, Defiance Leveraged Long MSTR ETF, Defiance Leveraged Long + Income MSTR ETF, Defiance Daily Target 2X Long HIMS ETF, Defiance Daily Target 2X Long IONQ ETF, Defiance Daily Target 2X Long RKLB ETF, Defiance Daily Target 2X Long CVNA ETF, Defiance Daily Target 2X Long HOOD ETF, Defiance Daily Target 2X Long VST ETF, Defiance Daily Target 2X Long JPM ETF, Defiance Daily Target 2X Long PENN ETF, Defiance Daily Target 2X Long SOUN ETF, Defiance Daily Target 2X Long MRVL ETF, Defiance Daily Target 2X Long RGTI ETF, YieldMax<sup>®</sup> MSTR Short Option Income Strategy ETF, YieldMax<sup>®</sup> AMD Short Option Income Strategy ETF, YieldMax<sup>®</sup> AMZN Short Option Income Strategy ETF, YieldMax<sup>®</sup> MARA Short Option Income Strategy ETF, YieldMax<sup>®</sup> Bitcoin Short Option Income Strategy ETF, YieldMax<sup>®</sup> META Short Option Income Strategy ETF and YieldMax<sup>®</sup> SMCI Short Option Income Strategy ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000183988225010423/ex99-gi24.htm), previously filed with Post-Effective Amendment No. 316 on Form N-1A on February 24, 2025 and is incorporated herein by reference. |
| (24) [Twenty-Fifth Amendment to the Custodian Agreement (adding Defiance Daily Target 2X Short RIOT ETF, Defiance Daily Target 2X Short SMCI ETF and Defiance Daily Target 2X Short LLY ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937125003437/ex99-gi25.htm), previously filed with Post-Effective Amendment No. 336 on Form N-1A on March 31, 2025 and is incorporated herein by reference. |
| [(25) Twenty-Sixth Amendment to the Custodian Agreement (adding Defiance Daily Target 2X Long DJT ETF, Defiance Daily Target 2X Long RDDT ETF, Return Stacked® U.S. Stocks & Gold/Bitcoin ETF, Defiance Trillion Dollar Club Index ETF, Defiance Nasdaq 100 LightningSpread™ Income ETF, Defiance S&P 500 LightningSpread™ Income ETF, Defiance Russell 2000 LightningSpread™ Income ETF, YieldMax<sup>®</sup> Target 25™ AI Option Income ETF, YieldMax<sup>®</sup> Target 25™ AMD Option Income ETF, YieldMax<sup>®</sup> Target 25™ AMZN Option Income ETF, YieldMax<sup>®</sup> Target 25™ COIN Option Income ETF, YieldMax<sup>®</sup> Target 25™ MARA Option Income ETF, YieldMax<sup>®</sup> Target 25™ MSTR Option Income ETF, YieldMax<sup>®</sup> Target 25™ NVDA Option Income ETF, YieldMax<sup>®</sup> Target 25™ PLTR Option Income ETF, YieldMax<sup>®</sup> Target 25™ SMCI Option Income ETF, YieldMax<sup>®</sup> Target 25™ TSLA Option Income ETF, Defiance Daily Target 2X Short CVNA ETF, Defiance Daily Target 2X Short IONQ ETF, Defiance Daily Target 2X Short PLTR ETF, Defiance Daily Target 2X Short RKLB ETF, Defiance Daily Target 2X Long ANET ETF, Defiance Daily Target 2X Long ARM ETF, Defiance Daily Target 2X Long PM ETF, Defiance Daily Target 2X Long UBER ETF, Hilton BDC Corporate Bond ETF and Nicholas Crypto Income ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937125004740/ex99-gi25.htm), previously filed with Post-Effective Amendment No. 342 on Form N-1A on April 25, 2025 and is incorporated herein by reference. |

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|  | (26) Twenty-Seventh Amendment to the Custodian Agreement (adding Defiance 2X Daily Long Pure Quantum ETF) – **to be filed by amendment.** |
|  | (27) Twenty-Eighth Amendment to the Custodian Agreement (adding Defiance MAGA Seven ETF) **– to be filed by amendment.** |
|  | (28) Twenty-Ninth Amendment to the Custodian Agreement (adding YieldMax<sup>®</sup> Target 25™ Bitcoin Option Income ETF) – **to be filed by amendment.** |
|  | (29) Thirtieth Amendment to the Custodian Agreement (adding Defiance Daily Target 2X Long OKLO ETF and Defiance Daily Target 2X Long QBTS ETF) **– to be filed by amendment.** |
|  | (30) Thirty-First Amendment to the Custodian Agreement (adding Defiance Daily Target 2X Short RGTI ETF and Defiance Daily Target 2X Short QBTS ETF) **– to be filed by amendment.** |
|  | (31) Thirty-Second Amendment to the Custodian Agreement (adding Defiance MSTR Double Short Hedged ETF) **– to be filed by amendment.** |
|  | (32) Thirty-Third Amendment to the Custodian Agreement (adding Defiance Nasdaq 100 Double Short Hedged ETF) **– to be filed by amendment.** |
|  | (33) Thirty-Fourth Amendment to the Custodian Agreement (adding Defiance Vol Carry Hedged ETF, Defiance Enhanced Short Vol ETF and Defiance Enhanced Long Vol ETF) – **to be filed by amendment.** |
|  | (34) Thirty-Fifth Amendment to the Custodian Agreement (adding Defiance Leveraged Long + Income AAPL ETF, Defiance Leveraged Long + Income AMD ETF, Defiance Leveraged Long + Income AMZN ETF, Defiance Leveraged Long + Income BRK.B ETF, Defiance Leveraged Long + Income COIN ETF, Defiance Leveraged Long + Income GOOG ETF, Defiance Leveraged Long + Income HIMS ETF, Defiance Leveraged Long + Income HOOD ETF, Defiance Leveraged Long + Income META ETF, Defiance Leveraged Long + Income NFLX ETF, Defiance Leveraged Long + Income NVDA ETF, Defiance Leveraged Long + Income PLTR ETF, Defiance Leveraged Long + Income SMCI ETF, and Defiance Leveraged Long + Income TSLA ETF) – **to be filed by amendment.** |
|  | (35) Thirty-Sixth Amendment to the Custodian Agreement (adding LevMax™ AMZN [Monthly 3x1] ETF, LevMax™ Bitcoin [Monthly 3x1] ETF, LevMax™ BRK-B [Monthly 3x1] ETF, LevMax™ COIN [Monthly 3x1] ETF, LevMax™ HOOD [Monthly 3x1] ETF, LevMax™ MSFT [Monthly 3x1] ETF, LevMax™ MSTR [Monthly 3x1] ETF, LevMax™ NVDA [Monthly 3x1] ETF, LevMax™ PLTR [Monthly 3x1] ETF, LevMax™ RDDT [Monthly 3x1] ETF, LevMax™ SMCI [Monthly 3x1] ETF and LevMax™ TSLA [Monthly 3x1] ETF) – **to be filed by amendment.** |
|  | (36) Thirty-Seventh Amendment to the Custodian Agreement (adding YieldMax<sup>®</sup> AFRM Option Income Strategy ETF, YieldMax<sup>®</sup> APP Option Income Strategy ETF, YieldMax<sup>®</sup> ARM Option Income Strategy ETF, YieldMax<sup>®</sup> AVGO Option Income Strategy ETF, YieldMax<sup>®</sup> CRWD Option Income Strategy ETF, YieldMax<sup>®</sup> GME Option Income Strategy ETF, YieldMax<sup>®</sup> HIMS Option Income Strategy ETF, YieldMax<sup>®</sup> IONQ Option Income Strategy ETF, YieldMax<sup>®</sup> LLY Option Income Strategy ETF, YieldMax<sup>®</sup> RDDT Option Income Strategy ETF, YieldMax<sup>®</sup> SPOT Option Income Strategy ETF and YieldMax<sup>®</sup> UBER Option Income Strategy ETF) – **to be filed by amendment.** |
| (ii) | [Semi-Transparent ETF Custody Agreement between Tidal Trust II and U.S. Bank National Association](http://www.sec.gov/Archives/edgar/data/1924868/000183988223009341/ex99-gii.htm), previously filed with Post-Effective Amendment No. 74 on Form N-1A on April 11, 2023 and is incorporated herein by reference. |
| (h) (i) | [Fund Administration Servicing Agreement between the Trust and Tidal ETF Services LLC](http://www.sec.gov/Archives/edgar/data/1924868/000138713122007650/ex99-hi.htm), previously filed with the Trusts registration statement on Form N-1A/A on July 12, 2022, is hereby incorporated by reference. |
|  | (1) [First Amendment to the Fund Administration Servicing Agreement (adding YieldMax<sup>®</sup> AAPL Option Income Strategy ETF, YieldMax<sup>®</sup> AMZN Option Income Strategy ETF, YieldMax<sup>®</sup> BRK.B Option Income Strategy ETF, YieldMax<sup>®</sup> COIN Option Income Strategy ETF, YieldMax<sup>®</sup> META Option Income Strategy ETF, YieldMax<sup>®</sup> GOOG Option Income Strategy ETF, YieldMax<sup>®</sup> NFLX Option Income Strategy ETF, YieldMax<sup>®</sup> NVDA Option Income Strategy ETF, YieldMax<sup>®</sup> XYZ Option Income Strategy ETF, YieldMax<sup>®</sup> TSLA Option Income Strategy ETF, YieldMax<sup>®</sup> ARKK Option Income Strategy ETF, YieldMax<sup>®</sup> KWEB Option Income Strategy ETF, YieldMax<sup>®</sup> GDX Option Income Strategy ETF, YieldMax<sup>®</sup> XBI Option Income Strategy ETF, and YieldMax<sup>®</sup> TLT Option Income Strategy ETF and Senior Secured Credit Opportunities ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000138713122010432/ex99-hi1.htm), previously filed with Post-Effective Amendment No. 15 on Form N-1A on October 13, 2022 and is incorporated herein by reference. |
|  | (2) [Third Amendment to the Fund Administration Servicing Agreement (adding Nicholas Fixed Income Alternative ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000138713122011714/ex99-hi3.htm), previously filed with Post-Effective Amendment No. 34 on Form N-1A on November 22, 2022 and is incorporated herein by reference. |
|  | (3) [Fourth Amendment to the Fund Administration Servicing Agreement (adding Pinnacle Focused Opportunities ETF and Veridien Climate Action ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000183988222030436/ex99-hi4.htm), previously filed with Post-Effective Amendment No. 45 on Form N-1A on December 28, 2022 and is incorporated herein by reference. |
|  | (4) [Fifth Amendment to the Fund Administration Servicing Agreement (adding Return Stacked<sup>®</sup> Bonds & Managed Futures ETF and Return Stacked<sup>®</sup> Global Stocks & Bonds ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000138713123001445/ex99-hii5.htm), previously filed with Post-Effective Amendment No. 56 on Form N-1A on February 6, 2023 and is incorporated herein by reference. |
|  | (5) [Sixth Amendment to the Fund Administration Servicing Agreement (adding DGA Absolute Return ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000138713123004540/ex99-hi6.htm), previously filed with Post-Effective Amendment No. 72 on Form N-1A on April 6, 2023 and is incorporated herein by reference. |
|  | (6) [Seventh Amendment to the Fund Administration Servicing Agreement (adding Tactical Advantage ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000138713123004540/ex99-hi7.htm), previously filed with Post-Effective Amendment No. 72 on Form N-1A on April 6, 2023 and is incorporated herein by reference. |

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| (7) [Eighth Amendment to the Fund Administration Servicing Agreement (adding Roundhill Generative AI & Technology ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000138713123005837/ex99-hi8.htm), previously filed with Post-Effective Amendment No. 83 on Form N-1A on May 2, 2023 and is incorporated herein by reference. |
| (8) [Ninth Amendment to the Fund Administration Servicing Agreement (adding Blueprint Chesapeake Multi-Asset Trend ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000138713123007903/ex99-hi.htm), previously filed with Post-Effective Amendment No. 102 on Form N-1A on June 27, 2023 and is incorporated herein by reference. |
| (9) [CCO Services Amendment to Fund Administration Servicing Agreement](http://www.sec.gov/Archives/edgar/data/1924868/000138713123006448/ex99-hi10.htm), previously filed with Post-Effective Amendment No. 88 on Form N-1A on May 12, 2023 and is incorporated herein by reference. |
| (10) [Tenth Amendment to the Fund Administration Servicing Agreement (adding Cboe Validus S&P 500 Dynamic PutWrite Index ETF, Grizzle Growth ETF, YieldMax<sup>®</sup> MSTR Option Income Strategy ETF, YieldMax<sup>®</sup> ABNB Option Income Strategy ETF, YieldMax<sup>®</sup> AMD Option Income Strategy ETF, YieldMax<sup>®</sup> MRNA Option Income Strategy ETF, YieldMax<sup>®</sup> PYPL Option Income Strategy ETF, YieldMax<sup>®</sup> DIS Option Income Strategy ETF, YieldMax<sup>®</sup> JPM Option Income Strategy ETF, YieldMax<sup>®</sup> MSFT Option Income Strategy ETF, and YieldMax<sup>®</sup> XOM Option Income Strategy ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000138713123008622/ex99-hi11.htm), previously filed with Post-Effective Amendment No. 107 on Form N-1A on July 25, 2023 and is incorporated herein by reference. |
| (11) [Eleventh Amendment to the Fund Administration Servicing Agreement (adding Return Stacked<sup>®</sup> U.S. Stocks & Managed Futures ETF, Defiance Nasdaq 100 Target 30 Income ETF, Defiance S&P 500 Target 30 Income ETF and Defiance R2000 Target 30 Income ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000138713123010338/ex99-hi12.htm), previously filed with Post-Effective Amendment No. 117 on Form N-1A on August 25, 2023 and is incorporated herein by reference. |
| (12) [Twelfth Amendment to the Fund Administration Servicing Agreement (adding CoreValues Alpha Greater China Growth ETF, YieldMax<sup>®</sup> ADBE Option Income Strategy ETF, YieldMax<sup>®</sup> AI Option Income Strategy ETF, YieldMax<sup>®</sup> BA Option Income Strategy ETF, YieldMax<sup>®</sup> BIIB Option Income Strategy ETF, YieldMax<sup>®</sup> INTC Option Income Strategy ETF, YieldMax<sup>®</sup> NKE Option Income Strategy ETF, YieldMax<sup>®</sup> ORCL Option Income Strategy ETF, YieldMax<sup>®</sup> ROKU Option Income Strategy ETF, YieldMax<sup>®</sup> SNOW Option Income Strategy ETF, YieldMax<sup>®</sup> TGT Option Income Strategy ETF and YieldMax<sup>®</sup> ZM Option Income Strategy ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000138713123011378/ex99-hi13.htm), previously filed with Post-Effective Amendment No. 124 on Form N-1A on September 20, 2023 and is incorporated herein by reference. |
| (13) [Thirteenth Amendment to the Fund Administration Servicing Agreement (adding Hilton Small-MidCap Opportunity ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937123000397/ex99-hi14.htm), previously filed with Post-Effective Amendment No. 135 on Form N-1A on November 20, 2023 and is incorporated herein by reference. |
| (14) [Fourteenth Amendment to the Fund Administration Servicing Agreement (adding YieldMax<sup>®</sup> Universe Fund of Option Income ETFs, YieldMax<sup>®</sup> Magnificent 7 Fund of Option Income ETFs and Defiance Treasury Alternative Yield ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124000178/ex99hi15.htm), previously filed with Post-Effective Amendment No. 153 on Form N-1A on January 8, 2024 and is incorporated herein by reference. |
| (15) [Fifteenth Amendment to the Fund Administration Servicing Agreement (adding Defiance Developed Markets Enhanced Options Income ETF, Defiance Emerging Markets Enhanced Options Income ETF, Defiance Nasdaq 100 Target Income ETF, Defiance S&P 500 Target Income ETF, Defiance R2000 Target Income ETF Quantify Absolute Income ETF, iREIT - MarketVector Quality REIT Index ETF, YieldMax<sup>®</sup> Ultra Option Income Strategy ETF and YieldMax<sup>®</sup> MSTR Option Income Strategy ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124001388/ex99-hi16.htm), previously filed with Post-Effective Amendment No. 165 on Form N-1A on February 1, 2024 and is incorporated herein by reference. |
| (16) [Sixteenth Amendment to the Fund Administration Servicing Agreement (adding YieldMax<sup>®</sup> TSLA Short Option Income Strategy ETF, YieldMax<sup>®</sup> Innovation Short Option Income Strategy ETF, YieldMax<sup>®</sup> NVDA Short Option Income Strategy ETF, YieldMax<sup>®</sup> COIN Short Option Income Strategy ETF, YieldMax<sup>®</sup> AAPL Short Option Income Strategy ETF, YieldMax<sup>®</sup> N100 Short Option Income Strategy ETF and Carbon Collective Short Duration Green Bond ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124003038/ex99-hi17.htm), previously filed with Post-Effective Amendment No. 182 on Form N-1A on March 4, 2024 and is incorporated herein by reference. |
| (17) [Seventeenth Amendment to the Fund Administration Servicing Agreement (adding Even Herd Long Short ETF, Peerless Option Wheel ETF, Return Stacked<sup>®</sup> Bonds & Futures Yield ETF, Return Stacked<sup>®</sup> U.S. Equity & Futures Yield ETF and YieldMax<sup>®</sup> Bitcoin Option Income Strategy ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124003975/ex99-hi18.htm), previously filed with Post-Effective Amendment No. 194 on Form N-1A on March 26, 2024 and is incorporated herein by reference. |
| (18) [Eighteenth Amendment to the Fund Administration Servicing Agreement (adding Defiance Gold Enhanced Options Income ETF, Defiance Silver Enhanced Options Income ETF, Defiance Oil Enhanced Options Income ETF, Defiance Treasury Enhanced Options Income ETF and Clockwise Core Equity & Innovation ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124005390/ex99-hi19.htm), previously filed with Post-Effective Amendment No. 206 on Form N-1A on April 29, 2024 and is incorporated herein by reference. |
| (19) [Nineteenth Amendment to the Fund Administration Servicing Agreement (adding Cambria Chesapeake Pure Trend ETF, Defiance Daily Target 2X Short MSTR ETF, Defiance Daily Target 2X Long RIOT ETF (formerly known as Defiance Daily Target 2X Long Carbon ETF), Defiance Daily Target 2X Long Copper ETF, Defiance Daily Target 2X Long China Dragons ETF (formerly known as Defiance Daily Target 2X Long Lithium ETF), Defiance Daily Target 2X Long LLY ETF, Defiance Daily Target 2X Long MSTR ETF, Defiance Daily Target 2X Long NVO ETF, Defiance Daily Target 2X Long AVGO ETF, Defiance Daily Target 2X Long SMCI ETF, Defiance Daily Target 2X Long Solar ETF and Defiance Daily Target 2X Long Uranium ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124006405/ex99-hi20.htm), previously filed with Post-Effective Amendment No. 213 on Form N-1A on May 21, 2024 and is incorporated herein by reference. |

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| (20) [Twentieth Amendment to the Fund Administration Servicing Agreement (adding Nicholas Global Equity and Income ETF, YieldMax<sup>®</sup> BABA Option Income Strategy ETF, YieldMax<sup>®</sup> CVNA Option Income Strategy ETF, YieldMax<sup>®</sup> DKNG Option Income Strategy ETF, YieldMax<sup>®</sup> HOOD Option Income Strategy ETF, YieldMax<sup>®</sup> JD Option Income Strategy ETF, YieldMax<sup>®</sup> MARA Option Income Strategy ETF, YieldMax<sup>®</sup> PDD Option Income Strategy ETF, YieldMax<sup>®</sup> PLTR Option Income Strategy ETF, YieldMax<sup>®</sup> RBLX Option Income Strategy ETF, YieldMax<sup>®</sup> SHOP Option Income Strategy ETF, YieldMax<sup>®</sup> SMCI Option Income Strategy ETF, and YieldMax<sup>®</sup> TSM Option Income Strategy ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124008818/ex99-hi21.htm), previously filed with Post-Effective Amendment No. 237 on Form N-1A on July 18, 2024 and is incorporated herein by reference. |
| (21) [Twenty-First Amendment to the Fund Administration Servicing Agreement (adding YieldMax<sup>®</sup> Ether Option Income Strategy ETF, STKd 100% Bitcoin & 100% Gold ETF and Defiance Large Cap ex-Mag 7 ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124011660/ex99-hi22.htm), previously filed with Post-Effective Amendment No. 259 on Form N-1A on September 9, 2024, and is incorporated herein by reference. |
| (22) [Twenty-Second Amendment to the Fund Administration Servicing Agreement (adding YieldMax<sup>®</sup> Target 12™ Semiconductor Option Income ETF, YieldMax<sup>®</sup> Target 12™ Biotech & Pharma Option Income ETF, YieldMax<sup>®</sup> Target 12™ Energy Option Income ETF, YieldMax<sup>®</sup> Target 12™ Real Estate Option Income ETF, YieldMax<sup>®</sup> Target 12™ Tech & Innovation Option Income ETF, YieldMax<sup>®</sup> Target 12™ Big 50 Option Income ETF, YieldMax<sup>®</sup> Dorsey Wright Hybrid 5 Income ETF, YieldMax<sup>®</sup> Dorsey Wright Featured 5 Income ETF, YieldMax<sup>®</sup> AI & Tech Portfolio Option Income ETF, YieldMax<sup>®</sup> Crypto Industry & Tech Portfolio Option Income ETF, YieldMax<sup>®</sup> China Portfolio Option Income ETF, YieldMax<sup>®</sup> Semiconductor Portfolio Option Income ETF, YieldMax<sup>®</sup> Biotech & Pharma Portfolio Option Income ETF, YieldMax<sup>®</sup> Ultra Short Option Income Strategy ETF and Return Stacked<sup>®</sup> Bonds & Merger Arbitrage ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000183988224040788/ex99-hi23.htm), previously filed with Post-Effective Amendment No. 280 on Form N-1A on November 22, 2024, and is incorporated herein by reference**.** |
| (23) [Twenty-Third Amendment to the Fund Administration Servicing Agreement (adding Defiance Daily Target 2X Long SOFI ETF, Defiance Daily Target 2X Long AMAT ETF, Defiance Daily Target 2X Long GOLD ETF, Defiance Daily Target 2X Long ORCL ETF, Defiance Daily Target 2X Long FSLR ETF, Defiance Daily Target 2X Long DKNG ETF, Defiance Hot Sauce Daily 2X Strategy ETF, Defiance AI & Power Infrastructure ETF, YieldMax<sup>®</sup> Nasdaq 100 0DTE Covered Call Strategy ETF, YieldMax<sup>®</sup> S&P 500 0DTE Covered Call Strategy ETF and YieldMax<sup>®</sup> R2000 0DTE Covered Call Strategy ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000183988225001947/ex99-hi24.htm), previously filed with Post-Effective Amendment No. 299 on Form N-1A on January 14, 2025 and is incorporated herein by reference. |
| (24) [Twenty-Fourth Amendment to the Fund Administration Servicing Agreement (adding STKd 100% COIN & 100% NVDA ETF, STKd 100% NVDA & 100% MSTR ETF, STKd 100% MSTR & 100% COIN ETF, STKd 100% COIN & 100% HOOD ETF, STKd 100% NVDA & 100% AMD ETF, STKd 100% TSLA & 100% MSTR ETF, STKd 100% TSLA & 100% NVDA ETF, STKd 100% SMCI & 100% NVDA ETF, STKd 100% UBER & 100% TSLA ETF and STKd 100% META & 100% AMZN ETF, Defiance Leveraged Long MSTR ETF, Defiance Leveraged Long + Income MSTR ETF, Defiance Daily Target 2X Long HIMS ETF, Defiance Daily Target 2X Long IONQ ETF, Defiance Daily Target 2X Long RKLB ETF, Defiance Daily Target 2X Long CVNA ETF, Defiance Daily Target 2X Long HOOD ETF, Defiance Daily Target 2X Long VST ETF, Defiance Daily Target 2X Long JPM ETF, Defiance Daily Target 2X Long PENN ETF, Defiance Daily Target 2X Long SOUN ETF, Defiance Daily Target 2X Long MRVL ETF, Defiance Daily Target 2X Long RGTI ETF, Defiance Daily Target 2X Short RIOT ETF, Defiance Daily Target 2X Short SMCI ETF and Defiance Daily Target 2X Short LLY ETF, YieldMax<sup>®</sup> MSTR Short Option Income Strategy ETF, YieldMax<sup>®</sup> AMD Short Option Income Strategy ETF, YieldMax<sup>®</sup> AMZN Short Option Income Strategy ETF, YieldMax<sup>®</sup> MARA Short Option Income Strategy ETF, YieldMax<sup>®</sup> Bitcoin Short Option Income Strategy ETF, YieldMax<sup>®</sup> META Short Option Income Strategy ETF and YieldMax<sup>®</sup> SMCI Short Option Income Strategy ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000183988225010423/ex99-hi25.htm), previously filed with Post-Effective Amendment No. 316 on Form N-1A on February 24, 2025 and is incorporated herein by reference**.** |
| (25) [Twenty-Fifth Amendment to the Fund Administration Servicing Agreement (adding Defiance Daily Target 2X Long DJT ETF, Defiance Daily Target 2X Long RDDT ETF, Return Stacked® U.S. Stocks & Gold/Bitcoin ETF, Defiance Trillion Dollar Club Index ETF, Defiance Nasdaq 100 LightningSpread™ Income ETF, Defiance S&P 500 LightningSpread™ Income ETF, Defiance Russell 2000 LightningSpread™ Income ETF, YieldMax<sup>®</sup> Target 25™ AI Option Income ETF, YieldMax<sup>®</sup> Target 25™ AMD Option Income ETF, YieldMax<sup>®</sup> Target 25™ AMZN Option Income ETF, YieldMax<sup>®</sup> Target 25™ COIN Option Income ETF, YieldMax<sup>®</sup> Target 25™ MARA Option Income ETF, YieldMax<sup>®</sup> Target 25™ MSTR Option Income ETF, YieldMax<sup>®</sup> Target 25™ NVDA Option Income ETF, YieldMax<sup>®</sup> Target 25™ PLTR Option Income ETF, YieldMax<sup>®</sup> Target 25™ SMCI Option Income ETF, YieldMax<sup>®</sup> Target 25™ TSLA Option Income ETF, Defiance Daily Target 2X Short CVNA ETF, Defiance Daily Target 2X Short IONQ ETF, Defiance Daily Target 2X Short PLTR ETF, Defiance Daily Target 2X Short RKLB ETF, Defiance Daily Target 2X Long ANET ETF, Defiance Daily Target 2X Long ARM ETF, Defiance Daily Target 2X Long PM ETF, Defiance Daily Target 2X Long UBER ETF, Hilton BDC Corporate Bond ETF and Nicholas Crypto Income ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937125004019/ex99-hi25.htm), previously filed with Post-Effective Amendment No. 339 on Form N-1A on April 8, 2025 and is incorporated herein by reference. |
| (26) Twenty-Sixth Amendment to the Fund Administration Servicing Agreement (adding Defiance 2X Daily Long Pure Quantum ETF) **– to be filed by amendment.** |

