# EDGAR Filing Document

**Accession Number:** 0001722388
**File Stem:** 0001999371-26-008782
**Filing Date:** 2026-4
**Character Count:** 612454
**Document Hash:** 4b6c0658aa294f6276bdee8df34f5ba5
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001999371-26-008782.hdr.sgml**: 20260423

**ACCESSION NUMBER**: 0001999371-26-008782

**CONFORMED SUBMISSION TYPE**: 485BPOS

**PUBLIC DOCUMENT COUNT**: 34

**FILED AS OF DATE**: 20260423

**DATE AS OF CHANGE**: 20260423

**EFFECTIVENESS DATE**: 20260423

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** 485BPOS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23312
- **FILM NUMBER:** 26885684

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

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

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

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

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

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

**FILING VALUES:**
- **FORM TYPE:** 485BPOS
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-221764
- **FILM NUMBER:** 26885683

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

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

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

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

## Series and Classes Contracts Data

### Worth Charting Options Income ETF (Series ID: S000102483)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000272976 | Worth Charting Options Income ETF |  |

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

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

1933 Registration File No. 333-221764

1940 Act File No. 811-23312

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-1A**

---

| | |
|:---|:---|
| REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 | ☑ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pre-Effective Amendment No. ___ | ☐ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Post-Effective Amendment No. 182 | ☑ |
| and/or |  |
| REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 | ☑ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amendment No. 185 | ☑ |

---

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

(Exact Name of Registrant as Specified in Charter)

Tidal ETF Services LLC

234 West Florida Street, Suite 700

Milwaukee, WI 53204

(Address of Principal Executive Offices, Zip Code)

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

The Corporation Trust Company

1209 Orange Street

Corporation Trust Center

Wilmington, DE 19801

(Name and Address of Agent for Service)

Copies to:

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

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

---

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

---

**Explanatory Note**: This Post-Effective Amendment No. 182 to the Registration Statement of Tidal Trust III (the "Trust") is being filed to respond to Staff comments with respect to the registration of the Worth Charting Options Income ETF, as a new series of the Trust, and to make other permissible changes under Rule 485(b).

![](wrth485bpos001.jpg)

**Worth Charting Options Income ETF (WRTH)**

*listed on The Nasdaq Stock Market, LLC*

**PROSPECTUS**

**April 23, 2026**

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

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| **[Summary Information](#wrth485bposa001)** | 1 |
| &nbsp;&nbsp;&nbsp;[Worth Charting Options Income ETF – Fund Summary](#wrth485bposa002) | 1 |
| **[Additional Information About the Fund](#wrth485bposa003)** | 10 |
| **[Portfolio Holdings](#wrth485bposa004)** | 16 |
| **[Management](#wrth485bposa005)** | 16 |
| **[How to Buy and Sell Shares](#wrth485bposa006)** | 17 |
| **[Dividends, Distributions, and Taxes](#wrth485bposa007)** | 19 |
| **[Distribution](#wrth485bposa008)** | 21 |
| **[Premium/Discount Information](#wrth485bposa009)** | 21 |
| **[Additional Notices](#wrth485bposa010)** | 21 |
| **[Financial Highlights](#wrth485bposa011)** | 22 |

---

**SUMMARY INFORMATION**

**Worth Charting Options Income ETF - FUND SUMMARY**

**Investment Objective**

The Fund's investment objective is to seek current income.

**Fees and Expenses of the Fund**

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

---

| | |
|:---|:---|
| **Annual Fund Operating Expenses<sup>(1)</sup>** (expenses that you pay each year as a percentage of the value of your investment) | <sup>1</sup> |
| Management Fee | 1.00% |
| Distribution and Service (12b-1) Fees |  |
| Other Expenses<sup>(2)</sup> | 0.02% |
| Total Annual Fund Operating Expenses | 1.02% |

---

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

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

**Expense Example**

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. For the one-year period in the example, the figure reflects the fee waiver described above. For the three-year period in the example, the figure shown does not reflect the fee waiver. The Example does not take into account brokerage commissions that you may pay on your purchases and sales of Shares. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | |
|:---|:---|
| **1 Year** | **3 Years** |
| $104 | $325 |

---

**Portfolio Turnover**

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

**Principal Investment Strategies**

The Fund is an actively managed exchange-traded fund ("ETF") that seeks to generate premium income through an options strategy (the "Options Strategy") implemented by the Fund's sub-adviser, Worth Charting Group LLC (the "Sub-Adviser"). The Options Strategy principally involves the simultaneous (i) selling of short-term call options coupled with buying higher strike price call options (i.e. a short call spread) and (ii) selling uncovered short-term put options, in each instance on equity securities of U.S. exchange-listed companies (including American Depositary Receipts ("ADRs") of non-U.S. companies traded on U.S. exchanges) (each an "Underlying Security"). The Options Strategy pursued by the Sub-Adviser on behalf of the Fund is a variation of what is commonly referred to as a "strangle" with the aim of generating income while limiting potential loss (as described below). The Fund will also hold cash, cash equivalents and/or short-term U.S. Treasury securities, serving the dual purposes of providing collateral for the Options Strategy and contributing to income generation for the Fund.

**Options Strategy**

*Strategy Overview.*

A strangle is an options trading strategy often deployed after periods of short-term price volatility of the Underlying Security, with the Underlying Security serving as the reference asset for the options traded. The strategy is designed to profit when an Underlying Security's price fluctuates within a range bounded by a sold call option's higher strike price and a sold put option's lower strike price – which forms the "strangle." At a high level, a strangle is designed to take advantage of "time decay" (i.e., the decrease in the value of an option over the time left until its expiration). It is generally deployed on an Underlying Security after a "volatility spike" occurs when market expectations or views of a security's future price fluctuate (i.e., an indicator of near- or short-term price volatility). After a "volatility spike" when implied volatility is high, often characterized by rapid or exacerbated Underlying Security price movements, premiums received for selling the options on the security earlier in the period are typically higher, and thereafter decrease as the volatility subsides (i.e., time decay).

See the section in the Fund's Prospectus titled *"Additional Information About the Funds – Options Terminology* for additional explanations of certain terms used in relation to the Options Strategy and options trading generally.

*Sub-Adviser's Implementation of the Options Strategy.* 

In its implementation of the Options Strategy on behalf of the Fund, the Sub-Adviser applies a variation of the strangle described above by simultaneously selling short-term call options, which are hedged with purchasing higher strike price call options (creating a "short call spread" as a hedge), and selling uncovered short-term put options on the same Underlying Securities. The added purchase of the higher-strike call option as a hedge limits the Fund's upside risk should an Underlying Security's price break-through the upper range of the strangle.

The Underlying Securities selected for implementation of the Options Strategy are those having market price characteristics that the Sub-Adviser believes are well-suited to the strategy's goal of generating premium income. The options sold will be "front month" options, which are those with the nearest available expiration date (typically 20 to 25 days). The Sub-Adviser believes front-month options provide optimal liquidity for the portfolio because they generally exhibit higher trading volumes and narrower bid-ask spreads.

Initiation of each strangle position will result in the Fund's collection of premium income generated from selling the options less the premium spent to purchase the higher strike call option to hedge upside risk exposure. The Fund will typically hold the positions until their expiration, unless one or both sides of a particular strangle (i.e., the call or the put) experience time decay to such an extent that the Sub-Adviser elects to close out one or both sides of the strangle position. The Sub-Adviser will generally consider closing out one or both sides of a strangle position when it observes premiums on those options in the marketplace declining to less than 10% of the total premium collected by the Fund at the initiation of the position.

The Sub-Adviser implements its strangles such that the sold put side of the position is uncovered (i.e., the Fund does not hold in its investment portfolio the Underlying Securities used as reference assets at the time of entry into a strangle position); whereas the call side of each strangle is hedged via the short call spread. Should an Underlying Security's price break through the lower range of a strangle (i.e., price declines below the sold put's strike price), the Fund may be required to buy the Underlying Security at the put's strike price, with downside risk of loss limited to no more than the full put strike price (less premium earned) should the Underlying Security's price go to zero. Should an Underlying Security's price break through the upper range of a strangle (i.e., price increases above the sold call's strike price), the Fund may be required to buy the Underlying Security at its higher market price and sell it for a loss at the sold call option's lower strike price. However, this potential upside risk of loss is capped by the purchase of the higher-strike call option (i.e., the hedge) and will not exceed the difference between upper and lower strike prices of the spread (less net premium received on the spread), regardless of how much higher the Underlying Security's price may increase. In either case, and notwithstanding the above-described limits or caps on the strategy's upside and downside risks of loss, the Fund is subject to potentially substantial loss in satisfying its obligations under the options contracts to purchase and/or sell shares of an Underlying Security.

Strangle positions are initiated by the Sub-Adviser at times when it observes a particular Underlying Security experiencing an aggressive or outsized price move higher or lower (e.g., a 12% to 15% or more move in either direction), typically the result of quarterly earnings reports or other news- or media-reported events prompting the Underlying Security's price movements. These other events may include analyst upgrades or downgrades, a gain or loss of major customers or suppliers, management changes, earnings restatements or other material events (i.e., signaling the onset of an implied volatility environment for the security). Such price movements most often occur at "market open," when the Underlying Security begins its regular daily trading session as traders react to overnight information, pre-market activity, or news (often leading to higher volume and volatility at market open). The Sub-Adviser views aggressive price movements at market open as most often being short-lived phenomena. In these environments, the Sub-Adviser seeks to maximize potential premium income by initiating strangle positions as soon as practicable upon observing an Underlying Security's price gapping up or down (significantly) at market open.

The Sub-Adviser expects potential premium income from selling options to be highest immediately following market reactions to current events, as Underlying Securities are frequently mispriced during periods when market emotions are elevated (e.g., fear, greed or other psychological states temporarily overriding rational decision-making). As markets digest new information about an Underlying Security, its price often stabilizes, reducing both implied volatility and opportunities for capturing higher option premiums (i.e., time decay), and as such, the Sub-Adviser expects to rarely execute the Options Strategy in respect of an Underlying Security *prior to* quarterly earnings reports or other regularly occurring events that typically prompt short-term market price movements.

The Fund will limit its maximum overall notional exposure to no more than 125% of its net assets through its options positions, meaning that the total value of the Underlying Securities underpinning the Fund's options positions will not exceed 1.25 times the Fund's net assets (i.e., notional exposure reflects leverage and potential market risk). Leverage can amplify losses, particularly during periods of market volatility, and the Fund's uncovered options positions (i.e., selling options without owning the Underlying Security) can carry significant risk. The Sub-Adviser will, however, seek to mitigate such risks by hedging its positions (as described above), and sizing the Fund's strangle option positions to limit notional exposure represented by any single position within the portfolio to no more 10% of the Fund's net assets. The Sub-Adviser may also close out one or both sides of a strangle position when, as mentioned above, it observes declining premiums on those options in the marketplace, or otherwise to mitigate the risk of material loss if market conditions move against existing position(s) in the Options Strategy portfolio. The Sub-Adviser may also seek to mitigate risk of loss by rolling options positions to later expiration dates if an Underlying Security's price moves close to one of the position's upper or lower strike prices, or it may adjust strike prices to create wider upper and lower price boundaries for a strangle position. Further, the Fund's options transactions are conducted pursuant to a derivatives risk management program that includes procedures designed to manage the Fund's use of derivatives such as option contracts. The program imposes limits on exposure, monitors margin requirements and option counterparty creditworthiness, and includes periodic stress testing of the Fund's portfolio. Stress testing involves scenario analyses and simulations to evaluate potential impacts to the Fund in the event of extreme volatility. market illiquidity or other adverse market conditions.

**There can be no guarantee that any actions taken to mitigate risk associated with the Options Strategy will be successful in avoiding Fund losses.**

The Sub-Adviser will use as reference assets for options positions only Underlying Securities that are listed on U.S. exchanges, and primarily those issued by large capitalization companies (e.g., greater than $15 billion market values) based in developed countries across North America, Europe and Asia (e.g., high income nations with advanced infrastructure, strong economies and stable political climates). In the (i) selection of Underlying Securities upon which to implement the Options Strategy, (ii) determination of optimal timing for entry into and/or exit out of strangle positions, and (iii) selection of upper and lower strike price ranges for the strangles, the Sub-Adviser places exclusive emphasis on technical analysis, a method of evaluating investment opportunities by using charts or computer programs to identify patterns in market data, such as price change, rates of change, and changes in volume of trading, open interest and other statistical indicators. It applies technical analysis tools to project the direction in which a market or the price of an Underlying Security will move (or not move) following a substantial one-day move up or down in the Underlying Security. Positions implemented in accordance with the Options Strategy are based on a combination of the Sub-Adviser's techniques for predicting market direction, judgment and experience, and perceived market opportunities. The Sub-Adviser's methodology is both systematic and strategic, and requires the exercise of strategic judgment by the Sub-Adviser in evaluating its methods, which use technical analysis, possible modifications of such methods from time to time, and in the strategy's implementation. By strategically entering and exiting options positions, the Sub-Adviser seeks to enhance the Fund's income potential.

**Collateral**

As part of the Fund's strategy, the Fund holds collateral investments. The Fund expects to invest approximately 100% of its net assets in U.S. Treasury bills, money market funds, cash and cash equivalents (e.g., high quality commercial paper and similar instruments that are rated investment grade or, if unrated, of comparable quality, as the Sub-Adviser determines), that provide liquidity, serve as margin or collateral for the Fund's options positions and also contribute to income generation for the Fund.

**Fund Attributes**

Under normal circumstances, the Fund will invest at least 80% of the value of its net assets, plus borrowings for investment purposes, in options contracts and other financial instruments designed to generate net option premium income or other types of income. For purposes of compliance with this investment policy, options contracts or other derivative contracts will be valued at their notional value.

The Fund intends to pay out dividends and interest income, if any, quarterly, and distribute any net realized capital gains to its shareholders at least annually.

The Fund is classified as "non-diversified" under the 1940 Act. The Fund's investment strategy is expected to result in high portfolio turnover on an annual basis.

The Fund will employ its investment strategy regardless of whether there are periods of adverse market, economic, or other conditions and will not take temporary defensive positions during such periods.

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

**Principal Investment Risks**

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

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

**Options Strategy Transactions Risk.** The Options Strategy pursued by the Fund involves selling put options that are not covered (also called "naked options") and selling call options coupled with a short call spread. When the Fund sells an uncovered put option, it does not simultaneously own the Underlying Security. The seller of an uncovered put option assumes the risk of a decline in the market price of the Underlying Security below the exercise price of the option. Uncovered put options are riskier than covered put options because there is no Underlying Security held by the Fund that can act as a partial hedge. When the Fund sells a call option coupled with the purchase of a higher-strike price call option, creating a short call spread, the Fund faces risk of loss if the Underlying Security price goes above the strike price of first sold call, albeit capped at the strike price of the second purchased call. There is also a risk, heightened in the case of relatively less liquid Underlying Securities, that the Underlying Securities may not be available for purchase to satisfy the Fund's obligations arising from its entry into the options positions contemplated by its Options Strategy.

**The Fund's options positions have speculative characteristics and the potential for loss is substantial, despite being reduced by the amount of premium received for selling the options. The maximum gain in strangle positions is limited, and occurs if the Underlying Security upon which a strangle position is implemented remains between the upper (call) and lower (put) strike prices. In that case, both options expire worthless and the investor (the Fund) pockets the premium received for selling the options. There can be no guarantee that actions taken by the Sub-Adviser to mitigate the potential risks associated with its Options Strategy will be successful in preventing Fund losses, which could be substantial.**

**Aggressive Investment Technique Risk.** The Fund uses investment techniques considered to be aggressive, including the use of leverage and uncovered options. Because these investment techniques often involve a small investment relative to the amount of investment exposure assumed, they may result in losses exceeding the amounts invested.

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

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

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

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

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

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

**ETF Risks.**

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

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

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

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

*Trading.* Although Shares are listed on a national securities exchange, such as The Nasdaq Stock Market, LLC (the "Exchange"), and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that an active trading market for the Shares will develop or be maintained or that the Shares will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of Shares may begin to mirror the liquidity of the Fund's underlying portfolio holdings, which can be significantly less liquid than Shares. Shares trade on the Exchange at market price that may be below, at or above the Fund's NAV. Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable. In addition, trading in Shares on the Exchange is subject to trading halts caused by extraordinary market volatility pursuant to the Exchange "circuit breaker" rules. There can be no assurance that the requirements of the Exchange necessary to maintain the listing of the Fund will continue to be met or will remain unchanged. As a result, the Fund could be adversely affected and be unable to implement its investment strategies in the event of an unscheduled closing.

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

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

**Liquidity Risk.** Some portfolio investments held by the Fund, including options contracts, may be difficult to sell or be illiquid, particularly during times of market turmoil. Markets for securities or financial instruments could be disrupted by a number of events, including, but not limited to, an economic crisis, natural disasters, epidemics/pandemics, new legislation or regulatory changes inside or outside the United States. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to sell an illiquid security at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions, such as market rules related to short sales, may prevent the Fund from limiting losses, realizing gains or achieving a high correlation with the Underlying Securities. There is no assurance that a security that is deemed liquid when purchased will continue to be liquid. Market illiquidity may cause losses for the Fund.

**Money Market Instrument Risk.** The Fund may use a variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Repurchase agreements are contracts in which a seller of securities agrees to buy the securities back at a specified time and price. Repurchase agreements may be subject to market and credit risk related to the collateral securing the repurchase agreement. Money market instruments, including money market funds, may lose money through fees or other means.

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

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

**New Sub-Adviser Risk.** The Sub-Adviser is newly registered with the SEC and has no experience with managing an exchange-traded fund regulated under the 1940 Act, which may limit the Sub-Adviser's effectiveness. As a result, there is no long-term track record against which an investor may judge the Sub-Adviser and it is possible the Sub-Adviser may not achieve the Fund's intended investment objective.

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

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

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

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

○ *Depositary Receipt Risk.* Depositary receipts involve risks similar to those associated with investments in foreign securities and certain additional risks. Depositary receipts listed on U.S. exchanges are issued by banks or trust companies and entitle the holder to all dividends and capital gains that are paid out on the underlying foreign shares ("Underlying Shares"). Depositary receipts may not provide a return that corresponds precisely with that of the Underlying Shares.

○ *Foreign Currency Risk.* A Fund's exposure to foreign currencies subjects the Fund to the risk that those currencies will decline in value relative to the U.S. Dollar. Currency rates in foreign countries may fluctuate significantly over short periods of time for any number of reasons, including changes in interest rates and the imposition of currency controls or other political developments in the U.S. or abroad.

**Fixed Income Securities Risk .** When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund's Share price and total return to be reduced and fluctuate more than other types of investments.

**Tax Risk.** The Fund intends to elect and to qualify each year to be treated as a regulated investment company ("RIC") under Subchapter M of the Internal Revenue Code of 1986, as amended ("Code"). As a RIC, the Fund will not be subject to U.S. federal income tax on the portion of its net investment income and net capital gain that it distributes to Shareholders, provided that it satisfies certain requirements of the Code. If the Fund does not qualify as a RIC for any taxable year and certain relief provisions are not available, the Fund's taxable income will be subject to tax at the Fund level and to a further tax at the shareholder level when such income is distributed.

**U.S. Government and U.S. Agency Obligations Risk.** The Fund may invest in securities issued by the U.S. government or its agencies or instrumentalities. U.S. Government obligations include securities issued or guaranteed as to principal and interest by the U.S. Government, its agencies or instrumentalities, such as the U.S. Treasury. Payment of principal and interest on U.S. Government obligations may be backed by the full faith and credit of the United States or may be backed solely by the issuing or guaranteeing agency or instrumentality itself. In the latter case, the investor must look principally to the agency or instrumentality issuing or guaranteeing the obligation for ultimate repayment, which agency or instrumentality may be privately owned. There can be no assurance that the U.S. Government would provide financial support to its agencies or instrumentalities (including government-sponsored enterprises) where it is not obligated to do so.

**Performance**

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

**Management**

*Investment Adviser*: Tidal Investments LLC serves as investment adviser to the Fund.

*Investment Sub-Adviser*: Worth Charting Group LLC serves as the investment sub-adviser to the Fund.

*Portfolio Managers*:

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

Carter Braxton Worth, Portfolio Manager for the Sub-Adviser, has been a portfolio manager of the Fund since its inception in 2026.

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

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

**Purchase and Sale of Shares**

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

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

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

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

**Tax Information**

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

**Financial Intermediary Compensation**

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

**ADDITIONAL INFORMATION ABOUT THE FUND**

**Investment Objective**

The primary investment objective of the Worth Charting Options Income ETF (the "Fund") is to seek current income.

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

The Fund's 80% policy is non-fundamental and can be changed without shareholder approval. However, Fund shareholders would be given at least 60 days' notice prior to any such change. To the extent options or other derivatives are used to meet the Fund's 80% policy, the notional value of such instruments will be used when determining the Fund's compliance.

**Principal Investment Strategies**

The Fund will likely engage in active and frequent trading of options contracts on Underlying Securities. The frequency with which the Fund trades option contracts or other securities will vary, depending on market conditions. The Fund will conduct regular reviews of its portfolio holdings, at least daily, to determine whether positions held pursuant to the Options Strategy should be adjusted or eliminated and whether the strategy should be implemented on any new Underlying Security(ies). It is expected that most of the Fund's options positions established pursuant to the Options Strategy will be short-term and held for less than one year, and therefore, gains, if any, are likely to be subject to short-term capital gains taxes.

The Fund's pursuit of the Options Strategy is made through entry into and exit from options contracts. As the options contracts it holds are traded, exercised or expire, it may enter into new options contracts, a practice referred to as "rolling." The Fund's practice of rolling options may result in high portfolio turnover.

**Options Terminology**

The Fund's options contracts are based on the share prices of the corresponding Underlying Securities ("Underlying Securities"), which give the Fund the right or obligation to receive or deliver shares of the Underlying Securities on the expiration date of the applicable option contract in exchange for the stated strike price, depending on whether the option contract is a call option or a put option, and whether the Fund purchases or sells the option contract.

● In general, an option contract gives the purchaser of the option contract the right to purchase (for a call option) or sell (for a put option) the underlying asset (like shares of the Underlying Security) at a specified price (the "strike price").

● If exercised, an option contract obligates the seller to deliver shares (for a sold or "short" call) or buy shares (for a sold or "short" put) of the underlying asset at a specified price (the "strike price").

● Options contracts must be exercised or traded to close within a specified time frame, or they expire.

● "Premium" when selling options is the upfront cash payment the buyer of the option pays the seller (i.e., the Fund) for the rights granted by the option contract, and represents income earned by the seller (Fund).

**Options Premiums – Income/Return of Capital**

Receipt of an option premium does not always represent income. Depending on whether the transaction as a whole results in a gain or loss, such amounts may be treated for accounting or tax purposes as income or as a return of capital ("ROC"). ROC represents a return of a shareholder's own invested capital and does not reflect traditional income such as dividends or interest**. A portion (sometimes a significant portion) of the Fund's cash distributions may be classified as ROC, which generally refers to the portion of a distribution that represents a return of the original investment (principal) rather than income or profit.** Accordingly, such distributions do not necessarily reflect traditional income or yield, and receipt of an option premium could ultimately result in a net loss on the transaction if offset by subsequent closing transactions, exercise or settlement.

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

**Exchange Traded Options Portfolio**

The Fund will sell call and put exchange traded options contracts. FLEX options are customized options contracts that trade on an exchange but provide investors with the ability to customize key contract terms like strike price, style and expiration date while achieving price discovery in competitive, transparent auctions markets and avoiding the counterparty exposure of "over-the-counter" ("OTC") options positions. Like traditional exchange-traded options, FLEX Options are guaranteed for settlement by the Options Clearing Corporation, a market clearinghouse that guarantees performance by counterparties to certain derivatives contracts.

The FLEX options in which the Fund invests will primarily be American style options (options that are exercisable at any time before expiration), but the Fund may also invest in European style options (options that are exercisable only on the expiration date). As of the date of this prospectus, the FLEX options are generally listed on the Chicago Board Options Exchange.

**Investments by Registered Investment Companies**

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

**Principal Risks of Investing in the Fund**

There can be no assurance that the Fund will achieve its investment objective. The following information is in addition to, and should be read along with, the description of the Fund's principal investment risks in the section titled "Fund Summary— Principal Investment Risks" above. The principal risks are presented in alphabetical order to facilitate finding particular risks and comparing them with those of other funds. Each risk summarized below is considered a "principal risk" of investing in the Fund, regardless of the order in which it appears.

**Aggressive Investment Technique Risk.** The Fund uses investment techniques considered to be aggressive, including the use of leverage and uncovered options. Because these investment techniques often involve a small investment relative to the amount of investment exposure assumed, they may result in losses exceeding the amounts invested.

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

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

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

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

**Economic and Market Risk.** The Fund is subject to the risk that the securities markets will move down, sometimes rapidly and unpredictably, based on overall economic conditions and other factors, which may negatively affect the Fund's performance. Factors that affect markets in general, including geopolitical, regulatory, market and economic developments and other developments that impact specific economic sectors, industries, companies and segments of the market, could adversely impact the Fund's investments and lead to a decline in the value of your investment in the Fund. Geopolitical and other events, including tensions, war, and open conflict between nations could affect the economies of many countries including the United States. Trade disputes, pandemics, public health crises, natural disasters, cybersecurity incidents, and related events have led, and in the future may continue to lead, to instability in world economies and markets generally and reduced liquidity in equity, credit and fixed income markets, which may disrupt economies and markets and adversely affect the value of your investment. The imposition by the U.S. of tariffs on goods imported from foreign countries and reciprocal tariffs levied on U.S. goods by those countries also may lead to volatility and instability in domestic and foreign markets. In addition, policy changes by the U.S. government, the U.S. Federal Reserve and/or foreign governments, and political and economic changes within the U.S. and abroad, such as inflation, changes in interest rates, recessions, changes in the U.S. presidential administration and Congress, the U.S. government's inability at times to agree on a long-term budget and deficit reduction plan, the threat of a federal government shutdown, threats not to increase the federal government's debt limit which could result in a default on the government's obligations, and the shutdown of certain financial institutions, may cause increased volatility in financial markets, affect investor and consumer confidence and adversely impact the broader financial markets and economy, perhaps suddenly and to a significant degree. Slowing global economic growth, the rise in protectionist trade policies, inflationary pressures, changes to some major international trade agreements, the imposition of tariffs, risks associated with trade agreements between countries and regions, including the U.S. and other foreign nations, political or economic dysfunction within some countries or regions, including the U.S., and dramatic changes in consumer sentiment and commodity and currency prices could affect the economies and markets of many nations, including the U.S., in ways that cannot necessarily be foreseen at the present time and may create significant market volatility. In 2022 the Federal Reserve and certain foreign central banks began to increase interest rates to address rising inflation. The Federal Reserve and certain foreign central banks subsequently started to lower interest rates in September 2024, though economic or other factors, such as inflation, could lead to the Federal Reserve stopping or reversing these changes. It is difficult to accurately predict the pace at which interest rates might change, the timing, frequency or magnitude of any such changes in interest rates, or when such changes might stop or again reverse course. Unexpected changes in interest rates could lead to significant market volatility or reduce liquidity in certain sectors of the market. Market disruptions have caused, and may continue to cause, broad changes in market value, negative public perceptions concerning these developments, and adverse investor sentiment or publicity. Changes in value may be temporary or may last for extended periods. Regulators in the U.S. have adopted a number of changes to regulations affecting markets and issuers, some of which apply to the Fund. Due to the broad scope of the regulations being adopted, certain of these changes, which may be revised or rescinded, could limit the Fund's ability to pursue its investment strategies or make certain investments, may make it more costly for it to operate, or adversely impact performance.

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

**ETF Risks.**

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

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

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

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

*Trading.* Although Shares are listed on a national securities exchange, such as The Nasdaq Stock Market, LLC (the "Exchange"), and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that an active trading market for the Shares will develop or be maintained or that the Shares will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of Shares may begin to mirror the liquidity of the Fund's underlying portfolio holdings, which can be significantly less liquid than Shares. Shares trade on the Exchange at market price that may be below, at or above the Fund's NAV. Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable. In addition, trading in Shares on the Exchange is subject to trading halts caused by extraordinary market volatility pursuant to the Exchange "circuit breaker" rules. There can be no assurance that the requirements of the Exchange necessary to maintain the listing of the Fund will continue to be met or will remain unchanged. As a result, the Fund could be adversely affected and be unable to implement its investment strategies in the event of an unscheduled closing.

**Fixed Income Securities Risk.** When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund's Share price and total return to be reduced and fluctuate more than other types of investments.

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

○ *Depositary Receipt Risk.* Depositary receipts involve risks similar to those associated with investments in foreign securities and certain additional risks. Depositary receipts listed on U.S. exchanges are issued by banks or trust companies and entitle the holder to all dividends and capital gains that are paid out on the underlying foreign shares ("Underlying Shares"). Depositary receipts may not provide a return that corresponds precisely with that of the Underlying Shares.

○ *Foreign Currency Risk.* A Fund's exposure to foreign currencies subjects the Fund to the risk that those currencies will decline in value relative to the U.S. Dollar. Currency rates in foreign countries may fluctuate significantly over short periods of time for any number of reasons, including changes in interest rates and the imposition of currency controls or other political developments in the U.S. or abroad.

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

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

**Liquidity Risk.** Some portfolio investments held by the Fund, including options contracts, may be difficult to sell or be illiquid, particularly during times of market turmoil. Markets for securities or financial instruments could be disrupted by a number of events, including, but not limited to, an economic crisis, natural disasters, epidemics/pandemics, new legislation or regulatory changes inside or outside the United States. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to sell an illiquid security at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions, such as market rules related to short sales, may prevent the Fund from limiting losses, realizing gains or achieving a high correlation with the Underlying Securities. There is no assurance that a security that is deemed liquid when purchased will continue to be liquid. Market illiquidity may cause losses for the Fund.

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

**Money Market Instrument Risk.** The Fund may use a variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Repurchase agreements are contracts in which a seller of securities agrees to buy the securities back at a specified time and price. Repurchase agreements may be subject to market and credit risk related to the collateral securing the repurchase agreement. Money market instruments, including money market funds, may lose money through fees or other means.

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

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

**New Sub-Adviser Risk.** The Sub-Adviser is newly registered with the SEC and has no experience with managing an exchange-traded fund regulated under the 1940 Act, which may limit the Sub-Adviser's effectiveness. As a result, there is no long-term track record against which an investor may judge the Sub-Adviser and it is possible the Sub-Adviser may not achieve the Fund's intended investment objective.

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

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

**Options Strategy Transactions Risk.** The Options Strategy pursued by the Fund involves selling put options that are not covered (also called "naked options") and selling call options coupled with a short call spread. When the Fund sells an uncovered put option, it does not simultaneously own the Underlying Security. The seller of an uncovered put option assumes the risk of a decline in the market price of the Underlying Security below the exercise price of the option. Uncovered put options are riskier than covered put options because there is no Underlying Security held by the Fund that can act as a partial hedge. When the Fund sells a call option coupled with the purchase of a higher-strike price call option, creating a short call spread, the Fund faces risk of loss if the Underlying Security price goes above the strike price of first sold call, albeit capped at the strike price of the second purchased call. There is also a risk, heightened in the case of relatively less liquid Underlying Securities, that the Underlying Securities may not be available for purchase to satisfy the Fund's obligations arising from its entry into the options positions contemplated by its Options Strategy.

**The Fund's options positions have speculative characteristics and the potential for loss is substantial, despite being reduced by the amount of premium received for selling the options. The maximum gain in strangle positions is limited, and occurs if the Underlying Security upon which a strangle position is implemented remains between the upper (call) and lower (put) strike prices. In that case, both options expire worthless and the investor (the Fund) pockets the premium received for selling the options. There can be no guarantee that actions taken by the Sub-Adviser to mitigate the potential risks associated with its Options Strategy will be successful in preventing Fund losses, which could be substantial.**

**Tax Risk.** The Fund intends to elect and to qualify each year to be treated as a RIC under Subchapter M of the Internal Revenue Code of 1986, as amended ("Code"). As a RIC, the Fund will not be subject to U.S. federal income tax on the portion of its net investment income and net capital gain that it distributes to Shareholders, provided that it satisfies certain requirements of the Code. If the Fund does not qualify as a RIC for any taxable year and certain relief provisions are not available, the Fund's taxable income will be subject to tax at the Fund level and to a further tax at the shareholder level when such income is distributed.

