# EDGAR Filing Document

**Accession Number:** 0001650149
**File Stem:** 0000894189-23-000684
**Filing Date:** 2023-1
**Character Count:** 418695
**Document Hash:** b341308a35df10f3dbca204000f1a88a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-23-000684.hdr.sgml**: 20230127

**ACCESSION NUMBER**: 0000894189-23-000684

**CONFORMED SUBMISSION TYPE**: 485BPOS

**PUBLIC DOCUMENT COUNT**: 23

**FILED AS OF DATE**: 20230127

**DATE AS OF CHANGE**: 20230127

**EFFECTIVENESS DATE**: 20230127

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Series Portfolios Trust
- **CENTRAL INDEX KEY:** 0001650149
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1130

**FILING VALUES:**
- **FORM TYPE:** 485BPOS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23084
- **FILM NUMBER:** 23564006

**BUSINESS ADDRESS:**
- **STREET 1:** 615 E. MICHIGAN STREET
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53202
- **BUSINESS PHONE:** 414-765-6620

**MAIL ADDRESS:**
- **STREET 1:** 615 E. MICHIGAN STREET
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53202
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Series Portfolios Trust
- **CENTRAL INDEX KEY:** 0001650149
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1130

**FILING VALUES:**
- **FORM TYPE:** 485BPOS
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-206240
- **FILM NUMBER:** 23564005

**BUSINESS ADDRESS:**
- **STREET 1:** 615 E. MICHIGAN STREET
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53202
- **BUSINESS PHONE:** 414-765-6620

**MAIL ADDRESS:**
- **STREET 1:** 615 E. MICHIGAN STREET
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53202

## Series and Classes Contracts Data

### Subversive Metaverse ETF (Series ID: S000074852)

| Class ID   | Class Name               | Ticker Symbol   |
|:---|:---|:---|
| C000233119 | Subversive Metaverse ETF | PUNK            |

?xml version='1.0' encoding='ASCII'? ck0001650149-20220930

Filed with the U.S. Securities and Exchange Commission on January 27, 2023

1933 Act Registration File No. 333-206240

1940 Act File No. 811-23084

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-1A**

---

| | | | | |
|:---|:---|:---|:---|:---|
| REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 | REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 | [ | X | ] |
| Pre-Effective Amendment No. | | [ | | ] |
| Post-Effective Amendment No. | 162 | [ | X | ] |

---

and/or

REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 [ X ] <br> Amendment No. <u>165</u> [ X ]

(Check appropriate box or boxes.)

**<u>SERIES PORTFOLIOS TRUST</u>**

(Exact Name of Registrant as Specified in Charter)

615 East Michigan Street

Milwaukee, WI 53202

(Address of Principal Executive Offices, including Zip Code)

Registrant's Telephone Number, including Area Code:(414) 516-1652

---

| |
|:---|
| Ryan L. Roell, President and Principal Executive Officer |
| Series Portfolios Trust |
| 615 East Michigan Street |
| Milwaukee, WI 53202 |

---

(Name and Address of Agent for Service)

Copy to:

Marco AdelfioGoodwin Procter LLP1900 N Street, NWWashington, DC 20036

It is proposed that this filing will become effective

---

| |
|:---|
| immediately upon filing pursuant to paragraph (b) |
| on pursuant to paragraph (b) |
| 60 days after filing pursuant to paragraph (a)(1) |
| on pursuant to paragraph (a)(1) |
| 75 days after filing pursuant to paragraph (a)(2) |
| on pursuant to paragraph (a)(2) of Rule 485. |

---

If appropriate, check the following box

[ ]&nbsp;&nbsp;&nbsp;&nbsp;this post-effective amendment designates a new effective date for a previously filed post-effective amendment.

**Explanatory Note:** This Post-Effective Amendment No. 162 to the Registration Statement on Form N-1A of Series Portfolios Trust (the "Trust") is being filed for the purpose of adding the audited financial statements and certain related financial information for the fiscal year ended September 30, 2022 for the Trust's series: Subversive Metaverse ETF.

------

![ck0001650149-20220930_g1.jpg](ck0001650149-20220930_g1.jpg)

**Subversive Metaverse ETF (PUNK)**

*Listed on Cboe BZX Exchange, Inc.*

**Prospectus**

**January 27, 2023**

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

------

**Subversive Metaverse ETF**

A series of Series Portfolios Trust (the "Trust")

**<u>**TABLE OF CONTENTS**</u>**

---

| | |
|:---|:---|
| **[Summary Section](#ib531432f504a419fa96ad149959ee771_10)** | **[1](#ib531432f504a419fa96ad149959ee771_10)** |
| &nbsp;&nbsp;[Subversive Metaverse ETF](#ib531432f504a419fa96ad149959ee771_16) | [1](#ib531432f504a419fa96ad149959ee771_16) |
| **[Additional Information About the Fund](#ib531432f504a419fa96ad149959ee771_19)** | **[7](#ib531432f504a419fa96ad149959ee771_19)** |
| &nbsp;&nbsp;[Investment Objective](#ib531432f504a419fa96ad149959ee771_22) | [7](#ib531432f504a419fa96ad149959ee771_22) |
| &nbsp;&nbsp;[Principal Investment Strategies](#ib531432f504a419fa96ad149959ee771_25) | [7](#ib531432f504a419fa96ad149959ee771_25) |
| &nbsp;&nbsp;[Principal Risks](#ib531432f504a419fa96ad149959ee771_28) | [7](#ib531432f504a419fa96ad149959ee771_28) |
| &nbsp;&nbsp;[Portfolio Holdings](#ib531432f504a419fa96ad149959ee771_31) | [11](#ib531432f504a419fa96ad149959ee771_31) |
| **[Management of the Fund](#ib531432f504a419fa96ad149959ee771_34)** | **[11](#ib531432f504a419fa96ad149959ee771_34)** |
| &nbsp;&nbsp;[Investment Adviser](#ib531432f504a419fa96ad149959ee771_37) | [11](#ib531432f504a419fa96ad149959ee771_37) |
| &nbsp;&nbsp;[Portfolio Manager](#ib531432f504a419fa96ad149959ee771_40)s | [12](#ib531432f504a419fa96ad149959ee771_40) |
| **[How to Buy and Sell Shares](#ib531432f504a419fa96ad149959ee771_43)** | **[12](#ib531432f504a419fa96ad149959ee771_43)** |
| &nbsp;&nbsp;[Book Entry](#ib531432f504a419fa96ad149959ee771_49) | [13](#ib531432f504a419fa96ad149959ee771_49) |
| &nbsp;&nbsp;[Frequent Purchases and Redemption of](#ib531432f504a419fa96ad149959ee771_52)[S](#ib531432f504a419fa96ad149959ee771_52)hares | [13](#ib531432f504a419fa96ad149959ee771_52) |
| &nbsp;&nbsp;[Determination of Net Asset Value](#ib531432f504a419fa96ad149959ee771_55) | 28 |
| &nbsp;&nbsp;[Fair Value Pricing](#ib531432f504a419fa96ad149959ee771_58) | [14](#ib531432f504a419fa96ad149959ee771_58) |
| &nbsp;&nbsp;[Investments by Registered Investment Companies](#ib531432f504a419fa96ad149959ee771_61) | [14](#ib531432f504a419fa96ad149959ee771_61) |
| **[Distribution of Fund Shares](#ib531432f504a419fa96ad149959ee771_64)** | **[14](#ib531432f504a419fa96ad149959ee771_64)** |
| &nbsp;&nbsp;[Dividends, Distributions and their Taxation](#ib531432f504a419fa96ad149959ee771_67) | [14](#ib531432f504a419fa96ad149959ee771_67) |
| **[Distribution](#ib531432f504a419fa96ad149959ee771_70)** | **[17](#ib531432f504a419fa96ad149959ee771_70)** |
| **[Premium/Discount Information](#ib531432f504a419fa96ad149959ee771_73)** | **[17](#ib531432f504a419fa96ad149959ee771_73)** |
| **[Additional Notices](#ib531432f504a419fa96ad149959ee771_76)** | **[17](#ib531432f504a419fa96ad149959ee771_76)** |
| **[Other Information](#ib531432f504a419fa96ad149959ee771_79)** | **[18](#ib531432f504a419fa96ad149959ee771_79)** |
| **[Financial Highlights](#ib531432f504a419fa96ad149959ee771_82)** | **[18](#ib531432f504a419fa96ad149959ee771_82)** |

---

------

**Summary Section**

**Subversive Metaverse ETF**

**Investment Objective** 

The Subversive Metaverse ETF (the "Fund" or the "Metaverse Fund") seeks to achieve long-term capital appreciation.

**Fees and Expenses of the Fund** 

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

---

| | |
|:---|:---|
| **Annual Fund Operating Expenses** <br>*(expenses that you pay each year as a percentage of the value of your investment)* | |
| Management Fees | 0.75% |
| Distribution and Service (Rule 12b-1) Fees | 0.00% |
| Other Expenses<sup>(1)</sup> | 0.00% |
| Total Annual Fund Operating Expenses | 0.75% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup>"Other Expenses" are estimated for the Fund's current fiscal year.

**Example** 

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

---

| | | | |
|:---|:---|:---|:---|
| **One Year** | **Three Years** | **Five Years** | **Ten Years** |
| $77 | $240 | $417 | $930 |

---

**Portfolio Turnover** 

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in the annual fund operating expenses or in the Example, affect the Fund's performance. During the Fund's most recent fiscal period ended September 30, 2022, the Fund's portfolio turnover rate was 32% of the average value of its portfolio.

**Principal Investment Strategies** 

The Fund is an actively managed exchange-traded fund ("ETF") that seeks to achieve its investment objective by investing in globally-listed equity securities of companies that provide services and products that support the infrastructure and applications of the Metaverse ("Metaverse Companies"). "Metaverse" is a term used to describe the next generation of the Internet, which has the potential to allow creators to build the next chapter of human interaction through immersive experiences in three-dimensional virtual spaces. Under normal market conditions, the Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in securities of Metaverse Companies. The Fund invests in securities of globally-listed companies with a market capitalization, at the time of investment, of at least $250 million and less than $1 trillion.

Securities eligible for inclusion in the Fund's investable universe include publicly listed equity securities of U.S. and foreign (including emerging markets) issuers. The Fund's investments in foreign securities may include American

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Depositary Receipts ("ADRs"), Global Depositary Receipts ("GDRs"), International Depositary Receipts ("IDRs"), U.S. dollar denominated foreign securities, direct foreign securities purchased on a foreign exchange, and securities of companies incorporated outside the United States.

A committee of Metaverse experts (the "Metaverse Committee") composed of external subject matter experts will analyze the Metaverse, the adoption by the public of technologies enabling access to the Metaverse and the creation of products to be used in the Metaverse. Metaverse Companies selected for inclusion in the Fund's portfolio will be engaged in activities that fall into one or more of the following seven layers of the Metaverse identified by the Metaverse Committee, each of which are described further below: experience, discovery, creator economy, spatial computing, decentralization, human interface and infrastructure.

• **Layer 1: Experience** – The Metaverse is about the incorporation of physical artifacts, space, distance and objects into the digital world. Games are expected to evolve to incorporate more forms of entertainment, such as live music performances and esports (electronic sports), and will drive online and social engagement. Companies in this layer will focus on the creation of games, social networks, esports, media and shopping.

• **Layer 2: Discovery** – This layer is about the introduction of potential users to new experiences. Communities and social interaction have the potential to drive users to the Metaverse. Companies in this space will focus on ad networks, social networks and curation (where an expert or review process selects what is included in a directory of software that may be used).

• **Layer 3: Creator Economy** – Given advances in technology, we are in a creator era where now designers and creators do not necessarily need to know how to code. Companies are building the tools, templates and marketplaces that allow anyone to launch a website, business, and software applications. Companies in this layer will focus on design tools, asset markets, workflow and commerce.

• **Layer 4: Spatial Computing** – The goal of companies in this layer is to dissolve the layer between the physical world and virtual world. This includes computing accurate maps and details of physical space, and also adding computation into everyday objects (such as home electronics or vehicles). The key technologies that will build the Spatial Computing layer of the Metaverse are: 3D engines, mapping and interpretation, voice and gesture recognition, data integration and next generation user interfaces.

• **Layer 5: Decentralization** – Blockchain technology will free financial assets from centralized control and custody, for example, through decentralized finance and non-fungible tokens, which all rely on blockchains. A wave of innovation around decentralized markets could drive adoption and application for game assets (for example, characters, objects, sound effects, maps, and environments found within a video game and that are often purchased withing the game itself).

• **Layer 6: Human Interface** – The vast majority of the workforce relies on some level of technology to provide output, goods and services. Companies in this layer will focus on the hardware and technologies, such as virtual reality and augmented reality headsets, that connect the human body and mind to the Metaverse.

• **Layer 7: Infrastructure** – The Infrastructure layer includes the technology that enables our devices and connects them to each other and the network. The companies in this layer will focus on 5G, wifi, cloud, and semiconductors.

Once Metaverse Companies are identified across these layers, Subversive Capital Advisor LLC (the "Adviser"), the Fund's investment adviser, will apply a Subversive Metaverse Ranking ("SMR") to each company based on the level of focus and commitment to developing the Metaverse. Applying an SMR can be highly subjective; however, the Adviser and the Metaverse Committee rely on publicly available information where available, including shareholder reports of issuers or the Bloomberg Terminal. Key drivers of applying an SMR may include the percentage of a company's revenue, workforce, and future capital commitments associated with the Metaverse.

In selecting investments for the Fund, the Adviser applies a top-down approach, utilizing primarily quantitative factors, but also considering qualitative factors. The Adviser gives greater weightings to companies whose primary business

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models and growth prospects are dedicated to building the infrastructure and/or the applications of the Metaverse and less weightings to companies with limited exposure and business segments focused on the Metaverse. In addition, the Adviser may also include companies that may not have made any public announcements yet regarding the Metaverse, but has a portfolio of assets and services that would be highly attractive in terms of building one or more of the seven layers of the Metaverse.

The Fund may also engage in short sales of securities that the Adviser expects to underperform the market. In a short sale transaction, the Fund will borrow a security and sell it at the current market price in the anticipation of buying the security at a lower price prior to the time the Fund is obligated to return the security to the owner.

**Principal Risks** 

As with any fund, there are risks to investing. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency. In addition to possibly not achieving your investment goals, **you could lose all or a portion of your investment in the Fund over short or even long periods of time**. The principal risks of investing in the Fund are summarized below.

***Metaverse Companies Risk.*** The Fund invests primarily in the equity securities of Metaverse Companies and, as such, is particularly sensitive to risks to those types of companies. These risks include, but are not limited to, small or limited markets for such securities, changes in business cycles, world economic growth, technological progress, rapid obsolescence, and government regulation. Securities of Metaverse Companies, especially smaller, start-up companies, tend to be more volatile than securities of companies that do not rely heavily on technology. Rapid change to technologies that affect a company's products could have a material adverse effect on such company's operating results. Metaverse Companies may rely on a combination of patents, copyrights, trademarks and trade secret laws to establish and protect their proprietary rights in their products and technologies. There can be no assurance that the steps taken by these companies to protect their proprietary rights will be adequate to prevent the misappropriation of their technology or that competitors will not independently develop technologies that are substantially equivalent or superior to such companies' technology.

***ETF Risks.*** The Fund is an ETF, and, as a result of its structure, it is exposed to the following risks:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** *Authorized Participants, Market Makers, and Liquidity Providers Concentration Risk.* The Fund has only a limited number of institutional investors (known as "Authorized Participants" or "APs") that are authorized to purchase and redeem shares directly from the Fund. In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, shares of the Fund may trade at a material discount to the Fund's net asset value ("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. This may lead to the widening of bid/ask spreads quoted throughout the day.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** *Shares May Trade at Prices Other Than NAV.* As with all ETFs, shares of the Fund may be bought and sold in the secondary market at market prices. Although it is expected that the market price of shares of the Fund 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. This may lead to the widening of bid/ask spreads quoted throughout the day.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** *Trading*. Although shares of the Fund are listed for trading on the Cboe BZX Exchange, Inc., (the "Exchange"), there can be no assurance that an active trading market for shares will develop or be maintained or that shares will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the market for shares of the Fund may become less liquid in response to deteriorating liquidity in the markets for the Fund's underlying portfolio holdings. This adverse effect on liquidity for the Fund's shares, in turn, can lead to differences between the market price of the Fund's shares and the underlying value of those shares. In addition, trading in Fund shares may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in shares of the Fund inadvisable. This may lead to the widening of bid/ask spreads quoted throughout the day.

***New Adviser Risk.*** The Adviser is a recently registered investment adviser and has limited experience managing a registered investment company. As a result, there is no long-term track record against which an investor may judge the Adviser and it is possible the Adviser may not achieve the Fund's intended investment objective. As a newer investment adviser, the Adviser may experience resource and capacity constraints.

***Newer Fund Risk.*** As of the date of this Prospectus, the Fund has a limited operating history and may not attract sufficient assets to achieve or maximize investment and operational efficiencies.

***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 lesser number of issuers than if it was a diversified fund. As a result, the Fund may be more exposed to the risks associated with and developments affecting an individual issuer or a lesser number of issuers than a fund that invests more widely. This may increase the Fund's volatility and cause the performance of a relatively small number of issuers to have a greater impact on the Fund's performance.

***Growth Investing Style Risk.*** Growth companies are companies whose earnings and stock prices are expected to grow at a faster rate than the overall market. If the Portfolio Managers incorrectly assesses a company's prospects for growth or how other investors will value the company's growth, then the price of the company's stock may decrease, or may not increase to the level anticipated by the sub-adviser. In addition, growth stocks may be more volatile than other stocks because they are more sensitive to investors' perceptions of the issuing company's growth potential. Also, the growth investing style may over time go in and out of favor. At times when the investing style used by the Fund is out of favor, the Fund may underperform other equity funds that use different investing styles.

***Consumer Discretionary Sector Risk***. Consumer discretionary companies are companies that provide non-essential goods and services, such as retailers, media companies and consumer services. These companies manufacture products and provide discretionary services directly to the consumer, and the success of these companies tied closely to the performance of the overall domestic and international economy, interest rates, competition and consumer confidence.

***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, sectors or companies in which the Fund invests. Common stocks are generally exposed to greater risk than other types of securities, such as preferred stocks and debt obligations, because common stockholders generally have inferior rights to receive payment from issuers.

***Large-Capitalization Companies Risk.*** Larger, more established companies may be unable to respond quickly to new competitive challenges such as changes in technology and consumer tastes. Larger companies also may not be able to attain the high growth rates of successful smaller companies.

***Small- and Mid-Capitalization Companies Risk.*** The Fund may invest in the securities of small- and mid-capitalization companies. As a result, the Fund may be more volatile than funds that invest in larger, more established companies. The securities of small-and mid-capitalization companies generally trade in lower volumes and are subject to greater and more unpredictable price changes than larger capitalization stocks or the stock market as a whole. Small- and mid-capitalization companies may be particularly sensitive to changes in interest rates, government regulation, borrowing costs and earnings.

***Foreign Investments and Emerging Markets Risk.*** Securities of non-U.S. issuers, including those located in foreign countries, may involve special risks caused by foreign political, social and economic factors, including exposure to currency fluctuations, less liquidity, less developed and less efficient trading markets, political instability and less

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developed legal and auditing standards. These risks are heightened for investments in issuers organized or operating in emerging market countries.

***Depositary Receipt Risk***. ADRs, GDRs, and IDRs are certificates evidencing ownership of shares of a foreign issuer and are alternatives to directly purchasing the underlying foreign securities in their national markets and currencies. However, they continue to be subject to many of the risks associated with investing directly in foreign securities. These risks include the social, political and economic risks of the underlying issuer's country, as well as in the case of depositary receipts traded on non-U.S. markets, exchange risk.

***Management Risk.*** The Fund is actively-managed and may not meet its investment objective based on the Adviser's success or failure to implement investment strategies for the Fund. The Adviser's evaluations and assumptions regarding issuers, securities, and other factors may not successfully achieve the Fund's investment objective given actual market conditions.

***Market Events Risk.*** One or more markets in which the Fund invests may go down in value, including the possibility that the markets will go down sharply and unpredictably. This may be due to numerous factors, including interest rates, the outlook for corporate profits, the health of the national and world economies, national and world social and political events, and the fluctuation of other stock markets around the world. The global pandemic outbreak of an infectious respiratory illness caused by a novel coronavirus known as COVID-19 and subsequent efforts to contain its spread have resulted and may continue to result in substantial market volatility and global business disruption, affecting the global economy and the financial health of individual companies in significant and unforeseen ways. In addition, the Fund may face challenges with respect to its day-to-day operations if key personnel of the Adviser or other service providers are unavailable due to quarantines, restrictions on travel, or other restrictions imposed by state or federal regulatory authorities. The duration and future impact of COVID-19 are currently unknown, which may exacerbate the other risks that apply to the Fund and could adversely affect the value and liquidity of the Fund's investments, impair the Fund's ability to satisfy AP transaction requests, and negatively affect the Fund's performance.

***Short Sales Risk.*** Selling securities short creates the risk of losing an amount greater than the amount invested. Short selling is subject to the theoretically unlimited risk of loss because there is no limit on how much the price of a stock may appreciate before the short position is closed out. A short sale may result in a sudden and substantial loss if, for example, an acquisition proposal is made for the subject company at a substantial premium over the market price.

**Performance** 

Performance information will be available once the Fund has at least one calendar year of performance. The Fund's past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future and does not guarantee future results. Updated performance information will be available on the Fund's website at www.subversive.com/etfs or by calling the Fund toll-free at 1-800-617-0004.

**Management** 

***Investment Adviser***

Subversive Capital Advisor LLC is the Fund's investment adviser.

***Portfolio Managers***

Michael Auerbach, Founder and Chief Executive Officer of Subversive Capital and Christian Cooper, CFA, FRM, Portfolio Manager of Subversive Capital's ETF portfolios, are the portfolio managers responsible for the day-to-day management of the Fund and have managed the Fund since its inception in January 2022.

**Purchase and Sale of Fund Shares** 

Shares of the Fund are listed on 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 of the Fund trade at market prices rather than NAV, the Fund's shares may trade at a price greater than NAV (premium) or less than NAV (discount).

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

Investors may incur costs attributable to the difference between the highest price a buyer is willing to pay to purchase shares of the Fund (bid) and the lowest price a seller is willing to accept for shares of the Fund (ask) when buying or selling shares in the secondary market (the "bid-ask spread"). Recent information about the Fund, including its NAV, market price, premiums and discounts, and bid-ask spreads is available on the Fund's website at www.subversive.com/etfs.

**Tax Information** 

Fund distributions are generally taxable as ordinary income, qualified dividend income, or capital gains (or a combination), unless your investment is in an 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.

**Payments to Broker-Dealers and Other Financial Intermediaries** 

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 Fund's investment objective is long-term capital appreciation. The Fund's investment objective is not fundamental and may be changed by the Board of Trustees of the Trust (the "Board") without shareholder approval upon 60 days' prior written notice to Fund shareholders.

**Principal Investment Strategies**

Please see the Fund's SAI for additional information about the securities and investment strategies described in this Prospectus and about additional securities and investment strategies that may be used by the Fund.

**Temporary Defensive Positions.** The Fund may, from time to time, take temporary defensive positions that are inconsistent with the Fund's principal investment strategies in an attempt to respond to adverse or unstable market, economic, political, or other conditions. During such times, a Fund may hold up to 100% of its portfolio in cash or cash equivalent positions. When a Fund take a temporary defensive position, the Fund may not be able to pursue its investment objectives.

**Principal Risks** 

Before investing in a Fund, you should carefully consider your own investment goals, the amount of time you are willing to leave your money invested, and the amount of risk you are willing to take. Remember that, in addition to possibly not achieving your investment goals, **you could lose all or a portion of your investment in a Fund**. The principal risks of the Fund have been previously identified and are described below.

***Cash Transactions Risk.*** Unlike many ETFs, the Fund may issue and redeem entirely in cash or partially in cash. As a result, an investment in the Fund may be less tax-efficient than an investment in an ETF that distributes portfolio securities in-kind. If a Fund effects a portion of redemptions for cash, such Fund may be required to sell portfolio securities to obtain the cash needed to distribute the redemption proceeds. Such sales may cause the applicable Fund to incur transaction costs. The applicable Fund may recognize gains on these sales it might not otherwise have recognized if it were to distribute portfolio securities in-kind, or to recognize the gain sooner than would otherwise be required.

***Consumer Discretionary Sector Risk***. Consumer discretionary companies are companies that provide non-essential goods and services, such as retailers, media companies and consumer services. These companies manufacture products and provide discretionary services directly to the consumer, and the success of these companies tied closely to the performance of the overall domestic and international economy, interest rates, competition and consumer confidence.

***Cybersecurity Risk***. Cybersecurity incidents may allow an unauthorized party to gain access to the Fund assets, customer data (including private shareholder information), or proprietary information, or cause the Fund, the Adviser (defined below), the Sub-Adviser and/or other service providers (including custodians, transfer agents and financial intermediaries) to suffer data breaches or data corruption. Additionally, cybersecurity failures or breaches of the electronic systems of the Fund, the Adviser, the Sub-Adviser or the Fund's other service providers, market makers, Authorized Participants or the issuers of securities in which the Fund's invest have the ability to cause disruptions and negatively impact the Fund's business operations, potentially resulting in financial losses to the Fund and its shareholders. In an extreme case, a shareholder's ability to redeem Fund shares may be affected.

***Depositary Receipt Risk***. The Fund's investments in foreign securities may include ADRs, GDRs and IDRs. Depositary receipts, including ADRs, GDRs and IDRs, involve risks similar to those associated with investments in foreign securities, such as changes in political or economic conditions of other countries and changes in the exchange rates of foreign currencies. 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

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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. Because the Underlying Shares trade on foreign exchanges that may be closed when the Fund's primary listing exchange is open, the Fund may experience premiums and discounts greater than those of funds without exposure to such Underlying Shares.

***Equity Market Risk.*** Common stocks are susceptible to general stock market fluctuations and to volatile increases and decreases in value as market confidence in and perceptions of their issuers 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 and banking crises. If you held common stock, or common stock equivalents, of any given issuer, you would generally be exposed to greater risk than if you held preferred stocks and debt obligations of the issuer because common stockholders, or holders of equivalent interests, generally have inferior rights to receive payments from issuers in comparison with the rights of preferred stockholders, bondholders, and other creditors of such issuers.

***ETF Risks*.** The Fund is an ETF, and, as a result of its structure, it is exposed to the following risks:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• Authorized Participants, Market Makers, and Liquidity Providers Concentration Risk.* The Fund has only a limited number of institutional investors that may act as APs. In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, shares of the Fund may trade at a material discount to the Fund's 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. This may lead to the widening of bid/ask spreads quoted throughout the day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Costs of Buying or Selling Shares.* Investors buying or selling shares of the Fund in the secondary market will pay brokerage commissions or other charges imposed by brokers, as determined by that broker. Brokerage commissions are often a fixed amount and may be a significant proportional cost for investors seeking to buy or sell relatively small amounts of shares of the Fund. In addition, secondary market investors will also incur the cost of the difference between the price at which an investor is willing to buy shares of the Fund (the "bid" price) and the price at which an investor is willing to sell shares of the Fund (the "ask" price). This difference in bid and ask prices is often referred to as the "spread" or "bid/ask spread." The bid/ask spread varies over time for shares of the Fund based on trading volume and market liquidity, and is generally lower if the Fund's shares have more trading volume and market liquidity and higher if Fund's shares have little trading volume and market liquidity. Further, a relatively small investor base in the Fund, asset swings in the Fund and/or increased market volatility may cause increased bid/ask spreads. Due to the costs of buying or selling shares of the Fund, including bid/ask spreads, frequent trading of the Fund's shares may significantly reduce investment results and an investment in Fund shares may not be advisable for investors who anticipate regularly making small investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Shares May Trade at Prices Other Than NAV.* As with all ETFs, shares of the Fund may be bought and sold in the secondary market at market prices. Although it is expected that the market price of shares of the Fund 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. The market price of shares of the Fund during the trading day, like the price of any exchange-traded security, includes a "bid/ ask" spread charged by the exchange specialist, market makers or other participants that trade shares of the Fund. In times of severe market disruption, the bid/ask spread can increase significantly. At those times, shares of the Fund will most likely to be traded at a discount to NAV, and the discount is likely to be greatest when the price of shares is falling fastest, which may be the time that you most want to sell your shares. The Adviser believes that, under normal market conditions, large market price discounts

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or premiums to NAV will not be sustained because of arbitrage opportunities. This may lead to the widening of bid/ask spreads quoted throughout the day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Trading.* Although shares of the Fund are listed for trading on the Exchange and may be listed or traded on U.S. and non-U.S. stock exchanges other than the Exchange, there can be no assurance that an active trading market for such shares will develop or be maintained. Trading in Shares 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 of the Fund on the Exchange is subject to trading halts caused by extraordinary market volatility pursuant to Exchange "circuit breaker" rules, which temporarily halt trading on the Exchange when a decline in the S&P 500 Index during a single day reaches certain thresholds (e.g., 7%, 13%, and 20%). Additional rules applicable to the Exchange may halt trading in shares of the Fund when extraordinary volatility causes sudden, significant swings in the market price of shares of the Fund. There can be no assurance that shares of the Fund will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the market for the Fund's shares may become less liquid in response to deteriorating liquidity in the markets for the Fund's underlying portfolio holdings. These factors, among others, may lead to the Fund's shares trading at a premium or discount to NAV. This may lead to the widening of bid/ask spreads quoted throughout the day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Early Close/Trading Halt.* An exchange or market may close early or issue trading halts on specific securities or financial instruments. The ability to trade certain securities or financial instruments may be restricted, which may disrupt the Fund's creation and redemption process, potentially affect the price at which the Fund's shares trade in the secondary market, and/or result in the Fund being unable to trade certain securities or financial instruments. In these circumstances, the Fund may be unable to rebalance its portfolio, may be unable to accurately price its investments and/or may incur substantial trading losses.

***Foreign Investments and Emerging Markets Risk.*** Securities of non-U.S. issuers, including those located in foreign countries, may involve special risks caused by foreign political, social and economic factors, including exposure to currency fluctuations, less liquidity, less developed and less efficient trading markets, political instability and less developed legal and auditing standards. These risks are heightened for investments in issuers organized or operating in emerging market countries.

***Growth Investing Style Risk.*** Growth companies are companies whose earnings and stock prices are expected to grow at a faster rate than the overall market. If the portfolio managers incorrectly assesses a company's prospects for growth or how other investors will value the company's growth, then the price of the company's stock may decrease, or may not increase to the level anticipated by the portfolio manager. Growth companies are often newer or smaller companies, or established companies that may be entering a growth cycle in their business. Growth stocks may be more volatile than other stocks because they are more sensitive to investors' perceptions of the issuing company's growth potential. Also, the growth investing style may over time go in and out of favor. At times when the growth investing style is out of favor, the Fund may underperform other equity funds that use different investing styles.

***Large Capitalization Companies Risk.*** Larger, more established companies may be unable to respond quickly to new competitive challenges such as changes in technology and consumer tastes. Larger companies also may not be able to attain the high growth rates of successful smaller companies.

***Management Risk.*** The Fund is actively-managed and may not meet its investment objective based on the Adviser's success or failure to implement investment strategies for the Fund. The Adviser's evaluations and assumptions regarding issuers, securities, and other factors may not successfully achieve the Fund's investment objective given actual market conditions.

***Market Events Risk.*** One or more markets in which the Fund invests may go down in value, including the possibility that the markets will go down sharply and unpredictably. This may be due to numerous factors, including interest rates, the outlook for corporate profits, the health of the national and world economies, national and world social and political events, and the fluctuation of other stock markets around the world. The global pandemic outbreak of an infectious respiratory illness caused by a novel coronavirus known as COVID-19 and subsequent efforts to contain its spread have resulted and may continue to result in, among other things, substantial market volatility and reduced liquidity in financial

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markets; exchange trading suspensions and closures; higher default rates; travel restrictions and disruptions; significant global disruptions to business operations and supply chains; lower consumer demand for goods and services; significant job losses and increasing unemployment; event and service cancellations and restrictions; significant challenges in healthcare service preparation and delivery; prolonged quarantines; and general concern and uncertainty. The impact of this pandemic and any other public health emergencies (such as any other epidemics or pandemics) that may arise in the future could adversely affect the economies of many nations or the entire global economy and the financial performance of individual issuers, sectors, industries, asset classes, and markets in significant and unforeseen ways. Extraordinary actions taken by governments and central banks to support local and global economies and the financial markets in response to the COVID-19 pandemic may not succeed or have the intended effect, and in some cases, have resulted in a large expansion of government deficits and debt, the long-term consequences of which are not known. This crisis or other public health crises may also exacerbate other pre-existing political, social, economic, market and financial risks. In addition, the Fund may face challenges with respect to its day-to-day operations if key personnel of the Adviser or other service providers are unavailable due to quarantines, restrictions on travel, or other restrictions imposed by state or federal regulatory authorities. The duration and future impact of COVID-19 are currently unknown and cannot be determined with certainty, which may exacerbate the other risks that apply to the Fund and could adversely affect the value and liquidity of the Fund's investments, impair the Fund's ability to satisfy AP transaction requests, and negatively affect the Fund's performance.

***Metaverse Companies Risk.*** The Fund invests primarily in the equity securities of Metaverse Companies and, as such, is particularly sensitive to risks to those types of companies. These risks include, but are not limited to, small or limited markets for such securities, changes in business cycles, world economic growth, technological progress, rapid obsolescence, and government regulation. Securities of Metaverse Companies, especially smaller, start-up companies, tend to be more volatile than securities of companies that do not rely heavily on technology. Rapid change to technologies that affect a company's products could have a material adverse effect on such company's operating results. Metaverse Companies may rely on a combination of patents, copyrights, trademarks and trade secret laws to establish and protect their proprietary rights in their products and technologies. There can be no assurance that the steps taken by these companies to protect their proprietary rights will be adequate to prevent the misappropriation of their technology or that competitors will not independently develop technologies that are substantially equivalent or superior to such companies' technology.

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

***New Adviser Risk.*** The Adviser is a recently registered investment adviser and has limited experience managing a registered investment company. As a result, there is no long-term track record against which an investor may judge the Adviser and it is possible the Adviser may not achieve the Fund's intended investment objective. As a newer investment adviser, the Adviser may experience resource and capacity constraints.

***Newer Fund Risk.*** As of the date of this Prospectus, the Fund has a limited operating history and may not attract sufficient assets to achieve or maximize investment and operational efficiencies.