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|:---|:---|
|  | (27) Twenty-Seventh Amendment to the Fund Administration Servicing Agreement (adding Defiance MAGA Seven ETF) **– to be filed by amendment.** |
|  | (28) Twenty-Eighth Amendment to the Fund Administration Servicing Agreement (adding YieldMax<sup>®</sup> Target 25™ Bitcoin Option Income ETF) **– to be filed by amendment.** |
|  | (29) Twenty-Ninth Amendment to the Fund Administration Servicing Agreement (adding Defiance Daily Target 2X Long OKLO ETF and Defiance Daily Target 2X Long QBTS ETF) **– to be filed by amendment.** |
|  | (30) Thirtieth Amendment to the Fund Administration Servicing Agreement (adding Defiance Daily Target 2X Short RGTI ETF and Defiance Daily Target 2X Short QBTS ETF) **– to be filed by amendment.** |
|  | (31) Thirty-First Amendment to the Fund Administration Servicing Agreement (adding Defiance MSTR Double Short Hedged ETF) **– to be filed by amendment.** |
|  | (32) Thirty-Second Amendment to the Fund Administration Servicing Agreement (adding Defiance Nasdaq 100 Double Short Hedged ETF) **– to be filed by amendment.** |
|  | (33) Thirty-Third Amendment to the Fund Administration Servicing Agreement (adding Defiance Vol Carry Hedged ETF, Defiance Enhanced Short Vol ETF and Defiance Enhanced Long Vol ETF) – **to be filed by amendment.** |
|  | (34) Thirty-Fourth Amendment to the Fund Administration Servicing Agreement (adding Defiance Leveraged Long + Income AAPL ETF, Defiance Leveraged Long + Income AMD ETF, Defiance Leveraged Long + Income AMZN ETF, Defiance Leveraged Long + Income BRK.B ETF, Defiance Leveraged Long + Income COIN ETF, Defiance Leveraged Long + Income GOOG ETF, Defiance Leveraged Long + Income HIMS ETF, Defiance Leveraged Long + Income HOOD ETF, Defiance Leveraged Long + Income META ETF, Defiance Leveraged Long + Income NFLX ETF, Defiance Leveraged Long + Income NVDA ETF, Defiance Leveraged Long + Income PLTR ETF, Defiance Leveraged Long + Income SMCI ETF, and Defiance Leveraged Long + Income TSLA ETF) – **to be filed by amendment.** |
|  | (35) Thirty-Fifth Amendment to the Fund Administration Servicing Agreement (adding LevMax™ AMZN [Monthly 3x1] ETF, LevMax™ Bitcoin [Monthly 3x1] ETF, LevMax™ BRK-B [Monthly 3x1] ETF, LevMax™ COIN [Monthly 3x1] ETF, LevMax™ HOOD [Monthly 3x1] ETF, LevMax™ MSFT [Monthly 3x1] ETF, LevMax™ MSTR [Monthly 3x1] ETF, LevMax™ NVDA [Monthly 3x1] ETF, LevMax™ PLTR [Monthly 3x1] ETF, LevMax™ RDDT [Monthly 3x1] ETF, LevMax™ SMCI [Monthly 3x1] ETF and LevMax™ TSLA [Monthly 3x1] ETF) – **to be filed by amendment.** |
|  | (36) Thirty-Sixth Amendment to the Fund Administration Servicing Agreement (adding YieldMax<sup>®</sup> AFRM Option Income Strategy ETF, YieldMax<sup>®</sup> APP Option Income Strategy ETF, YieldMax<sup>®</sup> ARM Option Income Strategy ETF, YieldMax<sup>®</sup> AVGO Option Income Strategy ETF, YieldMax<sup>®</sup> CRWD Option Income Strategy ETF, YieldMax<sup>®</sup> GME Option Income Strategy ETF, YieldMax<sup>®</sup> HIMS Option Income Strategy ETF, YieldMax<sup>®</sup> IONQ Option Income Strategy ETF, YieldMax<sup>®</sup> LLY Option Income Strategy ETF, YieldMax<sup>®</sup> RDDT Option Income Strategy ETF, YieldMax<sup>®</sup> SPOT Option Income Strategy ETF and YieldMax<sup>®</sup> UBER Option Income Strategy ETF) – **to be filed by amendment.** |
| (ii) | [Fund Sub-Administration Servicing Agreement between Tidal ETF Services LLC on behalf of the Trust and U.S. Bancorp Fund Services, LLC](http://www.sec.gov/Archives/edgar/data/1924868/000138713122007650/ex99-hii.htm), previously filed with the Trusts registration statement on Form N-1A/A on July 12, 2022, is hereby incorporated by reference. |
|  | (1) [First Amendment to the Fund Sub-Administration Servicing Agreement (adding YieldMax<sup>®</sup> AAPL Option Income Strategy ETF, YieldMax<sup>®</sup> AMZN Option Income Strategy ETF, YieldMax<sup>®</sup> BRK.B Option Income Strategy ETF, YieldMax<sup>®</sup> COIN Option Income Strategy ETF, YieldMax<sup>®</sup> META Option Income Strategy ETF, YieldMax<sup>®</sup> GOOG Option Income Strategy ETF, YieldMax<sup>®</sup> NFLX Option Income Strategy ETF, YieldMax<sup>®</sup> NVDA Option Income Strategy ETF, YieldMax<sup>®</sup> XYZ Option Income Strategy ETF, YieldMax<sup>®</sup> TSLA Option Income Strategy ETF YieldMax<sup>®</sup> ARKK Option Income Strategy ETF, YieldMax<sup>®</sup> KWEB Option Income Strategy ETF, YieldMax<sup>®</sup> GDX Option Income Strategy ETF, YieldMax<sup>®</sup> XBI Option Income Strategy ETF, YieldMax<sup>®</sup> TLT Option Income Strategy ETF, and adding Senior Secured Credit Opportunities ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000138713122010432/ex99-hi1.htm), previously filed with Post-Effective Amendment No. 15 on Form N-1A on October 13, 2022 and is incorporated herein by reference. |
|  | (2) [Third Amendment to the Fund Sub-Administration Servicing Agreement (adding Nicholas Fixed Income Alternative ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000183988225010628/ex99-hii3.htm), previously filed with Post-Effective Amendment No. 318 on Form N-1A on February 24, 2025 and is incorporated herein by reference. |
|  | (3) [Fourth Amendment to the Fund Sub-Administration Servicing Agreement (adding Pinnacle Focused Opportunities ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000183988222030436/ex99-hii4.htm), previously filed with Post-Effective Amendment No. 45 on Form N-1A on December 28, 2022 and is incorporated herein by reference. |
|  | (4) [Fifth Amendment to the Fund Sub-Administration Servicing Agreement (adding Return Stacked<sup>®</sup> Bonds & Managed Futures ETF and Return Stacked<sup>®</sup> Global Stocks & Bonds ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000138713123001445/ex99-hii5.htm), previously filed with Post-Effective Amendment No. 56 on Form N-1A on February 6, 2023 and is incorporated herein by reference. |
|  | (5) [Sixth Amendment to the Fund Sub-Administration Servicing Agreement (adding DGA Absolute Return ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000138713123004540/ex99-hii6.htm), previously filed with Post-Effective Amendment No. 72 on Form N-1A on April 6, 2023 and is incorporated herein by reference. |
|  | (6) [Seventh Amendment to the Fund Sub-Administration Servicing Agreement (adding Tactical Advantage ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000138713123004540/ex99-hii7.htm), previously filed with Post-Effective Amendment No. 72 on Form N-1A on April 6, 2023 and is incorporated herein by reference. |

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| (7) [Eighth Amendment to the Fund Sub-Administration Servicing Agreement (adding Roundhill Generative AI & Technology ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000138713123005837/ex99-hii8.htm), previously filed with Post-Effective Amendment No. 83 on Form N-1A on May 2, 2023 and is incorporated herein by reference. |
| (8) [Ninth Amendment to the Fund Accounting Servicing Agreement (adding Blueprint Chesapeake Multi-Asset Trend ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000138713123007903/ex99-hiv.htm), previously filed with Post-Effective Amendment No. 102 on Form N-1A on June 27, 2023 and is incorporated herein by reference. |
| (9) [Tenth Amendment to the Fund Sub-Administration Servicing Agreement (adding Cboe Validus S&P 500 Dynamic PutWrite Index ETF, Grizzle Growth ETF, YieldMax<sup>®</sup> MSTR Option Income Strategy ETF, YieldMax<sup>®</sup> ABNB Option Income Strategy ETF, YieldMax<sup>®</sup> AMD Option Income Strategy ETF, YieldMax<sup>®</sup> MRNA Option Income Strategy ETF, YieldMax<sup>®</sup> PYPL Option Income Strategy ETF, YieldMax<sup>®</sup> DIS Option Income Strategy ETF, YieldMax<sup>®</sup> JPM Option Income Strategy ETF, YieldMax<sup>®</sup> MSFT Option Income Strategy ETF, and YieldMax<sup>®</sup> XOM Option Income Strategy ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000138713123008622/ex99-hii10.htm), previously filed with Post-Effective Amendment No. 107 on Form N-1A on July 25, 2023 and is incorporated herein by reference. |
| (10) [Eleventh Amendment to the Fund Sub-Administration Servicing Agreement (adding Return Stacked<sup>®</sup> U.S. Stocks & Managed Futures ETF, Defiance Nasdaq 100 Target 30 Income ETF, Defiance S&P 500 Target 30 Income ETF and Defiance R2000 Target 30 Income ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000138713123010338/ex99-hi12.htm), previously filed with Post-Effective Amendment No. 117 on Form N-1A on August 25, 2023 and is incorporated herein by reference. |
| (11) [Twelfth Amendment to the Fund Sub-Administration Servicing Agreement (adding CoreValues Alpha Greater China Growth ETF, YieldMax<sup>®</sup> ADBE Option Income Strategy ETF, YieldMax<sup>®</sup> AI Option Income Strategy ETF, YieldMax<sup>®</sup> BA Option Income Strategy ETF, YieldMax<sup>®</sup> BIIB Option Income Strategy ETF, YieldMax<sup>®</sup> INTC Option Income Strategy ETF, YieldMax<sup>®</sup> NKE Option Income Strategy ETF, YieldMax<sup>®</sup> ORCL Option Income Strategy ETF, YieldMax<sup>®</sup> ROKU Option Income Strategy ETF, YieldMax<sup>®</sup> SNOW Option Income Strategy ETF, YieldMax<sup>®</sup> TGT Option Income Strategy ETF and YieldMax<sup>®</sup> ZM Option Income Strategy ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000138713123012010/ex99-hii12.htm), previously filed with Post-Effective Amendment No. 130 on Form N-1A on October 6, 2023 and is incorporated herein by reference. |
| (12) [Thirteenth Amendment to the Fund Sub-Administration Servicing Agreement (adding Hilton Small-MidCap Opportunity ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937123000397/ex99-hii13.htm), previously filed with Post-Effective Amendment No. 135 on Form N-1A on November 20, 2023 and is incorporated herein by reference. |
| (13) [Fourteenth Amendment to the Fund Sub-Administration Servicing Agreement (adding YieldMax<sup>®</sup> Universe Fund of Option Income ETFs, YieldMax<sup>®</sup> Magnificent 7 Fund of Option Income ETFs and Defiance Treasury Alternative Yield ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124000178/ex99-hii14.htm), previously filed with Post-Effective Amendment No. 153 on Form N-1A on January 8, 2024 and is incorporated herein by reference. |
| (14) [Fifteenth Amendment to the Fund Sub-Administration Servicing Agreement](http://www.sec.gov/Archives/edgar/data/1924868/000199937124002461/ex99-hii15.htm) [(adding Defiance Developed Markets Enhanced Options Income ETF, Defiance Emerging Markets Enhanced Options Income ETF, Defiance Nasdaq 100 Target Income ETF, Defiance S&P 500 Target Income ETF, Defiance R2000 Target Income ETF Quantify Absolute Income ETF, iREIT - MarketVector Quality REIT Index ETF, YieldMax<sup>®</sup> Ultra Option Income Strategy ETF and YieldMax<sup>®</sup> MSTR Option Income Strategy ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124002461/ex99-hii15.htm), previously filed with Post-Effective Amendment No. 171 on Form N-1A on February 16, 2024 and is incorporated herein by reference. |
| (15) [Sixteenth Amendment to the Fund Sub-Administration Servicing Agreement (adding YieldMax<sup>®</sup> TSLA Short Option Income Strategy ETF, YieldMax<sup>®</sup> Innovation Short Option Income Strategy ETF, YieldMax<sup>®</sup> NVDA Short Option Income Strategy ETF, YieldMax<sup>®</sup> COIN Short Option Income Strategy ETF, YieldMax<sup>®</sup> AAPL Short Option Income Strategy ETF, YieldMax<sup>®</sup> N100 Short Option Income Strategy ETF and Carbon Collective Short Duration Green Bond ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124003038/ex99-hii16.htm), previously filed with Post-Effective Amendment No. 182 on Form N-1A on March 4, 2024 and is incorporated herein by reference. |
| (16) [Seventeenth Amendment to the Fund Sub-Administration Servicing Agreement (adding Even Herd Long Short ETF, Peerless Option Wheel ETF, Return Stacked<sup>®</sup> Bonds & Futures Yield ETF, Return Stacked<sup>®</sup> U.S. Equity & Futures Yield ETF and YieldMax<sup>®</sup> Bitcoin Option Income Strategy ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124003975/ex99-hii17.htm), previously filed with Post-Effective Amendment No. 194 on Form N-1A on March 26, 2024 and is incorporated herein by reference. |
| (17) [Eighteenth Amendment to the Fund Sub-Administration Servicing Agreement (adding Defiance Gold Enhanced Options Income ETF, Defiance Silver Enhanced Options Income ETF, Defiance Oil Enhanced Options Income ETF, Defiance Treasury Enhanced Options Income ETF and Clockwise Core Equity & Innovation ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124005390/ex99-hii18.htm), previously filed with Post-Effective Amendment No. 206 on Form N-1A on April 29, 2024 and is incorporated herein by reference. |
| (18) [Nineteenth Amendment to the Fund Sub-Administration Servicing Agreement (adding Cambria Chesapeake Pure Trend ETF, Defiance Daily Target 2X Short MSTR ETF, Defiance Daily Target 2X Long RIOT ETF (formerly known as Defiance Daily Target 2X Long Carbon ETF), Defiance Daily Target 2X Long Copper ETF, Defiance Daily Target 2X Long China Dragons ETF (formerly known as Defiance Daily Target 2X Long Lithium ETF), Defiance Daily Target 2X Long LLY ETF, Defiance Daily Target 2X Long MSTR ETF, Defiance Daily Target 2X Long NVO ETF, Defiance Daily Target 2X Long AVGO ETF, Defiance Daily Target 2X Long SMCI ETF, Defiance Daily Target 2X Long Solar ETF and Defiance Daily Target 2X Long Uranium ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124006405/ex99-hii19.htm), previously filed with Post-Effective Amendment No. 213 on Form N-1A on May 21, 2024 and is incorporated herein by reference. |

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| (19) [Twentieth Amendment to the Fund Sub-Administration Servicing Agreement (adding Nicholas Global Equity and Income ETF, YieldMax<sup>®</sup> BABA Option Income Strategy ETF, YieldMax<sup>®</sup> CVNA Option Income Strategy ETF, YieldMax<sup>®</sup> DKNG Option Income Strategy ETF, YieldMax<sup>®</sup> HOOD Option Income Strategy ETF, YieldMax<sup>®</sup> JD Option Income Strategy ETF, YieldMax<sup>®</sup> MARA Option Income Strategy ETF, YieldMax<sup>®</sup> PDD Option Income Strategy ETF, YieldMax<sup>®</sup> PLTR Option Income Strategy ETF, YieldMax<sup>®</sup> RBLX Option Income Strategy ETF, YieldMax<sup>®</sup> SHOP Option Income Strategy ETF, YieldMax<sup>®</sup> SMCI Option Income Strategy ETF, and YieldMax<sup>®</sup> TSM Option Income Strategy ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124008818/ex99-hii20.htm), previously filed with Post-Effective Amendment No. 237 on Form N-1A on July 18, 2024 and is incorporated herein by reference. |
| (20) [Twenty-First Amendment to the Fund Sub-Administration Servicing Agreement (adding YieldMax<sup>®</sup> Ether Option Income Strategy ETF, STKd 100% Bitcoin & 100% Gold ETF and Defiance Large Cap ex-Mag 7 ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124012089/ex99-hii21.htm), previously filed with Post-Effective Amendment No. 261 on Form N-1A on September 18, 2024, and is incorporated herein by reference. |
| (21) [Twenty-Second Amendment to the Fund Sub-Administration Servicing Agreement (adding YieldMax<sup>®</sup> Target 12™ Semiconductor Option Income ETF, YieldMax<sup>®</sup> Target 12™ Biotech & Pharma Option Income ETF, YieldMax<sup>®</sup> Target 12™ Energy Option Income ETF, YieldMax<sup>®</sup> Target 12™ Real Estate Option Income ETF, YieldMax<sup>®</sup> Target 12™ Tech & Innovation Option Income ETF, YieldMax<sup>®</sup> Target 12™ Big 50 Option Income ETF, YieldMax<sup>®</sup> Dorsey Wright Hybrid 5 Income ETF, YieldMax<sup>®</sup> Dorsey Wright Featured 5 Income ETF, YieldMax<sup>®</sup> AI & Tech Portfolio Option Income ETF, YieldMax<sup>®</sup> Crypto Industry & Tech Portfolio Option Income ETF, YieldMax<sup>®</sup> China Portfolio Option Income ETF, YieldMax<sup>®</sup> Semiconductor Portfolio Option Income ETF, YieldMax<sup>®</sup> Biotech & Pharma Portfolio Option Income ETF, YieldMax<sup>®</sup> Ultra Short Option Income Strategy ETF and Return Stacked<sup>®</sup> Bonds & Merger Arbitrage ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000183988224040788/ex99-hii22.htm), previously filed with Post-Effective Amendment No. 280 on Form N-1A on November 22, 2024, and is incorporated herein by reference. |
| (22) [Twenty-Third Amendment to the Fund Sub-Administration Servicing Agreement (adding Defiance Daily Target 2X Long SOFI ETF, Defiance Daily Target 2X Long AMAT ETF, Defiance Daily Target 2X Long GOLD ETF, Defiance Daily Target 2X Long ORCL ETF, Defiance Daily Target 2X Long FSLR ETF, Defiance Daily Target 2X Long DKNG ETF, Defiance Hot Sauce Daily 2X Strategy ETF, Defiance AI & Power Infrastructure ETF, YieldMax<sup>®</sup> Nasdaq 100 0DTE Covered Call Strategy ETF, YieldMax<sup>®</sup> S&P 500 0DTE Covered Call Strategy ETF and YieldMax<sup>®</sup> R2000 0DTE Covered Call Strategy ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000183988225001947/ex99-hii23.htm), previously filed with Post-Effective Amendment No. 299 on Form N-1A on January 14, 2025 and is incorporated herein by reference. |
| (23) [Twenty-Fourth Amendment to the Fund Sub-Administration Servicing Agreement (adding STKd 100% COIN & 100% NVDA ETF, STKd 100% NVDA & 100% MSTR ETF, STKd 100% MSTR & 100% COIN ETF, STKd 100% COIN & 100% HOOD ETF, STKd 100% NVDA & 100% AMD ETF, STKd 100% TSLA & 100% MSTR ETF, STKd 100% TSLA & 100% NVDA ETF, STKd 100% SMCI & 100% NVDA ETF, STKd 100% UBER & 100% TSLA ETF, STKd 100% META & 100% AMZN ETF, Defiance Leveraged Long MSTR ETF, Defiance Leveraged Long + Income MSTR ETF, Defiance Daily Target 2X Long HIMS ETF, Defiance Daily Target 2X Long IONQ ETF, Defiance Daily Target 2X Long RKLB ETF, Defiance Daily Target 2X Long CVNA ETF, Defiance Daily Target 2X Long HOOD ETF, Defiance Daily Target 2X Long VST ETF, Defiance Daily Target 2X Long JPM ETF, Defiance Daily Target 2X Long PENN ETF, Defiance Daily Target 2X Long SOUN ETF, Defiance Daily Target 2X Long MRVL ETF, Defiance Daily Target 2X Long RGTI ETF, YieldMax<sup>®</sup> MSTR Short Option Income Strategy ETF, YieldMax<sup>®</sup> AMD Short Option Income Strategy ETF, YieldMax<sup>®</sup> AMZN Short Option Income Strategy ETF, YieldMax<sup>®</sup> MARA Short Option Income Strategy ETF, YieldMax<sup>®</sup> Bitcoin Short Option Income Strategy ETF, YieldMax<sup>®</sup> META Short Option Income Strategy ETF and YieldMax<sup>®</sup> SMCI Short Option Income Strategy ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000183988225010423/ex99-hii24.htm), previously filed with Post-Effective Amendment No. 316 on Form N-1A on February 24, 2025 and is incorporated herein by reference. |
| (24) [Twenty-Fifth Amendment to the Fund Sub-Administration Servicing Agreement (adding Defiance Daily Target 2X Short RIOT ETF, Defiance Daily Target 2X Short SMCI ETF and Defiance Daily Target 2X Short LLY ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937125003437/ex99-hii25.htm), previously filed with Post-Effective Amendment No. 336 on Form N-1A on March 31, 2025 and is incorporated herein by reference. |
| (25) [Twenty-Sixth Amendment to the Fund Sub-Administration Servicing Agreement (adding Defiance Daily Target 2X Long DJT ETF, Defiance Daily Target 2X Long RDDT ETF, Defiance 2X Daily Long Pure Quantum ETF, Return Stacked® U.S. Stocks & Gold/Bitcoin ETF, Defiance Trillion Dollar Club Index ETF, Defiance Nasdaq 100 LightningSpread™ Income ETF, Defiance S&P 500 LightningSpread™ Income ETF, Defiance Russell 2000 LightningSpread™ Income ETF, YieldMax<sup>®</sup> Target 25™ AI Option Income ETF, YieldMax<sup>®</sup> Target 25™ AMD Option Income ETF, YieldMax<sup>®</sup> Target 25™ AMZN Option Income ETF, YieldMax<sup>®</sup> Target 25™ COIN Option Income ETF, YieldMax<sup>®</sup> Target 25™ MARA Option Income ETF, YieldMax<sup>®</sup> Target 25™ MSTR Option Income ETF, YieldMax<sup>®</sup> Target 25™ NVDA Option Income ETF, YieldMax<sup>®</sup> Target 25™ PLTR Option Income ETF, YieldMax<sup>®</sup> Target 25™ SMCI Option Income ETF, YieldMax<sup>®</sup> Target 25™ TSLA Option Income ETF, Defiance Daily Target 2X Short CVNA ETF, Defiance Daily Target 2X Short IONQ ETF, Defiance Daily Target 2X Short PLTR ETF, Defiance Daily Target 2X Short RKLB ETF, Defiance Daily Target 2X Long ANET ETF, Defiance Daily Target 2X Long ARM ETF, Defiance Daily Target 2X Long PM ETF, Defiance Daily Target 2X Long UBER ETF, Hilton BDC Corporate Bond ETF and Nicholas Crypto Income ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937125004740/ex99-hii25.htm), previously filed with Post-Effective Amendment No. 342 on Form N-1A on April 25, 2025 and is incorporated herein by reference. |

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|  | (26) Twenty-Seventh Amendment to the Fund Sub-Administration Servicing Agreement (adding Defiance 2X Daily Long Pure Quantum ETF) **– to be filed by amendment.** |
|  | (27) Twenty-Eighth Amendment to the Fund Sub-Administration Servicing Agreement (adding Defiance MAGA Seven ETF,) **– to be filed by amendment.** |
|  | (28) Twenty-Ninth Amendment to the Fund Sub-Administration Servicing Agreement (adding YieldMax<sup>®</sup> Target 25™ Bitcoin Option Income ETF) **– to be filed by amendment.**<br> (29) Thirtieth Amendment to the Fund Sub-Administration Servicing Agreement (adding Defiance Daily Target 2X Long OKLO ETF and Defiance Daily Target 2X Long QBTS ETF) **– to be filed by amendment.** |
|  | (30) Thirty-First Amendment to the Fund Sub-Administration Servicing Agreement (adding Defiance Daily Target 2X Short RGTI ETF and Defiance Daily Target 2X Short QBTS ETF) **– to be filed by amendment.** |
|  | (31) Thirty-Second Amendment to the Fund Sub-Administration Servicing Agreement (adding Defiance MSTR Double Short Hedged ETF) **– to be filed by amendment.** |
|  | (32) Thirty-Third Amendment to the Fund Sub-Administration Servicing Agreement (adding Defiance Nasdaq 100 Double Short Hedged ETF) **– to be filed by amendment.** |
|  | (33) Thirty-Fourth Amendment to the Fund Sub-Administration Servicing Agreement (adding Defiance Vol Carry Hedged ETF, Defiance Enhanced Short Vol ETF and Defiance Enhanced Long Vol ETF) – **to be filed by amendment.** |
|  | (34) Thirty-Fifth Amendment to the Fund Sub-Administration Servicing Agreement (adding Defiance Leveraged Long + Income AAPL ETF, Defiance Leveraged Long + Income AMD ETF, Defiance Leveraged Long + Income AMZN ETF, Defiance Leveraged Long + Income BRK.B ETF, Defiance Leveraged Long + Income COIN ETF, Defiance Leveraged Long + Income GOOG ETF, Defiance Leveraged Long + Income HIMS ETF, Defiance Leveraged Long + Income HOOD ETF, Defiance Leveraged Long + Income META ETF, Defiance Leveraged Long + Income NFLX ETF, Defiance Leveraged Long + Income NVDA ETF, Defiance Leveraged Long + Income PLTR ETF, Defiance Leveraged Long + Income SMCI ETF, and Defiance Leveraged Long + Income TSLA ETF) – **to be filed by amendment.** |
|  | (35) Thirty-Sixth Amendment to the Fund Sub-Administration Servicing Agreement (adding LevMax™ AMZN [Monthly 3x1] ETF, LevMax™ Bitcoin [Monthly 3x1] ETF, LevMax™ BRK-B [Monthly 3x1] ETF, LevMax™ COIN [Monthly 3x1] ETF, LevMax™ HOOD [Monthly 3x1] ETF, LevMax™ MSFT [Monthly 3x1] ETF, LevMax™ MSTR [Monthly 3x1] ETF, LevMax™ NVDA [Monthly 3x1] ETF, LevMax™ PLTR [Monthly 3x1] ETF, LevMax™ RDDT [Monthly 3x1] ETF, LevMax™ SMCI [Monthly 3x1] ETF and LevMax™ TSLA [Monthly 3x1] ETF) – **to be filed by amendment.** |
|  | (36) Thirty-Seventh Amendment to the Fund Sub-Administration Servicing Agreement (adding YieldMax<sup>®</sup> AFRM Option Income Strategy ETF, YieldMax<sup>®</sup> APP Option Income Strategy ETF, YieldMax<sup>®</sup> ARM Option Income Strategy ETF, YieldMax<sup>®</sup> AVGO Option Income Strategy ETF, YieldMax<sup>®</sup> CRWD Option Income Strategy ETF, YieldMax<sup>®</sup> GME Option Income Strategy ETF, YieldMax<sup>®</sup> HIMS Option Income Strategy ETF, YieldMax<sup>®</sup> IONQ Option Income Strategy ETF, YieldMax<sup>®</sup> LLY Option Income Strategy ETF, YieldMax<sup>®</sup> RDDT Option Income Strategy ETF, YieldMax<sup>®</sup> SPOT Option Income Strategy ETF and YieldMax<sup>®</sup> UBER Option Income Strategy ETF) – **to be filed by amendment.** |
| (iii) | [Semi-Transparent ETF Fund Sub-Administration Servicing Agreement](http://www.sec.gov/Archives/edgar/data/1924868/000183988223009341/ex99-hiii.htm), previously filed with Post-Effective Amendment No. 74 on Form N-1A on April 11, 2023 and is incorporated herein by reference. |
| (iv) | [Fund Accounting Servicing Agreement between the Trust and U.S. Bancorp Fund Services, LLC](http://www.sec.gov/Archives/edgar/data/1924868/000138713122007650/ex99-hiii.htm), previously filed with the Trusts registration statement on Form N-1A/A on July 12, 2022, is hereby incorporated by reference. |
|  | (1) [First Amendment to the Fund Accounting Servicing Agreement (adding YieldMax<sup>®</sup> AAPL Option Income Strategy ETF, YieldMax<sup>®</sup> AMZN Option Income Strategy ETF, YieldMax<sup>®</sup> BRK.B Option Income Strategy ETF, YieldMax<sup>®</sup> COIN Option Income Strategy ETF, YieldMax<sup>®</sup> META Option Income Strategy ETF, YieldMax<sup>®</sup> GOOG Option Income Strategy ETF, YieldMax<sup>®</sup> NFLX Option Income Strategy ETF, YieldMax<sup>®</sup> NVDA Option Income Strategy ETF, YieldMax<sup>®</sup> XYZ Option Income Strategy ETF, YieldMax<sup>®</sup> TSLA Option Income Strategy ETF, YieldMax<sup>®</sup> ARKK Option Income Strategy ETF, YieldMax<sup>®</sup> KWEB Option Income Strategy ETF, YieldMax<sup>®</sup> GDX Option Income Strategy ETF, YieldMax<sup>®</sup> XBI Option Income Strategy ETF, YieldMax<sup>®</sup> TLT Option Income Strategy ETF, and Senior Secured Credit Opportunities ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000138713122010432/ex99-hiii1.htm), previously filed with Post-Effective Amendment No. 15 on Form N-1A on October 13, 2022 and is incorporated herein by reference. |
|  | (2) [Third Amendment to the Fund Accounting Servicing Agreement (adding Nicholas Fixed Income Alternative ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000183988225010628/ex99-hiv3.htm), previously filed with Post-Effective Amendment No. 318 on Form N-1A on February 24, 2025 and is incorporated herein by reference. |
|  | (3) [Fourth Amendment to the Fund Accounting Servicing Agreement (adding Pinnacle Focused Opportunities ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000183988222030436/ex99-hiii4.htm), previously filed with Post-Effective Amendment No. 45 on Form N-1A on December 28, 2022 and is incorporated herein by reference. |