**U.S. Government and U.S. Agency Obligations Risk.** The Fund may invest in securities issued by the U.S. government or its agencies or instrumentalities. U.S. Government obligations include securities issued or guaranteed as to principal and interest by the U.S. Government, its agencies or instrumentalities, such as the U.S. Treasury. Payment of principal and interest on U.S. Government obligations may be backed by the full faith and credit of the United States or may be backed solely by the issuing or guaranteeing agency or instrumentality itself. In the latter case, the investor must look principally to the agency or instrumentality issuing or guaranteeing the obligation for ultimate repayment, which agency or instrumentality may be privately owned. There can be no assurance that the U.S. Government would provide financial support to its agencies or instrumentalities (including government-sponsored enterprises) where it is not obligated to do so.

**PORTFOLIO HOLDINGS**

Information about the Fund's daily portfolio holdings will be available on the Fund's website at www.worthchartinggroup.com.

A complete description of the Fund's policies and procedures with respect to the disclosure of the Fund's portfolio holdings is available in the Fund's SAI.

**MANAGEMENT**

**Investment Adviser**

Tidal Investments LLC ("Tidal" or the "Adviser"), located at 234 West Florida Street, Suite 700, Milwaukee, Wisconsin 53204, is an SEC registered investment adviser and a Delaware limited liability company. Tidal was founded in March 2012 and is dedicated to understanding, researching and managing assets within the expanding ETF universe. As of March 31, 2026, Tidal had assets under management of approximately $47.36 billion and served as the investment adviser or sub-adviser for 376 registered funds.

Tidal serves as investment adviser to the Fund and has overall responsibility for the general management and administration of the Fund pursuant to an investment advisory agreement with the Trust, on behalf of the Fund (the "Advisory Agreement"). The Adviser is also responsible for trading portfolio securities for the Fund, including selecting broker-dealers to execute purchase and sale transactions. The Adviser also arranges for transfer agency, custody, fund administration, and all other related services necessary for the Fund to operate. For the services provided to the Fund, the Fund pays the Adviser a unitary management fee, which is calculated daily and paid monthly, at an annual rate of 1.00% of the Fund's average daily net assets.

Under the Advisory Agreement, in exchange for a single unitary management fee from the Fund, the Adviser has agreed to pay all expenses incurred by the Fund except for Excluded Expenses and the unitary management fee payable to the Adviser.

**Investment Sub-Adviser**

Worth Charting Group LLC, located at 445 Park Avenue, 9<sup>th</sup> Floor, New York, New York 10022, serves as investment sub-adviser to the Fund pursuant to a sub-advisory agreement between the Adviser and Sub-Adviser (the "Sub-Advisory Agreement"). The Sub-Adviser became a registered investment adviser with the SEC in April 2026. As of March 31, 2026, the Sub-Adviser does not have any assets under management.

The Sub-Adviser is responsible for the day-to-day management of the Fund's portfolio, including management of the Options Strategy on behalf of the Fund, subject to the supervision of the Adviser and the Board. For its services, the Sub-Adviser is paid a fee by the Adviser, which is calculated daily and paid monthly, at an annual rate of 0.05% based on the Fund's average daily net assets. However, as Fund Sponsor, the Sub-Adviser may automatically waive all or a portion of its sub-advisory fee. See "Fund Sponsor" below for more information.

**Advisory and Sub-Advisory Agreements**

A discussion regarding the basis for the Board's approval of the Fund's Advisory Agreement and Sub-Advisory Agreement will be available in the Fund's semi-annual filing on Form N-CSR for period September 30, 2026.

**Portfolio Managers**

The following individuals (each, a "Portfolio Manager") have served as portfolio managers of the Fund since inception in 2026. Carter Worth is primarily responsible for the day-to-day management of the Fund, and Scott Snyder and Quinn Berry oversee trading and execution for the Fund.

*Carter Braxton Worth, Portfolio Manager for the Sub-Adviser*

Carter Braxton Worth, a 35-year investment industry veteran, is the CEO and Founder of the Sub-Adviser – Worth Charting Group LLC. Prior to launching Worth Charting, Carter was Head of Technical Analysis at Cornerstone Macro Research LP from 2016 to 2021. Before joining Cornerstone Macro Research, he held the same position at Sterne Agee from 2015 until its acquisition by Stifel Nicholas in 2016. From 2003 to 2015, Carter was Chief Market Technician at Oppenheimer Holdings, Inc. He began his career at Donaldson, Lufkin & Jenrette as a portfolio strategist. Carter is a widely recognized technical analyst whose work is based on the principles of collective wisdom and behavioral science, with a particular emphasis on price-volume correlation, relative strength and pattern recognition. He is a frequent guest and commentator on CNBC (and a co-host of CNBC's Fast Money), and has appeared on or been quoted in other news media outlets including Bloomberg TV, Business News Network, the Wall Street Journal, Forbes, Barron's and others. Mr. Worth holds a bachelor's degree in international relations from Boston University.

*Scott Snyder, Portfolio Manager for the Adviser*

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

*Quinn Berry, Portfolio Manager for the Adviser* 

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

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

**FUND SPONSOR** 

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

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

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

**HOW TO BUY AND SELL SHARES**

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

In order to purchase Creation Units of the Fund, an AP must generally deposit a designated portfolio of securities (the "Deposit Securities") and/or a designated amount of U.S. cash. Purchases and redemptions of Creation Units primarily with cash, rather than through in-kind delivery of portfolio securities, may cause the Fund to incur certain costs. These costs could include brokerage costs or taxable gains or losses that it might not have incurred if it had made redemption in-kind. These costs could be imposed on the Fund, and thus decrease the Fund's NAV, to the extent that the costs are not offset by a transaction fee payable by an AP. Most investors buy and sell Shares in secondary market transactions through brokers. Individual Shares are listed for trading on the secondary market on the Exchange and can be bought and sold throughout the trading day like other publicly traded securities.

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

**Book Entry**

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

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

**Frequent Purchases and Redemptions of Shares**

The Fund does not impose any restrictions on the frequency of purchases and redemptions of Shares. In determining not to approve a written, established policy, the Board evaluated the risks of market timing activities by the Fund's shareholders. Purchases and redemptions by APs, who are the only parties that may purchase or redeem Shares directly with the Fund, are an essential part of the ETF process and help keep Share trading prices in line with the NAV. As such, the Fund accommodates frequent purchases and redemptions by APs. However, the Board has also determined that frequent purchases and redemptions for cash may increase tracking error and portfolio transaction costs and may lead to the realization of capital gains. To minimize these potential consequences of frequent purchases and redemptions, the Fund employs fair value pricing and may impose transaction fees on purchases and redemptions of Creation Units to cover the custodial and other costs incurred by the Fund in effecting trades. In addition, the Fund and the Adviser reserve the right to reject any purchase order at any time.

**Determination of Net Asset Value**

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

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

The Fund values exchange-traded options at the composite mean price, calculated as the average of the highest bid and lowest ask prices across the exchanges on which the option is principally traded.

**Fair Value Pricing**

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

**Delivery of Shareholder Documents – Householding**

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

**DIVIDENDS, DISTRIBUTIONS, AND TAXES**

**Dividends and Distributions**

The Fund intends to pay out dividends and interest income, if any, quarterly, and distribute any net realized capital gains to its shareholders at least annually.

The Fund will declare and pay income and capital gain distributions, if any, in cash. Distributions in cash may be reinvested automatically in additional whole Shares only if the broker through whom you purchased Shares makes such option available. Your broker is responsible for distributing the income and capital gain distributions to you.

**Taxes**

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

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

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

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

**Taxes on Distributions.** The Fund intends to pay out dividends and interest income, if any, quarterly, and distribute any net realized capital gains to its shareholders at least annually. For federal income tax purposes, distributions of net investment income are generally taxable as ordinary income or qualified dividend income. Taxes on distributions of net capital gains (if any) are determined by how long the Fund owned the investments that generated them, rather than how long a shareholder has owned their Shares. Sales of assets held by the Fund for more than one year generally result in long-term capital gains and losses, and sales of assets held by the Fund for one year or less generally result in short-term capital gains and losses. Distributions of the Fund's net capital gain (the excess of net long-term capital gains over net short-term capital losses) that are reported by the Fund as capital gain dividends ("Capital Gain Dividends") will be taxable as long-term capital gains. 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 certain holding period and other requirements are met. "Qualified dividend income" generally is income derived from dividends paid by U.S. corporations or certain foreign corporations that are either incorporated in a U.S. possession or eligible for tax benefits under certain U.S. income tax treaties. In addition, dividends that the Fund receives in respect of stock of certain foreign corporations may be qualified dividend income if that stock is readily tradable on an established U.S. securities market. Corporate shareholders may be entitled to a dividends-received deduction for the portion of dividends they receive from the Fund that are attributable to dividends received by the Fund from U.S. corporations, subject to certain limitations.

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

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

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

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

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

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

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

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

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

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

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

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

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

**Important Tax Considerations When Purchasing Fund Shares**

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

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

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

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

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

**DISTRIBUTION**

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

The Board has adopted a Distribution (Rule 12b-1) Plan (the "Plan") pursuant to Rule 12b-1 under the 1940 Act. In accordance with the Plan, the Fund is authorized to pay an amount up to 0.25% of its average daily net assets each year to pay distribution fees for the sale and distribution of its Shares.

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

**PREMIUM/DISCOUNT INFORMATION**

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

**ADDITIONAL NOTICES**

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

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

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

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

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

**FINANCIAL HIGHLIGHTS**

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

**Worth Charting Options Income ETF (WRTH)**

---

| | | | |
|:---|:---|:---|:---|
| **Adviser** | **Tidal Investments LLC** <br> 234 West Florida Street, Suite 700<br> Milwaukee, Wisconsin 53204 | **Sub-Adviser** | **Worth Charting Group LLC**<br> 445 Park Avenue, 9<sup>th</sup> Floor<br> New York, New York 10022 |
| **Distributor** | **Foreside Fund Services, LLC** <br> 190 Middle Street, Suite 301<br> Portland, Maine 04101 | **Administrator** | **Tidal ETF Services LLC** <br> 234 West Florida Street, Suite 700 <br> Milwaukee, Wisconsin 53204 |
| **Legal Counsel** | **Sullivan & Worcester LLP** <br> 1251 Avenue of the Americas, 19th Floor <br> New York, New York 10020 | **Fund Accountant,**<br> **and Transfer Agent** | **U.S. Bancorp Fund Services, LLC,** <br> **doing business as U.S. Bank Global Fund Services** <br> 615 East Michigan Street <br> Milwaukee, Wisconsin 53202 |
| **Independent**<br> **Registered Public**<br> **Accounting Firm** | **Tait, Weller & Baker LLP** <br> Two Liberty Place<br> 50 South 16th Street<br> Philadelphia, Pennsylvania 19102 | **Custodian** | **U.S. Bank National Association** <br> 1555 North Rivercenter Drive <br> Milwaukee, Wisconsin 53212 |

---

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

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

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

You can obtain free copies of these documents, when available, request other information or make general inquiries about the Fund by contacting the Fund at Worth Charting Options Income ETF, c/o U.S. Bank Global Fund Services, P.O. Box 219252, Kansas City, Missouri 64121-9252 or calling (888) 831-8231.

Shareholder reports and other information about the Fund are also available:

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

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

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

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

![](wrth485bpos002.jpg)

**Worth Charting Options Income ETF (WRTH)**

*listed on The Nasdaq Stock Market, LLC*

**STATEMENT OF ADDITIONAL INFORMATION**

**April 23, 2026**

This Statement of Additional Information ("SAI") is not a prospectus and should be read in conjunction with the Prospectus for the Worth Charting Options Income ETF (the "Fund), a series of Tidal Trust III (the "Trust"), dated April 23, 2026, as may be supplemented from time to time (the "Prospectus"). Capitalized terms used in this SAI that are not defined have the same meaning as in the Prospectus, unless otherwise noted. A copy of the Prospectus may be obtained without charge, by calling the Fund at (888) 831-8231, visiting www.worthchartinggroup.com, or writing to the Worth Charting Options Income ETF, c/o, U.S. Bank Global Fund Services, P.O. Box 219252, Kansas City, Missouri 64121-9252.

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

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| [General Information about the Trust](#wrth485bposb001) | 1 |
| [Additional Information about Investment Objectives, Policies, and Related Risks](#wrth485bposb002) | 1 |
| [Description of Permitted Investments](#wrth485bposb003) | 2 |
| [Investment Restrictions](#wrth485bposb004) | 12 |
| [Exchange Listing and Trading](#wrth485bposb005) | 12 |
| [Management of the Trust](#wrth485bposb006) | 13 |
| [Principal Shareholders, Control Persons and Management Ownership](#wrth485bposb007) | 18 |
| [Codes of Ethics](#wrth485bposb008) | 18 |
| [Proxy Voting Policies](#wrth485bposb009) | 19 |
| [Investment Adviser](#wrth485bposb010) | 19 |
| [Portfolio Manager](#wrth485bposb011)s | 20 |
| [The Distributor](#wrth485bposb012) | 21 |
| [Administrator](#wrth485bposb013) | 23 |
| [Transfer Agent and Fund Accountant](#wrth485bposb014) | 23 |
| [Custodian](#wrth485bposb015) | 23 |
| [Legal Counsel](#wrth485bposb016) | 23 |
| [Independent Registered Public Accounting Firm](#wrth485bposb017) | 23 |
| [Portfolio Holdings Disclosure Policies and Procedures](#wrth485bposb018) | 24 |
| [Description of Shares](#wrth485bposb019) | 24 |
| [Limitation of Trustees' Liability](#wrth485bposb020) | 25 |
| [Brokerage Transactions](#wrth485bposb021) | 25 |
| [Portfolio Turnover Rate](#wrth485bposb022) | 26 |
| [Book Entry Only System](#wrth485bposb023) | 27 |
| [Purchase and Redemption of Shares in Creation Units](#wrth485bposb024) | 28 |
| [Determination of Net Asset Value](#wrth485bposb025) | 32 |
| [Dividends and Distributions](#wrth485bposb026) | 33 |
| [Federal Income Taxes](#wrth485bposb027) | 33 |
| [Financial Statements](#wrth485bposb028) | 38 |

---

**GENERAL INFORMATION ABOUT THE TRUST**

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

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

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

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

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

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

**Non-Diversification**

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

Although the Fund is non-diversified for purposes of the 1940 Act, the Fund intends to maintain the required level of diversification and otherwise conduct its operations so as to qualify as a regulated investment company ("RIC") for purposes of the Code, and to relieve the Fund of any liability for federal income tax to the extent that their earnings are distributed to shareholders. Compliance with the diversification requirements of the Code may limit the investment flexibility of the Fund and may make it less likely that the Fund will meet its investment objectives. See "Federal Income Taxes" in this SAI for further discussion.

**General Risks**

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

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

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

**DESCRIPTION OF PERMITTED INVESTMENTS**

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

**Borrowing**

Under the 1940 Act, the Fund may borrow up to one-third (1/3) of its total assets. To the extent permitted by the 1940 Act, or the rules and regulations thereunder, the Fund may also borrow an additional 5% of its total assets without regard to the foregoing limitation for temporary purposes, such as the clearance of portfolio transactions. The Fund will borrow money only for short-term or emergency purposes. To limit the risks attendant to borrowing, the 1940 Act requires the Fund to maintain at all times an "asset coverage" of at least 300% of the amount of its borrowings. Asset coverage means the ratio that the value of a Fund's total assets, minus liabilities other than borrowings, bears to the aggregate amount of all borrowings.

**Equity Securities**

Equity securities, such as the common stocks of an issuer, are subject to stock market fluctuations and therefore may experience volatile changes in value as market conditions, consumer sentiment or the financial condition of the issuers change. A decrease in value of the equity securities in the Fund's portfolio may also cause the value of the Fund's Shares to decline.

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

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

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

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

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

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

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

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

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

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

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

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

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

**Foreign Securities**

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

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

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

**Foreign Currencies**

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

**Illiquid Investments and Restricted Securities**

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

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

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

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

**Investment Company Securities**

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

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

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

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

**Money Market Funds**

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

**Other Short-Term Instruments**

The Fund may invest in short-term instruments, including money market instruments, on an ongoing basis to provide liquidity or for other reasons. Money market instruments are generally short-term investments that may include but are not limited to: (1) shares of money market funds; (2) obligations issued or guaranteed by the U.S. government, its agencies, or instrumentalities (including government-sponsored enterprises); (3) negotiable certificates of deposit ("CDs"), bankers' acceptances, fixed time deposits, and other obligations of U.S. and foreign banks (including foreign branches) and similar institutions; (4) commercial paper rated at the date of purchase "Prime-1" by Moody's Investors Service or "A-1" by S&P Global Ratings or, if unrated, of comparable quality as determined by the Adviser; (5) non-convertible corporate debt securities (e.g., bonds and debentures) with remaining maturities at the date of purchase of not more than 397 days and that satisfy the rating requirements set forth in Rule 2a-7 under the 1940 Act; and (6) short-term U.S. dollar-denominated obligations of foreign banks (including U.S. branches) that, in the opinion of the Adviser, are of comparable quality to obligations of U.S. banks which may be purchased by the Fund. Any of these instruments may be purchased on a current or a forward-settled basis. Money market instruments also include shares of money market funds. Time deposits are non-negotiable deposits maintained in banking institutions for specified periods of time at stated interest rates. Bankers' acceptances are time drafts drawn on commercial banks by borrowers, usually in connection with international transactions.

**Derivative Investments**

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

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

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

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

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

*Exclusion of Adviser from Commodity Pool Operator Definition.* To the extent the Fund invests in "commodity interests" as defined under the Commodity Exchange Act (the "CEA") the Adviser intends to claim an exclusion from the definition of "commodity pool operator" ("CPO") and the rules of the Commodities Futures Trading Commission (the "CFTC") with respect to the Fund. Therefore, the Adviser is not subject to CFTC registration or regulation as a CPO with respect to the Fund. Commodity interests include commodity futures, commodity options and swaps, which in turn include non-deliverable currency forward contracts.

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

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

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

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

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

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

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

The Fund may write options that are not covered (also called "naked options"). When the Fund sells an uncovered call option, it does not simultaneously have a long position in the Underlying Security. When the Fund sells an uncovered put option, it does not simultaneously have a short position in the Underlying Security. The principal reason for writing uncovered call options is to realize income without committing capital to the ownership of the underlying securities or instruments. When writing uncovered call options, the Fund must deposit and maintain sufficient margin with the broker-dealer through which it made the uncovered call option as collateral to ensure that the securities can be purchased for delivery if and when the option is exercised. During periods of declining securities prices or when prices are stable, writing uncovered calls can be a profitable strategy to increase the Fund's income with minimal capital risk. Uncovered options are riskier than covered options because there is no Underlying Security held by the Fund that can act as a partial hedge. Uncovered calls have speculative characteristics and the potential for loss is unlimited. There is also a risk, especially with relatively less liquid preferred and debt securities, that the securities may not be available for purchase. Uncovered call and put options have speculative characteristics and the potential loss is substantial. The Fund's ability to write call or put options may be limited by margin requirements and other federal securities rules or regulations and is subject to the requirements of Rule 18f-4 as described above.

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

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

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

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

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

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

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

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

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

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

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

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

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

**Securities Lending**

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

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

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

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

**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 (FNMA), the Government National Mortgage Association (GNMA), 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, GNMA 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 the FNMA, 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 the FNMA 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. As a result of this Agreement, the investments of holders, including the Fund, of mortgage-backed securities and other obligations issued by the FNMA and Freddie Mac are currently protected. The Agreement has been amended several times since September 7, 2008, both formally and through letter agreements. The most recent letter agreement dated January 14, 2021, stated the U.S. Treasury's commitment to begin to establish a timeline and process to terminate the conservatorship. If the conservatorship is terminated, the investments of holders, including the Fund, of mortgage-backed securities and other obligations issued by Fannie Mae and Freddie Mac will no longer have the protection of the U.S. Treasury.

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 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 of the U.S. from AAA to AA+ with a downgrade from stable outlook to negative outlook. S&P subsequently raised the negative outlook to stable outlook in June 2013, but retained the lower AA+ rating and it has not been upgraded as of the date of this SAI. 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. 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.

**Tax Risks**

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

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

**INVESTMENT RESTRICTIONS**

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

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

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

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

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

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

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

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

In determining its compliance with the fundamental investment restriction on concentration, the Fund, to the extent that it invests in the securities of other investment companies, will look through to the underlying holdings of any investment company that publicly publishes its underlying holdings on a daily basis. In addition, if an underlying investment company does not publish its holdings daily but has a policy to concentrate or has otherwise disclosed that it is concentrated in a particular industry or group of related industries, the Fund will consider such investment company as being invested in such industry or group of related industries. Additionally, in determining its compliance with the fundamental investment restriction on concentration, the Fund will look through to the user or use of private activity municipal bonds to determine their industry. The Fund's derivatives investments, if any, will be categorized based on their underlying asset exposure. The notional value of such derivatives will be considered when assessing the Fund's compliance with its industry concentration policies.

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

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

**EXCHANGE LISTING AND TRADING**

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

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

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

**MANAGEMENT OF THE TRUST**

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

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

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

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

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

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

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name** <br> **and** <br> **Year of** <br> **Birth** | **Position** <br> **Held with** <br> **the Trust** | **Term of Office** <br> **and Length** <br> **of Time** <br> **Served<sup>(1)</sup>** | **Principal Occupation(s)** <br> **During Past 5 Years** | **Number** <br> **of** <br> **Portfolios** <br> **in Fund** <br> **Complex**<sup>(2)</sup> <br> **Overseen** <br> **by Trustee** | **Other** <br> **Directorships** <br> **Held by Trustee** <br> **During Past 5 Years** |
| **Independent Trustees<sup>(3)</sup>** | **Independent Trustees<sup>(3)</sup>** | **Independent Trustees<sup>(3)</sup>** | **Independent Trustees<sup>(3)</sup>** | **Independent Trustees<sup>(3)</sup>** | **Independent Trustees<sup>(3)</sup>** |
| Monica H. Byrd<br> Born: 1979 | Trustee | Indefinite<br> term; since 2023 | Chief Financial Officer of LFO Management, LLC (since 2019). | 90 |  |
| Pamela Cytron<br> Born: 1966 | Trustee | Indefinite term; since 2023 | President, The Founder's Arena (since 2023); CEO & Founder, Pendo Systems, Inc. (2020 to 2023); Non-executive Board advisor, RegAlytics (2021 to 2022). | 90 | Serves on the Boards of First Rate Inc. (since 2015); First Rate Ventures (since 2022); Privacy Lock (since 2022) (nonexecutive Board role); and World Technology Partners (since 2022) (Vice President). Served on the Board of Global Recovery Initiatives Foundation (2011 to 2022) (Chairman). |
| Lawrence Jules<br> Born: 1968 | Trustee | Indefinite term; since 2023 | Vice President and Head Trader at 3Edge Asset Management LLC (since 2022); and Director and Head Trader at Charles Schwab Investment Management (2008 to 2022). | 90 | Serves as a director of the 600 Atlantic/Federal Reserve Bank of Boston Federal Credit Union. |
| Ethan Powell<br> Born: 1975 | Trustee | Indefinite term; Trustee since 2016 | Principal and CIO of Brookmont Capital; President and Founder of Impact Shares LLC ("Impact Shares") (2015 to 2025). | 90 | Serves as Independent Chairman of the Board of the Highland Fund Complex and the NexPoint Credit Strategies Fund Complex (collectively, 25 funds) and is a member of the Board of Kelly Strategic Management Fund. |
| **Interested Trustee<sup>(4)</sup>** | **Interested Trustee<sup>(4)</sup>** | **Interested Trustee<sup>(4)</sup>** | **Interested Trustee<sup>(4)</sup>** | **Interested Trustee<sup>(4)</sup>** | **Interested Trustee<sup>(4)</sup>** |
| Eric W. Falkeis<sup>(4)</sup> <br> Born: 1973 | President, Principal Executive Officer, Trustee, and Chairman | Indefinite term; Trustee and Chairman since 2025; Indefinite term; President and Principal Executive Officer since 2024 | Chief Operating Officer, Tidal Investments LLC (since 2023); Chief Executive Officer, Tidal ETF Services LLC (since 2018). | 573 | Independent Director, Muzinich Direct Lending Income Fund, Inc. (since 2023); Independent Director, Muzinich BDC, Inc. (since 2019); Trustee, Professionally Managed Portfolios (27 series) (since 2011); Trustee and Chairman of Tidal Trust I (since 2018); Trustee and Chairman of Tidal Trust II (since 2022); Trustee and Chairman of Tidal Trust IV (since 2025) |

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

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

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

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

**Individual Trustee Qualifications.**

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

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

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

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

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

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

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

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

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

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

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

**Principal Officers of the Trust**

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

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

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

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

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

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

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

**Board Compensation**

Effective January 1, 2026, the Independent Trustees each receive an annual retainer of $50,000. The Independent Trustees also receive $6,000 per regularly scheduled meeting attended and $4,000 per special meeting attended, as well as reimbursement for travel and other out-of-pocket expenses incurred in connection with serving as a Trustee. In addition, the Audit Committee Chair receives an annual retainer of $12,000 and the Governance Committee Chair receives an annual retainer of $6,000. The Trust has no pension or retirement plan.

The following table shows the compensation estimated to be earned by each Trustee for the Fund's current fiscal year ending March 31, 2027. Independent Trustee fees are an obligation of the Trust and are paid by the Adviser, as are other Trust expenses. The Trust pays the Adviser a unitary fee which the Adviser uses to pay Trust expenses. Trustee compensation shown below does not include reimbursed out-of-pocket expenses in connection with attendance at meetings.

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| | | |
|:---|:---|:---|
| **Name** | **Estimated Aggregate Compensation**<br> **From Fund** | **Estimated Total Compensation From** <br> **Fund Complex Paid to Trustees<sup>(1)</sup>** |
| &nbsp;&nbsp;&nbsp;**Interested Trustees** | &nbsp;&nbsp;&nbsp;**Interested Trustees** | &nbsp;&nbsp;&nbsp;**Interested Trustees** |
| &nbsp;&nbsp;&nbsp;Eric Falkeis | $0 | $0 |
| &nbsp;&nbsp;&nbsp;**Independent Trustees** | &nbsp;&nbsp;&nbsp;**Independent Trustees** | &nbsp;&nbsp;&nbsp;**Independent Trustees** |
| &nbsp;&nbsp;&nbsp;Monica H. Byrd | $0 | $86000 |
| &nbsp;&nbsp;&nbsp;Pamela Cytron | $0 | $80000 |
| &nbsp;&nbsp;&nbsp;Lawrence Jules | $0 | $74000 |
| &nbsp;&nbsp;&nbsp;Ethan Powell | $0 | $74000 |

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<sup>(1)</sup> Compensation is based on estimated amounts for the fiscal year ending March 31, 2027.

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

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

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

**CODES OF ETHICS**

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

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

**PROXY VOTING POLICIES**

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

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

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

When available, information on how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 will be available (1) without charge, upon request, by calling (888) 831-8231, (2) on the Fund's website at www.worthchartinggroup.com, and (3) on the SEC's website at www.sec.gov.

**INVESTMENT ADVISER**

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

Pursuant to the Investment Advisory Agreement (the "Advisory Agreement"), the Adviser provides investment advice to the Fund and oversees the day-to-day operations of the Fund subject to the direction and oversight of the Board. The Adviser also oversees the trading of portfolio securities for the Fund, including selecting broker-dealers to execute purchase and sale transactions. Under the Advisory Agreement, the Adviser is also responsible for arranging sub-advisory, transfer agency, custody, fund administration and accounting, and other related services necessary for the Fund to operate. The Adviser administers the Fund's business affairs, provides office facilities and equipment and certain clerical, bookkeeping, and administrative services. Under the Advisory Agreement, in exchange for a single unitary management fee from the Fund, the Adviser has agreed to pay all expenses incurred by the Fund except for the Excluded Expenses, as defined in the Prospectus. For services provided to the Fund, the Fund pays the Adviser a unitary management fee, which is calculated daily and paid monthly, at an annual rate of 1.00% based on the Fund's average daily net assets.

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

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

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

**INVESTMENT SUB-ADVISER**

Worth Charting Group LLC (the "Sub-Adviser"), a New York limited liability company located at 445 Park Avenue, 9<sup>th</sup> Floor, New York, New York 10022, serves as investment sub-adviser to the Fund pursuant to a sub-advisory agreement between the Adviser and the Sub-Adviser (the "Sub-Advisory Agreement"). The Sub-Adviser is responsible for the day-to-day management of the Fund's portfolio, including management of the Options Strategy on behalf of the Fund, subject to the supervision of the Adviser and the Board. For its services, the Sub-Adviser is paid a fee by the Adviser, which fee is calculated daily and paid monthly, at an annual rate of 0.05% of the Fund's average daily net assets.

The Sub-Advisory Agreement with respect to the Fund will continue in force for an initial period of two years. Thereafter, the Sub-Advisory Agreement will be renewable from year to year with respect to the Fund, so long as its continuance is approved at least annually (1) by the vote, cast in person at a meeting (or in another manner permitted by the 1940 Act or pursuant to exemptive relief therefrom) called for that purpose, of a majority of those Trustees who are not "interested persons" of the Trust; and (2) by the majority vote of either the full Board or the vote of a majority of the outstanding Shares. The Sub-Advisory Agreement will terminate automatically in the event of its assignment, and is terminable at any time, without penalty, by the Board, including a majority of the Independent Trustees, or by the vote of a majority of the outstanding voting securities of the Fund, on 60 days written notice to the Adviser and the Sub-Adviser, or by the Adviser or Sub-Adviser on 60 days written notice to the Trust and the other party. The Sub-Advisory Agreement provides that the Sub-Adviser shall not be protected against any liability to the Trust or its shareholders by reason of willful misfeasance, bad faith or gross negligence on its part in the performance of its duties or from reckless disregard of its obligations or duties thereunder.

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

**PORTFOLIO MANAGERS**

Carter Braxton Worth is primarily responsible for the day-to-day management of the Fund, and Scott Snyder and Quinn Berry oversee trading and execution for the Fund.

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

*Carter Braxton Worth, Portfolio Manager for the Sub-Adviser*

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

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*Scott Snyder, Portfolio Manager for the Adviser*

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

---

*Quinn Berry, Portfolio Manager for the Adviser*

---

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

---

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

**Portfolio Manager Compensation.** Mr. Worth is compensated through equity ownership in the Worth Charting Fund.

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

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

**THE DISTRIBUTOR**

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

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

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

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

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

**Intermediary Compensation*.*** The Adviser 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 training or support. These arrangements are not financed by the Fund and, thus, do not result in increased Fund expenses. They are not reflected in the fees and expenses listed in the fees and expenses sections of the Fund's Prospectus and they do not change the price paid by investors for the purchase of Shares or the amount received by a shareholder as proceeds from the redemption of Shares.

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

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

If you have any additional questions, please call (888) 831-8231.

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

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

The Plan requires that quarterly written reports of amounts spent under the Plan and the purposes of such expenditures be furnished to and reviewed by the Trustees. The Plan may not be amended to increase materially the amount that may be spent thereunder without approval by a majority of the outstanding Shares. All material amendments of the Plan will require approval by a majority of the Trustees of the Trust and of the Independent Trustees.