***Non-Diversification Risk.*** Because the Fund is "non-diversified," they may invest a greater percentage of its assets in the securities of a single issuer or a lesser number of issuers than if it was a diversified funds. As a result, the Fund may be more exposed to the risks associated with and developments affecting an individual issuer or a lesser number of issuers than a fund that invests more widely. This may increase the Fund's volatility and cause the performance of a relatively small number of issuers to have a greater impact on the Fund's performance.

***Small-Capitalization Companies Risk*.** The securities of small-capitalization companies may be more vulnerable to adverse issuer, market, political, or economic developments than securities of larger-capitalization companies. The securities of small-capitalization companies generally trade in lower volumes and are subject to greater and more

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unpredictable price changes than larger capitalization stocks or the stock market as a whole. Some small capitalization companies have limited product lines, markets, and financial and managerial resources and tend to concentrate on fewer geographical markets relative to larger capitalization companies. There is typically less publicly available information concerning smaller-capitalization companies than for larger, more established companies. Small-capitalization companies also may be particularly sensitive to changes in interest rates, government regulation, borrowing costs and earnings.

***Short Sales Risk.*** The Metaverse Fund may engage in short sales. Selling securities short creates the risk of losing an amount greater than the amount invested. Short selling is subject to the theoretically unlimited risk of loss because there is no limit on how much the price of a stock may appreciate before the short position is closed out. A short sale may result in a sudden and substantial loss if, for example, an acquisition proposal is made for the subject company at a substantial premium over the market price. An increasing number of jurisdictions are limiting the ability of market participants to engage in short selling in respect of certain securities. In some cases, these rules may also limit the ability of market participants to enter into a short position through a credit default swap or other similar derivatives contract. These rules may limit or preclude the Fund from entering into short sales or otherwise taking short positions that the Advisor believes could be advantageous to the Fund. The Fund may also incur expenses relating to short sales, such as dividend expense (paying the value of dividends to the person that loaned the security to the Fund so that the Fund could sell it short; this expense is typically, but not necessarily, substantially offset by market value gains after the dividends are announced) and interest expense (the Fund may owe interest on its use of short sale proceeds to purchase other investments; a portion of this expense may, but is not necessarily, offset by stock lending rebates). When the Fund enters into a short sale, it also must maintain a segregated account of cash or cash equivalents equal to its margin requirements. As a result, the Fund may be required to maintain high levels of cash or other highly liquid instruments at times when the Fund engages in short sales, which could limit the Fund's ability to pursue other investment opportunities with respect to those assets.

**Portfolio Holdings**

Information about the Fund's daily portfolio holdings is available at www.subversive.com/etfs. 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 of the Fund**

**Investment Adviser**

The Fund has entered into an investment advisory agreement ("Advisory Agreement") with Subversive Capital Advisor LLC (the "Adviser" or "Subversive"), located at 217 Centre Street, Suite 122, New York, NY, 10013. Since 2013, Subversive Capital, an affiliate under common control with the Adviser, has been a pioneering investor in emerging industries, specializing in both early and late-stage investments as well as acquisitions by special purpose acquisition companies (SPACs).

Subject to the oversight of the Board, the Adviser is responsible for the day-to-day management of the Fund in accordance with the Fund's investment objective and policies. For the services it provides to the Fund, the Fund pays the Adviser a unified management fee, which is calculated daily and paid monthly, at an annual rate of 0.75% of the Fund's average daily net assets. Under the Advisory Agreement, the Adviser has agreed to pay all expenses incurred by the Fund except for interest charges on any borrowings, dividends and other expenses on securities sold short; taxes; brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments; acquired fund fees and expenses; accrued deferred tax liability; extraordinary expenses; distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the 1940 Act, and the unified management fee payable to the Adviser (collectively, the "Excluded Expenses").

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A discussion regarding the basis for the Board's initial approval of the Advisory Agreement between the Adviser and the Trust will be available in the Fund's first semi-annual report to shareholders after the Fund's commencement of operations.

The Fund, as a series of the Trust, does not hold itself out as related to any other series of the Trust for purposes of investment and investor services, nor does it share the same investment adviser with any other series of the Trust (except for the Subversive Decarbonization ETF, the Subversive Food Security ETF and the Subversive Mental Health ETF).

**Portfolio Managers**

**Michael Auerbach**

Michael Auerbach is the founder and Managing Member of the Adviser, which was formed in 2021. Mr. Auerbach is also General Partner of Subversive Capital Ventures, a director of The Parent Company (a NEO listed company), director of Canaccord Genuity (a TSX listed company), and lead independent director of Atai Holdings (a Nasdaq listed company). He previously sat on the Board of Directors of Tilray, Inc., the first Nasdaq listed global cannabis company, and holds several directorships with companies that Subversive invests in.

Mr. Auerbach serves as a partner with Albright Stonebridge Group ("ASG"), a part of Dentons Global Advisers, the global consulting firm founded by the late U.S. Secretary of State Madeleine Albright. Prior to joining ASG, Michael founded and then sold a risk consulting firm to Control Risks, a leading global risk consulting firm.

Mr. Auerbach presently sits on the boards of the Theodore C. Sorensen Center for International Peace and Justice, KiDS Board of NYU's Hassenfeld Children's Hospital, Next for Autism (which produces Night of Too Many Stars), FACES (Finding a Cure for Epilepsy), and Sophie Gerson Healthy Youth Foundation.

Mr. Auerbach received a M.A. in International Relations from Columbia University and a B.A. in Critical Theory from the New School for Social Research.

**Christian H Cooper, CFA, FRM**

Christian H. Cooper is a portfolio manager for Subversive Capital and the former head of interest rate derivatives trading at Jefferies in New York. Since 2013, Mr. Cooper has also been a derivatives trader and risk manager for Resconte Capital, where he authored a multi-volume series on quantitative risk management. Mr. Cooper is responsible for trading and portfolio construction and has both the Chartered Financial Analyst (CFA) and Financial Risk Manager (FRM) designations.

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

**How to Buy and Sell Shares**

The Fund issue and redeem their shares only in Creation Units at the NAV per share next determined after receipt of an order from an AP. Only APs may acquire the Fund's 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 an authorized participant agreement ("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, the Fund's shares trade in the secondary market in quantities less than a Creation Unit.

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Most investors buy and sell the Fund's shares in secondary market transactions through brokers. Individual shares of the Fund is 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 the Fund's shares through a broker, you will pay or receive the market price. You may incur customary brokerage commissions and charges, and you may pay some or all of the spread between the bid and the offered price in the secondary market on each leg of a round trip (purchase and sale) transaction. In addition, because secondary market transactions occur at market prices, you may pay more than NAV when you buy the Fund's shares, and receive less than NAV when you sell those shares.

**Book Entry**

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

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.

**Investing in the Fund**

For more information on how to buy and sell shares of the Fund, visit the Fund's website at www.subversive.com/etfs or by calling the Fund toll-free at 1-800-617-0004.

**Frequent Purchases and Redemptions of Shares**

Shares of the Fund is listed for trading on the Exchange, which allows retail investors to purchase and sell individual shares at market prices throughout the trading day similar to other publicly traded securities. Because these secondary market trades do not involve the Fund directly, it is unlikely that secondary market trading would cause any harmful effects of market timing, such as dilution, disruption of portfolio management, increases in the Fund's trading costs or realization of capital gains. The Board has determined not to adopt policies and procedures designed to prevent or monitor for frequent purchases and redemptions of the Fund's shares because the Fund sells and redeems its shares at NAV only in Creation Units pursuant to the terms of a Participant Agreement between the Distributor and an AP. The Fund may impose **t**ransaction fees on such Creation Unit transactions that are designed to offset the Fund's transfer and other transaction costs associated with the issuance and redemption of the Creation Unit shares. Direct trading by APs is critical to ensuring that the Fund's shares trade at or close to NAV. Although the Fund imposes no restrictions on the frequency of purchases and redemptions of Creation Units, the Fund and the Adviser reserve the right to reject or limit purchases at any time as described in the Fund's SAI.

**Determination of Net Asset Value**

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

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In calculating its NAV, the Fund generally values their 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. In particular, the Fund generally values equity securities traded on any recognized U.S. or non-U.S. exchange at the last sale price or official closing price on the exchange or system on which they are principally traded. If such information is not available for a security held by the Fund or is determined to be unreliable, the security will be valued at fair value estimates under guidelines established by the Board (as described below).

**Fair Value Pricing**

The Adviser has been designated by the Board as the valuation designee for the Fund pursuant to Rule 2a-5 under the 1940 Act. In its capacity as valuation designee, the Adviser has adopted procedures and methodologies to fair value the Fund's securities whose market prices are not "readily available" or are deemed to be unreliable. For example, such circumstances may arise when: (i) a security has been de-listed or has had its trading halted or suspended; (ii) a security's primary pricing source is unable or unwilling to provide a price; (iii) a security's primary trading market is closed during regular market hours; or (iv) a security's value is materially affected by events occurring after the close of the security's primary trading market. Generally, when fair valuing a security, the Adviser will take into account all reasonably available information that may be relevant to a particular valuation including, but not limited to, fundamental analytical data regarding the issuer, information relating to the issuer's business, recent trades or offers of the security, general and/or specific market conditions and the specific facts giving rise to the need to fair value the security. Fair value determinations are made in good faith and in accordance with the fair value methodologies included in the Adviser-adopted valuation procedures. 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 security upon the sale of such security.

**Investments by Other Registered Investment Companies**

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

**Distribution of Fund Shares**

**Dividends, Distributions and their Taxation**

**Dividends and Distributions**

The Fund intends to pay out dividends, if any, and distribute any net realized capital gains to their shareholders at least annually. The Fund will declare and pay capital gain distributions in cash. Your broker is responsible for distributing the income and capital gain distributions to you.

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

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**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 elect and qualify each year for treatment as a regulated investment company ("RIC") under 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 (APs only).

**Taxes on Distributions**

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

Distributions reported by the Fund as "qualified dividend income" are generally taxed to non-corporate shareholders at rates applicable to long-term capital gains, provided holding period and other requirements are met. "Qualified dividend income" generally is income derived from dividends paid by U.S. corporations or certain foreign corporations that are either incorporated in a U.S. possession or eligible for tax benefits under certain U.S. income tax treaties. In addition, dividends that the Fund received 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.

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

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

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

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You may wish to avoid investing in the Fund shortly before a dividend or other distribution, because such a distribution will generally be taxable even though it may economically represent a return of a portion of your investment. If the Fund's distribution 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 Shares and result in a higher capital gain or lower capital loss when the Shares are sold. After a shareholder's basis in Shares has been reduced to zero, distributions in excess of earnings and profits in respect of those Shares will be treated as gain from the sale of the Shares.

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

Under legislation generally known as "FATCA" (the Foreign Account Tax Compliance Act), the Fund is required to withhold 30% of certain ordinary dividends it pays to shareholders that are foreign entities and that fail to meet prescribed information reporting or certification requirements.

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 he, she or it is 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 of the Fund is acquired, including through reinvestment of dividends, within a 61-day period beginning 30 days before and ending 30 days after the disposition of Shares. The ability to deduct capital losses may be limited.

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

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

An AP having the U.S. dollar as its functional currency for U.S. federal income tax purposes who exchanges securities for Creation Units generally recognizes a gain or a loss. The gain or loss will be equal to the difference between the value of the Creation Units at the time of the exchange and the exchanging AP's aggregate basis in the securities delivered, plus the amount of any cash paid for the Creation Units. An AP who exchanges Creation Units for securities will generally recognize a gain or loss equal to the difference between the exchanging AP's basis in the Creation Units and the aggregate U.S. dollar market value of the securities received, plus any cash received for such Creation Units. The Internal Revenue Service may assert, however, that a loss that is realized upon an exchange of securities for Creation Units may not be currently deducted under the rules governing "wash sales" (for an AP who does not mark-to-market their holdings), or on

------

the basis that there has been no significant change in economic position. APs exchanging securities should consult their own tax advisor with respect to whether 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 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.

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.

**Foreign Taxes**

To the extent the Fund invests in foreign securities, it may be subject to foreign withholding taxes with respect to dividends or interest the Fund receives from sources in foreign countries.

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

**Distribution**

The Distributor, Quasar Distributors, LLC, 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 the Fund's 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 111 East Kilbourn Avenue, Suite 2200, Milwaukee, Wisconsin 53202.

**Premium/Discount Information**

Each business day, the following information will be available, free of charge, on the Fund's website at www.subversive.com/etfs: (i) information for each portfolio holding that will form the basis of the next calculation of the Fund's NAV per share; (ii) the Fund's NAV per share, market price, and premium or discount, each as of the end of the prior business day; (iii) a table showing the number of days the Fund's shares traded at a premium or discount during the most recently completed calendar year and the most recently completed calendar quarter since that year; (iv) a line graph showing Fund share premiums or discounts for the most recently completed calendar year and the most recently completed calendar quarter since that year; (v) the Fund's median bid-ask spread over the last thirty calendar days; and (vi) if during the past year the Fund's premium or discount was greater than 2% for more than seven consecutive trading days, a statement that the Fund's premium or discount, as applicable, was greater than 2% and a discussion of the factors that are reasonably believed to have materially contributed to the premium or discount.

**Additional Notices**

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Shares of the Fund is 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 of the Fund to be issued, nor in the determination or calculation of the equation by which shares of the Fund are redeemable. The Exchange has no obligation or liability to owners of shares of the Fund in connection with the administration, marketing, or trading of the 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 and the Fund make no representation or warranty, express or implied, to the owners of shares of the Fund or any member of the public regarding the advisability of investing in securities generally or in the Fund particularly.

**Other Information**

The Trust enters into contractual arrangements with various parties, including, among others, the Fund's investment adviser, administrator and distributor, who provide services to the Fund. Shareholders of the Fund are not parties to, or intended (or "third-party") beneficiaries of, any of those contractual arrangements, and those contractual arrangements are not intended to create in any individual shareholder or group of shareholders any right to enforce such contractual arrangements against the service providers or to seek any remedy under such contractual arrangements against the service providers, either directly or on behalf of the Trust.

This prospectus provides information concerning the Trust and the Fund that you should consider in determining whether to purchase shares of a Fund. None of this prospectus, the SAI or any document filed as an exhibit to the Trust's registration statement, is intended to, nor does it, give rise to an agreement or contract between the Trust or the Fund and any investor, or give rise to any contract or other rights in any individual shareholder, group of shareholders or other person other than any rights conferred explicitly by federal or state securities laws that may not be waived.

The Fund reserves the right to cease operations and liquidate at any time. See "Liquidation of the Fund" in the SAI for additional information.

**Financial Highlights**

The financial highlights table is intended to help you understand the Fund's financial performance since inception. Certain information reflects financial results for a single Fund share. The total return in the table represents the rate that an investor would have earned or lost on an investment in the Fund (assuming reinvestment of all dividends and distributions). This information has been derived from the financial statements audited by Cohen & Company, Ltd., the Fund's independent registered public accounting firm, whose report, along with the Fund's financial statements, is included in the Fund's September 30, 2022 <u>[Annual Report](https://www.sec.gov/Archives/edgar/data/1650149/000089853122000450/smetf-ncsra.htm)</u>, which is available upon request.

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---

| | | |
|:---|:---|:---|
| **Subversive Metaverse ETF** | **Period Ended** <br>**September 30, 2022**<sup>(1)</sup> | |
| **PER SHARE DATA**<sup>(2)</sup>**:** | | |
| Net asset value, beginning of period | $25.00 |  |
| INVESTMENT OPERATIONS: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>(3)</sup> | (0.03) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain on investments | (7.67) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | (7.70) |  |
| LESS DISTRIBUTIONS: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From Net investment income |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From Net realized gains |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions paid |  |  |
| Net asset value, end of period | $17.30 |  |
| **TOTAL RETURN, at NAV**<sup>(4)</sup> | (30.81%) | <sup>(5)</sup> |
| **TOTAL RETURN, at MARKET**<sup>(4)</sup> | (30.59%) | <sup>(5)</sup> |
| **SUPPLEMENTAL DATA AND RATIOS:** |  |  |
| Net assets, end of period (in thousands) | $865 |  |
| Ratio of expenses to average net assets | 0.75% | <sup>(6)</sup> |
| Ratio of net investment loss to average net assets | (0.24%) | <sup>(6)</sup> |
| Portfolio turnover rate<sup>(7)(8)</sup> | 32% | <sup>(5)</sup> |

---

<sup>(1)</sup> The Fund commenced investment operations on January 26, 2022.

<sup>(2)</sup> For a Fund share outstanding for the entire period.

<sup>(3)</sup> Calculated based on average shares outstanding during the period.

<sup>(4)</sup> Total return in the table represents the rate that the investor would have earned or lost on an investment in the Fund, assuming reinvestment

of distributions.

<sup>(5)</sup> Not annualized for periods less than one year.

<sup>(6)</sup> Annualized for periods less that one year.

<sup>(7)</sup> Excludes in-kind transactions associated with creations of the Fund.

<sup>(8)</sup> The numerator for the portfolio turnover rate includes the lesser of purchases or sales (excluding short-term investments and securities sold

short). The denominator includes the average fair value of long positions throughout the period.

------

**INVESTMENT ADVISER:**

Subversive Capital Advisor LLC

217 Centre Street, Suite 122

New York, NY 10013

**DISTRIBUTOR:**

Quasar Distributors, LLC

111 East Kilbourn Avenue, Suite 2200

Milwaukee, Wisconsin 53202

**CUSTODIAN:**

U.S. Bank N.A.

1555 North Rivercenter Drive, Suite 302

Milwaukee, Wisconsin 53212

**ADMINISTRATOR, FUND ACCOUNTANT AND TRANSFER AGENT:**

U.S. Bancorp Fund Services, LLC

615 East Michigan Street

Milwaukee, Wisconsin 53202

**INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM:**

Cohen & Company, Ltd.

342 North Water Street, Suite 830

Milwaukee, Wisconsin 53202

**LEGAL COUNSEL:**

Goodwin Procter LLP

1900 N Street, NW

Washington, DC 20036

------

**PRIVACY NOTICE**

The Fund collects non-public information about you that the law allows or requires it to have in order to conduct its business and properly service you. The Fund collects financial and personal information about you ("Personal Information") directly (e.g., information on account applications and other forms, such as your name, address, and social security number, and information provided to access account information or conduct account transactions online, such as password, account number, e-mail address, and alternate telephone number), and indirectly (e.g., information about your transactions with us, such as transaction amounts, account balance and account holdings).

The Fund does not disclose any non-public personal information about its shareholders or former shareholders other than for everyday business purposes such as to process a transaction, service an account, respond to court orders and legal investigations or as otherwise permitted by law. Third parties that may receive this information include companies that provide transfer agency, technology and administrative services to the Fund, as well as the Fund's investment adviser who is an affiliate of the Fund. If you maintain a retirement/educational custodial account directly with the Fund, we may also disclose your Personal Information to the custodian for that account for shareholder servicing purposes. The Fund limits access to your Personal Information provided to unaffiliated third parties to information necessary to carry out their assigned responsibilities to the Fund. All shareholder records will be disposed of in accordance with applicable law. The Fund maintains physical, electronic and procedural safeguards to protect your Personal Information and requires its third party service providers with access to such information to treat your Personal Information with the same high degree of confidentiality.

In the event that you hold shares of the Fund through a financial intermediary, including, but not limited to, a broker-dealer, bank, or trust company, the privacy policy of your financial intermediary would govern how your non-public personal information would be shared with unaffiliated third parties.

------

**Subversive Metaverse ETF**

A series of Series Portfolios Trust

**FOR MORE INFORMATION**

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

**Statement of Additional Information**

The SAI provides additional details about the investments and techniques of the Fund and certain other additional information. A current SAI is on file with the SEC and is incorporated into this Prospectus by reference. This means that the SAI is legally considered a part of this Prospectus even though it is not physically within this Prospectus.

**Annual and Semi-Annual Reports**

Additional information about the Fund's investments is available in the Fund's annual and semi-annual reports to shareholders. The <u>[annual report](https://www.sec.gov/Archives/edgar/data/1650149/000089853122000450/smetf-ncsra.htm)</u> contains a discussion of the market conditions and investment strategies that significantly affected the Fund's performance during their most recently completed fiscal year.

The SAI and the Shareholder Reports, when available, are available free of charge on the Fund's website at www.subversive.com/etfs. You can obtain a free copy of the SAI and Shareholder Reports, request other information, or make general inquiries about the Fund by calling the Fund (toll-free) at 1-800-617-0004 or by writing to:

**Subversive Metaverse ETF**

c/o U.S. Bank Global Fund Services

P.O. Box 701

Milwaukee, Wisconsin 53201-0701

www.subversive.com/etfs

Reports and other information about the Fund is also available:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• For a fee, by electronic request at the following e-mail address: publicinfo@sec.gov.

(The Trust's SEC Investment Company Act of 1940 file number is 811-23084)

------

![ck0001650149-20220930_g1.jpg](ck0001650149-20220930_g1.jpg)

**STATEMENT OF ADDITIONAL INFORMATION**

**January 27, 2023**

**Subversive Metaverse ETF (PUNK)**

*Listed on Cboe BZX Exchange, Inc.* 

**Subversive Capital**

**c/o U.S. Bank Global Fund Services**

**P.O. Box 701**

**Milwaukee, Wisconsin 53201-0701**

1-800-617-0004

This Statement of Additional Information ("SAI") is not a prospectus, but should be read in conjunction with the Prospectus of the Subversive Metaverse ETF ("Fund"), a series of Series Portfolios Trust (the "Trust"), dated January 27, 2023, as may be supplemented from time to time, which is incorporated by reference into this SAI.

You may obtain a copy of the Prospectus without charge by contacting the Fund c/o U.S. Bank Global Fund Services at the address or telephone number listed above. Investors in the Fund will be informed of the Fund's progress through periodic reports. Financial statements certified by an independent registered public accounting firm will be submitted to shareholders at least annually. Copies of the Fund's Annual and Semi-Annual Report to shareholders may be obtained, without charge, upon request by contacting U.S. Bank Global Fund Services at the address or telephone number listed above, or by visiting the Fund's website at www.subversive.com/etfs.

------

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| **[THE TRUST](#i1608f11c62d44cb1a14728a3d1239a16_7)** | **[3](#i1608f11c62d44cb1a14728a3d1239a16_7)** |
| **[INVESTMENT POLICIES AND RISKS](#i1608f11c62d44cb1a14728a3d1239a16_10)** | **[4](#i1608f11c62d44cb1a14728a3d1239a16_10)** |
| **[INVESTMENT RESTRICTIONS](#i1608f11c62d44cb1a14728a3d1239a16_13)** | **[17](#i1608f11c62d44cb1a14728a3d1239a16_13)** |
| **[PORTFOLIO TURNOVER](#i1608f11c62d44cb1a14728a3d1239a16_16)** | **[20](#i1608f11c62d44cb1a14728a3d1239a16_16)** |
| **[PORTFOLIO HOLDINGS INFORMATION](#i1608f11c62d44cb1a14728a3d1239a16_19)** | **[20](#i1608f11c62d44cb1a14728a3d1239a16_19)** |
| **[TRUSTEES AND EXECUTIVE OFFICERS](#i1608f11c62d44cb1a14728a3d1239a16_22)** | **[21](#i1608f11c62d44cb1a14728a3d1239a16_22)** |
| **[PROXY VOTING POLICIES AND PROCEDURES](#i1608f11c62d44cb1a14728a3d1239a16_25)** | **[26](#i1608f11c62d44cb1a14728a3d1239a16_25)** |
| **[CONTROL PERSONS, PRINCIPAL SHAREHOLDERS AND MANAGEMENT OWNERSHIP](#i1608f11c62d44cb1a14728a3d1239a16_28)** | **[27](#i1608f11c62d44cb1a14728a3d1239a16_28)** |
| **[THE FUND'S INVESTMENT ADVISER](#i1608f11c62d44cb1a14728a3d1239a16_31)** | **[27](#i1608f11c62d44cb1a14728a3d1239a16_31)** |
| **[SERVICE PROVIDERS](#i1608f11c62d44cb1a14728a3d1239a16_34)** | **[29](#i1608f11c62d44cb1a14728a3d1239a16_34)** |
| **[EXECUTION OF PORTFOLIO TRANSACTIONS](#i1608f11c62d44cb1a14728a3d1239a16_37)** | **[30](#i1608f11c62d44cb1a14728a3d1239a16_37)** |
| **[CAPITAL STOCK](#i1608f11c62d44cb1a14728a3d1239a16_40)** | **[31](#i1608f11c62d44cb1a14728a3d1239a16_40)** |
| **[DETERMINATION OF SHARE PRICE](#i1608f11c62d44cb1a14728a3d1239a16_43)** | **[40](#i1608f11c62d44cb1a14728a3d1239a16_43)** |
| **[DISTRIBUTIONS AND TAX INFORMATION](#i1608f11c62d44cb1a14728a3d1239a16_46)** | **[41](#i1608f11c62d44cb1a14728a3d1239a16_46)** |
| **[THE FUND'S PRINCIPAL UNDERWRITER AND DISTRIBUTOR](#i1608f11c62d44cb1a14728a3d1239a16_49)** | **[47](#i1608f11c62d44cb1a14728a3d1239a16_49)** |
| **[FINANCIAL STATEMENTS](#i1608f11c62d44cb1a14728a3d1239a16_52)** | **[49](#i1608f11c62d44cb1a14728a3d1239a16_52)** |
| **[APPENDIX A](#i1608f11c62d44cb1a14728a3d1239a16_55)** | **[50](#i1608f11c62d44cb1a14728a3d1239a16_55)** |

---

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**THE TRUST**

The Trust is a Delaware statutory trust organized on July 27, 2015, and is registered with the U.S. Securities and Exchange Commission ("SEC") as an open-end management investment company. The Trust's Declaration of Trust, as amended and/or restated to date (the "Declaration of Trust") permits the Trust's Board of Trustees (the "Board") to issue an unlimited number of full and fractional shares of beneficial interest, without par value, which may be issued in any number of series. The Board may from time to time issue other series, the assets and liabilities of which will be separate and distinct from any other series. This SAI relates only to this Fund.

The Declaration of Trust also provides for indemnification and reimbursement of expenses out of the Fund's assets for any Trustee or Trust officer held personally liable for obligations of the Fund or the Trust. All such rights are limited to the assets of the Fund. The Declaration of Trust further provides that the Trust may maintain appropriate insurance (for example, fidelity bonding and errors and omissions insurance) for the protection of the Trust, its shareholders, trustees, officers, employees and agents to cover possible claims and other liabilities. However, the activities of the Trust as an investment company would not likely give rise to liabilities in excess of the Trust's total assets. Thus, the risk of a shareholder incurring financial loss on account of shareholder liability is limited to circumstances in which both inadequate insurance exists and the Fund itself is unable to meet its obligations.

The Declaration of Trust provides that the Trust shall not in any way be bound or limited by present or future laws or customs in regard to trust investments. The Declaration of Trust provides that a Trustee or officer shall be liable 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 or officer, and for nothing else, and shall not be liable for errors of judgment or mistakes of fact or law. The Trustees, as trustees of a registered investment company, may have a number of duties ascribed to them under the Investment Company Act of 1940, as amended (the "1940 Act") and the foregoing provisions are not intended to eliminate or alter those duties.

The Declaration of Trust provides that by virtue of becoming a shareholder of the Trust, each shareholder is bound by the provisions of the Declaration of Trust. The Declaration of Trust provides a detailed process for the bringing of derivative actions by shareholders. Prior to bringing a derivative action, a written demand by the complaining shareholder must first be made on the Trustees. The Declaration of Trust details conditions that must be met with respect to the demand, including the requirement that 10% of the outstanding Shares of the Fund who are eligible to bring such derivative action under the Delaware Statutory Trust Act join in the demand for the Trustees to commence such derivative action and that the shareholder making a pre-suit demand on the Board undertakes to reimburse the Fund for the expense of any advisers that the Board hires in its investigation of the demand, in the event the Board determines not to bring the action. The demand requirements set out in Delaware law and the Declaration of Trust, as described above, do not apply to shareholder actions alleging violations of the federal securities laws.

Additionally, the Declaration of Trust provides that the Court of Chancery of the State of Delaware, to the extent there is subject matter jurisdiction in such court for the claims asserted or, if not, then in the Superior Court of the State of Delaware shall be the exclusive forum in which certain types of litigation may be brought, which may require shareholders to have to bring an action in an inconvenient or less favorable forum. This exclusive forum provision does not apply to claims arising under the federal securities laws because the Securities Act of 1933 and the 1940 Act allow claims to be brought in state and federal courts and the Securities Exchange Act of 1934 requires claims to be brought exclusively in

------

federal court. The Declaration of Trust provides that shareholders waive any and all right to trial by jury in any claim, suit, action or proceeding.

Pursuant to the Declaration of Trust, to the extent that, at law or in equity, a Trustee or officer of the Trust has duties (including fiduciary duties) and liabilities relating thereto to the Trust, the shareholders or to any other person, such Trustee or officer acting under the Declaration of Trust shall not be liable to the Trust, the shareholders or to any other person for his or her good faith reliance on the provisions of the Declaration of Trust. Notwithstanding the foregoing, nothing in the Declaration of Trust modifying, restricting, or eliminating the duties or liabilities of the Trustees shall apply to or in any way limit the duties (including state law fiduciary duties of loyalty and care) or liabilities of such persons of matters arising under the federal securities laws.

The Fund's Prospectus and this SAI are a part of the Trust's Registration Statement filed with the SEC. Copies of the Trust's complete Registration Statement may be obtained from the SEC upon payment of the prescribed fee or may be accessed free of charge at the SEC's website at www.sec.gov.

Subversive Capital Advisor LLC (the "Adviser") serves as the investment adviser to the Fund.

**INVESTMENT POLICIES AND RISKS**

The Fund's principal investment strategies utilized by the Adviser and the principal risks associated with the same are set forth in the Fund's Prospectus. The following discussion provides additional information about those principal investment strategies and related risks, as well as information about investment strategies (and related risks) that the Fund may utilize, even though they are not considered to be "principal" investment strategies. Accordingly, an investment strategy (and related risk) that is described below, but which is not described in the Prospectus, should not be considered to be a principal strategy (or related risk) applicable to the Fund. The following strategies and risks apply to the Fund directly or indirectly through its investments in derivatives.

**Information Regarding the Fund's Investment Strategies and Risks**

**NON-DIVERSIFICATION**

The Fund is classified as a non-diversified investment company under the 1940 Act. A "non-diversified" classification means that a Fund is not limited by the 1940 Act with regard to the percentage of its total assets that may be invested in the securities of a single issuer. This means that a Fund may invest a greater portion of its total assets in the securities of a single issuer or a lesser number of issuers than if it was a diversified fund. This may have an adverse effect on a Fund's performance or subject a Fund's shares to greater price volatility than more diversified investment companies. Moreover, in pursuing its objective, a 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"). In particular, as a Fund grows and its assets increase, it will be more likely to hold more than 10% of the securities of a single issuer if the issuer has a relatively small public float as compared to other components of a Fund's portfolio.

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. Compliance with the diversification requirements of the Code may limit the investment flexibility of a Fund and may make it less likely that a Fund will meet its investment objective. To qualify as a RIC under the Code, the Fund must meet the Diversification Requirement described in the section titled "Federal Income Taxes" in this SAI.

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**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 a 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 a Fund's portfolio securities are limited or absent, or if bid/ask spreads are wide.

*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 a Fund or the Adviser, custodian, transfer agent, intermediaries and other third-party service providers may adversely impact a Fund. For instance, cyber attacks may interfere with the processing of shareholder transactions, impact a Fund's ability to calculate its net asset value ("NAV"), cause the release of private shareholder information or confidential company information, impede trading, subject a 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 a Fund invests, which could result in material adverse consequences for such issuers, and may cause a Fund's investment in such portfolio companies to lose value.

*Recent Events.* Beginning in the first quarter of 2020, financial markets in the United States and around the world experienced extreme and in many cases unprecedented volatility and severe losses due to the pandemic caused by COVID-19, a novel coronavirus. The pandemic has resulted in a wide range of social and economic disruptions, including closed borders, voluntary or compelled quarantines of large populations, stressed healthcare systems, reduced or prohibited domestic or international travel, supply chain disruptions, and so-called "stay-at-home" orders throughout much of the United States and many other countries. The fall-out from these disruptions has included the rapid closure of businesses deemed "non-essential" by federal, state, or local governments and rapidly increasing unemployment, as well as greatly reduced liquidity for certain instruments at times. Some sectors of the economy and individual issuers have experienced particularly large losses. Such disruptions may continue for an extended period of time or reoccur in the future to a similar or greater extent. In response, the U.S. government and the Federal Reserve have taken extraordinary actions to support the domestic economy and financial markets, resulting in very low interest rates and in some cases negative yields. It is unknown how long circumstances related to the pandemic will persist, whether they will reoccur in the future, whether efforts to support the economy and financial markets will be successful, and what additional implications may follow from the pandemic. The impact of these events and other epidemics or pandemics in the future could adversely affect Fund's performance.

**DESCRIPTION OF PERMITTED INVESTMENTS**

The following are descriptions of a Fund's permitted investments and investment practices and the associated risk factors. The Fund will only invest in any of the following instruments or engage in any of the following investment practices if such investment or activity is consistent with a Fund's investment objective and permitted by a Fund's stated investment policies.

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**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 willl borrow money only for short-term or emergency purposes. Such borrowing is not for investment purposes and will be repaid by the borrowing Fund promptly. Borrowing will tend to exaggerate the effect on NAV of any increase or decrease in the market value of the borrowing Fund's portfolio. Money borrowed will be subject to interest costs that may or may not be recovered by earnings on the securities purchased. A Fund also may be required to maintain minimum average balances in connection with a borrowing or to pay a commitment or other fee to maintain a line of credit; either of these requirements would increase the cost of borrowing over the stated interest rate.

**Depositary Receipts**

To the extent a 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 the Adviser deems 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 stock 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 a 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 a Fund's portfolio securities and therefore a decrease in the value of shares).

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

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fiscal policies; inflation and interest rates; economic expansion or contraction; and global or regional political, economic or banking crises.

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

***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 a Fund engages in when-issued transactions, it relies on the other party to consummate the sale. If the other party fails to complete the sale, the Fund may miss the opportunity to obtain the security at a favorable price or yield. When purchasing a security on a when-issued basis, a 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.

Decisions to enter into "when-issued" transactions will be considered on a case-by-case basis when necessary to maintain continuity in a company's index membership. The Fund will segregate cash or liquid securities equal in value to commitments for the when-issued transactions. The Fund will segregate additional liquid assets daily so that the value of such assets is equal to the amount of the commitments.

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

*Common Stocks* — Common stocks represent units of ownership in a company. Common stocks usually carry voting rights and earn dividends. Unlike preferred stocks, which are described below, dividends on common stocks are not fixed but are declared at the discretion of the company's board of directors.