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| (4) [Fifth Amendment to the Fund Accounting Servicing Agreement (adding Return Stacked<sup>®</sup> Bonds & Managed Futures ETF and Return Stacked<sup>®</sup> Global Stocks & Bonds ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000138713123001445/ex99-hiv5.htm), previously filed with Post-Effective Amendment No. 56 on Form N-1A on February 6, 2023 and is incorporated herein by reference. |
| (5) [Sixth Amendment to the Fund Accounting Servicing Agreement (adding DGA Absolute Return ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000138713123004540/ex99-hiv6.htm), previously filed with Post-Effective Amendment No. 72 on Form N-1A on April 6, 2023 and is incorporated herein by reference. |
| (6) [Seventh Amendment to the Fund Accounting Servicing Agreement (adding Tactical Advantage ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000138713123004540/ex99-hiv7.htm), previously filed with Post-Effective Amendment No. 72 on Form N-1A on April 6, 2023 and is incorporated herein by reference. |
| (7) [Eighth Amendment to the Fund Accounting Servicing Agreement (adding Roundhill Generative AI & Technology ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000138713123005837/ex99-hiv8.htm), previously filed with Post-Effective Amendment No. 83 on Form N-1A on May 2, 2023 and is incorporated herein by reference. |
| (8) [Ninth Amendment to the Fund Accounting Servicing Agreement (adding Blueprint Chesapeake Multi-Asset Trend ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000138713123007903/ex99-hvi.htm), previously filed with Post-Effective Amendment No. 102 on Form N-1A on June 27, 2023 and is incorporated herein by reference. |
| (9) [Tenth Amendment to the Fund Accounting Servicing Agreement (adding Cboe Validus S&P 500 Dynamic PutWrite Index ETF, Grizzle Growth ETF, YieldMax<sup>®</sup> MSTR Option Income Strategy ETF, YieldMax<sup>®</sup> ABNB Option Income Strategy ETF, YieldMax<sup>®</sup> AMD Option Income Strategy ETF, YieldMax<sup>®</sup> MRNA Option Income Strategy ETF, YieldMax<sup>®</sup> PYPL Option Income Strategy ETF, YieldMax<sup>®</sup> DIS Option Income Strategy ETF, YieldMax<sup>®</sup> JPM Option Income Strategy ETF, YieldMax<sup>®</sup> MSFT Option Income Strategy ETF, and YieldMax<sup>®</sup> XOM Option Income Strategy ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000138713123008622/ex99-hiv10.htm), previously filed with Post-Effective Amendment No. 107 on Form N-1A on July 25, 2023 and is incorporated herein by reference. |
| (10) [Eleventh Amendment to the Fund Accounting Servicing Agreement (adding Return Stacked<sup>®</sup> U.S. Stocks & Managed Futures ETF, Defiance Nasdaq 100 Target 30 Income ETF, Defiance S&P 500 Target 30 Income ETF and Defiance R2000 Target 30 Income ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000138713123010338/ex99-hiv11.htm), previously filed with Post-Effective Amendment No. 117 on Form N-1A on August 25, 2023 and is incorporated herein by reference. |
| (11) [Twelfth Amendment to the Fund Accounting Servicing Agreement (adding CoreValues Alpha Greater China Growth ETF, YieldMax<sup>®</sup> ADBE Option Income Strategy ETF, YieldMax<sup>®</sup> AI Option Income Strategy ETF, YieldMax<sup>®</sup> BA Option Income Strategy ETF, YieldMax<sup>®</sup> BIIB Option Income Strategy ETF, YieldMax<sup>®</sup> INTC Option Income Strategy ETF, YieldMax<sup>®</sup> NKE Option Income Strategy ETF, YieldMax<sup>®</sup> ORCL Option Income Strategy ETF, YieldMax<sup>®</sup> ROKU Option Income Strategy ETF, YieldMax<sup>®</sup> SNOW Option Income Strategy ETF, YieldMax<sup>®</sup> TGT Option Income Strategy ETF and YieldMax<sup>®</sup> ZM Option Income Strategy ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000138713123012010/ex99-hvi12.htm), previously filed with Post-Effective Amendment No. 130 on Form N-1A on October 6, 2023 and is incorporated herein by reference. |
| (12) [Thirteenth Amendment to the Fund Accounting Servicing Agreement (adding Hilton Small-MidCap Opportunity ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937123000397/ex99-hiv13.htm), previously filed with Post-Effective Amendment No. 135 on Form N-1A on November 20, 2023 and is incorporated herein by reference. |
| (13) [Fourteenth Amendment to the Fund Accounting Servicing Agreement (adding YieldMax<sup>®</sup> Universe Fund of Option Income ETFs, YieldMax<sup>®</sup> Magnificent 7 Fund of Option Income ETFs and Defiance Treasury Alternative Yield ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124000178/ex99-hiv14.htm), previously filed with Post-Effective Amendment No. 153 on Form N-1A on January 8, 2024 and is incorporated herein by reference. |
| (14) [Fifteenth Amendment to the Fund Accounting Servicing Agreement](http://www.sec.gov/Archives/edgar/data/1924868/000199937124002461/ex99-hiv15.htm) [(adding Defiance Developed Markets Enhanced Options Income ETF, Defiance Emerging Markets Enhanced Options Income ETF, Defiance Nasdaq 100 Target Income ETF, Defiance S&P 500 Target Income ETF, Defiance R2000 Target Income ETF Quantify Absolute Income ETF, iREIT - MarketVector Quality REIT Index ETF, YieldMax<sup>®</sup> Ultra Option Income Strategy ETF and YieldMax<sup>®</sup> MSTR Option Income Strategy ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124002461/ex99-hiv15.htm), previously filed with Post-Effective Amendment No. 171 on Form N-1A on February 16, 2024 and is incorporated herein by reference. |
| (15) [Sixteenth Amendment to the Fund Accounting Servicing Agreement (adding YieldMax<sup>®</sup> TSLA Short Option Income Strategy ETF, YieldMax<sup>®</sup> Innovation Short Option Income Strategy ETF, YieldMax<sup>®</sup> NVDA Short Option Income Strategy ETF, YieldMax<sup>®</sup> COIN Short Option Income Strategy ETF, YieldMax<sup>®</sup> AAPL Short Option Income Strategy ETF, YieldMax<sup>®</sup> N100 Short Option Income Strategy ETF and Carbon Collective Short Duration Green Bond ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124003038/ex99-hiv16.htm), previously filed with Post-Effective Amendment No. 182 on Form N-1A on March 4, 2024 and is incorporated herein by reference. |
| (16) [Seventeenth Amendment to the Fund Accounting Servicing Agreement (adding Even Herd Long Short ETF, Peerless Option Wheel ETF, Return Stacked<sup>®</sup> Bonds & Futures Yield ETF, Return Stacked<sup>®</sup> U.S. Equity & Futures Yield ETF and YieldMax<sup>®</sup> Bitcoin Option Income Strategy ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124003975/ex99-hii17.htm), previously filed with Post-Effective Amendment No. 194 on Form N-1A on March 26, 2024 and is incorporated herein by reference. |
| (17) [Eighteenth Amendment to the Fund Accounting Servicing Agreement (adding Defiance Gold Enhanced Options Income ETF, Defiance Silver Enhanced Options Income ETF, Defiance Oil Enhanced Options Income ETF, Defiance Treasury Enhanced Options Income ETF and Clockwise Core Equity & Innovation ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124005390/ex99-hiv18.htm), previously filed with Post-Effective Amendment No. 206 on Form N-1A on April 29, 2024 and is incorporated herein by reference. |
| (18) [Nineteenth Amendment to the Fund Accounting Servicing Agreement (adding Cambria Chesapeake Pure Trend ETF, Defiance Daily Target 2X Short MSTR ETF, Defiance Daily Target 2X Long RIOT ETF (formerly known as Defiance Daily Target 2X Long Carbon ETF), Defiance Daily Target 2x Long Copper ETF, Defiance Daily Target 2X Long China Dragons ETF (formerly known as Defiance Daily Target 2X Long Lithium ETF), Defiance Daily Target 2X Long LLY ETF, Defiance Daily Target 2X Long MSTR ETF, Defiance Daily Target 2X Long NVO ETF, Defiance Daily Target 2X Long AVGO ETF, Defiance Daily Target 2X Long SMCI ETF, Defiance Daily Target 2X Long Solar ETF and Defiance Daily Target 2X Long Uranium ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124006405/ex99-hi20.htm), previously filed with Post-Effective Amendment No. 213 on Form N-1A on May 21, 2024 and is incorporated herein by reference. |

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| (19) [Twentieth Amendment to the Fund Accounting Servicing Agreement (adding Nicholas Global Equity and Income ETF, YieldMax<sup>®</sup> BABA Option Income Strategy ETF, YieldMax<sup>®</sup> CVNA Option Income Strategy ETF, YieldMax<sup>®</sup> DKNG Option Income Strategy ETF, YieldMax<sup>®</sup> HOOD Option Income Strategy ETF, YieldMax<sup>®</sup> JD Option Income Strategy ETF, YieldMax<sup>®</sup> MARA Option Income Strategy ETF, YieldMax<sup>®</sup> PDD Option Income Strategy ETF, YieldMax<sup>®</sup> PLTR Option Income Strategy ETF, YieldMax<sup>®</sup> RBLX Option Income Strategy ETF, YieldMax<sup>®</sup> SHOP Option Income Strategy ETF, YieldMax<sup>®</sup> SMCI Option Income Strategy ETF, and YieldMax<sup>®</sup> TSM Option Income Strategy ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124008818/ex99-hiv20.htm), previously filed with Post-Effective Amendment No. 237 on Form N-1A on July 18, 2024 and is incorporated herein by reference. |
| (20) [Twenty-First Amendment to the Fund Accounting Servicing Agreement (adding YieldMax<sup>®</sup> Ether Option Income Strategy ETF, STKd 100% Bitcoin & 100% Gold ETF and Defiance Large Cap ex-Mag 7 ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124012089/ex99-hiv21.htm), previously filed with Post-Effective Amendment No. 261 on Form N-1A on September 18, 2024, and is incorporated herein by reference. |
| (21) [Twenty-Second Amendment to the Fund Accounting Servicing Agreement (adding YieldMax<sup>®</sup> Target 12™ Semiconductor Option Income ETF, YieldMax<sup>®</sup> Target 12™ Biotech & Pharma Option Income ETF, YieldMax<sup>®</sup> Target 12™ Energy Option Income ETF, YieldMax<sup>®</sup> Target 12™ Real Estate Option Income ETF, YieldMax<sup>®</sup> Target 12™ Tech & Innovation Option Income ETF, YieldMax<sup>®</sup> Target 12™ Big 50 Option Income ETF, YieldMax<sup>®</sup> Dorsey Wright Hybrid 5 Income ETF, YieldMax<sup>®</sup> Dorsey Wright Featured 5 Income ETF, YieldMax<sup>®</sup> AI & Tech Portfolio Option Income ETF, YieldMax<sup>®</sup> Crypto Industry & Tech Portfolio Option Income ETF, YieldMax<sup>®</sup> China Portfolio Option Income ETF, YieldMax<sup>®</sup> Semiconductor Portfolio Option Income ETF, YieldMax<sup>®</sup> Biotech & Pharma Portfolio Option Income ETF, YieldMax<sup>®</sup> Ultra Short Option Income Strategy ETF and Return Stacked<sup>®</sup> Bonds & Merger Arbitrage ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000183988224040788/ex99-hiv22.htm), previously filed with Post-Effective Amendment No. 280 on Form N-1A on November 22, 2024, and is incorporated herein by reference**.** |
| (22) [Twenty-Third Amendment to the Fund Accounting Servicing Agreement (adding Defiance Daily Target 2X Long SOFI ETF, Defiance Daily Target 2X Long AMAT ETF, Defiance Daily Target 2X Long GOLD ETF, Defiance Daily Target 2X Long ORCL ETF, Defiance Daily Target 2X Long FSLR ETF, Defiance Daily Target 2X Long DKNG ETF, Defiance Hot Sauce Daily 2X Strategy ETF, Defiance AI & Power Infrastructure ETF, YieldMax<sup>®</sup> Nasdaq 100 0DTE Covered Call Strategy ETF, YieldMax<sup>®</sup> S&P 500 0DTE Covered Call Strategy ETF and YieldMax<sup>®</sup> R2000 0DTE Covered Call Strategy ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000183988225001947/ex99-hiv23.htm), previously filed with Post-Effective Amendment No. 299 on Form N-1A on January 14, 2025 and is incorporated herein by reference. |
| (23) [Twenty-Fourth Amendment to the Fund Accounting Servicing Agreement (adding STKd 100% COIN & 100% NVDA ETF, STKd 100% NVDA & 100% MSTR ETF, STKd 100% MSTR & 100% COIN ETF, STKd 100% COIN & 100% HOOD ETF, STKd 100% NVDA & 100% AMD ETF, STKd 100% TSLA & 100% MSTR ETF, STKd 100% TSLA & 100% NVDA ETF, STKd 100% SMCI & 100% NVDA ETF, STKd 100% UBER & 100% TSLA ETF, STKd 100% META & 100% AMZN ETF, Defiance Leveraged Long MSTR ETF, Defiance Leveraged Long + Income MSTR ETF, Defiance Daily Target 2X Long HIMS ETF, Defiance Daily Target 2X Long IONQ ETF, Defiance Daily Target 2X Long RKLB ETF, Defiance Daily Target 2X Long CVNA ETF, Defiance Daily Target 2X Long HOOD ETF, Defiance Daily Target 2X Long VST ETF, Defiance Daily Target 2X Long JPM ETF, Defiance Daily Target 2X Long PENN ETF, Defiance Daily Target 2X Long SOUN ETF, Defiance Daily Target 2X Long MRVL ETF, Defiance Daily Target 2X Long RGTI ETF, YieldMax<sup>®</sup> MSTR Short Option Income Strategy ETF, YieldMax<sup>®</sup> AMD Short Option Income Strategy ETF, YieldMax<sup>®</sup> AMZN Short Option Income Strategy ETF, YieldMax<sup>®</sup> MARA Short Option Income Strategy ETF, YieldMax<sup>®</sup> Bitcoin Short Option Income Strategy ETF, YieldMax<sup>®</sup> META Short Option Income Strategy ETF and YieldMax<sup>®</sup> SMCI Short Option Income Strategy ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000183988225010423/ex99-hiii24.htm), previously filed with Post-Effective Amendment No. 316 on Form N-1A on February 24, 2025 and is incorporated herein by reference. |
| (24) [Twenty-Fifth Amendment to the Fund Accounting Servicing Agreement (adding Defiance Daily Target 2X Short RIOT ETF, Defiance Daily Target 2X Short SMCI ETF, Defiance Daily Target 2X Short LLY ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937125003437/ex99-hiv25.htm), previously filed with Post-Effective Amendment No. 336 on Form N-1A on March 31, 2025 and is incorporated herein by reference. |
| [(25) Twenty-Sixth Amendment to the Fund Accounting Servicing Agreement (adding Defiance Daily Target 2X Long DJT ETF, Defiance Daily Target 2X Long RDDT ETF, Return Stacked® U.S. Stocks & Gold/Bitcoin ETF, Defiance Trillion Dollar Club Index ETF, Defiance Nasdaq 100 LightningSpread™ Income ETF, Defiance S&P 500 LightningSpread™ Income ETF, Defiance Russell 2000 LightningSpread™ Income ETF, YieldMax<sup>®</sup> Target 25™ AI Option Income ETF, YieldMax<sup>®</sup> Target 25™ AMD Option Income ETF, YieldMax<sup>®</sup> Target 25™ AMZN Option Income ETF, YieldMax<sup>®</sup> Target 25™ COIN Option Income ETF, YieldMax<sup>®</sup> Target 25™ MARA Option Income ETF, YieldMax<sup>®</sup> Target 25™ MSTR Option Income ETF, YieldMax<sup>®</sup> Target 25™ NVDA Option Income ETF, YieldMax<sup>®</sup> Target 25™ PLTR Option Income ETF, YieldMax<sup>®</sup> Target 25™ SMCI Option Income ETF, YieldMax<sup>®</sup> Target 25™ TSLA Option Income ETF, Defiance Daily Target 2X Short CVNA ETF, Defiance Daily Target 2X Short IONQ ETF, Defiance Daily Target 2X Short PLTR ETF, Defiance Daily Target 2X Short RKLB ETF, Defiance Daily Target 2X Long ANET ETF, Defiance Daily Target 2X Long ARM ETF, Defiance Daily Target 2X Long PM ETF, Defiance Daily Target 2X Long UBER ETF, Hilton BDC Corporate Bond ETF and Nicholas Crypto Income ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937125004740/ex99-hiv25.htm), previously filed with Post-Effective Amendment No. 342 on Form N-1A on April 25, 2025 and is incorporated herein by reference. |

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|  | (26) Twenty-Seventh Amendment to the Fund Accounting Servicing Agreement (adding Defiance 2X Daily Long Pure Quantum ETF) **– to be filed by amendment.** |
|  | (27) Twenty-Eighth Amendment to the Fund Accounting Servicing Agreement (adding Defiance MAGA Seven ETF) **– to be filed by amendment.** |
|  | (28) Twenty-Ninth Amendment to the Fund Accounting Servicing Agreement (adding YieldMax<sup>®</sup> Target 25™ Bitcoin Option Income ETF) **– to be filed by amendment.** <br> **(**29) Thirtieth Amendment to the Fund Accounting Servicing Agreement (adding Defiance Daily Target 2X Long OKLO ETF and Defiance Daily Target 2X Long QBTS ETF) **– to be filed by amendment.**  |
|  | (30) Thirty-First Amendment to the Fund Accounting Servicing Agreement (adding Defiance Daily Target 2X Short RGTI ETF and Defiance Daily Target 2X Short QBTS ETF) **– to be filed by amendment.** |
|  | (31) Thirty-Second Amendment to the Fund Accounting Servicing Agreement (adding Defiance MSTR Double Short Hedged ETF) **– to be filed by amendment.** |
|  | (32) Thirty-Third Amendment to the Fund Accounting Servicing Agreement (adding Defiance Nasdaq 100 Double Short Hedged ETF) **– to be filed by amendment.** |
|  | (33) Thirty-Fourth Amendment to the Fund Accounting Servicing Agreement (adding Defiance Vol Carry Hedged ETF, Defiance Enhanced Short Vol ETF and Defiance Enhanced Long Vol ETF) – **to be filed by amendment.** |
|  | (34) Thirty-Fifth Amendment to the Fund Accounting Servicing Agreement (adding Defiance Leveraged Long + Income AAPL ETF, Defiance Leveraged Long + Income AMD ETF, Defiance Leveraged Long + Income AMZN ETF, Defiance Leveraged Long + Income BRK.B ETF, Defiance Leveraged Long + Income COIN ETF, Defiance Leveraged Long + Income GOOG ETF, Defiance Leveraged Long + Income HIMS ETF, Defiance Leveraged Long + Income HOOD ETF, Defiance Leveraged Long + Income META ETF, Defiance Leveraged Long + Income NFLX ETF, Defiance Leveraged Long + Income NVDA ETF, Defiance Leveraged Long + Income PLTR ETF, Defiance Leveraged Long + Income SMCI ETF, and Defiance Leveraged Long + Income TSLA ETF) – **to be filed by amendment.** |
|  | (34) Thirty-Sixth Amendment to the Fund Accounting Servicing Agreement (adding LevMax™ AMZN [Monthly 3x1] ETF, LevMax™ Bitcoin [Monthly 3x1] ETF, LevMax™ BRK-B [Monthly 3x1] ETF, LevMax™ COIN [Monthly 3x1] ETF, LevMax™ HOOD [Monthly 3x1] ETF, LevMax™ MSFT [Monthly 3x1] ETF, LevMax™ MSTR [Monthly 3x1] ETF, LevMax™ NVDA [Monthly 3x1] ETF, LevMax™ PLTR [Monthly 3x1] ETF, LevMax™ RDDT [Monthly 3x1] ETF, LevMax™ SMCI [Monthly 3x1] ETF and LevMax™ TSLA [Monthly 3x1] ETF) – **to be filed by amendment.** |
|  | (35) Thirty-Seventh Amendment to the Fund Accounting Servicing Agreement (adding YieldMax<sup>®</sup> AFRM Option Income Strategy ETF, YieldMax<sup>®</sup> APP Option Income Strategy ETF, YieldMax<sup>®</sup> ARM Option Income Strategy ETF, YieldMax<sup>®</sup> AVGO Option Income Strategy ETF, YieldMax<sup>®</sup> CRWD Option Income Strategy ETF, YieldMax<sup>®</sup> GME Option Income Strategy ETF, YieldMax<sup>®</sup> HIMS Option Income Strategy ETF, YieldMax<sup>®</sup> IONQ Option Income Strategy ETF, YieldMax<sup>®</sup> LLY Option Income Strategy ETF, YieldMax<sup>®</sup> RDDT Option Income Strategy ETF, YieldMax<sup>®</sup> SPOT Option Income Strategy ETF and YieldMax<sup>®</sup> UBER Option Income Strategy ETF) – **to be filed by amendment.** |
| (v) | [Semi-Transparent ETF Trust Fund Accounting Servicing Agreement](http://www.sec.gov/Archives/edgar/data/1924868/000183988223009341/ex99-hv.htm), previously filed with Post-Effective Amendment No. 74 on Form N-1A on April 11, 2023 and is incorporated herein by reference. |
| (vi) | [Transfer Agent Agreement between the Trust and U.S. Bancorp Fund Services, LLC](http://www.sec.gov/Archives/edgar/data/1924868/000138713122007650/ex99-hiv.htm), previously filed with the Trusts registration statement on Form N-1A/A on July 12, 2022, is hereby incorporated by reference. |
|  | (1) [First Amendment to the Transfer Agent Agreement (adding YieldMax<sup>®</sup> AAPL Option Income ETF, YieldMax<sup>®</sup> AMZN Option Income Strategy ETF, YieldMax<sup>®</sup> BRK.B Option Income Strategy ETF, YieldMax<sup>®</sup> COIN Option Income Strategy ETF, YieldMax<sup>®</sup> META Option Income Strategy ETF, YieldMax<sup>®</sup> GOOG Option Income Strategy ETF, YieldMax<sup>®</sup> NFLX Option Income Strategy ETF, YieldMax<sup>®</sup> NVDA Option Income Strategy ETF, YieldMax<sup>®</sup> XYZ Option Income Strategy ETF, YieldMax<sup>®</sup> TSLA Option Income Strategy ETF, YieldMax<sup>®</sup> ARKK Option Income Strategy ETF, YieldMax<sup>®</sup> KWEB Option Income Strategy ETF, YieldMax<sup>®</sup> GDX Option Income Strategy ETF, YieldMax<sup>®</sup> XBI Option Income Strategy ETF, and YieldMax<sup>®</sup> TLT Option Income Strategy ETF, and Senior Secured Credit Opportunities ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000138713122010432/ex99-hiv1.htm), previously filed with Post-Effective Amendment No. 15 on Form N-1A on October 13, 2022 and is incorporated herein by reference. |
|  | (2) [Third Amendment to the Transfer Agent Agreement (adding Nicholas Fixed Income Alternative ETF),](http://www.sec.gov/Archives/edgar/data/1924868/000183988225010628/ex99-hvi3.htm) previously filed with Post-Effective Amendment No. 318 on Form N-1A on February 24, 2025 and is incorporated herein by reference. |
|  | (3) [Fourth Amendment to the Transfer Agent Agreement (adding Pinnacle Focused Opportunities ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000183988222030436/ex99-hiv4.htm), previously filed with Post-Effective Amendment No. 45 on Form N-1A on December 28, 2022 and is incorporated herein by reference. |
|  | (4) [Fifth Amendment to the Transfer Agent Agreement (adding Return Stacked<sup>®</sup> Bonds & Managed Futures ETF and Return Stacked<sup>®</sup> Global Stocks & Bonds ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000138713123001445/ex99-hvi5.htm), previously filed with Post-Effective Amendment No. 56 on Form N-1A on February 6, 2023 and is incorporated herein by reference. |
|  | (5) [Sixth Amendment to the Transfer Agent Agreement (adding DGA Absolute Return ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000138713123004540/ex99-hvi6.htm), previously filed with Post-Effective Amendment No. 72 on Form N-1A on April 6, 2023 and is incorporated herein by reference. |