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

Under the Plan, subject to the limitations of applicable law and regulations, the Fund is authorized to compensate the Distributor up to the maximum amount to finance any activity primarily intended to result in the sale of Creation Units of the Fund or for providing, or arranging for others to provide, shareholder services and for the maintenance of shareholder accounts. Such activities may include, but are not limited to: (1) delivering copies of the Fund's then current reports, prospectuses, notices, and similar materials, to prospective purchasers of Creation Units; (2) marketing and promotional services, including advertising; (3) paying the costs of and compensating others, including Authorized Participants with whom the Distributor has entered into written Authorized Participant Agreements, for performing shareholder servicing on behalf of the Fund; (4) compensating certain Authorized Participants for providing assistance in distributing the Creation Units of the Fund, including the travel and communication expenses and salaries and/or commissions of sales personnel in connection with the distribution of the Creation Units of the Fund; (5) payments to financial institutions and intermediaries such as banks, savings and loan associations, insurance companies, and investment counselors, broker-dealers, mutual fund supermarkets, and the affiliates and subsidiaries of the Trust's service providers as compensation for services or reimbursement of expenses incurred in connection with distribution assistance; (6) facilitating communications with beneficial owners of Shares, including the cost of providing, or paying others to provide, services to beneficial owners of Shares, including, but not limited to, assistance in answering inquiries related to Shareholder accounts; and (7) such other services and obligations as are set forth in the Distribution Agreement.

**ADMINISTRATOR**

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

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

**TRANSFER AGENT AND FUND ACCOUNTANT**

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

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

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

**CUSTODIAN**

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

**LEGAL COUNSEL**

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

**INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

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

**PORTFOLIO HOLDINGS DISCLOSURE POLICIES AND PROCEDURES**

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

**DESCRIPTION OF SHARES**

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

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

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

**LIMITATION OF TRUSTEES' LIABILITY**

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

**BROKERAGE TRANSACTIONS**

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

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

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

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

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

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

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

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

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

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

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

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

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

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

**PORTFOLIO TURNOVER RATE**

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

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

**BOOK ENTRY ONLY SYSTEM**

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

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

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

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

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

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

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

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

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

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

In general, any Fund Deposit (as defined below) or Additional Cash Deposit (as also defined below) corresponding to the placement of an order to purchase Creation Units must be transferred and delivered to the Custodian by no later than 2 p.m. Eastern Time for a Fund on the contractual settlement date (or such other time as specified by the Trust and disclosed to Authorized Participants) (in each instance, the "Deposit Deadline").

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

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

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

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

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

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

An Authorized Participant may require an investor to make certain representations or enter into agreements with respect to the order (*e.g.*, to provide for payments of cash, when required). Investors should be aware that their particular broker may not have executed a Participant Agreement and that, therefore, orders to purchase Shares directly from the Fund in Creation Units must be placed by the investor's broker through an Authorized Participant that has executed a Participant Agreement. In such cases there may be additional charges to such investor. At any given time, there may be only a limited number of broker-dealers that have executed a Participant Agreement and only a small number of such Authorized Participants may have international capabilities.

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

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

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

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

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

Examples of such circumstances include acts of God; public service or utility problems such as fires, floods, extreme weather conditions, and power outages resulting in telephone, telecopy, and computer failures; market conditions or activities causing trading halts; systems failures involving computer or other information systems affecting the Trust, the Distributor, the Custodian, a sub-custodian, the Transfer Agent, DTC, NSCC, Federal Reserve System, or any other participant in the creation process; and other extraordinary events. The Transfer Agent shall notify a prospective creator of a Creation Unit and/or the Authorized Participant acting on behalf of the creator of a Creation Unit of its rejection of the order of such person. The Trust, the Transfer Agent, the Custodian, any sub-custodian and the Distributor are under no duty, however, to give notification of any defects or irregularities in the delivery of Fund Deposits nor shall either of them incur any liability for the failure to give any such notification. The Trust, the Transfer Agent, the Custodian and the Distributor shall not be liable for the rejection of any purchase order for Creation Units.

All questions as to the number of Shares of each security in the Deposit Securities and the validity, form, eligibility, and acceptance for deposit of any securities to be delivered shall be determined by the Trust, and the Trust's determination shall be final and binding.

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

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

In addition, a variable fee, payable to the Fund, of up to the maximum percentage listed in the table below of the value of the Creation Units subject to the transaction may be imposed for cash purchases, non-standard orders, or partial cash purchases of Creation Units. The variable charge is primarily designed to cover additional costs (e.g., brokerage, taxes) involved with buying the securities with cash. The Fund may determine to not charge a variable fee on certain orders when the Adviser has determined that doing so is in the best interests of Fund shareholders.

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| | | |
|:---|:---|:---|
| **Name of Fund** | **Fixed Creation** <br> **Transaction Fee** | **Maximum Variable** <br> **Transaction Fee** |
| Worth Charting Options Income ETF | $500 | 2% |

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

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

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

**Redemption.** Shares may be redeemed only in Creation Units at their NAV next determined after receipt of a redemption request in proper form by the Fund through the Transfer Agent and only on a Business Day. EXCEPT UPON LIQUIDATION OF THE FUND, THE FUND WILL NOT REDEEM SHARES IN AMOUNTS LESS THAN CREATION UNITS. Investors must accumulate enough Shares in the secondary market to constitute a Creation Unit to have such Shares redeemed by the Trust. There can be no assurance, however, that there will be sufficient liquidity in the public trading market at any time to permit assembly of a Creation Unit. Investors should expect to incur brokerage and other costs in connection with assembling a sufficient number of Shares to constitute a redeemable Creation Unit.

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

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

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

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

In addition, a variable fee, payable to the Fund, of up to the maximum percentage listed in the table below of the value of the Creation Units subject to the transaction may be imposed for cash redemptions, non-standard orders, or partial cash redemptions (when cash redemptions are available) of Creation Units. The variable charge is primarily designed to cover additional costs (e.g., brokerage, taxes) involved with selling portfolio securities to satisfy a cash redemption. The Fund may determine not to charge a variable fee on certain orders when the Adviser has determined that doing so is in the best interests of Fund shareholders.

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| | | |
|:---|:---|:---|
| **Name of Fund** | **Fixed Creation** <br> **Transaction Fee** | **Maximum Variable** <br> **Transaction Fee** |
| Worth Charting Options Income ETF | $500 | 2% |

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

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

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

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

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

Redemptions of Shares for Fund Securities will be subject to compliance with applicable federal and state securities laws and the Fund (whether or not it otherwise permits cash redemptions) reserves the right to redeem Creation Units for cash to the extent that the Trust could not lawfully deliver specific Fund Securities upon redemptions or could not do so without first registering the Fund Securities under such laws. An Authorized Participant or an investor for which it is acting subject to a legal restriction with respect to a particular security included in the Fund Securities applicable to the redemption of Creation Units may be paid an equivalent amount of cash. The Authorized Participant may request the redeeming investor of the Shares to complete an order form or to enter into agreements with respect to such matters as compensating cash payment. Further, an Authorized Participant that is not a "qualified institutional buyer," ("QIB") as such term is defined under Rule 144A of the Securities Act, will not be able to receive Fund Securities that are restricted securities eligible for resale under Rule 144A. An Authorized Participant may be required by the Trust to provide a written confirmation with respect to QIB status to receive Fund Securities.

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

**DETERMINATION OF NET ASSET VALUE**

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

In calculating the Fund's NAV per Share, such Fund's investments are generally valued using services. The Fund may use various pricing services, or discontinue the use of any pricing service, as approved by the Adviser from time to time. A price obtained from a pricing service based on such pricing service's valuation matrix may be considered a market valuation. Any assets or liabilities denominated in currencies other than the U.S. dollar are converted into U.S. dollars at the current market rates on the date of valuation as quoted by one or more sources. For assets traded on an exchange, the Fund may value investments using market valuations. A market valuation generally means a valuation (1) obtained from an exchange, a pricing service, or a major market maker (or dealer), (2) based on a price quotation or other equivalent indication of value supplied by an exchange, a pricing service, or a major market maker (or dealer) or (3) based on amortized cost. In the case of shares of other funds that are not traded on an exchange, a market valuation means such fund's published NAV per share.

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

**DIVIDENDS AND DISTRIBUTIONS**

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

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

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

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

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

**FEDERAL INCOME TAXES**

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

**Certain Potential Tax Reporting Requirements.** Under U.S. Treasury regulations, if a shareholder recognizes a loss on disposition of the Shares of $2 million or more for an individual shareholder or $10 million or more for a corporate shareholder (or certain greater amounts over a combination of years), the shareholder must file with the IRS a disclosure statement on IRS Form 8886. Direct shareholders of portfolio securities are in many cases excepted from this reporting requirement, but under current guidance, shareholders of a RIC are not excepted. Significant penalties may be imposed for the failure to comply with the reporting requirements. The fact that a loss is reportable under these regulations does not affect the legal determination of whether the taxpayer's treatment of the loss is proper. Shareholders should consult their tax advisors to determine the applicability of these regulations in light of their individual circumstances.

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

**FINANCIAL STATEMENTS**

Financial statements and annual reports will be available after the Fund has completed a fiscal year of operations. When available, you may request a copy of the Fund's annual Certified Shareholder Report on Form N-CSR at no charge by calling (888) 831-8231 or through the Fund's website at www.worthchartinggroup.com.

**PART C**

**OTHER INFORMATION**

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

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(3) [Certificate of Incorporation](http://www.sec.gov/Archives/edgar/data/1722388/000199937126005991/ex99-avi3.htm) , previously filed with Post-Effective Amendment No. 176 on Form N-1A on March 16, 2026, and is incorporated
 herein by reference **.** 

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

(5) [Private Investment Company Custodian Agreement](http://www.sec.gov/Archives/edgar/data/1722388/000199937126007677/ex99-avi5.htm) , previously filed with Post-Effective Amendment No. 180 on Form N-1A on April 6,
 2026, and is incorporated herein by reference.

(vi) Organizational
 Documents for Cayman Subsidiary (for Defiance Gold vs Bitcoin ETF).

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

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

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

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

(5) [Private Investment Company Custodian Agreement](http://www.sec.gov/Archives/edgar/data/1722388/000199937126007677/ex99-avii5.htm) , previously filed with Post-Effective Amendment No. 180 on Form N-1A on April 6,
 2026, and is incorporated herein by reference.

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

(1) [Investment Advisory Agreement](http://www.sec.gov/Archives/edgar/data/1722388/000199937126006716/ex99-aviii1.htm) , previously filed with Post-Effective Amendment No. 177 on Form N-1A on March 23, 2026, and is incorporated
 herein by reference.

(2) [Subsidiary Sub-Advisory Agreement](http://www.sec.gov/Archives/edgar/data/1722388/000199937126006716/ex99-aviii2.htm) , previously filed with Post-Effective Amendment No. 177 on Form N-1A on March 23, 2026, and is
 incorporated herein by reference.

(3) [Memorandum and Articles of Association](http://www.sec.gov/Archives/edgar/data/1722388/000199937126006716/ex99-aviii3.htm) , previously filed with Post-Effective Amendment No. 177 on Form N-1A on March 23, 2026, and
 is incorporated herein by reference.

(4) [Certificate of Incorporation](http://www.sec.gov/Archives/edgar/data/1722388/000199937126006716/ex99-aviii4.htm) , previously filed with Post-Effective Amendment No. 177 on Form N-1A on March 23, 2026, and is incorporated
 herein by reference.

(5) [Tax Undertaking](http://www.sec.gov/Archives/edgar/data/1722388/000199937126006716/ex99-aviii5.htm) , previously filed with Post-Effective Amendment No. 177 on Form N-1A on March 23, 2026, and is incorporated
 herein by reference.

(6) [Private Investment Company Custodian Agreement](http://www.sec.gov/Archives/edgar/data/1722388/000199937126007677/ex99-aviii6.htm) , previously filed with Post-Effective Amendment No. 180 on Form N-1A on April 6,
 2026, and is incorporated herein by reference.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

(xxii) [Investment Advisory Agreement between the Trust (for RCN Pareto Strategic Allocation ETF) and Tidal Investments LLC](http://www.sec.gov/Archives/edgar/data/1722388/000199937126006716/ex99-dxxiii.htm) , previously filed
 with Post-Effective Amendment No. 177 on Form N-1A on March 23, 2026, and is incorporated herein by reference.

(xxiii) [Investment Advisory Agreement between the Trust (for U.S. Defense ETF) and Tidal Investments LLC](http://www.sec.gov/Archives/edgar/data/1722388/000199937126007677/ex99-dixxiv.htm) , previously filed with Post-Effective
 Amendment No. 180 on Form N-1A on April 6, 2026, and is incorporated herein by reference.

(xxiv) [Investment Advisory Agreement between the Trust (for Worth Charting Options Income ETF) and Tidal Investments LLC](ex99-dxxiv.htm) – **filed herewith.**

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

---

| | |
|:---|:---|
| (xxxviii) | [Investment Sub-Advisory Agreement between Tidal Investments LLC and Measured Risk Portfolios, Inc. (for MRP SynthEquity ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937125007354/ex99-dxlii.htm), previously filed with Post-Effective Amendment No. 120 on Form N-1A on June 6, 2025 and is incorporated herein by reference. |
| (xil) | [Investment Sub-Advisory Agreement between Tidal Investments LLC and Accuvest Global Advisors Inc. (for Alpha Brands™ Consumption Leaders ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937125006488/ex99-dxli.htm), previously filed with Post-Effective Amendment No. 113 on Form N-1A on May 21, 2025 and is incorporated herein by reference. |
| (xl) | [Investment Sub-Advisory Agreement between Tidal Investments LLC and Harmonic Capital, LLC (for NovaTide Flexible Allocation ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937125013196/ex99-dxlvii.htm), previously filed with Post-Effective Amendment No. 135 on Form N-1A on September 12, 2025 and is incorporated herein by reference. |
| (xli) | [Investment Sub-Advisory Agreement between Tidal Investments LLC and RCN Wealth Advisors](http://www.sec.gov/Archives/edgar/data/1722388/000199937126006716/ex99-dxliii.htm), Inc. (for RCN Pareto Strategic Allocation ETF), previously filed with Post-Effective Amendment No. 177 on Form N-1A on March 23, 2026, and is incorporated herein by reference. |
| (xlii) | [Investment Sub-Advisory Agreement between Tidal Investments LLC and Worth Charting Group LLC (for Worth Charting Options Income ETF)](ex99-dxlii.htm) – **filed herewith.** |
| (xliii) | Investment Sub-Advisory Agreement between Tidal Investments LLC and Hohimer Wealth Management, LLC (for Apex Consolidated Income ETF) – **to be filed by amendment.** |
| (e) (i) | [Distribution Agreement between the Trust and Foreside Fund Services, LLC](http://www.sec.gov/Archives/edgar/data/1722388/000199937124008190/ex99-eiv.htm), previously filed with Post-Effective Amendment No. 44 on Form N-1A on July 2, 2024 and is incorporated herein by reference. |
| (i) | [Second Amendment to the Distribution Agreement between the Trust and Foreside Fund Services, LLC, (adding Rockefeller Opportunistic Municipal Bond ETF, Rockefeller California Municipal Bond ETF, Rockefeller New York Municipal Bond ETF, Rockefeller U.S. Small-Mid Cap ETF, Rockefeller Global Equity ETF, TradersAI Large Cap Equity & Cash ETF, 4E Quality Growth ETF and GammaRoad Market Navigation ETF),](http://www.sec.gov/Archives/edgar/data/1722388/000199937124009561/ex99-eivii.htm) previously filed with Post-Effective Amendment No. 48 on Form N-1A on August 5, 2024 and is incorporated herein by reference. |
| (ii) | [Third Amendment to the Distribution Agreement between the Trust and Foreside Fund Services, LLC, (adding Impact Shares Women's Empowerment ETF, Impact Shares NAACP Minority Empowerment ETF, VistaShares Artificial Intelligence Supercycle ETF and VistaShares Electrification Supercycle ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937124011464/ex99-eiiiii.htm), previously filed with Post-Effective Amendment No. 59 on Form N-1A on September 6, 2024 and is incorporated herein by reference. |
| (iii) | [Fifth Amendment to the Distribution Agreement between the Trust and Foreside Fund Services, LLC, (adding Fundstrat Granny Shots US Large Cap ETF, Ned Davis Research 360º Dynamic Allocation ETF, Ned Davis Research 360º Core Equity ETF, Ninepoint Energy ETF and Ninepoint Energy Income)](http://www.sec.gov/Archives/edgar/data/1722388/000199937124013325/ex99-eiv.htm), previously filed with Post-Effective Amendment No. 64 on Form N-1A on October 15, 2024 and is incorporated herein by reference. |
| (iv) | [Sixth Amendment to the Distribution Agreement between the Trust and Foreside Fund Services, LLC, (adding The Beehive ETF,NestYield Total Return Guard ETF, NestYield Dynamic Income Shield ETF, NestYield Visionary ETF andUSCF Daily Target 2X Copper Index ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000183988224044274/ex99-eivi.htm), previously filed with Post-Effective Amendment No. 80 on Form N-1A on December 9, 2024 and is incorporated herein by reference**.** |
| (v) | [Seventh Amendment to the Distribution Agreement between the Trust and Foreside Fund Services, LLC, (adding Battleshares™ NVDA vs INTC ETF, Battleshares™ AMZN vs M ETF, Battleshares™ COIN vs WFC ETF, Battleshares™ MSTR vs JPM ETF, Battleshares™ NFLX vs CMCSA ETF, Battleshares™ LLY vs YUM ETF, Battleshares™ GOOGL vs NYT ETF, TH GARP Global Rising Leaders ETF and TH GARP India Rising Leaders ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000183988225001662/ex99-evii.htm), previously filed with Post-Effective Amendment No. 91 on Form N-1A on January 13, 2025, and is incorporated herein by reference. |
| (vi) | [Eighth Amendment to the Distribution Agreement between the Trust and Foreside Fund Services, LLC, (adding World Dynamic Momentum Leaders ETF, VistaShares Target 15 Berkshire Select Income ETF, VistaShares Target 15 USA Momentum Income ETF, VistaShares Target 15 USA Value Income ETF, VistaShares Target 15 USA Quality Income ETF and VistaShares Target 15 USA Low Volatility Income ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937125000454/ex99-eiviii.htm), previously filed with Post-Effective Amendment No. 95 on Form N-1A on January 17, 2025 and is incorporated herein by reference. |
| (vii) | [Ninth Amendment to the Distribution Agreement between the Trust and Foreside Fund Services, LLC, (adding Intech S&P Large Cap Diversified Alpha ETF, Intech S&P Small-Mid Cap Diversified Alpha ETF and MRP SynthEquity ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937125006488/ex99-eix.htm), previously filed with Post-Effective Amendment No. 113 on Form N-1A on May 21, 2025 and is incorporated herein by reference. |
| (viii) | [Tenth Amendment to the Distribution Agreement between the Trust and Foreside Fund Services, LLC, (adding Alpha Brands™ Consumption Leaders ETF, VistaShares Animal Spirits Strategy ETF and VistaShares Animal Spirits Daily 2X Strategy ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937125006488/ex99-ex.htm), previously filed with Post-Effective Amendment No. 113 on Form N-1A on May 21, 2025 and is incorporated herein by reference. |
| (ix) | [Twelfth Amendment to the Distribution Agreement between the Trust and Foreside Fund Services, LLC, (adding Defiance Bitcoin vs Ether ETF, Defiance Ether vs Bitcoin ETF, Defiance Bitcoin vs Gold ETF, Defiance Gold vs Bitcoin ETF, VistaShares ACKtivist Select ETF, VistaShares Target 15 ACKtivist Distribution ETF, VistaShares BigShort Select ETF, VistaShares Target 15 BigShort Distribution ETF, VistaShares DRUKMacro Select ETF, VistaShares Target 15 DRUKMacro Distribution ETF and VistaShares Berkshire Select ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937125011565/ex99-eixii.htm), previously filed with Post-Effective Amendment No. 128 on Form N-1A on August 18, 2025 and is incorporated herein by reference. |

---

---

| | | |
|:---|:---|:---|
| | (x) | [Thirteenth Amendment to the Distribution Agreement between the Trust and Foreside Fund Services, LLC, (adding Stoneport Advisors Commodity Long Short ETF and NovaTide Flexible Allocation ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937125014818/ex99-exiii.htm), previously filed with Post-Effective Amendment No. 139 on Form N-1A on October 7, 2025 and is incorporated herein by reference. |
|  | (xi) | [Fourteenth Amendment to the Distribution Agreement between the Trust and Foreside Fund Services, LLC, (adding VistaShares BitBonds 1-3 Yr Enhanced Weekly Distribution Option Income ETF, VistaShares BitBonds 5 Yr Enhanced Weekly Distribution Option Income ETF, VistaShares BitBonds 10 Yr Enhanced Weekly Distribution Option Income ETF and VistaShares BitBonds 20 Yr Enhanced Weekly Distribution Option Income ETF, VistaShares Bitcoin Treasury Income ETF, VistaShares Ethereum Treasury Income ETF, VistaShares Ethereum Treasury ETF, VistaShares IPO and Income ETF, VistaShares Target 15<sup>TM</sup> International Innovators Distribution ETF, VistaShares Target 15<sup>TM</sup> European High Dividend Payers Distribution ETF, VistaShares Target 15<sup>TM</sup> Global 100 Distribution ETF, VistaShares Target 15<sup>TM</sup> S&P 100 Distribution ETF, Fundstrat Granny Shots US Small- & Mid-Cap ETF and Fundstrat Granny Shots US Large Cap & Income ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937125017305/ex99-eixiv.htm), previously filed with Post-Effective Amendment No. 146 on Form N-1A on November 11, 2025 and is incorporated herein by reference. |
|  | (xii) | [Fifteenth Amendment to the Distribution Agreement between the Trust and Foreside Fund Services, LLC, (adding VistaShares DIVBoost Dividend Nobles Distribution ETF, VistaShares DIVBoost Dividend Kings Distribution ETF, VistaShares DIVBoost Sector Distribution ETF, VistaShares DIVBoost Utilities Distribution ETF, VistaShares DIVBoost High Yield Bond Distribution ETF, VistaShares DIVBoost REIT Distribution ETF, VistaShares DIVBoost Energy Distribution ETF, VistaShares TEPRTantrum Contrarian Select ETF, VistaShares Target 15 TEPRTantrum Contrarian Distribution ETF, VistaShares TPLoeb Event Driven Select ETF, VistaShares Target 15 TPLoeb Event Driven Distribution ETF, VistaShares TIGR Cub NextGen Select ETF, VistaShares Target 15 TIGR Cub NextGen Distribution ETF, VistaShares LAFFTech Select ETF, VistaShares Target 15 LAFFTech Distribution ETF, VistaShares HRVD Select ETF, VistaShares Target 15 HRVD Distribution ETF, VistaShares GATE Endowment Select ETF, VistaShares Target 15 GATE Endowment Distribution ETF, VistaShares Gulf Sovereign Select ETF, VistaShares Target 15 Gulf Sovereign Distribution ETF, VistaShares Nordic Wealth Select ETF and VistaShares Target 15 Nordic Wealth Distribution ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937126000329/ex99-eixiv.htm), previously filed with Post-Effective Amendment No. 160 on Form N-1A on January 7, 2026 and is incorporated herein by reference. |
|  | (xiii) | [Sixteenth Amendment to the Distribution Agreement between the Trust and Foreside Fund Services, LLC (adding RCN Pareto Strategic Allocation ETF and U.S. Defense ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937126006716/ex99-eixiii.htm), previously filed with Post-Effective Amendment No. 177 on Form N-1A on March 23, 2026, and is incorporated herein by reference. |
|  | (xiv) | [Seventeenth Amendment to the Distribution Agreement between the Trust and Foreside Fund Services, LLC (adding Worth Charting Options Income ETF and Apex Consolidated Income ETF)](ex99-eixiv.htm) – **filed herewith.** |
| (ii) | [Distribution Services Agreement between Tidal Investments LLC and Foreside Fund Services, LLC](http://www.sec.gov/Archives/edgar/data/1722388/000199937124008190/ex99-ev.htm), previously filed with Post-Effective Amendment No. 44 on Form N-1A on July 2, 2024 and is incorporated herein by reference. | [Distribution Services Agreement between Tidal Investments LLC and Foreside Fund Services, LLC](http://www.sec.gov/Archives/edgar/data/1722388/000199937124008190/ex99-ev.htm), previously filed with Post-Effective Amendment No. 44 on Form N-1A on July 2, 2024 and is incorporated herein by reference. |
| (iii) | [Form of Authorized Participant Agreement between the Registrant and Foreside Fund Services, LLC](http://www.sec.gov/Archives/edgar/data/1722388/000199937124008190/ex99-evi.htm), previously filed with Post-Effective Amendment No. 44 on Form N-1A on July 2, 2024 and is incorporated herein by reference. | [Form of Authorized Participant Agreement between the Registrant and Foreside Fund Services, LLC](http://www.sec.gov/Archives/edgar/data/1722388/000199937124008190/ex99-evi.htm), previously filed with Post-Effective Amendment No. 44 on Form N-1A on July 2, 2024 and is incorporated herein by reference. |
| (f) | Not applicable. | Not applicable. |
| (g) (i) | [Custodian Agreement between the Trust and U.S. Bank National Association](http://www.sec.gov/Archives/edgar/data/1722388/000199937124008632/ex99-gii.htm), previously filed with Post-Effective Amendment No. 45 on Form N-1A on July 16, 2024 and is incorporated herein by reference. | [Custodian Agreement between the Trust and U.S. Bank National Association](http://www.sec.gov/Archives/edgar/data/1722388/000199937124008632/ex99-gii.htm), previously filed with Post-Effective Amendment No. 45 on Form N-1A on July 16, 2024 and is incorporated herein by reference. |
| &nbsp;&nbsp;&nbsp;&nbsp;(i) | [First Amendment to the Custodian Agreement (adding Rockefeller Opportunistic Municipal Bond ETF, Rockefeller California Municipal Bond ETF, Rockefeller New York Municipal Bond ETF, Rockefeller U.S. Small-Mid Cap ETF, Rockefeller Global Equity ETF, TradersAI Large Cap Equity & Cash ETF, 4E Quality Growth ETF and GammaRoad Market Navigation ETF,](http://www.sec.gov/Archives/edgar/data/1722388/000199937124009561/ex99-giii.htm) previously filed with Post-Effective Amendment No. 48 on Form N-1A on August 5, 2024 and is incorporated herein by reference. | [First Amendment to the Custodian Agreement (adding Rockefeller Opportunistic Municipal Bond ETF, Rockefeller California Municipal Bond ETF, Rockefeller New York Municipal Bond ETF, Rockefeller U.S. Small-Mid Cap ETF, Rockefeller Global Equity ETF, TradersAI Large Cap Equity & Cash ETF, 4E Quality Growth ETF and GammaRoad Market Navigation ETF,](http://www.sec.gov/Archives/edgar/data/1722388/000199937124009561/ex99-giii.htm) previously filed with Post-Effective Amendment No. 48 on Form N-1A on August 5, 2024 and is incorporated herein by reference. |
| &nbsp;&nbsp;&nbsp;&nbsp;(ii) | [Second Amendment to the Custodian Agreement (adding Impact Shares Women's Empowerment ETF, Impact Shares NAACP Minority Empowerment ETF, VistaShares Artificial Intelligence Supercycle ETF and VistaShares Electrification Supercycle ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937124011464/ex99-giii.htm), previously filed with Post-Effective Amendment No. 59 on Form N-1A on September 6, 2024 and is incorporated herein by reference. | [Second Amendment to the Custodian Agreement (adding Impact Shares Women's Empowerment ETF, Impact Shares NAACP Minority Empowerment ETF, VistaShares Artificial Intelligence Supercycle ETF and VistaShares Electrification Supercycle ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937124011464/ex99-giii.htm), previously filed with Post-Effective Amendment No. 59 on Form N-1A on September 6, 2024 and is incorporated herein by reference. |
| &nbsp;&nbsp;&nbsp;&nbsp;(iii) | [Fourth Amendment to the Custodian Agreement (adding Fundstrat Granny Shots US Large Cap ETF, Ned Davis Research 360º Dynamic Allocation ETF, Ned Davis Research 360º Core Equity ETF, Ninepoint Energy ETF and Ninepoint Energy Income ETF),](http://www.sec.gov/Archives/edgar/data/1722388/000199937124013325/ex99-giiv.htm) previously filed with Post-Effective Amendment No. 64 on Form N-1A on October 15, 2024 and is incorporated herein by reference. | [Fourth Amendment to the Custodian Agreement (adding Fundstrat Granny Shots US Large Cap ETF, Ned Davis Research 360º Dynamic Allocation ETF, Ned Davis Research 360º Core Equity ETF, Ninepoint Energy ETF and Ninepoint Energy Income ETF),](http://www.sec.gov/Archives/edgar/data/1722388/000199937124013325/ex99-giiv.htm) previously filed with Post-Effective Amendment No. 64 on Form N-1A on October 15, 2024 and is incorporated herein by reference. |

---

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

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

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

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

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(xiv) [Sixteenth Amendment to the Custodian Agreement (adding RCN Pareto Strategic Allocation ETF and U.S. Defense ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937126007677/ex99-gixiv.htm) , previously filed
 with Post-Effective Amendment No. 180 on Form N-1A on April 6, 2026, and is incorporated herein by reference.

&nbsp;&nbsp;&nbsp;&nbsp;(xv) [Seventeenth Amendment to the Custodian Agreement (adding Worth Charting Options Income ETF and Apex Consolidated Income ETF)](ex99-gixv.htm) – **filed herewith.** 

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

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

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

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

(iv) [Fourth Amendment to the Amended and Restated Fund Administration Servicing Agreement (adding RCN Pareto Strategic Allocation ETF and U.S. Defense ETF](http://www.sec.gov/Archives/edgar/data/1722388/000199937126006716/ex99-hiiv.htm)), previously filed with Post-Effective Amendment No. 177 on Form N-1A on March 23, 2026, and is incorporated
 herein by reference.

(v) [Fifth Amendment to the Amended and Restated Fund Administration Servicing Agreement (adding Worth Charting Options Income ETF and Apex Consolidated Income ETF)](ex99-hiv.htm) – **filed herewith.** 

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

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

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

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

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

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

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

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

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

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

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

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

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

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

(xiv) [Sixteenth Amendment to the Transfer Agency Agreement (adding RCN Pareto Strategic Allocation ETF and U.S. Defense ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937126007677/ex99-hiixiv.htm) , previously
 filed with Post-Effective Amendment No. 180 on Form N-1A on April 6, 2026, and is incorporated herein by reference.

(xv) [Seventeenth Amendment to the Transfer Agency Agreement (adding Worth Charting Options Income ETF and Apex Consolidated Income ETF)](ex99-hiixv.htm) – **filed herewith.** 

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

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

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

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

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

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

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

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

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

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

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

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

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

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

(xiv) [Sixteenth Amendment to the Fund Accounting Agreement (adding RCN Pareto Strategic Allocation ETF and U.S. Defense ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937126007677/ex99-hiiixiv.htm) , previously
 filed with Post-Effective Amendment No. 180 on Form N-1A on April 6, 2026, and is incorporated herein by reference.

(xvi) [Seventeenth Amendment to the Fund Accounting Agreement (adding Worth Charting Options Income ETF and Apex Consolidated Income ETF)](ex99-hiiixv.htm) – **filed herewith.** 

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

(xx) [Opinion and Consent of Counsel (for VistaShares Animal Spirits Strategy ETF and VistaShares Animal Spirits Daily 2X Strategy ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937125006919/ex99-ixxvi.htm) ,
 previously filed with Post-Effective Amendment No. 118 on Form N-1A on May 30, 2025 and is incorporated herein by reference.

(xxi) [Opinion and Consent of Counsel (for Defiance Bitcoin vs Ether ETF, Defiance Ether vs Bitcoin ETF, Defiance Bitcoin vs Gold ETF and Defiance Gold vs Bitcoin ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937126005991/ex99-ixxii.htm) , previously filed with Post-Effective Amendment No. 176 on Form N-1A on March 16, 2026,
 and is incorporated herein by reference.