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

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

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

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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.

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

*Micro-Cap Companies* — The securities of micro-cap companies may be more volatile in price, have wider spreads between their bid and ask prices, and have significantly lower trading volumes than the securities of larger capitalization companies. As a result, the purchase or sale of more than a limited number of shares of the securities of a smaller company may affect its market price. Some micro-cap companies are followed by few, if any, securities analysts, and there tends to be less publicly available information about such companies. Their securities generally have even more limited trading volumes and are subject to even more abrupt or erratic market price movements than are small-cap and mid-cap securities, and the Fund may be able to deal with only a few market-makers when purchasing and selling micro-cap securities. Such companies may also have limited markets, financial resources or product lines, may lack management depth, and may be more vulnerable to adverse business or market developments. These conditions, which create greater opportunities to find securities trading well below the Fund's estimate of the company's current worth, also involve increased risk.

*Large Capitalization Companies* — Investments in large capitalization companies may go in and out of favor based on market and economic conditions and may underperform other market segments. Some large capitalization companies may be unable to respond quickly to new competitive challenges, such as changes in technology and consumer tastes, and may not be able to attain the high growth rate of successful smaller companies, especially during extended periods of economic expansion. As such, returns on investments in stocks of large capitalization companies could trail the returns on investments in stocks of small and mid-capitalization companies.

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

**Investments in Other Investment Companies**

The Fund may invest in shares of other investment companies, including exchange-traded funds ("ETFs") and business development companies ("BDCs"). As the shareholder of another ETF, the Fund would bear, along with other shareholders, its pro rata portion of the other ETF's expenses, including advisory

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fees. Such expenses are in addition to the expenses a Fund pays in connection with its own operations. A Fund's investment in other ETFs may be limited by applicable law.

Disruptions in the markets for the securities underlying ETFs purchased or sold by the Fund could result in losses on investments in ETFs. ETFs also carry the risk that the price a Fund pays or receives may be higher or lower than the ETF's NAV. ETFs are also subject to certain additional risks, including the risks of illiquidity and of possible trading halts due to market conditions or other reasons, based on the policies of the relevant exchange. ETFs and other investment companies in which the Fund may invest may be leveraged, which would increase the volatility of the Fund's NAV. The Fund may also invest in ETFs and other investment companies that seek to return the inverse of the performance of an underlying index on a daily, monthly, or other basis, including inverse leveraged ETFs.

Inverse and leveraged ETFs are subject to additional risks not generally associated with traditional ETFs. To the extent that the Fund invests in inverse ETFs, the value of the Fund investments will decrease when the index underlying the ETF's benchmark rises, a result that is the opposite from traditional equity or bond funds. The NAV and market price of leveraged or inverse ETFs are usually more volatile than the value of the tracked index or of other ETFs that do not use leverage. This is because inverse and leveraged ETFs use investment techniques and financial instruments that may be considered aggressive, including the use of derivative transactions and short selling techniques. The use of these techniques may cause the inverse or leveraged ETFs to lose more money in market environments that are adverse to their investment strategies than other funds that do not use such techniques.

BDCs are specialized closed-end funds that trade like stocks. Shares of BDCs are not priced at the NAV of their underlying portfolio holdings, but instead trade like stocks at the market price, which may be at a price above or below their NAV. The 1940 Act imposes certain restraints upon the operations of a BDC. For example, BDCs are required to invest at least 70% of their total assets primarily in securities of private companies or thinly traded U.S. public companies, cash, cash equivalents, U.S. Government securities and high quality debt investments that mature in one year or less. The risks of owning a BDC generally reflect the risks of owning its underlying investments. Generally, little public information exists for private and thinly traded companies, and there is a risk that investors may not be able to make a fully informed investment decision. Risks may include, but are not limited to, credit and investment risk, market and valuation risk, price volatility risk, liquidity risk and interest rate risk. When a Fund invest in BDCs, shareholders of the Fund indirectly bear a proportionate share of the BDC's fees and expenses, as well as their share of the Fund fees and expenses. As a result, an investment by the Fund in a BDC could cause the Fund's operating expenses (taking into account indirect expenses such as the fees and expenses of the BDC) to be higher and, in turn, performance to be lower than if the Fund were to invest directly in the instruments held by the BDC.

The Fund's investments in ETFs and BDCs are subject to applicable limitations under Section 12(d)(1) of the 1940 Act and Rule 12d1-4 under the 1940 Act. Investing in another pooled vehicle exposes the Fund to all the risks of that pooled vehicle. Pursuant to Section 12(d)(1), the Fund may invest in the securities of another investment company (the "acquired company") provided that the Fund, immediately after such purchase or acquisition, does not own in the aggregate: (i) more than 3% of the total outstanding voting stock of the acquired company; (ii) securities issued by the acquired company having an aggregate value in excess of 5% of the value of the total assets of the Fund; or (iii) securities issued by the acquired company and all other investment companies (other than treasury stock of the Fund) having an aggregate value in excess of 10% of the value of the total assets of the Fund. To the extent allowed by law or regulation, the Fund may invest its assets in securities of investment companies that are money market funds in excess of the limits discussed above.

If a Fund invests in and, thus, is a shareholder of, another investment company, the Fund's shareholders will indirectly bear the Fund's proportionate share of the fees and expenses paid by such other investment

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company, including advisory fees, in addition to both the management fees payable directly by the Fund to the Fund's own investment adviser and the other expenses that the Fund bears directly in connection with the Fund's own operations.

Section 12(d)(1) of the 1940 Act restricts investments by registered investment companies in securities of other registered investment companies, including the Fund. The acquisition of the Fund's shares by registered investment companies is subject to the restrictions of Section 12(d)(1) of the 1940 Act, except as may be permitted by exemptive rules under the 1940 Act or as may at some future time be permitted by an exemptive order that permits registered investment companies to invest in the Fund beyond the limits of Section 12(d)(1), subject to certain terms and conditions, including that the registered investment company enter into an agreement with the Fund regarding the terms of the investment.

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: (a) the Fund, together with its affiliates, acquires no more than three percent of the outstanding voting stock of any acquired fund, and (b) the sales load charged on the Fund's shares is no greater than the limits set forth in Rule 2341 of the Rules of the Financial Industry Regulatory Authority, Inc. ("FINRA"). Additionally, the Fund may rely on exemptive relief issued by the SEC to other registered funds, including ETFs, or Rule 12d1-4 under the 1940 Act to invest in such other funds in excess of the limits of Section 12(d)(1) if the Fund complies with the terms and conditions of such exemptive relief or rule.

**Illiquid Investments**

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. An illiquid investment means 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. If illiquid investments exceed 15% of the Fund's net assets, certain remedial actions will be taken as required by Rule 22e-4 under the 1940 Act and the Fund's policies and procedures.

A Fund may not be able to sell illiquid investments when the Adviser considers it desirable to do so or may have to sell such investments at a price that is lower than the price that could be obtained if the securities were more liquid. In addition, the sale of illiquid investments also may require more time and may result in higher dealer discounts and other selling expenses than does the sale of investments that are not illiquid. Illiquid investments also may be more difficult to value due to the unavailability of reliable market quotations for such securities, and investment in illiquid investments may have an adverse impact on NAV.

The Fund has implemented a written liquidity risk management program and related procedures ("Liquidity Program") that is reasonably designed to assess and manage the Fund's "liquidity risk" (defined by the SEC as the risk that a Fund could not meet requests to redeem shares issued by the Fund without significant dilution of remaining investors' interests in the Fund). The adoption of the Liquidity Program is not a guarantee that a Fund will have sufficient liquidity to satisfy its redemption requests, as they relate to all market conditions or that redemptions can be effected without diluting remaining investors in the Fund.

**Non-U.S. Securities**

The Fund may invest in non-U.S. equity securities, including securities listed and traded in emerging markets. Investments in securities listed and traded in emerging markets are subject to additional risks that may not be present for U.S. investments or investments in more developed non-U.S. markets. Investments in non-U.S. equity securities involve certain risks that may not be present in investments in

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U.S. securities. For example, non-U.S. securities may be subject to currency risks or to foreign government taxes. There may be less information publicly available about a non-U.S. issuer than about a U.S. issuer, and a foreign issuer may or may not be subject to uniform accounting, auditing and financial reporting standards and practices comparable to those in the U.S. Other risks of investing in such securities include political or economic instability in the country involved, the difficulty of predicting international trade patterns and the possibility of imposition of exchange controls. The prices of such securities may be more volatile than those of domestic securities. With respect to certain foreign countries, there is a possibility of expropriation of assets or nationalization, imposition of withholding taxes on dividend or interest payments, difficulty in obtaining and enforcing judgments against foreign entities or diplomatic developments which could affect investment in these countries. Losses and other expenses may be incurred in converting between various currencies in connection with purchases and sales of foreign securities. 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. Each of these factors can make an investment in the Fund more volatile and potentially less liquid than other types of investments.

Non-U.S. stock markets may not be as developed or efficient as, and may be more volatile than, those in the U.S. While the volume of shares traded on non-U.S. stock markets generally has been growing, such markets usually have substantially less volume than U.S. markets. Therefore, the Fund's investment in non-U.S. equity securities may be less liquid and subject to more rapid and erratic price movements than comparable securities listed for trading on U.S. exchanges. Non-U.S. equity securities may trade at price/earnings multiples higher than comparable U.S. securities and such levels may not be sustainable. There may be less government supervision and regulation of foreign stock exchanges, brokers, banks and listed companies abroad than in the U.S. Moreover, settlement practices for transactions in foreign markets may differ from those in U.S. markets. Such differences may include delays beyond periods customary in the U.S. and practices, such as delivery of securities prior to receipt of payment, that increase the likelihood of a failed settlement, which can result in losses to the Fund. The value of non-U.S. investments and the investment income derived from them may also be affected unfavorably by changes in currency exchange control regulations. Foreign brokerage commissions, custodial expenses and other fees are also generally higher than for securities traded in the U.S. This may cause the Fund to incur higher portfolio transaction costs than domestic equity funds. Fluctuations in exchange rates may also affect the earning power and asset value of the foreign entity issuing a security, even one denominated in U.S. dollars. Dividend and interest payments may be repatriated based on the exchange rate at the time of disbursement, and restrictions on capital flows may be imposed.

The Fund may invest directly or indirectly in the securities of issuers in emerging market countries. Securities of issuers in emerging market countries are subject to all of the risks of foreign investing generally, and have additional heightened risks due to a lack of established legal, political, business, and social frameworks to support securities markets, including: delays in settling portfolio securities transactions; currency and capital controls; greater sensitivity to interest rate changes; pervasiveness of corruption and crime; currency exchange rate volatility; and inflation, deflation, or currency devaluation.

**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;

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(iv) commercial paper rated at the date of purchase "Prime-1" by Moody's or "A-1" by S&P or, if unrated, of comparable quality as determined by the Adviser; (v) non-convertible corporate debt securities (*e.g.*, bonds and debentures) with remaining maturities at the date of purchase of not more than 397 days and that satisfy the rating requirements set forth in Rule 2a-7 under the 1940 Act; and (vi) short-term U.S. dollar-denominated obligations of foreign banks (including U.S. branches) that, in the opinion of the Adviser, are of comparable quality to obligations of U.S. banks which may be purchased by the Fund. Any of these instruments may be purchased on a current or a forward-settled basis. Money market instruments also include shares of money market funds. Time deposits are non-negotiable deposits maintained in banking institutions for specified periods of time at stated interest rates. Bankers' acceptances are time drafts drawn on commercial banks by borrowers, usually in connection with international transactions.

**Real Estate Investment Trusts ("REITs")**

A REIT is a corporation or business trust (that would otherwise be taxed as a corporation) which meets the definitional requirements of the Code. The Code permits a qualifying REIT to deduct from taxable income the dividends paid, thereby effectively eliminating corporate level federal income tax. To meet the definitional requirements of the Code, a REIT must, among other things: invest substantially all of its assets in interests in real estate (including mortgages and other REITs), cash and government securities; derive most of its income from rents from real property or interest on loans secured by mortgages on real property; and, in general, distribute annually 90% or more of its taxable income (other than net capital gains) to shareholders.

REITs are sometimes informally characterized as Equity REITs and Mortgage REITs. An Equity REIT invests primarily in the fee ownership or leasehold ownership of land and buildings (*e.g.*, commercial equity REITs and residential equity REITs); a Mortgage REIT invests primarily in mortgages on real property, which may secure construction, development or long-term loans.

REITs may be affected by changes in underlying real estate values, which may have an exaggerated effect to the extent that REITs in which the Fund invests may concentrate investments in particular geographic regions or property types. Additionally, rising interest rates may cause investors in REITs to demand a higher annual yield from future distributions, which may in turn decrease market prices for equity securities issued by REITs. Rising interest rates also generally increase the costs of obtaining financing, which could cause the value of the Fund's investments to decline. During periods of declining interest rates, certain Mortgage REITs may hold mortgages that the mortgagors elect to prepay, which prepayment may diminish the yield on securities issued by such Mortgage REITs. In addition, Mortgage REITs may be affected by the ability of borrowers to repay when due the debt extended by the REIT and Equity REITs may be affected by the ability of tenants to pay rent.

Certain REITs have relatively small market capitalization, which may tend to increase the volatility of the market price of securities issued by such REITs. Furthermore, REITs are dependent upon specialized management skills, have limited diversification and are, therefore, subject to risks inherent in operating and financing a limited number of projects. By investing in REITs indirectly through the Fund, a shareholder will bear not only his or her proportionate share of the expenses of the Fund, but also, indirectly, similar expenses of the REITs. REITs depend generally on their ability to generate cash flow to make distributions to shareholders.

In addition to these risks, Equity REITs may be affected by changes in the value of the underlying property owned by the trusts, while Mortgage REITs may be affected by the quality of any credit extended. Further, Equity and Mortgage REITs are dependent upon management skills and generally may not be diversified. Equity and Mortgage REITs are also subject to heavy cash flow dependency defaults by borrowers and self-liquidation. In addition, Equity and Mortgage REITs could possibly fail to qualify

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for the favorable U.S. federal income tax treatment generally available to REITs under the Code or fail to maintain their exemptions from registration under the 1940 Act. The above factors may also adversely affect a borrower's or a lessee's ability to meet its obligations to the REIT. In the event of default by a borrower or lessee, the REIT may experience delays in enforcing its rights as a mortgagee or lessor and may incur substantial costs associated with protecting its investments.

**Repurchase Agreements**

The Fund may invest in repurchase agreements with commercial banks, brokers or dealers to generate income from its excess cash balances and to invest securities lending cash collateral. A repurchase agreement is an agreement under which the Fund acquires a financial instrument (*e.g.*, a security issued by the U.S. government or an agency thereof, a banker's acceptance or a certificate of deposit) from a seller, subject to resale to the seller at an agreed upon price and date (normally, the next Business Day). A repurchase agreement may be considered a loan collateralized by securities. The resale price reflects an agreed upon interest rate effective for the period the instrument is held by the Fund and is unrelated to the interest rate on the underlying instrument.

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

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

**Securities Lending**

The Fund may lend portfolio securities in an amount up to one-third of its total assets to brokers, dealers and other financial institutions. In a portfolio securities lending transaction, the Fund receives from the borrower an amount equal to the interest paid or the dividends declared on the loaned securities during the term of the loan as well as the interest on the collateral securities, less any fees (such as finders or administrative fees) the Fund pays in arranging the loan. The Fund may share the interest it receives on the collateral securities with the borrower. The terms of the Fund's loans permit it to reacquire loaned securities on five business days' notice or in time to vote on any important matter. Loans are subject to termination at the option of the Fund or borrower at any time, and the borrowed securities must be returned when the loan is terminated. The Fund may pay fees to arrange for securities loans.

The SEC currently requires that the following conditions must be met whenever the Fund's portfolio securities are loaned: (1) the Fund must receive at least 100% cash collateral from the borrower; (2) the borrower must increase such collateral whenever the market value of the securities rises above the level of such collateral; (3) the Fund must be able to terminate the loan at any time; (4) the Fund must receive reasonable interest on the loan, as well as any dividends, interest or other distributions on the loaned securities, and any increase in market value; (5) the Fund may pay only reasonable custodian fees approved by the Board in connection with the loan; (6) while voting rights on the loaned securities may pass to the borrower, the Board must terminate the loan and regain the right to vote the securities if a material event adversely affecting the investment occurs; and (7) the Fund may not loan its portfolio

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securities so that the value of the loaned securities is more than one-third of its total asset value, including collateral received from such loans. These conditions may be subject to future modification. Such loans will be terminable at any time upon specified notice. The Fund might experience the risk of loss if the institution with which it has engaged in a portfolio loan transaction breaches its agreement with the Fund. In addition, the Fund will not enter into any portfolio security lending arrangement having a duration of longer than one year. The principal risk of portfolio lending is potential default or insolvency of the borrower. In either of these cases, the Fund could experience delays in recovering securities or collateral or could lose all or part of the value of the loaned securities. As part of participating in a lending program, the Fund may be required to invest in collateralized debt or other securities that bear the risk of loss of principal. In addition, all investments made with the collateral received are subject to the risks associated with such investments. If such investments lose value, the Fund will have to cover the loss when repaying the collateral.

Any loans of portfolio securities are fully collateralized based on values that are marked-to-market daily. Any securities that the Fund may receive as collateral will not become part of the Fund's investment portfolio at the time of the loan and, in the event of a default by the borrower, the Fund will, if permitted by law, dispose of such collateral except for such part thereof that is a security in which the Fund is permitted to invest. During the time securities are on loan, the borrower will pay the Fund any accrued income on those securities, and the Fund may invest the cash collateral and earn income or receive an agreed-upon fee from a borrower that has delivered cash-equivalent collateral.

**Special Purpose Acquisition Companies** 

The Fund may invest in stock, warrants, and other securities of special purpose acquisition companies ("SPACs") or similar special purpose entities that pool funds to seek potential acquisition opportunities. Unless and until an acquisition is completed, a SPAC generally invests its assets (less a portion retained to cover expenses) in U.S. Government securities, money market fund securities, and cash. If an acquisition that meets the requirements for the SPAC is not completed within a pre-established period of time, the invested funds are returned to the entity's shareholders, less certain permitted expense, and any warrants issued by the SPAC will expire worthless. Because SPACs and similar entities are in essence blank check companies without an operating history or ongoing business other than seeking acquisitions, the value of their securities is particularly dependent on the ability of the entity's management to identify and complete a profitable acquisition. SPACs may pursue acquisitions only within certain industries or regions, which may increase the volatility of their prices. In addition, these securities, may be traded in the over-the-counter market, may be considered illiquid and/or be subject to restrictions on resale.

**Swap Agreements**

The Fund intends to enter into swap agreements, including, but not limited to, total return swaps, index swaps, and interest rate swaps. The Fund may utilize swap agreements in an attempt to gain exposure to the securities in a market without actually purchasing those securities, or to hedge a position. Swap agreements are two-party contracts entered into primarily by institutional investors for periods ranging from a day to more than one-year. In a standard "swap" transaction, two parties agree to exchange the returns (or differentials in rates of return) earned or realized on particular predetermined investments or instruments. The gross returns to be exchanged or "swapped" between the parties are calculated with respect to a "notional amount," (*i.e*., the return on or increase in value of a particular dollar amount invested in a basket of securities representing a particular index).

Forms of swap agreements include interest rate caps, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates exceed a specified rate, or "cap" interest rate floors, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates fall below a specified level, or "floor;" and interest rate collars, under

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which a party sells a cap and purchases a floor or vice versa in an attempt to protect itself against interest rate movements exceeding given minimum or maximum levels.

The Fund's obligations under a swap agreement will be accrued daily (offset against any amounts owing to the Fund) and any accrued but unpaid net amounts owed to a swap counterparty will be covered by segregating assets determined to be liquid. Obligations under swap agreements so covered will not be construed to be "senior securities" for purposes of the Fund's investment restriction concerning senior securities. Because they are two-party contracts which may have terms of greater than seven days, swap agreements may be considered to be illiquid for purposes of the Fund's illiquid investment limitations. The Fund will not enter into any swap agreement unless the Advisor believes that the other party to the transaction is creditworthy. The Fund bears the risk of loss of the amount expected to be received under a swap agreement in the event of the default or bankruptcy of a swap agreement counterparty.

The Fund may enter into swap agreements to invest in a market without owning or taking physical custody of the underlying securities in circumstances in which direct investment is restricted for legal reasons or is otherwise impracticable. The counterparty to any swap agreement will typically be a bank, investment banking firm or broker-dealer. The counterparty will generally agree to pay the Fund the amount, if any, by which the notional amount of the swap agreement would have increased in value had it been invested in the particular stocks, plus the dividends that would have been received on those stocks. The Fund will agree to pay to the counterparty a floating rate of interest on the notional amount of the swap agreement plus the amount, if any, by which the notional amount would have decreased in value had it been invested in such stocks. Therefore, the return to the Fund on any swap agreement should be the gain or loss on the notional amount plus dividends on the stocks less the interest paid by the Fund on the notional amount.

Swap agreements typically are settled on a net basis, which means that the two payment streams are netted out, with the Fund receiving or paying, as the case may be, only the net amount of the two payments. Payments may be made at the conclusion of a swap agreement or periodically during its term. Other swap agreements, may require initial premium (discount) payments as well as periodic payments (receipts) related to the interest leg of the swap or to the default of a reference obligation. The Fund will earmark and reserve assets necessary to meet any accrued payment obligations when it is the buyer of a credit default swap.

Swap agreements do not involve the delivery of securities or other underlying assets. Accordingly, the risk of loss with respect to swap agreements is limited to the net amount of payments that the Fund is contractually obligated to make. If a swap counterparty defaults, the Fund's risk of loss consists of the net amount of payments the Fund is contractually entitled to receive, if any. The net amount of the excess, if any, of the Fund's obligations over its entitlements with respect to each equity swap will be accrued on a daily basis and an amount of cash or liquid assets, having an aggregate NAV at least equal to such accrued excess will be maintained in a segregated account by the Fund's custodian. Inasmuch as these transactions are entered into for hedging purposes or are offset by segregated cash of liquid assets, as permitted by applicable law, the Fund and the Advisor believe that these transactions do not constitute senior securities under the 1940 Act and, accordingly, will not treat them as being subject to the Fund's borrowing restrictions.

The swap market has grown substantially in recent years with a large number of banks and investment banking firms acting both as principals and as agents utilizing standardized swap documentation. As a result, the swap market has become relatively liquid in comparison with the markets for other similar instruments, which are traded in the OTC market. The Advisor, under the supervision of the Board, is responsible for determining and monitoring the liquidity of Fund transactions in swap agreements.

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The use of swap agreements is a highly specialized activity which involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. If a counterparty's creditworthiness declines, the value of the swap would likely decline. Moreover, there is no guarantee that the Fund could eliminate its exposure under an outstanding swap agreement by entering into an offsetting swap agreement with the same or another party.

**U.S. Government Securities**

The Fund may invest in U.S. government securities. Securities issued or guaranteed by the U.S. government or its agencies or instrumentalities include U.S. Treasury securities, which are backed by the full faith and credit of the U.S. Treasury and which differ only in their interest rates, maturities, and times of issuance. U.S. Treasury bills have initial maturities of one-year or less; U.S. Treasury notes have initial maturities of one to ten years; and U.S. Treasury bonds generally have initial maturities of greater than ten years. Certain U.S. government securities are issued or guaranteed by agencies or instrumentalities of the U.S. government including, but not limited to, obligations of U.S. government agencies or instrumentalities such as the Federal National Mortgage Association ("Fannie Mae"), the Government National Mortgage Association ("Ginnie Mae"), the Small Business Administration, the Federal Farm Credit Administration, the Federal Home Loan Banks, Banks for Cooperatives (including the Central Bank for Cooperatives), the Federal Land Banks, the Federal Intermediate Credit Banks, the Tennessee Valley Authority, the Export-Import Bank of the United States, the Commodity Credit Corporation, the Federal Financing Bank, the Student Loan Marketing Association, the National Credit Union Administration and the Federal Agricultural Mortgage Corporation (Farmer Mac).

Some obligations issued or guaranteed by U.S. government agencies and instrumentalities, including, for example, Ginnie Mae pass- through certificates, are supported by the full faith and credit of the U.S. Treasury. Other obligations issued by or guaranteed by federal agencies, such as those securities issued by Fannie Mae, are supported by the discretionary authority of the U.S. government to purchase certain obligations of the federal agency, while other obligations issued by or guaranteed by federal agencies, such as those of the Federal Home Loan Banks, are supported by the right of the issuer to borrow from the U.S. Treasury, while the U.S. government provides financial support to such U.S. government-sponsored federal agencies, no assurance can be given that the U.S. government will always do so, since the U.S. government is not so obligated by law. U.S. Treasury notes and bonds typically pay coupon interest semi- annually and repay the principal at maturity.

On September 7, 2008, the U.S. Treasury announced a federal takeover of Fannie Mae and the Federal Home Loan Mortgage Corporation ("Freddie Mac"), placing the two federal instrumentalities in conservatorship. Under the takeover, the U.S. Treasury agreed to acquire $1 billion of senior preferred stock of each instrumentality and obtained warrants for the purchase of common stock of each instrumentality (the "Senior Preferred Stock Purchase Agreement" or "Agreement"). Under the Agreement, the U.S. Treasury pledged to provide up to $200 billion per instrumentality as needed, including the contribution of cash capital to the instrumentalities in the event their liabilities exceed their assets. This was intended to ensure that the instrumentalities maintain a positive net worth and meet their financial obligations, preventing mandatory triggering of receivership. On December 24, 2009, the U.S. Treasury announced that it was amending the Agreement to allow the $200 billion cap on the U.S. Treasury's funding commitment to increase as necessary to accommodate any cumulative reduction in net worth over the next three years. As a result of this Agreement, the investments of holders, including the Fund, of mortgage-backed securities and other obligations issued by Fannie Mae and Freddie Mac are protected.

The total public debt of the United States as a percentage of gross domestic product has grown rapidly since the beginning of the 2008-2009 financial downturn. Although high debt levels do not necessarily indicate or cause economic problems, they may create certain systemic risks if sound debt management

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practices are not implemented. A high national debt can raise concerns that the U.S. government will not be able to make principal or interest payments when they are due. This increase has also necessitated the need for the U.S. Congress to negotiate adjustments to the statutory debt limit to increase the cap on the amount the U.S. government is permitted to borrow to meet its existing obligations and finance current budget deficits. In August 2011, S&P lowered its long-term sovereign credit rating on the U.S. In explaining the downgrade at that time, S&P cited, among other reasons, controversy over raising the statutory debt limit and growth in public spending. On August 2, 2019, following passage by Congress, the President of the United States signed the Bipartisan Budget Act of 2019, which suspends the statutory debt limit through July 31, 2021. Any controversy or ongoing uncertainty regarding the statutory debt ceiling negotiations may impact the U.S. long-term sovereign credit rating and may cause market uncertainty. As a result, market prices and yields of securities supported by the full faith and credit of the U.S. government may be adversely affected.

**INVESTMENT RESTRICTIONS**

The investment restrictions applicable to the Fund are set forth below and are either fundamental or non-fundamental. Fundamental restrictions may not be changed without a majority vote of shareholders as required by the 1940 Act. Non-fundamental policies or restrictions may be changed by the Board without shareholder approval.

**Fundamental Investment Restrictions**

The Trust (on behalf of the Fund) has adopted the following restrictions as fundamental policies, which may not be changed without the affirmative vote of the holders of a "majority" of the outstanding voting securities of the Fund. Under the 1940 Act, the "vote of the holders of a majority of the outstanding voting securities" means the vote of the holders of the lesser of (i) 67% or more of the shares of the Fund present at a meeting at which the holders of more than 50% of the Fund's outstanding shares are present or represented by proxy or (ii) more than 50% of the outstanding shares of the Fund.

As a matter of fundamental policy:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.The Fund may not lend money or other assets except to the extent permitted by (i) the 1940 Act, or interpretations or modifications by the SEC, SEC staff or other authority with appropriate jurisdiction, or (ii) exemptive or other relief or permission from the SEC, SEC staff or other authority.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.The Fund may not borrow money, except as permitted by (i) the 1940 Act, or interpretations or modifications by the SEC, SEC staff or other authority with appropriate jurisdiction, or (ii) exemptive or other relief or permission from the SEC, SEC staff or other authority.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.The Fund may not issue senior securities except as permitted by (i) the 1940 Act, or interpretations or modifications by the SEC, SEC staff or other authority with appropriate jurisdiction, or (ii) exemptive or other relief or permission from the SEC, SEC staff or other authority.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.The Fund may not concentrate its investments in a particular industry, as concentration is defined under the 1940 Act, the rules or regulations thereunder or any exemption therefrom, as such statute, rules or regulations may be amended or interpreted from time to time. The Fund may

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invest without limitation in: (i) securities issued or guaranteed by the U.S. government, its agencies or instrumentalities; (ii) tax-exempt obligations of state or municipal governments and their political subdivisions; (iii) securities of other investment companies; and (iv) repurchase agreements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.The Fund may not purchase or sell real estate, except as permitted by (i) the 1940 Act, or interpretations or modifications by the SEC, SEC staff or other authority with appropriate jurisdiction, or (ii) exemptive or other relief or permission from the SEC, SEC staff or other authority (although the Fund may purchase and sell securities which are secured by real estate and securities of companies which invest or deal in real estate, such as REITs).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.The Fund may not buy or sell commodities or commodity (futures) contracts, except as permitted by (i) the 1940 Act, or interpretations or modifications by the SEC, SEC staff or other authority with appropriate jurisdiction, or (ii) exemptive or other relief or permission from the SEC, SEC staff or other authority.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.The Fund may not engage in the business of underwriting the securities of other issuers except as permitted by (i) the 1940 Act, or interpretations or modifications by the SEC, SEC staff or other authority with appropriate jurisdiction, or (ii) exemptive or other relief or permission from the SEC, SEC staff or other authority, and except to the extent that the Fund may be deemed to be an underwriter within the meaning of the Securities Act in connection with the purchase and sale of portfolio securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.The Fund may not make investments for the purpose of exercising control or acquiring management of a company.

**Percentage and Rating Restrictions**

Except with respect to borrowing, all percentage or rating restrictions on an investment or use of assets set forth herein or in the Prospectus are adhered to at the time of investment. Later changes in the percentage or rating resulting from any cause other than actions by a Fund will not be considered a violation of a Fund's investment restrictions. If the value of a Fund's holdings of illiquid investments at any time exceeds the percentage limitation applicable due to subsequent fluctuations in value or other reasons, the Board will consider what actions are appropriate to maintain adequate liquidity.

**Additional Information Regarding Fundamental Investment Restrictions**

The following descriptions of the 1940 Act may assist investors in understanding the above policies and restrictions.

**Lending.** The 1940 Act does not prohibit a fund from making loans (including lending its securities); however, SEC staff interpretations currently prohibit funds from lending more than one-third of their total assets (including lending its securities), except through the purchase of debt obligations or the use of repurchase agreements. In addition, collateral arrangements with respect to options, forward currency and futures transactions and other derivative instruments (as applicable), as well as delays in the settlement of securities transactions, will not be considered loans.

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For purposes of the Fund's fundamental investment restriction with respect to lending, the entry into repurchase agreements, lending securities and acquiring of debt securities shall not constitute loans by the Fund.

**Senior Securities and Borrowing.** The 1940 Act prohibits a Fund from issuing any class of senior securities or selling any senior securities of which it is the issuer, except that the Fund is permitted to borrow from a bank so long as, immediately after such borrowings, there is an asset coverage of at least 300% for all borrowings of a Fund (not including borrowings for temporary purposes in an amount not exceeding 5% of the value of the Fund's total assets). In the event that such asset coverage falls below this percentage, the Fund is required to reduce the amount of its borrowings within three days (not including Sundays and holidays) so that the asset coverage is restored to at least 300%. Asset coverage means the ratio that the value of a fund's total assets (including amounts borrowed), minus liabilities other than borrowings, bears to the aggregate amount of all borrowings. Borrowing money to increase portfolio holdings is known as "leveraging." In addition, Rule 18f-4 under the 1940 Act permits a fund to enter into derivatives transactions, notwithstanding the prohibitions and restrictions on the issuance of senior securities under the 1940 Act, provided that the fund complies with the conditions of Rule 18f-4.

**Concentration.** The SEC staff has defined concentration as investing 25% or more of a fund's total assets in any particular industry or group of industries, with certain exceptions such as with respect to investments in obligations issued or guaranteed by the U.S. government or its agencies and instrumentalities, or tax-exempt obligations of state or municipal governments and their political subdivisions. The SEC staff has further maintained that a fund should consider the underlying investments, where easily determined, of investment companies in which the fund is invested when determining concentration of the fund. For purposes of the Fund's concentration policy, the Fund may classify and re-classify companies in a particular industry and define and re-define industries in any reasonable manner, consistent with SEC and SEC staff guidance. In this regard, the Adviser may analyze the characteristics of a particular issuer and instrument and may assign an industry classification consistent with those characteristics. The Adviser may, but need not, consider industry classifications provided by third parties.

**Non-Diversification.** Under the 1940 Act and the rules, regulations and interpretations thereunder, an investment company is a "diversified company" if, as to 75% of its total assets, it does not purchase securities of any issuer (other than obligations of, or guaranteed by, the U.S. government or its agencies, or instrumentalities or securities of other investment companies) if, as a result, more than 5% of its total assets would be invested in the securities of such issuer, or more than 10% of the issuer's voting securities would be held by the investment company. For purposes of the Fund's diversification policy, the identification of the issuer of a security may be determined in any reasonable manner, consistent with SEC guidance. The Fund is non-diversified, which means that there is no restriction under the 1940 Act on how much a Fund may invest in the securities of one issuer. As a non-diversified investment company, the Fund may be subject to greater risks than diversified companies because of the larger impact of fluctuation in the values of securities of fewer issues.

**Underwriting.** The 1940 Act does not prohibit a fund from engaging in the underwriting business or from underwriting the securities of other issuers; in fact, in the case of diversified funds, the 1940 Act permits a fund to have underwriting commitments of up to 25% of its assets under certain circumstances. Those circumstances currently are that the amount of a fund's underwriting commitments, when added to the value of the fund's investments in issuers where the fund owns more than 10% of the outstanding voting securities of those issuers, cannot exceed the 25% cap.

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**Commodities.** The 1940 Act neither permits nor prohibits a fund from investing in commodities or commodity (futures) contracts. The Fund does not currently intend to invest in commodities or commodity (futures) contracts.