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| |
|:---|
| (6) [Seventh Amendment to the Transfer Agent Agreement (adding Tactical Advantage ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000138713123004540/ex99-hvi7.htm), previously filed with Post-Effective Amendment No. 72 on Form N-1A on April 6, 2023 and is incorporated herein by reference. |
| (7) [Eighth Amendment to the Transfer Agent Agreement (adding Roundhill Generative AI & Technology ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000138713123005837/ex99-hvi8.htm), previously filed with Post-Effective Amendment No. 83 on Form N-1A on May 2, 2023 and is incorporated herein by reference. |
| (8) [Ninth Amendment to the Transfer Agent Agreement (adding Blueprint Chesapeake Multi-Asset Trend ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000138713123007903/ex99-hvi.htm), previously filed with Post-Effective Amendment No. 102 on Form N-1A on June 27, 2023 and is incorporated herein by reference. |
| (9) [Tenth Amendment to the Transfer Agent Agreement (adding Cboe Validus S&P 500 Dynamic PutWrite Index ETF, Grizzle Growth ETF, YieldMax<sup>®</sup> MSTR Option Income Strategy ETF, YieldMax<sup>®</sup> ABNB Option Income Strategy ETF, YieldMax<sup>®</sup> AMD Option Income Strategy ETF, YieldMax<sup>®</sup> MRNA Option Income Strategy ETF, YieldMax<sup>®</sup> PYPL Option Income Strategy ETF, YieldMax<sup>®</sup> DIS Option Income Strategy ETF, YieldMax<sup>®</sup> JPM Option Income Strategy ETF, YieldMax<sup>®</sup> MSFT Option Income Strategy ETF, and YieldMax<sup>®</sup> XOM Option Income Strategy ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000138713123008622/ex99-hvi10.htm), previously filed with Post-Effective Amendment No. 107 on Form N-1A on July 25, 2023 and is incorporated herein by reference. |
| (10) [Eleventh Amendment to the Transfer Agent Agreement (adding Defiance Nasdaq 100 Target 30 Income ETF, Defiance S&P 500 Target 30 Income ETF and Defiance R2000 Target 30 Income ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000138713123010338/ex99-hvi11.htm), previously filed with Post-Effective Amendment No. 117 on Form N-1A on August 25, 2023 and is incorporated herein by reference. |
| (11) [Twelfth Amendment to the Transfer Agent Agreement (adding CoreValues Alpha Greater China Growth ETF, YieldMax<sup>®</sup> ADBE Option Income Strategy ETF, YieldMax<sup>®</sup> AI Option Income Strategy ETF, YieldMax<sup>®</sup> BA Option Income Strategy ETF, YieldMax<sup>®</sup> BIIB Option Income Strategy ETF, YieldMax<sup>®</sup> INTC Option Income Strategy ETF, YieldMax<sup>®</sup> NKE Option Income Strategy ETF, YieldMax<sup>®</sup> ORCL Option Income Strategy ETF, YieldMax<sup>®</sup> ROKU Option Income Strategy ETF, YieldMax<sup>®</sup> SNOW Option Income Strategy ETF, YieldMax<sup>®</sup> TGT Option Income Strategy ETF and YieldMax<sup>®</sup> ZM Option Income Strategy ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000138713123012010/ex99-hvi12.htm), previously filed with Post-Effective Amendment No. 130 on Form N-1A on October 6, 2023 and is incorporated herein by reference. |
| (12) [Thirteenth Amendment to the Transfer Agent Agreement (adding Hilton Small-MidCap Opportunity ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937123000397/ex99-hvi13.htm), previously filed with Post-Effective Amendment No. 135 on Form N-1A on November 20, 2023 and is incorporated herein by reference. |
| (13) [Fourteenth Amendment to the Transfer Agent Agreement (adding YieldMax<sup>®</sup> Universe Fund of Option Income ETFs, YieldMax<sup>®</sup> Magnificent 7 Fund of Option Income ETFs and Defiance Treasury Alternative Yield ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124000178/ex99-hvi14.htm), previously filed with Post-Effective Amendment No. 153 on Form N-1A on January 8, 2024 and is incorporated herein by reference. |
| (14) [Fifteenth Amendment to the Transfer Agent Agreement (adding Defiance Developed Markets Enhanced Options Income ETF, Defiance Emerging Markets Enhanced Options Income ETF, Defiance Nasdaq 100 Target Income ETF, Defiance S&P 500 Target Income ETF, Defiance R2000 Target Income ETF Quantify Absolute Income ETF, iREIT - MarketVector Quality REIT Index ETF, YieldMax<sup>®</sup> Ultra Option Income Strategy ETF and YieldMax<sup>®</sup> MSTR Option Income Strategy ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124002461/ex99-hvi15.htm), previously filed with Post-Effective Amendment No. 171 on Form N-1A on February 16, 2024 and is incorporated herein by reference. |
| (15) [Sixteenth Amendment to the Transfer Agent Agreement (adding YieldMax<sup>®</sup> TSLA Short Option Income Strategy ETF, YieldMax<sup>®</sup> Innovation Short Option Income Strategy ETF, YieldMax<sup>®</sup> NVDA Short Option Income Strategy ETF, YieldMax<sup>®</sup> COIN Short Option Income Strategy ETF, YieldMax<sup>®</sup> AAPL Short Option Income Strategy ETF, YieldMax<sup>®</sup> N100 Short Option Income Strategy ETF and Carbon Collective Short Duration Green Bond ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124003038/ex99-hvi16.htm), previously filed with Post-Effective Amendment No. 182 on Form N-1A on March 4, 2024 and is incorporated herein by reference. |
| (16) [Seventeenth Amendment to the Transfer Agent Agreement (adding Even Herd Long Short ETF, Peerless Option Wheel ETF, Return Stacked<sup>®</sup> Bonds & Futures Yield ETF, Return Stacked<sup>®</sup> U.S. Equity & Futures Yield ETF and YieldMax<sup>®</sup> Bitcoin Option Income Strategy ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124003975/ex99-hvi17.htm), previously filed with Post-Effective Amendment No. 194 on Form N-1A on March 26, 2024 and is incorporated herein by reference. |
| (17) [Eighteenth Amendment to the Transfer Agent Agreement (adding Defiance Gold Enhanced Options Income ETF, Defiance Silver Enhanced Options Income ETF, Defiance Oil Enhanced Options Income ETF, Defiance Treasury Enhanced Options Income ETF and Clockwise Core Equity & Innovation ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124005390/ex99-hvi18.htm), previously filed with Post-Effective Amendment No. 206 on Form N-1A on April 29, 2024 and is incorporated herein by reference. |
| (18) [Nineteenth Amendment to the Transfer Agent Agreement (adding Cambria Chesapeake Pure Trend ETF, Defiance Daily Target 2X Short MSTR ETF, Defiance Daily Target 2X Long RIOT ETF (formerly known as Defiance Daily Target 2X Long Carbon ETF), Defiance Daily Target 2X Long Copper ETF, Defiance Daily Target 2X Long China Dragons ETF (formerly known as Defiance Daily Target 2X Long Lithium ETF), Defiance Daily Target 2X Long LLY ETF, Defiance Daily Target 2X Long MSTR ETF, Defiance Daily Target 2x Long NVO ETF, Defiance Daily Target 2X Long AVGO ETF, Defiance Daily Target 2X Long SMCI ETF, Defiance Daily Target 2X Long Solar ETF and Defiance Daily Target 2X Long Uranium ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124006405/ex99-hvi19.htm), previously filed with Post-Effective Amendment No. 213 on Form N-1A on May 21, 2024 and is incorporated herein by reference. |
| (19) [Twentieth Amendment to the Transfer Agent Agreement (adding Nicholas Global Equity and Income ETF, YieldMax<sup>®</sup> BABA Option Income Strategy ETF, YieldMax<sup>®</sup> CVNA Option Income Strategy ETF, YieldMax<sup>®</sup> DKNG Option Income Strategy ETF, YieldMax<sup>®</sup> HOOD Option Income Strategy ETF, YieldMax<sup>®</sup> JD Option Income Strategy ETF, YieldMax<sup>®</sup> MARA Option Income Strategy ETF, YieldMax<sup>®</sup> PDD Option Income Strategy ETF, YieldMax<sup>®</sup> PLTR Option Income Strategy ETF, YieldMax<sup>®</sup> RBLX Option Income Strategy ETF, YieldMax<sup>®</sup> SHOP Option Income Strategy ETF, YieldMax<sup>®</sup> SMCI Option Income Strategy ETF, and YieldMax<sup>®</sup> TSM Option Income Strategy ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124008818/ex99-hvi20.htm), previously filed with Post-Effective Amendment No. 237 on Form N-1A on July 18, 2024 and is incorporated herein by reference. |

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|:---|
| (20) [Twenty-First Amendment to the Transfer Agent Agreement (adding YieldMax<sup>®</sup> Ether Option Income Strategy ETF, STKd 100% Bitcoin & 100% Gold ETF and Defiance Large Cap ex-Mag 7 ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124012089/ex99-hvi21.htm), previously filed with Post-Effective Amendment No. 261 on Form N-1A on September 18, 2024, and is incorporated herein by reference. |
| (21) [Twenty-Second Amendment to the Transfer Agent Agreement (adding YieldMax<sup>®</sup> Target 12™ Semiconductor Option Income ETF, YieldMax<sup>®</sup> Target 12™ Biotech & Pharma Option Income ETF, YieldMax<sup>®</sup> Target 12™ Energy Option Income ETF, YieldMax<sup>®</sup> Target 12™ Real Estate Option Income ETF, YieldMax<sup>®</sup> Target 12™ Tech & Innovation Option Income ETF, YieldMax<sup>®</sup> Target 12™ Big 50 Option Income ETF, YieldMax<sup>®</sup> Dorsey Wright Hybrid 5 Income ETF, YieldMax<sup>®</sup> Dorsey Wright Featured 5 Income ETF, YieldMax<sup>®</sup> AI & Tech Portfolio Option Income ETF, YieldMax<sup>®</sup> Crypto Industry & Tech Portfolio Option Income ETF, YieldMax<sup>®</sup> China Portfolio Option Income ETF, YieldMax<sup>®</sup> Semiconductor Portfolio Option Income ETF, YieldMax<sup>®</sup> Biotech & Pharma Portfolio Option Income ETF, YieldMax<sup>®</sup> Ultra Short Option Income Strategy ETF and Return Stacked<sup>®</sup> Bonds & Merger Arbitrage ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000183988224040788/ex99-hvi22.htm), previously filed with Post-Effective Amendment No. 280 on Form N-1A on November 22, 2024, and is incorporated herein by reference. |
| (22) [Twenty-Third Amendment to the Transfer Agent Agreement (adding Defiance Daily Target 2X Long SOFI ETF, Defiance Daily Target 2X Long AMAT ETF, Defiance Daily Target 2X Long GOLD ETF, Defiance Daily Target 2X Long ORCL ETF, Defiance Daily Target 2X Long FSLR ETF, Defiance Daily Target 2X Long DKNG ETF, Defiance Hot Sauce Daily 2X Strategy ETF, Defiance AI & Power Infrastructure ETF, YieldMax<sup>®</sup> Nasdaq 100 0DTE Covered Call Strategy ETF, YieldMax<sup>®</sup> S&P 500 0DTE Covered Call Strategy ETF, YieldMax<sup>®</sup> R2000 0DTE Covered Call Strategy ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000183988225001947/ex99-hvi23.htm), previously filed with Post-Effective Amendment No. 299 on Form N-1A on January 14, 2025 and is incorporated herein by reference. |
| (23) [Twenty-Fourth Amendment to the Transfer Agent Agreement (adding STKd 100% COIN & 100% NVDA ETF, STKd 100% NVDA & 100% MSTR ETF, STKd 100% MSTR & 100% COIN ETF, STKd 100% COIN & 100% HOOD ETF, STKd 100% NVDA & 100% AMD ETF, STKd 100% TSLA & 100% MSTR ETF, STKd 100% TSLA & 100% NVDA ETF, STKd 100% SMCI & 100% NVDA ETF, STKd 100% UBER & 100% TSLA ETF, STKd 100% META & 100% AMZN ETF, Defiance Leveraged Long MSTR ETF, Defiance Leveraged Long + Income MSTR ETF, Defiance Daily Target 2X Long HIMS ETF, Defiance Daily Target 2X Long IONQ ETF, Defiance Daily Target 2X Long RKLB ETF, Defiance Daily Target 2X Long CVNA ETF, Defiance Daily Target 2X Long HOOD ETF, Defiance Daily Target 2X Long VST ETF, Defiance Daily Target 2X Long JPM ETF, Defiance Daily Target 2X Long PENN ETF, Defiance Daily Target 2X Long SOUN ETF, Defiance Daily Target 2X Long MRVL ETF, Defiance Daily Target 2X Long RGTI ETF, YieldMax<sup>®</sup> MSTR Short Option Income Strategy ETF, YieldMax<sup>®</sup> AMD Short Option Income Strategy ETF, YieldMax<sup>®</sup> AMZN Short Option Income Strategy ETF, YieldMax<sup>®</sup> MARA Short Option Income Strategy ETF, YieldMax<sup>®</sup> Bitcoin Short Option Income Strategy ETF, YieldMax<sup>®</sup> META Short Option Income Strategy ETF and YieldMax<sup>®</sup> SMCI Short Option Income Strategy ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000183988225010423/ex99-hvi24.htm), previously filed with Post-Effective Amendment No. 316 on Form N-1A on February 24, 2025 and is incorporated herein by reference. |
| (24) [Twenty-Fifth Amendment to the Transfer Agent Agreement (adding Defiance Daily Target 2X Short RIOT ETF, Defiance Daily Target 2X Short SMCI ETF and Defiance Daily Target 2X Short LLY ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937125003437/ex99-hvi25.htm), previously filed with Post-Effective Amendment No. 336 on Form N-1A on March 31, 2025 and is incorporated herein by reference. |
| [(25) Twenty-Sixth Amendment to the Transfer Agent Agreement (adding Defiance Daily Target 2X Long DJT ETF, Defiance Daily Target 2X Long RDDT ETF, Return Stacked® U.S. Stocks & Gold/Bitcoin ETF, Defiance Trillion Dollar Club Index ETF, Defiance Nasdaq 100 LightningSpread™ Income ETF, Defiance S&P 500 LightningSpread™ Income ETF, Defiance Russell 2000 LightningSpread™ Income ETF, YieldMax<sup>®</sup> Target 25™ AI Option Income ETF, YieldMax<sup>®</sup> Target 25™ AMD Option Income ETF, YieldMax<sup>®</sup> Target 25™ AMZN Option Income ETF, YieldMax<sup>®</sup> Target 25™ COIN Option Income ETF, YieldMax<sup>®</sup> Target 25™ MARA Option Income ETF, YieldMax<sup>®</sup> Target 25™ MSTR Option Income ETF, YieldMax<sup>®</sup> Target 25™ NVDA Option Income ETF, YieldMax<sup>®</sup> Target 25™ PLTR Option Income ETF, YieldMax<sup>®</sup> Target 25™ SMCI Option Income ETF, YieldMax<sup>®</sup> Target 25™ TSLA Option Income ETF, Defiance Daily Target 2X Short CVNA ETF, Defiance Daily Target 2X Short IONQ ETF, Defiance Daily Target 2X Short PLTR ETF, Defiance Daily Target 2X Short RKLB ETF, Defiance Daily Target 2X Long ANET ETF, Defiance Daily Target 2X Long ARM ETF, Defiance Daily Target 2X Long PM ETF, Defiance Daily Target 2X Long UBER ETF, Hilton BDC Corporate Bond ETF and Nicholas Crypto Income ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937125004740/ex99-hvi25.htm), previously filed with Post-Effective Amendment No. 342 on Form N-1A on April 25, 2025 and is incorporated herein by reference. |
| (26) Twenty-Seventh Amendment to the Transfer Agent Agreement (adding Defiance 2X Daily Long Pure Quantum ETF) – **to be filed by amendment** |
| (27) Twenty-Eighth Amendment to the Transfer Agent Agreement (adding Defiance MAGA Seven ETF) – **to be filed by amendment** |
| (28) Twenty-Ninth Amendment to the Transfer Agent Agreement (adding YieldMax<sup>®</sup> Target 25™ Bitcoin Option Income ETF) – **to be filed by amendment** |

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| | |
|:---|:---|
|  | (29) Thirtieth Amendment to the Transfer Agent Agreement (adding Defiance Daily Target 2X Long OKLO ETF and Defiance Daily Target 2X Long QBTS ETF) – **to be filed by amendment** |
|  | (30) Thirty-First Amendment to the Transfer Agent Agreement (adding Defiance Daily Target 2X Short RGTI ETF and Defiance Daily Target 2X Short QBTS ETF) – **to be filed by amendment** |
|  | (31) Thirty-Second Amendment to the Transfer Agent Agreement (adding Defiance MSTR Double Short Hedged ETF) – **to be filed by amendment** |
|  | (32) Thirty-Third Amendment to the Transfer Agent Agreement (adding Defiance Nasdaq 100 Double Short Hedged ETF) – **to be filed by amendment** |
|  | (33) Thirty-Fourth Amendment to the Transfer Agent Agreement (adding Defiance Vol Carry Hedged ETF, Defiance Enhanced Short Vol ETF and Defiance Enhanced Long Vol ETF) – **to be filed by amendment**. |
|  | (34) Thirty-Fifth Amendment to the Transfer Agent Agreement (adding Defiance Leveraged Long + Income AAPL ETF, Defiance Leveraged Long + Income AMD ETF, Defiance Leveraged Long + Income AMZN ETF, Defiance Leveraged Long + Income BRK.B ETF, Defiance Leveraged Long + Income COIN ETF, Defiance Leveraged Long + Income GOOG ETF, Defiance Leveraged Long + Income HIMS ETF, Defiance Leveraged Long + Income HOOD ETF, Defiance Leveraged Long + Income META ETF, Defiance Leveraged Long + Income NFLX ETF, Defiance Leveraged Long + Income NVDA ETF, Defiance Leveraged Long + Income PLTR ETF, Defiance Leveraged Long + Income SMCI ETF, and Defiance Leveraged Long + Income TSLA ETF) – **to be filed by amendment**. |
|  | (35) Thirty-Sixth Amendment to the Transfer Agent Agreement (adding LevMax™ AMZN [Monthly 3x1] ETF, LevMax™ Bitcoin [Monthly 3x1] ETF, LevMax™ BRK-B [Monthly 3x1] ETF, LevMax™ COIN [Monthly 3x1] ETF, LevMax™ HOOD [Monthly 3x1] ETF, LevMax™ MSFT [Monthly 3x1] ETF, LevMax™ MSTR [Monthly 3x1] ETF, LevMax™ NVDA [Monthly 3x1] ETF, LevMax™ PLTR [Monthly 3x1] ETF, LevMax™ RDDT [Monthly 3x1] ETF, LevMax™ SMCI [Monthly 3x1] ETF and LevMax™ TSLA [Monthly 3x1] ETF) – **to be filed by amendment**. |
|  | (36) Thirty-Seventh Amendment to the Transfer Agent Agreement (adding YieldMax<sup>®</sup> AFRM Option Income Strategy ETF, YieldMax<sup>®</sup> APP Option Income Strategy ETF, YieldMax<sup>®</sup> ARM Option Income Strategy ETF, YieldMax<sup>®</sup> AVGO Option Income Strategy ETF, YieldMax<sup>®</sup> CRWD Option Income Strategy ETF, YieldMax<sup>®</sup> GME Option Income Strategy ETF, YieldMax<sup>®</sup> HIMS Option Income Strategy ETF, YieldMax<sup>®</sup> IONQ Option Income Strategy ETF, YieldMax<sup>®</sup> LLY Option Income Strategy ETF, YieldMax<sup>®</sup> RDDT Option Income Strategy ETF, YieldMax<sup>®</sup> SPOT Option Income Strategy ETF and YieldMax<sup>®</sup> UBER Option Income Strategy ETF) – **to be filed by amendment**. |
| (vii) | [Semi-Transparent ETF Transfer Agent Servicing Agreement](http://www.sec.gov/Archives/edgar/data/1924868/000183988223009341/ex99-hvii.htm), previously filed with Post-Effective Amendment No. 74 on Form N-1A on April 11, 2023 and is incorporated herein by reference. |
| (viii) | [Fee Waiver Agreement between the Trust (on behalf of the Return Stacked<sup>®</sup> Global Stocks & Bonds ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000138713123001445/ex99-hviii.htm), previously filed with Post-Effective Amendment No. 56 on Form N-1A on February 6, 2023 and is incorporated herein by reference. |
| (ix) | [Powers of Attorney](http://www.sec.gov/Archives/edgar/data/1924868/000199937123000397/ex99-hix.htm), previously filed with Post-Effective Amendment No. 135 on Form N-1A on November 20, 2023, is hereby incorporated by reference. |
| (x) | [Futures Trading Advisory Agreement between Toroso Investments, LLC and ReSolve Asset Management SEZC (Cayman) (for the Return Stacked<sup>®</sup> Bonds & Managed Futures ETF and Return Stacked<sup>®</sup> U.S. Stocks & Managed Futures ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000138713123012670/ex99-hx.htm), previously filed with Post-Effective Amendment No. 131 on Form N-1A on October 25, 2023 and is incorporated herein by reference. |
|  | (i) [First Amendment to the Futures Trading Advisory Agreement between Tidal Investment LLC and ReSolve Asset Management SEZC (Cayman) (for the Return Stacked<sup>®</sup> Bonds & Futures Yield ETF and Return Stacked<sup>®</sup> U.S. Equity & Futures Yield ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124004978/ex99-hxi.htm), previously filed with Post-Effective Amendment No. 204 on Form N-1A on April 19, 2024 and is incorporated herein by reference. |
|  | (ii) [Second Amendment to the Futures Trading Advisory Agreement between Tidal Investments LLC and ReSolve Asset Management SEZC (Cayman) (for the Return Stacked<sup>®</sup> U.S. Stocks & Gold/Bitcoin ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937125004740/ex99-hxii.htm) – previously filed with Post-Effective Amendment No. 342 on Form N-1A on April 25, 2025 and is incorporated herein by reference |
| (xi) | [Futures Trading Advisory Agreement between Toroso Investments, LLC and Chesapeake Capital Corporation (for the Blueprint Chesapeake Multi-Asset Trend ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000138713123008150/ex99-hxxviii.htm), previously filed with Post-Effective Amendment No. 103 on Form N-1A on June 30, 2023 and is incorporated herein by reference. |
| (xii) | [Futures Trading Advisory Agreement between Tidal Investments LLC and Chesapeake Capital Corporation (for the Cambria Chesapeake Pure Trend ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124006405/ex99-hxii.htm), previously filed with Post-Effective Amendment No. 213 on Form N-1A on May 21, 2024 and is incorporated herein by reference. |
| (xiii) | [Form of ETF Support Agreement by and among Toroso Investments, LLC, Tidal ETF Services, LLC, and one or more fund sponsor(s)](http://www.sec.gov/Archives/edgar/data/1924868/000138713123001445/ex99-hxi.htm), previously filed with Post-Effective Amendment No. 56 on Form N-1A on February 6, 2023 and is incorporated herein by reference. |
| (xiv) | [Rule 12d1-4 Fund of Funds Investment Agreement between the Trust (on behalf of each series of the Trust) and various Aberdeen trusts (on behalf of each series)](http://www.sec.gov/Archives/edgar/data/1924868/000138713123001445/ex99-hxii.htm), previously filed with Post-Effective Amendment No. 56 on Form N-1A on February 6, 2023 and is incorporated herein by reference. |
| (xv) | [Rule 12d1-4 Fund of Funds Investment Agreement between the Trust and various BlackRock and iShares trusts (on behalf of each series)](http://www.sec.gov/Archives/edgar/data/1924868/000138713123001445/ex99-hxiii.htm), previously filed with Post-Effective Amendment No. 56 on Form N-1A on February 6, 2023 and is incorporated herein by reference. |

---

---

| | |
|:---|:---|
| (xvi) | [Rule 12d1-4 Fund of Funds Investment Agreement between the Trust (on behalf of certain series of the Trust) and Direxion Shares ETF Trust (on behalf of certain series of the Trust)](http://www.sec.gov/Archives/edgar/data/1924868/000138713123001445/ex99-hxiv.htm), previously filed with Post-Effective Amendment No. 56 on Form N-1A on February 6, 2023 and is incorporated herein by reference. |
|  | [(i) Amendment to Rule 12d1-4 Excluded Series (Funds) of the Direxion Shares ETF Trust](http://www.sec.gov/Archives/edgar/data/1924868/000199937124005938/ex99-hxvi.htm), previously filed with Post-Effective Amendment No. 211 on Form N-1A on May 10, 2024 and is incorporated herein by reference. |
| (xvii) | [Amended and Restated Rule 12d1-4 Fund of Funds Investment Agreement between the Trust (on behalf of certain series of the Trust) and Fidelity Merrimack Street Trust, Fidelity Covington Trust, Fidelity Commonwealth Trust and Fidelity Greenwood Trust (on behalf of certain series of the trust)](ex99-hxvii.htm) **– filed herewith**. |
| (xviii) | [Rule 12d1-4 Fund of Funds Investment Agreement between the Trust (on behalf of each series of the Trust) and Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust](http://www.sec.gov/Archives/edgar/data/1924868/000138713123001445/ex99-hxvi.htm), previously filed with Post-Effective Amendment No. 56 on Form N-1A on February 6, 2023 and is incorporated herein by reference. |
| (xix) | [Rule 12d1-4 Fund of Funds Investment Agreement between the Trust (on behalf of certain series of the Trust) and PIMCO ETF Trust and PIMCO Equity Series (on behalf of certain series of the Trust)](http://www.sec.gov/Archives/edgar/data/1924868/000138713123001445/ex99-hxvii.htm), previously filed with Post-Effective Amendment No. 56 on Form N-1A on February 6, 2023 and is incorporated herein by reference. |
| (xx) | [Rule 12d1-4 Fund of Funds Investment Agreement between the Trust (on behalf of certain series of the Trust) and ProShares Trust](http://www.sec.gov/Archives/edgar/data/1924868/000138713123001445/ex99-hxviii.htm), previously filed with Post-Effective Amendment No. 56 on Form N-1A on February 6, 2023 and is incorporated herein by reference. |
| (xxi) | [Rule 12d1-4 Fund of Funds Investment Agreement between the Trust (on behalf of certain series of the Trust) and The Select Sector SPDR Trust](http://www.sec.gov/Archives/edgar/data/1924868/000138713123001445/ex99-hxix.htm), previously filed with Post-Effective Amendment No. 56 on Form N-1A on February 6, 2023 and is incorporated herein by reference. |
| (xxii) | [Rule 12d1-4 Fund of Funds Investment Agreement between the Trust (on behalf of certain series of the Trust) and SPDR Series Trust, SPDR Index Shares Funds, and SSGA Active Trust](http://www.sec.gov/Archives/edgar/data/1924868/000138713123001445/ex99-hxx.htm), previously filed with Post-Effective Amendment No. 56 on Form N-1A on February 6, 2023 and is incorporated herein by reference. |
| (xxiii) | [Rule 12d1-4 Fund of Funds Investment Agreement between the Trust (on behalf of each series of the Trust) and VanEck ETF (on behalf of certain series)](http://www.sec.gov/Archives/edgar/data/1924868/000138713123001445/ex99-hxxi.htm), previously filed with Post-Effective Amendment No. 56 on Form N-1A on February 6, 2023 and is incorporated herein by reference. |
| (xxiv) | [Rule 12d1-4 Fund of Funds Investment Agreement between the Trust (on behalf of certain series of the Trust) and Vanguard Funds (on behalf of certain series)](http://www.sec.gov/Archives/edgar/data/1924868/000138713123001445/ex99-hxxii.htm), previously filed with Post-Effective Amendment No. 56 on Form N-1A on February 6, 2023 and is incorporated herein by reference. |
| (xxv) | [Rule 12d1-4 Fund of Funds Investment Agreement between the Trust (on behalf of certain series of the Trust) and Cambria ETF Trust (on behalf of certain series)](http://www.sec.gov/Archives/edgar/data/1924868/000138713123012010/ex99-hxxiv.htm), previously filed with Post-Effective Amendment No. 130 on Form N-1A on October 6, 2023and is incorporated herein by reference. |
|  | (1) [Amendment to Rule 12d1-4 Fund of Funds Investment Agreement](http://www.sec.gov/Archives/edgar/data/1924868/000199937124006405/ex99-hxxvi.htm), previously filed with Post-Effective Amendment No. 213 on Form N-1A on May 21, 2024 and is incorporated herein by reference. |
| (xxvi) | [Form of Fee Waiver Agreement between the Trust (on behalf of the DGA Absolute Return ETF) and Toroso Investments, LLC](http://www.sec.gov/Archives/edgar/data/1924868/000138713123004751/ex99-hxxiii.htm), previously filed with Post-Effective Amendment No. 79 on April 14, 2023. |
| (xxvii) | [Fee Waiver Agreement between the Trust (on behalf of the DGA Core Plus Absolute Return ETF) and Tidal Investments LLC](http://www.sec.gov/Archives/edgar/data/1924868/000183988224040824/ex99-hxxvii.htm), previously filed with Post-Effective Amendment No. 281 on Form N-1A on November 22, 2024 and is incorporated herein by reference. |
| (xxviii) | [Fee Waiver Agreement between the Trust (on behalf of the CoreValues Alpha Greater China Growth ETF) and Toroso Investments, LLC](http://www.sec.gov/Archives/edgar/data/1924868/000138713123011378/ex99-hxxvi.htm), previously filed with Post-Effective Amendment No. 124 on Form N-1A on September 20, 2023 and is incorporated herein by reference. |
| (xxix) | [Fee Waiver Agreement between the Trust (on behalf of the Peerless Option Income Wheel ETF) and Tidal Investments LLC](http://www.sec.gov/Archives/edgar/data/1924868/000199937124005938/ex99-hxxx.htm), previously filed with Post-Effective Amendment No. 211 on Form N-1A on May 10, 2024 and is incorporated herein by reference. |
| (xxx) | [Fee Waiver Agreement between the Trust (on behalf of the YieldMax<sup>®</sup> Ultra Option Income Strategy ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124002461/ex99-hxxix.htm), previously filed with Post-Effective Amendment No. 171 on Form N-1A on February 16, 2024 and is incorporated herein by reference. |
| (xxxi) | [Fee Waiver Agreement between the Trust (on behalf of the Quantify Absolute Income ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124005390/ex99-hxxx.htm), previously filed with Post-Effective Amendment No. 206 on Form N-1A on April 29, 2024 and is incorporated herein by reference. |
| (xxxii) | [Fee Waiver Agreement between the Trust (on behalf of the YieldMax<sup>®</sup> Ultra Short Option Income Strategy ETF](http://www.sec.gov/Archives/edgar/data/1924868/000183988225008779/ex99-hxxxiii.htm)), previously filed with Post-Effective Amendment No. 311 on Form N-1A on February 13, 2025, and is incorporated herein by reference. |
| (xxxiii) | [Fee Waiver Agreement between the Trust (on behalf of the Defiance Leveraged Long + Income MSTR ETF) and Tidal Investments LLC](ex99-hxxxiii.htm) – **filed herewith** |

---

(i) (i) [Opinion and Consent of Counsel (for the Carbon Collective Climate Solutions U.S. Equity ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000138713122007650/ex99-i.htm) , previously filed with the Trusts registration statement on Form N-1A/A on July 12, 2022, is hereby incorporated by reference.