(xxii) [Opinion and Consent of Counsel (for VistaShares ACKtivist Select ETF, VistaShares Target 15 ACKtivist Distribution ETF, VistaShares BigShort Select ETF, VistaShares Target 15 BigShort Distribution ETF, VistaShares DRUKMacro Select ETF, VistaShares Target 15 DRUKMacro Distribution ETF and VistaShares Berkshire Select ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937125011565/ex99-ixxvii.htm) , previously filed with Post-Effective Amendment No.
 128 on Form N-1A on August 18, 2025 and is incorporated herein by reference.

(xxiii) [Opinion and Consent of Counsel (for Stoneport Advisors Commodity Long Short ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937125013174/ex99-ixxix.htm) , previously filed with Post-Effective Amendment
 No. 134 on Form N-1A on September 12, 2025 and is incorporated herein by reference **.** 

(xxiv) [Opinion and Consent of Counsel (for NovaTide Flexible Allocation ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937125013196/ex99-ixxx.htm) , previously filed with Post-Effective Amendment No. 135
 on Form N-1A on September 12, 2025 and is incorporated herein by reference.

(xxv) [Opinion and Consent of Counsel (for VistaShares BitBonds 1-3 Yr Enhanced Weekly Distribution ETF, VistaShares BitBonds 5 Yr Enhanced Weekly Distribution ETF, VistaShares BitBonds 10 Yr Enhanced Weekly Distribution ETF and VistaShares BitBonds 20 Yr Enhanced Weekly Distribution ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937125018840/ex99-ixxx.htm) , previously filed with Post-Effective Amendment No. 153 on Form N-1A on November 26, 2025 and
 is incorporated herein by reference.

(xxvi) [Opinion and Consent of Counsel (for Fundstrat Granny Shots US Small- & Mid-Cap ETF and Fundstrat Granny Shots US Large Cap & Income ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937125017305/ex99-ixxxi.htm) , previously filed with Post-Effective Amendment No. 146 on Form N-1A on November 11, 2025 and is incorporated
 herein by reference.

(xxvii) [Opinion and Consent of Counsel (VistaShares Bitcoin Treasury Income ETF, VistaShares Ethereum Treasury Income ETF, VistaShares Ethereum Treasury ETF and VistaShares IPO and Income ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937125019117/ex99-ixxxii.htm) , previously filed with Post-Effective Amendment No. 154 on Form N-1A
 on December 1, 2025 and is incorporated herein by reference.

(xxviii) [Opinion and Consent of Counsel (for VistaShares Target 15<sup>TM</sup> International Innovators Distribution ETF, VistaShares Target 15<sup>TM</sup> European High Dividend Payers Distribution ETF, VistaShares Target 15<sup>TM</sup> Global 100 Distribution ETF, and VistaShares Target 15<sup>TM</sup> S&P 100 Distribution ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937125018788/ex99-ixxxiii.htm) , previously filed with Post-Effective
 Amendment No. 152 on Form N-1A on November 26, 2025 and is incorporated herein by reference.

(xxix) [Opinion and Consent of Counsel (for VistaShares DIVBoost Dividend Nobles Distribution ETF, VistaShares DIVBoost Dividend Kings Distribution ETF, VistaShares DIVBoost Sector Distribution ETF, VistaShares DIVBoost Utilities Distribution ETF, VistaShares DIVBoost High Yield Bond Distribution ETF, VistaShares DIVBoost REIT Distribution ETF and VistaShares DIVBoost Energy Distribution ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937126000498/ex99-ixxxiii.htm) , previously filed with Post-Effective Amendment No. 161 on Form N-1A on January 8, 2026
 and is incorporated herein by reference.

(xxx) [Opinion and Consent of Counsel (for VistaShares TEPRTantrum Contrarian Select ETF, VistaShares Target 15 TEPRTantrum Contrarian Distribution ETF, VistaShares TPLoeb Event Driven Select ETF, VistaShares Target 15 TPLoeb Event Driven Distribution ETF, VistaShares TIGR Cub NextGen Select ETF, VistaShares Target 15 TIGR Cub NextGen Distribution ETF, VistaShares LAFFTech Select ETF, and VistaShares Target 15 LAFFTech Distribution ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937126001056/ex99-ixxxiv.htm) , previously filed with Post-Effective Amendment No. 164 on Form N-1A
 on January 16, 2026 and is incorporated herein by reference.

(xxxi) [Opinion and Consent of Counsel (for VistaShares HRVD Select ETF, VistaShares Target 15 HRVD Distribution ETF, VistaShares GATE Endowment Select ETF, VistaShares Target 15 GATE Endowment Distribution ETF, VistaShares Gulf Sovereign Select ETF, VistaShares Target 15 Gulf Sovereign Distribution ETF, VistaShares Nordic Wealth Select ETF and VistaShares Target 15 Nordic Wealth Distribution ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937126001612/ex99-ixxxiii.htm) , previously filed with Post-Effective Amendment No. 168 on Form N-1A on January 26, 2026 and is incorporated herein
 by reference.

(xxxii) [Opinion and Consent of Counsel (for RCN Pareto Strategic Allocation ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937126006716/ex99-ixxxiv.htm) , previously filed with Post-Effective Amendment No. 177
 on Form N-1A on March 23, 2026, and is incorporated herein by reference.

(xxxiii) [Opinion and Consent of Counsel (for U.S. Defense ETF)](http://www.sec.gov/Archives/edgar/data/1722388/000199937126007677/ex99-ixxxvi.htm) , previously filed with Post-Effective Amendment No. 180 on Form N-1A on
 April 6, 2026, and is incorporated herein by reference.

(xxxiv) [Opinion and Consent of Counsel (for Worth Charting Options Income ETF)](ex99-ixxxiv.htm) – **filed herewith.** 

(xxxv) Opinion
 and Consent of Counsel (for Apex Consolidated Income ETF) – **to be filed by amendment.** 

(j) [Consent of Independent Registered Public Accounting Firm](ex99-j.htm) – **filed herewith.**

(k) Not
 applicable.

(l) Not
 applicable.

(m) [Amended and Restated Rule 12b-1 Distribution Plan](ex99-m.htm) - **filed herewith.**

(n) Not
 applicable.

(o) Reserved.

(p) (i) [Code of Ethics for Tidal Trust III](http://www.sec.gov/Archives/edgar/data/1722388/000199937125021101/ex99-pi.htm) , previously filed with Post-Effective Amendment No. 159 on Form N-1A on December 23, 2025
 and is incorporated herein by reference **.** 

(ii) [Code of Ethics for Tidal Investments LLC](http://www.sec.gov/Archives/edgar/data/1722388/000199937125018788/ex99-pii.htm) , previously filed with Post-Effective Amendment No. 152 on Form N-1A on November 26,
 2025 and is incorporated herein by reference.

(iii) Code
 of Ethics for Foreside Fund Services, LLC – not applicable per Rule 17j-1(c)(3).

(iv) [Code of Ethics for Rockefeller Global Investment Management](http://www.sec.gov/Archives/edgar/data/1722388/000199937126006716/ex99-piv.htm) , previously filed with Post-Effective Amendment No. 177 on Form
 N-1A on March 23, 2026, and is incorporated herein by reference.

(v) [Code of Ethics for Traders A.I., Inc.](http://www.sec.gov/Archives/edgar/data/1722388/000199937124009561/ex99-pvii.htm) , previously filed with Post-Effective Amendment No. 48 on Form N-1A on August 5, 2024
 and is incorporated herein by reference.

(vi) [Code of Ethics for Route 20 Private Wealth Inc.,](http://www.sec.gov/Archives/edgar/data/1722388/000199937124011464/ex99-pviii.htm) previously filed with Post-Effective Amendment No. 59 on Form N-1A on September
 6, 2024 and is incorporated herein by reference.

(vii) [Code of Ethics for VistaShares Advisors LLC](http://www.sec.gov/Archives/edgar/data/1722388/000199937126006716/ex99-pvii.htm) , previously filed with Post-Effective Amendment No. 177 on Form N-1A on March 23,
 2026, and is incorporated herein by reference.

(viii) [Code of Ethics for Ned Davis Research Inc.](http://www.sec.gov/Archives/edgar/data/1722388/000199937124013325/ex99-pix.htm) , previously filed with Post-Effective Amendment No. 64 on Form N-1A on October 15,
 2024 and is incorporated herein by reference.

(ix) [Code of Ethics for Ninepoint Partners LP](http://www.sec.gov/Archives/edgar/data/1722388/000199937124013325/ex99-px.htm) , previously filed with Post-Effective Amendment No. 64 on Form N-1A on October 15,
 2024 and is incorporated herein by reference.

(x) [Code of Ethics for Fundstrat Capital, LLC](http://www.sec.gov/Archives/edgar/data/1722388/000199937125017305/ex99-pxi.htm) , previously filed with Post-Effective Amendment No. 146 on Form N-1A on November
 11, 2025 and is incorporated herein by reference.

(xi) [Code of Ethics for Cannell & Spears LLC](http://www.sec.gov/Archives/edgar/data/1722388/000199937125004846/ex99-pxii.htm) , previously filed with Post-Effective Amendment No. 110 on Form N-1A on April 28,
 2025 and is incorporated herein by reference.

(xii) [Code of Ethics for Harmonic Capital, LLC](http://www.sec.gov/Archives/edgar/data/1722388/000199937125013196/ex99-pxiii.htm) , previously filed with Post-Effective Amendment No. 135 on Form N-1A on September
 12, 2025 and is incorporated herein by reference.

(xiii) [Code of Ethics for Nest Egg ETFs, LLC](http://www.sec.gov/Archives/edgar/data/1722388/000199937125006925/ex99-pxiv.htm) , previously filed with Post-Effective Amendment No. 119 on Form N-1A on May 30, 2025
 and is incorporated herein by reference **.** 

(xiv) [Code of Ethics for USCF Advisers LLC,](http://www.sec.gov/Archives/edgar/data/1722388/000199937125000421/ex99-pxv.htm) previously filed with Post-Effective Amendment No. 94 on Form N-1A on January 17, 2025
 and is incorporated herein by reference.

(xv) [Code of Ethics for TH GARP ETFS LTD](http://www.sec.gov/Archives/edgar/data/1722388/000183988225001662/ex99-pxvi.htm) , previously filed with Post-Effective Amendment No. 91 on Form N-1A on January 13, 2025,
 and is incorporated herein by reference.

(xvi) [Code of Ethics for AlphaQuest LLC](http://www.sec.gov/Archives/edgar/data/1722388/000199937125000454/ex99-pxviii.htm) , previously filed with Post-Effective Amendment No. 95 on Form N-1A on January 17, 2025 and
 is incorporated herein by reference.

(xvii) [Code of Ethics for Intech Investment Management LLC](http://www.sec.gov/Archives/edgar/data/1722388/000183988225011125/ex99-pxix.htm) , previously filed with Post-Effective Amendment No. 101 on Form N-1A on
 February 26, 2025 and is incorporated herein by reference.

(xviii) [Code of Ethics for Measured Risk Portfolios, Inc.](http://www.sec.gov/Archives/edgar/data/1722388/000183988225011278/ex99-pxx.htm) , previously filed with Post-Effective Amendment No. 102 on Form N-1A on February
 26, 2025 and is incorporated herein by reference.

(xix) [Code of Ethics for Accuvest Global Advisors Inc.](http://www.sec.gov/Archives/edgar/data/1722388/000199937125006488/ex99-pxxi.htm) , previously filed with Post-Effective Amendment No. 113 on Form N-1A on May
 21, 2025 and is incorporated herein by reference.

(xx) [Code of Ethics for RCN Wealth Advisors, Inc](http://www.sec.gov/Archives/edgar/data/1722388/000199937126006716/ex99-pxxi.htm) ., previously filed with Post-Effective Amendment No. 177 on Form N-1A on March
 23, 2026, and is incorporated herein by reference.

(xxi) [Code of Ethics for Worth Charting Group LLC](ex99-pxxi.htm) – **filed herewith**.

(xxii) Code
 of Ethics for Hohimer Wealth Management, LLC – **to be filed by amendment**.

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

Not Applicable.

**Item 30.** **Indemnification**

Reference is made to Article IV of the Registrant's Third Amended and Restated Agreement and Declaration of Trust. The general effect of this provision is to indemnify the Trustees, officers, employees and other agents of the Trust who are parties pursuant to any proceeding by reason of their actions performed in their scope of service on behalf of the Trust.

Pursuant to Rule 484 under the Securities Act of 1933, as amended (the Securities Act), the Registrant furnishes the following undertaking: Insofar as indemnification for liability arising under the Securities Act of 1933 may be permitted to trustees, officers and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that, in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a trustee, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such trustee, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.

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

Each of the investment advisers and investment sub-advisers to one or more of the Funds is registered as an investment adviser under the Investment Advisers Act of 1940, as amended (the "Advisers Act"). The list required by this Item 31 of officers and directors of each adviser/sub-adviser together with information as to any other business, profession, vocation or employment of a substantial nature engaged in by such officers and directors during the past two years, is incorporated by reference to the respective Schedules A and D of Form ADV filed by each such firm pursuant to the Advisers Act. Each adviser's/sub-adviser's state of organization and SEC Advisers Act file number is noted below.

---

| | |
|:---|:---|
| **<u>Investment Adviser</u>** | **<u>SEC File No.</u>** |
| Tidal Investments LLC (f/k/a Toroso Investments, LLC) | 801-76857 |
| **<u>Investment Sub-Advisers</u>** |  |
| Impact Shares Corp. | 801-112391 |
| Unity Wealth Partners LLC | 801-130370 |
| Rockefeller Global Investment Management, a division of Rockefeller & Co. LLC | 801-113009 |
| Traders A.I., Inc. | 801-130642 |
| Route 20 Private Wealth Inc. | 801-130981 |
| VistaShares Advisors LLC | 801-130962 |
| Fundstrat Capital, LLC | 801-131012 |
| Ned Davis Research Inc. | 801-60241 |
| Ninepoint Partners LP | 801-111715 |
| Cannell & Spears LLC | 801-67401 |
| Harmonic Capital, LLC | 801-132705 |
| Nest Egg ETFs, LLC | 801-131316 |
| USCF Advisers LLC | 801-79985 |
| TH GARP ETFS LTD | 801-131592 |
| PEO Partners, LLC | 801-131277 |
| AlphaQuest LLC | 801-108500 |
| Intech Investment Management LLC | 801-60987 |
| Measured Risk Portfolios, Inc. | 801-80124 |
| Accuvest Global Advisors Inc. | 801-68887 |
| RCN Wealth Advisors, Inc. | 801-135338 |
| Worth Charting Group LLC | 801-135744 |
| Hohimer Wealth Management, LLC | 801-114746 |

---

**Item 32.** **Foreside Fund Services, LLC**

---

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

---

1. AB
 Active ETFs, Inc.

2. ABS
 Long/Short Strategies Fund

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

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

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

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

7. AdvisorShares
 Trust

8. AFA
 Private Credit Fund

9. AGF
 Investments Trust

10. AIM
 ETF Products Trust

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

12. AlphaCentric
 Prime Meridian Income Fund

13. American
 Century ETF Trust

14. AMG
 ETF Trust

15. Amplify
 ETF Trust

16. Applied
 Finance Dividend Fund, Series of World Funds Trust

17. Applied
 Finance Explorer Fund, Series of World Funds Trust

18. Applied
 Finance Select Fund, Series of World Funds Trust

19. Ardian
 Access LLC

20. ARK
 ETF Trust

21. ARK
 Venture Fund

22. Bitwise
 Funds Trust

23. BondBloxx
 ETF Trust

24. Bramshill
 Multi-Strategy Income Fund, Series of Investment Managers Series Trust

25. Bridgeway
 Funds, Inc.

26. Brinker
 Capital Destinations Trust

27. Brookfield
 Real Assets Income Fund Inc.

28. Build
 Funds Trust

29. Calamos
 Convertible and High Income Fund

30. Calamos
 Convertible Opportunities and Income Fund

31. Calamos
 Dynamic Convertible and Income Fund

32. Calamos
 Global Dynamic Income Fund

33. Calamos
 Global Total Return Fund

34. Calamos
 Strategic Total Return Fund

35. Carlyle
 Tactical Private Credit Fund

36. Cascade
 Private Capital Fund

37. Catalyst/Perini
 Strategic Income Fund

38. CBRE
 Global Real Estate Income Fund

39. Center
 Coast Brookfield MLP & Energy Infrastructure Fund

40. Clifford
 Capital Partners Fund, Series of World Funds Trust

41. Cliffwater
 Corporate Lending Fund

42. Cliffwater
 Enhanced Lending Fund

43. Coatue
 Innovative Strategies Fund

44. Cohen
 & Steers ETF Trust

45. Convergence
 Long/Short Equity ETF, Series of Trust for Professional Managers

46. CornerCap
 Small-Cap Value Fund, Series of Managed Portfolio Series

47. CrossingBridge
 Pre-Merger SPAC ETF, Series of Trust for Professional Managers

48. Curasset
 Capital Management Core Bond Fund, Series of World Funds Trust

49. Curasset
 Capital Management Limited Term Income Fund, Series of World Funds Trust

50. CYBER
 HORNET S&P 500<sup>®</sup> and Bitcoin 75/25 Strategy ETF, Series of CYBER HORNET Trust

51. Davis
 Fundamental ETF Trust

52. Defiance
 BMNR Option Income ETF, Series of ETF Series Solutions

53. Defiance
 Connective Technologies ETF, Series of ETF Series Solutions

54. Defiance
 Drone and Modern Warfare ETF, Series of ETF Series Solutions

55. Defiance
 Quantum ETF, Series of ETF Series Solutions

56. Denali
 Structured Return Strategy Fund

57. Dodge
 & Cox Funds

58. DoubleLine
 ETF Trust

59. DoubleLine
 Income Solutions Fund

60. DoubleLine
 Opportunistic Credit Fund

61. DoubleLine
 Yield Opportunities Fund

62. DriveWealth
 ETF Trust

63. EIP
 Investment Trust

64. Ellington
 Income Opportunities Fund

65. ETF
 Opportunities Trust

66. Exchange
 Listed Funds Trust

67. Exchange
 Place Advisors Trust

68. FIS
 Trust

69. FlexShares
 Trust

70. Fortuna
 Hedged Bitcoin Fund, Series of Listed Funds Trust

71. Forum
 Funds

72. Forum
 Funds II

73. Forum
 Real Estate Income Fund

74. Fundrise
 Growth Tech Fund, LLC

75. GMO
 ETF Trust

76. GoldenTree
 Opportunistic Credit Fund

77. Gramercy
 Emerging Markets Debt Fund, Series of Investment Managers Series Trust

78. Grayscale
 Funds Trust

79. Guinness
 Atkinson Funds

80. Harbor
 ETF Trust

81. Harris
 Oakmark ETF Trust

82. Hawaiian
 Tax-Free Trust

83. Horizon
 Kinetics Blockchain Development ETF, Series of Listed Funds Trust

84. Horizon
 Kinetics Energy and Remediation ETF, Series of Listed Funds Trust

85. Horizon
 Kinetics Inflation Beneficiaries ETF, Series of Listed Funds Trust

86. Horizon
 Kinetics Japan Owner Operator ETF, Series of Listed Funds Trust

87. Horizon
 Kinetics Medical ETF, Series of Listed Funds Trust

88. Horizon
 Kinetics SPAC Active ETF, Series of Listed Funds Trust

89. Innovator
 ETFs Trust

90. Ironwood
 Institutional Multi-Strategy Fund LLC

91. Ironwood
 Multi-Strategy Fund LLC

92. Jensen
 Quality Growth ETF, Series of Trust for Professional Managers

93. John
 Hancock Exchange-Traded Fund Trust

94. Kurv
 ETF Trust

95. Lazard
 Active ETF Trust

96. LDR
 Real Estate Value-Opportunity Fund, Series of World Funds Trust

97. Mairs
 & Power Balanced Fund, Series of Trust for Professional Managers

98. Mairs
 & Power Growth Fund, Series of Trust for Professional Managers

99. Mairs
 & Power Minnesota Municipal Bond ETF, Series of Trust for Professional Managers

100. Mairs
 & Power Small Cap Fund, Series of Trust for Professional Managers

101. Manor
 Investment Funds

102. MoA
 Funds Corporation

103. Moerus
 Worldwide Value Fund, Series of Northern Lights Fund Trust IV

104. Morgan
 Stanley ETF Trust

105. Morgan
 Stanley Pathway Large Cap Equity ETF, Series of Morgan Stanley Pathway Funds

106. Morgan
 Stanley Pathway Small-Mid Cap Equity ETF, Series of Morgan Stanley Pathway Funds

107. Morningstar
 Funds Trust

108. NEOS
 ETF Trust

109. Niagara
 Income Opportunities Fund

110. North
 Square Evanston Multi-Alpha Fund

111. NXG
 Cushing<sup>®</sup> Midstream Energy Fund

112. NXG
 NextGen Infrastructure Income Fund

113. OTG
 Latin American Fund, Series of World Funds Trust

114. Overlay
 Shares Core Bond ETF, Series of Listed Funds Trust

115. Overlay
 Shares Foreign Equity ETF, Series of Listed Funds Trust

116. Overlay
 Shares Hedged Large Cap Equity ETF, Series of Listed Funds Trust

117. Overlay
 Shares Large Cap Equity ETF, Series of Listed Funds Trust

118. Overlay
 Shares Municipal Bond ETF, Series of Listed Funds Trust

119. Overlay
 Shares Short Term Bond ETF, Series of Listed Funds Trust

120. Overlay
 Shares Small Cap Equity ETF, Series of Listed Funds Trust

121. Palmer
 Square Funds Trust

122. Palmer
 Square Opportunistic Income Fund

123. Partners
 Group Private Income Opportunities, LLC

124. Perkins
 Discovery Fund, Series of World Funds Trust

125. Philotimo
 Focused Growth and Income Fund, Series of World Funds Trust

126. Plan
 Investment Fund, Inc.

127. Point
 Bridge America First ETF, Series of ETF Series Solutions

128. Precidian
 ETFs Trust

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

130. Rareview
 Dynamic Fixed Income ETF, Series of Collaborative Investment Series Trust

131. Rareview
 Systematic Equity ETF, Series of Collaborative Investment Series Trust

132. Rareview
 Tax Advantaged Income ETF, Series of Collaborative Investment Series Trust

133. Rareview
 Total Return Bond ETF, Series of Collaborative Investment Series Trust

134. Renaissance
 Capital Greenwich Funds

135. REX
 ETF Trust

136. Reynolds
 Funds, Inc.

137. RMB
 Investors Trust

138. Robinson
 Opportunistic Income Fund, Series of Investment Managers Series Trust

139. Robinson
 Tax Advantaged Income Fund, Series of Investment Managers Series Trust

140. Roundhill
 Ball Metaverse ETF, Series of Listed Funds Trust

141. Roundhill
 Cannabis ETF, Series of Listed Funds Trust

142. Roundhill
 ETF Trust

143. Roundhill
 Magnificent Seven ETF, Series of Listed Funds Trust

144. Roundhill
 Sports Betting & iGaming ETF, Series of Listed Funds Trust

145. Roundhill
 Video Games ETF, Series of Listed Funds Trust

146. Rule
 One Fund, Series of World Funds Trust

147. Russell
 Investments Exchange Traded Funds

148. Securian
 AM Real Asset Income Fund, Series of Investment Managers Series Trust

149. Six
 Circles Trust

150. Sound
 Shore Fund, Inc.

151. SP
 Funds Trust

152. Sparrow
 Funds

153. Spear
 Alpha ETF, Series of Listed Funds Trust

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

155. STF
 Tactical Growth ETF, Series of Listed Funds Trust

156. Strategic
 Trust

157. Strategy
 Shares

158. Swan
 Hedged Equity US Large Cap ETF, Series of Listed Funds Trust

159. Tekla
 World Healthcare Fund

160. Tema
 ETF Trust

161. The
 2023 ETF Series Trust

162. The
 Community Development Fund

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

164. The
 Private Shares Fund

165. The
 SPAC and New Issue ETF, Series of Collaborative Investment Series Trust

166. Third
 Avenue Trust

167. Third
 Avenue Variable Series Trust

168. Tidal
 Trust I

169. Tidal
 Trust II

170. Tidal
 Trust III

171. Tidal
 Trust IV

172. TIFF
 Investment Program

173. Timothy
 Plan High Dividend Stock ETF, Series of The Timothy Plan

174. Timothy
 Plan International ETF, Series of The Timothy Plan

175. Timothy
 Plan Market Neutral ETF, Series of The Timothy Plan

176. Timothy
 Plan US Large/Mid Cap Core ETF, Series of The Timothy Plan

177. Timothy
 Plan US Small Cap Core ETF, Series of The Timothy Plan

178. Total
 Fund Solution

179. Touchstone
 ETF Trust

180. Trailmark
 Series Trust

181. T-Rex
 2X Inverse Bitcoin Daily Target ETF, Series of World Funds Trust

182. T-Rex
 2x Inverse Ether Daily Target ETF, Series of World Funds Trust

183. T-Rex
 2X Long Bitcoin Daily Target ETF, Series of World Funds Trust

184. T-Rex
 2x Long Ether Daily Target ETF

185. U.S.
 Global Investors Funds

186. Union
 Street Partners Value Fund, Series of World Funds Trust

187. Vest
 Bitcoin Strategy Managed Volatility Fund, Series of World Funds Trust

188. Vest
 S&P 500<sup>®</sup> Dividend Aristocrats Target Income Fund, Series of World Funds Trust

189. Vest
 US Large Cap 10% Buffer Strategies Fund, Series of World Funds Trust

190. Vest
 US Large Cap 20% Buffer Strategies Fund, Series of World Funds Trust

191. Vest
 US Large Cap 20% Buffer Strategies VI Fund, Series of World Funds Trust

192. Virtus
 Stone Harbor Emerging Markets Income Fund

193. Volatility
 Shares Trust

194. WEBs
 ETF Trust

195. Wedbush
 Series Trust

196. Wellington
 Global Multi-Strategy Fund

197. Wilshire
 Mutual Funds, Inc.

198. Wilshire
 Variable Insurance Trust

199. WisdomTree
 Trust

200. XAI
 Octagon Floating Rate & Alternative Income Term Trust

---

| | |
|:---|:---|
| Item 32(b) | The following are the Officers and Manager of the Distributor, the Registrant's underwriter. The Distributor's main business address is 190 Middle Street, Suite 301, Portland, Maine 04101. |

---

---

| | | | |
|:---|:---|:---|:---|
| Name | Address | Position with Underwriter | Position with Registrant |
| Teresa Cowan | 190 Middle Street, Suite 301,<br> Portland, ME 04101 | President/Manager |  |
| Chris Lanza | 190 Middle Street, Suite 301,<br> Portland, ME 04101 | Vice President |  |
| Kate Macchia | 190 Middle Street, Suite 301,<br> Portland, ME 04101 | Vice President |  |
| Alicia Strout | 190 Middle Street, Suite 301,<br> Portland, ME 04101 | Vice President and Chief Compliance Officer |  |
| Gabriel E. Edelman | 190 Middle Street, Suite 301,<br> Portland, ME 04101 | Secretary |  |
| Susan L. LaFond | 190 Middle Street, Suite 301,<br> Portland, ME 04101 | Treasurer |  |
| Weston Sommers | 190 Middle Street, Suite 301,<br> Portland, ME 04101 | Financial and Operations Principal<br> and Chief Financial Officer |  |

---

---

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

---

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

(1) Impact
 Shares, Corp, 5950 Berkshire Lane, Suite 1420, Dallas, Texas 75225

(2) Tidal
 Investments LLC (formerly Toroso Investments, LLC), 234 West Florida Street, Suite 700, Milwaukee, Wisconsin 53204

(3) Tidal
 ETF Services LLC, 234 West Florida Street, Suite 700, Milwaukee, Wisconsin 53204

(4) U.S.
 Bancorp Fund Services, LLC, 615 E. Michigan Street, Milwaukee, Wisconsin 53202

(5) U.S.
 Bank, National Association, 1555 N. Rivercenter Drive, Milwaukee, Wisconsin 53202

(6) Foreside
 Fund Service, LLC, 190 Middle Street, Suite 301, Portland, Maine 04101

(7) Unity
 Wealth Partners LLC, 4050 W. Metropolitan Dr., Suite 150, Orange, CA 92868

(8) Rockefeller
 Global Investment Management (a division of Rockefeller & Co. LLC), 510 Madison Avenue, 21<sup>st</sup> Floor, New York,
 NY 10022

(9) Traders
 A.I., Inc., 10300 Eaton Pl, Suite 440/448, Fairfax, VA 22030

(10) Route
 20 Private Wealth Inc., 401 East Las Olas Boulevard, Suite 1400, Fort Lauderdale, Florida 33301

(11) VistaShares
 Advisors LLC, 1111B S Governors Avenue, Suite 20096, Dover, Delaware 19904

(12) Fundstrat
 Capital, LLC, 150 East 52<sup>nd</sup> Street, New York, NY 10022

(13) Ned
 Davis Research Inc., 3665 Bee Ridge Road, Suite 306 Sarasota, Florida 34233

(14) Ninepoint
 Partners LP, Royal Bank Plaza, South Tower, Toronto, Ontario M5J 2J1

(15) Cannell
 & Spears LLC, 545 Madison Avenue, 11<sup>th</sup> Floor, New York, New York 10022

(16) Harmonic
 Capital, LLC, 444 North Wabash Ave, Chicago, IL 60611

(17) Nest
 Egg ETFs, LLC., 8141 2<sup>nd</sup> Street, Suite 330, Downey, California 90241

(18) USCF
 Advisers LLC, 1850 Mt. Diablo Blvd. Suite 640, Walnut Creek, CA 94596

(19) TH
 GARP ETFS LTD, 99 Bishopsgate, London, UK EC2M 3XD

(20) PEO
 Partners, LLC, 100 Park Avenue, 26<sup>th</sup>Floor, New York, New York 10017

(21) AlphaQuest
 LLC, 126 East 56<sup>th</sup> Street, 25<sup>th</sup> Floor, New York, New York 10022

(22) Intech
 Investment Management LLC, 250 S. Australian Avenue, Suite 1700, West Palm Beach, Florida 33401

(23) Measured
 Risk Portfolios, Inc., 5230 Carroll Canyon Road, Suite 224, San Diego, CA 92121

(24) Accuvest
 Global Advisors Inc., 3575 N. 100 E. Suite 350, Provo, UT 84604

(25) RCN
 Wealth Advisors, Inc., 116 Terrapin Ln. Stevensville, MD 21666

(26) Worth
 Charting Group LLC, located at 445 Park Avenue, 9<sup>th</sup> Floor, New York, New York 10022

(27) Hohimer
 Wealth Management, LLC, One Union Square 600 University Street, Suite 2401, Seattle, WA 98101

**Item 34. Management Services**

Not applicable.

**Item 35. Undertakings**

Not applicable.

**SIGNATURES**

Pursuant to the requirements of the Securities Act of 1933, as amended, and the Investment Company Act of 1940, as amended, the Registrant certifies that it meets all requirements for effectiveness of this Post-Effective Amendment No. 182 to its Registration Statement on Form N-1A under Rule 485(b) under the Securities Act and has duly caused this Post-Effective Amendment No. 182 to its Registration Statement on Form N-1A to be signed on its behalf by the undersigned, duly authorized, in the City of Milwaukee, State of Wisconsin, on April 23, 2026.

---

| |
|:---|
| **Tidal Trust III** |
| /s/ Eric W. Falkeis |
| Eric W. Falkeis<br> President |

---

Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement has been signed below by the following persons in the capacities indicated on April 23, 2026.