**PORTFOLIO TURNOVER**

The frequency of a Fund's portfolio transactions (the portfolio turnover rate) will vary from year to year depending on many factors. Although the Fund generally will not invest for short-term trading purposes, portfolio securities may be sold without regard to the length of time they have been held when, in the opinion of the Adviser, investment considerations warrant such action. Higher portfolio turnover rates may result in increased brokerage costs to the Fund and a possible increase in short-term capital gains or losses. The Fund's portfolio turnover rate for the most recent fiscal period ended September 30, 2022 was as follows:

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| |
|:---|
| **2022** |
| 32% |

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**PORTFOLIO HOLDINGS INFORMATION** 

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

Greater than daily access to information concerning the Fund's portfolio holdings will be permitted (i) to certain personnel of service providers to the Fund involved in portfolio management and providing administrative, operational, risk management, or other support to portfolio management, and (ii) to other personnel of the Fund's service providers who deal directly with, or assist in, functions related to investment management, administration, custody and fund accounting, as may be necessary to conduct business in the ordinary course, agreements with the Fund, and the terms of the Trust's current registration statement. From time to time, and in the ordinary course of business, such information may also be disclosed (i) to other entities that provide services to the Fund, including pricing information vendors, and third parties that deliver analytical, statistical or consulting services to the Fund and (ii) generally after it has been disseminated to the NSCC.

The Fund will disclose its complete portfolio holdings in public filings with the SEC on a quarterly basis, based on the Fund's fiscal year-end, within 60 days of the end of the quarter, and will provide that information to shareholders, as required by federal securities laws and regulations thereunder.

No person is authorized to disclose any of a Fund's portfolio holdings or other investment positions (whether in writing, by fax, by e-mail, orally, or by other means) except in accordance with this policy. The Trust's Chief Compliance Officer may authorize disclosure of portfolio holdings. The Board reviews the implementation of this policy on a periodic basis.

**EXCHANGE LISTING AND TRADING**

A discussion of exchange listing and trading matters associated with an investment in a Fund is contained in the Prospectus. The discussion below supplements, and should be read in conjunction with, the Prospectus.

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The shares of the Fund are listed on the Cboe BZX Exchange, Inc. (the "Exchange") and trade on the Exchange at market prices. These prices may differ from the Fund's NAV per share. There can be no assurance that the requirements of the Exchange necessary to maintain the listing of shares of the Fund will continue to be met.

The Exchange will consider the suspension of trading in, and will initiate delisting procedures of, the shares of the Fund under any of the following circumstances: (1) if the Exchange becomes aware that the Fund is no longer eligible to operate in reliance on Rule 6c-11 under the 1940 Act; (2) if the Fund no longer complies with the relevant requirements in the Exchange's rules; (3) if, following the initial twelve-month period beginning upon the commencement of trading of the Fund on the Exchange, there are fewer than 50 record and/or beneficial holders of the shares; or (4) such other event occurs or condition exists that, in the opinion of the Exchange, makes further dealings on the Exchange inadvisable.

The Trust reserves the right to adjust the share price of the Fund in the future to 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.

As in the case of other publicly traded securities, brokers' commissions on transactions will be based on negotiated commission rates at customary levels.

The base and trading currencies of the Fund is the U.S. dollar. The base currency is the currency in which the Fund's NAV per share is calculated and the trading currency is the currency in which shares of the Fund are listed and traded on the Exchange.

**TRUSTEES AND EXECUTIVE OFFICERS**

The Board oversees the management and operations of the Trust. The Board, in turn, elects the officers of the Trust, who are responsible for the day-to-day operations of the Trust and its separate series. The current Trustees and officers of the Trust, their year of birth, positions with the Trust, terms of office with the Trust and length of time served, principal occupations during the past five years and other directorships are set forth in the table below. Unless noted otherwise, the principal business address of each Trustee is c/o U.S. Bank Global Fund Services, 615 East Michigan Street, Milwaukee, Wisconsin 53202.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name and Year of Birth** | **Positions<br>with<br>the Trust** | **Term of Office<br>and Length of<br>Time Served** | **Principal<br>Occupations During<br>Past Five Years** | **Number of**<br>**Portfolios**<br>**in Fund**<br>**Complex**<sup>(2)</sup><br>**Overseen**<br>**by Trustees** | **Other<br>Directorships<br>Held During<br>Past Five Years** |
| **Independent Trustees of the Trust**<sup>(1)</sup> | **Independent Trustees of the Trust**<sup>(1)</sup> | **Independent Trustees of the Trust**<sup>(1)</sup> | **Independent Trustees of the Trust**<sup>(1)</sup> | **Independent Trustees of the Trust**<sup>(1)</sup> | **Independent Trustees of the Trust**<sup>(1)</sup> |
| Koji Felton<br>(born 1961) | Trustee | Indefinite Term; Since September 2015. | Retired. | 4 | Independent Trustee, Listed Funds Trust (52 portfolios) (Since 2019). |
| Debra McGinty-Poteet<br>(born 1956) | Trustee | Indefinite Term; Since September 2015. | Retired. | 4 | Independent Trustee, F/m Funds Trust (4 portfolios) (Since May 2015). |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name and Year of Birth** | **Positions<br>with<br>the Trust** | **Term of Office<br>and Length of<br>Time Served** | **Principal<br>Occupations During<br>Past Five Years** | **Number of**<br>**Portfolios**<br>**in Fund**<br>**Complex**<sup>(2)</sup><br>**Overseen**<br>**by Trustees** | **Other<br>Directorships<br>Held During<br>Past Five Years** |
| Daniel B. Willey<br>(born 1955) | Trustee | Indefinite Term; Since September 2015. | Retired. Chief Compliance Officer, United Nations Joint Staff Pension Fund (2009 - 2017). | 4 |  |
| **Interested Trustee** | **Interested Trustee** | **Interested Trustee** | **Interested Trustee** | **Interested Trustee** | **Interested Trustee** |
| Elaine E. Richards<sup>(3)</sup><br>(born 1968) | Chair, Trustee | Indefinite Term; Since July 2021 | Senior Vice President, U.S. Bank Global Fund Services (since 2007). | 4 |  |
| **Officers of the Trust** | **Officers of the Trust** | **Officers of the Trust** | **Officers of the Trust** | **Officers of the Trust** | **Officers of the Trust** |
| Ryan L. Roell<br> (born 1973) | President and Principal Executive Officer | Indefinite Term; Since July 2019. | Vice President, U.S. Bank Global Fund Services (since 2005). | Not Applicable | Not<br>Applicable |
| Cullen O. Small<br> (born 1987) | Vice President, Treasurer and Principal Financial Officer | Indefinite Term; Since January 2019. | Vice President, U.S. Bank Global Fund Services (since 2010). | Not<br>Applicable | Not<br>Applicable |
| Donna Barrette<br> (born 1966) | Vice President, Chief Compliance Officer and Anti-Money Laundering Officer | Indefinite Term; Since November 2019. | Senior Vice President and Compliance Officer, U.S. Bank Global Fund Services (since 2004). | Not<br>Applicable | Not<br>Applicable |
| Adam W. Smith<br> (born 1981) | Secretary | Indefinite Term; Since June 2019. | Vice President, U.S. Bank Global Fund Services (since 2012). | Not<br>Applicable | Not<br>Applicable |
| Richard E. Grange<br> (born 1982) | Assistant Treasurer | Indefinite Term; Since October 2022. | Officer, U.S. Bank Global Fund Services (since 2017). | Not<br>Applicable | Not<br>Applicable |

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<sup>(1)</sup> The Trustees of the Trust who are not "interested persons" of the Trust as defined under the 1940 Act ("Independent Trustees").

<sup>(2)</sup> As of September 30, 2022, the Trust was comprised of 17 portfolios (including the Fund) managed by unaffiliated investment advisers. The term "Fund Complex" applies only to the Fund, the Subversive Decarbonization ETF, the Subversive Food Security ETF and the Subversive Mental Health ETF (collectively with the Fund, the "Subversive ETFs"). Except for the Subversive Decarbonization ETF, the Subversive Food Security ETF and the Subversive Mental Health ETF, the Fund does not hold itself out as related to any other series within the Trust for investment purposes, nor does it share the same investment adviser with any other series within the Trust.

<sup>(3)</sup> Ms. Richards, as a result of her employment with U.S. Bancorp Fund Services, LLC, which acts as transfer agent, administrator, and fund accountant to the Trust, is considered to be an "interested person" of the Trust, as defined by the 1940 Act.

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**Additional Information Concerning the Board of Trustees**

*The Role of the Board*

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 Distributor, the Administrator, the Custodian, and the Transfer Agent, each of whom are discussed in greater detail in this SAI. 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 provides reports as to financial reporting matters and the President provides 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 CCO 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.

*Board Structure, Leadership*

The Board has structured itself in a manner that it believes allows it to perform its oversight function effectively. It has established three standing committees, a Governance and Nominating Committee, an Audit Committee, which also serves as the Qualified Legal Compliance Committee, and a Valuation Committee, which are discussed in greater detail below under "Trust Committees." The Board is comprised of one Interested Trustee and three Independent Trustees, which are Trustees that are not affiliated with the Adviser, the principal underwriter, or their affiliates. The Governance and Nominating Committee, Audit Committee and Qualified Legal Compliance Committee are comprised entirely of Independent Trustees. The Chair of the Board is an Interested Trustee. The Board has determined not to appoint a lead Independent Trustee; however, the Independent Trustees are advised by independent counsel. The President and Principal Executive Officer of the Trust is not a Trustee, but rather is a senior employee of the Administrator who routinely interacts with the unaffiliated investment advisers of the Trust and comprehensively manages the operational aspects of the funds in the Trust. The Trust has determined that it is appropriate to separate the Principal Executive Officer and Chair of the Board positions because the day-to day responsibilities of the Principal Executive Officer are not consistent with the oversight role of the Trustees and because of the potential conflict of interest that may arise from the Administrator's duties with the Trust. The Board reviews its structure and the structure of its committees annually. Given the specific characteristics of the Trust, as described above, the Board has determined that the structure of the Interested Chair, the composition of the Board, and the function and composition of its various committees are appropriate means to address any potential conflicts of interest that may arise.

*Board Oversight of Risk Management*

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,

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compliance risk, operational risks, business continuity risks, etc.), the oversight of different types of risks is handled in different ways. For example, the Audit Committee meets with the Treasurer and the Trust's independent registered public accounting firm to discuss, among other things, the internal control structure of the Trust's financial reporting function. The Board meets regularly with the CCO to discuss compliance and operational risks and how they are managed. The Board also receives reports from the Adviser as to investment risks of the Fund. In addition to these reports, from time to time the Board receives reports from the Administrator and the Adviser as to enterprise risk management.

*Information about Each Trustee's Qualification, Experience, Attributes or Skills* 

The Board believes that each of the Trustees has the qualifications, experience, attributes and skills ("Trustee Attributes") appropriate to their continued service as Trustees of the Trust in light of the Trust's business and structure. 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 chart above, below is certain additional information concerning each particular Trustee and his/her Trustee Attributes. The information 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, to ask incisive questions, and commitment to shareholder interests.

***Koji Felton.*** Mr. Felton has served as a Trustee since 2015 and has substantial experience with the mutual fund industry and familiarity with federal securities laws and regulations. Mr. Felton's prior experience includes serving as Director and Counsel for KKR Credit Advisors LLC, the asset manager arm of Kohlberg Kravis Roberts & Co. L.P. (2013 - 2015). Prior to that Mr. Felton served as counsel in the Financial Services Group at Dechert LLP from (2011 - 2013), as well as in various capacities, and ultimately as Senior Vice President and Deputy General Counsel for mutual funds, at Charles Schwab & Co., Inc. (1998 – 2011). Mr. Felton also worked as a staff attorney and served as an Enforcement Branch Chief for the San Francisco District Office of the SEC (1992 - 1998). Mr. Felton began his career as a litigation associate specializing in securities and banking litigation at Shearman & Sterling (1986 - 1992).

***Debra McGinty-Poteet.*** Ms. McGinty-Poteet has served as a Trustee since 2015 and has significant mutual fund industry experience, including her current and prior experience on mutual fund boards. Ms. McGinty-Poteet currently also serves as Lead Independent Trustee and Chair of the Audit Committee for F/m Funds Trust. Prior to becoming a Trustee of the Trust, Ms. McGinty-Poteet served as the President, Chair of the Board, and Interested Trustee for Brandes Investment Trust where she also oversaw the proprietary and sub-advisory mutual fund business for Brandes Investment Advisors (1999 – 2012). Ms. McGinty-Poteet previously served as Chief Operating Officer of North American Trust Company (1997 – 1998); Global Managing Director of Mutual Funds at Bank of America (1992 – 1996); and in various capacities, and ultimately as Global Head of Mutual Funds, at Security Pacific Bank (1982 – 1992).

***Daniel Willey.*** Mr. Willey has served as a Trustee since 2015 and has significant work history and experience in the investment management industry. As a chief compliance officer, Mr. Willey has valuable experience in an oversight role and in working with regulatory compliance matters. Mr. Willey served as the Chief Compliance Officer of the United Nations Joint Staff Pension Fund (2009-2017). Prior to this role, Mr. Willey served as the Chief Operating and Chief Compliance Officer of Barrett Associates, Inc. (investment adviser and affiliate of Legg Mason (2007 – 2009); President and Chief Executive Officer of TIMCO, Citigroup Asset Management (2004 – 2006); Head Equity Trader of TIMCO (1994 – 2004); Vice President, Shawmut National Bank (1992 – 1994); Investment Officer, State

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of Connecticut (1990 – 1992); Vice President, Bank of New England (Connecticut Bank & Trust) (1981 – 1990); Registered Representative, Tucker Anthony and R.L. Day, Inc. (1979 – 1981); and Assistant Analyst, The Travelers Insurance Company (1977 – 1979).

***Elaine Richards.*** Ms. Richards has served as a Trustee since 2021 and has over 25 years of experience, knowledge, and understanding of the mutual fund industry. Ms. Richards currently serves as a Senior Vice President of U.S. Bank Global Fund Services and has extensive experience in the 1940 Act, securities law in general and SEC compliance and regulatory matters. In addition, Ms. Richards has extensive experience in the oversight of regulatory examinations and providing support and assistance to mutual fund clients implementing new regulatory requirements. Prior to joining U.S. Bank Global Fund Services, Ms. Richards was Vice President and senior counsel at Wells Fargo Funds Management.

**Trust Committees**

The Trust has two standing committees: the Governance and Nominating Committee and the Audit Committee, which also serves as the Qualified Legal Compliance Committee ("QLCC").

The Governance and Nominating Committee, comprised of all the Independent Trustees, is responsible for making recommendations to the Board regarding various governance-related aspects of the Board's responsibilities and seeking and reviewing candidates for consideration as nominees for Trustees and meets only as necessary. The Governance and Nominating Committee will consider nominees nominated by shareholders. Recommendations by shareholders for consideration by the Governance and Nominating Committee should be sent to the President of the Trust in writing together with the appropriate biographical information concerning each such proposed nominee, and such recommendation must comply with the notice provisions set forth in the Trust Bylaws. In general, to comply with such procedures, such nominations, together with all required biographical information, must be delivered to and received by the President of the Trust at the principal executive offices of the Trust no less than 120 days and no more than 150 days prior to the shareholder meeting at which any such nominee would be voted on. The Governance and Nominating Committee has not held any meetings with respect to the Fund as of the date of this SAI.

The Audit Committee is comprised of all of the Independent Trustees. The Audit Committee generally meets on a quarterly basis with respect to the various series of the Trust, and may meet more frequently. The function of the Audit Committee, with respect to each series of the Trust, is to review the scope and results of the audit of such series' financial statements and any matters bearing on the audit or the financial statements, and to ensure the integrity of the series' pricing and financial reporting. The Audit Committee has not held any meetings with respect to the Fund as of the date of this SAI.

The function of the QLCC is to receive reports from an attorney retained by the Trust of evidence of a material violation by the Trust or by any officer, director, employee or agent of the Trust.

**Trustee Ownership of Fund Shares and Other Interests**

No Trustee beneficially owned shares of the Fund as of December 31, 2022. Furthermore, neither the Independent Trustees nor members of their immediate family, own securities beneficially or of record in the Adviser, the Fund's principal underwriter, or any of their affiliates as of the same date.

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**Compensation**

The Independent Trustees each receive an annual retainer of $50,000. Prior to January 1, 2023, the Independent Trustees each received an annual retainer of $40,000. Independent Trustees will also be reimbursed for expenses in connection with each Board meeting attended. These reimbursements will be allocated among applicable portfolios of the Trust. The Trust has no pension or retirement plan. No other entity affiliated with the Trust pays any compensation to the Trustees. The Trust does not pay any fees to, or reimburse expenses of, the Interested Trustee.

For the Fund's fiscal period ended September 30, 2022, the Independent Trustees received the following compensation:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Name of Person/ Position** | **Aggregate Compensation from Fund**<sup>(1)</sup> | **Pension or Retirement Benefits Accrued as Part of Fund Expenses** | **Estimated Annual Benefits Upon Retirement** | **Total Compensation**<br>**from the Fund and Fund Complex**<sup>(2)</sup> **Paid to Trustees** |
| Koji Felton, Independent Trustee | $0 |  |  | $0 |
| Debra McGinty-Poteet, Independent Trustee | $0 |  |  | $0 |
| Daniel Willey, Independent Trustee | $0 |  |  | $0 |

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<sup>(1)</sup> Trustees' fees and expenses are allocated among the Fund and all other series comprising the Trust.

<sup>(2)</sup> As of the date of this SAI, the Trust was comprised of 17 portfolios (including the Fund) managed by unaffiliated investment advisers. The term "Fund Complex" applies only to the Subversive ETFs, and not to other series of the Trust. For the fiscal period ended September 30, 2022, aggregate Independent Trustees' fees and expenses amounted to $146,250.

**Codes of Ethics**

The Trust, the Adviser and the distributor have each adopted a separate code of ethics pursuant to Rule 17j-1 of the 1940 Act. These codes of ethics permit, subject to certain conditions, personnel of the Adviser and distributor to invest in securities that may be purchased or held by the Fund.

**PROXY VOTING POLICIES AND PROCEDURES**

The Board has adopted Proxy Voting Policies and Procedures (the "Trust Proxy Policies") on behalf of the Trust which delegate the responsibility for voting proxies to the Adviser or its designee, subject to the Board's continuing oversight. The Trust's Proxy Policies require that the Adviser or its designee vote proxies received in a manner consistent with the best interests of the Fund and their respective shareholders. The Trust Proxy Policies also require the Adviser to present to the Board, at least annually, the Adviser's proxy policies and a record of each proxy voted by the Adviser on behalf of the Fund, including a report on the resolution of all proxies identified by the Adviser as involving a conflict of interest.

The Adviser has adopted proxy policies, which may be amended from time to time. In voting proxies, the Adviser is guided by fiduciary principles. All proxies are to be voted solely in the best interests of the beneficial owners of the securities. A copy of the Adviser's proxy voting policies and procedures is attached to this SAI as Appendix A.

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The Trust is required to file a Form N-PX, with the Fund's complete proxy voting record for the 12 months ended June 30, no later than August 31 of each year. Form N-PX for the Fund will be available without charge, upon request, by calling toll-free 1-800-617-0004 and on the SEC's website at www.sec.gov.

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

A principal shareholder is any person who owns of record or is known by the Trust to own beneficially 5% or more of any class of the outstanding shares of any class of the Fund. A control person is any person who owns beneficially or through controlled companies more than 25% of the voting securities of the Fund or acknowledges the existence of control.

**THE FUND'S INVESTMENT ADVISER**

As stated in the Prospectus, investment advisory services are provided to the Fund by Subversive Capital Advisor LLC, pursuant to an Investment Advisory Agreement (the "Advisory Agreement"). Mr. Michael Auerbach is a control person of the Adviser by virtue of his 100% ownership of the Adviser.

As compensation, the Fund will pay the Adviser a monthly unified management fee (accrued daily) based upon the average daily net assets of a Fund at the annual rate of 0.75%.

Under the Investment Advisory Agreement, the Adviser has agreed to pay all expenses of the Fund except for the fee paid to the Adviser pursuant to the Investment Advisory Agreement, interest charges on any borrowings, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, extraordinary expenses, and distribution fees and expenses paid by the Trust under any distribution plan adopted pursuant to Rule 12b-1 under the 1940 Act.

The Advisory Agreement continues in effect for an initial two year period, and from year to year thereafter only if such continuance is specifically approved at least annually by the Board or by vote of a majority of the Fund's outstanding voting securities and by a majority of the Independent Trustees, who are not parties to the Advisory Agreement or interested persons of any such party, in each case cast in person at a meeting called for the purpose of voting on the Advisory Agreement. The Advisory Agreement is terminable without penalty by the Trust on behalf of a Fund on not more than 60 days', nor less than 30 days', written notice to the Adviser when authorized either by a majority vote of the Fund's shareholders or by a vote of a majority of the Trustees, or by the Adviser on not more than 60 days' written notice to the Trust, and will automatically terminate in the event of its "assignment" (as defined in the 1940 Act). The Advisory Agreement provides that the Adviser shall not be liable under such agreement for any error of judgment or mistake of law or for any loss arising out of any investment or for any act or omission in the execution of portfolio transactions for the Fund, except for willful misfeasance, bad faith or gross negligence in the performance of its duties, or by reason of reckless disregard of its obligations and duties thereunder.

The table below shows the advisory fees paid by the Fund for the fiscal period ended September 30:

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| | |
|:---|:---|
| **Fund** | **2022**<sup>(1)</sup> |
| Subversive Metaverse ETF | $5355 |

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<sup>(1)</sup> For the fiscal period January 26, 2022 (commencement of operations) through September 30, 2022.

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**Portfolio Managers**

Mr. Michael Auerbach and Mr. Christian Cooper serve as Portfolio Managers for the Fund and jointly and are primarily responsible for the day-to-day management of the Fund. Information regarding other accounts managed by Mr. Auerbach and Mr. Cooper as of September 30, 2022 is set forth below.

**Michael Auerbach**

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| | | | | |
|:---|:---|:---|:---|:---|
| **Category of Account** | **Total Number of<br>Accounts Managed** | **Total Assets in<br>Accounts Managed<br>(in millions)** | **Number of<br>Accounts for which<br>Advisory Fee is<br>Based on<br>Performance** | **Assets in Accounts<br>for which Advisory<br>Fee is Based on<br>Performance** |
| Other Registered Investment Companies | 0 | $0 | 0 | 0 |
| Other Pooled Investment Vehicles | 0 | $0 | 0 | 0 |
| Other Accounts | 0 | $0 | 0 | 0 |

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**Christian Cooper**

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| | | | | |
|:---|:---|:---|:---|:---|
| **Category of Account** | **Total Number of<br>Accounts Managed** | **Total Assets in<br>Accounts Managed<br>(in millions)** | **Number of<br>Accounts for which<br>Advisory Fee is<br>Based on<br>Performance** | **Assets in Accounts<br>for which Advisory<br>Fee is Based on<br>Performance** |
| Other Registered Investment Companies | 0 | $0 | 0 | 0 |
| Other Pooled Investment Vehicles | 0 | $0 | 0 | 0 |
| Other Accounts | 0 | $0 | 0 | 0 |

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**Compensation**

The Fund's Portfolio Managers receive a fixed salary with the potential for bonuses tied to performance, which may include the performance of the Fund. In addition, as the 100% owner of the Adviser, Mr. Auerbach's compensation is also tied to the overall performance of the Adviser.

**Conflicts of Interest**

Material conflicts of interest that may arise in connection with the portfolio managers' management of the Fund's investments and investments of other accounts managed by the portfolio managers include conflicts associated with the allocation of investment opportunities between the Fund and other accounts managed. The Adviser maintains investment, trade allocation, and account valuation (including fair valuation) policies and procedures to address and mitigate such conflicts of interest.

Additional information about potential conflicts of interest is set forth in Part 2A of the Adviser's Form ADV, which is available on the SEC's website (adviserinfo.sec.gov).

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**Ownership of Shares of the Fund**

The following table shows the dollar range of equity securities beneficially owned by the portfolio managers in the Fund as of September 30, 2022:

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| | |
|:---|:---|
| **Name of Portfolio Manager** | **Dollar Range of Equity Securities Beneficially Owned in the Fund** |
| Michael Auerbach | $1- $10000 |
| Christian H. Cooper | $0 |

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**SERVICE PROVIDERS**

**Administrator, Transfer Agent and Fund Accountant**

Pursuant to an administration agreement (the "Administration Agreement"), U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services ("Fund Services") and is located at 615 East Michigan Street, Milwaukee, Wisconsin 53202, acts as the Administrator to the Fund. Fund Services provides certain services to the Fund including, among other responsibilities, coordinating the negotiation of contracts and fees with, and the monitoring of performance and billing of, the Fund's independent contractors and agents; preparation for signature by an officer of the Trust of all documents required to be filed for compliance by the Trust and the Fund with applicable laws and regulations, excluding those of the securities laws of various states; arranging for the computation of performance data, including NAV and yield; responding to shareholder inquiries; and arranging for the maintenance of books and records of the Fund, and providing, at its own expense, office facilities, equipment and personnel necessary to carry out its duties. In this capacity, 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 the Fund's shares.

Pursuant to the Administration Agreement, as compensation for its services, Fund Services receives from the Adviser, a fee based on the Fund's current average daily net assets, subject to a minimum annual fee. Fund Services also is entitled to certain out-of-pocket expenses. Fund Services also acts as fund accountant, transfer agent and dividend disbursing agent under separate agreements.

The Adviser was responsible for paying the amounts in the table below to Fund Services for the fiscal period ended September 30:

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| | |
|:---|:---|
| **Fund** | **2022**<sup>(1)</sup> |
| Subversive Metaverse ETF | $53465 |

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<sup>(1)</sup> For the fiscal period January 26, 2022 (commencement of operations) through September 30, 2022.

**Custodian**

U.S. Bank National Association is the custodian of the assets of the Fund (the "Custodian") pursuant to a custody agreement between the Custodian and the Trust. For its services, the Custodian receives a monthly fee based on a percentage of a Fund's assets, in addition to certain transaction based fees, and is reimbursed for out of pocket expenses. The Custodian's address is 1555 N. River Center Drive, Suite 302, Milwaukee, Wisconsin 53212. The Custodian does not participate in decisions relating to the purchase and sale of securities by the Fund. Fund Services, the Custodian, and the Fund principal underwriter are

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affiliated entities under the common control of U.S. Bancorp. The Custodian and its affiliates may participate in revenue sharing arrangements with the service providers of mutual funds in which the Fund may invest.

**Independent Registered Public Accounting Firm and Legal Counsel**

Cohen & Company, Ltd., 342 North Water Street, Suite 830, Milwaukee, Wisconsin 53202, is the independent registered public accounting firm for the Fund and performs an annual audit of the Fund's financial statements.

Goodwin Procter LLP, 1900 N Street, NW, Washington, DC 20036, serves as legal counsel to the Trust and to the independent trustees.

**EXECUTION OF PORTFOLIO TRANSACTIONS**

Pursuant to the Advisory Agreement, the Adviser determines which securities are to be purchased and sold by the Fund and which broker-dealers are eligible to execute the Fund's portfolio transactions. Purchases and sales of securities on an exchange are affected through brokers that charge a commission while purchases and sales of securities in the over-the-counter market will generally be executed directly with the primary "market-maker" unless, in the opinion of the Adviser, a better price and execution can otherwise be obtained by using a broker for the transaction. Purchases and sales of portfolio securities that are fixed income securities (for instance, money market instruments and bonds, notes and bills) usually are principal transactions. In a principal transaction, the party from whom the Fund purchases or to whom the Fund sells is acting on its own behalf (and not as the agent of some other party, such as its customers). These securities normally are purchased directly from the issuer or from an underwriter or market maker for the securities. The price of securities purchased from underwriters includes a disclosed fixed commission or concession paid by the issuer to the underwriter, and prices of securities purchased from dealers serving as market makers reflects the spread between the bid and asked price. The price of over-the-counter securities usually includes an undisclosed commission or markup.

In selecting brokers or counterparties for the Fund, the Adviser will use its best judgment to choose the brokers most likely to provide "best execution." Brokers are selected on the basis of an evaluation by the Adviser of the overall value and quality of the brokerage services provide by such firms to clients of the Adviser, including the Fund. Such service and characteristics may include, but are not limited to: commission rates charged by the broker and the ability to minimize overall costs to the Adviser's clients; possible adverse market impact of the order and/or the Adviser's opinion of which broker is best able to handle the order to minimize adverse market impact; execution capability and expertise; responsiveness; trading infrastructure; and ability to accommodate any special execution orders or handling requirements. The Adviser's choice of brokers and best execution is subject to periodic, ongoing review by the Adviser.

In selecting brokers, the Adviser does not have an obligation to seek the lowest available cost, but rather may consider all relevant factors, including those noted above. As a result, the Adviser may pay transaction costs that would be higher than the Adviser may be able to obtain through another broker.

Section 28(e) of the Securities Exchange Act of 1934, as amended, is a "safe harbor" that permits an investment manager to use commissions or "soft dollars" to obtain research and brokerage services that provide lawful and appropriate assistance in the investment decision-making process. The Adviser will limit the use of "soft dollars" to obtain research and brokerage services to services which constitute research and brokerage within the meaning of Section 28(e). Research services within Section 28(e) may

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include, but are not limited to, research reports (including market research); certain financial newsletters and trade journals; software providing analysis of securities portfolios; corporate governance research and rating services; attendance at certain seminars and conferences; discussions with research analysts; meetings with corporate executives; consultants' advice on portfolio strategy; data services (including services providing market data, company financial data and economic data); advice from brokers on order execution; and certain proxy services. Brokerage services within Section 28(e) may include, but are not limited to, services related to the execution, clearing and settlement of securities transactions and functions incidental thereto (i.e., connectivity services between an investment manager and a broker-dealer and other relevant parties such as custodians); trading software operated by a broker-dealer to route orders; software that provides trade analytics and trading strategies; software used to transmit orders; clearance and settlement in connection with a trade; electronic communication of allocation instructions; routing settlement instructions; post trade matching of trade information; and services required by the SEC or a self-regulatory organization such as comparison services, electronic confirms or trade affirmations.

The table below shows the aggregate brokerage commissions paid by the Fund for the fiscal period ended September 30:

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| | |
|:---|:---|
| **Fund** | **2022**<sup>(1)</sup> |
| Subversive Metaverse ETF | $1066 |

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<sup>(1)</sup> For the fiscal period January 26, 2022 (commencement of operations) through September 30, 2022.

For the fiscal period ended September 30, 2022, the Fund did not pay any commissions on brokerage transactions directed to brokers pursuant to an agreement or understanding whereby the broker provides research or other brokerage services to the Adviser.

As of September 30, 2022, the Fund did not own any securities issued by any of its regular broker-dealers.

**BOOK ENTRY ONLY SYSTEM** 

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

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

Beneficial ownership of shares of the Fund is limited to DTC Participants, Indirect Participants, and persons holding interests through DTC Participants and Indirect Participants. Ownership of beneficial

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interests in shares of the Fund (owners of such beneficial interests are referred to herein 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 of a Fund. The Trust recognizes DTC or its nominee as the record owner of all shares of a Fund for all purposes. Beneficial Owners of shares of a Fund are not entitled to have such 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 of a Fund.

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 of the Fund held by each DTC Participant. The Trust shall obtain from each such DTC Participant the number of Beneficial Owners holding shares of a Fund, 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 of the Fund. 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 of the Fund 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 interests in the Fund's 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 take action 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 of the Fund, unless the Trust makes other arrangements with respect thereto satisfactory to the Exchange.

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

The Fund offers and issues shares only in aggregations of a specified number of shares (each, a "Creation Units") on a continuous basis through the Distributor, without a sales load (but subject to transaction fees,

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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 a Fund's 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 business.

**Fund Deposit.** The consideration for purchase of a Creation Unit of a 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 a Fund Deposit for the Fund changes as adjustments and corporate action events are reflected from time to time by the Adviser with a view to the investment objective of the Fund.

The Trust reserves the right to permit or require the substitution of Deposit Cash to replace any Deposit Security, which shall be added to the Cash Component, including, without limitation, in situations where the Deposit Security: (i) may not be available in sufficient quantity for delivery; (ii) may not be eligible for transfer through the systems of DTC for corporate securities and municipal securities; (iii) may not be eligible for trading by an Authorized Participant (as defined below) or the investor for which it is acting; (iv) would be restricted under the securities laws or where the delivery of the Deposit Security to the Authorized Participant would result in the disposition of the Deposit Security by the Authorized Participant becoming restricted under the securities laws; or (v) in certain other situations (collectively,

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"custom orders"). The adjustments described above will reflect changes, known to the Adviser on the date of announcement to be in effect by the time of delivery of the Fund Deposit, in the composition of the Fund resulting from certain corporate actions.

**Procedures for Purchase of Creation Units.** To be eligible to place orders with the Transfer Agent to purchase a Creation Unit of a 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 that has been agreed to by the Distributor, and that has been accepted by the Transfer Agent, 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 the Fund for orders to purchase Creation Units is expected to be 4:00 p.m. Eastern time, which time may be modified by a 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 a Fund in Creation Units have to be placed by the investor's broker through an Authorized Participant that has executed a Participant Agreement. In such cases there may be additional charges to such investor. At any given time, there may be only a limited number of broker-dealers that have executed a Participant Agreement 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

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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. The Fund Deposit transfer must be ordered by the Authorized Participant in a timely fashion so as to ensure the delivery of the requisite number of Deposit Securities or Deposit Cash, as applicable, to the account of the Fund or their agents by no later than 12:00 p.m. Eastern time (or such other time as specified by the Trust) on the Settlement Date. If the Fund or their 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 a Fund for losses, if any, resulting therefrom. The "Settlement Date" for the Fund is generally the second Business Day after the Order Placement Date. 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 so as to be received by the Custodian no later than the 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 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 with the Custodian on the Settlement Date. If the order is not placed in proper form as required, or federal funds in the appropriate amount are not received on the 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 considered to be 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 subcustodian has confirmed to the Custodian that the required Deposit Securities (or the cash value thereof) have been delivered to the account of the relevant subcustodian or subcustodians, 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 delivery of Creation Units so created generally will occur no later than the second Business Day following the day on which the purchase order is deemed received by the Transfer Agent. 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 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 12:00 p.m. Eastern time (or such other time as specified by the Trust) on the Settlement Date. If a 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

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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 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, without limitation, if (a) the order is not in proper form; (b) the Deposit Securities or Deposit Cash, as applicable, delivered by the 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 or 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.

**Creation Transaction Fee.** A fixed purchase (i.e., creation) transaction fee, payable to the Fund's 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 is $500, regardless of the number of Creation Units created in the transaction. 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

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the Fund's 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 a maximum of 2% 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, e.g., for creation orders that facilitate the rebalance of the Fund's portfolio in a more tax efficient manner than could be achieved without such order.