(ii) [Opinion and Consent of Counsel (for the YieldMax<sup>®</sup> AAPL Option Income Strategy ETF, YieldMax<sup>®</sup> AMZN Option Income Strategy ETF, YieldMax<sup>®</sup> BRK.B Option Income Strategy ETF, YieldMax<sup>®</sup> COIN Option Income Strategy ETF, YieldMax<sup>®</sup> META Option Income Strategy ETF, YieldMax<sup>®</sup> GOOG Option Income Strategy ETF, YieldMax<sup>®</sup> NFLX Option Income Strategy ETF, YieldMax<sup>®</sup> NVDA Option Income Strategy ETF, YieldMax<sup>®</sup> XYZ Option Income Strategy ETF, and YieldMax<sup>®</sup> TSLA Option Income Strategy ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000138713122011623/ex99-iii.htm) , previously filed with Post-Effective Amendment No. 32 on Form N-1A on November 21, 2022 and is incorporated herein by reference.

(iii) [Opinion and Consent of Counsel (for the YieldMax<sup>®</sup> ARKK Option Income Strategy ETF, YieldMax<sup>®</sup> KWEB Option Income Strategy ETF, YieldMax<sup>®</sup> GDX Option Income Strategy ETF, YieldMax<sup>®</sup> XBI Option Income Strategy ETF, and YieldMax<sup>®</sup> TLT Option Income Strategy ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000138713122011627/ex99-iiii.htm) , previously filed with Post-Effective Amendment No. 33 on Form N-1A on November 21, 2022 and is incorporated herein by reference.

(iv) [Opinion and Consent of Counsel (for the Senior Secured Credit Opportunities ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000138713122010432/ex99-iiv.htm) , previously filed with Post-Effective Amendment No. 15 on Form N-1A on October 13, 2022 and is incorporated herein by reference.

(v) [Opinion and Consent of Counsel (for the Nicholas Fixed Income Alternative ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000138713122011714/ex99-ivii.htm) , previously filed with Post-Effective Amendment No. 34 on Form N-1A on November 22, 2022 and is incorporated herein by reference.

(vi) [Opinion and Consent of Counsel (for the Pinnacle Focused Opportunities ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000183988222030436/ex99-iix.htm) , previously filed with Post-Effective Amendment No. 45 on Form N-1A on December 28, 2022 and is incorporated herein by reference.

(vii) [Opinion and Consent of Counsel (for the Tactical Advantage ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000138713123004540/ex99-ix.htm) , previously filed with Post-Effective Amendment No. 72 on Form N-1A on April 6, 2023 and is incorporated herein by reference.

(viii) [Opinion and Consent of Counsel (for the Return Stacked<sup>®</sup> Bonds & Managed Futures ETF and Return Stacked<sup>®</sup>Global Stocks & Bonds ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000138713123001445/ex99-ixi.htm) , previously filed with Post-Effective Amendment No. 56 on Form N-1A on February 6, 2023 and is incorporated herein by reference.

(ix) [Opinion and Consent of Counsel (for the DGA Absolute Return ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000138713123004751/ex99-ixi.htm) , previously filed with Post-Effective Amendment No. 79 on April 14, 2023.

(x) [Opinion and Consent of Counsel (for the Veridien Climate Action ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000183988223009341/ex99-ixii.htm) , previously filed with Post-Effective Amendment No. 74 on Form N-1A on April 11, 2023 and is incorporated herein by reference.

(xi) [Opinion and Consent of Counsel (for the Roundhill Generative AI & Technology ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000138713123006448/ex99-ixiv.htm) , previously filed with Post-Effective Amendment No. 88 on Form N-1A on May 12, 2023 and is incorporated herein by reference.

(xii) [Opinion and Consent of Counsel (for the Blueprint Chesapeake Multi-Asset Trend ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000138713123007903/ex99-ixvi.htm) , previously filed with Post-Effective Amendment No. 102 on Form N-1A on June 27, 2023 and is incorporated herein by reference.

(xiii) [Opinion and Consent of Counsel (for the Cboe Validus S&P 500 Dynamic PutWrite Index ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000138713123008622/ex99-ixvii.htm) , previously filed with Post-Effective Amendment No. 107 on Form N-1A on July 25, 2023 and is incorporated herein by reference.

(xiv) [Opinion and Consent of Counsel (for the Grizzle Growth ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000138713123009390/ex99-ixviii.htm) , previously filed with Post-Effective Amendment No. 109 on Form N-1A on August 7, 2023 and is incorporated herein by reference.

(xv) [Opinion and Consent of Counsel (for Psychedelics Companies)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124015011/ex99-ixvii.htm) , previously filed with Post-Effective Amendment No. 283 on Form N-1A on November 25, 2024 and is incorporated herein by reference.

(xvi) [Opinion and Consent of Counsel (for the YieldMax<sup>®</sup> ABNB Option Income Strategy ETF, YieldMax<sup>®</sup> AMD Option Income Strategy ETF, YieldMax<sup>®</sup> MRNA Option Income Strategy ETF, YieldMax<sup>®</sup> PYPL Option Income Strategy ETF, YieldMax<sup>®</sup> DIS Option Income Strategy ETF, YieldMax<sup>®</sup> JPM Option Income Strategy ETF, YieldMax<sup>®</sup> MSFT Option Income Strategy ETF, and YieldMax<sup>®</sup> XOM Option Income Strategy ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000138713123009799/ex99-ixx.htm) , previously filed with Post-Effective Amendment No. 111 on Form N-1A on August 14, 2023 and is incorporated herein by reference.

(xvii) [Opinion and Consent of Counsel (for the CoreValues Alpha Greater China Growth ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000138713123011378/ex99-ixxi.htm) , previously filed with Post-Effective Amendment No. 124 on Form N-1A on September 20, 2023 and is incorporated herein by reference.

(xviii) [Opinion and Consent of Counsel (for the Defiance Nasdaq 100 Target 30 Income ETF, Defiance S&P 500 Target 30 Income ETF and Defiance R2000 Target 30 Income ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000138713123010338/ex99-ixxii.htm) , previously filed with Post-Effective Amendment No. 117 on Form N-1A on August 25, 2023 and is incorporated herein by reference.

(xix) [Opinion and Consent of Counsel (for the Return Stacked<sup>®</sup> U.S. Stocks & Managed Futures ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000138713123010574/ex99-ixxiii.htm) , previously filed with Post-Effective Amendment No. 118 on Form N-1A on August 29, 2023 and is incorporated herein by reference.

(xx) [Opinion and Consent of Counsel (for the YieldMax<sup>®</sup> ADBE Option Income Strategy ETF, YieldMax<sup>®</sup> AI Option Income Strategy ETF, YieldMax<sup>®</sup> BA Option Income Strategy ETF, YieldMax<sup>®</sup> BIIB Option Income Strategy ETF, YieldMax<sup>®</sup> INTC Option Income Strategy ETF, YieldMax<sup>®</sup> NKE Option Income Strategy ETF, YieldMax<sup>®</sup> ORCL Option Income Strategy ETF, YieldMax<sup>®</sup> ROKU Option Income Strategy ETF, YieldMax<sup>®</sup> SNOW Option Income Strategy ETF, YieldMax<sup>®</sup> TGT Option Income Strategy ETF and YieldMax<sup>®</sup> ZM Option Income Strategy ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000138713123012010/ex99-ixxiv.htm) , previously filed with Post-Effective Amendment No. 130 on Form N-1A on October 6, 2023 and is incorporated herein by reference.

(xxi) [Opinion and Consent of Counsel (for the Hilton Small-MidCap Opportunity ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937123000397/ex99-ixxv.htm) , previously filed with Post-Effective Amendment No. 135 on Form N-1A on November 20, 2023 and is incorporated herein by reference.

(xxii) [Opinion and Consent of Counsel (for the Quantify Absolute Income ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124004487/ex99-ixxiv.htm) **,** previously filed with Post-Effective Amendment No. 197 on Form N-1A on April 5, 2024 and is incorporated herein by reference.

(xxiii) [Opinion and Consent of Counsel (for the YieldMax<sup>®</sup> Universe Fund of Option Income ETFs and YieldMax<sup>®</sup> Magnificent 7 Fund of Option Income ETFs)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124000178/ex99-ixxvii.htm) , previously filed with Post-Effective Amendment No. 153 on Form N-1A on January 8, 2024 and is incorporated herein by reference.

(xxiv) [Opinion and Consent of Counsel (for the Defiance Treasury Alternative Yield ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124000690/ex99-ixxviii.htm) , previously filed with Post-Effective Amendment No. 155 on Form N-1A on January 23, 2024 and is incorporated herein by reference.

(xxv) [Opinion and Consent of Counsel (for the iREIT - MarketVector Quality REIT Index ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124002955/ex99-ixxvii.htm) , previously filed with Post-Effective Amendment No. 181 on Form N-1A on February 29, 2024 and is incorporated herein by reference.

(xxvi) [Opinion and Consent of Counsel (for the Defiance Developed Markets Enhanced Options Income ETF and Defiance Emerging Markets Enhanced Options Income ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124001388/ex99-ixxx.htm) , previously filed with Post-Effective Amendment No. 165 on Form N-1A on February 1, 2024 and is incorporated herein by reference.

(xxvii) [Opinion and Consent of Counsel (for YieldMax<sup>®</sup> Ultra Option Income Strategy ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124002461/ex99-ixxxii.htm) , previously filed with Post-Effective Amendment No. 171 on Form N-1A on February 16, 2024 and is incorporated herein by reference.

(xxviii) [Opinion and Consent of Counsel (for YieldMax<sup>®</sup> MSTR Option Income Strategy ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124002512/ex99-ixxxiii.htm) , previously filed with Post-Effective Amendment No. 172 on Form N-1A on February 20, 2024 and is incorporated herein by reference.

(xxix) [Opinion and Consent of Counsel (for the Carbon Collective Short Duration Green Bond ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124004345/ex99-ixxxll.htm) , previously filed with Post-Effective Amendment No. 196 on Form N-1A on April 2, 2024 and is incorporated herein by reference.

(xxx) [Opinion and Consent of Counsel (for the Defiance Nasdaq 100 Target Income ETF, Defiance S&P 500 Target Income ETF and Defiance R2000 Target Income ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124002792/ex99-ixxxiii.htm) , previously filed with Post-Effective Amendment No. 177 on Form N-1A on February 28, 2024 and is incorporated herein by reference.

(xxxi) [Opinion and Consent of Counsel (for the YieldMax<sup>®</sup> TSLA Short Option Income Strategy ETF, YieldMax<sup>®</sup> Innovation Short Option Income Strategy ETF, YieldMax<sup>®</sup> NVDA Short Option Income Strategy ETF, YieldMax<sup>®</sup> COIN Short Option Income Strategy ETF and YieldMax<sup>®</sup> AAPL Short Option Income Strategy ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124003038/ex99-ixxxiv.htm) , previously filed with Post-Effective Amendment No. 182 on Form N-1A on March 4, 2024 and is incorporated herein by reference.

(xxxii) [Opinion and Consent of Counsel (for the YieldMax<sup>®</sup> N100 Short Option Income Strategy ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124003062/ex99-ixxxv.htm) , previously filed with Post-Effective Amendment No. 183 on Form N-1A on March 5, 2024 and is incorporated herein by reference.

(xxxiii) [Opinion and Consent of Counsel (for the Even Herd Long Short ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124003975/ex99-ixxxvi.htm) , previously filed with Post-Effective Amendment No. 194 on Form N-1A on March 26, 2024 and is incorporated herein by reference.

(xxxiv) [Opinion and Consent of Counsel (for the Peerless Option Wheel ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124005938/ex99-ixxxvii.htm) , previously filed with Post-Effective Amendment No. 211 on Form N-1A on May 10, 2024 and is incorporated herein by reference.

(xxxv) [Opinion and Consent of Counsel (for the YieldMax<sup>®</sup> Bitcoin Option Income Strategy ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124004893/ex99-ixxxviii.htm) , previously filed with Post-Effective Amendment No. 203 on Form N-1A on April 17, 2024 and is incorporated herein by reference.

(xxxvi) [Opinion and Consent of Counsel (for the Return Stacked<sup>®</sup> Bonds & Futures Yield ETF and Return Stacked<sup>®</sup>U.S. Stocks & Futures Yield ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124004978/ex99-ixxxix.htm) , previously filed with Post-Effective Amendment No. 204 on Form N-1A on April 19, 2024 and is incorporated herein by reference.

(xxxvii) [Opinion and Consent of Counsel (for the Defiance Gold Enhanced Options Income ETF, Defiance Silver Enhanced Options Income ETF, Defiance Oil Enhanced Options Income ETF, and Defiance Treasury Enhanced Options Income ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124005390/ex99-ixlii.htm) , previously filed with Post-Effective Amendment No. 206 on Form N-1A on April 29, 2024 and is incorporated herein by reference.

(xxxviii) [Opinion and Consent of Counsel (for the Clockwise Core Equity & Innovation ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124007338/ex99-ixliii.htm) , previously filed with Post-Effective Amendment No. 224 on Form N-1A on June 11, 2024 and is incorporated herein by reference.

(xxxix) [Opinion and Consent of Counsel (for the Cambria Chesapeake Pure Trend ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124006405/ex99-ixliii.htm) , previously filed with Post-Effective Amendment No. 213 on Form N-1A on May 21, 2024 and is incorporated herein by reference.

(xl) [Opinion and Consent of Counsel (for the Defiance Daily Target 2X Long Cooper ETF, Defiance Daily Target 2X Long RIOT ETF (formerly known as Defiance Daily Target 2X Long Carbon ETF), Defiance Daily Target 2X Long China Dragons ETF (formerly known as Defiance Daily Target 2X Long Lithium ETF), Defiance Daily Target 2X Long Solar ETF and Defiance Daily Target 2X Long Uranium ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124015879/ex99-ilxiv.htm) , previously filed with Post-Effective Amendment No. 297 on Form N-1A on December 30, 2024 and is incorporated herein by reference.

(xli) [Opinion and Consent of Counsel (for the Defiance Daily Target 2X Long LLY ETF, Defiance Daily Target 2X Long MSTR ETF, Defiance Daily Target 2X Long NVO ETF, Defiance Daily Target 2X Long PANW ETF and Defiance Daily Target 2X Long SMCI ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124007101/ex99ixlv.htm) , previously filed with Post-Effective Amendment No. 222 on Form N-1A on June 4, 2024 and is incorporated herein by reference.

(xlii) [Opinion and Consent of Counsel (for the Defiance Daily Target 1.5X Short MSTR ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124007511/ex99-ixlvii.htm) previously filed with Post-Effective Amendment No. 225 on Form N-1A on June 17, 2024 and is incorporated herein by reference.

(xliii) [Opinion and Consent of Counsel (for the YieldMax<sup>®</sup> BABA Option Income Strategy ETF, YieldMax<sup>®</sup> CVNA Option Income Strategy ETF, YieldMax<sup>®</sup> DKNG Option Income Strategy ETF, YieldMax<sup>®</sup> HOOD Option Income Strategy ETF, YieldMax<sup>®</sup> JD Option Income Strategy ETF, YieldMax<sup>®</sup> MARA Option Income Strategy ETF, YieldMax<sup>®</sup> PDD Option Income Strategy ETF, YieldMax<sup>®</sup> PLTR Option Income Strategy ETF, YieldMax<sup>®</sup> RBLX Option Income Strategy ETF, YieldMax<sup>®</sup> SHOP Option Income Strategy ETF, YieldMax<sup>®</sup> SMCI Option Income Strategy ETF, and YieldMax<sup>®</sup> TSM Option Income Strategy ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124009244/ex99-ixlvii.htm) , previously filed with Post-Effective Amendment No. 241 on Form N-1A on July 30, 2024, 2024 and is incorporated herein by reference.

(xliv) [Opinion and Consent of Counsel (for the YieldMax<sup>®</sup> Ether Option Income Strategy ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124011660/ex99-ixlviii.htm) , previously filed with Post-Effective Amendment No. 259 on Form N-1A on September 9, 2024, and is incorporated herein by reference **.** 

(xlv) [Opinion and Consent of Counsel (for the STKd 100% Bitcoin & 100% Gold ETF (f/k/a STKD Bitcoin & Gold ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124012244/ex99-ixlix.htm) , previously filed with Post-Effective Amendment No. 264 on Form N-1A on September 23, 2024 and is incorporated herein by reference.

(xlvi) [Opinion and Consent of Counsel (for the YieldMax<sup>®</sup> Target 12™ Semiconductor Option Income ETF, YieldMax<sup>®</sup> Target 12™ Biotech & Pharma Option Income ETF, YieldMax<sup>®</sup> Target 12™ Energy Option Income ETF, YieldMax<sup>®</sup> Target 12™ Real Estate Option Income ETF, YieldMax<sup>®</sup> Target 12™ Tech & Innovation Option Income ETF and YieldMax<sup>®</sup> Target 12™ Big 50 Option Income ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124014425/ex99-ixlix.htm) , previously filed with Post-Effective Amendment No. 277 on Form N-1A on November 8, 2024 and is incorporated herein by reference.

(xlvii) [Opinion and Consent of Counsel (for the Nicholas Global Equity and Income ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124008919/ex99-ili.htm) , previously filed with Post-Effective Amendment No. 238 on Form N-1A on July 23, 2024 and is incorporated herein by reference.

(xlviii) [Opinion and Consent of Counsel (for the Defiance Large Cap ex-Mag 7 ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937124013272/ex99-ilii.htm) , previously filed with Post-Effective Amendment No. 266 on Form N-1A on October 11, 2024 and is incorporated herein by reference.

(xlix) [Opinion and Consent of Counsel (for the YieldMax<sup>®</sup> Dorsey Wright Hybrid 5 Income ETF, and YieldMax<sup>®</sup> Dorsey Wright Featured 5 Income ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000183988224044572/ex99-ilii.htm) , previously filed with Post-Effective Amendment No. 288 on Form N-1A on December 10, 2024 and is incorporated herein by reference.

(l) [Opinion and Consent of Counsel (for the YieldMax<sup>®</sup> AI & Tech Portfolio Option Income Portfolio ETF, YieldMax<sup>®</sup> Crypto Industry & Tech Portfolio Option Income ETF, YieldMax<sup>®</sup> China Portfolio Option Income ETF, YieldMax<sup>®</sup> Semiconductor Portfolio Option Income ETF and YieldMax<sup>®</sup> Biotech & Pharma Portfolio Option Income ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000183988224042621/ex99-iliii.htm) , previously filed with Post-Effective Amendment No. 286 on Form N-1A on December 2, 2024 and is incorporated herein by reference.

(li) [Opinion and Consent of Counsel (for the YieldMax<sup>®</sup> Ultra Short Option Income Strategy ETF](http://www.sec.gov/Archives/edgar/data/1924868/000183988225008779/ex99-iliv.htm)), previously filed with Post-Effective Amendment No. 311 on Form N-1A on February 13, 2025, and is incorporated herein by reference.

(lii) [Opinion and Consent of Counsel (for the Return Stacked<sup>®</sup> Bonds & Merger Arbitrage ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000183988224045295/ex99-ilv.htm) , previously filed with Post-Effective Amendment No. 291 on Form N-1A on December 16, 2024 and is incorporated herein by reference.

(liii) [Opinion and Consent of Counsel (for the Defiance Daily Target 2X Long SOFI ETF, Defiance Daily Target 2X Long AMAT ETF, Defiance Daily Target 2X Long GOLD ETF, Defiance Daily Target 2X Long ORCL ETF, Defiance Daily Target 2X Long FSLR ETF and Defiance Daily Target 2X Long DKNG ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000183988225001947/ex99-ilvi.htm) , previously filed with Post-Effective Amendment No. 299 on Form N-1A on January 14, 2025 and is incorporated herein by reference.

(liv) Opinion and Consent of Counsel (for the Defiance Hot Sauce Daily 2X Strategy ETF) **– to be filed by amendment**.

(lv) [Opinion and Consent of Counsel (for the YieldMax<sup>®</sup> Nasdaq 100 0DTE Covered Call Strategy ETF, YieldMax<sup>®</sup> S&P 500 0DTE Covered Call Strategy ETF, and YieldMax<sup>®</sup> R2000 0DTE Covered Call Strategy ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937125001162/ex99-ilviii.htm) , previously filed with Post-Effective Amendment No. 307 on Form N-1A on February 4, 2025 and is incorporated herein by reference.

(lvi) [Opinion and Consent of Counsel (for the Defiance AI & Power Infrastructure ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937125001333/ex99-ilx.htm) , previously filed with Post-Effective Amendment No. 309 on Form N-1A on February 7, 2025 and is incorporated herein by reference.

(lvii) [Opinion and Consent of Counsel (for the STKd 100% COIN & 100% NVDA ETF, STKd 100% NVDA & 100% MSTR ETF, STKd 100% MSTR & 100% COIN ETF, STKd 100% COIN & 100% HOOD ETF, STKd 100% NVDA & 100% AMD ETF, STKd 100% TSLA & 100% MSTR ETF, STKd 100% TSLA & 100% NVDA ETF, STKd 100% SMCI & 100% NVDA ETF, STKd 100% UBER & 100% TSLA ETF and STKd 100% META & 100% AMZN ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000183988225010423/ex99-ilx.htm) , previously filed with Post-Effective Amendment No. 316 on Form N-1A on February 24, 2025 and is incorporated herein by reference.

(lviii) [Opinion and Consent of Counsel (for the YieldMax<sup>®</sup> MSTR Short Option Income Strategy ETF, YieldMax<sup>®</sup> AMD Short Option Income Strategy ETF, YieldMax<sup>®</sup> AMZN Short Option Income Strategy ETF, YieldMax<sup>®</sup> MARA Short Option Income Strategy ETF, YieldMax<sup>®</sup> BITCOIN Short Option Income Strategy ETF, YieldMax<sup>®</sup> META Short Option Income Strategy ETF and YieldMax<sup>®</sup> SMCI Short Option Income Strategy ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937125002964/ex99-lxi.htm) , previously filed with Post-Effective Amendment No. 329 on Form N-1A on March 21, 2025 and is incorporated herein by reference.

(lix) [Opinion and Consent of Counsel (for the Defiance Leveraged Long MSTR ETF and Defiance Leveraged Long + Income MSTR ETF),](http://www.sec.gov/Archives/edgar/data/1924868/000199937125002972/ex99-ilxii.htm) previously filed with Post-Effective Amendment No. 330 on Form N-1A on March 21, 2025 and is incorporated herein by reference.

(lx) [Opinion and Consent of Counsel (for the Defiance Daily Target 2X Long HIMS ETF, Defiance Daily Target 2X Long IONQ ETF, Defiance Daily Target 2X Long RKLB ETF, Defiance Daily Target 2X Long CVNA ETF, Defiance Daily Target 2X Long HOOD ETF, Defiance Daily Target 2X Long VST ETF, Defiance Daily Target 2X Long JPM ETF, Defiance Daily Target 2X Long PENN ETF, Defiance Daily Target 2X Long SOUN ETF, Defiance Daily Target 2X Long MRVL ETF and Defiance Daily Target 2X Long RGTI ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000183988225014844/ex99-ilxiii.htm) , previously filed with Post-Effective Amendment No. 327 on Form N-1A on March 11, 2025 and is incorporated herein by reference **.** 

(lxi) [Opinion and Consent of Counsel (for the Defiance Daily Target 2X Short RIOT ETF, Defiance Daily Target 2X Short SMCI ETF and Defiance Daily Target 2X Short LLY ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937125003437/ex99-ilxiv.htm) , previously filed with Post-Effective Amendment No. 336 on Form N-1A on March 31, 2025 and is incorporated herein by reference.

(lxii) [Opinion and Consent of Counsel (for the Defiance Daily Target 2X Long DJT ETF and Defiance Daily Target 2X Long RDDT ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937125004019/ex99-ilxii.htm) , previously filed with Post-Effective Amendment No. 339 on Form N-1A on April 8, 2025 and is incorporated herein by reference.

(lxiii) Opinion and Consent of Counsel (for the Defiance 2X Daily Long Pure Quantum ETF) – **to be filed by amendment.** 

(lxiv) [Opinion and Consent of Counsel (for the Return Stacked<sup>®</sup>U.S. Stocks & Gold/Bitcoin ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937125004740/ex99-ilxiv.htm) , previously filed with Post-Effective Amendment No. 342 on Form N-1A on April 25, 2025 and is incorporated herein by reference

(lxv) [Opinion and Consent of Counsel (for the Defiance Trillion Dollar Club Index ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937125005036/ex99-ilxv.htm) , previously filed with Post-Effective Amendment No. 345 on Form N-1A on April 30, 2025 and is incorporated herein by reference.

(lxvi) [Opinion and Consent of Counsel (for the Defiance Nasdaq 100 LightningSpread™ Income ETF, Defiance S&P 500 LightningSpread™ Income ETF, and Defiance Russell 2000 LightningSpread™ Income ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937125006616/ex99-ilxvi.htm) , previously filed with Post-Effective Amendment No. 351 on Form N-1A on May 23, 2025 and is incorporated herein by reference.