---

| | | |
|:---|:---|:---|
| **Signature** | **Signature** | **Title** |
| /s/ Eric W. Falkeis | /s/ Eric W. Falkeis | President, Principal Executive Officer and Trustee |
| Eric W. Falkeis | Eric W. Falkeis |  |
| /s/ Monica H. Byrd\* | /s/ Monica H. Byrd\* | Trustee |
| Monica H. Byrd | Monica H. Byrd |  |
| /s/ Pamela Cytron\* | /s/ Pamela Cytron\* | Trustee |
| Pamela Cytron | Pamela Cytron |  |
| /s/ Lawrence Jules\* | /s/ Lawrence Jules\* | Trustee |
| Lawrence Jules | Lawrence Jules |  |
| /s/ Ethan Powell\* | /s/ Ethan Powell\* | Trustee |
| Ethan Powell | Ethan Powell |  |
| /s/ Aaron Perkovich | /s/ Aaron Perkovich | Treasurer, Principal Financial Officer and Principal Accounting Officer |
| Aaron Perkovich | Aaron Perkovich |  |
| \*By: | /s/ Eric W. Falkeis |  |
|  | Eric W. Falkeis, Attorney in Fact |  |
|  | By Power of Attorney |  |

---

**Exhibit Index**

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Exhibit No.** | &nbsp;&nbsp;**Description** |
| &nbsp;&nbsp;[(d)(xxiv)](ex99-dxxiv.htm) | &nbsp;&nbsp;[Investment Advisory Agreement](ex99-dxxiv.htm) |
| &nbsp;&nbsp;[(d)(xlii)](ex99-dxlii.htm) | &nbsp;&nbsp;[Sub-Advisory Agreement](ex99-dxlii.htm) |
| &nbsp;&nbsp;[(e)(i)(xiv)](ex99-eixiv.htm) | &nbsp;&nbsp;[Seventeenth Amendment to the Distribution Agreement](ex99-eixiv.htm) |
| &nbsp;&nbsp;[(g)(i)(xv)](ex99-gixv.htm) | &nbsp;&nbsp;[Seventeenth Amendment to the Custodian Agreement](ex99-gixv.htm) |
| &nbsp;&nbsp;[(h)(i)(v)](ex99-hiv.htm) | &nbsp;&nbsp;[Fifth Amendment to the Fund Administration Agreement](ex99-hiv.htm) |
| &nbsp;&nbsp;[(h)(ii)(xv)](ex99-hiixv.htm) | &nbsp;&nbsp;[Seventeenth Amendment to the Transfer Agency Agreement](ex99-hiixv.htm) |
| &nbsp;&nbsp;[(h)(iii)(xv)](ex99-hiiixv.htm) | &nbsp;&nbsp;[Seventeenth Amendment to the Fund Accounting Agreement](ex99-hiiixv.htm) |
| &nbsp;&nbsp;[(i)(xxxiv)](ex99-ixxxiv.htm) | &nbsp;&nbsp;[Opinion and Consent of Counsel](ex99-ixxxiv.htm) |
| &nbsp;&nbsp;[(j)](ex99-j.htm) | &nbsp;&nbsp;[Consent of Independent Registered Public Accounting Firm](ex99-j.htm) |
| &nbsp;&nbsp;[(m)](ex99-m.htm) | &nbsp;&nbsp;[Amended and Restated Rule 12b-1 Distribution Plan](ex99-m.htm) |
| &nbsp;&nbsp;[(p)(xxi)](ex99-pxxi.htm) | &nbsp;&nbsp;[Code of Ethics](ex99-pxxi.htm) |

---

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

**[Tidal III 485BPOS](wrth_485bpos-042326.htm)**

**Exhibit 99(d)(xxiv)**

**INVESTMENT ADVISORY AGREEMENT**

This Investment Advisory Agreement (the "<u>Agreement</u>") is made as of April 16, 2026, by and between **Tidal Trust III**, a Delaware statutory trust (the "<u>Trust</u>"), on behalf of each series of the Trust listed on Schedule A attached hereto, as may be amended from time to time (each, a "<u>Fund</u>" and collectively, the "<u>Funds</u>"), and **Tidal Investments LLC**, a Delaware limited liability company (the "<u>Adviser</u>").

**BACKGROUND**

A. The Trust has been organized and operates as an open-end management investment company registered
under the Investment Company Act of 1940, as amended (the " <u>1940 Act</u> ") and engages in the business of investing
and reinvesting Fund assets in securities and other investments. Each Fund is a series of the Trust having separate assets and
liabilities.

B. The Adviser is a registered investment adviser under the Investment Advisers Act of 1940, as amended
(the " <u>Advisers Act</u> "), and engages in the business of providing investment advisory services.

C. The Trust has selected the Adviser to serve as the investment adviser for each Fund listed on Schedule
A. **TERMS**

NOW, THEREFORE, in consideration of the mutual covenants herein contained, the sufficiency of which is hereby acknowledged, and each of the parties hereto intending to be legally bound, it is agreed as follows:

1. <u>Advisory Services</u>.

&nbsp;&nbsp;&nbsp;&nbsp;1.1. The Trust, on behalf of each Fund, hereby appoints the Adviser to manage the investment and reinvestment
of such Fund's assets, subject to the supervision and oversight of the Trust's Board of Trustees (the " <u>Board</u> ")
and the officers of the Trust, for the period and on the terms hereinafter set forth. The Adviser hereby accepts such appointment
and agrees during such period to render the services and assume the obligations herein set forth for the compensation herein provided.

&nbsp;&nbsp;&nbsp;&nbsp;1.2. The Adviser shall, for all purposes herein, be deemed to be an independent contractor, and shall,
unless otherwise expressly provided and authorized, have no authority to act for or to represent the Trust or a Fund in any way,
or in any way be deemed an agent of the Trust or a Fund. The Adviser shall determine, from time to time, what securities (and other
financial instruments) shall be purchased for each Fund, what securities (and other financial instruments) shall be held, exchanged
or sold by each Fund and what portion of each Fund's assets shall be held uninvested in cash, subject always to the provisions
of the Trust's Agreement and Declaration of Trust, By-Laws and each Fund's prospectus and statement of additional information
each, as may be amended from time to time, as set forth in the Trust's registration statement on Form N-1A (the " <u>Registration Statement</u> ") under the 1940 Act, and under the Securities Act of 1933, as amended (the " <u>1933 Act</u> "),
covering Fund shares, as filed with the U.S. Securities and Exchange Commission (the " <u>SEC</u> "), and to the investment
objectives, policies and restrictions of each Fund, as shall be from time to time in effect, and such other limitations, policies
and procedures as the Board may reasonably impose from time to time and provide in writing to the Adviser (the " <u>Investment Policies</u> "). To carry out such obligations, the Adviser shall exercise full discretion and act for each Fund in the same
manner and with the same force and effect as each Fund itself might or could do with respect to purchases, sales or other transactions,
as well as with respect to all other such things necessary or incidental to the furtherance or conduct of such purchases, sales
or other transactions.

&nbsp;&nbsp;&nbsp;&nbsp;1.3. No reference in this Agreement to the Adviser having full discretionary authority over each Fund's
investments shall in any way limit the right of the Board, in its sole discretion, to establish or revise policies in connection
with the management of a Fund's assets or to otherwise exercise its right to control the overall management of the Trust
and each Fund. The Adviser acknowledges that the Board retains ultimate authority over each Fund and may take any and all actions
necessary and reasonable to protect the interests of Fund shareholders.

2. <u>Selection of Sub-Adviser(s)</u>. The Adviser shall have the authority hereunder to engage, terminate and replace one or more sub-advisers, including an affiliated person (as defined under the 1940 Act) of the Adviser (each, a "<u>Sub-Adviser</u>"), for each Fund referenced in Schedule A to perform some or all of the services for which the Adviser is responsible pursuant to this Agreement. The Adviser shall supervise the activities of the Sub-Adviser(s), and the retention of a Sub-Adviser by the Adviser shall not relieve the Adviser of its responsibilities under this Agreement. Any such Sub-Adviser shall be registered and in good standing with the SEC and capable of performing its sub-advisory duties pursuant to a sub-advisory agreement approved by the Board and, except as otherwise permitted by the 1940 Act or by rule, regulation or Order of the SEC, a vote of a majority of the outstanding voting securities of the applicable Fund. The Adviser will compensate each Sub-Adviser for its services to each applicable Fund.

3. <u>Representations of the Adviser.</u>

3.1. The Adviser shall use its best judgment and efforts in rendering the advice and services to each
Fund as contemplated by this Agreement.

3.2. The Adviser maintains errors and omissions insurance coverage in an appropriate amount and shall
provide prior written notice to the Trust (i) of any material changes in its insurance policies or insurance coverage; or
(ii) if any material claims will be made on its insurance policies. Furthermore, the Adviser shall upon reasonable request
provide the Trust with any information it may reasonably require concerning the amount of or scope of such insurance.

3.3. The Adviser shall implement and maintain a business continuity plan and policies and procedures
reasonably designed to prevent, detect and respond to cybersecurity threats and to implement such internal controls and other safeguards
with a goal of safeguarding each Fund's confidential information and the nonpublic personal information of Fund shareholders.
The Adviser shall promptly notify the Trust upon the Adviser's discovery of any material violations or breaches of such policies
and procedures.

3.4. None of the Adviser, its affiliates, or any officer, manager, partner or employee of the Adviser
or its affiliates is subject to any event set forth in Section 9 of the 1940 Act that would disqualify the Adviser from acting
as an investment adviser to an investment company under the 1940 Act. The Adviser will promptly notify the Trust upon its discovery
of the occurrence of any event that would disqualify the Adviser from serving as an investment adviser to an investment company
pursuant to Section 9(a) of the 1940 Act or otherwise.

3.5. The Adviser will not engage in any futures transactions, options on futures transactions or transactions
in other commodity interests on behalf of a Fund prior to the Adviser becoming registered or filing a notice of exemption on behalf
of the Fund with the National Futures Association.

4. <u>Compliance</u>. The Adviser agrees to comply with the requirements of the 1940 Act, the Advisers Act, the 1933 Act, the Securities Exchange Act of 1934, as amended (the "<u>1934 Act</u>"), the Commodity Exchange Act and the respective rules and regulations thereunder, as applicable, and any exemptive relief therefrom, as well as with all other applicable federal and state laws, rules, regulations and case law that relate to the services and relationships described hereunder and to the conduct of its business as a registered investment adviser and to maintain all licenses and registrations necessary to perform its duties hereunder in good order. The Adviser also agrees to comply with the objectives, policies and restrictions set forth in the Registration Statement, as amended or supplemented, of the Fund(s), and with any policies, guidelines, instructions and procedures approved by the Board and provided to the Adviser, and with any requirements applicable to the Fund of any national securities exchange on which the Fund's shares are listed. In selecting each Fund's portfolio securities and performing the Adviser's obligations hereunder, the Adviser shall cause each Fund to comply with the diversification and source of income requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the "<u>Code</u>"), for qualification as a regulated investment company if the Fund has elected to be treated as a regulated investment company under the Code. The Adviser shall maintain compliance procedures that it reasonably believes are adequate to ensure its compliance with the foregoing. No supervisory activity undertaken by the Board shall limit the Adviser's full responsibility for any of the foregoing.

5. <u>Proxy Voting</u>. The Board has the authority to determine how proxies with respect to securities that are held by each Fund shall be voted, and the Board has initially determined to delegate the authority and responsibility to vote proxies for each Fund's securities to the Adviser. So long as proxy voting authority for a Fund has been delegated to the Adviser, the Adviser shall exercise its proxy voting responsibilities. The Adviser shall carry out such responsibility in accordance with any instructions that the Board shall provide from time to time, and at all times in a manner consistent with Rule 206(4)-6 under the Advisers Act and its fiduciary responsibilities to the Trust. The Adviser shall provide periodic reports and keep records relating to proxy voting as the Board may reasonably request or as may be necessary for each Fund to comply with the 1940 Act and other applicable law. Any such delegation of proxy voting responsibility to the Adviser may be revoked or modified by the Board at any time. The Trust acknowledges and agrees that the Adviser may delegate its responsibility to vote proxies for a Fund to the Fund's Sub-Adviser(s).

6. <u>Brokerage</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1. The Adviser shall arrange for the placing and execution of Fund orders for the purchase and sale
of portfolio securities with broker-dealers. Subject to seeking the best price and execution reasonably available, the Adviser
is authorized to place orders for the purchase and sale of portfolio securities for a Fund with such broker-dealers as it may select
from time to time. Subject to Section 6.2 below, the Adviser is also authorized to place transactions with brokers who provide
research or statistical information or analyses to such Fund, to the Adviser, or to any other client for which the Adviser provides
investment advisory services. The Adviser also agrees that it will cooperate with the Trust to allocate brokerage transactions
to brokers or dealers who provide benefits directly to a particular Fund; <u>provided, however</u>, that such allocation comports
with applicable law including, without limitation, Rule 12b-1(h) under the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2. Notwithstanding the provisions of Section 6.1 above and subject to such policies and procedures
as may be adopted by the Board and officers of the Trust and consistent with Section 28(e) of the 1934 Act, the Adviser is
authorized to cause a Fund to pay a member of an exchange, broker or dealer an amount of commission for effecting a securities
transaction in excess of the amount of commission another member of an exchange, broker or dealer would have charged for effecting
that transaction, in such instances where the Adviser has determined in good faith that such amount of commission was reasonable
in relation to the value of the brokerage and research services provided by such member, broker or dealer, viewed in terms of either
that particular transaction or the Adviser's overall responsibilities with respect to such Fund and to other funds or clients
for which the Adviser exercises investment discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3. The Adviser is authorized to direct portfolio transactions to a broker that is an affiliated person
of the Adviser, any Sub-Adviser or a Fund in accordance with such standards and procedures as may be approved by the Board in accordance
with Rule 17e-1 under the 1940 Act, or other rules or guidance promulgated by the SEC. Any transaction placed with an affiliated
broker must (i) be placed at best execution, and (ii) may not be a principal transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4. The Adviser is authorized to aggregate or "bunch" purchase or sale orders for a Fund
with orders for various other clients when it believes that such action is in the best interests of such Fund and all other such
clients. In such an event, allocation of the securities purchased or sold will be made by the Adviser in accordance with the Adviser's
written policy.

7. <u>Records/Reports.</u>

7.1. <u>Recordkeeping</u>. The Adviser shall not be responsible for the provision of administrative,
bookkeeping or accounting services to each Fund, except as otherwise provided herein or as may be necessary for the Adviser to
supply to the Trust, including the Trust's chief compliance officer (the " <u>Chief Compliance Officer</u> "),
or the Board the information required to be supplied under this Agreement.

7.2. The Adviser shall maintain separate books and detailed records of all matters pertaining to Fund
assets advised by the Adviser required by Rule 31a-1 under the 1940 Act (other than those records being maintained by any
administrator, sub-administrator, custodian or transfer agent appointed by the Trust) relating to its responsibilities provided
hereunder with respect to the Fund(s) and other such records as may be required by law including, but not limited to, Rule 31a-4
of the 1940 Act, and shall preserve such records for the periods and in a manner prescribed therefore by Rule 31a-2 under
the 1940 Act, or other applicable provisions of the 1940 Act (the " <u>Fund Books and Records</u> "). The Fund Books
and Records shall be available to the Board and the Chief Compliance Officer at any time upon request, shall be delivered to the
Trust upon the termination of this Agreement and shall be available without delay during any day the Trust is open for business.

7.3. <u>Holdings Information and Pricing</u>. The Adviser shall provide regular reports regarding Fund
holdings, and shall furnish the Trust and the Board from time to time with whatever information the Adviser, or the Board believes
is appropriate for this purpose. The Adviser agrees to provide such valuation reports and pricing information, of which the Adviser
is aware, that the Board shall require in connection with the Board's responsibilities under Rule 2a-5, to the Trust, the
Board, and/or any Fund pricing agent to assist in the determination of the fair value of any Fund holdings for which market quotations
are not readily available or as otherwise required in accordance with the 1940 Act or the Trust's valuation procedures.

7.4. <u>Cooperation with Agents of the Trust</u>. The Adviser agrees to cooperate with and provide reasonable
assistance to the Trust, the Chief Compliance Officer, any Trust custodian or foreign sub-custodians, any Trust pricing agents
and all other agents and representatives of the Trust, such information with respect to each Fund as they may reasonably request
from time to time in the performance of their obligations, provide prompt responses to reasonable requests made by such persons
and establish appropriate interfaces with each so as to promote the efficient exchange of information and compliance with applicable
laws and regulations.

7.5. <u>Information and Reporting</u>. The Adviser shall provide the Trust and its respective officers
with such periodic reports concerning the obligations the Adviser has assumed under this Agreement as the Trust may from time to
time reasonably request.

7.6. <u>Notification of Breach/Compliance Reports</u>. The Adviser shall promptly notify the Trust of
(i) any material failure to manage any Fund in accordance with its investment objectives and policies or any applicable law;
or (ii) any material breach of any of a Fund's or the Adviser's policies, guidelines or procedures. The Adviser
agrees to correct any such failure promptly and to take any action that the Board may reasonably request in connection with any
such breach. Upon request, the Adviser shall also provide the officers of the Trust with supporting certifications in connection
with such certifications of Fund financial statements and the Trust's disclosure controls and procedures adopted pursuant
to the Sarbanes-Oxley Act of 2002 (the " <u>Sarbanes-Oxley Act</u> "), and the implementing regulations adopted thereunder,
and agrees to inform the Trust of any material development related to a Fund that the Adviser reasonably believes is relevant to
the Fund's certification obligations under the Sarbanes-Oxley Act. The Adviser will promptly notify the Trust in the event
(i) the Adviser is served or otherwise receives notice of any action, suit, proceeding, inquiry or investigation, at law or
in equity, before or by any court, public board, or body, involving the affairs of the Trust (excluding class action suits in which
a Fund is a member of the plaintiff class by reason of the Fund's ownership of shares in the defendant) or the compliance
by the Adviser with the federal or state securities laws or (ii) an actual change in control of the Adviser resulting in an
"assignment" (as defined in the 1940 Act) has occurred or is otherwise proposed to occur.

7.7. <u>Board and Filings Information</u>. The Adviser will also provide the Trust with any information
reasonably requested regarding its management of the Fund(s) required for any meeting of the Board, or for any shareholder report,
amended registration statement, proxy statement, or prospectus supplement to be filed by the Trust with the SEC. The Adviser will
make its officers and employees available to meet with the Board from time to time on reasonable notice to review its investment
management services to the Fund(s) in light of current and prospective economic and market conditions and shall furnish to the
Board such information as may reasonably be requested by the Board under Section 15(c) of the 1940 Act in order for the Board
to evaluate this Agreement or any proposed amendments thereto.

7.8. <u>Transaction Information</u>. The Adviser shall furnish to the Trust such information concerning
portfolio transactions as may be necessary to enable the Trust, the Chief Compliance Officer or their designated agents to perform
such compliance testing on each Fund and the Adviser's services as the Trust or its Chief Compliance Officer may determine
to be appropriate. The provision of such information by the Adviser to the Trust or its designated agent in no way relieves the
Adviser of its own responsibilities under this Agreement.

8. <u>Code of Ethics</u>. The Adviser has adopted a written code of ethics that it reasonably believes complies with the requirements of Rule 17j-1 under the 1940 Act, which it will provide to the Trust. The Adviser shall ensure that its Access Persons (as defined in the Adviser's Code of Ethics) comply in all material respects with the Adviser's Code of Ethics, as in effect from time to time. Upon request, the Adviser shall provide the Trust with (i) a copy of the Adviser's current Code of Ethics, as in effect from time to time, and (ii) a certification that it has adopted procedures reasonably necessary to prevent Access Persons from engaging in any conduct prohibited by the Adviser's Code of Ethics. Annually, the Adviser shall furnish a written report, which complies with the requirements of Rule 17j-1, concerning the Adviser's Code of Ethics to the Trust. The Adviser shall respond to requests for information from the Trust as to violations of the Code of Ethics by Access Persons and the sanctions imposed by the Adviser. The Adviser shall immediately notify the Trust of any material violation of the Code of Ethics, whether or not such violation relates to a security held by any Fund.

9. <u>Members and Employees</u>. Members and employees of the Adviser may be trustees, officers or employees of the Trust.

10. <u>Custody</u>. Nothing in this Agreement shall permit the Adviser to take or receive physical possession of cash, securities or other investments of a Fund.

11. <u>Unitary Fee</u>. During the term of this Agreement, the Adviser shall bear its own costs of providing services under this Agreement. The Adviser agrees to pay all expenses incurred by the Trust and each Fund (except for advisory fees payable to the Adviser under this Agreement) pursuant to this Agreement, excluding interest charges on any borrowings, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the 1940 Act, and litigation expenses, and other non-routine or extraordinary expenses.

12. <u>Compensation</u>.

12.1. As compensation for the services to be rendered to the Fund(s) by the Adviser under the provisions
of this Agreement, the Trust, on behalf of each Fund, shall pay to the Adviser from a Fund's assets an annual advisory fee
equal to the amount of the daily average net assets of such Fund shown on Schedule A attached hereto, payable on a monthly
basis.

12.2. The initial fee under this Agreement shall be payable on the first business day of the first month
following the effective date of this Agreement with respect to a Fund and shall be prorated as set forth below. If this Agreement
is terminated with respect to a Fund prior to the end of any calendar month, the advisory fee shall be prorated for the portion
of any month in which this Agreement is in effect according to the proportion which the number of calendar days, during which the
Agreement is in effect, bears to the number of calendar days in the month, and shall be payable within 30 days after the date of
termination.

12.3. The Adviser shall look exclusively to the assets of each Fund for payment of that Fund's
advisory fee.

12.4. The Adviser may voluntarily or contractually waive the Adviser's own advisory fee.

13. <u>Non-Exclusivity</u>. The services to be rendered by the Adviser to the Trust on behalf of a Fund under the provisions of this Agreement are not to be deemed to be exclusive, and the Adviser shall be free to render similar or different services to others so long as its ability to render the services provided for in this Agreement shall not be impaired thereby. Without limiting the foregoing, the Adviser, its members, employees and agents may engage in other businesses, may render investment advisory services to other investment companies, or to any other corporation, association, firm, entity or individual, and may render underwriting services to the Trust on behalf of a Fund or to any other investment company, corporation, association, firm, entity or individual. Likewise, the Trust may from time to time employ other individuals or entities to furnish other separate series of the Trust with the services provided for herein.

14. <u>Liability and Standard of Care</u>.

14.1. The Adviser shall exercise due care and diligence and use the same skill and care in providing
its services hereunder as it uses in providing services to other investment companies, accounts and customers, but the Adviser
and its affiliates and their respective agents, control persons, directors, officers, employees, supervised persons and access
persons shall not be liable for any action taken or omitted to be taken by the Adviser in the absence of willful misfeasance, bad
faith, gross negligence or reckless disregard of its duties. Notwithstanding the foregoing, federal securities laws and certain
state laws impose liabilities under certain circumstances on persons who have acted in good faith, and therefore nothing herein
shall in any way constitute a waiver or limitation of any right which the Trust, a Fund or any shareholder of a Fund may have under
any federal securities law or state law the applicability of which is not permitted to be contractually waived.

14.2. The Adviser shall indemnify the Trust, each Fund and each of their respective affiliates, agents,
control persons, directors, members of the Board, officers, employees and shareholders (the "Adviser Indemnified Parties")
against, and hold them harmless from, any costs, expense, claim, loss, liability, judgment, fine, settlement or damage (including
reasonable legal and other expenses) (collectively, "Losses") arising out of any claim, demands, actions, suits or
proceedings (civil, criminal, administrative or investigative) asserted or threatened to be asserted by any third party (collectively,
"Proceedings") in so far as such Loss (or actions with respect thereto) arises out of or is based upon (i) any
material misstatement or omission of a material fact in information regarding the Adviser furnished to the Trust by the Adviser
for use in the Registration Statement, proxy materials or reports filed with the SEC; or (ii) the willful misfeasance, bad
faith, gross negligence, or reckless disregard of obligations or duties of the Adviser in the performance of its duties under this
Agreement (collectively, "Adviser Disabling Conduct").

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

14.4. Notwithstanding anything to the contrary contained herein, the Adviser, its affiliates and their
respective agents, control persons, directors, partners, officers, employees, supervised persons and access persons shall not be
liable to, nor shall they have any indemnity obligation to, the Trust, its officers, directors, agents, employees, controlling
persons or shareholders or to a Fund or any Fund shareholders for: (i) any material misstatement or omission of a material
fact in a Fund's Registration Statement, proxy materials or reports filed with the SEC, unless and to the extent such material
misstatement or omission was made in reliance upon, and is consistent with, the information furnished to the Trust by the Adviser
specifically for use therein; (ii) any action taken or failure to act in good faith reliance upon (A) information, instructions
or requests, whether oral or written, with respect to a Fund made to the Adviser by a duly authorized officer of the Trust who
is not an affiliated person of the Adviser or any affiliated person of the Adviser; (B) the advice of counsel to the Trust;
or (C) any written instruction of the Board; provided, however, that the limitations on the Adviser's liability and
indemnification obligations described in (i) through (ii) above shall not apply with respect to, and to the extent, any portion
of liability is attributable to Adviser Disabling Conduct.

14.5. The Adviser shall not be deemed by virtue of this Agreement to have made any representation or
warranty that any level of investment performance or level of investment results, either relative or absolute, will be achieved.

14.6. For the avoidance of doubt, neither Fund shareholders nor the members of the Board shall be personally
liable under this Agreement.

15. <u>Term/Approval/Amendments</u>.

15.1. This Agreement shall become effective with respect to a Fund as of the date of commencement of
operations of the Fund if approved by (i) the Board, including a majority of the Trustees who are not parties to this Agreement
or interested persons of such party (the " <u>Independent Trustees</u> "), cast in person at a meeting called for the
purpose of voting on such approval (or in another manner permitted by the 1940 Act or pursuant to exemptive relief therefrom);
and (ii) the vote of a majority of the outstanding voting securities of a Fund (to the extent required under the 1940 Act).
It shall continue in effect with respect to the Fund for an initial period of two years thereafter, and may be renewed annually
thereafter only so long as such renewal and continuance is specifically approved as required by the 1940 Act (currently, at least
annually by the Board or by vote of a majority of the outstanding voting securities of a Fund and only if the terms and the renewal
hereof have been approved by the vote of a majority of the Independent Trustees, cast in person at a meeting called for the purpose
of voting on such approval, or in another manner permitted by the 1940 Act or pursuant to exemptive relief therefrom).

15.2. No material amendment to this Agreement shall be effective unless the terms thereof have been approved
as required by the 1940 Act (currently, by the vote of a majority of the outstanding voting securities of a Fund unless such shareholder
approval would not be required under applicable interpretations by the staff of the SEC, and by the vote of a majority of Independent
Trustees, cast in person at a meeting called for the purpose of voting on such approval or in another manner permitted by the 1940
Act or pursuant to exemptive relief therefrom). The modification of any of the non-material terms of this Agreement may be approved
by the vote, cast in person at a meeting called for such purpose or in another manner permitted by the 1940 Act or pursuant to
exemptive relief therefrom, of a majority of the Independent Trustees.

15.3. In connection with such renewal or amendment, the Adviser shall furnish such information as may
be reasonably necessary for the Board to evaluate the terms of this Agreement and any amendment thereto.

15.4. Notwithstanding the foregoing, this Agreement may be terminated by the Trust at any time, without
the payment of a penalty, on sixty days' written notice to the Adviser of the Trust's intention to do so, pursuant
to action by the Board or pursuant to a vote of a majority of the outstanding voting securities of a Fund. The Adviser may terminate
this Agreement at any time, without the payment of penalty, on sixty days' written notice to the Trust of its intention to
do so. Upon termination of this Agreement, the obligations of all the parties hereunder shall cease and terminate as of the date
of such termination, except for any obligation to respond for a breach of this Agreement committed prior to such termination, and
except for the obligation of the Trust, on behalf of each Fund, to pay to the Adviser the fee provided in Section 12.

15.5. This Agreement shall automatically terminate in the event of its assignment (as defined in Section 2(a)(4)
of the 1940 Act) unless the parties hereto, by agreement, obtain an exemption from the SEC from the provisions of the 1940 Act
pertaining to the subject matter of this subsection. If the Adviser enters into a definitive agreement that would result in an
assignment (as defined in Section 2(a)(4) of the 1940 Act) of this Agreement by the Adviser, the Adviser agrees to give the
Trust the lesser of sixty days' written notice or such notice as is reasonably practicable before consummating the transaction.

16. <u>Use of the Adviser's Name</u>.

16.1. The parties agree that the name of the Adviser, any Sub-Adviser, the names of any affiliates of
the Adviser or a Sub-Adviser and any derivative or logo or trademark or service mark or trade name are the valuable property of
the Adviser, the Sub-Adviser, or their respective affiliates, as applicable. The Trust shall have the right to use such name(s),
derivatives, logos, trademarks or service marks or trade names only with the prior written approval of the Adviser, which approval
shall not be unreasonably withheld or delayed so long as this Agreement is in effect.

16.2. Upon termination of this Agreement, the Trust shall forthwith cease to use such name(s), derivatives,
logos, trademarks or service marks or trade names identified in section 16.1 above. If the Trust makes any unauthorized use of
the Adviser's or any Sub-Adviser's names, derivatives, logos, trademarks or service marks or trade names, the parties
acknowledge that the Adviser and/or Sub-Adviser(s) shall suffer irreparable harm for which monetary damages may be inadequate and
thus, the Adviser shall be entitled to injunctive relief, as well as any other remedy available under law.

17. <u>Nonpublic Personal Information.</u> Notwithstanding any provision herein to the contrary, the Adviser agrees on behalf of itself and its managers, members, shareholders, officers, and employees (1) to treat confidentially and as proprietary information of the Trust (a) all records and other information relative to each Fund's prior, present, or potential shareholders (and clients of said shareholders) and (b) any Nonpublic Personal Information, as defined under Section 248.3(t) of Regulation S-P ("Regulation S-P"), promulgated under the Gramm-Leach-Bliley Act (the "G-L-B Act"), and (2) except after prior notification to and approval in writing by the Trust, not to use such records and information for any purpose other than the performance of its responsibilities and duties hereunder, or as otherwise permitted by Regulation S-P or the G-L-B Act, and if in compliance therewith, the privacy policies adopted by the Trust and communicated in writing to the Adviser. Such written approval shall not be unreasonably withheld by the Trust and may not be withheld where the Adviser may be exposed to civil or criminal contempt or other proceedings for failure to comply after being requested to divulge such information by duly constituted authorities.

18. <u>Anti-Money Laundering Compliance.</u> The Adviser acknowledges that, in compliance with the Bank Secrecy Act, as amended, the USA PATRIOT Act, and any implementing regulations thereunder (together, "AML Laws"), the Trust has adopted an Anti-Money Laundering Policy. The Adviser agrees to comply with the Trust's Anti-Money Laundering Policy and the AML Laws, to the extent the same may apply to the Adviser, now and in the future. The Adviser further agrees to provide to the Trust, the Trust's administrator, sub-administrator and/or the Trust's anti-money laundering compliance officer such reports, certifications and contractual assurances as may be reasonably requested by the Trust. The Trust may disclose information regarding the Adviser to governmental and/or regulatory or self-regulatory authorities to the extent required by applicable law or regulation and may file reports with such authorities as may be required by applicable law or regulation.

19. <u>Successors</u>. This Agreement shall extend to and bind the heirs, executors, administrators and successors of the parties hereto.

20. <u>Meanings</u>. For the purposes of this Agreement, the terms "vote of a majority of the outstanding voting securities," "interested persons" and "assignment" shall have the meaning defined in the 1940 Act or the rules promulgated thereunder; subject, however, to such exemptions as may be granted by the SEC under the 1940 Act or any interpretations of the SEC staff.

21. <u>Entire Agreement and Amendments</u>. This Agreement represents the entire agreement among the parties with regard to the investment management matters described herein and may not be added to or changed orally and may not be modified or rescinded except by a writing signed by the parties hereto except as otherwise noted herein.

22. <u>Enforceability</u>. Any term or provision of this Agreement which is invalid or unenforceable in any jurisdiction shall, as to such jurisdiction be ineffective to the extent of such invalidity or unenforceability without rendering invalid or unenforceable the remaining terms or provisions of this Agreement or affecting the validity or enforceability of any of the terms or provisions of this Agreement in any other jurisdiction. Where the effect of a requirement of the 1940 Act reflected in or contemplated by any provisions of this Agreement is altered by a rule, regulation or order of the SEC, whether of special or general application, such provision shall be deemed to incorporate the effect of such rule, regulation or order.