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.

**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 of the Fund 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 TRUST WILL NOT REDEEM SHARES IN AMOUNTS LESS THAN CREATION UNITS. Investors must accumulate enough shares of a Fund in the secondary market to constitute a Creation Unit to have such shares of a Fund 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 of a Fund 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.

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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 a 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 of the Fund 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. In the event that the Fund Securities have a value greater than the NAV of shares of a Fund, 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.

**Redemption Transaction Fee.** A fixed redemption transaction fee, payable to the Fund's 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 is $500, regardless of the number of Creation Units redeemed in the transaction. The Fund may adjust the redemption transaction fee from time to time. The fixed redemption fee may be waived on certain orders if the Fund's 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 a maximum of 2% 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, e.g., for redemption orders that facilitate the rebalance of the Fund's portfolio in a more tax efficient manner than could be achieved without such order.

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 4:00 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 Participant Agreement. Investors should be aware that their particular broker may not have executed a 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 a Participant Agreement. Investors making a redemption request should be

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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 shares of the Fund 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 generally will be made within two business days of the trade date.

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

Redemptions of Shares for Fund Securities will be subject to compliance with applicable federal and state securities laws and the Fund (whether or not it otherwise permits cash redemptions) reserves the right to redeem Creation Units for cash to the extent that the Trust could not lawfully deliver specific Fund Securities upon redemptions or could not do so without first registering the Fund Securities under such laws. An Authorized Participant or an investor for which it is acting subject to a legal restriction with respect to a particular security included in the Fund Securities applicable to the redemption of Creation Units may be paid an equivalent amount of cash. The Authorized Participant may request the redeeming investor of 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.

Because the portfolio securities of the Fund may trade on other exchanges on days that the Exchange is closed or are otherwise not Business Days for a Fund, shareholders may not be able to redeem their Shares, or to purchase or sell Shares on the Exchange, on days when the NAV of a Fund could be significantly affected by events in the relevant foreign markets.

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 Shares or determination of the NAV of Shares is not reasonably practicable; or (4) in such other circumstance as is permitted by the SEC.

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**DETERMINATION OF SHARE PRICE**

The NAV of shares of the Fund will be determined once daily ordinarily as of the scheduled close of public trading on the New York Stock Exchange ("NYSE") (normally, 4:00 p.m., Eastern Time) on each day that the NYSE is open for trading. It is expected that the NYSE will be closed on Saturdays and Sundays and on New Year's Day, Martin Luther King Jr. Day, Presidents' Day, Good Friday, Memorial Day, Juneteenth National Day, Independence Day, Labor Day, Thanksgiving Day and Christmas. The Fund does not expect to determine the NAV of shares on any day when the NYSE is not open for trading even if there is sufficient trading in its portfolio securities on such days to materially affect the NAV per share.

In valuing the Fund's assets for calculating NAV, the Fund's assets are generally valued at their market price using valuations provided by independent pricing services. Readily marketable portfolio securities listed on a national securities exchange are valued at the last sale price on the business day as of which such value is being determined. If there has been no sale on such exchange on such day, the security is valued at the mean between the bid and asked prices on such day. Securities primarily traded in the Nasdaq National Market System ("Nasdaq") for which market quotations are readily available shall be valued using the Nasdaq Official Closing Price ("NOCP"). If the NOCP is not available, such securities shall be valued at the last sale price on the day of valuation, or if there has been no sale on such day, at the mean between the bid and asked prices. In the event such market quotations are not readily available, fair value will be determined in good faith under procedures approved by the Board. All equity securities that are not traded on an exchange are valued at the last sale price in the over-the-counter market.

Trading in most foreign securities markets located outside North America is normally completed well before the close of the NYSE. In addition, securities trading on foreign markets may not take place on all days on which the NYSE is open for trading, and may occur in certain foreign markets on days on which the Fund's NAV is not calculated. Events affecting the values of portfolio securities that occur between the time their prices are determined and the close of the NYSE will not be reflected in the calculation of NAV unless the Adviser deems that the particular event would affect NAV, in which case an adjustment will be made in good faith under procedures approved by the Board. Assets or liabilities expressed in foreign currencies are translated, in determining NAV, into U.S. dollars at the exchange rate of such currencies against the U.S. dollar, as provided by a independent pricing service. All assets denominated in foreign currencies will be converted into U.S. dollars using the applicable currency exchange rates as of the close of the NYSE, generally 4:00 p.m. Eastern Time, or the London Stock Exchange, generally 4:30 p.m. London Time ("LSE Close"), as necessary based on the securities held by a Fund.

The Adviser has been designated by the Board as the valuation designee for the Fund pursuant to Rule 2a-5 under the 1940 Act. In its capacity as valuation designee, the Adviser performs the fair value determinations relating to any or all Fund investments, subject to Board oversight. The Adviser has established procedures for its fair valuation of the Fund's investments. These procedures address, among other things, determining when market quotations are not readily available or reliable and the methodologies to be used for determining the fair value of investments, as well as the use and oversight of third-party pricing services for fair valuation.

Fair value represents a good faith approximation of the value of a security. Fair value determinations involve the consideration of a number of subjective factors, an analysis of applicable facts and circumstances and the exercise of judgment. As a result, it is possible that the fair value for a security determined in good faith in accordance with the Adviser's fair value procedures may differ from valuations for the same security determined by other funds using their own valuation procedures.

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Although the Fund's fair value procedures are designed to value a security at the price the Fund may reasonably expect to receive upon its sale in an orderly transaction, there can be no assurance that any fair value determination thereunder would, in fact, approximate the amount that the Fund would actually realize upon the sale of the security or the price at which the security would trade if a reliable market price were readily available. The Board reviews, no less frequently than annually, the adequacy of the policies and procedures of the Fund and the effectiveness of their implementation.

**DISTRIBUTIONS AND TAX INFORMATION**

**Distributions** 

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

*General Policies*

Dividends from net investment income, if any, are declared and paid at least annually by the Fund. Distributions of remaining 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 for the Fund to comply with the distribution requirements of the Code, in all events in a manner consistent with the provisions of the 1940 Act.

Dividends and other distributions on shares of the Fund 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 Fund.

The Fund may make additional distributions to the extent necessary (i) to distribute the entire annual taxable income of a Fund, plus any net capital gains and (ii) 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.

*Dividend Reinvestment Service*

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

**Tax Information** 

The following summary describes the material U.S. federal income tax consequences to United States Holders (as defined below) of shares in a Fund. This summary is based upon the Code, Treasury regulations promulgated thereunder, administrative pronouncements and judicial decisions, all as in effect as of the date of this SAI and all of which are subject to change, possibly with retroactive effect. This summary addresses only shares that are held as capital assets within the meaning of Section 1221 of the

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Code and does not address all of the tax consequences that may be relevant to shareholders in light of their particular circumstances or to certain types of Shareholders subject to special treatment under the Code, including, without limitation, certain financial institutions, dealers in securities or commodities, traders in securities who elect to apply a mark-to-market method of accounting, insurance companies, tax-exempt organizations, partnerships or S-corporations (and persons who own their interest in shares through a partnership or S-corporation), expatriates of the United States, persons who are subject to alternative minimum tax, persons that have a "functional currency" other than the United States dollar, persons who hold shares as a position in a "straddle" or as a part of a "hedging," "conversion" or "constructive sale" transaction for U.S. federal income tax purposes or persons who received their shares as compensation. This summary also does not address the state, local or foreign tax consequences of an investment in a Fund.

For purposes of this discussion, a "United States Holder" means a holder of shares that for U.S. federal income tax purposes is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a citizen or resident of the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a corporation (or other entity treated as a corporation for U.S. federal income tax purposes) created or organized in the United States or under the laws of the United States, any State or the District of Columbia;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an estate, the income of which is included in gross income for U.S. federal income tax purposes, regardless of its source; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a trust whose administration is subject to the primary supervision of a United States court and which has one or more United States persons who have the authority to control all of its substantial decisions, or which has a valid election in effect under applicable Treasury regulations to be treated as a United States person.

If a partnership (or other entity treated as a partnership for U.S. federal income tax purposes) holds shares, the tax treatment of a partner will generally depend upon the status of such person and the activities of the limited liability company or partnership. A shareholder that is a partnership should consult its own tax advisors regarding the treatment of its partners.

Prospective shareholders are urged to consult with their own tax advisors and financial planners regarding the U.S. federal income tax consequences of an investment in the Fund, the application of state, local, or foreign laws, and the effect of any possible changes in applicable tax laws on their investment in the Fund.

*Tax Treatment of the Fund*

Each series of the Trust is treated as a separate entity for U.S. federal income tax purposes. The Fund has elected to qualify and intends to continue to qualify annually as a regulated investment company under Subchapter M of the Code, requiring it to comply with all applicable requirements regarding its income, assets and distributions. Provided that a Fund qualifies as a regulated investment company, it is eligible for a dividends paid deduction, allowing it to offset dividends it pays to shareholders against its taxable income; if the Fund fails to qualify as a regulated investment company under Subchapter M, it will be taxed as a regular corporation.

The Fund's policy is to distribute to its shareholders all of its taxable income, including any net realized capital gains (taking into account any capital loss carry-forward of the Fund), each year in a manner that complies with the distribution requirements applicable to regulated investment companies under the

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Code, and results in the Fund not being subject to any U.S. federal income or excise taxes. In particular, in order to avoid the non-deductible 4% excise tax, the Fund must also distribute (or be deemed to have distributed) by December 31 of each calendar year (1) at least 98% of its ordinary income for such year, (2) at least 98.2% of the excess of its realized capital gains over its realized capital losses for the 12-month period ending on October 31 during such year and (3) any amounts from the prior calendar year that were not distributed and on which the Fund paid no federal income tax. However, the Fund can give no assurances that its distributions will be sufficient to eliminate all U.S. federal income taxes. The Fund is not required to consider tax consequences in making or disposing of investments.

In order to qualify as a regulated investment company, a Fund must, among other things, derive at least 90% of its gross income each year from dividends, interest, payments with respect to securities loans, gains from the sale or other disposition of stock or securities or foreign currencies, or other income (including, but not limited to, gains from options, futures or forward contracts) derived with respect to the business of investing in stock, securities or currencies, and net income derived from an interest in a qualified publicly traded partnership. The Fund must also satisfy the following two asset diversification tests. At the end of each quarter of each taxable year, (i) at least 50% of the value of the Fund's total assets must be represented by cash and cash items (including receivables), U.S. Government securities, the securities of other regulated investment companies, and other securities, with such other securities being limited in respect of any one issuer to an amount not greater than 5% of the value of the Fund's total assets and not more than 10% of the outstanding voting securities of such issuer, and (ii) not more than 25% of the value of the Fund's total assets may be invested in the securities of any one issuer (other than U.S. Government securities or the securities of other regulated investment companies), the securities of any two or more issuers (other than the securities of other regulated investment companies) that the Fund controls (by owning 20% or more of their outstanding voting stock) and which are determined under Treasury regulations to be engaged in the same or similar trades or businesses or related trades or businesses, or the securities of one or more qualified publicly traded partnerships. The Fund must also distribute each taxable year sufficient dividends to its shareholders to claim a dividends paid deduction equal to at least the sum of 90% of the Fund's investment company taxable income (as adjusted under Section 852(b)(2) of the Code, but not taking into account the Fund's dividends paid deduction; in the case of the Fund generally consisting of interest and dividend income, less expenses)) and 90% of the Fund's net tax-exempt interest, if any.

The Fund's ordinary income generally consists of interest and dividend income, less expenses. Net realized capital gains for a fiscal period are computed by taking into account any capital loss carry-forward of the Fund. As of September 30, 2022, the Fund had $164,095 in short-term capital loss carryovers which will be permitted to be carried over for an unlimited period. For the taxable period ended September 30, 2022, the Fund had $1,676 of deferred qualified late year losses.

Distributions of net investment income and net short-term capital gains are taxable to shareholders as ordinary income. For individual shareholders, a portion of the distributions paid by the Fund may be qualified dividends currently eligible for federal income taxation at long-term capital gain rates to the extent the Fund reports the amount distributed as a qualifying dividend and certain holding period requirements are met. In the case of corporate shareholders, a portion of the distributions may qualify for the inter-corporate dividends-received deduction to the extent the Fund reports the amount distributed as a qualifying dividend and certain holding period requirements are met. The aggregate amount so reported to either individual or corporate shareholders cannot, however, exceed the aggregate amount of qualifying dividends received by the Fund for its taxable year. In view of the Fund's investment policy, it is expected that dividends from domestic corporations will be part of the Fund's gross income and that, accordingly, part of the distributions by the Fund may be eligible for treatment as qualified dividend income by

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individual shareholders, or for the dividends-received deduction for corporate shareholders under federal tax law. However, the portion of the Fund's gross income attributable to qualifying dividends is largely dependent on the Fund's investment activities for a particular year and therefore cannot be predicted with any certainty. The Qualified dividend treatment may be eliminated if the Fund shares held by an individual investor are held for less than 61 days, and the corporate-dividends received deduction may be eliminated if the Fund shares held by a corporate investor are treated as debt-financed or are held for less than 46 days. Distributions will be taxable to you even if the share price of the Fund has declined.

The sale or exchange of Fund shares is a taxable transaction for federal income tax purposes. You will generally recognize a gain or loss on such transactions equal to the difference, if any, between the amount of your net sales proceeds and your adjusted tax basis in the Fund shares. Such gain or loss will be capital gain or loss if you held your Fund shares as capital assets. Any capital gain or loss will be treated as long-term capital gain or loss if you held the Fund shares for more than one year at the time of the sale or exchange. Any capital loss arising from the sale or exchange of shares held for six months or less, however, will be treated as long-term capital loss to the extent of the amount of net long-term capital gain distributions with regard to these shares.

*Tax Treatment of United States Holders – Taxation of Distributions* 

Distributions paid out of the Fund's current and accumulated earnings and profits are generally dividends taxable at ordinary income rates to each shareholder. Dividends will be taxable to you even if the share price of the Fund has declined. Distributions in excess of the Fund's current and accumulated earnings and profits will first be treated as a nontaxable return of capital up to the amount of a shareholder's tax basis in its shares, and then as capital gain.

For individual shareholders, a portion of the dividends paid by the Fund may be qualified dividends currently eligible for U.S. federal income taxation at long-term capital gain rates to the extent the Fund reports the amount distributed as a qualifying dividend and certain shareholder level holding period requirements (discussed further below) are met. In the case of corporate shareholders, subject to certain limitations (not all of which are discussed herein), a portion of the distributions may qualify for the inter-corporate dividends-received deduction to the extent the Fund reports the amount distributed as a qualifying dividend and certain shareholder level holding period requirements (discussed further below) are met. The aggregate amount so reported to either individual or corporate shareholders cannot exceed the aggregate amount of qualifying dividends received by the Fund for its taxable year. Although no assurances can be provided, a Fund generally expects that dividends from domestic corporations will be part of the Fund's gross income and that, accordingly, part of the distributions by the Fund may be eligible for treatment as qualified dividend income by individual shareholders, or for the dividends-received deduction for corporate shareholders. Qualified dividend treatment may be eliminated if the Fund shares held by an individual investor are held for less than 61 days, and the corporate dividends-received deduction may be eliminated if Fund shares held by a corporate investor are treated as debt-financed or are held for less than 46 days.

Distributions properly reported by the Fund as capital gain dividends (Capital Gain Dividends) will be taxable to shareholders as long-term capital gain (to the extent such distributions do not exceed the Fund's actual net long-term capital gain for the taxable year), regardless of how long a shareholder has held Fund shares, and do not qualify as dividends for purposes of the dividends received deduction or as qualified dividend income. The Fund will report Capital Gain Dividends, if any, in written statements furnished to its shareholders.

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*Tax Treatment of United States Holders - Sales and Dispositions of Shares*

A sale, redemption, or exchange 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 (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 or exchange of shares. Contact the broker through whom you purchased your shares to obtain information with respect to the available cost basis reporting methods and elections for your account. 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. The ability of Authorized Participants to receive a full or partial cash redemption of Creation Units of the Fund may limit the tax efficiency of the Fund. 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 (the "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 a person who does not mark-to-market its portfolio) or on the basis that there has been no significant change in economic position.

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 do 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.

Authorized Participants 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 Shareholders – Net Investment Income Tax*

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U.S. individuals with adjusted gross income (subject to certain adjustments) exceeding certain threshold amounts ($250,000 if married filing jointly or if considered a "surviving spouse" for federal income tax purposes, $125,000 if married filing separately, and $200,000 in other cases) are subject to a 3.8% tax on all or a portion of their "net investment income," which includes taxable interest, dividends, and certain capital gains (generally including capital gain distributions and capital gains realized on the sale of shares). This 3.8% tax also applies to all or a portion of the undistributed net investment income of certain shareholders that are estates and trusts.

*Tax Treatment of United States Holders - Medicare Tax*

A 3.8% Medicare tax is currently imposed on net investment income earned by certain individuals, estates and trusts. "Net investment income," for these purposes, means investment income, including ordinary and Capital Gain dividends and net gains from taxable dispositions of Fund shares, reduced by the deductions properly allocable to such income. In the case of an individual, the tax will be imposed on the lesser of (1) the shareholder's net investment income or (2) the amount by which the shareholder's modified adjusted gross income exceeds $250,000 (if the shareholder is married and filing jointly or a surviving spouse), $125,000 (if the shareholder is married and filing separately) or $200,000 (in any other case). This Medicare tax, if applicable, is reported by you on, and paid with, your U.S. federal income tax return.

*Tax Treatment of Non-U.S. Shareholders*

The foregoing discussion of U.S. federal income tax law relates solely to the application of that law to U.S. citizens or residents and U.S. domestic corporations, partnerships, trusts and estates. Each shareholder who is not a U.S. person should consider the U.S. and foreign tax consequences of ownership of shares of the Fund, including the possibility that such a shareholder may be subject to a U.S. withholding tax at a rate of 30% (or at a lower rate under an applicable income tax treaty) on amounts constituting ordinary income.

*Backup Withholding*

The Fund may be required to withhold 24% of certain payments to a shareholder unless the shareholder has completed and submitted to the Fund a Form W-9 providing the shareholder's taxpayer identification number and certifying under penalties of perjury: (i) that such number is correct, (ii) that (A) the shareholder is exempt from backup withholding, (B) the shareholder has not been notified by the IRS that the shareholder is subject to backup withholding as a result of an under-reporting of interest or dividends, or (C) the IRS has notified the shareholder that the shareholder is no longer subject to backup withholding, and (iii) the shareholder is a U.S. citizen or other U.S. person (as defined in IRS Form W-9); or (b) an exception applies under applicable law and Treasury regulations. Backup withholding is not an additional tax, and any amounts withheld may be credited against a shareholder's ultimate U.S. federal income tax liability if proper documentation is provided. The Fund reserves the right to refuse to open an account for any person failing to provide a certified taxpayer identification number.

*FATCA and Similar Foreign Rules* 

The Foreign Account Tax Compliance Act, ("FATCA") provisions of the Code impose a withholding tax of 30% on certain types of U.S. sourced income (e.g., dividends, interest, and other types of passive income) paid, and will be required to impose a 30% withholding tax on proceeds from the sale or other disposition of property producing U.S. sourced income paid effective January 1, 2019 to (i) foreign

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financial institutions ("FFIs"), including non-U.S. investment funds, unless they agree to collect and disclose to the IRS information regarding their direct and indirect U.S. account holders and (ii) certain nonfinancial foreign entities ("NFFEs"), unless they certify certain information regarding their direct and indirect U.S. owners. FATCA withholding will apply to any shareholder that does not properly certify its status as a U.S. person, or, in the case of a non-U.S. shareholder, the basis for its exemption from FATCA withholding. If the Fund is required to withhold amounts from payments pursuant to FATCA, investors will receive distributions that are reduced by such withholding amounts.

To implement FATCA, the U.S. government has entered into agreements with non-U.S. governments (and is otherwise bound via automatic exchange of information agreements in treaties) to provide reciprocal exchanges of taxpayer information to non-U.S. governments. The Fund will be required to perform due diligence reviews to classify non-U.S. entity investors for FATCA purposes. Shareholders agree to provide information necessary to allow the Fund to comply with the FATCA and similar foreign rules.

**THE FUND'S PRINCIPAL UNDERWRITER AND DISTRIBUTOR**

Quasar Distributors, LLC ("Quasar") the Distributor, is located at 111 East Kilbourn Avenue, Suite 2200, Milwaukee, Wisconsin 53202. Quasar serves as the Fund's principal underwriter and distributor in a continuous public offering of the Fund's shares. Pursuant to a distribution agreement between the Fund and Quasar (the "Distribution Agreement"), Quasar acts as the Fund's principal underwriter and distributor. Shares of the Fund is continuously offered for sale by Quasar only in Creation Units. Quasar will not distribute shares of the Fund in amounts less than a Creation Unit. Quasar will deliver prospectuses and, upon request, Statements of Additional Information to persons purchasing Creation Units and will maintain records of orders placed with it. Quasar will also provide certain administrative services pursuant to the Distribution Agreement. Quasar is a registered broker-dealer under the Securities Exchange Act of 1934, as amended, and is a member of FINRA.

The Distribution Agreement between the Fund and Quasar will continue in effect only if such continuance is specifically approved at least annually by the Board or by vote of a majority of the Fund's outstanding voting securities and, in either case, by a majority of the Independent Trustees. The Distribution Agreement is terminable without penalty by the Trust on behalf of the Fund on a 60-day written notice when authorized either by a majority vote of the Fund's shareholders or by vote of a majority of the Board, including a majority of the Independent Trustees, or by Quasar upon a 60-day written notice, and will automatically terminate in the event of its "assignment" (as defined in the 1940 Act). 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 Distributor may also enter into agreements with securities dealers ("Soliciting Dealers") who will solicit purchases of Creation Units of shares of the Fund. Such Soliciting Dealers may also be Authorized Participants (as discussed in "Procedures for Purchase of Creation Units" above) or DTC participants (as defined above).

**Intermediary Compensation.** The Adviser or its 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

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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 of the Fund 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 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 he or she receives similar payments from his or her 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 his or her Intermediary firm may receive. Any payments made by the Adviser or its affiliates to an Intermediary may create the incentive for an Intermediary to encourage customers to buy shares of the Fund.

**Distribution Plan** 

As noted in the Prospectus, the Fund has adopted a Distribution Plan (the "Plan") pursuant to Rule 12b-1 under the 1940 Act under which the Fund pays the Distributor an amount which is accrued daily and paid quarterly.

Under the Plan, the Trustees will be furnished quarterly with information detailing the amount of expenses paid under the Plan and the purposes for which payments were made. The Plan may be terminated at any time by vote of a majority of the Trustees of the Trust who are not interested persons. Continuation of the Plan is considered by such Trustees no less frequently than annually. With the exception of the Distributor and the Adviser, in their capacities as the Fund's principal underwriter and distribution coordinator, respectively, no interested person has or had a direct or indirect financial interest in the Plan or any related agreement.

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 the 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

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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: (i) delivering copies of the Fund's then current reports, prospectuses, notices, and similar materials, to prospective purchasers of Creation Units; (ii) marketing and promotional services, including advertising; (iii) paying the costs of and compensating others, including Authorized Participants (as discussed in "Procedures for Purchase of Creation Units" above) with whom the Distributor has entered into written Authorized Participant Agreements, for performing shareholder servicing on behalf of the Fund; (iv) 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; (v) 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; (vi) 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 (vii) such other services and obligations as are set forth in the Distribution Agreement.

While there is no assurance that the expenditures of the Fund's assets to finance distribution of Retail Class shares will have the anticipated results, the Board believes there is a reasonable likelihood that one or more of such benefits will result, and because the Board is in a position to monitor the distribution expenses, it is able to determine the benefit of such expenditures in deciding whether to continue the Plan.

Prior to the date of this SAI, the Plan had not yet been implemented, and there are no current plans to impose these fees.

**Securities Lending**

The Trust, on behalf of the Fund, may enter into a securities lending agreement with U.S. Bank (the "Securities Lending Agent") to provide certain services related to the Fund's securities lending program. Pursuant to the securities lending agreement, the Securities Lending Agent, on behalf of the Fund, will be authorized to enter into securities loan agreements, negotiate loan fees and rebate payments, collect loan fees, deliver securities, manage and hold collateral, invest cash collateral, receive substitute payments, make interest and dividend payments (in cases where a borrower has provided non-cash collateral), and upon termination of a loan, liquidate collateral investments and return collateral to the borrower.

As of the date of this SAI, the Fund has not engaged in any securities lending activities and has not received any income related to securities lending activities.

As of the date of this SAI, the Securities Lending Agent has not provided any services to the Fund or received any fees or compensation from the Fund related to the securities lending program.

**FINANCIAL STATEMENTS**

The audited financial statements and financial highlights of the Fund for the fiscal period ended September 30, 2022, as set forth in the Fund's <u>[annual report](https://www.sec.gov/Archives/edgar/data/1650149/000089853122000450/smetf-ncsra.htm)</u> to shareholders, including the notes thereto and the report of the registered independent public accounting firm, are incorporated by reference into this SAI. You can obtain a copy of the financial statements contained in the Fund's annual or semi-annual report without charge by calling the Fund at 1-800-617-0004.

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**APPENDIX A**

**<u>SUBVERSIVE CAPITAL ADVISOR LLC ("Subversive")</u>**

**<u>PROXY VOTING POLICIES AND PROCEDURES</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**P.Proxy Voting**

The ETF Board has adopted proxy voting policies and procedures ("Proxy Policies") wherein the ETF has delegated to the Firm the responsibility for voting proxies relating to portfolio securities held by the ETF as part of its investment advisory services, subject to the supervision and oversight of the ETF's Board.

Notwithstanding these delegations of responsibilities, however, the ETF retains the right to vote proxies relating to its portfolio securities. The fundamental purpose of these Proxy Policies is to ensure that each vote will be in a manner that reflects the best interest of the ETF and its shareholders, taking into account the value of the ETF's investments.

Rule 206(4)-6 under the Advisers Act requires each registered investment adviser that exercises proxy-voting authority with respect to client securities to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adopt and implement written policies and procedures reasonably designed to ensure that the adviser votes client securities in the clients' best interests. Such policies and procedures must address the manner in which the adviser will resolve material conflicts of interest that can arise during the proxy voting process;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Disclose to clients how they may obtain information from the adviser about how the adviser voted with respect to their securities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Describe to clients the adviser's proxy voting policies and procedures and, upon request, furnish a copy of the policies and procedures.

Rule 206(4)-6 is supplemented by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Investment Advisers Act Release No. 5325 (September 10, 2019) ("Release No. 5325"), which contains guidance regarding the proxy voting responsibilities of investment advisers under the Advisers Act. Among other subjects, Release No. 5325 addresses the oversight of proxy advisory firms by investment advisers; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Investment Advisers Act Release No. 5547 (July 22, 2020), which contains supplementary guidance addressing: the risk of voting a proxy before an issuer files additional soliciting materials with the SEC; and associated client disclosures in this regard.

Additionally, paragraph (c)(2) of Rule 204-2 imposes additional recordkeeping requirements on investment advisers that execute proxy voting authority.

The ETFs are required to describe the policies and procedures that the Firm uses to determine how to vote proxies relating to portfolio securities. As such, the Firm's proxy voting guidelines are provided in the Fund's Registration Statement and included the SAI.

The ETF is required to disclose annually its complete proxy voting record on Form N-PX, which provides information relating to how it voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, not later than August 31 of each year.

The Advisers Act lacks specific guidance regarding an adviser's duty to direct clients' participation in class actions. However, many investment advisers adopt policies and procedures regarding class actions.

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Proxies are assets of the ETFs that must be voted with diligence, care, and loyalty. The Firm will vote each proxy in accordance with its fiduciary duty to the ETFs. The Firm will generally seek to vote proxies in a way that maximizes the value of ETF assets. The Portfolio Manager or their designee coordinates the Firm's proxy voting process.

Paragraph (c)(ii) of Rule 204-2 under the Advisers Act requires the Firm to maintain certain books and records associated with its proxy voting policies and procedures. The Firm's recordkeeping obligations are described in the Maintenance of Books and Records section of this Manual. The CCO will ensure that the Firm complies with all applicable recordkeeping requirements associated with proxy voting.

The Firm has adopted the following proxy voting procedures designed to ensure that proxies are properly identified and voted, and that any conflicts of interest are addressed appropriately:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Firm's custodians and broker-dealers send proxy-voting materials, either by mail or via Proxyvote.com. When these materials arrive, the Firm's Investment Committee reviews them and the Firm's Managing Member is responsible for voting them through the respective custodian and broker-dealer interface and/or Proxyvote.com.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Firm will generally vote in favor of routine corporate housekeeping proposals such as the election of directors and selection of auditors absent conflicts of interest raised by an auditor's non-audit services ("Voting Guidelines").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Firm will use the Voting Guidelines as guiding principles when voting proxies relating to ETF securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• To the extent that proxy issues arise that are not contemplated by the Voting Guidelines, the Managing Member will consult with the portfolio manager and, if appropriate, the CCO or counsel, to determine how to vote the proxy and will record a brief summary of the rationale behind the decision. Similarly, if the Firm votes a proxy contrary to the principles set forth in the Voting Guidelines, the Managing Member responsible for voting will record a summary of the rationale behind the decision, including the identities of the persons consulted on the matter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Firm will identify any conflicts that exist between the interests of the Firm and the ETFs by reviewing the relationship of the Firm with the issuer of each security to determine if the Firm and any of its personnel, have any financial, business or personal relationship with the issuer.

It is impossible to anticipate all material conflicts of interest that could arise in connection with proxy voting. The following examples are meant to help Supervised Persons identify potential conflicts:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Firm provides investment advice to a publicly traded company (an "Issuer"). The Firm receives a proxy solicitation from that Issuer, or from a competitor of that Issuer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Firm provides investment advice to an officer or director of an Issuer. The Firm receives a proxy solicitation from that Issuer, or from a competitor of that Issuer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Firm or an affiliate has a financial interest in the outcome of a proxy vote, such as when the Firm is asked to vote on a change in Rule 12b-1 fees paid by a mutual fund to investment advisers, including the Firm;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• An issuer or some other third-party offers the Firm or a Supervised Person compensation in exchange for voting a proxy in a particular way;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A Supervised Person, or a member of a Supervised Person's household, has a personal or business relationship with an Issuer. The Firm receives a proxy solicitation from that Issuer; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Firm or its Supervised Persons have a short position in an Issuer, but ETFs have a long position in the same Issuer. The Firm receives a proxy solicitation from the Issuer.

If a material conflict of interest exists, the CCO will determine whether it is appropriate to address the voting issue through other objective means such as voting in a manner consistent with a predetermined voting policy or receiving an independent third-party voting recommendation. The Firm will maintain a record of the voting resolution of any conflict of interest. The CCO will describe the proxy vote under consideration and identify the perceived conflict of interest. The CCO will also propose the course of action that the CCO believes is in the ETFs' best interests. The CCO will document why the CCO believes that this course of action is most appropriate. Some considerations may include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A vote's likely short-term and long-term impact on the Issuer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Whether the Issuer has responded to the subject of the proxy vote in some other manner;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Whether the issues raised by the proxy vote would be better handled by some other action by the Issuer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Whether implementation of the proxy proposal appears likely to achieve the proposal's stated objectives; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Whether the CCO's proposal appears consistent with the ETFs' best interests

The Firm will not neglect its proxy voting responsibilities, but it may abstain from voting if it deems that abstaining is in the ETFs' best interests. For example, the Firm may be unable to vote securities that have been lent by the custodian. The CCO will prepare and maintain memoranda describing the rationale for any instance in which the Firm does not vote an ETF's proxy.

The CCO will retain the following information in connection with each proxy vote:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Issuer's name;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The security's ticker symbol or CUSIP, as applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The shareholder meeting date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The number of shares that the Firm voted;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A brief identification of the matter voted on;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Whether the matter was proposed by the Issuer or a security-holder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Whether the Firm cast a vote;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• How the Firm cast its vote (for the proposal, against the proposal, or abstain); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Whether the Firm cast its vote with or against management.

Any attempt to influence the proxy voting process by Issuers or others not identified in these policies and procedures should be promptly reported to the CCO. Similarly, any ETF's attempt to influence proxy voting with respect to other ETFs' securities should be promptly reported to the ETF CCO.

Proxies received after an ETF terminates its advisory relationship with the Firm will not be voted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.Class Actions and Corporate Actions**

A securities "class action" lawsuit is a civil suit brought by one or more individuals on behalf of themselves and others who have the same grievance against the issuer of a certain security. When a class action is filed, a written notice of filing and/or settlement is prepared which outlines the reasons for the lawsuit, the parameters for qualification as a member of the class and certain legal rights that need to be considered before becoming a member of the class. To the extent that the Firm receives notice of a class action or corporate action in which an ETF is entitled to participate, the Firm will direct the ETF's participation in accordance with its fiduciary duty. With respect to corporate actions that require investment discretion, the ETF will review a variety of factors and make a determination with respect to the corporate action and write a memorandum for the compliance file.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.Disclosures to ETFs**

The Firm will provide a quarterly certification as to its adherence to its proxy voting policies to the ETF Board.

As a matter of policy, the Firm does not disclose how it expects to vote on upcoming proxies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.Form N-PX**

In addition, the Firm shall complete a Form N-PX Report as of June 30 for the preceding twelve months, which is filed not later than August 31 of each year. The Firm shall keep one copy of each completed Form N-PX Report and deliver a copy to the ETF Administrator.

The Firm's CCO or designee, along with the ETF Administrator, will review the Form N-PX for the fund prior to filing such report to ensure, on a reasonable basis, the completeness and accuracy of the filing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.Proxy Agent**

The Firm may retain an independent third-party proxy voting agent to assist the Firm in its proxy voting responsibilities in accordance with these policies and procedures and in particular, with the Voting Guidelines. As discussed above, the Portfolio Manager or their designee is responsible for monitoring the proxy voting agent.

In general, the Firm may consider the proxy voting agent's research and analysis as part of the Firm's own review of a proxy proposal in which the Voting Guidelines recommend that the vote be considered on a case-by-case basis. The Firm bears ultimate responsibility for how portfolio proxies are voted. Unless instructed otherwise by the Firm, the proxy voting agent, when retained, will vote each portfolio proxy in accordance with the Voting Guidelines. The proxy voting agent also will assist the Firm in maintaining records of the Firm's portfolio proxy votes, including the appropriate records necessary for registered investment companies to meet their regulatory obligations regarding the annual filing of proxy voting records on Form N-PX with the SEC.

Annually, the CCO will review the proxy agent's internal controls, including but not limited to a review of such agent's business continuity plan, proxy record keeping and internal and independent third-party audit certifications. Periodically, a random sample of the proxies voted by any such proxy agent will be audited to ensure it is voting in accordance with the Voting Guidelines or, as applicable, consistent with the Firm's direction.