(lxvii) Opinion and Consent of Counsel (for the Defiance MAGA Seven ETF) – **to be filed by amendment.** 

(lxviii) Opinion and Consent of Counsel (for the YieldMax<sup>®</sup> Target 25™ AI Option Income ETF, YieldMax<sup>®</sup> Target 25™ AMD Option Income ETF, YieldMax<sup>®</sup> Target 25™ AMZN Option Income ETF, YieldMax<sup>®</sup> Target 25™ COIN Option Income ETF, YieldMax<sup>®</sup> Target 25™ MARA Option Income ETF, YieldMax<sup>®</sup> Target 25™ MSTR Option Income ETF, YieldMax<sup>®</sup> Target 25™ NVDA Option Income ETF, YieldMax<sup>®</sup> Target 25™ PLTR Option Income ETF, YieldMax<sup>®</sup> Target 25™ SMCI Option Income ETF and YieldMax<sup>®</sup> Target 25™ TSLA Option Income ETF) – **to be filed by amendment.** 

(lxix) [Opinion and Consent of Counsel (for the Defiance Daily Target 2X Short CVNA ETF, Defiance Daily Target 2X Short IONQ ETF, Defiance Daily Target 2X Short PLTR ETF and Defiance Daily Target 2X Short RKLB ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937125005922/ex99-ilxix.htm) , previously filed with Post-Effective Amendment No. 348 on Form N-1A on May 13, 2025 and is incorporated herein by reference.

(lxx) [Opinion and Consent of Counsel (for the Defiance Daily Target 2X Long ANET ETF, Defiance Daily Target 2X Long ARM ETF, Defiance Daily Target 2X Long PM ETF, and Defiance Daily Target 2X Long UBER ETF) – previously filed with Post-Effective Amendment No. 349 on Form N-1A on May 16, 2025 and is incorporated herein by reference **.**](http://www.sec.gov/Archives/edgar/data/1924868/000199937125006291/ex99-ilxx.htm)

(lxxi) [Opinion and Consent of Counsel (for the Hilton BDC Corporate Bond ETF)](http://www.sec.gov/Archives/edgar/data/1924868/000199937125007009/ex99-ilxxi.htm) , previously filed with Post-Effective Amendment No. 356 on Form N-1A on June 2, 2025 and is incorporated herein by reference.

(lxxii) Opinion and Consent of Counsel (for YieldMax<sup>®</sup> Target 25™ Bitcoin Option Income ETF) – **to be filed by amendment.** 

(lxxiii) [Opinion and Consent of Counsel (for the Nicholas Crypto Income ETF)](ex99-ilxxiii.htm) – **filed herewith.** 

(lxxiv) Opinion and Consent of Counsel (for the Defiance Daily Target 2X Long OKLO ETF and Defiance Daily Target 2X Long QBTS ETF) – **to be filed by amendment.** 

(lxxv) Opinion and Consent of Counsel (for the Defiance Daily Target 2X Short RGTI ETF and Defiance Daily Target 2X Short QBTS ETF) – **to be filed by amendment.** 

(lxxvi) Opinion and Consent of Counsel (for the Defiance MSTR Double Short Hedged ETF) – **to be filed by amendment.** 

(lxxvii) Opinion and Consent of Counsel (for the Defiance Nasdaq 100 Double Short Hedged ETF) – **to be filed by amendment.** 

(lxxviii) Opinion and Consent of Counsel (for the Defiance Vol Carry Hedged ETF, Defiance Enhanced Short Vol ETF and Defiance Enhanced Long Vol ETF) – **to be filed by amendment.** 

(lxxix) Opinion and Consent of Counsel (for the Defiance Leveraged Long + Income AAPL ETF, Defiance Leveraged Long + Income AMD ETF, Defiance Leveraged Long + Income AMZN ETF, Defiance Leveraged Long + Income BRK.B ETF, Defiance Leveraged Long + Income COIN ETF, Defiance Leveraged Long + Income GOOG ETF, Defiance Leveraged Long + Income HIMS ETF, Defiance Leveraged Long + Income HOOD ETF, Defiance Leveraged Long + Income META ETF, Defiance Leveraged Long + Income NFLX ETF, Defiance Leveraged Long + Income NVDA ETF, Defiance Leveraged Long + Income PLTR ETF, Defiance Leveraged Long + Income SMCI ETF, and Defiance Leveraged Long + Income TSLA ETF) **– to be filed by amendment.** 

(lxxx) Opinion and Consent of Counsel (for the LevMax™ AMZN [Monthly 3x1] ETF, LevMax™ Bitcoin [Monthly 3x1] ETF, LevMax™ BRK-B [Monthly 3x1] ETF, LevMax™ COIN [Monthly 3x1] ETF, LevMax™ HOOD [Monthly 3x1] ETF, LevMax™ MSFT [Monthly 3x1] ETF, LevMax™ MSTR [Monthly 3x1] ETF, LevMax™ NVDA [Monthly 3x1] ETF, LevMax™ PLTR [Monthly 3x1] ETF, LevMax™ RDDT [Monthly 3x1] ETF, LevMax™ SMCI [Monthly 3x1] ETF and LevMax™ TSLA [Monthly 3x1] ETF) **– to be filed by amendment.** 

(lxxxi) Opinion and Consent of Counsel (for the YieldMax<sup>®</sup> AFRM Option Income Strategy ETF, YieldMax<sup>®</sup> APP Option Income Strategy ETF, YieldMax<sup>®</sup> ARM Option Income Strategy ETF, YieldMax<sup>®</sup> AVGO Option Income Strategy ETF, YieldMax<sup>®</sup> CRWD Option Income Strategy ETF, YieldMax<sup>®</sup> GME Option Income Strategy ETF, YieldMax<sup>®</sup> HIMS Option Income Strategy ETF, YieldMax<sup>®</sup> IONQ Option Income Strategy ETF, YieldMax<sup>®</sup> LLY Option Income Strategy ETF, YieldMax<sup>®</sup> RDDT Option Income Strategy ETF, YieldMax<sup>®</sup> SPOT Option Income Strategy ETF and YieldMax<sup>®</sup> UBER Option Income Strategy ETF) – **to be filed by amendment.** 

(j) Consent of Independent Registered Accounting Firm **– non applicable.** 

(k) Not applicable.

(l) (i) [Subscription Agreement](http://www.sec.gov/Archives/edgar/data/1924868/000138713122007650/ex99-li.htm) , previously filed with the Trusts registration statement on Form N-1A/A on July 12, 2022, is hereby incorporated by reference.

(ii) Letter of Representations between the Trust and Depository Trust Company - **to be filed by amendment**.

(m) [Amended and Restated Rule 12b-1 Plan](http://www.sec.gov/Archives/edgar/data/1924868/000183988225010423/ex99-m.htm) , previously filed with Post-Effective Amendment No. 316 on Form N-1A on February 24, 2025 and is incorporated herein by reference.

(n) Not applicable.

(o) Reserved.

(p) (i) [Code of Ethics for Tidal Trust II](http://www.sec.gov/Archives/edgar/data/1924868/000199937124014425/ex99-pi.htm) , previously filed with Post-Effective Amendment No. 277 on Form N-1A on November 8, 2024 and is incorporated herein by reference.

(ii) [Code of Ethics for Tidal Investments LLC](http://www.sec.gov/Archives/edgar/data/1924868/000199937124014425/ex99-pii.htm) , previously filed with Post-Effective Amendment No. 277 on Form N-1A on November 8, 2024 and is incorporated herein by reference.

(iii) [Code of Ethics Carbon Collective Investing, LLC](http://www.sec.gov/Archives/edgar/data/1924868/000138713122007650/ex99-piii.htm) , previously filed with the Trusts registration statement on Form N-1A/A on July 12, 2022, is hereby incorporated by reference.

(iv) Code of Ethics for Distributor not applicable per Rule 17j-1(c)(3).

(v) [Code of Ethics for Nicholas Wealth, LLC](http://www.sec.gov/Archives/edgar/data/1924868/000183988225008779/ex99-pvi.htm) , previously filed with Post-Effective Amendment No. 311 on Form N-1A on February 13, 2025, and is incorporated herein by reference.

(vi) [Code of Ethics for Pinnacle Family Advisors, LLC](http://www.sec.gov/Archives/edgar/data/1924868/000183988222030436/ex99-pviii.htm) , previously filed with Post-Effective Amendment No. 45 on Form N-1A on December 28, 2022 and is incorporated herein by reference.

(vii) [Code of Ethics for Veridien Global Investors LLC](http://www.sec.gov/Archives/edgar/data/1924868/000183988223009341/ex99-pix.htm) , previously filed with Post-Effective Amendment No. 74 on Form N-1A on April 11, 2023 and is incorporated herein by reference.

(viii) [Code of Ethics for Family Dynasty Advisors LLC](http://www.sec.gov/Archives/edgar/data/1924868/000138713123004540/ex99-pix.htm) , previously filed with Post-Effective Amendment No. 72 on Form N-1A on April 6, 2023 and is incorporated herein by reference.

(ix) [Code of Ethics for Newfound Research LLC](http://www.sec.gov/Archives/edgar/data/1924868/000138713123001445/ex99-px.htm) , previously filed with Post-Effective Amendment No. 56 on Form N-1A on February 6, 2023 and is incorporated herein by reference.

(x) [Code of Ethics for ReSolve Asset Management SEZC (Cayman)](http://www.sec.gov/Archives/edgar/data/1924868/000138713123001445/ex99-pxi.htm) , previously filed with Post-Effective Amendment No. 56 on Form N-1A on February 6, 2023 and is incorporated herein by reference.

(xi) [Code of Ethics for Roundhill Financial Inc.](http://www.sec.gov/Archives/edgar/data/1924868/000199937124010717/ex99pxiii.htm) , previously filed with Post-Effective Amendment No. 251 on Form N-1A on August 27, 2024 and is incorporated herein by reference.

(xii) [Code of Ethics for Montrose Estate Capital Management, LLC d/b/a Days Global Advisors](http://www.sec.gov/Archives/edgar/data/1924868/000199937124010335/ex99-pxiv.htm) , previously filed with Post-Effective Amendment No. 249 on Form N-1A on August 19, 2024 and is incorporated herein by reference.

(xiii) [Code of Ethics for Chesapeake Capital Corporation](http://www.sec.gov/Archives/edgar/data/1924868/000199937123000397/ex99-pxv.htm) , previously filed with Post-Effective Amendment No. 135 on Form N-1A on November 20, 2023 and is incorporated herein by reference.

(xiv) [Code of Ethics for Blueprint Fund Management, LLC](http://www.sec.gov/Archives/edgar/data/1924868/000138713123007903/ex99-pxv.htm) , previously filed with Post-Effective Amendment No. 102 on Form N-1A on June 27, 2023 and is incorporated herein by reference.

(xv) [Code of Ethics for Grizzle Investment Management LLC](http://www.sec.gov/Archives/edgar/data/1924868/000138713123009390/ex99-pxvii.htm) , previously filed with Post-Effective Amendment No. 109 on Form N-1A on August 7, 2023 and is incorporated herein by reference.

(xvi) [Code of Ethics for Cambria Investment Management, L.P.](http://www.sec.gov/Archives/edgar/data/1924868/000138713123011378/ex99-pxviii.htm) , previously filed with Post-Effective Amendment No. 124 on Form N-1A on September 20, 2023 and is incorporated herein by reference.

(xvii) [Code of Ethics for Hilton Capital Management, LLC](http://www.sec.gov/Archives/edgar/data/1924868/000199937123000397/ex99-pxix.htm) , previously filed with Post-Effective Amendment No. 135 on Form N-1A on November 20, 2023 and is incorporated herein by reference.

(xviii) [Code of Ethics for MSA Power Funds LLC](http://www.sec.gov/Archives/edgar/data/1924868/000138713123011378/ex99-pxx.htm) , previously filed with Post-Effective Amendment No. 124 on Form N-1A on September 20, 2023 and is incorporated herein by reference.

(xix) [Code of Ethics for Quantify Chaos Advisors, LLC](http://www.sec.gov/Archives/edgar/data/1924868/000199937124004487/ex99-pxxi.htm) , previously filed with Post-Effective Amendment No. 197 on Form N-1A on April 5, 2024 and is incorporated herein by reference **.** 

(xx) [Code of Ethics for Artesian Capital Management (Delaware) LP](http://www.sec.gov/Archives/edgar/data/1924868/000199937124004345/ex99-pxxiii.htm) , previously filed with Post-Effective Amendment No. 196 on Form N-1A on April 2, 2024 and is incorporated herein by reference.

(xxi) [Code of Ethics for Even Herd, LLC](http://www.sec.gov/Archives/edgar/data/1924868/000199937124003975/ex99-pxxiv.htm) , previously filed with Post-Effective Amendment No. 194 on Form N-1A on March 26, 2024 and is incorporated herein by reference.

(xxii) [Code of Ethics for Peerless Wealth LLC](http://www.sec.gov/Archives/edgar/data/1924868/000199937124005938/ex99-pxxv.htm) , previously filed with Post-Effective Amendment No. 211 on Form N-1A on May 10, 2024 and is incorporated herein by reference.

(xxiii) [Code of Ethics for Clockwise Capital LLC](http://www.sec.gov/Archives/edgar/data/1924868/000199937124007338/ex99-pxxvi.htm) , previously filed with Post-Effective Amendment No. 224 on Form N-1A on June 11, 2024 and is incorporated herein by reference.

**Item 29. Persons Controlled by or Under Common Control with Registrant**

No person is directly or indirectly controlled by or under common control with the Registrant.

**Item 30. Indemnification**

Reference is made to Article VII of the Registrant's Third Amended and Restated 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**

This Item incorporates by reference each investment advisers Uniform Application for Investment Adviser Registration (Form ADV) on file with the SEC, as listed below. Each Form ADV may be obtained, free of charge, at the SECs website at www.adviserinfo.sec.gov. Additional information as to any other business, profession, vocation or employment of a substantial nature engaged in by each officer and director of the below-listed investment advisers is included in the Trusts Statement of Additional Information.

---

| | |
|:---|:---|
| **Investment Adviser** | **SEC File No.** |
| Tidal Investments LLC (f/k/a Toroso Investments, LLC) | 801-76857 |
| Carbon Collective Investing, LLC | 801-119296 |
| Platos Philosophy LLC | 801-126714 |
| Nicholas Wealth, LLC | 801-122063 |
| Pinnacle Family Advisors, LLC | 801-78013 |
| Newfound Research LLC | 801-73042 |
| Montrose Estate Capital Management, LLC | 801-127176 |
| Family Dynasty Advisors LLC | 801-127497 |
| Roundhill Financial Inc. | 801-114971 |
| Veridien Global Investors, LLC | 801-127602 |
| Chesapeake Capital Corporation | 801-106985 |
| Blueprint Fund Management, LLC | 801-117790 |
| Grizzle Investment Management LLC | 801-122682 |
| Cambria Investment Management, L.P. | 801-71786 |
| MSA Power Funds LLC | 801-128292 |
| Hilton Capital Management, LLC | 801-60776 |
| Quantify Chaos Advisors, LLC (dba Quantify Funds) | 801-129075 |
| Artesian Capital Management (Delaware) LP | 801-129697 |
| Even Herd, LLC | 801-129721 |
| Peerless Wealth LLC | 801-129909 |
| Clockwise Capital LLC | 801-123024 |

---

**Item 32.**

---

| | |
|:---|:---|
| **(i)(a)** | **Foreside Fund Services, LLC ("Foreside") serves as principal underwriter for certain series of the following investment companies registered under the Investment Company Act of 1940, as amended:** |

---

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. ActivePassive International Equity ETF, Series of Trust for Professional Managers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. ActivePassive U.S. Equity ETF, Series of Trust for Professional Managers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. AdvisorShares Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. AFA Private Credit Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. AGF Investments Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. AIM ETF Products Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. Alexis Practical Tactical ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. AlphaCentric Prime Meridian Income Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. American Century ETF Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. Amplify ETF Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. Applied Finance Dividend Fund, Series of World Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. Applied Finance Explorer Fund, Series of World Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. Applied Finance Select Fund, Series of World Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. Ardian Access LLC

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19. ARK ETF Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20. ARK Venture Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21. Bitwise Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22. BondBloxx ETF Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23. Bramshill Multi-Strategy Income Fund, Series of Investment Managers Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24. Bridgeway Funds, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25. Brinker Capital Destinations Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26. Brookfield Real Assets Income Fund Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27. Build Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28. Calamos Convertible and High Income Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29. Calamos Convertible Opportunities and Income Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30. Calamos Dynamic Convertible and Income Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31. Calamos Global Dynamic Income Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32. Calamos Global Total Return Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33. Calamos Strategic Total Return Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34. Carlyle Tactical Private Credit Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35. Cascade Private Capital Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36. Catalyst Strategic Income Opportunities Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37. CBRE Global Real Estate Income Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38. Center Coast Brookfield MLP & Energy Infrastructure Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39. Clifford Capital Partners Fund, Series of World Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40. Cliffwater Corporate Lending Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41. Cliffwater Enhanced Lending Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42. Cohen & Steers ETF Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43. Cohen & Steers Infrastructure Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44. Convergence Long/Short Equity ETF, Series of Trust for Professional Managers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45. CornerCap Small-Cap Value Fund, Series of Managed Portfolio Series

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46. CrossingBridge Pre-Merger SPAC ETF, Series of Trust for Professional Managers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47. Curasset Capital Management Core Bond Fund, Series of World Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48. Curasset Capital Management Limited Term Income Fund, Series of World Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49. CYBER HORNET S&P 500® and Bitcoin 75/25 Strategy ETF, Series of ONEFUND Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50. Davis Fundamental ETF Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51. Defiance Connective Technologies ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52. Defiance Quantum ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53. Denali Structured Return Strategy Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54. Dividend Performers ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55. Dodge & Cox Funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56. DoubleLine ETF Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57. DoubleLine Income Solutions Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58. DoubleLine Opportunistic Credit Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59. DoubleLine Yield Opportunities Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60. DriveWealth ETF Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61. EIP Investment Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62. Ellington Income Opportunities Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63. ETF Opportunities Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64. Exchange Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65. Exchange Place Advisors Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66. FlexShares Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67. Fortuna Hedged Bitcoin Fund, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68. Forum Funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69. Forum Funds II

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70. Forum Real Estate Income Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71. Gramercy Emerging Markets Debt Fund, Series of Investment Managers Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72. Grayscale Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73. Guinness Atkinson Funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74. Harbor ETF Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75. Harris Oakmark ETF Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76. Hawaiian Tax-Free Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77. Horizon Kinetics Blockchain Development ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78. Horizon Kinetics Energy and Remediation ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79. Horizon Kinetics Inflation Beneficiaries ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80. Horizon Kinetics Japan Owner Operator ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81. Horizon Kinetics Medical ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82. Horizon Kinetics SPAC Active ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83. IDX Funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84. Innovator ETFs Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85. Ironwood Institutional Multi-Strategy Fund LLC

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86. Ironwood Multi-Strategy Fund LLC

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87. Jensen Quality Growth ETF, Series of Trust for Professional Managers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88. John Hancock Exchange-Traded Fund Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89. Kurv ETF Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90. Lazard Active ETF Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91. LDR Real Estate Value-Opportunity Fund, Series of World Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92. Mairs & Power Balanced Fund, Series of Trust for Professional Managers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93. Mairs & Power Growth Fund, Series of Trust for Professional Managers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94. Mairs & Power Minnesota Municipal Bond ETF, Series of Trust for Professional Managers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95. Mairs & Power Small Cap Fund, Series of Trust for Professional Managers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96. Manor Investment Funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97. Milliman Variable Insurance Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98. MoA Funds Corporation

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99. Moerus Worldwide Value Fund, Series of Northern Lights Fund Trust IV

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100. Morgan Stanley ETF Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101. Morgan Stanley Pathway Large Cap Equity ETF, Series of Morgan Stanley Pathway Funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102. Morgan Stanley Pathway Small-Mid Cap Equity ETF, Series of Morgan Stanley Pathway Funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103. Morningstar Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104. NEOS ETF Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105. Niagara Income Opportunities Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106. North Square Evanston Multi-Alpha Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107. NXG Cushing® Midstream Energy Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108. NXG NextGen Infrastructure Income Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109. Opal Dividend Income ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110. OTG Latin American Fund, Series of World Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111. Overlay Shares Core Bond ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112. Overlay Shares Foreign Equity ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113. Overlay Shares Hedged Large Cap Equity ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114. Overlay Shares Large Cap Equity ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115. Overlay Shares Municipal Bond ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116. Overlay Shares Short Term Bond ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117. Overlay Shares Small Cap Equity ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118. Palmer Square Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119. Palmer Square Opportunistic Income Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120. Partners Group Private Income Opportunities, LLC

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121. Perkins Discovery Fund, Series of World Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122. Philotimo Focused Growth and Income Fund, Series of World Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123. Plan Investment Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124. Point Bridge America First ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125. Precidian ETFs Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126. Preferred-Plus ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127. Rareview 2x Bull Cryptocurrency & Precious Metals ETF, Series of Collaborative Investment Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128. Rareview Dynamic Fixed Income ETF, Series of Collaborative Investment Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129. Rareview Systematic Equity ETF, Series of Collaborative Investment Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130. Rareview Tax Advantaged Income ETF, Series of Collaborative Investment Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131. Rareview Total Return Bond ETF, Series of Collaborative Investment Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132. Renaissance Capital Greenwich Funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133. Reynolds Funds, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134. RiverNorth Enhanced Pre-Merger SPAC ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135. RiverNorth Patriot ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136. RMB Investors Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137. Robinson Opportunistic Income Fund, Series of Investment Managers Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138. Robinson Tax Advantaged Income Fund, Series of Investment Managers Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139. Roundhill Ball Metaverse ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140. Roundhill Cannabis ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141. Roundhill ETF Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142. Roundhill Magnificent Seven ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143. Roundhill Sports Betting & iGaming ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144. Roundhill Video Games ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145. Rule One Fund, Series of World Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146. Russell Investments Exchange Traded Funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147. Securian AM Real Asset Income Fund, Series of Investment Managers Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148. Six Circles Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149. Sound Shore Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150. SP Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151. Sparrow Funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152. Spear Alpha ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153. STF Tactical Growth & Income ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154. STF Tactical Growth ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155. Strategic Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156. Strategy Shares

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157. Swan Hedged Equity US Large Cap ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158. Tekla World Healthcare Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159. Tema ETF Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160. The 2023 ETF Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161. The 2023 ETF Series Trust II

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162. The Community Development Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163. The Cook & Bynum Fund, Series of World Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164. The Finite Solar Finance Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165. The Private Shares Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166. The SPAC and New Issue ETF, Series of Collaborative Investment Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167. Third Avenue Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168. Third Avenue Variable Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169. Tidal Trust I

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170. Tidal Trust II

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171. Tidal Trust III

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172. TIFF Investment Program

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173. Timothy Plan High Dividend Stock Enhanced ETF, Series of The Timothy Plan

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174. Timothy Plan High Dividend Stock ETF, Series of The Timothy Plan

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175. Timothy Plan International ETF, Series of The Timothy Plan

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176. Timothy Plan Market Neutral ETF, Series of The Timothy Plan

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;177. Timothy Plan US Large/Mid Cap Core ETF, Series of The Timothy Plan

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178. Timothy Plan US Large/Mid Core Enhanced ETF, Series of The Timothy Plan

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179. Timothy Plan US Small Cap Core ETF, Series of The Timothy Plan

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180. Total Fund Solution

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181. Touchstone ETF Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182. T-Rex 2X Inverse Bitcoin Daily Target ETF, Series of World Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183. T-Rex 2x Inverse Ether Daily Target ETF, Series of World Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184. T-Rex 2X Long Bitcoin Daily Target ETF, Series of World Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185. T-Rex 2x Long Ether Daily Target ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186. TrueShares Active Yield ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187. TrueShares Eagle Global Renewable Energy Income ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188. TrueShares Structured Outcome (April) ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189. TrueShares Structured Outcome (August) ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190. TrueShares Structured Outcome (December) ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191. TrueShares Structured Outcome (February) ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192. TrueShares Structured Outcome (January) ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193. TrueShares Structured Outcome (July) ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;194. TrueShares Structured Outcome (June) ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195. TrueShares Structured Outcome (March) ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196. TrueShares Structured Outcome (May) ETF, Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197. TrueShares Structured Outcome (November) ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198. TrueShares Structured Outcome (October) ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199. TrueShares Structured Outcome (September) ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200. TrueShares Technology, AI & Deep Learning ETF, Series of Listed Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201. U.S. Global Investors Funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202. Union Street Partners Value Fund, Series of World Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203. Vest Bitcoin Strategy Managed Volatility Fund, Series of World Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204. Vest S&P 500® Dividend Aristocrats Target Income Fund, Series of World Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205. Vest US Large Cap 10% Buffer Strategies Fund, Series of World Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206. Vest US Large Cap 10% Buffer Strategies VI Fund, Series of World Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207. Vest US Large Cap 20% Buffer Strategies Fund, Series of World Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208. Vest US Large Cap 20% Buffer Strategies VI Fund, Series of World Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209. Virtus Stone Harbor Emerging Markets Income Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210. Volatility Shares Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;211. WEBs ETF Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212. Wellington Global Multi-Strategy Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213. Wilshire Mutual Funds, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214. Wilshire Variable Insurance Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215. WisdomTree Digital Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;216. WisdomTree Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;217. 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 Three Canal Plaza, Suite 100, Portland, Maine 04101. |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Name | &nbsp;&nbsp;Address | &nbsp;&nbsp;Position with Underwriter | &nbsp;&nbsp; <u>Position with Registrant</u> |
| &nbsp;&nbsp;Teresa Cowan | &nbsp;&nbsp;Three Canal Plaza, Suite 100, Portland, ME 04101 | &nbsp;&nbsp;President/Manager |  |
| &nbsp;&nbsp; Chris Lanza<br> Kate Macchia | &nbsp;&nbsp; Three Canal Plaza, Suite 100, Portland, ME 04101<br> Three Canal Plaza, Suite 100, Portland, ME 04101 | &nbsp;&nbsp; Vice President<br> Vice President |  |
| &nbsp;&nbsp;Alicia Strout | &nbsp;&nbsp;Three Canal Plaza, Suite 100, Portland, ME 04101 | &nbsp;&nbsp;Vice President and Chief Compliance Officer |  |
| &nbsp;&nbsp; Kelly B. Whetstone<br> Susan L. LaFond | &nbsp;&nbsp; Three Canal Plaza, Suite 100, Portland, ME 04101<br> Three Canal Plaza, Suite 100, Portland, ME 04101 | &nbsp;&nbsp; Secretary<br> Treasurer |  |
| &nbsp;&nbsp;Weston Sommers | &nbsp;&nbsp;Three Canal Plaza, Suite 100, Portland, ME 04101 | &nbsp;&nbsp;Financial and Operations Principal and Chief Financial Officer |  |

---

---

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

---

---

| | |
|:---|:---|
| **(ii)(a)** | **ALPS Distributors, Inc. ("ALPS") serves as principal underwriter for certain series of the of the following investment companies registered under the Investment Company Act of 1940, as amended:** |

---

1290 Funds

1WS Credit Income Fund

abrdn ETFs

Accordant ODCE Index Fund

Alpha Alternative Assets Fund

ALPS Series Trust

Alternative Credit Income Fund

Apollo Diversified Credit Fund

Apollo Diversified Real Estate Fund

AQR Funds

Axonic Alternative Income Fund

Axonic Funds

BBH Trust

Bluerock High Income Institutional Credit Fund

Bluerock Total Income+ Real Estate Fund

Bridge Builder Trust

Cambria ETF Trust

Centre Funds

CION Ares Diversified Credit Fund

Columbia ETF Trust

Columbia ETF Trust I

Columbia ETF Trust II

CRM Mutual Fund Trust

DBX ETF Trust

ETF Series Solutions (Vident Series)

Financial Investors Trust

Firsthand Funds

Flat Rock Core Income Fund

Flat Rock Opportunity Fund

FS Credit Income Fund

FS Energy Total Return Fund

FS Multi-Alternative Income Fund

FS Series Trust

FS MVP Private Markets Fund

Goehring & Rozencwajg Investment Funds

Goldman Sachs ETF Trust

Goldman Sachs ETF Trust II

Graniteshares ETF Trust

Hartford Funds Exchange-Traded Trust

Heartland Group, Inc.

IndexIQ Active ETF Trust

IndexIQ ETF Trust

Investment Managers Series Trust II (AXS-Advised Funds)

Janus Detroit Street Trust

Lattice Strategies Trust

Litman Gregory Funds Trust

Manager Directed Portfolios (Spyglass Growth Fund)

Meridian Fund, Inc.