23. <u>Limited Recourse</u>. The parties to this Agreement acknowledge and agree that all litigation arising hereunder, whether direct or indirect, and of any and every nature whatsoever shall be satisfied solely out of the assets of the affected Fund and that no Trustee, officer or holder of shares of beneficial interest of the Fund shall be personally liable for any of the foregoing liabilities. The Trust's Certificate of Trust, as amended from time to time, is on file in the Office of the Secretary of State of the State of Delaware. Such Certificate of Trust and the Trust's Agreement and Declaration of Trust describe in detail the respective responsibilities and limitations on liability of the Trustees, officers, and holders of shares of beneficial interest.

24. <u>Jurisdiction</u>. This Agreement shall be governed by and construed in accordance with the substantive laws of the state of Delaware and the Adviser consents to the jurisdiction of courts, both state or federal, in Delaware, with respect to any dispute under this Agreement.

25. <u>Paragraph Headings</u>. The headings of paragraphs contained in this Agreement are provided for convenience only, form no part of this Agreement and shall not affect its construction.

26. <u>Counterparts</u>. This Agreement may be executed simultaneously in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.

27. <u>No Third Party Beneficiaries</u>. This Agreement is not intended and shall not convey any rights, privileges, claims or remedies to any person other than a party to this Agreement and its respective successors and permitted assigns.

[Signature Page Follows]

**IN WITNESS WHEREOF**, the parties hereto have this Agreement to be executed by their duly authorized officers on the day and year first written above.

---

| | |
|:---|:---|
| **TIDAL TRUST III** | **TIDAL TRUST III** |
| **On behalf of each series listed on Schedule A attached hereto** | **On behalf of each series listed on Schedule A attached hereto** |
| By: | /s/Eric Falkeis |
| Name: | Eric Falkeis |
| Title: | President |
| Date: | 04/20/2026 |
| **TIDAL INVESTMENTS LLC** | **TIDAL INVESTMENTS LLC** |
| By: | /s/Jay Pestrichelli |
| Name: | Jay Pestrichelli |
| Title: | Chief Trading Officer |
| Date: | 04/16/2026 |

---

**Schedule A**

**to the**

**Investment Advisory Agreement**

**by and between**

**Tidal Trust III**

**and**

**Tidal Investments LLC**

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Fund Name** | &nbsp;&nbsp;**Advisory Fee** |
| &nbsp;&nbsp;Worth Charting Options Income ETF | &nbsp;&nbsp;1.00% |

---

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

**[Tidal III 485BPOS](wrth_485bpos-042326.htm)**

**Exhibit 99(d)(xlii)**

**SUB-ADVISORY AGREEMENT**

This Sub-Advisory Agreement (the "<u>Agreement</u>") is made as of April 16, 2026, by and between **Tidal Investments LLC**, a Delaware limited liability company, with its principal place of business at 234 West Florida Street, Suite 203 Milwaukee, Wisconsin 53204 (the "<u>Adviser</u>"), and **Worth Charting Group LLC**, a New York limited liability company, with its principal place of business at 445 Park Avenue, 9<sup>th</sup> Floor, New York, New York 10022 (the "<u>Sub-Adviser</u>"), with respect to each series of **Tidal Trust III** (the "<u>Trust</u>") identified on Schedule A to this Agreement, as may be amended from time to time (each, a "<u>Fund</u>" and, if more than one Fund, together, the "<u>Funds</u>").

**BACKGROUND**

A. The Adviser is registered as an investment adviser under the Investment Advisers Act of 1940, as amended (the "<u>Advisers Act</u>"), and engages in the business of providing investment advisory services.

B. The Adviser has entered into an Investment Advisory Agreement dated April 16, 2026 (the "<u>Investment Advisory Agreement</u>") with the Trust, an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "<u>1940 Act</u>"), on behalf of each Fund.

C. The Sub-Adviser is registered as an investment adviser under the Advisers Act and engages in the business of providing investment advisory services.

D. The Investment Advisory Agreement contemplates that the Adviser may appoint one or more sub-advisers to perform some or all of the services for which the Adviser is responsible.

E. Subject to the terms of this Agreement, the Sub-Adviser is willing to furnish such services to the Adviser and each Fund.

**TERMS**

NOW, THEREFORE, in consideration of the mutual covenants herein contained, the sufficiency of which is hereby acknowledged, and each of the parties hereto intending to be legally bound, it is agreed as follows:

1. <u>Appointment of the Sub-Adviser</u>. The Adviser hereby appoints the Sub-Adviser to act as an investment adviser for each Fund, subject to the supervision and oversight of the Adviser and the Board of Trustees of the Trust (the "<u>Board</u>"), and in accordance with the terms and conditions of this Agreement. The Sub-Adviser will be an independent contractor and will have no authority to act for or represent the Trust or the Adviser in any way or otherwise be deemed an agent of the Trust or the Adviser except as expressly authorized in this Agreement or another writing by the Trust, the Adviser and the Sub-Adviser. The Sub-Adviser accepts that appointment and agrees to render the services herein set forth, for the compensation herein provided.

2. <u>Sub-Advisory Services</u>. The Sub-Adviser shall have full discretionary authority for portfolio investment decisions for a Fund (or each portion of a Fund's assets allocated to the Sub-Adviser by the Adviser), including determining, from time to time, what securities (and other financial instruments) shall be purchased for the Fund, what securities (and other financial instruments) shall be held or sold by the Fund, and what portion of the Fund's assets shall be held uninvested in cash, subject always to the provisions of the Trust's Agreement and Declaration of Trust, By-Laws and each Fund's prospectus and statement of additional information as set forth in the Trust's registration statement on Form N-1A (the "<u>Registration Statement</u>") under the 1940 Act, and under the Securities Act of 1933, as amended (the "<u>1933 Act</u>"), covering Fund shares, as filed with the U.S. Securities and Exchange Commission (the "<u>SEC</u>"), and to the investment objectives, policies and restrictions of each Fund, as shall be from time to time in effect, and such other limitations, policies and procedures as the Board or the Adviser may reasonably impose from time to time and provide in writing to the Sub-Adviser (the "<u>Investment Policies</u>"). No reference in this Agreement to the Sub-Adviser having full discretionary authority over each Fund's portfolio investment decisions shall in any way limit the right of the Board or the Adviser to establish or revise policies in connection with the management of a Fund's assets or to otherwise exercise its right to control the overall management of the Trust and each Fund.

The scope of the Sub-Adviser's authority for trading portfolio securities (and other financial instruments) for a Fund, including selecting broker-dealers to execute purchase and sale transactions ("trading authority"), shall initially be as set forth on Schedule A hereto (which may differ by Fund). The Adviser may revise the scope of the Sub-Adviser's trading authority upon the provision of at least 30 days' written notice to the Sub-Adviser. Absent the Sub-Adviser's provision of written notice declining such change, such a change shall be effective as of the later of the end of such 30-day period or the date set forth in such notice.

If Schedule A indicates "partially discretionary" trading authority, initially, the Adviser shall retain discretionary trading authority for a mutually agreed subset of the Fund's portfolio investments (the "<u>Subset</u>"), and the Sub-Adviser shall be responsible for providing non-discretionary trading recommendations to the Adviser with respect to the Subset (in accordance with the applicable terms of the "non-discretionary" trading authority paragraph below). In addition, the Sub-Adviser shall have full discretionary trading authority for the remaining portion of the Fund's portfolio (in accordance with the applicable terms of the "discretionary" trading authority paragraph below).

If Schedule A indicates "fully discretionary" trading authority, initially, the Sub-Adviser shall exercise full trading authority for a Fund with respect to purchases, sales or other transactions, as well as with respect to all other such things necessary or incidental to the furtherance or conduct of such purchases, sales or other transactions.

If Schedule A indicates "non-discretionary" trading authority, initially, the Sub-Adviser shall be responsible for promptly informing the Adviser (or another investment sub-advisory firm designated by the Adviser (herein, a "<u>Trading Adviser</u>")) of portfolio investment decisions for a Fund in writing pursuant to mutually agreed notification protocols. In turn, the parties understand and acknowledge that the Adviser or the Trading Adviser, as the case may be, will fully rely on such notifications to effect the security (and other financial instrument) trading execution for each Fund's portfolio investments. Additionally, the Adviser and the Trading Adviser, as the case may be, has full discretionary authority to select broker-dealers to effect the trading execution for a Fund's portfolio investments. In the event the Adviser or the Trading Adviser desire clarification on a particular Sub-Adviser notification, the Adviser or the Trading Adviser, as the case may be, will seek guidance from the Sub-Adviser prior to executing any transaction in question.

In any case (e.g., non-discretionary, partial discretion, or full discretion), the Adviser may retain such discretionary authority as it deems appropriate for effecting in-kind and other transactions of Fund portfolio investments vis-à-vis "creation units."

Regardless of the scope of the Sub-Adviser's trading authority, the Sub-Adviser acknowledges that the Board retains ultimate authority over each Fund and may take any and all actions necessary and reasonable to protect the interests of Fund shareholders.

3. <u>Representations of the Sub-Adviser</u>.

3.1. The Sub-Adviser has all requisite power and authority to enter into and perform its obligations under
this Agreement, and has taken all necessary corporate action to authorize its execution, delivery and performance of this Agreement.

3.2. The Sub-Adviser is registered as an investment adviser under the Advisers Act and has provided its current
Form ADV, including the firm brochure and applicable brochure supplements to the Adviser.

3.3. The Sub-Adviser maintains errors and omissions insurance coverage in an appropriate amount and shall provide
prior written notice to the Adviser and the Trust (i) of any material changes in its insurance policies or insurance coverage or
(ii) if any material claims will be made on its insurance policies. Furthermore, the Sub-Adviser shall upon reasonable request provide
the Adviser and the Trust with any information they may reasonably require concerning the amount of or scope of such insurance.

3.4. None of the Sub-Adviser, its affiliates, or any officer, director or employee of the Sub-Adviser or its
affiliates is subject to any event set forth in Section 9 of the 1940 Act that would disqualify the Sub-Adviser from acting as an
investment adviser to an investment company under the 1940 Act. The Sub-Adviser will promptly notify the Adviser and the Trust upon the
Sub-Adviser's discovery of the occurrence of any event that would disqualify the Sub-Adviser from serving as an investment adviser
of an investment company pursuant to Section 9(a) of the 1940 Act or otherwise.

3.5. The Sub-Adviser has adopted and implemented written policies and procedures, as required by Rule 206(4)-7
under the Advisers Act, which are reasonably designed to prevent violations of federal securities laws by the Sub-Adviser, its employees,
officers, and agents. Upon reasonable notice to and reasonable request, the Sub-Adviser shall provide the Adviser and the Trust with access
to the records relating to such policies and procedures as they relate to the Funds. The Sub-Adviser will also provide, at the reasonable
request of the Adviser or the Trust, periodic certifications, in a form reasonably acceptable to the Adviser or the Trust, attesting to
such written policies and procedures.

3.6. The Sub-Adviser shall implement and maintain a business continuity plan and policies and procedures reasonably
designed to prevent, detect and respond to cybersecurity threats and to implement such internal controls and other safeguards as the Sub-Adviser
reasonably believes are necessary to protect each Fund's confidential information and the nonpublic personal information of Fund
shareholders. The Sub-Adviser shall promptly notify the Adviser and the Trust of any material violations or breaches of such policies
and procedures.

3.7. To the extent the Sub-Adviser is exercising "discretionary" trading authority, if any, the
Sub-Adviser will not engage in any futures transactions, options on futures transactions or transactions in other commodity interests
on behalf of a Fund prior to the Sub-Adviser becoming registered or filing a notice of exemption on behalf of the Fund with the National
Futures Association (the " <u>NFA</u> "). To the extent the Sub-Adviser has "non-discretionary" trading authority,
the Sub-Adviser will not recommend that a Fund engage in any futures transactions, options on futures transactions or transactions in
other commodity interests prior to both the Sub-Adviser and the Adviser (or the Trading Adviser, as the case may be) becoming registered
or filing a notice of exemption on behalf of the Fund with the NFA.

3.8. The Sub-Adviser agrees to provide reasonable assistance with the liquidity classifications required under
each Fund's liquidity risk management program.

4. <u>Representations of the Adviser</u>.

4.1. The Adviser has all requisite power and authority to enter into and perform its obligations under this
Agreement, and has taken all necessary corporate action to authorize its execution, delivery and performance of this Agreement.

4.2. The Adviser is registered as an investment adviser under the Advisers Act. None of the Adviser, its affiliates,
or any officer, manager, partner or employee of the Adviser or its affiliates is subject to any event set forth in Section 9 of the
1940 Act that would disqualify the Adviser from acting as an investment adviser to an investment company under the 1940 Act. The Adviser
will promptly notify the Sub-Adviser upon the Adviser's discovery of an occurrence of any event that would disqualify the Adviser
from serving as an investment adviser of an investment company pursuant to Section 9(a) of the 1940 Act or otherwise. The Adviser
agrees to comply with the requirements of the 1940 Act, the Advisers Act, the 1933 Act, the Securities Exchange Act of 1934, as amended,
the Commodity Exchange Act and the rules and regulations thereunder, as applicable, as well all other applicable federal and state laws,
rules, regulations and case law that relate to the Adviser's services described hereunder and to the conduct of its business as
a registered investment adviser and to maintain all licenses and registrations necessary to perform its duties hereunder in good order.
The Adviser shall maintain compliance procedures that it reasonably believes are adequate to ensure its compliance with the foregoing.

4.3. The Adviser has the authority under the Investment Advisory Agreement to appoint the Sub-Adviser.

4.4. The Adviser further represents and warrants that it has received a copy of the Sub-Adviser's current
Form ADV.

4.5. The Adviser has provided the Sub-Adviser with each Fund's most current prospectus and statement
of additional information contained in the Trust's registration statement and the Investment Policies, as in effect from time to
time. The Adviser shall promptly furnish to the Sub-Adviser copies of all material amendments or supplements to the foregoing documents.

4.6. The Adviser or its delegate will provide timely information to the Sub-Adviser regarding such matters
as inflows to and outflows from each Fund and the cash requirements of, and cash available for investment in, the Fund.

4.7. The Adviser or its delegate will timely provide the Sub-Adviser with copies of monthly accounting statements
for each Fund, and such other information as may be reasonably necessary or appropriate in order for the Sub-Adviser to perform its responsibilities
hereunder.

5. <u>Compliance</u>. The Sub-Adviser agrees to comply with the requirements of the 1940 Act, the Advisers Act, the 1933 Act, the Securities Exchange Act of 1934, as amended (the "<u>1934 Act</u>"), the Commodity Exchange Act and the respective rules and regulations thereunder, as applicable, as well as with all other applicable federal and state laws, rules, regulations and case law that relate to the services and relationships described hereunder and to the conduct of its business as a registered investment adviser and to maintain all licenses and registrations necessary to perform its duties hereunder in good order. The Sub-Adviser also agrees to comply with the objectives, policies and restrictions set forth in the Registration Statement, as amended or supplemented, of the Funds, and with any policies, guidelines, instructions and procedures approved by the Board or the Adviser and provided to the Sub-Adviser. In selecting each Fund's portfolio investments and performing the Sub-Adviser's obligations hereunder, the Sub-Adviser shall cause each Fund to comply with the diversification and source of income requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the "<u>Code</u>"), for qualification as a regulated investment company if the Fund has elected to be treated as a regulated investment company under the Code. The Sub-Adviser shall maintain compliance procedures that it reasonably believes are adequate to ensure its compliance with the foregoing. No supervisory activity undertaken by the Board or the Adviser shall limit the Sub-Adviser's full responsibility for any of the foregoing.

6. <u>Proxy Voting</u>. The Board has the authority to determine how proxies with respect to securities that are held by the Funds shall be voted, and the Board has initially determined to delegate the authority and responsibility to vote proxies for each Fund's portfolio investments to the Adviser with the authority to delegate such responsibility to sub-advisers.

To carry out such proxy voting obligations, the Sub-Adviser shall initially have the proxy voting authority, if any, as set forth on Schedule A hereto (which may differ by Fund). The Adviser may revise the scope of the Sub-Adviser's proxy voting authority upon the provision of at least 30 days' written notice to the Sub-Adviser. Absent the Sub-Adviser's provision of written notice to the Adviser declining such change, such a change shall be effective as of the later of the end of such 30-day period or the date set forth in such notice.

If Schedule A indicates "full" proxy voting authority, initially, the Adviser hereby delegates such proxy voting authority for a Fund to the Sub-Adviser. So long as proxy voting authority for a Fund has been delegated to the Sub-Adviser, the Sub-Adviser shall exercise its proxy voting responsibilities. The Sub-Adviser shall carry out such responsibility in accordance with any instructions that the Board or the Adviser shall provide from time to time, and at all times in a manner consistent with Rule 206(4)-6 under the Advisers Act and its fiduciary responsibilities to the Trust. The Sub-Adviser shall provide periodic reports and keep records relating to proxy voting as the Board or the Adviser may reasonably request or as may be necessary for the Funds to comply with the 1940 Act and other applicable law. Any such delegation of proxy voting authority to the Sub-Adviser may be revoked or modified by the Adviser at any time.

If Schedule A indicates "advisory" proxy voting authority, initially, the Sub-Adviser shall provide the Adviser, via a mutually agreed upon methodology, the Sub-Adviser's recommendations with respect to how to vote proxies with respect to all or a sub-set of a Fund's proxies. Notwithstanding such recommendations, the Adviser shall retain full proxy voting authority to decide how to vote all such proxies.

If Schedule A indicates "none" with respect to proxy voting authority, the Sub-Adviser shall have no proxy voting authority or responsibilities with respect to a Fund's proxy voting obligations.

7. <u>Brokerage</u>. As described above in Section 2, the Adviser may delegate full trading authority to the Sub-Adviser, delegate shared (or partial) trading authority to the Sub-Adviser, or the Adviser may retain full trading authority (and, in that case, delegate no such authority to the Sub-Adviser). If Schedule A indicates "fully discretionary" trading authority, initially, the Sub-Adviser shall have the trading authority set forth below in this Section 7 (Brokerage) for a Fund's entire portfolio. If Schedule A indicates "partially discretionary" trading authority, initially, the Sub-Adviser shall have no trading authority with respect to the Subset, but shall have the authority set forth below in this Section 7 (Brokerage) for the remaining portion of a Fund's portfolio. Finally, if Schedule A indicates "non-discretionary" trading authority, initially, the Sub-Adviser will have no trading authority or responsibilities under this Agreement (for a Fund), nor any authority to place or execute securities transactions on behalf of such Fund.

7.1. The Sub-Adviser shall arrange for the placing and execution Fund orders for the purchase and sale of portfolio
securities with broker-dealers. Subject to seeking the best price and execution reasonably available, the Sub-Adviser is authorized to
place orders for the purchase and sale of portfolio securities for a Fund with such broker-dealers as it may select from time to time.
Subject to Section 7.2 below, the Sub-Adviser is also authorized to place transactions with brokers who provide research or statistical
information or analyses to such Fund, to the Sub-Adviser, or to any other client for which the Sub-Adviser provides investment advisory
services. The Sub-Adviser also agrees that it will cooperate with the Trust and the Adviser to allocate brokerage transactions to brokers
or dealers who provide benefits directly to a particular Fund; provided, however, that such allocation comports with applicable law including,
without limitation, Rule 12b-1(h) under the 1940 Act.

7.2. Notwithstanding the provisions of Section 7.1 above and subject to such policies and procedures as
may be adopted by the Board and officers of the Trust or the direction of the Adviser and consistent with Section 28(e) of the 1934
Act, the Sub-Adviser is authorized to cause a Fund to pay a member of an exchange, broker or dealer an amount of commission for effecting
a securities transaction in excess of the amount of commission another member of an exchange, broker or dealer would have charged for
effecting that transaction, in such instances where the Sub-Adviser has determined in good faith that such amount of commission was reasonable
in relation to the value of the brokerage and research services provided by such member, broker or dealer, viewed in terms of either that
particular transaction or the Sub-Adviser's overall responsibilities with respect to such Fund and to other funds or clients for
which the Sub-Adviser exercises investment discretion.

7.3. The Sub-Adviser is authorized to direct portfolio transactions to a broker that is an affiliated person
of the Adviser, the Sub-Adviser, or a Fund in accordance with such standards and procedures as may be approved by the Board in accordance
with Rule 17e-1 under the 1940 Act, or other rules or guidance promulgated by the SEC. Any transaction placed with an affiliated
broker must (i) be placed at best execution, and (ii) may not be a principal transaction.

7.4. The Sub-Adviser is authorized to aggregate or "bunch" purchase or sale orders for a Fund with
orders for various other clients when it believes that such action is in the best interests of such Fund and all other such clients. In
such an event, allocation of the securities purchased or sold will be made by the Sub-Adviser in accordance with the Sub-Adviser's
written policy.

8. <u>Records/Reports</u>.

8.1. <u>Recordkeeping</u>. The Sub-Adviser shall not be responsible for the provision of administrative, bookkeeping
or accounting services to the Funds, except as otherwise provided herein or as may be necessary for the Sub-Adviser to supply to the Adviser,
the Board or the Trust's chief compliance officer (the " <u>Chief Compliance Officer</u> ") the information required to
be supplied under this Agreement.

8.2. The Sub-Adviser shall maintain separate books and detailed records of all matters pertaining to Fund assets
advised by the Sub-Adviser required by Rule 31a-1 under the 1940 Act (other than those records being maintained by any administrator,
sub-administrator, custodian or transfer agent appointed by the Funds) relating to its responsibilities provided hereunder with respect
to the Funds, and shall preserve such records for the periods and in a manner prescribed therefore by Rule 31a-2 under the 1940 Act
(the " <u>Funds' Books and Records</u> "). The Funds' Books and Records shall be available to the Adviser, the Board
and the Chief Compliance Officer at any time upon request, shall be delivered to the Adviser upon the termination of this Agreement and
shall be available without delay during any day the Adviser is open for business.

8.3. <u>Holdings Information and Pricing</u>. The Sub-Adviser shall provide regular reports regarding Fund
holdings, and shall, on its own initiative, furnish the Adviser and the Board from time to time with whatever information the Sub-Adviser
believes is appropriate for this purpose. The Sub-Adviser agrees to immediately notify the Adviser if the Sub-Adviser reasonably believes
that the value of any security held by a Fund may not reflect its fair value. The Sub-Adviser agrees to provide any pricing information
of which the Sub-Adviser is aware to the Trust, the Board, the Adviser and/or any Fund pricing agent to assist in the determination of
the fair value of any Fund holdings for which market quotations are not readily available or as otherwise required in accordance with
the 1940 Act or the Trust's valuation procedures for the purpose of calculating each Fund's net asset value in accordance
with procedures and methods established by the Board.

8.4. <u>Cooperation with Agents of the Trust</u>. The Sub-Adviser agrees to cooperate with and provide reasonable
assistance to the Adviser, the Trust, the Chief Compliance Officer, any Trust custodian or foreign sub-custodians, any Trust pricing agents
and all other agents and representatives of the Trust, and to provide such information with respect to the Funds as they may reasonably
request from time to time in the performance of their obligations, provide prompt responses to reasonable requests made by such persons
and establish appropriate interfaces with each so as to promote the efficient exchange of information and compliance with applicable laws
and regulations.

8.5. <u>Information and Reporting</u>. The Sub-Adviser shall provide the Adviser and the Trust, and its respective
officers, with such periodic reports concerning the obligations the Sub-Adviser has assumed under this Agreement as the Board or the Adviser
may from time to time reasonably request.

8.6. <u>Notification of Breach/Compliance Reports</u>. The Sub-Adviser shall notify the Adviser immediately
upon detection of (i) any material failure to manage any Fund in accordance with its investment objectives and policies or any applicable
law; or (ii) any material breach of any of the Funds' or the Sub-Adviser's policies, guidelines or procedures. The Sub-Adviser
agrees to correct any such failure promptly and to take any action that the Adviser or the Board may reasonably request in connection
with any such breach. Upon request, the Sub-Adviser shall also provide the officers of the Trust with supporting certifications in connection
with such certifications of Fund financial statements and the Trust's disclosure controls adopted pursuant to the Sarbanes-Oxley
Act of 2002 (the " <u>Sarbanes-Oxley Act</u> "), and the implementing regulations adopted thereunder, and agrees to inform the
Trust of any material development related to a Fund that the Adviser reasonably believes is relevant to the Fund's certification
obligations under the Sarbanes-Oxley Act. The Sub-Adviser will promptly notify the Adviser in the event (i) the Sub-Adviser is served
or otherwise receives notice of any action, suit, proceeding, inquiry or investigation, at law or in equity, before or by any court, public
board, or body, involving the affairs of the Trust or the Adviser (excluding class action suits in which a Fund is a member of the plaintiff
class by reason of the Fund's ownership of shares in the defendant) or the compliance by the Sub-Adviser with the federal or state
securities laws or (ii) an actual change in control of the Sub-Adviser resulting in an "assignment" (as defined in the
1940 Act) that has occurred or is otherwise proposed to occur.

8.7. <u>Board and Filings Information</u>. The Sub-Adviser will also provide the Adviser and the Board with
any information reasonably requested regarding its management of the Funds required for any meeting of the Board, or for any shareholder
report, amended registration statement, proxy statement, or prospectus supplement to be filed by the Trust with the SEC. The Sub-Adviser
will make its officers and employees available to meet with the Board from time to time on reasonable notice to review its investment
management services to the Funds in light of current and prospective economic and market conditions and shall furnish to the Board such
information as may reasonably be requested by the Board under Section 15(c) of the 1940 Act in order for the Board to evaluate this
Agreement or any proposed amendments thereto.

8.8. <u>Transaction Information</u>. The Sub-Adviser shall furnish to the Adviser, the Board or a designee
such information concerning portfolio transactions as may be necessary to enable the Adviser, the Board or a designated agent to perform
such compliance testing on the Funds and the Sub-Adviser's services as the Adviser may, in its sole discretion, determine to be
appropriate. The provision of such information by the Sub-Adviser to the Adviser, the Board or a designated agent in no way relieves the
Sub-Adviser of its own responsibilities under this Agreement.

9. <u>Code of Ethics</u>. The Sub-Adviser has adopted a written code of ethics that it reasonably believes complies with the requirements of Rule 17j-1 under the 1940 Act, which it will provide to the Adviser and Trust. The Sub-Adviser shall ensure that its Access Persons (as defined in the Sub-Adviser's Code of Ethics) comply in all material respects with the Sub-Adviser's Code of Ethics, as in effect from time to time. Upon request, the Sub-Adviser shall provide the Adviser and the Trust with a copy of the Sub-Adviser's current Code of Ethics, as in effect from time to time. The Sub-Adviser certifies that it has adopted procedures reasonably necessary to prevent Access Persons from engaging in any conduct prohibited by the Sub-Adviser's Code of Ethics. Annually, the Sub-Adviser shall furnish a written report, which complies with the requirements of Rule 17j-1, concerning the Sub-Adviser's Code of Ethics to the Adviser and Trust. The Sub-Adviser shall respond to requests for information from the Adviser and the Trust as to violations of the Code of Ethics by Access Persons and the sanctions imposed by the Sub-Adviser. The Sub-Adviser shall immediately notify the Adviser of any material violation of the Code of Ethics, whether or not such violation relates to a security held by any Fund.

10. <u>Members and Employees</u>. Members and employees of the Sub-Adviser may be trustees, officers or employees of the Trust.

11. <u>Custody</u>. Nothing in this Agreement shall permit the Sub-Adviser to take or receive physical possession of cash, securities or other investments of a Fund.

12. <u>Compensation</u>.

12.1. <u>Sub-Advisory Fee</u>. During the term of this Agreement, the Sub-Adviser shall bear its own costs of
providing services under this Agreement. The Adviser agrees to pay to the Sub-Adviser or its designated paying agent, an annual sub-advisory
fee equal to the amount of the daily average net assets of each Fund shown on Schedule A attached hereto, payable on a monthly basis.

12.2. The initial fee under this Agreement shall be payable on the first business day of the first month following
the effective date of this Agreement with respect to a Fund and shall be prorated as set forth below. If this Agreement is terminated
with respect to a Fund prior to the end of any calendar month, the sub-advisory fee shall be prorated for the portion of any month in
which this Agreement is in effect according to the proportion which the number of calendar days, during which the Agreement is in effect,
bears to the number of calendar days in the month, and shall be payable within 30 days after the date of termination.

12.3. The Sub-Adviser shall look exclusively to the Adviser for payment of the sub-advisory fee.

13. <u>Non-Exclusivity</u>. The services to be rendered by the Sub-Adviser under the provisions of this Agreement are not to be deemed to be exclusive, and the Sub-Adviser shall be free to render similar or different services to others so long as its ability to render the services provided for in this Agreement shall not be impaired thereby. Without limiting the foregoing, the Sub-Adviser, its members, employees and agents may engage in other businesses, may render investment advisory services to other investment companies, or to any other corporation, association, firm, entity or individual, and may render underwriting services to the Trust on behalf of a Fund or to any other investment company, corporation, association, firm, entity or individual.

14. <u>Liability and Standard of Care</u>.

14.1. The Sub-Adviser shall exercise due care and diligence and use the same skill and care in providing its
services hereunder as it uses in providing services to other investment companies, accounts and customers, but the Sub-Adviser and its
affiliates and their respective agents, control persons, directors, officers, employees, supervised persons and access persons shall not
be liable for any action taken or omitted to be taken by the Sub-Adviser in the absence of willful misfeasance, bad faith, gross negligence
or reckless disregard of its duties. Notwithstanding the foregoing, federal securities laws and certain state laws impose liabilities
under certain circumstances on persons who have acted in good faith, and therefore nothing herein shall in any way constitute a waiver
or limitation of any right which the Trust, a Fund or any shareholder of a Fund may have under any federal securities law or state law
the applicability of which is not permitted to be contractually waived. In addition, to the extent the Sub-Adviser is acting under this
Agreement with "non-discretionary" trading authority or "partially discretionary" trading authority, the Sub-Adviser
will be liable for Losses (defined below) caused by the Sub-Adviser's provision of a securities (or other financial instrument)
purchase or sale recommendation to the Adviser or the Trading Adviser, but for which the Sub-Adviser failed to: (i) correctly identify
one or more securities and/or financial instruments for purchase, sale, shorting, or closing out a short (e.g., wrong CUSIP number); (ii)
provide the correct amount or percentage of the Fund's investment portfolio for a particular security or financial instrument; (iii)
accurately identify the type of transaction (e.g., buy, rather than short); or (iv) provide a particular recommendation to the Adviser
in a timely manner (collectively, " <u>Update Failures</u> ").

14.2. The Sub-Adviser shall indemnify the Trust, each Fund, the Adviser and each of their respective affiliates,
agents, control persons, directors, members of the Board, officers, employees and shareholders (the " <u>Adviser Indemnified Parties</u> ")
against, and hold them harmless from, any costs, expense, claim, loss, liability, judgment, fine, settlement or damage (including reasonable
legal and other expenses) (collectively, " <u>Losses</u> ") arising out of any claim, demands, actions, suits or proceedings
(civil, criminal, administrative or investigative) asserted or threatened to be asserted by any third party (collectively, " <u>Proceedings</u> ")
in so far as such Loss (or actions with respect thereto) arises out of or is based upon: (i) any material misstatement or omission
of a material fact in information regarding the Sub-Adviser furnished in writing to the Adviser by the Sub-Adviser for use in the Registration
Statement, proxy materials or reports filed with the SEC; (ii) the willful misfeasance, bad faith, gross negligence, or reckless
disregard of obligations or duties of the Sub-Adviser in the performance of its duties under this Agreement (collectively, " <u>Sub-Adviser Disabling Conduct</u> "); or (iii) Update Failures.