The CCO will be responsible for monitoring any new SEC interpretations regarding the voting of proxies and the use of third-party proxy voting services and for revising this proxy voting policy as necessary.

------

**SERIES PORTFOLIOS TRUST (the "Trust")**

**PART C**

**(Subversive Capital ETFs)**

OTHER INFORMATION

**Item 28. Exhibits**

---

| | | | |
|:---|:---|:---|:---|
| (a) | (i) |  | <u>[Certificate of Trust – incorporated herein by reference to Registrant's Registration Statement on Form N-1A filed on August 7, 2015.](http://www.sec.gov/Archives/edgar/data/1650149/000089418915003796/cot.htm)</u> |
|  | (ii) |  | <u>[Amended and Restated Agreement and Declaration of Trust – incorporated herein by reference to Registrant's Registration Statement filed on Form N-1A as Post-Effective Amendment No. 4 on May 18, 2016.](http://www.sec.gov/Archives/edgar/data/1650149/000089418916009630/decoftrust_agr.htm)</u> |
| (b) |  |  | <u>[Amended and Restated Bylaws – incorporated herein by reference to Registrant's Registration Statement filed on Form N-1A as Post-Effective Amendment No. 18 on October 31, 2016.](http://www.sec.gov/Archives/edgar/data/1650149/000089418916012704/bylaws.htm)</u> |
| (c) |  |  | Instruments Defining Rights of Security Holders – <u>[incorporated by reference to the Declaration of Trust](http://www.sec.gov/Archives/edgar/data/1650149/000089418916009630/decoftrust_agr.htm)</u> and <u>[Bylaws](http://www.sec.gov/Archives/edgar/data/1650149/000089418916012704/bylaws.htm)</u>. |
| (d) | (i) | (A) | <u>[Investment Advisory Agreement between the Trust, on behalf of the Subversive ETFs, and Subversive Capital Advisor LLC – incorporated herein by reference to Registrant's Registration Statement filed on Form N-1A as Post-Effective Amendment No. 127 on January 24, 2022.](https://www.sec.gov/Archives/edgar/data/1650149/000089418922000382/exdinvestmentadvisoryagree.htm)</u> |
|  |  | (B) | <u>[First amendment to the Investment Advisory Agreement between the Trust, on behalf of the Subversive ETFs, and Subversive Capital Advisor LLC - incorporated herein by reference to Registrant's Registration Statement filed on Form N-1A as Post-Effective Amendment No. 155 on December 19, 2022.](https://www.sec.gov/Archives/edgar/data/1650149/000089418922009110/exhdibfirstamendmenttosubv.htm)</u> |
| (e) | (i) |  | <u>[Distribution Agreement between the Trust and Quasar Distributors, LLC (Subversive ETFs) – incorporated herein by reference to Registrant's Registration Statement filed on Form N-1A as Post-Effective Amendment No.125 on December 29, 2021.](https://www.sec.gov/Archives/edgar/data/1650149/000089418921009188/exhei-etfdistributionagree.htm)</u> |
|  |  | (A) | <u>[First Amendment to ETF Distribution Agreement – incorporated herein by reference to Registrant's Registration Statement filed on Form N-1A as Post-Effective Amendment No. 127 on January 24, 2022.](https://www.sec.gov/Archives/edgar/data/1650149/000089418922000382/exeiafirstamendmenttodabet.htm)</u> |
|  |  | (B) | <u>[Third Amendment to ETF Distribution Agreement –- incorporated herein by reference to Registrant's Registration Statement filed on Form N-1A as Post-Effective Amendment No. 155 on December 19, 2022.](https://www.sec.gov/Archives/edgar/data/1650149/000089418922009110/exheibthirdamendmenttoetfd.htm)</u> |
|  | (ii) |  | <u>[Form of Authorized Participant Agreement – incorporated herein by reference to Registrant's Registration Statement filed on Form N-1A as Post-Effective Amendment No.125 on December 29, 2021.](https://www.sec.gov/Archives/edgar/data/1650149/000089418921009188/exheii-formofapagreement.htm)</u> |
| (f) |  |  | Bonus or Profit Sharing Contracts – *not applicable.* |
| (g) | (i) |  | <u>[Custodian Agreement between the Trust and U.S. Bank, National Association – incorporated herein by reference to Registrant's Registration Statement filed on Form N-1A as Pre-Effective Amendment No. 1 on November 5, 2015.](http://www.sec.gov/Archives/edgar/data/1650149/000089418915005754/custagr.htm)</u> |

---

------

(A) <u>[Amendment to Custodian Agreement – incorporated herein by reference to Registrant's Registration Statement filed on Form N-1A as Post-Effective Amendment No. 127 on January 24, 2022.](https://www.sec.gov/Archives/edgar/data/1650149/000089418922000382/exgiaamendcustodyagmt-12022.htm)</u>

(B) <u>[Amendment to Custodian Agreement – incorporated herein by reference to Registrant's Registration Statement filed on Form N-1A as Post-Effective Amendment No. 155 on December 19, 2022.](https://www.sec.gov/Archives/edgar/data/1650149/000089418922009110/exhgibsubversivecustodyagr.htm)</u>

(h) (i) <u>[Fund Administration Servicing Agreement between the Trust and U.S. Bancorp Fund Services, LLC – incorporated herein by reference to Registrant's Registration Statement filed on Form N-1A as Pre-Effective Amendment No. 1 on November 5, 2015.](http://www.sec.gov/Archives/edgar/data/1650149/000089418915005754/fundadmin_agr.htm)</u>

(A) <u>[Amendment to Fund Administration Servicing Agreement –incorporated herein by reference to Registrant's Registration Statement filed on Form N-1A as Post-Effective Amendment No. 127 on January 24, 2022.](https://www.sec.gov/Archives/edgar/data/1650149/000089418922000382/exhiaamendfundadminagreeme.htm)</u>

(B) <u>[Amendment to Fund Administration Servicing Agreement – - incorporated herein by reference to Registrant's Registration Statement filed on Form N-1A as Post-Effective Amendment No. 155 on December 19, 2022.](https://www.sec.gov/Archives/edgar/data/1650149/000089418922009110/exhhibsubversivefundadmina.htm)</u>

(ii) <u>[Fund Accounting Servicing Agreement between the Trust and U.S. Bancorp Fund Services, LLC – incorporated herein by reference to Registrant's Registration Statement filed on Form N-1A as Pre-Effective Amendment No. 1 on November 5, 2015.](http://www.sec.gov/Archives/edgar/data/1650149/000089418915005754/fundacct_agr.htm)</u>

(A) <u>[Amendment to Fund Accounting Servicing Agreement –incorporated herein by reference to Registrant's Registration Statement filed on Form N-1A as Post-Effective Amendment No. 127 on January 24, 2022.](https://www.sec.gov/Archives/edgar/data/1650149/000089418922000382/exhiiaamendfundaccountinga.htm)</u>

(B) <u>[Amendment to Fund Accounting Servicing Agreement – - incorporated herein by reference to Registrant's Registration Statement filed on Form N-1A as Post-Effective Amendment No. 155 on December 19, 2022.](https://www.sec.gov/Archives/edgar/data/1650149/000089418922009110/exhhiibsubversivefundaccta.htm)</u>

(iii) <u>[Transfer Agent Agreement between the Trust and U.S. Bancorp Fund Services, LLC – incorporated herein by reference to Registrant's Registration Statement filed on Form N-1A as Pre-Effective Amendment No. 1 on November 5, 2015.](http://www.sec.gov/Archives/edgar/data/1650149/000089418915005754/ta_agrmt.htm)</u>

(A) <u>[Amendment to Transfer Agent Agreement –incorporated herein by reference to Registrant's Registration Statement filed on Form N-1A as Post-Effective Amendment No. 127 on January 24, 2022.](https://www.sec.gov/Archives/edgar/data/1650149/000089418922000382/exhiiiaamendartaagreement1.htm)</u>

(B) <u>[Amendment to Transfer Agent Agreement –](https://www.sec.gov/Archives/edgar/data/1650149/000089418922009110/exhhiiibsubversivetaagreem.htm)</u> <u>[- incorporated herein by reference to Registrant's Registration Statement filed on Form N-1A as Post-Effective Amendment No. 155 on December 19, 2022.](https://www.sec.gov/Archives/edgar/data/1650149/000089418922009110/exhhiiibsubversivetaagreem.htm)</u>

------

---

| | | |
|:---|:---|:---|
| | (iv) | <u>[Power of Attorney dated July 22, 2021 on Form N-1A as Post-Effective Amendment No. 119 on September 3, 2021.](https://www.sec.gov/Archives/edgar/data/1650149/000089418921006438/sptpowerofattorney72221-co.htm)</u> |
| (i) |  | <u>[Opinion and Consent of Counsel by Goodwin Procter LLP](https://www.sec.gov/Archives/edgar/data/1650149/000089418922000382/exi1opinionandconsentofcou.htm)[–](https://www.sec.gov/Archives/edgar/data/1650149/000089418922000382/exi1opinionandconsentofcou.htm)</u> <u>[incorporated herein by reference to Registrant](https://www.sec.gov/Archives/edgar/data/1650149/000089418922000382/exi1opinionandconsentofcou.htm)['](https://www.sec.gov/Archives/edgar/data/1650149/000089418922000382/exi1opinionandconsentofcou.htm)[s Registration](https://www.sec.gov/Archives/edgar/data/1650149/000089418922000382/exi1opinionandconsentofcou.htm)[Stat](https://www.sec.gov/Archives/edgar/data/1650149/000089418922000382/exi1opinionandconsentofcou.htm)[e](https://www.sec.gov/Archives/edgar/data/1650149/000089418922000382/exi1opinionandconsentofcou.htm)[ment filed on Form N-](https://www.sec.gov/Archives/edgar/data/1650149/000089418922000382/exi1opinionandconsentofcou.htm)[1](https://www.sec.gov/Archives/edgar/data/1650149/000089418922000382/exi1opinionandconsentofcou.htm)[A as Pre](https://www.sec.gov/Archives/edgar/data/1650149/000089418922000382/exi1opinionandconsentofcou.htm)[-](https://www.sec.gov/Archives/edgar/data/1650149/000089418922000382/exi1opinionandconsentofcou.htm)[Effective Amend](https://www.sec.gov/Archives/edgar/data/1650149/000089418922000382/exi1opinionandconsentofcou.htm)[ment No. 127](https://www.sec.gov/Archives/edgar/data/1650149/000089418922000382/exi1opinionandconsentofcou.htm)[on January 24, 2022.](https://www.sec.gov/Archives/edgar/data/1650149/000089418922000382/exi1opinionandconsentofcou.htm)</u> |
| (j) |  | <u>[Consent of Independent Registered Public Accounting Firm -](consentforfsincorporated3.htm)</u>*<u>[f](consentforfsincorporated3.htm)[i](consentforfsincorporated3.htm)[led here](consentforfsincorporated3.htm)[with](consentforfsincorporated3.htm)[.](consentforfsincorporated3.htm)</u>* |
| (k) |  | Omitted Financial Statements – *not applicable.* |
| (l) |  | <u>[Initial Capital Agreement – incorporated herein by reference to Registrant's Registration Statement filed on Form N-1A as Pre-Effective Amendment No. 2 on November 20, 2015.](http://www.sec.gov/Archives/edgar/data/1650149/000089418915005941/incapagr.htm)</u> |
| (m) |  | <u>[Amended and Restated Rule 12b-1 Plan –](https://www.sec.gov/Archives/edgar/data/1650149/000089418922009110/exhmrule12b-1plan.htm)[incorporated herein by reference to Registrant's Registration Statement filed on Form N-1A as Post-Effective Amendment No. 155 on December 19, 2022.](https://www.sec.gov/Archives/edgar/data/1650149/000089418922009110/exhmrule12b-1plan.htm)</u> |
| (n) |  | Rule 18f-3 Plan – *not applicable.* |
| (o) |  | Reserved |
| (p) | (i) | <u>[Code of Ethics for the Trust – incorporated herein by reference to Registrant's Registration Statement filed on Form N-1A as Pre-Effective Amendment No. 1 on November 5, 2015.](http://www.sec.gov/Archives/edgar/data/1650149/000089418915005754/coe.htm)</u> |
|  | (ii) | <u>[Code of Ethics for Subversive Capital LLC -](exhpiisubversiveadvisercod.htm)</u>*<u>[filed herewith.](exhpiisubversiveadvisercod.htm)</u>* |

---

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

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

**Item 30. Indemnification**

Reference is made to Article VII, Section 2 of the Registrant's Amended and Restated Agreement and Declaration of Trust, Article VI of Registrant's Amended and Restated Bylaws, and Section 8 of the Distribution Agreement. With respect to the Registrant, the general effect of these provisions is to indemnify any person (Trustee, officer, employee or agent, among others) who was or is a party to any proceeding by reason of their actions performed in their official or duly authorized capacity on behalf of the Trust. With respect to the Distributor, the general effect of the relevant provisions is to indemnify those entities for claims arising out of any untrue statement or material fact contained in the Funds' Registration Statement, reports to shareholders or advertising and sales literature.

&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to Rule 484 under the Securities Act of 1933, as amended, (the "1933 Act"), the Registrant furnishes the following undertaking: "Insofar as indemnification for liability arising under the 1933 Act 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 1933 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 1933 Act and will be governed by the final adjudication of such issue."

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**Item 31. Business and Other Connections of Investment Adviser**

&nbsp;&nbsp;&nbsp;&nbsp;The response to this Item is incorporated by reference to the Adviser's Uniform Application for Investment Adviser Registration ("Form ADV") on file with the SEC. The Adviser's Form ADV may be obtained, free of charge, at the SEC's website at www.adviserinfo.sec.gov.

**Item 32. Principal Underwriter.**

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

1. American Trust Allegiance Fund, Series of Advisors Series Trust

2. Capital Advisors Growth Fund, Series of Advisors Series Trust

3. Chase Growth Fund, Series of Advisors Series Trust

4. Davidson Multi Cap Equity Fund, Series of Advisors Series Trust

5. Edgar Lomax Value Fund, Series of Advisors Series Trust

6. First Sentier American Listed Infrastructure Fund, Series of Advisors Series Trust

7. First Sentier Global Listed Infrastructure Fund, Series of Advisors Series Trust

8. Fort Pitt Capital Total Return Fund, Series of Advisors Series Trust

9. Huber Large Cap Value Fund, Series of Advisors Series Trust

10. Huber Mid Cap Value Fund, Series of Advisors Series Trust

11. Huber Select Large Cap Value Fund, Series of Advisors Series Trust

12. Huber Small Cap Value Fund, Series of Advisors Series Trust

13. Logan Capital Broad Innovative Growth ETF, Series of Advisors Series Trust

14. O'Shaughnessy Market Leaders Value Fund, Series of Advisors Series Trust

15. PIA BBB Bond Fund, Series of Advisors Series Trust

16. PIA High Yield Fund, Series of Advisors Series Trust

17. PIA High Yield (MACS) Fund, Series of Advisors Series Trust

18. PIA MBS Bond Fund, Series of Advisors Series Trust

19. PIA Short-Term Securities Fund, Series of Advisors Series Trust

20. Poplar Forest Cornerstone Fund, Series of Advisors Series Trust

21. Poplar Forest Partners Fund, Series of Advisors Series Trust

22. Pzena Emerging Markets Value Fund, Series of Advisors Series Trust

23. Pzena International Small Cap Value Fund, Series of Advisors Series Trust

24. Pzena International Value Fund, Series of Advisors Series Trust

25. Pzena Mid Cap Value Fund, Series of Advisors Series Trust

26. Pzena Small Cap Value Fund, Series of Advisors Series Trust

27. Reverb ETF, Series of Advisors Series Trust

28. Scharf Fund, Series of Advisors Series Trust

29. Scharf Global Opportunity Fund, Series of Advisors Series Trust

30. Scharf Multi-Asset Opportunity Fund, Series of Advisors Series Trust

31. Semper MBS Total Return Fund, Series of Advisors Series Trust

32. Semper Short Duration Fund, Series of Advisors Series Trust

33. Shenkman Capital Floating Rate High Income Fund, Series of Advisors Series Trust

34. Shenkman Capital Short Duration High Income Fund, Series of Advisors Series Trust

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35. VegTech Plant-based Innovation & Climate ETF, Series of Advisors Series Trust

36. The Aegis Funds

37. Allied Asset Advisors Funds

38. Angel Oak Funds Trust

39. Angel Oak Strategic Credit Fund

40. Barrett Opportunity Fund, Inc.

41. Bridges Investment Fund, Inc.

42. Brookfield Investment Funds

43. Buffalo Funds

44. Cushing Mutual Funds Trust

45. DoubleLine Funds Trust

46. EA Series Trust (f/k/a Alpha Architect ETF Trust)

47. Ecofin Tax-Advantaged Social Impact Fund, Inc.

48. AAM Bahl & Gaynor Small/Mid Cap Income Growth ETF, Series of ETF Series Solutions

49. AAM Low Duration Preferred and Income Securities ETF, Series of ETF Series Solutions

50. AAM S&P 500 Emerging Markets High Dividend Value ETF, Series of ETF Series Solutions

51. AAM S&P 500 High Dividend Value ETF, Series of ETF Series Solutions

52. AAM S&P Developed Markets High Dividend Value ETF, Series of ETF Series Solutions

53. AAM Transformers ETF, Series of ETF Series Solutions

54. AlphaMark Actively Managed Small Cap ETF, Series of ETF Series Solutions

55. Aptus Collared Income Opportunity ETF, Series of ETF Series Solutions

56. Aptus Defined Risk ETF, Series of ETF Series Solutions

57. Aptus Drawdown Managed Equity ETF, Series of ETF Series Solutions

58. Aptus Enhanced Yield ETF, Series of ETF Series Solutions

59. Blue Horizon BNE ETF, Series of ETF Series Solutions

60. BTD Capital Fund, Series of ETF Series Solutions

61. Carbon Strategy ETF, Series of ETF Series Solutions

62. ClearShares OCIO ETF, Series of ETF Series Solutions

63. ClearShares Piton Intermediate Fixed Income Fund, Series of ETF Series Solutions

64. ClearShares Ultra-Short Maturity ETF, Series of ETF Series Solutions

65. Distillate International Fundamental Stability & Value ETF, Series of ETF Series Solutions

66. Distillate Small/Mid Cash Flow ETF, Series of ETF Series Solutions

67. Distillate U.S. Fundamental Stability & Value ETF, Series of ETF Series Solutions

68. ETFB Green SRI REITs ETF, Series of ETF Series Solutions

69. Hoya Capital High Dividend Yield ETF, Series of ETF Series Solutions

70. Hoya Capital Housing ETF, Series of ETF Series Solutions

71. iBET Sports Betting & Gaming ETF, Series of ETF Series Solutions

72. International Drawdown Managed Equity ETF, Series of ETF Series Solutions

73. LHA Market State Alpha Seeker ETF, Series of ETF Series Solutions

74. LHA Market State Tactical Beta ETF, Series of ETF Series Solutions

75. LHA Market State Tactical Q ETF, Series of ETF Series Solutions

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76. Loncar Cancer Immunotherapy ETF, Series of ETF Series Solutions

77. Loncar China BioPharma ETF, Series of ETF Series Solutions

78. McElhenny Sheffield Managed Risk ETF, Series of ETF Series Solutions

79. Nationwide Dow Jones® Risk-Managed Income ETF, Series of ETF Series Solutions

80. Nationwide Nasdaq-100 Risk-Managed Income ETF, Series of ETF Series Solutions

81. Nationwide Russell 2000® Risk-Managed Income ETF, Series of ETF Series Solutions

82. Nationwide S&P 500® Risk-Managed Income ETF, Series of ETF Series Solutions

83. NETLease Corporate Real Estate ETF, Series of ETF Series Solutions

84. Opus Small Cap Value ETF, Series of ETF Series Solutions

85. PSYK ETF, Series of ETF Series Solutions

86. Roundhill Acquirers Deep Value ETF, Series of ETF Series Solutions

87. The Acquirers Fund, Series of ETF Series Solutions

88. U.S. Global GO GOLD and Precious Metal Miners ETF, Series of ETF Series Solutions

89. U.S. Global JETS ETF, Series of ETF Series Solutions

90. U.S. Global Sea to Sky Cargo ETF, Series of ETF Series Solutions

91. US Vegan Climate ETF, Series of ETF Series Solutions

92. First American Funds, Inc.

93. FundX Investment Trust

94. The Glenmede Fund, Inc.

95. The Glenmede Portfolios

96. The GoodHaven Funds Trust

97. Greenspring Fund, Incorporated

98. Harding, Loevner Funds, Inc.

99. Hennessy Funds Trust

100. Horizon Funds

101. Hotchkis & Wiley Funds

102. Intrepid Capital Management Funds Trust

103. Jacob Funds Inc.

104. The Jensen Quality Growth Fund Inc.

105. Kirr, Marbach Partners Funds, Inc.

106. Core Alternative ETF, Series of Listed Funds Trust

107. Wahed Dow Jones Islamic World ETF, Series of Listed Funds Trust

108. Wahed FTSE USA Shariah ETF, Series of Listed Funds Trust

109. LKCM Funds

110. LoCorr Investment Trust

111. MainGate Trust

112. ATAC Rotation Fund, Series of Managed Portfolio Series

113. Cove Street Capital Small Cap Value Fund, Series of Managed Portfolio Series

114. Ecofin Global Energy Transition Fund, Series of Managed Portfolio Series

115. Ecofin Global Renewables Infrastructure Fund, Series of Managed Portfolio Series

116. Ecofin Global Water ESG Fund, Series of Managed Portfolio Series

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117. Ecofin Sustainable Water Fund, Series of Managed Portfolio Series

118. Great Lakes Disciplined Equity Fund, Series of Managed Portfolio Series

119. Great Lakes Large Cap Value Fund, Series of Managed Portfolio Series

120. Great Lakes Small Cap Opportunity Fund, Series of Managed Portfolio Series

121. Jackson Square Large-Cap Growth Fund, Series of Managed Portfolio Series

122. Jackson Square SMID-Cap Growth Fund, Series of Managed Portfolio Series

123. Kensington Active Advantage Fund, Series of Managed Portfolio Series

124. Kensington Dynamic Growth Fund, Series of Managed Portfolio Series

125. Kensington Managed Income Fund, Series of Managed Portfolio Series

126. LK Balanced Fund, Series of Managed Portfolio Series

127. Muhlenkamp Fund, Series of Managed Portfolio Series

128. Nuance Concentrated Value Fund, Series of Managed Portfolio Series

129. Nuance Concentrated Value Long Short Fund, Series of Managed Portfolio Series

130. Nuance Mid Cap Value Fund, Series of Managed Portfolio Series

131. Port Street Quality Growth Fund, Series of Managed Portfolio Series

132. Principal Street High Income Municipal Fund, Series of Managed Portfolio Series

133. Principal Street Short Term Municipal Fund, Series of Managed Portfolio Series

134. Reinhart Genesis PMV Fund, Series of Managed Portfolio Series

135. Reinhart International PMV Fund, Series of Managed Portfolio Series

136. Reinhart Mid Cap PMV Fund, Series of Managed Portfolio Series

137. Tortoise MLP & Energy Income Fund, Series of Managed Portfolio Series

138. Tortoise MLP & Pipeline Fund, Series of Managed Portfolio Series

139. Tortoise North American Pipeline Fund, Series of Managed Portfolio Series

140. V-Shares MSCI World ESG Materiality and Carbon Transition ETF, Series of Managed Portfolio Series

141. V-Shares US Leadership Diversity ETF, Series of Managed Portfolio Series

142. Greenspring Income Opportunities Fund, Series of Manager Directed Portfolios

143. Hood River International Opportunity Fund, Series of Manager Directed Portfolios

144. Hood River Small-Cap Growth Fund, Series of Manager Directed Portfolios

145. Mar Vista Strategic Growth Fund, Series of Manager Directed Portfolios

146. Vert Global Sustainable Real Estate Fund, Series of Manager Directed Portfolios

147. Matrix Advisors Funds Trust

148. Matrix Advisors Value Fund, Inc.

149. Monetta Trust

150. Nicholas Equity Income Fund, Inc.

151. Nicholas Fund, Inc.

152. Nicholas II, Inc.

153. Nicholas Limited Edition, Inc.

154. Permanent Portfolio Family of Funds

155. Perritt Funds, Inc.

156. Procure ETF Trust II

157. Professionally Managed Portfolios

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158. Prospector Funds, Inc.

159. Provident Mutual Funds, Inc.

160. Abbey Capital Futures Strategy Fund, Series of The RBB Fund, Inc.

161. Abbey Capital Multi-Asset Fund, Series of The RBB Fund, Inc.

162. Adara Smaller Companies Fund, Series of The RBB Fund, Inc.

163. Aquarius International Fund, Series of The RBB Fund, Inc.

164. Boston Partners All Cap Value Fund, Series of The RBB Fund, Inc.

165. Boston Partners Emerging Markets Dynamic Equity Fund, Series of The RBB Fund, Inc.

166. Boston Partners Emerging Markets Fund, Series of The RBB Fund, Inc.

167. Boston Partners Global Equity Fund, Series of The RBB Fund, Inc.

168. Boston Partners Global Long/Short Fund, Series of The RBB Fund, Inc.

169. Boston Partners Global Sustainability Fund, Series of The RBB Fund, Inc.

170. Boston Partners Long/Short Equity Fund, Series of The RBB Fund, Inc.

171. Boston Partners Long/Short Research Fund, Series of The RBB Fund, Inc.

172. Boston Partners Small Cap Value Fund II, Series of The RBB Fund, Inc.

173. Campbell Systematic Macro Fund, Series of The RBB Fund, Inc.

174. Motley Fool 100 Index ETF, Series of The RBB Fund, Inc.

175. Motley Fool Capital Efficiency 100 Index ETF, Series of The RBB Fund, Inc.

176. Motley Fool Global Opportunities ETF, Series of The RBB Fund, Inc.

177. Motley Fool Mid-Cap Growth ETF, Series of The RBB Fund, Inc.

178. Motley Fool Next Index ETF, Series of The RBB Fund, Inc.

179. Motley Fool Small-Cap Growth ETF, Series of The RBB Fund, Inc.

180. Optima Strategic Credit Fund, Series of The RBB Fund, Inc.

181. SGI Global Equity Fund, Series of The RBB Fund, Inc.

182. SGI Peak Growth Fund, Series of The RBB Fund, Inc.

183. SGI Prudent Growth Fund, Series of The RBB Fund, Inc.

184. SGI Small Cap Core Fund, Series of The RBB Fund, Inc.

185. SGI U.S. Large Cap Equity Fund, Series of The RBB Fund, Inc.

186. SGI U.S. Small Cap Equity Fund, Series of The RBB Fund, Inc.

187. US Treasury 10 Year Note ETF, Series of The RBB Fund, Inc.

188. US Treasury 2 Year Note ETF, Series of The RBB Fund, Inc.

189. US Treasury 3 Month Bill ETF, Series of The RBB Fund, Inc.

190. WPG Partners Select Small Cap Value Fund, Series of The RBB Fund, Inc.

191. WPG Partners Small/Micro Cap Value Fund, Series of The RBB Fund, Inc.

192. The RBB Fund Trust

193. RBC Funds Trust

194. Series Portfolios Trust

195. Thompson IM Funds, Inc.

196. TrimTabs ETF Trust

197. Trust for Advised Portfolios

198. Barrett Growth Fund, Series of Trust for Professional Managers

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199. Bright Rock Mid Cap Growth Fund, Series of Trust for Professional Managers

200. Bright Rock Quality Large Cap Fund, Series of Trust for Professional Managers

201. CrossingBridge Low Duration High Yield Fund, Series of Trust for Professional Managers

202. CrossingBridge Responsible Credit Fund, Series of Trust for Professional Managers

203. CrossingBridge Ultra-Short Duration Fund, Series of Trust for Professional Managers

204. Dearborn Partners Rising Dividend Fund, Series of Trust for Professional Managers

205. Jensen Global Quality Growth Fund, Series of Trust for Professional Managers

206. Jensen Quality Value Fund, Series of Trust for Professional Managers

207. Rockefeller Climate Solutions Fund, Series of Trust for Professional Managers

208. Terra Firma US Concentrated Realty Fund, Series of Trust for Professional Managers

209. USQ Core Real Estate Fund

210. Wall Street EWM Funds Trust

211. Wisconsin Capital Funds, Inc.

(b)The following are the Officers and Manager of the Distributor, the Registrant's underwriter. The Distributor's main business address is 111 E. Kilbourn Ave., Suite 2200, Milwaukee, WI 53202:

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **Address** | **Position with Underwriter** | **Position with Registrant** |
| Teresa Cowan | 111 E. Kilbourn Ave, Suite 2200, Milwaukee, WI 53202 | President/Manager |  |
| Chris Lanza | Three Canal Plaza, Suite 100, Portland, ME 04101 | Vice President |  |
| Kate Macchia | Three Canal Plaza, Suite 100, Portland, ME 04101 | Vice President |  |
| Susan L. LaFond | 111 E. Kilbourn Ave, Suite 2200, Milwaukee, WI 53202 | Vice President/Chief Compliance Officer/Treasurer |  |
| Jennifer A. Brunner | 111 E. Kilbourn Ave, Suite 2200, Milwaukee, WI 53202 | Vice President and Chief Compliance Officer |  |
| Kelly B. Whetstone | Three Canal Plaza, Suite 100, Portland, ME 04101 | Secretary |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.

------

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

&nbsp;&nbsp;&nbsp;&nbsp;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, Fund Accountant and Transfer Agent | U.S. Bancorp Fund Services, LLC<br>615 East Michigan Street, 3<sup>rd</sup> Floor<br>Milwaukee, WI 53202 |
| Registrant's Custodian | U.S. Bank, National Association<br>1555 N. Rivercenter Drive, Suite 302 <br>Milwaukee, Wisconsin 53212 |
| Registrant's Distributor | Quasar Distributors, LLC<br>111 E. Kilbourn Ave., Suite 2200<br>Milwaukee, WI 53202. |
| Registrant's Investment Adviser | Subversive Capital Advisor LLC<br>217 Centre Street, Suite 122<br>New York, NY 10013 |

---

**Item 34. Management Services**

&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.

**Item 35. Undertakings**

&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.

------

**SIGNATURES**

&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act of 1933, as amended, and the Investment Company Act of 1940, as amended, the Registrant, Series Portfolios Trust, certifies that it has duly caused this Post-Effective Amendment No. 162 to its Registration Statement on Form N-1A meets all the requirements for effectiveness pursuant to Rule 485(b) of the Securities Act, and has duly caused this Post-Effective Amendment No. 162 to its Registration Statement on Form N-1A to be signed below on its behalf by the undersigned, duly authorized, in the City of Milwaukee, and State of Wisconsin, on the 27th day of January.

Series Portfolios Trust

By: <u>/s/ Ryan L. Roell&nbsp;&nbsp;&nbsp;&nbsp;</u>

Ryan L. Roell

President

&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act, this Post-Effective Amendment No. 162 to its Registration Statement has been signed below by the following persons in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
| <u>Signature</u> | <u>Title</u> | <u>Date</u> |
| <u>/s/ Daniel B. Willey\*</u> | Trustee | January 27, 2023 |
| Daniel B. Willey |  |  |
| <u>/s/ Debra McGinty-Poteet\*</u> | Trustee | January 27, 2023 |
| Debra McGinty-Poteet |  |  |
| <u>/s/ Koji Felton\*</u> | Trustee | January 27, 2023 |
| Koji Felton |  |  |
| <u>/s/ Elaine E. Richards\*</u> | Trustee | January 27, 2023 |
| Elaine E. Richards |  |  |
| <u>/s/ Ryan L. Roell</u> | President and Principal | January 27, 2023 |
| Ryan L. Roell | Executive Officer |  |
| <u>/s/ Cullen O. Small\*</u> | Treasurer and Principal | January 27, 2023 |
| Cullen O. Small | Financial Officer |  |
| <u>\*By: /s/ Ryan L. Roell</u> |  | January 27, 2023 |
| Ryan L. Roell<br><u>[Attorney-In Fact pursuant to Power of Attorney](https://www.sec.gov/Archives/edgar/data/1650149/000089418919005888/sptpowerofattorney72519-co.htm)</u> |  |  |

---

------

---

| | |
|:---|:---|
| **Exhibit Index** | **Exhibit Index** |
| **Exhibit** | **Exhibit No.** |
| [Consent of Independent Registered Public Accounting Firm](consentforfsincorporated3.htm) | (j) |
| [Code of Ethics for Advisor](exhpiisubversiveadvisercod.htm) [- Subversive Capit](exhpiisubversiveadvisercod.htm)[al](exhpiisubversiveadvisercod.htm)[Advisor](exhpiisubversiveadvisercod.htm)[LL](exhpiisubversiveadvisercod.htm)[C](exhpiisubversiveadvisercod.htm) | (p)(ii) |

---

## Ex-99.(J)

**CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

We hereby consent to the incorporation by reference in this Registration Statement on Form N-1A of our report dated November 29, 2022, relating to the financial statements and financial highlights of Subversive Metaverse ETF, a series of Series Portfolios Trust, for the period ended September 30, 2022, and to the references to our firm under the headings "Financial Highlights" and "Independent Registered Public Accounting Firm" in the Prospectus and "Service Providers" in the Statement of Additional Information.

<u>/s/ Cohen & Company, LTD.</u> 

COHEN & COMPANY, LTD.

Milwaukee, Wisconsin

January 26, 2023

## Ex-99.(P)(Ii)

**SUBVERSIVE CAPITAL ADVISOR LLC**

**CODE OF ETHICS**

**October, 2022**

This Code of Ethics (the "**Code**") is the sole property of Subversive Capital Advisor LLC (the "**Firm**"). Supervised Persons must return this Code to the Firm upon termination of their association with the Firm. The contents of the Code are strictly confidential. Supervised Persons may not duplicate, copy or reproduce the Code in whole or in part or make it available in any form to non-Supervised Persons without prior approval in writing from the Firm's Chief Compliance Officer ("**CCO**").