Natixis ETF Trust

Natixis ETF Trust II

Opportunistic Credit Interval Fund

PRIMECAP Odyssey Funds

Principal Exchange-Traded Funds

RiverNorth Funds

RiverNorth Opportunities Fund, Inc.

RiverNorth/DoubleLine Strategic Opportunity Fund, Inc.

RiverNorth Opportunistic Municipal Income Fund, Inc.

RiverNorth Managed Duration Municipal Income Fund, Inc.

RiverNorth Flexible Municipal Income Fund, Inc.

RiverNorth Capital and Income Fund, Inc.

RiverNorth Flexible Municipal Income Fund II, Inc.

RiverNorth Managed Duration Municipal Income Fund II, Inc.

SPDR Dow Jones Industrial Average ETF Trust

SPDR S&P 500 ETF Trust

SPDR S&P MidCap 400 ETF Trust

Sprott Funds Trust

Stone Ridge Trust

Stone Ridge Trust II

Stone Ridge Trust IV

Stone Ridge Trust V

Stone Ridge Trust VIII

The Arbitrage Funds

Themes ETF Trust

Thrivent ETF Trust

USCF ETF Trust

Valkyrie ETF Trust II

Wasatch Funds

WesMark Funds

Wilmington Funds

X-Square Balanced Fund

X-Square Series Trust

**(b)** **The following are the Officers and Manager of ALPS, the Registrant's underwriter. ALPS's, unless otherwise noted, business address is 1290 Broadway, Suite 1000, Denver, Colorado 80203.** 

---

| | | |
|:---|:---|:---|
| **Name** | **Position with Underwriter** | **Positions with Registrant** |
| Stephen J. Kyllo | President, Chief Operating Officer, Director, Chief Compliance Officer | None |
| Brian Schell \* | Vice President & Treasurer | None |
| Eric Parsons | Vice President, Controller and Assistant Treasurer | None |
| Jason White\*\* | Secretary | None |
| Richard C. Noyes | Senior Vice President, General Counsel, Assistant Secretary | None |
| Eric Theroff | Assistant Secretary | None |
| Adam Girard | Tax Officer | None |
| Liza Price | Vice President, Managing Counsel | None |
| Jed Stahl | Vice President, Managing Counsel | None |
| Terence Digan | Vice President | None |
| James Stegall | Vice President | None |
| Gary Ross | Senior Vice President | None |
| Hilary Quinn | Vice President | None |

---

\* The principal business address for Mr. Schell is 100 South Wacker Drive, 19th Floor, Chicago, IL 60606.

\*\* The principal business address for Mr. White is 4 Times Square, New York, NY 10036.

^ The principal business address for Mr. Theroff is 1055 Broadway Boulevard, Kansas City, MO 64105

^^ The principal business address for Mr. Girard is 80 Lamberton Road, Windsor, CT 06095

**(c)** **Not applicable.** 

**Item 33. Location of Accounts and Records**

The books and records required to be maintained by Section 31(a) of the Investment Company Act of 1940 are maintained at the following locations:

---

| | |
|:---|:---|
| **Records Relating to:** | **Are located at:** |
| Registrant's Fund Administrator | Tidal ETF Services LLC<br> 234 West Florida Street, Suite 203<br> Milwaukee, Wisconsin 53204 |
| Registrant's Fund Sub-Administrator,<br> Fund Accountant, and Sub-Transfer Agent | U.S. Bancorp Fund Services, LLC<br> 615 East Michigan Street<br> Milwaukee, WI 53202 |
| Registrant's Custodian | U.S. Bank, National Association<br> 1555 N. Rivercenter Drive<br> Milwaukee, WI 53212 |
| Registrant's Principal Underwriters | Foreside Fund Services, LLC<br> Three Canal Plaza, Suite 100<br> Portland, ME 04101<br>|
|  | ALPS Distributors, Inc. <br> 1290 Broadway, Suite 1000 <br> Denver, CO 80203  |
| Registrant's Investment Adviser | Tidal Investments LLC<br> 234 West Florida Street, Suite 203 <br> Milwaukee, Wisconsin 53204 |
| Registrant's Sub-Adviser | Carbon Collective Investing, LLC<br> 1748 Shattuck Ave.<br> PMB 164<br> Berkeley, CA 94709 |
| Registrant's Sub-Adviser | Nicholas Wealth, LLC <br> Wealth Management<br> 218 Roswell Street NE<br> Marietta, Georgia 30060 |
| Registrant's Sub-Adviser | Pinnacle Family Advisors, LLC<br> 620 W. Republic Road<br> Suite 104<br> Springfield, Missouri 65807 |
| Registrant's Sub-Adviser | Veridien Global Investors LLC<br> 320 Post Road<br> Darien, Connecticut 06820 |
| Registrant's Sub-Adviser | Newfound Research LLC<br> 200 Central Avenue, Suite 324<br> St. Petersburg, Florida 33701 |
| Registrant's Futures Trading Advisor | ReSolve Asset Management SEZC (Cayman)<br> 90 North Church Street Strathvale House, 5th Floor<br> George Town, Grand Cayman, Cayman Islands, KY1-9012 |
| Registrant's Sub-Adviser | Montrose Estate Capital Management, LLC<br> d/b/a Days Global Advisors<br> 6363 Woodway Dr., Suite # 763<br> Houston, TX 77057 |
| Registrant's Sub-Adviser | Family Dynasty Advisors LLC<br> 4601 S. Loop 289 #7<br> Lubbock, TX 79424 |

---

---

| | |
|:---|:---|
| Registrant's Sub-Adviser | Roundhill Financial Inc.<br> 154 West 14th Street, 2nd Floor<br> New York, New York 10011 |
| Registrant's Sub-Adviser | Veridien Global Investors LLC<br> 320 Post Road<br> Darien, CT 06820 |
| Registrant's Sub-Adviser | Chesapeake Capital Corporation<br> 308 Long Lane<br> Richmond, Virginia 23221 |
| Registrant's Sub-Adviser | Blueprint Fund Management, LLC<br> 1250 Revolution Mill Dr., Suite 150,<br> Greensboro, NC 27405 |
| Registrant's Sub-Adviser | Grizzle Investment Management LLC<br> 573 Coldstream Drive<br> Berwyn, Pennsylvania 19312<br>|
| Registrant's Sub-Adviser | Cambria Investment Management, L.P. <br> 3300 Highland Avenue <br> Manhattan Beach, CA 90266 |
| Registrant's Sub-Adviser | Hilton Capital Management, LLC <br> 1010 Franklin Avenue, Suite 300A <br> Garden City, NY 11530 |
| Registrant's Sub-Adviser | Quantify Chaos Advisors, LLC (dba Quantify Funds) <br> 21 India Street, #2609 <br> Brooklyn, New York, 11222 |
| Registrant's Sub-Adviser | Artesian Capital Management (Delaware) LP <br> 499 7th Ave, Level 22N <br> New York, NY 10018 |
| Registrant's Sub-Adviser | Even Herd, LLC <br> 14642 Bogert Pkwy <br> Oklahoma City, OK 73134 |
| Registrant's Sub-Adviser | Peerless Wealth LLC <br> 1 East Campus View Blvd. Suite 210 <br> Columbus, Ohio 43235 |
| Registrant's Sub-Adviser | Clockwise Capital LLC <br> 1395 Brickell Avenue, Unit 800 <br> Miami, FL 33131 |

---

**Item 34. Management Services**

Not applicable.

**Item 35. Undertakings**

Not applicable.

**SIGNATURE**

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. 363 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. 363 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 June 10, 2025.

---

| |
|:---|
| **Tidal Trust II** |
| /s/ Eric W. Falkeis |
| Principal Executive Officer |

---

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 June 10, 2025.

---

| | | |
|:---|:---|:---|
| **Signature** | **Signature** | **Title** |
| /s/ Eric W. Falkeis | /s/ Eric W. Falkeis | Principal Executive Officer and Trustee |
| Eric W. Falkeis | Eric W. Falkeis |  |
| /s/ Dave Norris\* | /s/ Dave Norris\* | Trustee |
| David Norris | David Norris |  |
| /s/ Michelle McDonough\* | /s/ Michelle McDonough\* | Trustee |
| Michelle McDonough | Michelle McDonough |  |
| /s/ Javier Marquina\* | /s/ Javier Marquina\* | Trustee |
| Javier Marquina | Javier Marquina |  |
| /s/ Aaron Perkovich | /s/ Aaron Perkovich | Treasurer (principal financial officer and principal accounting officer) |
| Aaron Perkovich | Aaron Perkovich |  |
| \*By: | /s/ Eric W. Falkeis |  |
|  | Eric Falkeis, Attorney in Fact |  |
|  | By Power of Attorney |  |

---

**Exhibit Index**

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Exhibit No.** | &nbsp;&nbsp;**Description** |
| &nbsp;&nbsp;[(a)(xii)(1)](ex99-axii1.htm) | &nbsp;&nbsp;[Investment Advisory Agreement](ex99-axii1.htm) |
| &nbsp;&nbsp;[(a)(xii)(2)](ex99-axii2.htm) | &nbsp;&nbsp;[Subsidiary Sub-Advisory Agreement](ex99-axii2.htm) |
| &nbsp;&nbsp;[(a)(xii)(3)](ex99-axii3.htm) | &nbsp;&nbsp;[Memorandum and Articles of Association](ex99-axii3.htm) |
| &nbsp;&nbsp;[(a)(xii)(4)](ex99-axii4.htm) | &nbsp;&nbsp;[Certificate of Incorporation](ex99-axii4.htm) |
| &nbsp;&nbsp;[(a)(xii)(5)](ex99-axii5.htm) | &nbsp;&nbsp;[Tax Underwriting](ex99-axii5.htm) |
| &nbsp;&nbsp;[(a)(xii)(6)](ex99-axii6.htm) | &nbsp;&nbsp;[Private Investment Company Custodian Agreement](ex99-axii6.htm) |
| &nbsp;&nbsp;[(d)(iv)(ii)](ex99-divii.htm) | &nbsp;&nbsp;[Second Amendment to the Investment Advisory Agreement](ex99-divii.htm) |
| &nbsp;&nbsp;[(d)(xxvi)(ii)](ex99-dxxviii.htm) | &nbsp;&nbsp;[Second Amendment to the Sub-Advisory Agreement](ex99-dxxviii.htm) |
| &nbsp;&nbsp;[(h)(xvii)](ex99-hxvii.htm) | &nbsp;&nbsp;[Rule 12d1-4 Fund of Funds Investment Agreement](ex99-hxvii.htm) |
| &nbsp;&nbsp;[(h)(xxxiii)](ex99-hxxxiii.htm) | &nbsp;&nbsp;[Fee Waiver Agreement](ex99-hxxxiii.htm) |
| &nbsp;&nbsp;[(i)(lxxiii)](ex99-ilxxiii.htm) | &nbsp;&nbsp;[Opinion and Consent of Counsel](ex99-ilxxiii.htm) |

---

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

[Tidal Trust II 485BPOS](blox-485bpos_061025.htm)

**Exhibit 99(a)(xii)(1)**

INVESTMENT ADVISORY AGREEMENT

Between

NICHOLAS CRYPTO INCOME CAYMAN SUBSIDIARY

and

TIDAL INVESTMENTS LLC

This Investment Advisory Agreement (the "<u>Agreement</u>") is made as of April 4, 2025, by and between **Nicholas Crypto Income 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 203 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, **Nicholas Crypto Income ETF** (the
 " <u>U.S. Fund</u> ") which is a series of Tidal Trust II (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:

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

---

| | |
|:---|:---|
| Nicholas Crypto Income Cayman Subsidiary | Nicholas Crypto Income Cayman Subsidiary |
| By: | /s/Ronnie Riven |
| Name: | Ronnie Riven |
| Title: | Director |
| Tidal Investments LLC | Tidal Investments LLC |
| By: | /s/Dan Carlson |
| Name: | Dan Carlson |
| Title: | Co-Founder & Chief of Staff |

---

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

[Tidal Trust II 485BPOS](blox-485bpos_061025.htm)

**Exhibit 99(a)(xii)(2)**

**SUBSIDIARY SUB-ADVISORY AGREEMENT**

This **Subsidiary Sub-Advisory Agreement** (the "**Agreement**") is made as of the 4<sup>th</sup> day of June 2025, by and between **Nicholas Wealth, LLC**, a Georgia limited liability company located at 218 Roswell Street NE, Suite 200, Marietta, Georgia 30060 (the "**Sub-Adviser**"), and **Tidal Investments LLC**, a Delaware limited liability company located at 234 West Florida Street, Suite 203 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, Nicholas Crypto Income 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, **Nicholas Crypto Income ETF** (the "**U.S. Fund**") which is a series of Tidal Trust II, 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 April 4, 2025 (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 has the right to use such names pursuant

 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 <br> 234 West Florida Street, Suite 203 <br> Milwaukee, Wisconsin 53204 <br> Attention: Chief Executive Officer

SUB-ADVISER: Nicholas Wealth, LLC<br> 218 Roswell Street NE, Suite 200<br> Marietta, Georgia 30060<br> Attn: Compliance

**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/Dan Carlson |
| Name: | Dan Carlson |
| Title: | Chief of Staff |

---

---

| | |
|:---|:---|
| Nicholas Wealth, LLC<br> (Sub-Adviser) | Nicholas Wealth, LLC<br> (Sub-Adviser) |
| By: | /s/David Nicholas |
| Name: | David Nicholas |
| Title: | President |

---

## Ex-99.(A)(Xii)(3)

[Tidal Trust II 485BPOS](blox-485bpos_061025.htm)

**Exhibit 99(a)(xii)(3)**

![](ex99axii3001.jpg)

**COMPANIES ACT (AS AMENDED)**

**COMPANY LIMITED BY SHARES**

**MEMORANDUM AND ARTICLES OF ASSOCIATION**

**OF**

**NICHOLAS CRYPTO INCOME CAYMAN SUBSIDIARY**

*Auth Code: J05552319800*

*www.verify.gov.ky*

![](ex99axii3001.jpg)

**COMPANIES ACT (AS AMENDED)**

**COMPANY LIMITED BY SHARES**

**MEMORANDUM OF ASSOCIATION**

**OF**

**NICHOLAS CRYPTO INCOME CAYMAN SUBSIDIARY**

1. The
 name of the Company is Nicholas Crypto Income 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).

1 *Auth Code: J05552319800 www.verify.gov.ky*

![](ex99axii3001.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.

2 *Auth Code: J05552319800 www.verify.gov.ky*

![](ex99axii3001.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: |
| ![](ex99axii3002.jpg) |
| Name: Angelisa Whittaker |
| Title: Authorised Signatory |
| Witness to the above signature: |
| ![](ex99axii3003.jpg) |
| Name: Marrio McKenzie |
| Address: |
| 94 Solaris Avenue |
| Camana Bay |
| PO Box 1348 |
| Grand Cayman KY1-1108 |
| CAYMAN ISLANDS |
| Occupation: Administrator/Secretary |

---

Date: 24<sup>th</sup> March 2025

3 *Auth Code: J05552319800 www.verify.gov.ky*

---

| | |
|:---|:---|
| ![](ex99axii3004.jpg) | ![](ex99axii3001.jpg) |

---

**COMPANIES ACT (AS AMENDED)**

**COMPANY LIMITED BY SHARES**

**ARTICLES OF ASSOCIATION**

**OF**

**NICHOLAS CRYPTO INCOME CAYMAN SUBSIDIARY**

i *Auth Code: B70620743410 www.verify.gov.ky*

![](ex99axii3001.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 |

---

ii *Auth Code: B70620743410 www.verify.gov.ky*

![](ex99axii3001.jpg)

**COMPANIES ACT (AS AMENDED)**

**COMPANY LIMITED BY SHARES**

**ARTICLES OF ASSOCIATION**

**OF**

**NICHOLAS CRYPTO INCOME 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 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; |

---

1 *Auth Code: B70620743410 www.verify.gov.ky*

![](ex99axii3001.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;

2 *Auth Code: B70620743410 www.verify.gov.ky*

![](ex99axii3001.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.

3 *Auth Code: B70620743410 www.verify.gov.ky*

![](ex99axii3001.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.

4 *Auth Code: B70620743410 www.verify.gov.ky*

![](ex99axii3001.jpg)

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).

5 *Auth Code: B70620743410 www.verify.gov.ky*

![](ex99axii3001.jpg)

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.

6 *Auth Code: B70620743410 www.verify.gov.ky*

![](ex99axii3001.jpg)

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.

95. An
 instrument of proxy shall:

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&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.

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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.

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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.

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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.

16 *Auth Code: B70620743410 www.verify.gov.ky*

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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.

17 *Auth Code: B70620743410 www.verify.gov.ky*

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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.

18 *Auth Code: B70620743410 www.verify.gov.ky*

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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.

19 *Auth Code: B70620743410 www.verify.gov.ky*

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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.

20 *Auth Code: B70620743410 www.verify.gov.ky*

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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.

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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);

22 *Auth Code: B70620743410 www.verify.gov.ky*

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&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

23 *Auth Code: B70620743410 www.verify.gov.ky*

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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: |
| ![](ex99axii3002.jpg) |
| Name: Angelisa Whittaker |
| Title: Authorised Signatory |
| Witness to the above signature: |
| ![](ex99axii3003.jpg) |
| Name: Marrio McKenzie |
| Address: |
| 94 Solaris Avenue |
| Camana Bay |
| PO Box 1348 |
| Grand Cayman KY1-1108 |
| CAYMAN ISLANDS |
| Occupation: Administrator/Secretary |

---

Date: 24<sup>th</sup> March 2025

24 *Auth Code: B70620743410 www.verify.gov.ky*

## Ex-99.(A)(Xii)(4)

[Tidal Trust II 485BPOS](blox-485bpos_061025.htm)

**Exhibit 99(a)(xii)(4)**

*QH-420053*

***Certificate Of Incorporation***

*I, **TASHEKA EBANKS** Assistant Registrar of Companies of the Cayman Islands DO HEREBY CERTIFY, pursuant to the Companies Act, that all requirements of the said Act in respect of registration were complied with by*

**Nicholas Crypto Income Cayman Subsidiary**

*an Exempted Company incorporated in the Cayman Islands with Limited Liability with effect from the 24th day of March Two Thousand Twenty-Five*

---

| | |
|:---|:---|
| ![](ex99axii4001.jpg) | *Given under my hand and Seal at George Town in the* <br> *Island of Grand Cayman this 24th day of March* <br> *Two Thousand Twenty-Five* |
| ![](ex99axii4001.jpg) |  |
| ![](ex99axii4001.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;![](ex99axii4002.jpg) |
| ![](ex99axii4001.jpg) |  |
| ![](ex99axii4001.jpg) | **Assistant Registrar of Companies,** |
| ![](ex99axii4001.jpg) | **Cayman Islands.** |

---

Authorisation Code : 539150110481 <br> www.verify.gov.ky <br> 26 March 2025

## Ex-99.(A)(Xii)(5)

[Tidal Trust II 485BPOS](blox-485bpos_061025.htm)

**Exhibit 99(a)(xii)(5)**

---

| | |
|:---|:---|
| QH-420053 | ![](ex99axii5001.jpg) |

---

**THE TAX CONCESSIONS LAW**

**UNDERTAKING AS TO TAX CONCESSIONS**

**In accordance with the Tax Concessions Law the following undertaking is hereby given to**

**Nicholas Crypto Income 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 28th day of March 2025.**

---

| | |
|:---|:---|
| ![](ex99axii5002.jpg) | ![](ex99axii5003.jpg) |
| ![](ex99axii5002.jpg) |  |
| ![](ex99axii5002.jpg) | **CLERK OF THE CABINET** |

---

Authentication Number: 643112644213

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

[Tidal Trust II 485BPOS](blox-485bpos_061025.htm)

**Exhibit 99(a)(xii)(6)**

**PRIVATE INVESTMENT COMPANY**

**CUSTODIAN AGREEMENT**

THIS AGREEMENT is made and entered into as of the date last written in the signature page, by and between **NICHOLAS CRYPTO INCOME 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 Nicholas Crypto Income 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 the list attached hereto
 as <u>Exhibit A</u> (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>"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;(c) " <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**

The Fund hereby appoints the Custodian as custodian of certain 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.

**Article 3**

**INSTRUCTIONS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Unless
 otherwise provided in this Agreement, the Custodian shall act only upon Written Instructions
 (which may be standing Written Instructions).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) 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.

**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 Proper 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) for
 other proper corporate purposes, but only upon receipt of Proper 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 Proper 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 B</u> hereto (as amended from time to time). The Custodian shall also be compensated for such miscellaneous expenses (e.g., telecommunication charges, postage and delivery charges, and reproduction charges) as are reasonably incurred by the Custodian in performing its duties hereunder. The 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The
 assets of the Fund, including the Securities and cash held by the Custodian pursuant
 to the terms of this Agreement, do not constitute "plan assets" (as defined
 in Section 3(42) of the Employee Retirement Income Security Act of 1974, as amended ("ERISA"))
 which are subject to ERISA or Section 4975 of the Internal Revenue Code.

**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 from and against any and all claims, demands, losses, expenses and liabilities of any and every nature (including reasonable attorneys' fees) that the Custodian may sustain or incur or that may be asserted against the Custodian by any person arising directly or indirectly (a) from any action taken or omitted to be taken by the Custodian (i) at the request or direction of or in reliance on the advice of the Fund, or (ii) upon Written Instructions, or (b) from the performance of its obligations under this Agreement, provided that the Custodian 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 from its bad faith, gross negligence or willful misconduct in the performance of its duties under this Agreement. This indemnity shall be a continuing obligation of the Fund, its successors and assigns, notwithstanding the termination of this Agreement. As used in this paragraph, the term "Custodian" shall include the Custodian's directors, officers and employees.

**Section 16.7** <u>Indemnification by Custodian</u>. The Custodian shall indemnify and hold harmless the Fund from and against any and all claims, demands, losses, expenses, and liabilities of any and every nature (including reasonable attorneys' fees) that the Fund may sustain or incur or that may be asserted against the Fund by any person arising 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 from its bad faith, gross negligence or willful misconduct in the performance of its duties under this Agreement. This indemnity shall be a continuing obligation of the Custodian, its successors and assigns, notwithstanding the termination of this Agreement. As used in this paragraph, the term "Fund" shall include the Fund's directors, officers and employees.

**Section 16.8** <u>Security</u>. If the Custodian advances cash or Securities to the Fund for any purpose, or in the event that the Custodian incurs, in connection with its performance under this Agreement, any claim, demand, loss, expense or liability (including reasonable attorneys' fees) (except such as may arise from its bad faith, gross negligence or willful misconduct), then, in any such event, any property at any time held for the account of the Fund shall be security therefor, and should the Fund fail promptly to repay or indemnify the Custodian, the Custodian shall be entitled to utilize available cash of such Fund and to dispose of other assets of such Fund to the extent necessary to obtain reimbursement or indemnification.

**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) In
 the event of a mechanical breakdown or failure of communication or power supplies beyond
 its control, the Custodian shall take all reasonable steps to minimize service interruptions
 for any period that such interruption continues. The Custodian will make every reasonable
 effort to restore any lost or damaged data and correct any errors resulting from such
 a breakdown at the expense of the Custodian. The Custodian agrees that it shall, at all
 times, have reasonable contingency plans with appropriate parties, making reasonable
 provision for emergency use of electrical data processing equipment to the extent appropriate
 equipment is available. Representatives of the Fund shall be entitled to inspect the
 Custodian's premises and operating capabilities at any time during regular business
 hours of the Custodian, upon reasonable notice to the Custodian. Moreover, the Custodian
 shall provide the Fund, at such times as the Fund may reasonably require, copies of reports
 rendered by independent accountants on the internal controls and procedures of the Custodian
 relating to the services provided by the Custodian under this Agreement. Notwithstanding
 the above, the Custodian reserves the right to reprocess and correct administrative errors
 at its own expense.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In
 order that the indemnification provisions contained in this Article shall apply, it is
 understood that if in any case the indemnitor may be asked to indemnify or hold the indemnitee
 harmless, the indemnitor shall be fully and promptly advised of all pertinent facts concerning
 the situation in question, and it is further understood that the indemnitee will use
 all reasonable care to notify the indemnitor promptly concerning any situation that presents
 or appears likely to present the probability of a claim for indemnification. The indemnitor
 shall have the option to defend the indemnitee against any claim that may be the subject
 of this indemnification. In the event that the indemnitor so elects, it will so notify
 the indemnitee and thereupon the indemnitor shall take over complete defense of the claim,
 and the indemnitee shall in such situation initiate no further legal or other expenses
 for which it shall seek indemnification under this section. The indemnitee shall in no
 case confess any claim or make any compromise in any case in which the indemnitor will
 be asked to indemnify the indemnitee except with the indemnitor's prior written
 consent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The
 indemnity and defense provisions of this Article shall indefinitely survive the termination
 and/or assignment of this Agreement.

**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**

**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 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 authorities, or (iii) when so requested 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. Further, the Custodian will adhere to any privacy policies adopted by the Fund.

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 not to use such information for any purpose other than in connection with the services provided under this Agreement, except (i) after prior notification to and approval in writing by 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 authorities, or (iii) when so requested 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, and (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.

**Article 19**

**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 20**

**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 21**

**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 22** 

**CLASS ACTIONS**

The Custodian shall use its best efforts to identify and file claims for the Fund involving any class action litigation that impacts any security the Fund may have held during the class period. The Fund agrees that the Custodian may file such claims on its behalf and understands that it may be waiving and/or releasing certain rights to make claims or otherwise pursue class action defendants who settle their claims. Further, the Fund acknowledges that there is no guarantee these claims will result in any payment or partial payment of potential class action proceeds and that the timing of such payment, if any, is uncertain.

However, the Fund may instruct the Custodian to distribute class action notices and other relevant documentation to the Fund or its designee and, if it so elects, will relieve the Custodian from any and all liability and responsibility for filing class action claims on behalf of the Fund.

**Article 23**

**MISCELLANEOUS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Compliance with Laws</u>. In the performance of its duties hereunder, the Custodian undertakes to
 comply with the laws, rules and regulations of governmental authorities having jurisdiction
 with respect to the duties to be performed by the Custodian hereunder. Except as specifically
 set forth herein, the Custodian assumes no responsibility for such compliance by the
 Fund.

The Fund shall immediately notify the Custodian if there is a material change to the investment strategy of any 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 any Fund or the services provided under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>No Agency Relationship</u>. Nothing herein contained shall be deemed to authorize or empower
 either party to act as agent for the other party to this Agreement, or to conduct business
 in the name, or for the account, of the other party to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Services Not Exclusive</u>. Nothing in this Agreement shall limit or restrict the Custodian from
 providing services to other parties that are similar or identical to some or all of the
 services provided hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Invalidity</u>.
 Any provision of this Agreement which may be determined by competent authority to be
 prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective
 to the extent of such prohibition or unenforceability without invalidating the remaining
 provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall
 not invalidate or render unenforceable such provision in any other jurisdiction. In such
 case, the parties shall in good faith modify or substitute such provision consistent
 with the original intent of the parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <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

and

Notice to the Fund shall be sent to:

Nicholas Crypto Income Cayman Subsidiary

c/o Tidal Trust II

234 W. Florida Street

Suite 203

Milwaukee, WI 53204

Attn: Chairman

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <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.

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.