14.3. Notwithstanding anything to the contrary contained herein, the Sub-Adviser, its affiliates and their respective
agents, control persons, directors, partners, officers, employees, supervised persons and access persons shall not be liable to, nor shall
they have any indemnity obligation to, the Adviser, its officers, directors, agents, employees, controlling persons or shareholders or
to a Fund, Trust or their shareholders for: (i) any material misstatement or omission of a material fact in a Fund's Prospectus,
registration statement, proxy materials or reports filed with the SEC, unless and to the extent such material misstatement or omission
was made in reliance upon, and is consistent with, the information furnished to the Adviser by the Sub-Adviser specifically for use therein;
(ii) any action taken or failure to act in good faith reliance upon (A) information, instructions or requests, whether oral
or written, with respect to a Fund made to the Sub-Adviser by a duly authorized officer of the Adviser or the Trust; (B) the advice
of counsel to the Trust; or (C) any written instruction of the Board; or (iii) acts of the Sub-Adviser which result from or
are based upon acts or omissions of the Adviser, including, but not limited to, a failure of the Adviser to provide accurate and current
information with respect to any records maintained by Adviser, which records are not also maintained by the Sub-Adviser; provided, however,
that the limitations on the Sub-Adviser's liability and indemnification obligations described in (i) through (iii) above shall not
apply with respect to, and to the extent, any portion of liability is attributable to Sub-Adviser Disabling Conduct.

14.4. The Sub-Adviser shall not be deemed by virtue of this Agreement to have made any representation or warranty
that any level of investment performance or level of investment results, either relative or absolute, will be achieved.

14.5. For the avoidance of doubt, neither Fund shareholders nor the members of the Board shall be personally
liable under this Agreement.

14.6. The Adviser shall indemnify the Sub-Adviser and each of its respective affiliates, agents, control persons,
directors, officers, employees and shareholders (the " <u>Sub-Adviser Indemnified Parties</u> ") against, and hold them harmless
from, any Losses arising out of any Proceedings in so far as such Loss (or actions with respect thereto) arises out of or is based upon:
(i) any material misstatement or omission of a material fact in information regarding the Adviser furnished by or on behalf of the
Adviser in writing for use in the Registration Statement, proxy materials or reports filed with the SEC; or (ii) the willful misfeasance,
bad faith, gross negligence, or reckless disregard of obligations or duties of the Adviser in the performance of its duties under this
Agreement (collectively, " <u>Adviser Disabling Conduct</u> ").

14.7. Notwithstanding anything to the contrary contained herein, the Adviser, its affiliates and their respective
agents, control persons, directors, partners, officers, employees, supervised persons and access persons shall not be liable to, nor shall
they have any indemnity obligation to, any Sub-Adviser Indemnified Parties for: (i) any material misstatement or omission of a material
fact in a Fund's Prospectus, registration statement, proxy materials or reports filed with the SEC, to the extent such material
misstatement or omission was made in reliance upon, and is consistent with, the information furnished to the Adviser by or on behalf of
the Sub-Adviser specifically for use therein; (ii) any action taken or failure to act in good faith reliance upon acts or omissions
of the Sub-Adviser which result from or are based upon acts or omissions of the Sub-Adviser, including, but not limited to, a failure
of the Sub-Adviser to provide accurate and current information with respect to any records maintained by Sub-Adviser; provided, however,
that the limitations on the Adviser's liability and indemnification obligations described in this Section 14.7 shall not apply with
respect to, and to the extent, any portion of liability that is attributable to Adviser Disabling Conduct.

15. <u>Term/Approval/Amendments</u>.

15.1. This Agreement shall become effective with respect to a Fund as of the date of commencement of operations
of the Fund if approved: (i) by a vote of the Board, including a majority of those trustees of the Trust who are not "interested
persons" (as defined in the 1940 Act) of any party to this Agreement (the " <u>Independent Trustees</u> "), cast in person
at a meeting called for the purpose of voting on such approval (or in another manner permitted by the 1940 Act or pursuant to exemptive
relief therefrom), and (ii) by vote of a majority of the Fund's outstanding securities (to the extent required under the 1940
Act). This Agreement shall continue in effect with respect to a Fund for an initial period of two years thereafter, and may be renewed
annually thereafter only so long as such renewal and continuance is specifically approved at least annually by the Board provided that
in such event such renewal and continuance shall also be approved by the vote of a majority of the Independent Trustees cast in person
at a meeting called for the purpose of voting on such approval (or in another manner permitted by the 1940 Act or pursuant to exemptive
relief therefrom).

15.2. No material amendment to this Agreement shall be effective unless the terms thereof have been approved
as required by the 1940 Act. The modification of any of the non-material terms of this Agreement may be approved by the vote, cast in
person at a meeting called for such purpose (or in another manner permitted by the 1940 Act or pursuant to exemptive relief therefrom),
of a majority of the Independent Trustees.

15.3. In connection with such renewal or amendment, the Sub-Adviser shall furnish such information as may be
reasonably necessary by the Adviser or the Board to evaluate the terms of this Agreement and any amendment thereto.

15.4. This Agreement may be terminated at any time, without the payment of any penalty, by the Board, including
a majority of the Independent Trustees, by the vote of a majority of the outstanding voting securities of a Fund, on sixty (60) days'
written notice to the Adviser and the Sub-Adviser, or by the Adviser or Sub-Adviser on sixty (60) days' written notice to the Trust
and the other party. This Agreement will automatically terminate, without the payment of any penalty, in the event the Investment Advisory
Agreement between the Adviser and the Trust is assigned (as defined in the 1940 Act) or terminates for any other reason. This Agreement
will also terminate upon written notice to the other party that the other party is in material breach of this Agreement, unless the other
party in material breach of this Agreement cures such breach to the reasonable satisfaction of the party alleging the breach within thirty
(30) days after written notice. This Agreement will also automatically terminate in the event of its assignment (as defined in the 1940
Act) unless the parties hereto, by agreement, obtain an exemption from the SEC from the provisions of the 1940 Act pertaining to the subject
matter of this subsection.

16. <u>Use of the Sub-Adviser's Name</u>.

16.1. The parties agree that the name of the Sub-Adviser, the names of any affiliates of the Sub-Adviser and
any derivative or logo or trademark or service mark or trade name are the valuable property of the Sub-Adviser and its affiliates. The
Adviser and the Trust shall have the right to use such name(s), derivatives, logos, trademarks or service marks or trade names only with
the prior written approval of the Sub-Adviser, which approval shall not be unreasonably withheld or delayed so long as this Agreement
is in effect.

16.2. Upon termination of this Agreement, the Adviser and the Trust shall forthwith cease to use such name(s),
derivatives, logos, trademarks or service marks or trade names. The Adviser and the Trust agree that they will review with the Sub-Adviser
any advertisement, sales literature, or notice prior to its use that makes reference to the Sub-Adviser or its affiliates or any such
name(s), derivatives, logos, trademarks, service marks or trade names so that the Sub-Adviser may review the context in which it is referred
to, it being agreed that the Sub-Adviser shall have no responsibility to ensure the adequacy of the form or content of such materials
for purposes of the 1940 Act or other applicable laws and regulations. If the Adviser or the Trust makes any unauthorized use of the Sub-Adviser's
names, derivatives, logos, trademarks or service marks or trade names, the parties acknowledge that the Sub-Adviser shall suffer irreparable
harm for which monetary damages may be inadequate and thus, the Sub-Adviser shall be entitled to injunctive relief, as well as any other
remedy available under law.

17. <u>Nonpublic Personal Information</u>. Notwithstanding any provision herein to the contrary, the Sub-Adviser agrees on behalf of itself and its directors, shareholders, officers, and employees (1) to treat confidentially and as proprietary information of the Adviser and the Trust (a) all records and other information relative to each Fund's prior, present, or potential shareholders (and clients of said shareholders) and (b) any Nonpublic Personal Information, as defined under Section 248.3(t) of Regulation S-P ("<u>Regulation S-P</u>"), promulgated under the Gramm-Leach-Bliley Act (the "<u>G-L-B Act</u>"), and (2) except after prior notification to and approval in writing by the Adviser or the Trust, not to use such records and information for any purpose other than the performance of its responsibilities and duties hereunder, or as otherwise permitted by Regulation S-P or the G-L-B Act, and if in compliance therewith, the privacy policies adopted by the Trust and communicated in writing to the Sub-Adviser. Such written approval shall not be unreasonably withheld by the Adviser or the Trust and may not be withheld where the Sub-Adviser may be exposed to civil or criminal contempt or other proceedings for failure to comply after being requested to divulge such information by duly constituted authorities.

18. <u>Anti-Money Laundering Compliance</u>. The Sub-Adviser acknowledges that, in compliance with the Bank Secrecy Act, as amended, the USA PATRIOT Act, and any implementing regulations thereunder (together, "<u>AML Laws</u>"), the Trust has adopted an Anti-Money Laundering Policy. The Sub-Adviser agrees to comply with the Trust's Anti-Money Laundering Policy and the AML Laws, as the same may apply to the Sub-Adviser, now and in the future. The Sub-Adviser further agrees to provide to the Trust, the Trust's administrator, sub-administrator and/or the Trust's anti-money laundering compliance officer such reports, certifications and contractual assurances as may be reasonably requested by the Trust. The Trust may disclose information regarding the Sub-Adviser to governmental and/or regulatory or self-regulatory authorities to the extent required by applicable law or regulation and may file reports with such authorities as may be required by applicable law or regulation.

19. <u>Notices</u>. Any notice required or permitted to be given by either party to the other shall be in writing and shall be deemed to have been given on the date delivered personally or by courier service, or three days after sent by registered or certified mail, postage prepaid, return receipt requested, or on the date sent and confirmed received by facsimile transmission to the other party's address set forth below, or such other address(es) as may be specified in writing by one party to the other party.

---

| |
|:---|
| &nbsp;&nbsp;Notices to Adviser shall be sent to: |
| &nbsp;&nbsp;Tidal Investments LLC |
| &nbsp;&nbsp;234 West Florida Street, Suite 203 |
| &nbsp;&nbsp;Milwaukee, Wisconsin 53204 |
| &nbsp;&nbsp;Attn: Chief Executive Officer |
| &nbsp;&nbsp;Notices to Sub-Adviser shall be sent to: |
| &nbsp;&nbsp;Worth Charting Group LLC |
| &nbsp;&nbsp; 445 Park Avenue<br> 9<sup>th</sup> Floor<br> New York, New York 10022 |
| &nbsp;&nbsp;Attn: [subAdviserSignerTextField_MIyxula\|\|1] |

---

20. <u>Successors</u>. This Agreement shall extend to and bind the heirs, executors, administrators and successors of the parties hereto.

21. <u>Meanings</u>. For the purposes of this Agreement, the terms "vote of a majority of the outstanding voting securities;" "interested persons;" and "assignment" shall have the meaning defined in the 1940 Act or the rules promulgated thereunder; subject, however, to such exemptions as may be granted by the SEC under the 1940 Act or any interpretations of the SEC staff.

22. <u>Entire Agreement and Amendments</u>. This Agreement represents the entire agreement among the parties with regard to the investment management matters described herein and may not be added to or changed orally and may not be modified or rescinded except by a writing signed by the parties hereto except as otherwise noted herein.

23. <u>Enforceability</u>. Any term or provision of this Agreement which is invalid or unenforceable in any jurisdiction shall, as to such jurisdiction be ineffective to the extent of such invalidity or unenforceability without rendering invalid or unenforceable the remaining terms or provisions of this Agreement or affecting the validity or enforceability of any of the terms or provisions of this Agreement in any other jurisdiction.

24. <u>Jurisdiction</u>. This Agreement shall be governed by and construed in accordance with the substantive laws of the state of New York and the Adviser and Sub-Adviser consent to the jurisdiction of courts, both state or federal, in New York, with respect to any dispute under this Agreement.

25. <u>Section Headings</u>. The headings of sections contained in this Agreement are provided for convenience only, form no part of this Agreement and shall not affect its construction.

26. <u>Counterparts</u>. This Agreement may be executed simultaneously in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.

[Signature Page Follows]

IN WITNESS WHEREOF, the parties hereto have this Agreement to be executed by their duly authorized officers on the day and year first written above.

---

| | |
|:---|:---|
| TIDAL INVESTMENTS LLC | TIDAL INVESTMENTS LLC |
| By: | /s/Jay Pestrichelli |
| Name: | Jay Pestrichelli |
| Title: | Chief Trading Officer |
| Date: | 4/21/2026 |
| WORTH CHARTING GROUP LLC | WORTH CHARTING GROUP LLC |
| By: | /s/Carter Braxton Worth |
| Name: | Carter Braxton Worth |
| Title: | CEO/Founder |
| Date: | 4/21/2026 |

---

Schedule A

to the

Sub-Advisory Agreement

by and between

Tidal Investments LLC

and

Worth Charting Group LLC

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Fund Name** | &nbsp;&nbsp;**Sub-Advisory Fee** | &nbsp;&nbsp;**Effective Date** | &nbsp;&nbsp;**Trading Authority** | &nbsp;&nbsp;**Proxy Voting Authority** |
| Worth Charting Options Income ETF | 0.05% | Commencement of Operations | Non-Discretionary |  |

---

## Ex-99.(E)(I)(Xiv)

**[Tidal III 485BPOS](wrth_485bpos-042326.htm)**

**Exhibit 99(e)(i)(xiv)**

**SEVENTEENTH AMENDMENT**

**TO ETF DISTRIBUTION AGREEMENT**

This seventeenth amendment ("Amendment") to the ETF Distribution Agreement dated as of June 18, 2024 (the "Agreement"), by and between Tidal Trust III (the "Trust") and Foreside April 16, 2026 (the "Effective Date").

**WHEREAS**, The Parties desire to amend Exhibit A of the Agreement to reflect an updated Funds list; and

**WHEREAS**, Section 8(b) of the Agreement requires that all amendments and modifications to the Agreement be in writing and executed by the Parties.

**NOW THEREFORE**, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties hereby agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Capitalized terms not otherwise defined herein shall have the meanings set
forth in Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Exhibit A of the Agreement is hereby deleted and replaced in its entirety
by Exhibit A attached hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Except as expressly amended hereby, all of the provisions of the Agreement
shall remain unamended and in full force and effect to the same extent as if fully set forth herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. This Amendment shall be governed by, and the provisions of this Amendment
shall be construed and interpreted under and in accordance with, the laws of the State of Delaware.

**IN WITNESS WHEREOF**, the Parties hereto have caused this Amendment to be executed in their names and on their behalf by and through their duly authorized officers, as of the Effective Date.

---

| | | | |
|:---|:---|:---|:---|
| **TIDAL TRUST III** | **TIDAL TRUST III** | **FORESIDE FUND SERVICES, LLC** | **FORESIDE FUND SERVICES, LLC** |
| By: | /s/ Eric Falkeis | By: | /s/ Teresa Cowan |
| Name: | Eric Falkeis | Name: | Teresa Cowan |
| Title: | President | Title: | President |

---

**EXHIBIT A**

TradersAI Large Cap Equity & Cash ETF

Rockefeller Opportunistic Municipal Bond ETF

Rockefeller California Municipal Bond ETF

Rockefeller New York Municipal Bond ETF

Rockefeller Global Equity ETF

Rockefeller U.S. Small-Mid Cap ETF

4E Quality Growth ETF

GammaRoad Market Navigation ETF

Impact Shares Women's Empowerment ETF

Impact Shares NAACP Minority Empowerment ETF

VistaShares Artificial Intelligence Supercycle ETF

VistaShares Electrification Supercycle ETF

Fundstrat Granny Shot US Large Cap ETF

Ned Davis Research 360<sup>o</sup> Dynamic Allocation ETF

Ned Davis Research 360º Core Equity ETF

Ninepoint Energy ETF

Ninepoint Energy Income ETF

The BeeHive ETF

NestYield Total Return Guard ETF

NestYield Dynamic Income ETF

NestYield Visionary ETF

USCF Daily Target 2X Copper Index ETF

Battleshares™ NVDA vs INTC ETF

Battleshares™ AMZN vs M ETF

Battleshares™ COIN vs WFC ETF

Battleshares™ MSTR vs JPM ETF

Battleshares™ NFLX vs CMCSA ETF

Battleshares™ LLY vs YUM ETF

Battleshares™ GOOGL vs NYT ETF

TH GARP Global Rising Leaders ETF

TH GARP India Rising Leaders ETF

PEO AlphaQuest™ Thematic PE ETF

World Dynamic Momentum Leaders ETF

VistaShares Target 15 Berkshire Select Income ETF

VistaShares Target 15 USA Momentum Income ETF

VistaShares Target 15 USA Value Income ETF

VistaShares Target 15 USA Quality Income ETF

VistaShares Target 15 USA Low Volatility Income ETF

VistaShares Animal Spirits Strategy ETF

Intech S&P Large Cap Diversified Alpha ETF

Intech S&P Small-Mid Cap Diversified Alpha ETF

MRP SynthEquity ETF

Alpha Brands™ Consumption Leaders ETF

Azoria Golden Age ETF

Battleshares™ Bitcoin vs Ether ETF

Battleshares™ Ether vs Bitcoin ETF

Battleshares™ Bitcoin vs Gold ETF

Battleshares™ Gold vs Bitcoin ETF

VistaShares Target 15 ACKtivist Distribution ETF<br> VistaShares ACKtivist Select ETF<br> VistaShares BigShort Select ETF<br> VistaShares Target 15 BigShort Distribution ETF<br> VistaShares DRUKMacro Select ETF<br> VistaShares Target 15 DRUKMacro Distribution ETF<br> VistaShares Berkshire Select ETF

NovaTide Flexible Allocation ETF

Stoneport Advisors Commodity Long Short ETF

VistaShares BitBonds 1-3 Yr Enhanced Weekly Distribution ETF

VistaShares BitBonds 5 Yr Enhanced Weekly Distribution ETF

VistaShares BitBonds 10 Yr Enhanced Weekly Distribution ETF

VistaShares BitBonds 20 Yr Enhanced Weekly Distribution ETF

VistaShares Bitcoin Treasury Income ETF

VistaShares Ethereum Treasury Income ETF

VistaShares Ethereum Treasury ETF

VistaShares IPO and Income ETF

VistaShares Target 15™ International Innovators Income ETF

VistaShares Target 15™ European High Dividend Payers Income ETF

VistaShares Target 15™ S&P 100 Distribution ETF

VistaShares Target 15™ Global 100 Distribution ETF

Fundstrat Granny Shots US Small- & Mid-Cap ETF

Fundstrat Granny Shots US Large Cap & Income ETF

VistaShares DIVBoost Dividend Leaders Distribution ETF

VistaShares DIVBoost Dividend Champions Distribution ETF

VistaShares DIVBoost Sector Distribution ETF

VistaShares DIVBoost High Yield Bond Distribution ETF

VistaShares DIVBoost REIT Distribution ETF

VistaShares DIVBoost Energy Distribution ETF

VistaShares DIVBoost Utilities Distribution ETF

VistaShares TEPRTantrum Contrarian Select ETF

VistaShares Target 15 TEPRTantrum Contrarian Distribution ETF

VistaShares TPLoeb Event Driven Select ETF

VistaShares Target 15 TPLoeb Event Driven Distribution ETF

VistaShares TIGR Cub NextGen Select ETF

VistaShares Target 15 TIGR Cub NextGen Distribution ETF

VistaShares LAFFTech Select ETF

VistaShares Target 15 LAFFTech Distribution ETF

VistaShares HRVD Select ETF

VistaShares Target 15 HRVD Distribution ETF

VistaShares GATE Endowment Select ETF

VistaShares Target 15 GATE Endowment Distribution ETF

VistaShares Gulf Soveriegn Select ETF

VistaShares Target 15 Gulf Sovereign Distribution ETF

VistaShares Nordic Wealth Select ETF

VistaShares Target 15 Nordic Wealth Distribution ETF

RCN Pareto Strategic Allocation ETF

U.S. Defense ETF

Worth Charting Options Income ETF

Apex Consolidated Income ETF

## Ex-99.(G)(I)(Xv)

**[Tidal III 485BPOS](wrth_485bpos-042326.htm)**

**Exhibit 99.(g)(i)(xv)**

**SEVENTEENTH AMENDMENT TO THE** 

**TIDAL TRUST III**

**CUSTODY AGREEMENT**

**THIS SEVENTEENTH AMENDMENT** effective as of the last date on the signature block (the "Effective Date"), to the Custody Agreement dated as of July 11, 2024, as amended (the "Agreement"), is entered into by and between **TIDAL TRUST III**, a Delaware statutory trust (the "Trust"), and **U.S. BANK NATIONAL ASSOCIATION**, a national banking association organized and existing under the laws of the United States of America with its principal place of business at Minneapolis, Minnesota (the "Custodian").

**RECITALS**

**WHEREAS,** the parties have entered into the Agreement; and

**WHEREAS,** the parties desire to amend the Agreement to update Exhibit A to:

Add the following fund:

● Worth Charting Options Income ETF

Remove the following funds:

● Azoria 500 Meritocracy ETF

● Azoria TSLA Convexity ETF

● TH GARP Global Rising Leaders ETF

● TH GARP India Rising Leaders ETF

**WHEREAS,** Section 15.02 of the Agreement allows for its amendment by a written instrument executed by both parties and authorized or approved by the Board of Trustees of the Trust.

**NOW, THEREFORE,** the parties agree as follows:

**Exhibit A of the Agreement is hereby superseded and replaced in its entirety with Exhibit A attached hereto.**

Except to the extent amended hereby, the Agreement shall remain in full force and effect.

**SIGNATURES ON NEXT PAGE**

**IN WITNESS WHEREOF,** the parties hereto have caused this Seventeenth Amendment to be executed by a duly authorized officer on one or more counterparts as of the Effective Date.

---

| | | | |
|:---|:---|:---|:---|
| **TIDAL TRUST III** | **TIDAL TRUST III** | **U.S. BANK NATIONAL ASSOCIATION** | **U.S. BANK NATIONAL ASSOCIATION** |
| By: | /s/Eric Falkeis | By: | /s/Gregory Farley |
| Name: | Eric Falkeis | Name: | Gregory Farley |
| Title: | President | Title: | Sr. Vice President |
| Date: | 4/16/2026 | Date: | 4/17/2026 |

---

**Exhibit A to the Custody Agreement**

Separate Series of Tidal Trust III

<u>Name of Series:</u>

---

| |
|:---|
| TradersAI Large Cap Equity & Cash ETF |
| Rockefeller Opportunistic Municipal Bond ETF |
| Rockefeller California Municipal Bond ETF |
| Rockefeller New York Municipal Bond ETF |
| Rockefeller Global Equity ETF |
| Rockefeller U.S. Small-Mid Cap ETF |
| 4E Quality Growth ETF |
| GammaRoad Market Navigation ETF |
| Impact Shares Women's Empowerment ETF |
| Impact Shares NAACP Minority Empowerment ETF |
| VistaShares Artificial Intelligence Supercycle ETF |
| VistaShares Electrification Supercycle ETF |
| FIRE Funds™ Wealth Builder ETF |
| FIRE Funds™ Income Target ETF |
| Ninepoint Energy Income ETF |
| Ninepoint Energy ETF |
| Ned Davis Research 360° Core Equity ETF |
| Ned Davis Research 360° Dynamic Allocation ETF |
| Fundstrat Granny Shots US Large Cap ETF |
| The BeeHive ETF |
| NestYield Total Return Guard ETF |
| NestYield Dynamic Income Shield ETF |
| NestYield Visionary ETF |
| USCF Daily Target 2X Copper Index ETF |
| Battleshares™ NVDA vs INTC ETF |
| Battleshares™ AMZN vs M ETF |
| Battleshares™ COIN vs WFC ETF |
| Battleshares™ MSTR vs JPM ETF |
| Battleshares™ NFLX vs CMCSA ETF |
| Battleshares™ LLY vs YUM ETF |
| Battleshares™ GOOGL vs NYT ETF |
| PEO Quest Liquid PE Replication ETF |
| World Dynamic Momentum Leaders ETF |
| VistaShares Target 15 USA Momentum Income ETF |
| VistaShares Target 15 USA Value Income ETF |
| VistaShares Target 15 USA Quality Income ETF |
| VistaShares Target 15 USA Low Volatility Income ETF |
| VistaShares Target 15 Berkshire Select Income ETF |
| Intech S&P Large Cap Diversified Alpha ETF |
| Intech S&P Small-Mid Cap Diversified Alpha ETF |

---

---

| |
|:---|
| MRP SynthEquity ETF |
| Alpha Brands™ Consumption Leaders ETF |
| VistaShares Animal Spirits Strategy ETF |
| Azoria Golden Age ETF |
| Defiance Bitcoin vs Ether ETF |
| Defiance Ether vs Bitcoin ETF |
| Defiance Bitcoin vs Gold ETF |
| Defiance Gold vs Bitcoin ETF |
| VistaShares Target 15 ACKtivist Select Income ETF |
| VistaShares ACKtivist Select ETF |
| VistaShares BigShort Select ETF |
| VistaShares Target 15 BigShort Select Income ETF |
| VistaShares DRUKMacro Select ETF |
| VistaShares Target 15 DRUKMacro Select Income ETF |
| VistaShares Berkshire Select ETF<br> VistaShares DRUKMacro Select ETF<br> VistaShares Target 15 DRUKMacro Select Income ETF<br> NovaTide Flexible Allocation ETF<br> Stoneport Advisors Commodity Long Short ETF<br> Fundstrat Granny Shots US Small- & Mid-Cap ETF<br> Fundstrat Granny Shots US Large Cap & Income ETF<br> VistaShares BitBonds 1-3 Yr Enhanced Weekly Distribution ETF<br> VistaShares BitBonds 5 Yr Enhanced Weekly Distribution ETF<br> VistaShares BitBonds 10 Yr Enhanced Weekly Distribution ETF<br> VistaShares BitBonds 20 Yr Enhanced Weekly Distribution ETF<br> VistaShares IPO and Income ETF<br> VistaShares Bitcoin Treasury Income ETF<br> VistaShares Ethereum Treasury Income ETF<br> VistaShares Ethereum Treasury ETF<br> VistaShares Target 15™ International Innovators Distribution ETF<br> VistaShares Target 15™ European High Dividend Payers Distribution ETF<br> VistaShares Target 15™ Global 100 Distribution ETF<br> VistaShares Target 15™ S&P 100 Distribution ETF<br> VistaShares DIVBoost Dividend Leaders Distribution ETF<br> VistaShares DIVBoost Dividend Champions Distribution ETF<br> VistaShares DIVBoost Sector Distribution ETF<br> VistaShares DIVBoost High Yield Bond Distribution ETF<br> VistaShares DIVBoost REIT Distribution ETF<br> VistaShares DIVBoost Energy Distribution ETF<br> VistaShares DIVBoost Utilities Distribution ETF<br> VistaShares TEPRTantrum Contrarian Select ETF<br> VistaShares Target 15 TEPRTantrum Contrarian Distribution ETF<br> VistaShares TPLoeb Event Driven Select ETF<br> VistaShares Target 15 TPLoeb Event Driven Distribution ETF<br> VistaShares TIGR Cub NextGen Select ETF<br> VistaShares Target 15 TIGR Cub NextGen Distribution ETF |

---

VistaShares LAFFTech Select ETF<br> VistaShares Target 15 LAFFTech Distribution ETF<br> VistaShares HRVD Select ETF<br> VistaShares Target 15 HRVD Distribution ETF<br> VistaShares GATE Endowment Select ETF<br> VistaShares Target 15 GATE Endowment Distribution ETF<br> VistaShares Gulf Sovereign Select ETF<br> VistaShares Target 15 Gulf Sovereign Distribution ETF<br> VistaShares Nordic Wealth Select ETF<br> VistaShares Target 15 Nordic Wealth Distribution ETF<br> RCN Pareto Strategic Allocation ETF<br> U.S. Defense ETF<br> Worth Charting Options Income ETF<br>

## Ex-99.(H)(I)(V)

**[Tidal III 485BPOS](wrth_485bpos-042326.htm)**

**Exhibit 99(h)(i)(v)**

**FIFTH AMENDMENT**

**TO THE AMENDED AND RESTATED FUND ADMINISTRATION SERVICING AGREEMENT**

**THIS FIFTH AMENDMENT**, effective as of April 16, 2026, to the Amended and Restated Fund Administration Servicing Agreement (the "<u>Agreement</u>") dated as of August 1, 2025, by and between **Tidal Trust III**, a Delaware statutory trust (the "<u>Trust</u>"), **Tidal ETF Services LLC**, a Delaware limited liability company ("<u>Tidal</u>") and **Tidal Investments LLC** (the "<u>Adviser</u>"), solely in respect of the rights and obligations set forth in Section 4 and applicable provisions of Section 12 and 13 of the Agreement.

**RECITALS**

**WHEREAS,** the parties have entered into the Agreement; and

**WHEREAS,** the parties desire to amend the Agreement to update Exhibit A to:

Add the following funds:

Worth Charting Options Income ETF

Apex Consolidated Income ETF

**WHEREAS,** Section 11 of the Agreement allows for its amendment by written agreement executed by the Trust and Tidal and approved by the Board of Trustees of the Trust.

**NOW, THEREFORE,** the parties agree as follows:

**Amended Exhibit A of the Agreement is hereby superseded and replaced in its entirety with Amended Exhibit A attached hereto.**

Except to the extent amended hereby, the Agreement shall remain in full force and effect.

[Signature Page Follows]

**IN WITNESS WHEREOF**, the parties hereto have caused this Agreement to be executed by a duly authorized officer on one or more counterparts as of the date last written below.