------

**TABLE OF CONTENTS**

**[INTRODUCTION](#ia5cb06094a64480984575c4c7ef0ef1d_7)[&nbsp;&nbsp;&nbsp;&nbsp;](#ia5cb06094a64480984575c4c7ef0ef1d_7)[1](#ia5cb06094a64480984575c4c7ef0ef1d_7)**

&nbsp;&nbsp;&nbsp;&nbsp;**I.[General](#ia5cb06094a64480984575c4c7ef0ef1d_16)[&nbsp;&nbsp;&nbsp;&nbsp;](#ia5cb06094a64480984575c4c7ef0ef1d_16)[5](#ia5cb06094a64480984575c4c7ef0ef1d_16)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*A.[Statement of General Principles](#ia5cb06094a64480984575c4c7ef0ef1d_16)[&nbsp;&nbsp;&nbsp;&nbsp;](#ia5cb06094a64480984575c4c7ef0ef1d_16)[5](#ia5cb06094a64480984575c4c7ef0ef1d_16)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*B.[Initial and Annual Acknowledgment](#ia5cb06094a64480984575c4c7ef0ef1d_16)[&nbsp;&nbsp;&nbsp;&nbsp;](#ia5cb06094a64480984575c4c7ef0ef1d_16)[5](#ia5cb06094a64480984575c4c7ef0ef1d_16)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*C.[Reporting Violations of the Code of Ethics](#ia5cb06094a64480984575c4c7ef0ef1d_16)[&nbsp;&nbsp;&nbsp;&nbsp;](#ia5cb06094a64480984575c4c7ef0ef1d_16)[6](#ia5cb06094a64480984575c4c7ef0ef1d_16)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*D.[Exceptions](#ia5cb06094a64480984575c4c7ef0ef1d_16)[&nbsp;&nbsp;&nbsp;&nbsp;](#ia5cb06094a64480984575c4c7ef0ef1d_16)[6](#ia5cb06094a64480984575c4c7ef0ef1d_16)*

&nbsp;&nbsp;&nbsp;&nbsp;**II.[Supervised Persons' Conduct](#ia5cb06094a64480984575c4c7ef0ef1d_16)[&nbsp;&nbsp;&nbsp;&nbsp;](#ia5cb06094a64480984575c4c7ef0ef1d_16)[7](#ia5cb06094a64480984575c4c7ef0ef1d_16)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*A.[Conflicts of Interest](#ia5cb06094a64480984575c4c7ef0ef1d_16)[&nbsp;&nbsp;&nbsp;&nbsp;](#ia5cb06094a64480984575c4c7ef0ef1d_16)[7](#ia5cb06094a64480984575c4c7ef0ef1d_16)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*B.[Outside Business Activities](#ia5cb06094a64480984575c4c7ef0ef1d_16)[&nbsp;&nbsp;&nbsp;&nbsp;](#ia5cb06094a64480984575c4c7ef0ef1d_16)[7](#ia5cb06094a64480984575c4c7ef0ef1d_16)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*C.[Gifts and Entertainment](#ia5cb06094a64480984575c4c7ef0ef1d_16)[&nbsp;&nbsp;&nbsp;&nbsp;](#ia5cb06094a64480984575c4c7ef0ef1d_16)[7](#ia5cb06094a64480984575c4c7ef0ef1d_16)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*D.[Political Contributions](#ia5cb06094a64480984575c4c7ef0ef1d_19)[&nbsp;&nbsp;&nbsp;&nbsp;](#ia5cb06094a64480984575c4c7ef0ef1d_19)[10](#ia5cb06094a64480984575c4c7ef0ef1d_19)*

&nbsp;&nbsp;&nbsp;&nbsp;**III.[Prevention and Detection of Insider Trading](#ia5cb06094a64480984575c4c7ef0ef1d_22)[&nbsp;&nbsp;&nbsp;&nbsp;](#ia5cb06094a64480984575c4c7ef0ef1d_22)[11](#ia5cb06094a64480984575c4c7ef0ef1d_22)**

&nbsp;&nbsp;&nbsp;&nbsp;**IV.[Personal Trading Policies and Procedures](#ia5cb06094a64480984575c4c7ef0ef1d_22)[&nbsp;&nbsp;&nbsp;&nbsp;](#ia5cb06094a64480984575c4c7ef0ef1d_22)[12](#ia5cb06094a64480984575c4c7ef0ef1d_22)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*A.[Personal Trading Accounts](#ia5cb06094a64480984575c4c7ef0ef1d_22)[&nbsp;&nbsp;&nbsp;&nbsp;](#ia5cb06094a64480984575c4c7ef0ef1d_22)[12](#ia5cb06094a64480984575c4c7ef0ef1d_22)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*B.[Securities Reporting](#ia5cb06094a64480984575c4c7ef0ef1d_22)[&nbsp;&nbsp;&nbsp;&nbsp;](#ia5cb06094a64480984575c4c7ef0ef1d_22)[12](#ia5cb06094a64480984575c4c7ef0ef1d_22)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*C.[Preclearance Procedures](#ia5cb06094a64480984575c4c7ef0ef1d_22)[&nbsp;&nbsp;&nbsp;&nbsp;](#ia5cb06094a64480984575c4c7ef0ef1d_22)[14](#ia5cb06094a64480984575c4c7ef0ef1d_22)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*D.[Review](#ia5cb06094a64480984575c4c7ef0ef1d_22)[&nbsp;&nbsp;&nbsp;&nbsp;](#ia5cb06094a64480984575c4c7ef0ef1d_22)[14](#ia5cb06094a64480984575c4c7ef0ef1d_22)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*E.[Remedial Actions](#ia5cb06094a64480984575c4c7ef0ef1d_22)[&nbsp;&nbsp;&nbsp;&nbsp;](#ia5cb06094a64480984575c4c7ef0ef1d_22)[15](#ia5cb06094a64480984575c4c7ef0ef1d_22)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*F.[Confidentiality of Reporting](#ia5cb06094a64480984575c4c7ef0ef1d_22)[&nbsp;&nbsp;&nbsp;&nbsp;](#ia5cb06094a64480984575c4c7ef0ef1d_22)[15](#ia5cb06094a64480984575c4c7ef0ef1d_22)*

**[Appendix A](#ia5cb06094a64480984575c4c7ef0ef1d_25)[&nbsp;&nbsp;&nbsp;&nbsp;](#ia5cb06094a64480984575c4c7ef0ef1d_25)[16](#ia5cb06094a64480984575c4c7ef0ef1d_25)**

**[Appendix B](#ia5cb06094a64480984575c4c7ef0ef1d_28)[&nbsp;&nbsp;&nbsp;&nbsp;](#ia5cb06094a64480984575c4c7ef0ef1d_28)[17](#ia5cb06094a64480984575c4c7ef0ef1d_28)**

**[Appendix C](#ia5cb06094a64480984575c4c7ef0ef1d_43)[&nbsp;&nbsp;&nbsp;&nbsp;](#ia5cb06094a64480984575c4c7ef0ef1d_43)[32](#ia5cb06094a64480984575c4c7ef0ef1d_43)**

**[Appendix D](#ia5cb06094a64480984575c4c7ef0ef1d_46)[&nbsp;&nbsp;&nbsp;&nbsp;](#ia5cb06094a64480984575c4c7ef0ef1d_46)[34](#ia5cb06094a64480984575c4c7ef0ef1d_46)**

**[Appendix E](#ia5cb06094a64480984575c4c7ef0ef1d_49)[&nbsp;&nbsp;&nbsp;&nbsp;](#ia5cb06094a64480984575c4c7ef0ef1d_49)[35](#ia5cb06094a64480984575c4c7ef0ef1d_49)**

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**INTRODUCTION**

This Code is applicable to each Access Person and Supervised Person (as defined below and used interchangeably throughout this Code) of the Firm and is intended to govern the activities and conduct of Access Persons and Supervised Persons on behalf of the Firm, as well as certain personal activities and conduct of Accessed Persons and Supervised Persons. The Code does not attempt to serve as a comprehensive guide regarding the conduct of Access Persons and Supervised Persons, but rather is intended to establish general rules of conduct and procedures applicable to all Access and Supervised Persons. The Firm's CCO will maintain a list of all Access Persons and Supervised Persons.

The Firm's CCO is responsible for administering and implementing this Code. All Supervised Persons are required to be thoroughly familiar with the Firm's standards and procedures as described in this Code. Any questions regarding this Code, or other compliance issues, must be directed to the CCO. The CCO may, from time to time, appoint a designee to carry out certain responsibilities of the post.

In addition, the Firm acts as adviser solely to Exchange-Traded Funds ("**ETFs**") which are investment companies registered under the Investment Company Act of 1940 (the "**Investment Company Act**"). Per Rule 17j-1 under the Investment Company Act, investment advisors to registered investment companies must annually provide to the registered investment company's board of directors a written report that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Describes any issues arising under the code of ethics or procedures since the last report to the board of directors, including, but not limited to, information about material violations of the code or procedures and sanctions imposed in response to the material violations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Certifies that the investment advisor has adopted procedures reasonably necessary to prevent Access Persons from violating the code.

The following defined terms are used throughout the Code:

**"Access Person,"** means any Supervised Person of the Firm who: (i) has access to nonpublic information regarding the ETFs' purchase or sale of securities, or (ii) is involved in making securities recommendations to ETFs, or who has access to such recommendations that are nonpublic. All members of the Investment Committee (other than Investment Committee members that are not being treated as Supervised Persons) and all managers, members, officers and partners of the Firm are deemed to be Access Persons. Certain of the Firm's consultants or temporary workers may be deemed Access Persons, as determined from time to time by the CCO. As of the date of this Code, all Supervised Persons of the Firm are deemed to be Access Persons.

**"Advisers Act"** means the Investment Advisers Act of 1940, as amended.

**"BasisCode"** refers to the centralized compliance reporting system used by the Adviser's CCO. Once the Adviser is onboarded, BasisCode will be utilized to facilitate the dissemination and collection of data as well as the reporting requirements of the Code.

------

**"Beneficial Ownership"** in Securities means direct or indirect pecuniary interest in the Securities held or shared directly or indirectly through any contract, arrangement, understanding, relationship or otherwise. An Access Person is presumed to be a Beneficial Owner of Securities that are held by his or her Immediate Family Members sharing the Access Person's household or to whom the Access Persons provides primary financial support.

**"Chief Compliance Officer"** or **"CCO"** means such person as may be designated from time to time.

**"Code"** means the Firm's Code of Ethics.

**"Firm"** means Subversive Capital Advisor LLC.

**"Immediate Family Members"** include children, step-children, grandchildren, parents, step- parents, grandparents, spouses, domestic partners, siblings, parents-in-law, and children-in-law, as well as adoptive relationships that meet the above criteria.

**"Initial Public Offering"** or **"IPO"** means an offering of Securities registered under the Securities Act, the issuer of which, immediately before the registration, was not subject to the reporting requirements of Sections 13 or 15(d) of the Securities Exchange Act.

**"Investment Committee"** means the committee established for each ETF, as set forth in the governing documents for such ETF.

**"Material Non-Public Information"** or "**MNPI**" means information that has not yet been effectively communicated to the applicable marketplace or that is not otherwise a matter of public knowledge for which there is a substantial likelihood that a reasonable investor would consider it important in making his or her investment decisions, or that is reasonably certain to have a substantial effect on the price of an issuer's securities.

**"Non-Reportable Account"** means any investment or trading account, which meets the definition of Personal Trading Account and which holds exclusively Securities that are not Reportable Securities.

**"Non-Reportable Securities"** include: (i) direct obligations of the Government of the United States; (ii) bankers' acceptances, bank certificates of deposit, commercial paper and other high quality short-term debt instruments, including repurchase agreements; (iii) money market instruments; (iv) shares issued by open-end registered investment companies (e.g., open-end mutual funds), unless the Firm or a control affiliate acts as the investment adviser or principal underwriter for the fund.

**"Personal Trading Account"** means a personal investment or trading account of an Access Person or an account related to a personal investment or trading account of an Access Person. Personal Trading Accounts include accounts for: (i) trusts for which an Access Person acts as trustee, executor, custodian or discretionary manager; (ii) the benefit of the Access Person's spouse or minor child; (iii) the benefit of any Immediate Family Member living with the Access Person; and (iv) the benefit of any person to whom the Access Person provides material financial support.

------

It may be possible for Access Persons to exclude accounts held personally or by Immediate Family Members sharing the same household if the Access Person does not have any direct or indirect influence or control over the accounts, or if the Access Person can rebut the presumption of beneficial ownership over family members' accounts. Access Persons should consult with the CCO before excluding any accounts held by Immediate Family Members sharing the same household.

A Personal Trading Account may also include an investment or trading account over which an Access Person exercises control or provides investment advice or a proprietary investment or trading account maintained for the Firm or its Access Persons.

**"Private Investment"** means an offering of Securities that is exempt from registration under the Securities Act, pursuant to Section 4(a)(2) or Section 4(a)(6) or pursuant to Rules 504, 505 or 506 of Regulation D.

**"Reportable Securities"** refers to securities reportable under this Code, and generally will include all Securities but for this purpose will not include Non-Reportable Securities.

**"Restricted List"** refers to the list the CCO will maintain containing the names of Securities which are determined to be at risk for potential conflicts of interest. Securities held or under consideration to be purchased or sold by funds managed by the Adviser are typically considered Restricted.

**"SEC"** means the U.S. Securities and Exchange Commission.

**"Security"** or **"Securities"** means any, or a combination of any, note, stock, treasury stock, security future, bond, debenture, evidence of indebtedness, certificate of interest or participation in any profit-sharing agreement, collateral-trust certificate, preorganization certificate or subscription, transferable share, investment contract, voting-trust certificate, certificate of deposit for a security, fractional undivided interest in oil, gas or other mineral rights, any put, call, straddle, option or privilege on any security (including a certificate of deposit) or on any group or index of securities (including any interest therein or based on the value thereof) or any put, call, straddle, option or privilege entered into on a national securities exchange relating to foreign currency or, in general, any interest or instrument commonly known as a "security" or any certificate of interest or participation in, temporary or interim certificate for, receipt for, guaranty of or warrant or right to subscribe to or purchase any of the foregoing. Security also includes any Digital Security. Commodities, futures and options traded on a commodities exchange are not considered securities.

Any Access Person who wishes to purchase, acquire or sell any asset that is issued and transferred using distributed ledger or blockchain technology, including, but not limited to, virtual currencies, cryptocurrencies, digital "coins" or "tokens" ("**Digital Assets**"), should consult with the CCO as to whether such Digital Asset would be considered a Security, and specifically a "Digital Security", for purposes of this policy. A Digital Asset is likely to be considered a Digital Security if it is offered and sold as an investment contract. On April 3, 2019, the SEC published a framework

------

for investment contract analysis of Digital Assets.<sup>1</sup> The CCO may use this framework, among other relevant SEC guidance, to determine whether a Digital Asset would be considered a Digital Security for the purposes of this policy. If the CCO determines that such Digital Asset should be considered a Digital Security, the Digital Asset will be considered a Reportable Security for purposes of this policy

**"Securities Act"** means the Securities Act of 1933, as amended.

**"Securities Exchange Act"** means the Securities Exchange Act of 1934, as amended.

**"Supervised Person"** means any partner, officer, director (or other person occupying a similar status or performing similar functions) or employee of the Firm or other person who provides investment advice on behalf of the Firm and is subject to the supervision and control of the Firm. Certain of the Firm's consultants or temporary workers may be deemed Supervised Persons, as determined from time to time by the CCO. Supervised Persons expressly do not include any individual or entity providing consulting services or services under a service agreement, if such services do not involve MNPI related to the work or services rendered to the Firm.

**"Third-Party Managed Account"** means an account for which an Access Person has designated investment discretion entirely to a third party. In such account, the Access Person cannot exercise any investment discretion in the purchase or sale of Securities. The CCO has authority under this Code to determine at any time whether a particular account qualifies or continues to qualify as a Third-Party Managed Account, whether additional information should be provided by the relevant Access Person or whether additional steps must be taken by the relevant Access Person in order to maintain Third-Party Managed Account status for the relevant account.

Other capitalized terms used herein may be defined elsewhere in the Code or have the respective meanings given such term under applicable law.

![image_0.jpg](image_0.jpg)

<sup>1</sup> <u>https://www.sec.gov/files/dlt-framework.pdf</u>

------

&nbsp;&nbsp;&nbsp;&nbsp;**I.General**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.Statement of General Principles**

This Code describes the Firm's policies and procedures covering a wide range of activities applicable to Supervised Persons, and has been adopted, in conjunction with the Firm's Compliance Manual (the "**Manual**"), to satisfy the obligations of an investment adviser registered with the SEC in connection with Rule 206(4)-7 under the Advisers Act. As an investment adviser, the Firm has a fiduciary duty to place its client's interests before the interests of the Firm and its Supervised Persons.

It is critical that Supervised Persons avoid any situation that might present, or appear to present, any actual or potential conflict of interest with the interests of the ETFs, or compromise or appear to compromise, Supervised Persons' ability to exercise fully their independent best judgment for the benefit of the ETFs.

Access Persons are prohibited from the following unlawful acts:

&nbsp;&nbsp;&nbsp;&nbsp;1.To employ any device, scheme or artifice to defraud the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;2.To make any untrue statement of a material fac to the Fund or omit to state a material fact necessary in order to make the statements made to the Fund, in light of the circumstances under which they are made, not misleading;

&nbsp;&nbsp;&nbsp;&nbsp;3.To engage in any act, practice or course of business that operates or would operate as a fraud or deceit on the Fund; or

&nbsp;&nbsp;&nbsp;&nbsp;4.To engage in any manipulative practice with respect to the Fund.

Failing to comply with the Code may lead to disciplinary actions, including, but not limited to cancellation of personal trading transactions, disgorgement of profits from such transactions, suspension of personal trading privileges, suspension of employment or termination of employment. The CCO, together with the advice of counsel and other senior managers as the CCO shall deem necessary or advisable, will determine what disciplinary and remedial action is warranted, taking into consideration the relevant facts and circumstances, including, among other factors, the severity of the violation, possible harm to the ETFs and their shareholders and whether the Supervised Person has previously engaged in any improper conduct.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.Initial and Annual Acknowledgment**

Each Supervised Person upon affiliation with the Firm is required to sign the Code of Ethics Certification Form (see example in **Appendix A**), either a hard-copy or via electronic form via BasisCode, acknowledging that he or she has received a copy of the Code and certifying that he or she has read and understands the Code and agrees to abide by its provisions. Thereafter, each Supervised Person shall at least annually sign a Code of Ethics Certification Form, reaffirming that he or she continues to abide by the Code's provisions.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.Reporting Violations of the Code of Ethics**

The Firm regards any violation of the Code of Ethics as a breach of its rules. Accordingly, any Supervised Person who violates any element of the Code of Ethics may be subject to remedial and/or disciplinary action, which may include, but is not limited to, any one or more of the following: (1) a warning; (2) disgorgement of profits; (3) imposition of a fine (which may be substantial); (4) demotion (which may be substantial); (5) withholding of salary and / or bonus;

&nbsp;&nbsp;&nbsp;&nbsp;(6) suspension of employment (with or without pay); (7) termination of employment; or (8) referral to governmental authorities for possible civil action or criminal prosecution.

All Supervised Persons must promptly report any violations of the Code to the CCO in writing. Any violations reported to or discovered by the CCO shall be promptly reviewed and investigated. The CCO may determine to consult with counsel or otherwise as deemed appropriate.

All reported Code violations (or reporting of possible violations) will be kept confidential, except as required by applicable law. Any retaliation for reporting a violation of the Code in good faith will constitute a further violation of the Code, as well as a possible violation of the anti-retaliation provisions of the SEC's Whistleblower Rule, Section 21F of the Securities Exchange Act. For more information, please refer to the "Whistleblower Policy" in the Manual.

If the CCO determines that a violation of the Code has occurred, the CCO will promptly report the violation, and any associated action(s), to the Firm's senior management. If senior management determines that the violation may involve a fraudulent, deceptive or manipulative act, the Firm will report its findings to the ETF's Board of Directors pursuant to Rule 17j-1.

The CCO will keep record of each violation and any action taken as a result of any such violation for 5 years from end of fiscal year in which the violation occurs in an easily accessible place.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.Exceptions**

Any exceptions from the policies and procedures set forth in this Code may be granted only by the CCO. A Supervised Person should contact the CCO if he or she believes a particular situation warrants an exception.

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&nbsp;&nbsp;&nbsp;&nbsp;**II.Supervised Persons' Conduct**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.Conflicts of Interest**

The Firm strives to identify and mitigate, to the extent practicable, all perceived, potential and actual conflicts of interest that may affect the Firm's and its Supervised Persons' provision of advisory services to the ETFs. All Supervised Persons should promptly report to the CCO any situation or circumstance that may give rise to a conflict of interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.Outside Business Activities**

Business activities other than employment at the Firm may present conflicts of interest. Such instances may include, but are not limited to: (i) serving as an officer, director, trustee or partner of any business organization; (ii) participating as a member of a limited liability company or a limited partner of a limited partnership; or (iii) serving as an employee or consultant, a teacher or lecturer, a publisher of articles or a radio or television guest. Accordingly, upon becoming a Supervised Person of the Firm, each Supervised Person must disclose all outside business activities to the CCO in the Compliance Questionnaire (see example in **Appendix B**), either a hard-copy or via electronic form via BasisCode, and prior to engaging in any new outside business activity, each Supervised Person must seek approval from the CCO by submitting an Outside Business Activity Approval Form (see example in **Appendix C**), either a hard-copy or via electronic form via BasisCode. All Supervised Persons are required to certify to the accuracy of the information disclosed on an annual basis and provide updated disclosure to replace any outdated information, as applicable.

The CCO will determine whether permission to engage in the outside activity should be granted or denied, based on a consideration of the nature of the outside activity, the number of hours involved, the amount of compensation and any other factors that in the CCO's discretion may be relevant. Additionally, in the context of preparing a pre-screening or credit memorandum for a potential investment, all members of the applicable Investment Committee and members of the credit team must disclose to the CCO any business relationship (otherwise than as a representative the Firm) or any other matter that may pose a conflict of interest with any potential borrower, lender, tenant or investor.

In no event will the CCO approve a Supervised Person serving on the Board of Directors of a company in which an ETF client has made an investment.

Under no circumstances may a Supervised Person represent or suggest that his or her association with any outside business activity in any way reflects the approval by the Firm of that organization, such organization's securities, its manner of doing business or any person connected with such organization or its activities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.Gifts and Entertainment**

The Firm has adopted this Gifts and Entertainment policy to impose limits on, and monitor the nature and quantity of, "business-related" gifts, gratuities and entertainment in light of the nature

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of the Firm's business, its fiduciary obligations to the ETFs, as well as the regulatory environment in which the Firm conducts its business. "Business-related" gifts, gratuities and entertainment are those that are primarily related the business of the Firm that Supervised Persons give to, or receive from, a person or firm that: (i) conducts business with or provides services to the Firm; (ii) may do business or is being solicited to do business with the Firm; or (iii) is associated with an organization that conducts or seeks to conduct business with the Firm. Gifts and entertainment that are provided or accepted by affiliates of the Firm that are not primarily related to the business of the Firm shall not be considered business-related gifts and entertainment for the purposes of this policy. In addition, Supervised Persons may not be compensated, directly or indirectly, except by the Firm or when otherwise approved by the Firm (including approval by the CCO or others, as provided elsewhere in this Code).

This policy is not intended to prevent Supervised Persons from giving or receiving gifts, gratuities or entertainment, provided that such gifts and entertainment are not extravagant, costly, lavish or excessive. The policy is intended to ensure that the practice of giving and accepting gifts, gratuities or entertainment is not abused and does not compromise the integrity, objectivity or fiduciary responsibilities of the Firm or its Supervised Persons, create an appearance of impropriety or raise potential conflicts of interest. For purposes of this policy, value is the higher of cost or face value. Gifts and entertainment given among Supervised Persons are not subject to the guidelines set forth below. Additionally, this policy is not intended to impede Supervised Persons from exchanging *bona fide* personal gifts and entertainment (i.e., in the context of a personal, pre-existing relationship and not a Firm business relationship), which shall not be considered "Business- related" gifts and entertainment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.Required Gift and Entertaiment Approvals**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a.Receipt of Entertainment**

"Entertainment" refers to meals, sporting events or other entertainment events where the giver intends to participate in or attends the event with the recipient (e.g., accompanies the recipient of baseball tickets to the game). If the giver intends to participate in the event, then such an event will be deemed entertainment.

Supervised Persons may attend business meals, sporting events and other entertainment events at the expense of a giver, provided that the entertainment is not lavish or extravagant in nature. If the estimated cost or value of the Supervised Person's portion of the entertainment is greater than

$500, the Supervised Person must report his or her attendance to the CCO. If the estimated cost or value will exceed $1000, the attendance must be approved in advance by the CCO. Such reports and approval requests shall be made by submitting a Gift and Entertainment Approval Form (see example in **Appendix D**), either a hard-copy or via electronic form via BasisCode, to the CCO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**b.Provision of Entertainment**

Each Supervised Person may offer entertainment events and other activities that are part of a business relationship of up to $500 per person without the prior written approval of the CCO, provided that the value of the item is consistent with customary business entertainment.

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Entertainment that exceeds $500 per person in value must be reported to the CCO, and entertainment that exceeds $1,000 per person in value must be approved in advance by the CCO. Such reports and approval requests shall be made by submitting a Gift and Entertainment Approval Form (see example in **Appendix D**), either a hard-copy or via electronic form via BasisCode, to the CCO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**c.Receipt of Gifts**

A "gift" refers to any object or thing of value provided for the recipient's personal use or enjoyment. If, for example, the giver of tickets for an event does not intend in advance to be present at such event, then the tickets will be deemed a gift.

Each Supervised Person may accept business-related gifts of up to $500 in value per individual gift to or from any third party with whom the Firm conducts business, or could reasonably expect to conduct business, without the prior written approval of the CCO (either one single gift, or in the aggregate on a rolling 12-month basis). Individual gifts that exceed $500 in value must be reported to the CCO, and individual gifts that exceed $1,000 in value must be approved in advance by the CCO. Such reports and approval requests shall be made by submitting a Gift and Entertainment Approval Form (see example in **Appendix D**), either a hard-copy or via electronic form via BasisCode, to the CCO. Supervised persons may never accept gifts of cash or cash equivalents.

The Firm expects that it will bear the costs of Supervised Person's travel and lodging associated with conferences, research trips, and other business-related travel. If these costs are borne by a person or entity other than the Firm they should be treated as a gift to the Supervised Person for purposes of this policy.

Gifts such as holiday baskets or lunches delivered to the Firm's offices, which are received on behalf of the Firm, do not require reporting. Promotional items valued at less than $100 that clearly display the giver's company logo also need not be reported. Examples of promotional gifts include mugs, hats and umbrellas.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**d.Giving of Gifts**

The Firm and its Supervised Persons are prohibited from giving gifts that may appear lavish or excessive. Each Supervised Person may offer business-related gifts of up to $500 in value per individual gift to any third party with whom the Firm conducts business, or could reasonably expect to conduct business, without the prior written approval of the CCO. Individual gifts that exceed $500 in value must be reported to the CCO, and individual gifts that exceed $1,000 in value must be approved in advance by the CCO. Such reports and approval requests shall be made by submitting a Gift and Entertainment Approval Form (see example in **Appendix D**), either a hard- copy or via electronic form via BasisCode, to the CCO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**e.Prohibited Conduct**

No gift or entertainment should ever be accepted with the expectation of any *quid pro quo* from the Firm or any Supervised Person. Supervised Persons are prohibited from giving, and must tactfully refuse, any gift of cash, gift certificate or cash equivalents.

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Furthermore, to ensure compliance with the Foreign Corrupt Practices Act ("**FCPA**"), Supervised Persons are prohibited from directly or indirectly paying or giving, offering or promising to pay, give or authorize or approving such offer or payment, of any funds, gifts, services or anything else of <u>any value</u>, no matter how small, or seemingly insignificant, to any "government official" (as defined under the FCPA) for any business or Firm-related reasons. For more information, please refer to the Foreign Corrupt Practices Act section of the Manual.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.Political Contributions**

Rule 206(4)-5 under the Advisers Act (the "**Pay-to-Play Rule**") addresses practices commonly known as "pay to play", where an investment adviser or its supervised persons directly or indirectly make contributions or other payments to certain U.S. public officials or candidates with the intent of soliciting investment advisory business. The Pay-to-Play Rule limits political contributions to state and local government officials, candidates, and political parties by an investment adviser and certain of its supervised persons. The Pay-to-Play Rule defines "contributions" broadly to include gifts, loans, the payment of debts, and the provision of any other thing of value. Violations of the Pay to Play Rule can have serious implications. For example, an investment adviser could be limited in its ability to manage assets and provide other services to government-related clients or investors.

However, if an investment adviser advises only registered investment companies, the Pay-to-Play Rule only applies to the adviser if the registered investment company "is an investment option of a plan or program of a government entity". Currently, the Firm does not advise any such registered investment company, so the Pay-to-Pay Rule is not currently applicable. At such future time as the Firm does advise such an investment company, the Firm will take immediate steps to ensure to adhere to all rule requirements.

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&nbsp;&nbsp;&nbsp;&nbsp;**III.Prevention and Detection of Insider Trading**

The Firm's business may require Supervised Persons to deal with highly confidential or sensitive information, including MNPI. The misuse of MNPI, may violate federal and state securities laws as well as other regulatory requirements. Such misuse may also damage the reputation and financial position of the Firm and its Supervised Persons, and therefore must be avoided.

The misuse of MNPI is generally known as "insider trading". Insider trading is not explicitly defined in securities laws; however, it has been interpreted to mean trading on the basis of MNPI for profit or to avoid loss. Securities laws have been interpreted to prohibit trading while in possession of MNPI, whether received directly or indirectly or communicating MNPI to others in breach of a fiduciary duty.

The Firm forbids all Supervised Persons from trading for the Firm, on behalf of the ETFs, oneself or for others on the basis of MNPI. Furthermore, communicating MNPI to others, except as provided below, is expressly forbidden. The Firm's policy extends to activities within and outside a Supervised Person's and Access Person's relationship with the Firm.

Supervised Persons may face monetary penalties of up to three times the illicit profits gained or losses avoided, as well as disgorgement of profits or losses avoided from such transactions, termination of employment, disbarment from the securities industry and/or incarceration. In addition, the Firm may face monetary penalties and reputational damage.

If a Supervised Person thinks that he or she might be aware of MNPI, he or she should take the following steps:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Report the information immediately to the CCO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Do not purchase or sell the Securities on behalf of the ETFs, yourself, or others.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Do not communicate the information inside or outside the Firm, other than to the CCO. Unless, the other person(s) have the need to know such information; for example, an outside counsel, accountant or compliance consultant.

For more information, please refer to the section on MNPI in the Manual.

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&nbsp;&nbsp;&nbsp;&nbsp;**IV.Personal Trading Policies and Procedures**

Rule 204A-1 under the Advisers Act and Rule 17j-1 under the Investment Company Act of 1940 require the Firm's Code to impose certain restrictions on the personal securities trading of Access Persons and any Immediate Family Member living in the same household or to whom the Access Person provides primary financial support. Such restrictions include obtaining pre-approval for certain trades or private transactions and reporting certain trading activities and Securities holdings.

Pursuant to the Rule, the following Personal Trading Policy is designed to prevent potential legal, business or ethical conflicts and to minimize the risk of unlawful trading in any Personal Trading Account and guard against the misuse of confidential information. All personal trading and other activities of Access Persons and any Immediate Family Member living in the same household or to whom the Access Person provides primary financial support, must avoid any conflict or perceived conflict with the interests of the Firm and the ETFs.

In the event of a material change to this Personal Trading Policies and Procedures Section of this Code of Ethics, the CCO shall inform the ETF's CCO of such change and ensure that the change is approved by the ETF's Board no later than six months after the change is adopted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.Personal Trading Accounts**

Access Persons are required to report to the CCO all Personal Trading Accounts upon hire at the time of hire and quarterly thereafter via the Compliance Questionnaire (see example in **Appendix B**), either a hard-copy or via electronic form via BasisCode,. Additionally, upon opening or closing a Personal Trading Account, Access Persons are required to notify the CCO accordingly by email or in writing. Each Access Person shall authorize duplicate copies of all account statements relating to such Personal Trading Accounts to be sent to the CCO and shall report all private securities transactions that are not reflected in the account statements of such Personal Trading Accounts to the CCO promptly.

Access Persons must also include any Third-Party Managed Accounts in their reports to the CCO, which are accounts for which the Access Person has designated investment discretion entirely to a third party. Each Access Person must provide the CCO a written discretionary account or trust certification, in a form acceptable to the CCO, with respect to any Third-Party Managed Account that holds Reportable Securities on behalf of such Access Person in order to substantiate the Access Person's absence of discretion over transactions. Subject to the discretion of the CCO, transactions executed by a third-party manager or advisor in Third-Party Managed Accounts are exempt from the Firm's Securities pre-clearance and reporting requirements outlined in this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.Securities Reporting**

In order to provide the Firm with information to enable it to determine with reasonable assurance any indications or the appearance of a conflict of interest with the investment activity of the ETFs, each Access Person must submit the following reports to the CCO showing all transactions in which the Access Person and any Immediate Family Member living in the same household or to whom the Access Person provides material financial support, has or by reason of such transaction

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acquires, any direct or indirect Beneficial Ownership. For purposes of these procedures where the activity involves the Personal Trading Accounts or trading activity of the CCO, copies of any notice, account statement or report will be given to the Firm's Managing Member, who will be responsible for approving trades requested in any Personal Trading Account of the CCO. Furthermore, where the activity involves the Personal Trading Accounts or trading activity of any member of the Investment Committees (other than Investment Committee members that are not Supervised Persons of the Firm), copies of any notice, account statement or report will be given to the Firm's Managing Member, who will be responsible for approving trades requested in the Personal Trading Account of such Investment Committee members.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.Initial and Annual Holdings Reports**

New Access Persons will be required to report all of their personal securities holdings no later than ten (10) days after becoming Access Persons of the Firm. The initial holdings report must be current as of a date not more than forty-five (45) days prior to the date the person becomes an Access Person with the Firm. Annually thereafter, existing Access Persons are required to provide the Firm with a complete list of Reportable Securities holdings, no later than forty-five (45) days after calendar year end (which information must be current as of a date no more than 45 days before the date on which the report is submitted). Such information is to be provided to the CCO via the Compliance Questionnaire (see example in **Appendix B**), either a hard-copy or via electronic form via BasisCode,. The CCO may also accept alternative means of disclosure in lieu of the Compliance Questionnaire in her sole discretion.

Each holdings report (both the initial and annual) must contain, at a minimum: (i) the title and type of Security and, as applicable, the exchange ticker symbol or CUSIP number, number of shares and principal amount of each Reportable Security in which the Access Person has any direct or indirect Beneficial Ownership; (ii) the name of any broker, dealer or bank with which the Access Person maintains an account in which any Securities are held for the Access Person's direct or indirect benefit; and (iii) the date the Access Person submits the report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.Quarterly Transactions Reports**

Access Persons are required to instruct their brokers to send to the Firm duplicate account statements for all Personal Trading Accounts. Such statements must be received by the CCO or a designated third-party, no later than thirty (30) days after the end of each calendar quarter. If trades do not occur through a broker-dealer (e.g., purchase of an interest in a private investment fund), such transactions shall be reported separately at the time of the transaction and a record of such investment will be retained accordingly.