---

| | |
|:---|:---|
| **NICHOLAS CRYPTO INCOME Cayman Subsidiary** | **NICHOLAS CRYPTO INCOME Cayman Subsidiary** |
| By: | /s/Eric Falkeis |
| Name: | Eric Falkeis |
| Title: | Co-Founder & COO |
| Date: | April 6, 2025 |

---

---

| | |
|:---|:---|
| **U.S. BANK NATIONAL ASSOCIATION** | **U.S. BANK NATIONAL ASSOCIATION** |
| By: | /s/Gregory Farley |
| Name: | Gregory Farley |
| Title: | Sr. Vice President |
| Date: | April 22, 2025 |

---

## Ex-99.(D)(Ivi)(Ii)

[Tidal Trust II 485BPOS](blox-485bpos_061025.htm)

**Exhibit 99(d)(iv)(ii)**

**SECOND AMENDMENT TO THE**

**TIDAL TRUST II**

**INVESTMENT ADVISORY AGREEMENT**

**with**

**TIDAL INVESTMENTS LLC**

This Second Amendment to the Investment Advisory Agreement (the "<u>Amendment</u>") is made as of April 4, 2025, by and between **TIDAL TRUST II** (the "<u>Trust</u>") and **TIDAL INVESTMENTS LLC** (the "<u>Adviser</u>").

**BACKGROUND:**

A. The
 Trust and the Adviser have entered into an Investment Advisory Agreement dated as of
 November 10, 2022 as amended to date (the " <u>Agreement</u> ") pursuant to
 which the Adviser is engaged by the Trust to serve as the investment adviser to each
 Fund identified on the then-current Schedule A to the Agreement.

B. The
 Trust and the Adviser desire to amend and restate Schedule A to the Agreement to add
 1 new Fund. In particular, the parties desire to amend and restate Schedule A to add
 the following new Fund:

Nicholas Crypto Income ETF

C. Section
 21 of the Agreement allows for the amendment of the Agreement by a written instrument
 executed by both parties.

D. This
 Background section and the Schedule attached to this Amendment are incorporated by reference
 into, and made a part of, this Amendment.

**TERMS:**

NOW, THEREFORE, intending to be legally bound, the parties agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;1. The
 current Schedule A to the Agreement is hereby amended and restated in its entirety as
 set forth on the Amended and Restated Schedule A attached hereto.

&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Miscellaneous</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Capitalized
 terms not defined in this Amendment shall have the respective meanings set forth in the
 Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Except
 as specifically amended by this Amendment, and except as necessary to conform to the
 intention of the parties herein above set forth, the Agreement shall remain unaltered
 and in full force and effect and is hereby ratified and confirmed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. The
 Agreement, as amended hereby, together with its Amended
 and Restated Schedule A, constitutes the complete understanding and agreement
 of the parties with respect to the subject matter hereof and supersedes all prior communications
 with respect thereto. This Amendment may be executed in two or more counterparts, each
 of which shall be deemed an original, but all of which together shall constitute one
 and the same instrument. The facsimile signature of any party to this Amendment shall
 constitute the valid and binding execution hereof by such party.

IN WITNESS WHEREOF, the parties have caused this Amendment to be signed by duly authorized representatives as of the date first set forth above.

---

| | | | |
|:---|:---|:---|:---|
| **TIDAL TRUST II** | **TIDAL TRUST II** | **TIDAL INVESTMENTS, LLC** | **TIDAL INVESTMENTS, LLC** |
| on behalf of its series listed on <u>Amended and Restated Schedule A</u> | on behalf of its series listed on <u>Amended and Restated Schedule A</u> |  |  |
| By: | /s/Eric Falkeis | By: | /s/Daniel Carlson |
| Name: | Eric Falkeis | Name: | Daniel Carlson |
| Title: | Principal Executive Officer | Title: | Co-Founder & Chief of Staff |
| Date: | April 6, 2025 | Date: | April 5, 2025 |

---

**Amended AND RESTATED**<br> **Schedule A**

**to the**

**TIDAL TRUST II**

**INVESTMENT ADVISORY AGREEMENT**

**with**

**TIDAL INVESTMENTS LLC**

**(April 4, 2025)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Fund Name** | &nbsp;&nbsp;**Advisory Fee** |
| &nbsp;&nbsp;Nicholas Fixed Income Alternative ETF | &nbsp;&nbsp;0.95% |
| &nbsp;&nbsp;Nicholas Global Equity and Income ETF | &nbsp;&nbsp;0.90% |
| &nbsp;&nbsp;Nicholas Crypto Income ETF | &nbsp;&nbsp;0.99% |

---

[remainder of page left intentionally blank]

## Ex-99.(D)(Xxv)(Ii)

[Tidal Trust II 485BPOS](blox-485bpos_061025.htm)

**Exhibit 99(d)(xxvi)(ii)**

**SECOND AMENDMENT TO THE**

**SUB-ADVISORY AGREEMENT**

This Second Amendment to the Sub-Advisory Agreement (the "<u>Amendment</u>") is made as of June 4, 2025, by and between **TIDAL INVESTMENTS LLC** (the "<u>Adviser</u>") and **NICHOLAS WEALTH, LLC (F/K/A BLUEPATH CAPITAL MANAGEMENT, LLC DOING BUSINESS AS NICHOLAS WEALTH MANAGEMENT)** (the "<u>Sub-Adviser</u>").

**BACKGROUND:**

A. The
 Adviser and the Sub-Adviser are parties to a Sub-Advisory Agreement dated as of November
 10, 2022, as amended to date (the " <u>Agreement</u> ").

B. The
 Sub-Adviser has changed its legal name from "BluePath Capital Management, LLC dba
 Nicholas Wealth Management" to "Nicholas Wealth, LLC", effective as
 of July 16, 2024, and pursuant to Section 22 of the Agreement the parties desire to amend
 the Agreement to reflect such name change.

C. Pursuant
 to Section 22 of the Agreement the parties desire to amend and restate Schedule A to
 the Agreement to add the following new series:

Nicholas Crypto Income ETF

D. This
 Background section and the Schedule attached to this Amendment are incorporated by reference
 into, and made a part of, this Amendment.

**TERMS:**

**NOW, THEREFORE**, intending to be legally bound, the parties agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;1. All
 references in the Agreement to "BLUEPATH CAPITAL MANAGEMENT, LLC DOING BUSINESS
 AS NICHOLAS WEALTH MANAGEMENT" shall be deemed to refer to "NICHOLAS WEALTH,
 LLC" as of the date of this Amendment.

&nbsp;&nbsp;&nbsp;&nbsp;2. The
 current Schedule A to the Agreement is hereby amended and restated in its entirety as
 set forth on the Amended and Restated Schedule A attached hereto.

&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Miscellaneous</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Capitalized
 terms not defined in this Amendment shall have the respective meanings set forth in the
 Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Except
 as specifically amended by this Amendment, and except as necessary to conform to the
 intention of the parties hereinabove set forth, the Agreement shall remain unaltered
 and in full force and effect and is hereby ratified and confirmed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. The
 Agreement, as amended hereby, together with its Schedule, constitutes the complete understanding
 and agreement of the parties with respect to the subject matter hereof and supersedes
 all prior communications with respect thereto. This Amendment may be executed in two
 or more counterparts, each of which shall be deemed an original, but all of which together
 shall constitute one and the same instrument. The facsimile signature of any party to
 this Amendment shall constitute the valid and binding execution hereof by such party.

[Signature Page Follows]

IN WITNESS WHEREOF, the parties have caused this Amendment to be signed by duly authorized representatives as of the date first set forth above.

---

| | |
|:---|:---|
| **TIDAL INVESTMENTS LLC** | **TIDAL INVESTMENTS LLC** |
| By: | /s/Daniel Carlson |
| Name: | Daniel Carlson |
| Title: | Co-Founder & Chief of Staff |
| Date: | 06/04/2025 |
| **NICHOLAS WEALTH, LLC (F/K/A** **BLUEPATH CAPITAL MANAGEMENT, LLC DOING BUSINESS AS NICHOLAS WEALTH MANAGEMENT)** | **NICHOLAS WEALTH, LLC (F/K/A** **BLUEPATH CAPITAL MANAGEMENT, LLC DOING BUSINESS AS NICHOLAS WEALTH MANAGEMENT)** |
| By: | /s/David Nicholas |
| Name: | David Nicholas |
| Title: | President |
| Date: | 06/04/2025 |

---

**Amended and Restated Schedule A**

**to the**

**Sub-Advisory Agreement by and between Tidal Investments LLC and Nicholas Wealth, LLC**

**(June 4, 2025)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Fund Name** | &nbsp;&nbsp;**Sub-Advisory Fee** | &nbsp;&nbsp;**Effective Date** | &nbsp;&nbsp;**Trading Authority** | &nbsp;&nbsp;**Proxy Voting Authority** |
| &nbsp;&nbsp;Nicholas Fixed Income Alternative ETF | &nbsp;&nbsp;0.05% | &nbsp;&nbsp;Commencement of Operations | &nbsp;&nbsp;Non-Discretionary |  |
| &nbsp;&nbsp;Nicholas Global Equity and Income ETF | &nbsp;&nbsp;0.05% | &nbsp;&nbsp;Commencement of Operations | &nbsp;&nbsp;Non-Discretionary |  |
| &nbsp;&nbsp;Nicholas Crypto Income ETF | &nbsp;&nbsp;0.05% | &nbsp;&nbsp;Commencement of Operations | &nbsp;&nbsp;Non-Discretionary |  |

---

[Remainder of page left blank intentionally]

## Ex-99.(H)(Xvii)

[Tidal Trust II 485BPOS](blox-485bpos_061025.htm)

**Exhibit 99(h)(xvii)**

**AMENDED & RESTATED RULE 12d1-4**<br> **FUND OF FUNDS INVESTMENT AGREEMENT**

THIS AGREEMENT, is made this 22nd of April, 2025, by and among each trust identified on Schedule A, (each, an "**Acquiring Trust**"), on behalf of itself and its respective series identified on Schedule A, severally and not jointly (each, an "**Acquiring Fund** "), and each trust identified on Schedule B (each, an "**Underlying Trust**"), on behalf of itself and its respective current and future series, as identified on Schedule B, severally and not jointly (each, an "**Acquired Fund**" and together with the Acquiring Funds, the "**Funds**"),.

WHEREAS, each Fund is registered with the U.S. Securities and Exchange Commission ("**SEC**") as an investment company under the Investment Company Act of 1940, as amended, (the "**1940 Act**");

WHEREAS, Section 12(d)(1)(A) of the 1940 Act limits the extent to which a registered investment company may invest in shares of other registered investment companies, Section 12(d)(1)(B) limits the extent to which a registered investment company, its principal underwriter or registered brokers or dealers may knowingly sell shares of such registered investment company to other investment companies, and Section 12(d)(1)(C) limits the extent to which an investment company may invest in the shares of a registered closed-end investment company;

WHEREAS, Rule 12d1-4 under the 1940 Act (the "**Rule**") permits registered investment companies, such as the Acquiring Funds, to invest in shares of other registered investment companies, such as the Acquired Funds, in excess of the limits of Section 12(d)(1) of the 1940 Act subject to compliance with the conditions of the Rule; and

WHEREAS, an Acquiring Fund may, from time to time, invest in shares of one or more Acquired Funds in excess of the limitations of Section 12(d)(1)(A) in reliance on the Rule.

WHEREAS, the Acquiring Trust and the Underlying Trust have entered into that certain Rule 12d1-4 Fund of Funds Investment Agreement, dated January 24, 2023, and desire to amend and restate the agreement.

NOW THEREFORE, in accordance with the Rule, the Acquiring Funds and the Acquired Funds desire to set forth the following terms pursuant to which the Acquiring Funds may invest in the Acquired Funds in reliance on the Rule.

**1.** **Terms of Investment** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Because Acquired Funds operate as exchange-traded funds, the Funds note that each Acquired Fund is designed to accommodate large investments and redemptions, whether from Acquiring Funds or other investors. Creation and redemption order for shares of the Acquired Fund can only be submitted by brokers or other participants of a registered clearing agency (collectively, "Authorized Participants") that have entered into an agreement ("Authorized Participant Agreement") with Acquired Funds' distributor to transact in shares of the Acquired Funds. The Acquired Funds also have policies and procedures (the "Basket Policies") that have been adopted pursuant to Rule 6c-11 under the 1940 Act, which govern creation and redemptions of the Acquired Funds' shares. Any creation or redemption order submitted by an Acquiring Fund through an Authorized Participant will be satisfied pursuant to the Basket Policies and the relevant Authorized Participant Agreement. The Basket Policies include provisions that govern in-kind creations and redemptions, as well as cash transactions. In any event, the Funds generally expect that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Acquiring Funds will transact in shares in the Acquired Funds on the secondary market rather than through direct creation and redemption transactions with the Acquired Fund; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Upon a reasonable request by an Acquired Fund, the Acquiring Fund will provide summary information regarding the anticipated timeline of its investment in the Acquired Fund and the scale of its contemplated investment in the Acquired Fund. The Acquired Fund acknowledges and agrees that any information provided pursuant to the foregoing is not a commitment to purchase and constitutes an estimate that may differ materially from the amount, timing and manner in which a purchase order is submitted, if any.

The Funds believe that these material terms regarding an Acquiring Fund's investment in shares of an Acquired Fund should assist the Acquired Fund's investment adviser with making the required findings under the Rule.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In order to assist the Acquiring Fund's investment adviser with evaluating the complexity of the structure and fees and expenses associated with an investment in an Acquired Fund, each Acquired Fund shall provide each Acquiring Fund and its investment adviser with information on the fees and expenses of the Acquired Fund reasonably requested by the Acquiring Fund with reference to the Rule. For the avoidance of doubt, the Acquiring Fund acknowledges and agrees that any information provided by the Acquired Fund under this section is limited to publicly available fee and expense information.

**2.** **Representations of the Acquired Funds.** 

In connection with any investment by an Acquiring Fund in an Acquired Fund in excess of the limitations in Section 12(d)(1)(A), the Acquired Fund agrees to: (i) comply with all conditions of the Rule, as interpreted or modified by the SEC or its Staff from time to time, applicable to Acquired Funds; (ii) comply with its obligations under this Agreement; and(iii) promptly notify the Acquiring Fund if such Acquired Fund fails to comply with the Rule with respect to an investment by the Acquiring Fund, as interpreted or modified by the SEC or its Staff from time to time, or this Agreement.

**3.** **Representations of the Acquiring Funds.** 

In connection with any investment by an Acquiring Fund in an Acquired Fund in excess of the limitations in Section 12(d)(1)(A), the Acquiring Fund agrees to: (i) comply with all conditions of the Rule, as interpreted or modified by the SEC or its Staff from time to time, applicable to Acquiring Funds; (ii) comply with its obligations under this Agreement; and (iii) promptly notify the Acquired Fund if such Acquiring Fund fails to comply with the Rule with respect to its investment in such Acquired Fund, as interpreted or modified by the SEC or its Staff from time to time, or this Agreement.

**4.** **[RESERVED]** 

**5.** **Notices** 

All notices, including all information that either party is required to provide under the terms of this Agreement and the Rule, shall be in writing and shall be delivered by registered or overnight mail, facsimile, or electronic mail to the address for each party specified below.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If to the Acquiring Fund: | If to the Acquired Fund: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tidal Trust II<br> Attn: Eric Falkeis<br> 234 W Florida St, Suite 203<br> Milwaukee, WI 53204<br> e-mail: <u>ericf@tidaletfservices.com</u><br>With a copy to:<br> Toroso Investments, LLC:<br> Attn: Michael Pellegrino, General Counsel<br> 898 N. Broadway, Suite 2<br> Massapequa, NY 11758<br> e-mail: mpellegrino@tidalfg.com<br>| Jason Pogorelec<br> c/o Fidelity Investments<br> 245 Summer Street<br> V13E<br> Boston, MA 02210<br> Email: <u>Jason.Pogorelec@fmr.com</u><br>Christopher Gouveia<br> c/o Fidelity Investments<br> 245 Summer Street<br> V10B<br> Boston, MA 02210<br> Email: <u>Christopher.Gouveia@fmr.com</u><br>With a copy to:<br> Shelley Harding<br> Attn: Legal Dept.<br> 6501 S Fiddlers Green Circle, Suite 600<br> Greenwood Village, CO 80111<br> Email: <u>shelley.harding@fmr.com</u> |

---

6. **Term and Termination; Assignment; Amendment** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a) This Agreement shall be effective for the duration of the Acquired Funds' and/or the Acquiring Funds' reliance on the Rule, as interpreted or modified by the SEC or its Staff from time to time. While the terms of the Agreement shall only be applicable to investments in Funds made in reliance on the Rule, as interpreted or modified by the SEC or its Staff from time to time, the Agreement shall continue in effect until terminated pursuant to Section 6(b).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b) This Agreement shall continue until terminated in writing by either party upon 60 days' notice to the other party. Upon termination of this Agreement, the Acquiring Fund may not purchase additional shares of the Acquired Fund beyond the Section 12(d)(1)(A) limits in reliance on the Rule.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) This Agreement may not be assigned by either party without the prior written consent of the other. In the event either party assigns this Agreement to a third party as provided in this Section, such permitted third party shall be bound by the terms and conditions of this Agreement applicable to the assigning party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) This Agreement may be amended only by a writing that is signed by each affected party; provided, however, that Schedule B to this Agreement may be amended by the Acquired Fund to add additional Underlying Trusts permitted to be acquired or Funds not permitted to be acquired by providing notice to the Acquiring Fund in accordance with Section 5.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) This Agreement will be governed by the laws of the Commonwealth of Massachusetts without regard to its choice of law principles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) In any action involving the Acquiring Funds under this Agreement, each Acquired Fund agrees to look solely to the individual Acquiring Funds that are involved in the matter in controversy and not to any other series of the Acquiring Trusts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) In any action involving the Acquired Funds under this Agreement, each Acquiring Fund agrees to look solely to the individual Acquired Funds that are involved in the matter in controversy and not to any other series of the Acquired Trusts.

7. **Miscellaneous** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Counterparts</u>. This Agreement may be executed in two or more counterparts, each of which is deemed an original but all of which together constitute one and the same instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Severability</u>. If any provision of this Agreement is determined to be invalid, illegal, in conflict with any law or otherwise unenforceable, the remaining provisions hereof will be considered severable and will not be affected thereby, and every remaining provision hereof will remain in full force and effect and will remain enforceable to the fullest extent permitted by applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Entire Agreement</u>. This Agreement constitutes the entire agreement of the parties with respect to the subject matter hereof and supersedes all prior written or oral and all contemporaneous oral agreements, understandings and negotiations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Notice</u>. The Acquiring Funds are hereby expressly put on notice of the limitation of shareholder liability as set forth in each Underlying Trust's Declaration of Trust (the "Trust Document") of which each Acquired Fund is a series or other organizational documents and agrees that the obligations assumed by the Underlying Trusts pursuant to this Agreement shall be limited in all cases to the relevant Acquired Funds and their assets, and the Acquiring Funds shall not seek satisfaction of any such obligation from the shareholders or any shareholder of the relevant Acquired Funds or any other series of the Underlying Trusts. In addition, the Acquiring Funds shall not seek satisfaction of any such obligations from the Underlying Trusts' Trustees or any individual Trustee. The Acquiring Funds understand that the rights and obligations of any Acquiring Fund under the Trust Document or other organizational document are separate and distinct from those of any and all other series of the Underlying Trusts.

Likewise, the Acquired Funds are hereby expressly put on notice of the limitation of shareholder liability as set forth in the Acquiring Trust's Declaration of Trust (the "Acquiring Trust Document") of which each Acquiring Fund is a series or other organizational documents and agrees that the obligations assumed by the Acquiring Trusts pursuant to this Agreement shall be limited in all cases to the relevant Acquiring Funds and their assets, and the Acquired Funds shall not seek satisfaction of any such obligation from the shareholders or any shareholder of the relevant Acquiring Funds or any other series of the Acquiring Trusts. In addition, the Acquired Funds shall not seek satisfaction of any such obligations from the Acquiring Trusts' Trustees or any individual Trustee. The Acquired Funds understand that the rights and obligations of any Acquired Fund under the Acquiring Trust Document or other organizational document are separate and distinct from those of any and all other series of the Acquiring Trusts.

*[Remainder of Page Intentionally Left Blank]*

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

---

| | |
|:---|:---|
| **Tidal Trust II,** on behalf of itself and each of the Acquiring Funds listed on Schedule A, Severally and Not Jointly | **Tidal Trust II,** on behalf of itself and each of the Acquiring Funds listed on Schedule A, Severally and Not Jointly |
| | ![](ex99hxvii001.jpg) |
| Name: | Eric Falkeis |
| Title: | President |

---

---

| | |
|:---|:---|
| **Each Fidelity Trust listed on Schedule B,** on behalf of itself and each of the Acquired Funds, Severally and Not Jointly | **Each Fidelity Trust listed on Schedule B,** on behalf of itself and each of the Acquired Funds, Severally and Not Jointly |
| | ![](ex99hxvii002.jpg) |
| Name: | Stacie Smith |
| Title: | Authorized Signer |

---

**SCHEDULE A**

<u>Acquiring Trusts and Acquiring Funds</u>

**Acquiring Trust**

Tidal Trust II

**Acquiring Funds**

Carbon Collective Climate Solutions U.S. Equity ETF<br> DGA Core Plus Absolute Return ETF<br> Nicholas Fixed Income Alternative ETF<br> Pinnacle Focused Opportunities ETF<br> Return Stacked<sup>®</sup> Bonds & Managed Futures ETF<br> Return Stacked<sup>®</sup> Global Stocks & Bonds ETF<br> Tactical Advantage ETF

**SCHEDULE B**

<u>Acquired Trusts and Acquired Funds</u>

---

| | |
|:---|:---|
| &nbsp;&nbsp;**<u>Fidelity Trust</u>** | &nbsp;&nbsp;**<u>Acquired Funds</u>** |
| &nbsp;&nbsp;Fidelity Commonwealth Trust | &nbsp;&nbsp;All current and future series |
| &nbsp;&nbsp;Fidelity Covington Trust | &nbsp;&nbsp;All current and future series<br> \*excluding Fidelity Disruptors ETF |
| &nbsp;&nbsp;Fidelity Greenwood Street Trust | &nbsp;&nbsp;All current and future series<br> \*excluding Fidelity Municipal Bond Opportunities ETF |
| &nbsp;&nbsp;Fidelity Merrimack Street Trust | &nbsp;&nbsp;All current and future series |

---

## Ex-99.(H)(Xxxiii)

[Tidal Trust II 485BPOS](blox-485bpos_061025.htm)

**Exhibit 99(h)(xxxiii)**

**Tidal Trust II**<br> **Fee Waiver Agreement**

This Fee Waiver Agreement (the "<u>Agreement</u>") is entered into on April 28, 2025, by and between Tidal Trust II, a Delaware statutory trust (the "<u>Trust</u>"), on behalf of its series set forth on <u>Exhibit A</u> attached hereto (each, a "<u>Fund</u>," and collectively, the "<u>Funds</u>"), and Tidal Investments LLC (the "<u>Adviser</u>"), the investment adviser to each Fund.

**BACKGROUND:**

&nbsp;&nbsp;&nbsp;&nbsp;**A.** The
 Trust and the Adviser have entered into an Investment Advisory Agreement, dated as of
 February 6, 2025, pursuant to which, inter alia, the Adviser provides, or arranges for
 the provision of, investment advisory and management services to each Fund, and for which
 it is compensated based on the average daily net assets of each Fund.

&nbsp;&nbsp;&nbsp;&nbsp;**B.** The
 Trust and the Adviser have determined that it is appropriate and in the best interests
 of each Fund and its shareholders to enter into this Agreement to reduce the unitary
 management fee paid by each Fund to the Adviser for the term of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;**C.** This
 Background section and the Exhibit attached hereto are incorporated by reference into
 and made a part of this Agreement.

**TERMS:**

**NOW THEREFORE,** in consideration of the covenants and the mutual promises set forth herein, the parties mutually agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;1. **FEE WAIVER.** The Adviser agrees to a reduction in each Fund's unitary management
 fee equal to the amount of acquired fund fees and expenses ("AFFE") presented
 in that Fund's prospectus. AFFE refers to the indirect expenses a Fund bears when
 it invests in other pooled investment vehicles, calculated and presented in such Fund's
 fee table in accordance with the requirements of Form N-1A. This fee waiver is calculated
 daily and paid monthly, at an annual rate of each Fund's average daily net assets,
 effective with respect to a Fund upon the date set forth on Exhibit A. Any management
 fees waived with respect to each Fund under this Agreement are not subject to reimbursement
 to the Adviser by such Fund. The fee waiver amount will change to the extent the AFFE
 amount presented in a Fund's annual registration statement changes, with such change
 in the fee waiver amount taking effect as of the date such registration statement becomes
 effective.

&nbsp;&nbsp;&nbsp;&nbsp;2. **TERM.** This Agreement shall be effective with respect to a particular Fund from the date
 set forth in Exhibit A. The initial period under this Agreement shall be the longer of
 (a) one-year from the effective date of the Agreement, or (b) the effective date of the
 Fund's next annual registration statement update. Following such initial period,
 the Agreement shall continue in effect with respect to a Fund for the longer of the following
 periods (a) additional one-year periods, (b) one-year periods from the date of Fund's
 most recent annual registration statement update, or (c) such other period as may be
 agreed upon by the Trust, on behalf of a Fund, and the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;3. **AMENDMENT; TERMINATION.** This Agreement may be terminated at any time, and without payment of
 any penalty, by the Board of Trustees of the Trust, on behalf of one or more Funds, upon
 sixty (60) days' written notice to the Adviser. This Agreement may be modified
 or terminated prior to the end of the current term only by, or with the consent of, the
 Board of Trustees of the Trust. This Agreement will automatically terminate with respect
 to a Fund if the Investment Advisory Agreement is terminated with respect to such Fund,
 with such termination effective upon the effective date of the Investment Advisory Agreement's
 termination. Amendment or termination of this agreement does not require approval from
 Fund shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;4. **ASSIGNMENT.** This Agreement and all rights and obligations hereunder may not be assigned without
 the written consent of the other party.

&nbsp;&nbsp;&nbsp;&nbsp;5. **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.

&nbsp;&nbsp;&nbsp;&nbsp;6. **GOVERNING LAW.** This Agreement shall be governed by, and construed in accordance with, the laws
 of the State of Delaware without giving effect to the conflict of laws principles thereof;
 provided that nothing herein shall be construed to preempt, or to be inconsistent with,
 any federal law, regulation or rule, including the Investment Company Act of 1940, the
 Investment Advisers Act of 1940, and any rules and regulations promulgated thereunder.

**IN WITNESS WHEREOF,** the parties hereto have caused this Agreement to be duly executed and attested by their duly authorized officers, all on the date first written above.

---

| | | | |
|:---|:---|:---|:---|
| **TIDAL TRUST II**, on behalf of each of its series set forth on Exhibit A | **TIDAL TRUST II**, on behalf of each of its series set forth on Exhibit A | **TIDAL INVESTMENTS LLC** | **TIDAL INVESTMENTS LLC** |
| By: | /s/Eric W. Falkeis | By: | /s/Daniel H. Carlson |
| Name: | Eric W. Falkeis | Name: | Daniel H. Carlson |
| Title: | Principal Executive Officer | Title: | Chief of Staff |

---

Approved by the Board of Trustees: April 28, 2025

**Fee Waiver Agreement**

**Exhibit A**

Fund Name <u>Effective Date</u> <br> <u>Defiance Leveraged Long + Income MSTR ETF</u> <u>Commencement of Operations</u>

## Ex-99.(I)(Lxxiii)

[Tidal Trust II 485BPOS](blox-485bpos_061025.htm)

**Exhibit 99(i)(lxxiii)**

![](ex99ilxxiii001.jpg)

June 10, 2025

Nicholas Crypto Income ETF, a series of Tidal Trust II<br> 234 West Florida Street, Suite 203<br> Milwaukee, Wisconsin 53204

Ladies and Gentlemen:

We have acted as counsel to Tidal Trust II, a Delaware statutory trust with transferable shares (the "Trust") in connection with the Trust's Post-Effective Amendment No. 362 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 Nicholas Crypto Income 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.

June 10, 2025

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, |
| /s/ Sullivan & Worcester LLP |
| SULLIVAN & WORCESTER LLP |
| DP/RLS |

---