Consistent with the Advisers Act, the quarterly transaction reports shall contain at least the following information for each transaction in a Reportable Security in which the Access Person had, or as a result of the transaction acquired, any direct or indirect Beneficial Ownership: (i) the date of the transaction, the title and, as applicable, the exchange ticker symbol or CUSIP number, the interest rate and maturity date (if applicable), the number of shares and the principal amount of each involved; (ii) the nature of the transaction (i.e., purchase, sale or any other type of acquisition or disposition); (iii) the price of the Reportable Security at which the transaction was

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effected; (iv) the name of the broker, dealer or bank with or through which the transaction was effected; and (v) the date that the report is submitted.

Access Persons are not required to make any holdings or transitions reports under this Code with respect to Reportable Securities held in any Third-Party Managed Accounts.

Access Persons will certify quarterly that they have provided all reportable transactions and all new account openings during the quarter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.Preclearance Procedures**

Access Persons must complete and deliver to the CCO the Firm's Personal Securities Trading Approval Form (see example in **Appendix E**), either a hard-copy or via electronic form via BasisCode, and obtain the prior approval of the CCO, prior to directly or indirectly:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.acquiring Beneficial Ownership in any Security in an initial public offering ("**IPO**");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.acquiring Beneficial Ownership in any Security in a limited offering or private placement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Transacting in ETFs advised by the Firm for any account in which he or she has any direct or indirect Beneficial Ownership; or

transacting in securities on the Restricted List.

The CCO shall retain all Personal Securities Trading Approval Forms, with such forms indicating whether the Access Persons' requests for pre-clearance have been approved or denied. When submitting requests, Access Persons are required to certify that they do not possess material non- public information. All notifications of approval or denial of pre-clearance to enter into a personal Securities transaction issued by the CCO shall be treated confidentially.

The CCO will promptly notify an Access Person of the Firm's approval or denial of the requested transaction by sending notification to the Access Person. Once pre-clearance for a transaction is granted, pre-clearance is valid until the end of the trade day following the day in which the trade was approved by the CCO ("Approval Date+1"). If the transaction is not executed or is only partially executed within the approved timeframe, a new pre-clearance request must be submitted to the CCO prior to executing or continuing the transaction.

Prior to the CCO trading in Securities that require pre-clearance, the CCO will obtain prior approval from the Firm's Managing Member.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.Blackout Period**

Pre-trade clearance for transactions of securities on the Restricted List may not be approved during the seven days before and seven days after rebalancing the underlying ETF portfolios.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**E.Review**

On at least a quarterly basis, or at any other time as may be prudent, the CCO shall review the personal trading activity of all Access Persons. The CCO will closely monitor the investment activity of Access Persons, including but not limited to a reconciliation of all pre-clearance requests to the broker statements, to detect any abuses. The CCO may, at his/her discretion, appoint a designee to assist with the review of the personal trading activity of Access Persons.

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The CCO or a designee will closely monitor Access Persons' investment patterns to detect the following potentially abusive behavior:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Frequent and/or short-term trades in any Security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Personal trading in Securities also held by an ETF advised by the Firm;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Trading opposite of ETF trades;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Trading ahead of the ETFs; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Trading that appears to be based on Material Nonpublic Information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**F.Remedial Actions**

The Firm takes the potential for conflicts of interest caused by personal trading very seriously. The Firm reserves the right to prevent purchases or sales of a Security by an Access Person for any reason it deems appropriate. In the event that the Firm's personal trading policies are not complied with, the Firm reserves the right to impose various sanctions on Access Persons that violate the Code. Such remedial action may include restrictions on future personal trading by the Access Person, monetary fines, disgorgement of profits, reprimand or termination of employment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**G.Confidentiality of Reporting**

The CCO and any other designated compliance personnel receiving reports of Access Person holdings and transactions under this Code will keep such reports confidential, except to the extent that the CCO and such compliance personnel are required to disclose the contents of such reports to regulators. The CCO will confer with counsel to the extent the CCO believes necessary to determine whether the content of any such reports must be disclosed to such regulators or that the CCO has determined in his discretion is otherwise necessary to do so.

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**Appendix A**

**Example of Code of Ethics Certification Form Subversive Capital Advisor LLC**

The undersigned supervised person (the "**Supervised Person**") of the **Firm** hereby certifies as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)I have read and understand the Firm's Code of Ethics;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)I agree to comply with the policies and procedures set forth in the Code of Ethics at all times and I acknowledge that such compliance is a condition to my employment or engagement with the Firm;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)I have reported all Securities holdings and Securities transactions, as required by the Code of Ethics, during the prior year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)I understand and agree that I have an affirmative duty to report violations (or suspected violations) of the Code of Ethics to the Chief Compliance Officer; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)I understand that a violation of the Code of Ethics or a misrepresentation in this Certification could constitute a violation of U.S. federal securities laws.

![image_3.jpg](image_3.jpg)

Signature of Supervised Person

![image_3.jpg](image_3.jpg)

Name of Supervised Person

![image_3.jpg](image_3.jpg)

Date

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**Appendix B**

**Example of Compliance Questionnaire Subversive Capital Advisor LLC**

Supervised Person Name:&nbsp;&nbsp;&nbsp;&nbsp;<u>&nbsp;&nbsp;&nbsp;&nbsp;</u>

This Compliance Questionnaire (the "**Questionnaire**") is an important part of the compliance program of Subversive Capital Advisor LLC (the "**Firm**"). The information being requested is necessary to be disclosed to enable the Firm to comply with applicable laws and regulations, including the Investment Advisers Act of 1940, as amended, and the rules and regulations promulgated thereunder.

This questionnaire will be distributed to personnel of the Firm upon hire and at least quarterly thereafter. If events or circumstances occur at any time during the year that would change any of the information provided in this questionnaire, please promptly notify the Chief Compliance Officer ("**CCO**").

Instructions:

This questionnaire contains four parts:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.Definitions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B.Required Disclosures

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C.Legal Proceedings

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D.Certification

Please read and complete Sections A-D.

Some questions contain words or phrases in italics, which include defined terms. Please refer to

*Section A: Definitions* when answering these questions. Sign and date the completed Questionnaire on the last page.

Return the completed Questionnaire to the Chief Compliance Officer. Please contact the Chief Compliance Officer with any questions.

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&nbsp;&nbsp;&nbsp;&nbsp;***A.Definitions***

***Access Person*** means any Supervised Person of the Firm who: (i) has access to nonpublic information regarding any ETFs' purchase or sale of securities, or (ii) is involved in making securities recommendations to ETFs, or who has access to such recommendations that are nonpublic. All members of the Investment Committee (other than Investment Committee members that are not being treated as Supervised Persons) and all managers, members, officers and partners of the Firm are deemed to be Access Persons. Certain of the Firm's consultants or temporary workers may be deemed Access Persons, as determined from time to time by the CCO. As of the date of this Code, all Supervised Persons of the Firm are deemed to be Access Persons.

***Beneficial Ownership*** means direct or indirect pecuniary interest in the Securities held or shared directly or indirectly through any contract, arrangement, understanding, relationship or otherwise. An Access Person is presumed to be a Beneficial Owner of Securities that are held by his or her Immediate Family Members sharing the Access Person's household or to whom the Supervised Person and Access Persons provides primary financial support.

***Corporate Board*** means any board of directors or corporate governing body, including an advisory board, management committee or their equivalents in partnerships and limited liability companies.

***Covered Person*** means each Supervised Person, any member of the Supervised Person's household and any person to whom the Supervised Person provides material financial support.

***Holdings Report*** means a list of all Reportable Securities held personally, within a Personal Trading Account or in the form of a Private Placement or IPO. This report provides the Firm with an annual statement of the Access Person's personal securities holdings and allows him or her to certify to its accuracy.

***Immediate family members*** include children, step-children, grandchildren, parents, step-parents, grandparents, spouses, domestic partners, siblings, parents-in-law, and children-in-law, as well as adoptive relationships that meet the above criteria.

***Initial Public Offering*** or ***IPO*** means an offering of Securities registered under the Securities Act, the issuer of which, immediately before the registration, was not subject to the reporting requirements of Sections 13 or 15(d) of the Securities Exchange Act.

***Non-Reportable Account*** means any investment or trading account, which meets the definition of Personal Trading Account and which holds exclusively Securities that are not Reportable Securities.

***Non-Reportable Securities*** include: (i) direct obligations of the Government of the United States;

&nbsp;&nbsp;&nbsp;&nbsp;(ii) bankers' acceptances, bank certificates of deposit, commercial paper and other high quality short-term debt instruments, including repurchase agreements; and (iii) shares issued by open-end registered investment companies (e.g., open-end mutual funds), unless the Firm or a control affiliate acts as the investment adviser or principal underwriter for the fund.

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***Outside Business Activity*** means any activity that calls for a material time commitment or provides compensation in return for investment-related or other-business-related activity. Further, Outside Business Activities also include (i) serving as an officer, director, trustee or partner of any business organization; (ii) participating as a member of a limited liability company or a limited partner of a limited partnership; or (iii) serving as a consultant, teacher, lecturer, publisher of articles or radio or television guest. If you are in doubt as to whether an activity is an Outside Business Activity, consult the CCO. Compensation may be provided, without limitation, as cash or non-cash salaries, commissions, director's fees and consulting, finders, advisory and other fees.

***Person*** means a natural person (an individual) or a company. A company includes any partnership, corporation, trust, limited liability company, limited liability partnership, or other organization.

***Personal Trading Account*** means a personal investment or trading account of an Access Person or an account related to a personal investment or trading account of an Access Person. Personal Trading Accounts include accounts for: (i) trusts for which an Access Person acts as trustee, executor, custodian or discretionary manager; (ii) the benefit of the Access Person's spouse or minor child; (iii) the benefit of any Immediate Family Member living with the Access Person; and

&nbsp;&nbsp;&nbsp;&nbsp;(iv) the benefit of any person to whom the Access Person provides material financial support.

It may be possible for Access Persons to exclude accounts held personally or by Immediate Family Members sharing the same household if the Access Person does not have any direct or indirect influence or control over the accounts, or if the Access Person can rebut the presumption of beneficial ownership over family members' accounts. Access Persons should consult with the CCO before excluding any accounts held by Immediate Family Members sharing the same household.

A Personal Trading Account may also include an investment or trading account over which an Access Person exercises control or provides investment advice or a proprietary investment or trading account maintained for the Firm or its Access Persons.

***Private Investment*** means an offering of Securities that is exempt from registration under the Securities Act, pursuant to Section 4(a)(2) or Section 4(a)(6) or pursuant to Rules 504, 505 or 506 of Regulation D.

***Reportable Securities*** include all Securities but for this purpose will not include Non-Reportable Securities:

***SEC*** means the United States Securities and Exchange Commission.

***Security*** *or* ***"Securities*** means any, or a combination of any, note, stock, treasury stock, security future, bond, debenture, evidence of indebtedness, certificate of interest or participation in any profit-sharing agreement, collateral-trust certificate, preorganization certificate or subscription, transferable share, investment contract, voting-trust certificate, certificate of deposit for a security, fractional undivided interest in oil, gas or other mineral rights, any put, call, straddle, option or privilege on any security (including a certificate of deposit) or on any group or index of securities (including any interest therein or based on the value thereof) or any put, call, straddle, option or

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privilege entered into on a national securities exchange relating to foreign currency or, in general, any interest or instrument commonly known as a "security" or any certificate of interest or participation in, temporary or interim certificate for, receipt for, guaranty of or warrant or right to subscribe to or purchase any of the foregoing. Security also includes any Digital Security. Commodities, futures and options traded on a commodities exchange are not considered securities.

Any Access Person who wishes to purchase, acquire or sell any asset that is issued and transferred using distributed ledger or blockchain technology, including, but not limited to, virtual currencies, cryptocurrencies, digital "coins" or "tokens" ("**Digital Assets**"), should consult with the CCO as to whether such Digital Asset would be considered a Security, and specifically a "Digital Security", for purposes of this policy. A Digital Asset is likely to be considered a Digital Security if it is offered and sold as an investment contract. On April 3, 2019, the SEC published a framework for investment contract analysis of Digital Assets. The CCO may use this framework, among other relevant SEC guidance, to determine whether a Digital Asset would be considered a Digital Security for the purposes of this policy. If the CCO determines that such Digital Asset should be considered a Digital Security, the Digital Asset will be considered a Reportable Security for purposes of this policy

***Supervised Person*** means any partner, officer, director (or other person occupying a similar status or performing similar functions) or employee of the Firm or other person who provides investment advice on behalf of the Firm and is subject to the supervision and control of the Firm. Certain of the Firm's consultants or temporary workers may be deemed Supervised Persons, as determined from time to time by the CCO.

***Third-Party Managed Account*** means an account for which an Access Person has designated investment discretion entirely to a third party. In such account, the Access Person cannot exercise any investment discretion in the purchase or sale of Securities.

------

***B.Required Disclosures***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.Example of Outside Business Activities Form**

Please list all *Outside Business Activities* in which you participate. Additionally, please include all memberships on *Corporate Boards* for you and your *Covered Persons*.

As defined above, "*Outside Business Activities*" include all activities that call for a material time commitment or provide for compensation in return for investment-related or business-related activity. If you are in doubt as to whether an activity is an *Outside Business Activity*, please consult the CCO. You are deemed to be compensated for an *Outside Business Activity* if you receive, without limitation, cash or non-cash salaries, commissions, director's fees or consulting, finders, advisory and other fees.

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Description of Activity** | &nbsp;&nbsp;**Position/Title** | &nbsp;&nbsp;**Compensated (Y/N)** | &nbsp;&nbsp;**Time Commitment per Month** |

---

Is your spouse or any other *Covered Person* in relation to you currently employed or engaged by a company (or other entity) that primarily operates within the financial services industry (e.g., broker-dealer, investment bank, registered investment adviser, hedge fund, mutual fund, etc.)?

![image_4.jpg](image_4.jpg)Yes&nbsp;&nbsp;&nbsp;&nbsp;![image_4.jpg](image_4.jpg)No

If you checked "yes", please identify the company and describe the relationship:

Is your spouse or any other *Covered Person* currently employed or engaged by a public company?

![image_4.jpg](image_4.jpg)Yes&nbsp;&nbsp;&nbsp;&nbsp;![image_4.jpg](image_4.jpg)No

If you checked "yes", please identify the company and describe the relationship:

Is your spouse or any other *Covered Person* employed or engaged by a vendor providing services to the financial services industry?

![image_4.jpg](image_4.jpg)Yes&nbsp;&nbsp;&nbsp;&nbsp;![image_4.jpg](image_4.jpg)No

If you checked "yes", please identify the vendor and describe the services it provides:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.Example of Trading and Investment Accounts Form**

All *Access Persons* must disclose all personal investment or trading accounts in which you or your *Covered Persons* have any direct or indirect financial interest in *Reportable* or *Non-Reportable Securities.*

![image_4.jpg](image_4.jpg)<u>Non-Access Person</u>. If you are not an *Access Person*, please check this box and skip to Section 4 of this Questionnaire.

Please distinguish between following types of accounts in this section:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In Section 2(a), disclose all ***Personal Trading Accounts*** (accounts that hold *Reportable Securities* and a *Covered Person* has investment discretion).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In Section 2(b), disclose all ***Third-Party Managed Accounts*** (accounts that hold *Reportable Securities* where investment discretion has been fully delegated to a third party).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In Section 2(c), disclose all ***Non-Reportable Accounts*** (accounts that can <u>only</u> hold *Non- Reportable Securities*).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a)Personal Trading Accounts**

Please disclose all accounts in which *Reportable Securities* can be traded where you or a *Covered Person* have investment discretion. This includes any IRA account, 401(k) account or any other brokerage account that does or may hold *Reportable Securities*. If an IRA account or 401(k) account only holds and can only hold *Non-Reportable Securities*, please disclose such account as a *Non-Reportable Account* in Section 2(c) below.

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Account Name** | &nbsp;&nbsp;**Account Number** | &nbsp;&nbsp;**Brokerage Firm Name** | &nbsp;&nbsp;**Brokerage Firm Branch Address** |

---

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**b)Third-Party Managed Accounts**

Please disclose all *Third-Party Managed Accounts* in which *Reportable Securities* are held. A *Third-Party Managed Account* is an *Account* for which the *Covered Persons* with *Beneficial Ownership* do not retain direct or indirect influence or control.

Accordingly, the following statements should be true for all accounts disclosed as *Third-Party Managed Accounts:*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You <u>do not</u> suggest purchases or sales of investments to the trustee or third party discretionary manager of the *Third-Party Managed Account*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You <u>do not</u> direct purchases or sales of investments in the *Third-Party Managed Account*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You <u>do not</u> consult with the trustee or third party manager as to the individual securities transactions to be made in the *Third-Party Managed Account*.

The statements above do not apply to discussions in which a third party manager simply summarizes, describes or explains account activity without receiving directions or suggestions from a *Covered Person*.

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Account Name** | &nbsp;&nbsp;**Account Number** | &nbsp;&nbsp;**Brokerage Firm Name & Branch Address** | &nbsp;&nbsp;**Manager/Advisor Name and Email\*** |

---

\* Please note that it is imperative to provide accurate and complete contact information for any third-party account managers / financial advisors in order to obtain the necessary attestations regarding the delegation of investment discretion.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**c)Non-Reportable Accounts**

Please disclose all accounts that can <u>only</u> hold *Non-Reportable Securities*. *Non-Reportable Securities* include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i)Direct obligations of the Government of the United States;

ii)Bankers' acceptances, bank certificates of deposit, commercial paper and other high quality short-term debt instruments, including repurchase agreements;

iii)Shares of other types of open-end registered investment companies (e.g., open-end mutual funds), unless the Firm or a control affiliate acts as the investment adviser or principal underwriter for the fund

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Account Name** | &nbsp;&nbsp;**Account Number** | &nbsp;&nbsp;**Brokerage Firm Name** | &nbsp;&nbsp;**Brokerage Firm Branch Address** |

---

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.Example of Securities Holdings Form**

All *Access Persons* are required to provide a list of positions held in *Reportable Securities* by themselves and any *Covered Persons* initially upon hire and annually thereafter.

![image_4.jpg](image_4.jpg)<u>Non-Access Person</u>. If you are not an *Access Person*, please check this box and skip to Section 4 of this Questionnaire.

For all *Access Persons*, please select one of the options below to list out your *Reportable Securities* holdings as of **[DATE]**. Please use additional sheets of paper as needed. By signing the last page of this questionnaire, you are certifying that the Firm has a complete and accurate list of your *Personal Trading Accounts* and *Reportable Securities* holdings.

![image_4.jpg](image_4.jpg)<u>List of Holdings</u>. Please check this box if you are listing all *Reportable Securities* holdings owned by you and your *Covered Persons* in Section 3(b).

![image_4.jpg](image_4.jpg)<u>Brokerage Statements</u>. Brokerage statements for your *Accounts* that hold *Reportable Securities* may be attached instead of listing all *Reportable Securities* holdings in Section 3(b) if equivalent information is provided. Please check this box if you are providing brokerage statements that reflect your current *Reportable Securities* holdings in your *Accounts*.

![image_4.jpg](image_4.jpg)<u>No Holdings</u>.&nbsp;&nbsp;&nbsp;&nbsp;Please check this box if you and your *Covered Persons* do not have

*Beneficial Ownership* of any *Reportable Securities* in your *Accounts*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a)Private Investments**

Please disclose ownership of all securities acquired in a limited offering. This includes, but is not limited to, all investments in private companies or investments in private funds (e.g., a private equity or hedge fund), securities acquired via an initial public offering ("**IPO**") or secondary offering, and any other *Private Investments*.

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Investment Name** | &nbsp;&nbsp;**Description** | &nbsp;&nbsp;**Issuer Name and Relationship** | &nbsp;&nbsp;**Contact at the Issuer** |

---

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**b)Reportable Securities Holdings**

For all *Reportable Securities* holdings not otherwise disclosed to the Firm by attaching brokerage statements for your *Personal Trading Accounts*, please list all *Reportable Securities* in which you or your Covered Persons have any *Beneficial Ownership* as of **[DATE]**.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.Example of Legal Proceedings Form**

The Firm is required to conduct an inquiry to determine whether any employee has had a "disqualifying event" and disclose any such event to investors. Accordingly, please answer the questions below.

For purposes of this section, the following definitions apply:

***CFTC***: Commodity Futures Trading Commission.

***Charged***: Being accused of a crime in a formal complaint, information, or indictment (or equivalent formal charge).

***Enjoined***: This term includes being subject to a mandatory injunction, prohibitory injunction, preliminary injunction, or a temporary restraining order.

***Felony***: For jurisdictions that do not differentiate between a felony and a misdemeanor, a felony is an offense punishable by a sentence of at least one year imprisonment and/or a fine of at least

$1,000. The term also includes a general court martial.

***Foreign Financial Regulatory Authority***: This term includes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a)A foreign securities authority;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c)A foreign membership organization, a function of which is to regulate the participation of its members in the activities listed above.

***Found***: This term includes adverse final actions, including consent decrees in which the respondent has neither admitted nor denied the findings, but does not include agreements, deficiency letters, examination reports, memoranda of understanding, letters of caution, admonishments, and similar informal resolutions of matters.

***Involved***: Engaged in any act or omission, aiding, abetting, counseling, commanding, inducing, conspiring with or failing reasonably to supervise another in doing an act.

***Minor Rules Violation***: A violation of a self-regulatory organization rule that has been designated as "minor" pursuant to a plan approved by the *SEC*. A rule violation may be designated as "minor" under a plan if the sanction imposed consists of a fine of $2,500 or less, and if the sanctioned person does not contest the fine. (Check with the appropriate self-regulatory organization to determine if a particular rule violation has been designated as "minor" for these purposes.)

***Misdemeanor***: For jurisdictions that do not differentiate between a felony and a misdemeanor, a misdemeanor is an offense punishable by a sentence of less than one year imprisonment and/or a fine of less than $1,000. The term also includes a special court martial.

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***Order*:** A written directive issued pursuant to statutory authority and procedures, including an order of denial, exemption, suspension, or revocation. Unless included in an order, this term does not include special stipulations, undertakings, or agreements relating to payments, limitations on activity or other restrictions.

***Proceeding***: This term includes a formal administrative or civil action initiated by a governmental agency, self-regulatory organization or *foreign financial regulatory authority*; a felony criminal indictment or information (or equivalent formal charge); or a misdemeanor criminal information (or equivalent formal charge). This term does not include other civil litigation, investigations, or arrests or similar charges brought in the absence of a formal criminal indictment or information (or equivalent formal charge).

***SEC***: Securities and Exchange Commission.

***Self-Regulatory Organization****:* Any national securities or commodities exchange, registered securities association, or registered clearing agency. For example, the Chicago Board of Trade ("CBOT"), Chicago Board Options Exchange ("CBOE"), the Financial Industry Regulatory Association ("FINRA") and New York Stock Exchange ("NYSE") are self-regulatory organizations.

***United States Postal Service false representation order***: A scheme or device for obtaining money or property through the mail by means of false representations.

&nbsp;&nbsp;&nbsp;&nbsp;1.In the past ten years, have you:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.been convicted of or pled guilty or nolo contendere ("no contest") in a domestic, foreign or military court to any *felony*?

![image_4.jpg](image_4.jpg)Yes&nbsp;&nbsp;&nbsp;&nbsp;![image_4.jpg](image_4.jpg)No

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. been *charged* with any fe*felony*?

![image_4.jpg](image_4.jpg)Yes&nbsp;&nbsp;&nbsp;&nbsp; ![image_4.jpg](image_4.jpg)No

&nbsp;&nbsp;&nbsp;&nbsp;2.In the past ten years, have you:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.been convicted of or pled guilty or nolo contendere ("no contest") in a domestic, foreign or military court to a *misdemeanor* involving: investments or an investment-related business, or any fraud, false statements (including any false filing with the *SEC*), or omissions, wrongful taking of property, misappropriation of funds or securities, embezzlement, bribery, perjury, forgery, counterfeiting, extortion, or a conspiracy to commit any of these offenses?

![image_4.jpg](image_4.jpg)Yes&nbsp;&nbsp;&nbsp;&nbsp;![image_4.jpg](image_4.jpg)No

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. been *charged* with a *misdemeanor* listed in Item 2.a? ![image_4.jpg](image_4.jpg)Yes ![image_4.jpg](image_4.jpg)No

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&nbsp;&nbsp;&nbsp;&nbsp;3.Has the *SEC* or the *CFTC* ever:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.*found* you to have made a false statement or omission?

![image_4.jpg](image_4.jpg)Yes ![image_4.jpg](image_4.jpg)No

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.*found* you to have been *involved* in a violation of *SEC* or *CFTC* regulations or statutes?

![image_4.jpg](image_4.jpg)Yes ![image_4.jpg](image_4.jpg)No

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.*found* you to have been a cause of an *investment-related* business having its authorization to do business denied, suspended, revoked or restricted?

![image_4.jpg](image_4.jpg)Yes ![image_4.jpg](image_4.jpg)No

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.entered an *order* against you in connection with *investment-related* activity?

![image_4.jpg](image_4.jpg)Yes ![image_4.jpg](image_4.jpg)No

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e.imposed a civil money penalty on you, or *ordered* you to cease and desist from any activity?

![image_4.jpg](image_4.jpg)Yes ![image_4.jpg](image_4.jpg)No

&nbsp;&nbsp;&nbsp;&nbsp;4.Has any other federal regulatory agency, any state regulatory agency or any *foreign financial regulatory authority* ever:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.*found* you to have made a false statement or omission, or been dishonest, unfair or unethical?

![image_4.jpg](image_4.jpg)Yes ![image_4.jpg](image_4.jpg)No

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.*found* you to have been *involved* in a violation of *investment-related* regulations or statutes?

![image_4.jpg](image_4.jpg)Yes ![image_4.jpg](image_4.jpg)No

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.*found* you to have been a cause of an *investment-related* business having its authorization to do business denied, suspended, revoked or restricted?

![image_4.jpg](image_4.jpg)Yes ![image_4.jpg](image_4.jpg)No

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.entered an *order* against you in connection with an *investment-related* activity?

![image_4.jpg](image_4.jpg)Yes ![image_4.jpg](image_4.jpg)No

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e.denied, suspended or revoked your registration or license, or otherwise prevented you, by *order*, from associating with an *investment-related* business or restricted your activity?

![image_4.jpg](image_4.jpg)Yes ![image_4.jpg](image_4.jpg)No

&nbsp;&nbsp;&nbsp;&nbsp;5.Has any *self-regulatory organization* or commodities exchange ever:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.*found* you to have made a false statement or omission?

![image_4.jpg](image_4.jpg)Yes ![image_4.jpg](image_4.jpg)No

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.*found* you to have been *involved* in a violation of its rules (other than a violation designated as a "*minor rules violation*" under a plan approved by the *SEC*)?

![image_4.jpg](image_4.jpg)Yes ![image_4.jpg](image_4.jpg)No

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.*found* you to have been the cause of an *investment-related* business having its authorization to do business denied, suspended, revoked or restricted?

![image_4.jpg](image_4.jpg)Yes ![image_4.jpg](image_4.jpg)No

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. disciplined you by expelling or suspending you from membership, barring or suspending you from association with other members, or otherwise restricting your activities?

![image_4.jpg](image_4.jpg)Yes ![image_4.jpg](image_4.jpg)No

&nbsp;&nbsp;&nbsp;&nbsp;6.Has an authorization to act as an attorney, accountant or federal contractor granted to you ever been revoked or suspended?

![image_4.jpg](image_4.jpg)Yes ![image_4.jpg](image_4.jpg)No

&nbsp;&nbsp;&nbsp;&nbsp;7.Has any domestic or foreign court:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.in the past ten years, *enjoined* or restrained you in connection with any *investment- related* activity?

![image_4.jpg](image_4.jpg)Yes ![image_4.jpg](image_4.jpg)No

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.ever *found* that you were *involved* in a violation of *investment-related* statutes or regulations?

![image_4.jpg](image_4.jpg)Yes ![image_4.jpg](image_4.jpg)No

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.ever dismissed, pursuant to a settlement agreement, an *investment-related* civil action brought against you by a state or *foreign financial regulatory authority*?

![image_4.jpg](image_4.jpg)Yes ![image_4.jpg](image_4.jpg)No

&nbsp;&nbsp;&nbsp;&nbsp;8.Are you now the subject of any *proceeding* or to your knowledge any investigation that could result in a "yes" answer to any question in this Legal Proceedings Questionnaire?

![image_4.jpg](image_4.jpg)Yes ![image_4.jpg](image_4.jpg)No

<u>Please note</u>: if you answered "yes" to any of the questions above, please provide full details, including the date of any order, decree or judgment, the court or agency involved and the final disposition, if any. Please attach any relevant documentation and use a separate sheet of paper if necessary. You must promptly notify the CCO in writing if any of the information in questions 1 through 8 above changes.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.Example of Compliance Questionnaire Certification**

I hereby certify that the information provided in the foregoing *Questionnaire* is complete, accurate and correctly stated to the best of my knowledge, information and belief.

I certify that the *Personal Trading Accounts* disclosed to the Firm and the list of *Reportable Securities* held in such accounts, in addition to any *Private Investments* (whether listed above in Section 3(b): Securities Holdings, or otherwise disclosed by attaching brokerage statements for *Personal Trading Accounts* in a *Holdings Report*), are a complete and accurate list of my personal holdings in *Reportable Securities* as of [**DATE**].

I further understand that the Firm may request information from various information reporting agencies to ensure that the information disclosed above is both accurate and complete.

![image_61.jpg](image_61.jpg)

Signature

![image_61.jpg](image_61.jpg)

Print Name

![image_61.jpg](image_61.jpg)

Date

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**Appendix C**

**Example of Outside Business Activity Approval Form Subversive Capital Advisor LLC**

Please complete a separate copy of this form for each new Outside Affiliation or Activity for which you would like approval. You may also be asked to provide additional information to assist in evaluating this request.

Supervised Person Name: <br> Name of the entity:   

Is the entity publicly traded?

![image_4.jpg](image_4.jpg)Yes ![image_4.jpg](image_4.jpg)No

Do you expect to have access or receive material, non-public information regarding the entity?

![image_4.jpg](image_4.jpg)Yes ![image_4.jpg](image_4.jpg)No

What is the nature of business or activity of the entity?

Are you seeking pre-approval to hold a corporate board membership?

![image_4.jpg](image_4.jpg)Yes ![image_4.jpg](image_4.jpg)No

Please describe any financial interest (including equity ownership interest) that you will have in the entity or compensation that you will receive from the entity.

Approximate hours per month you will devote to the entity During business hours:

After business hours:

Your Title or Function with the entity (including whether you will have an active role in management):

Date affiliation or activity will begin:

Do you know of any significant adverse information about the entity or any conflict between the entity and the Firm?

![image_4.jpg](image_4.jpg)Yes ![image_4.jpg](image_4.jpg)No

If yes, please explain:

Do you have or control a brokerage account for the above entity?

------

![image_4.jpg](image_4.jpg)Yes ![image_4.jpg](image_4.jpg)No

Are you involved in making investment decisions for or on behalf of this entity?

![image_4.jpg](image_4.jpg)Yes ![image_4.jpg](image_4.jpg)No

---

| | | |
|:---|:---|:---|
| Requestor Signature: | | |
| Date: | | |
| **Outside Business Activity has been approved** | **Yes** | **No** |
| Notes, if applicable: | | |
| CCO Signature: | | |
| Date: | | |

---

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**Appendix D**

**Example of Gift and Entertainment Approval Form Subversive Capital Advisor LLC**

---

| |
|:---|
| Supervised Person Name: |
| Date to be given / received: |

---

Are you requesting approval for a gift or for entertainment?

Gift ![image_4.jpg](image_4.jpg)&nbsp;&nbsp;&nbsp;&nbsp;Entertainment ![image_4.jpg](image_4.jpg)

Are you requesting approval to give or receive the gift / entertainment?

Giving ![image_4.jpg](image_4.jpg)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receiving&nbsp;&nbsp;&nbsp;&nbsp;![image_4.jpg](image_4.jpg)

---

| |
|:---|
| Description: |
| Estimated Value: |
| Provider: |

---

Did Provider participate?&nbsp;&nbsp;&nbsp;&nbsp;Yes ![image_4.jpg](image_4.jpg)&nbsp;&nbsp;&nbsp;&nbsp;No ![image_4.jpg](image_4.jpg)

Recipient:   

Did Recipient participate?&nbsp;&nbsp;&nbsp;&nbsp;Yes ![image_4.jpg](image_4.jpg)&nbsp;&nbsp;&nbsp;&nbsp;No ![image_4.jpg](image_4.jpg)

---

| | | |
|:---|:---|:---|
| *I certify that this description is a true and accurate depiction of the gift or event and that receipt of this gift or attendance of this event shall create no conflict of interest.* | *I certify that this description is a true and accurate depiction of the gift or event and that receipt of this gift or attendance of this event shall create no conflict of interest.* | *I certify that this description is a true and accurate depiction of the gift or event and that receipt of this gift or attendance of this event shall create no conflict of interest.* |
| Requestor Signature: | | |
| Date: | | |
| **Gift / Entertainment has been approved** | **Yes** | **No** |
| CCO Signature: | | |
| Date: | | |

---

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**Appendix E**

**Example of Personal Securities Trading Approval Form**

**Subversive Capital Advisor LLC**

---

| |
|:---|
| Supervised Person Name: |
| Date: |
| Issuer: |
| Ticker/CUSIP: |

---

---

| | | | |
|:---|:---|:---|:---|
| Details of Proposed Transaction: | Buy | Sell | Short |

---

---

| |
|:---|
| Type of security (e.g., note, common stock, preferred stock): |
| Quantity of shares or unit: |
| Approximate price per share/units: |
| Account for which transaction will be made: |
| *(Please include brokerage name and account number)* |

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| | | |
|:---|:---|:---|
| Is this an IPO allocation? | Yes | No |
| Is this security a Private Placement? | Yes | No |
| Is the Firm considering any trades in the security for a ETF? | Yes | No |
| *I certify that I am not in possession of any material non-public information relating to the security for which I am seeking pre-clearance.* | *I certify that I am not in possession of any material non-public information relating to the security for which I am seeking pre-clearance.* | *I certify that I am not in possession of any material non-public information relating to the security for which I am seeking pre-clearance.* |
| Requestor Signature: | | |
| Date: | | |
| Transaction has been approved | Yes | No |
| Notes, if applicable: | | |
| CCO Signature: | | |
| Date: | | |

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