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**TIDAL TRUST III** | &nbsp;&nbsp;**TIDAL TRUST III** | &nbsp;&nbsp;**TIDAL ETF SERVICES LLC** | &nbsp;&nbsp;**TIDAL ETF SERVICES LLC** |
| &nbsp;&nbsp;By: | &nbsp;&nbsp;/s/Lissa Richter | &nbsp;&nbsp;By: | &nbsp;&nbsp;/s/Eric Falkeis |
| &nbsp;&nbsp;Name: | &nbsp;&nbsp;Lissa Richter | &nbsp;&nbsp;Name: | &nbsp;&nbsp;Eric Falkeis |
| &nbsp;&nbsp;Title: | &nbsp;&nbsp;Secretary & Vice President | &nbsp;&nbsp;Title: | &nbsp;&nbsp;Co-Founder & COO |
| &nbsp;&nbsp;Date: | &nbsp;&nbsp;04/16/2026 | &nbsp;&nbsp;Date: | &nbsp;&nbsp;04/20/2026 |

---

**Amended Exhibit A** 

**to the** 

**Amended and Restated Fund Administration Servicing Agreement** 

Separate Series (Funds) of Tidal Trust III

<u>Name of Series</u>

Impact Shares Women's Empowerment ETF<br> Impact Shares NAACP Minority Empowerment ETF<br>TradersAI Large Cap Equity & Cash ETF<br>Rockefeller Opportunistic Municipal Bond ETF<br> Rockefeller California Municipal Bond ETF<br> Rockefeller New York Municipal Bond ETF<br> Rockefeller Global Equity ETF<br> Rockefeller U.S. Small-Mid Cap ETF<br>4E Quality Growth ETF<br>GammaRoad Market Navigation ETF<br>VistaShares Artificial Intelligence Supercycle ETF<br> VistaShares Electrification Supercycle ETF<br> VistaShares Animal Spirits Strategy ETF<br> VistaShares Animal Spirits Daily 2X Strategy ETF

VistaShares Target 15 Berkshire Select Income ETF

VistaShares Target 15 USA Momentum Income ETF

VistaShares Target 15 USA Value Income ETF

VistaShares Target 15 USA Quality Income ETF

VistaShares Target 15 USA Low Volatility Income ETF

VistaShares Target 15 ACKtivist Distribution ETF

VistaShares ACKtivist Select ETF

VistaShares BigShort Select ETF

VistaShares Target 15 BigShort Distribution ETF

VistaShares DRUKMacro Select ETF

VistaShares Target 15 DRUKMacro Distribution ETF

VistaShares Berkshire Select ETF

VistaShares BitBonds 1-3 Yr Enhanced Weekly Distribution ETF

VistaShares BitBonds 5 Yr Enhanced Weekly Distribution ETF

VistaShares BitBonds 10 Yr Enhanced Weekly Distribution ETF

VistaShares BitBonds 20 Yr Enhanced Weekly Distribution ETF

VistaShares Bitcoin Treasury Income ETF

VistaShares Ethereum Treasury Income ETF

VistaShares Ethereum Treasury ETF

VistaShares IPO and Income ETF

VistaShares Target 15™ International Innovators Income ETF

VistaShares Target 15™ European High Dividend Payers Income ETF

VistaShares Target 15™ S&P 100 Distribution ETF

VistaShares Target 15™ Global 100 Distribution ETF

VistaShares DIVBoost Dividend Leaders Distribution ETF

VistaShares DIVBoost Dividend Champions Distribution ETF

VistaShares DIVBoost Sector Distribution ETF

VistaShares DIVBoost High Yield Bond Distribution ETF

VistaShares DIVBoost REIT Distribution ETF

VistaShares DIVBoost Energy Distribution ETF

VistaShares DIVBoost Utilities Distribution ETF

VistaShares TEPRTantrum Contrarian Select ETF

VistaShares Target 15 TEPRTantrum Contrarian Distribution ETF

VistaShares TPLoeb Event Driven Select ETF

VistaShares Target 15 TPLoeb Event Driven Distribution ETF

VistaShares TIGR Cub NextGen Select ETF

VistaShares Target 15 TIGR Cub NextGen Distribution ETF

VistaShares LAFFTech Select ETF

VistaShares Target 15 LAFFTech Distribution ETF

VistaShares HRVD Select ETF

VistaShares Target 15 HRVD Distribution ETF

VistaShares GATE Endowment Select ETF

VistaShares Target 15 GATE Endowment Distribution ETF

VistaShares Gulf Soveriegn Select ETF

VistaShares Target 15 Gulf Sovereign Distribution ETF

VistaShares Nordic Wealth Select ETF

VistaShares Target 15 Nordic Wealth Distribution ETF<br>Fundstrat Granny Shot US Large Cap ETF

Fundstrat Granny Shots US Small- & Mid-Cap ETF

Fundstrat Granny Shots US Large Cap & Income ETF<br>Ned Davis Research 360º Dynamic Allocation ETF<br> Ned Davis Research 360º Core Equity ETF<br>Ninepoint Energy ETF<br> Ninepoint Energy Income ETF<br>The BeeHive ETF<br>NestYield Total Return Guard ETF<br> NestYield Dynamic Income ETF<br> NestYield Visionary ETF<br>USCF Daily Target 2X Copper Index ETF<br>Battleshares™ NVDA vs INTC ETF<br> Battleshares™ AMZN vs M ETF <br> Battleshares™ COIN vs WFC ETF <br> Battleshares™ MSTR vs JPM ETF<br> Battleshares™ NFLX vs CMCSA ETF<br> Battleshares™ LLY vs YUM ETF<br> Battleshares™ GOOGL vs NYT ETF

Battleshares™ Bitcoin vs Ether ETF

Battleshares™ Ether vs Bitcoin ETF

Battleshares™ Bitcoin vs Gold ETF

Battleshares™ Gold vs Bitcoin ETF<br>TH GARP Global Rising Leaders ETF<br> TH GARP India Rising Leaders ETF<br>PEO AlphaQuest™ Thematic PE ETF <br>World Dynamic Momentum Leaders ETF <br>Intech S&P Large Cap Diversified Alpha ETF<br> Intech S&P Small-Mid Cap Diversified Alpha ETF<br>MRP SynthEquity ETF<br>Alpha Brands™ Consumption Leaders ETF

Azoria Golden Age ETF

RCN Pareto Strategic Allocation ETF

U.S. Defense ETF

Worth Charting Options Income ETF

Apex Consolidated Income ETF

## Ex-99.(H)(Ii)(Xv)

**[Tidal III 485BPOS](wrth_485bpos-042326.htm)**

 **Exhibit 99.(h)(ii)(xv)**

**SEVENTEENTH AMENDMENT TO THE** 

**TIDAL TRUST III**

**TRANSFER AGENT SERVICING AGREEMENT** 

**THIS SEVENTEENTH AMENDMENT** effective as of the last date on the signature block (the "Effective Date"), to the Transfer Agent Servicing Agreement (the "Agreement") dated as of July 11, 2024, as amended, is entered into by and between **TIDAL TRUST III**, a Delaware statutory trust (the "Trust"), and **U.S. BANCORP FUND SERVICES, LLC d/b/a U.S. BANK GLOBAL FUND SERVICES**, a Wisconsin limited liability company ("<u>Fund Services</u>").

**RECITALS** 

**WHEREAS,** the parties have entered into the Agreement; and

**WHEREAS,** the parties desire to amend the Agreement to update Exhibit A to:

Add the following fund:

● Worth Charting Options Income ETF

Remove the following funds:

● Azoria 500 Meritocracy ETF

● Azoria TSLA Convexity ETF

● TH GARP Global Rising Leaders ETF

● TH GARP India Rising Leaders ETF

**WHEREAS,** Section 13 of the Agreement allows for its amendment by a written instrument executed by both parties and authorized or approved by the Board of Trustees of the Trust.

**NOW, THEREFORE,** the parties agree as follows:

**Exhibit A of the Agreement is hereby superseded and replaced in its entirety with Exhibit A attached hereto.** 

Except to the extent amended hereby, the Agreement shall remain in full force and effect.

**SIGNATURES ON NEXT PAGE**

**IN WITNESS WHEREOF,** the parties hereto have caused this Seventeenth Amendment to be executed by a duly authorized officer on one or more counterparts as of the Effective Date.

---

| | | | |
|:---|:---|:---|:---|
| **TIDAL TRUST III** | **TIDAL TRUST III** | **U.S. BANCORP FUND SERVICES, LLC** | **U.S. BANCORP FUND SERVICES, LLC** |
| By: | /s/Eric Falkeis | By: | /s/Gregory Farley |
| Name: | Eric Falkeis | Name: | Gregory Farley |
| Title: | President | Title: | Sr. Vice President |
| Date: | 4/16/2026 | Date: | 4/17/2026 |

---

**Exhibit A to the** 

**Transfer Agent Servicing Agreement**

Separate Series of Tidal Trust III

<u>Name of Series</u>

---

| |
|:---|
| &nbsp;&nbsp;TradersAI Large Cap Equity & Cash ETF |
| &nbsp;&nbsp;Rockefeller Opportunistic Municipal Bond ETF |
| &nbsp;&nbsp;Rockefeller California Municipal Bond ETF |
| &nbsp;&nbsp;Rockefeller New York Municipal Bond ETF |
| &nbsp;&nbsp;Rockefeller Global Equity ETF |
| &nbsp;&nbsp;Rockefeller U.S. Small-Mid Cap ETF |
| &nbsp;&nbsp;4E Quality Growth ETF |
| &nbsp;&nbsp;GammaRoad Market Navigation ETF |
| &nbsp;&nbsp;Impact Shares Women's Empowerment ETF |
| &nbsp;&nbsp;Impact Shares NAACP Minority Empowerment ETF |
| &nbsp;&nbsp;VistaShares Artificial Intelligence Supercycle ETF |
| &nbsp;&nbsp;VistaShares Electrification Supercycle ETF |
| &nbsp;&nbsp;FIRE Funds™ Wealth Builder ETF |
| &nbsp;&nbsp;FIRE Funds™ Income Target ETF |
| &nbsp;&nbsp;Ninepoint Energy Income ETF |
| &nbsp;&nbsp;Ninepoint Energy ETF |
| &nbsp;&nbsp;Ned Davis Research 360° Core Equity ETF |
| &nbsp;&nbsp;Ned Davis Research 360° Dynamic Allocation ETF |
| &nbsp;&nbsp;Fundstrat Granny Shots US Large Cap ETF |
| &nbsp;&nbsp;The BeeHive ETF |
| &nbsp;&nbsp;NestYield Total Return Guard ETF |
| &nbsp;&nbsp;NestYield Dynamic Income Shield ETF |
| &nbsp;&nbsp;NestYield Visionary ETF |
| &nbsp;&nbsp;USCF Daily Target 2X Copper Index ETF |
| &nbsp;&nbsp;Battleshares™ NVDA vs INTC ETF |
| &nbsp;&nbsp;Battleshares™ AMZN vs M ETF |
| &nbsp;&nbsp;Battleshares™ COIN vs WFC ETF |
| &nbsp;&nbsp;Battleshares™ MSTR vs JPM ETF |
| &nbsp;&nbsp;Battleshares™ NFLX vs CMCSA ETF |
| &nbsp;&nbsp;Battleshares™ LLY vs YUM ETF |
| &nbsp;&nbsp;Battleshares™ GOOGL vs NYT ETF |
| &nbsp;&nbsp;PEO Quest Liquid PE Replication ETF |
| &nbsp;&nbsp;World Dynamic Momentum Leaders ETF |
| &nbsp;&nbsp;VistaShares Target 15 USA Momentum Income ETF |
| &nbsp;&nbsp;VistaShares Target 15 USA Value Income ETF |
| &nbsp;&nbsp;VistaShares Target 15 USA Quality Income ETF |
| &nbsp;&nbsp;VistaShares Target 15 USA Low Volatility Income ETF |
| &nbsp;&nbsp;VistaShares Target 15 Berkshire Select Income ETF |

---

---

| |
|:---|
| &nbsp;&nbsp;Intech S&P Large Cap Diversified Alpha ETF |
| &nbsp;&nbsp;Intech S&P Small-Mid Cap Diversified Alpha ETF |
| &nbsp;&nbsp;MRP SynthEquity ETF |
| &nbsp;&nbsp;Alpha Brands™ Consumption Leaders ETF |
| &nbsp;&nbsp;VistaShares Animal Spirits Strategy ETF |
| &nbsp;&nbsp;Azoria Golden Age ETF |
| &nbsp;&nbsp;Defiance Bitcoin vs Ether ETF |
| &nbsp;&nbsp;Defiance Ether vs Bitcoin ETF |
| &nbsp;&nbsp;Defiance Bitcoin vs Gold ETF |
| &nbsp;&nbsp;Defiance Gold vs Bitcoin ETF |
| &nbsp;&nbsp;VistaShares Target 15 ACKtivist Select Income ETF |
| &nbsp;&nbsp;VistaShares ACKtivist Select ETF |
| &nbsp;&nbsp;VistaShares BigShort Select ETF |
| &nbsp;&nbsp;VistaShares Target 15 BigShort Select Income ETF |
| &nbsp;&nbsp;VistaShares DRUKMacro Select ETF |
| &nbsp;&nbsp;VistaShares Target 15 DRUKMacro Select Income ETF |

---

&nbsp;&nbsp; VistaShares Berkshire Select ETF<br> NovaTide Flexible Allocation ETF<br> Stoneport Advisors Commodity Long Short ETF<br> Fundstrat Granny Shots US Small- & Mid-Cap ETF<br> Fundstrat Granny Shots US Large Cap & Income ETF<br> VistaShares BitBonds 1-3 Yr Enhanced Weekly Distribution ETF<br> VistaShares BitBonds 5 Yr Enhanced Weekly Distribution ETF<br> VistaShares BitBonds 10 Yr Enhanced Weekly Distribution ETF<br> VistaShares BitBonds 20 Yr Enhanced Weekly Distribution ETF<br> VistaShares IPO and Income ETF<br> VistaShares Bitcoin Treasury Income ETF<br> VistaShares Ethereum Treasury Income ETF<br> VistaShares Ethereum Treasury ETF<br> VistaShares Target 15™ International Innovators Distribution ETF<br> VistaShares Target 15™ European High Dividend Payers Distribution ETF<br> VistaShares Target 15™ Global 100 Distribution ETF<br> VistaShares Target 15™ S&P 100 Distribution ETF<br> VistaShares DIVBoost Dividend Leaders Distribution ETF<br> VistaShares DIVBoost Dividend Champions Distribution ETF<br> VistaShares DIVBoost Sector Distribution ETF<br> VistaShares DIVBoost High Yield Bond Distribution ETF<br> VistaShares DIVBoost REIT Distribution ETF<br> VistaShares DIVBoost Energy Distribution ETF<br> VistaShares DIVBoost Utilities Distribution ETF<br> VistaShares TEPRTantrum Contrarian Select ETF<br> VistaShares Target 15 TEPRTantrum Contrarian Distribution ETF<br> VistaShares TPLoeb Event Driven Select ETF<br> VistaShares Target 15 TPLoeb Event Driven Distribution ETF<br> VistaShares TIGR Cub NextGen Select ETF<br> VistaShares Target 15 TIGR Cub NextGen Distribution ETF<br>

VistaShares LAFFTech Select ETF

VistaShares Target 15 LAFFTech Distribution ETF

VistaShares HRVD Select ETF

VistaShares Target 15 HRVD Distribution ETF

VistaShares GATE Endowment Select ETF

VistaShares Target 15 GATE Endowment Distribution ETF

VistaShares Gulf Sovereign Select ETF

VistaShares Target 15 Gulf Sovereign Distribution ETF

VistaShares Nordic Wealth Select ETF

VistaShares Target 15 Nordic Wealth Distribution ETF

RCN Pareto Strategic Allocation ETF

U.S. Defense ETF

Worth Charting Options Income ETF

## Ex-99.(H)(Iii)(Xv)

**[Tidal III 485BPOS](wrth_485bpos-042326.htm)**

**Exhibit 99.(h)(iii)(xv)**

**SEVENTEENTH AMENDMENT TO THE**

**TIDAL TRUST III**

**FUND ACCOUNTING SERVICING AGREEMENT**

**THIS SEVENTEENTH AMENDMENT** effective as of the last date on the signature block (the "Effective Date"), to the Fund Accounting Servicing Agreement dated as of July 11, 2024, as amended, (the "Agreement"), is entered into by and between **TIDAL TRUST III**, a Delaware statutory trust (the "Trust"), and **U.S. BANCORP FUND SERVICES, LLC d/b/a U.S. BANK GLOBAL FUND SERVICES**, a Wisconsin limited liability company ("<u>Fund Services</u>").

**RECITALS**

**WHEREAS,** the parties have entered into the Agreement; and

**WHEREAS,** the parties desire to amend the Agreement to update Exhibit A to:

Add the following fund:

● Worth Charting Options Income ETF

Remove the following funds:

● Azoria 500 Meritocracy ETF

● Azoria TSLA Convexity ETF

● TH GARP Global Rising Leaders ETF

● TH GARP India Rising Leaders ETF

**WHEREAS,** Section 15 of the Agreement allows for its amendment by a written instrument executed by both parties and authorized or approved by the Board of Trustees of the Trust.

**NOW, THEREFORE,** the parties agree as follows:

**Exhibit A of the Agreement is hereby superseded and replaced in its entirety with Exhibit A attached hereto.**

Except to the extent amended hereby, the Agreement shall remain in full force and effect.

**SIGNATURES ON NEXT PAGE**

**IN WITNESS WHEREOF,** the parties hereto have caused this Seventeenth Amendment to be executed by a duly authorized officer on one or more counterparts as of the Effective Date.

---

| | | | |
|:---|:---|:---|:---|
| **TIDAL TRUST III** | **TIDAL TRUST III** | **U.S. BANCORP FUND SERVICES, LLC** | **U.S. BANCORP FUND SERVICES, LLC** |
| By: | /s/ Eric Falkeis | By: | /s/ Gregory Farley |
| Name: | Eric Falkeis | Name: | Gregory Farley |
| Title: | President | Title: | Sr. Vice President |
| Date: | 4/16/2026 | Date: | 4/17/2026 |

---

**Exhibit A to the** 

**Fund Accounting Servicing Agreement** 

Separate Series of Tidal Trust III

<u>Name of Series:</u>

---

| |
|:---|
| &nbsp;&nbsp;TradersAI Large Cap Equity & Cash ETF |
| &nbsp;&nbsp;Rockefeller Opportunistic Municipal Bond ETF |
| &nbsp;&nbsp;Rockefeller California Municipal Bond ETF |
| &nbsp;&nbsp;Rockefeller New York Municipal Bond ETF |
| &nbsp;&nbsp;Rockefeller Global Equity ETF |
| &nbsp;&nbsp;Rockefeller U.S. Small-Mid Cap ETF |
| &nbsp;&nbsp;4E Quality Growth ETF |
| &nbsp;&nbsp;GammaRoad Market Navigation ETF |
| &nbsp;&nbsp;Impact Shares Women's Empowerment ETF |
| &nbsp;&nbsp;Impact Shares NAACP Minority Empowerment ETF |
| &nbsp;&nbsp;VistaShares Artificial Intelligence Supercycle ETF |
| &nbsp;&nbsp;VistaShares Electrification Supercycle ETF |
| &nbsp;&nbsp;FIRE Funds™ Wealth Builder ETF |
| &nbsp;&nbsp;FIRE Funds™ Income Target ETF |
| &nbsp;&nbsp;Ninepoint Energy Income ETF |
| &nbsp;&nbsp;Ninepoint Energy ETF |
| &nbsp;&nbsp;Ned Davis Research 360° Core Equity ETF |
| &nbsp;&nbsp;Ned Davis Research 360° Dynamic Allocation ETF |
| &nbsp;&nbsp;Fundstrat Granny Shots US Large Cap ETF |
| &nbsp;&nbsp;The BeeHive ETF |
| &nbsp;&nbsp;NestYield Total Return Guard ETF |
| &nbsp;&nbsp;NestYield Dynamic Income Shield ETF |
| &nbsp;&nbsp;NestYield Visionary ETF |
| &nbsp;&nbsp;USCF Daily Target 2X Copper Index ETF |
| &nbsp;&nbsp;Battleshares™ NVDA vs INTC ETF |
| &nbsp;&nbsp;Battleshares™ AMZN vs M ETF |
| &nbsp;&nbsp;Battleshares™ COIN vs WFC ETF |
| &nbsp;&nbsp;Battleshares™ MSTR vs JPM ETF |
| &nbsp;&nbsp;Battleshares™ NFLX vs CMCSA ETF |
| &nbsp;&nbsp;Battleshares™ LLY vs YUM ETF |
| &nbsp;&nbsp;Battleshares™ GOOGL vs NYT ETF |
| &nbsp;&nbsp;PEO Quest Liquid PE Replication ETF |
| &nbsp;&nbsp;World Dynamic Momentum Leaders ETF |
| &nbsp;&nbsp;VistaShares Target 15 USA Momentum Income ETF |
| &nbsp;&nbsp;VistaShares Target 15 USA Value Income ETF |
| &nbsp;&nbsp;VistaShares Target 15 USA Quality Income ETF |
| &nbsp;&nbsp;VistaShares Target 15 USA Low Volatility Income ETF |
| &nbsp;&nbsp;VistaShares Target 15 Berkshire Select Income ETF |
| &nbsp;&nbsp;Intech S&P Large Cap Diversified Alpha ETF |

---

---

| |
|:---|
| &nbsp;&nbsp;Intech S&P Small-Mid Cap Diversified Alpha ETF |
| &nbsp;&nbsp;MRP SynthEquity ETF |
| &nbsp;&nbsp;Alpha Brands™ Consumption Leaders ETF |
| &nbsp;&nbsp;VistaShares Animal Spirits Strategy ETF |
| &nbsp;&nbsp;Azoria Golden Age ETF |
| &nbsp;&nbsp;Defiance Bitcoin vs Ether ETF |
| &nbsp;&nbsp;Defiance Ether vs Bitcoin ETF |
| &nbsp;&nbsp;Defiance Bitcoin vs Gold ETF |
| &nbsp;&nbsp;Defiance Gold vs Bitcoin ETF |
| &nbsp;&nbsp;VistaShares Target 15 ACKtivist Select Income ETF |
| &nbsp;&nbsp;VistaShares ACKtivist Select ETF |
| &nbsp;&nbsp;VistaShares BigShort Select ETF |
| &nbsp;&nbsp;VistaShares Target 15 BigShort Select Income ETF |
| &nbsp;&nbsp;VistaShares DRUKMacro Select ETF |
| &nbsp;&nbsp;VistaShares Target 15 DRUKMacro Select Income ETF |

---

VistaShares Berkshire Select ETF

NovaTide Flexible Allocation ETF

Stoneport Advisors Commodity Long Short ETF

Fundstrat Granny Shots US Small- & Mid-Cap ETF

Fundstrat Granny Shots US Large Cap & Income ETF

VistaShares BitBonds 1-3 Yr Enhanced Weekly Distribution ETF

VistaShares BitBonds 5 Yr Enhanced Weekly Distribution ETF

VistaShares BitBonds 10 Yr Enhanced Weekly Distribution ETF

VistaShares BitBonds 20 Yr Enhanced Weekly Distribution ETF

VistaShares IPO and Income ETF

VistaShares Bitcoin Treasury Income ETF

VistaShares Ethereum Treasury Income ETF

VistaShares Ethereum Treasury ETF

VistaShares Target 15™ International Innovators Distribution ETF

VistaShares Target 15™ European High Dividend Payers Distribution ETF

VistaShares Target 15™ Global 100 Distribution ETF

VistaShares Target 15™ S&P 100 Distribution ETF

VistaShares DIVBoost Dividend Leaders Distribution ETF

VistaShares DIVBoost Dividend Champions Distribution ETF

VistaShares DIVBoost Sector Distribution ETF

VistaShares DIVBoost High Yield Bond Distribution ETF

VistaShares DIVBoost REIT Distribution ETF

VistaShares DIVBoost Energy Distribution ETF

VistaShares DIVBoost Utilities Distribution ETF

VistaShares TEPRTantrum Contrarian Select ETF

VistaShares Target 15 TEPRTantrum Contrarian Distribution ETF

VistaShares TPLoeb Event Driven Select ETF

VistaShares Target 15 TPLoeb Event Driven Distribution ETF

VistaShares TIGR Cub NextGen Select ETF

VistaShares Target 15 TIGR Cub NextGen Distribution ETF

VistaShares LAFFTech Select ETF

&nbsp;&nbsp; VistaShares Target 15 LAFFTech Distribution ETF<br> VistaShares HRVD Select ETF<br> VistaShares Target 15 HRVD Distribution ETF<br> VistaShares GATE Endowment Select ETF<br> VistaShares Target 15 GATE Endowment Distribution ETF<br> VistaShares Gulf Sovereign Select ETF<br> VistaShares Target 15 Gulf Sovereign Distribution ETF<br> VistaShares Nordic Wealth Select ETF<br> VistaShares Target 15 Nordic Wealth Distribution ETF<br> RCN Pareto Strategic Allocation ETF<br> U.S. Defense ETF<br> Worth Charting Options Income ETF<br>

## Ex-99.(M)

**[Tidal III 485BPOS](wrth_485bpos-042326.htm)**

**Exhibit 99(m)**

**Amended and Restated**

**Rule 12b-1 Distribution and Servicing Plan**

**Tidal Trust III**

**1. <u>The Trust</u>.** Tidal Trust III (formerly known as Impact Shares Trust I) (the "Trust") is an open-end management investment company registered as such under the Investment Company Act of 1940, as amended (the "1940 Act"), and organized as a series trust (each series of the Trust is referred to herein as a "Fund").

**2. <u>The Plan</u>.** The Trust desires to adopt a plan of distribution pursuant to Rule 12b-1 under the 1940 Act with respect to the shares of beneficial interest ("Shares") of each Fund, and the Board of Trustees of the Trust (the "Board of Trustees") has determined that there is a reasonable likelihood that adoption of this Rule 12b-1 Plan (the "Plan") will benefit each Fund and the holders of its Shares. Accordingly, each Fund hereby adopts this Plan in accordance with Rule 12b-1 under the 1940 Act on the following terms and conditions (capitalized terms not otherwise defined herein have the meanings assigned thereto in the Funds' registration statement under the 1940 Act and under the Securities Act of 1933, as amended, as such registration statement is amended by any amendments thereto at the time in effect).

**3. <u>The Distributor</u>.** The Trust has entered into a written Distribution Agreement with the Trust's distributor (the "Distributor"), pursuant to which the Distributor will act as the principal underwriter with respect to the distribution of Shares as described in the Funds' registration statement for each Fund.

**4. <u>Payments</u>.** Each Fund may pay fees to the Distributor, or to such person or persons as may from time to time be designated by the Distributor, pursuant to this Plan at annual rates set forth on Exhibit A attached hereto, or such lower rates, if any, as may hereafter be determined from time to time by the Board of Trustees as compensation for services rendered in connection with the sale of such Shares by the Distributor and related expenses incurred by the Distributor. Payments made hereunder may be used by the Distributor for any purpose, including (but not limited to) to compensate the Distributor, the Fund's investment adviser or any of their affiliates, as well as any banks, broker/dealers or other financial institutions for distribution or sales support services rendered, and related expenses incurred, for or on behalf of a Fund. The Distributor may also use the fees hereunder for the provision of personal services to investors in the Shares and/or the maintenance of shareholder accounts, and it is intended that, to the extent such fees are so used, such fees qualify as "service fees" as defined in Rule 2830 of the NASD Manual of the Financial Industry Regulatory Authority ("FINRA"). All agreements related to this Plan shall be in writing and shall provide: (A) that such agreement may be terminated at any time, without payment of any penalty, by vote of a majority of Trustees who are not "interested persons" of the Trust (as defined in the 1940 Act) and who have no direct or indirect financial interest in the operator of this Plan or in any agreement related to this Plan (the "Independent Trustees") or by a vote of a majority of the outstanding voting securities (as defined in the 1940 Act) of the Fund, on not more than 60 days' written notice to any other party to the agreement, and (B) that such agreement shall terminate automatically in the event of its assignment (as defined in the 1940 Act).

**5. <u>Effective Date</u>.** This Plan shall become effective upon approval by a vote of both a majority of the Board of Trustees and a majority of the Independent Trustees, cast in person at a meeting called for the purpose of voting on this Plan.

**6. <u>Term</u>.** This Plan shall, unless terminated as hereinafter provided, remain in effect with respect to the Fund for one year from its effective date and shall continue thereafter, provided that its continuance is specifically approved at least annually by a vote of both a majority of the Trustees and a majority of Independent Trustees, cast in person at a meeting called for the purpose of voting on this Plan.

**7. <u>Amendment</u>.** This Plan may be amended at any time by the Board of Trustees, provided that, except to the extent permitted by applicable law (a) any amendment to increase materially the rate at which payments may be made by a Fund under this Plan shall be effective only upon approval by a vote of a majority of the outstanding voting securities (as such term is defined in the 1940 Act) of the Fund, and (b) any material amendment of this Plan shall be effective only upon approval by a vote of both a majority of the Board of Trustees and a majority of the Independent Trustees, cast in person at a meeting called for the purpose of voting on such amendment.

**8. <u>Termination</u>.** This Plan may be terminated with respect to a Fund at any time, without payment of any penalty, by vote of a majority of the Independent Trustees, or by vote of a majority of the outstanding voting securities (as such term is defined in the 1940 Act) of the Fund. In the event of termination or non-continuance of this Plan, the Trust may reimburse any expense that it incurred prior to such termination or non-continuance, provided that such reimbursement is specifically approved by both a majority of the Board of Trustees and a majority of the Independent Trustees.

**9. <u>Reports</u>.** While this Plan is in effect, the Distributor shall provide to the Trustees, and the Trustees shall review, at least quarterly, a written report of the amounts expended pursuant to the Plan and the purposes for which such expenditures were made.

**10. <u>Records</u>.** The Trust shall preserve copies of this Plan, each agreement related hereto and each report referred to in paragraph 9 hereof for a period of at least six years from the date of the Plan, agreement and report, the first two years in an easily accessible place.

**11. <u>Independent Trustees</u>.** While this Plan is in effect, the selection and nomination of Independent Trustees shall be committed to the discretion of the Trustees who are not "interested persons" of the Trust (as defined in the 1940 Act).

**12. <u>Severability</u>.** If any provision of the Plan shall be held or made invalid by a court decision, statute, rule or otherwise, the remainder of the Plan shall not be affected thereby.

Plan adopted: April 12, 2018

Amended and Restated: May 7, 2024

Amended: April 16, 2026

**EXHIBIT A TO** 

**AMENDED AND RESTATED RULE 12b-1 DISTRIBUTION AND SERVICING PLAN**

**As of April 16, 2026**

The fees payable to the Distributor under this Plan shall not exceed, with respect to a particular Fund, if applicable, on an annualized basis, the percentage of such Fund's average daily net assets set forth below next to the Fund's name.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**<u>Fund</u>** | &nbsp;&nbsp;**<u>Fee Limitation</u>** |
| &nbsp;&nbsp;Impact Shares Women's Empowerment ETF | &nbsp;&nbsp;0.25% |
| &nbsp;&nbsp;Impact Shares NAACP Minority Empowerment ETF | &nbsp;&nbsp;0.25% |
| &nbsp;&nbsp;TradersAI Large Cap Equity & Cash ETF | &nbsp;&nbsp;0.25% |
| &nbsp;&nbsp;Rockefeller Opportunistic Municipal Bond ETF | &nbsp;&nbsp;0.25% |
| &nbsp;&nbsp;Rockefeller California Municipal Bond ETF | &nbsp;&nbsp;0.25% |
| &nbsp;&nbsp;Rockefeller New York Municipal Bond ETF | &nbsp;&nbsp;0.25% |
| &nbsp;&nbsp;Rockefeller Global Equity ETF | &nbsp;&nbsp;0.25% |
| &nbsp;&nbsp;Rockefeller U.S. Small-Mid Cap ETF | &nbsp;&nbsp;0.25% |
| &nbsp;&nbsp;4E Quality Growth ETF | &nbsp;&nbsp;0.25% |
| &nbsp;&nbsp;GammaRoad Market Navigation ETF | &nbsp;&nbsp;0.25% |
| &nbsp;&nbsp;VistaShares Artificial Intelligence Supercycle ETF | &nbsp;&nbsp;0.25% |
| &nbsp;&nbsp;VistaShares Electrification Supercycle ETF | &nbsp;&nbsp;0.25% |
| &nbsp;&nbsp;Fundstrat Granny Shot US Large Cap ETF | &nbsp;&nbsp;0.25% |
| &nbsp;&nbsp;Ned Davis Research 360<sup>o</sup> Dynamic Allocation ETF | &nbsp;&nbsp;0.25% |
| &nbsp;&nbsp;Ned Davis Research 360º Core Equity ETF | &nbsp;&nbsp;0.25% |
| &nbsp;&nbsp;Ninepoint Energy ETF | &nbsp;&nbsp;0.25% |
| &nbsp;&nbsp;Ninepoint Energy Income ETF | &nbsp;&nbsp;0.25% |
| &nbsp;&nbsp;The BeeHive ETF | &nbsp;&nbsp;0.25% |
| &nbsp;&nbsp;NestYield Total Return Guard ETF | &nbsp;&nbsp;0.25% |
| &nbsp;&nbsp;NestYield Dynamic Income ETF | &nbsp;&nbsp;0.25% |
| &nbsp;&nbsp;NestYield Visionary ETF | &nbsp;&nbsp;0.25% |
| &nbsp;&nbsp;USCF Daily Target 2X Copper Index ETF | &nbsp;&nbsp;0.25% |
| &nbsp;&nbsp;Battleshares™ NVDA vs INTC ETF | &nbsp;&nbsp;0.25% |
| &nbsp;&nbsp;Battleshares™ TSLA vs F ETF | &nbsp;&nbsp;0.25% |
| &nbsp;&nbsp;Battleshares™ AMZN vs M ETF | &nbsp;&nbsp;0.25% |
| &nbsp;&nbsp;Battleshares™ COIN vs WFC ETF | &nbsp;&nbsp;0.25% |
| &nbsp;&nbsp;Battleshares™ MSTR vs JPM ETF | &nbsp;&nbsp;0.25% |
| &nbsp;&nbsp;Battleshares™ NFLX vs CMCSA ETF | &nbsp;&nbsp;0.25% |
| &nbsp;&nbsp;Battleshares™ LLY vs YUM ETF | &nbsp;&nbsp;0.25% |
| &nbsp;&nbsp;Battleshares™ GOOGL vs NYT ETF | &nbsp;&nbsp;0.25% |
| &nbsp;&nbsp;TH GARP Global Rising Leaders ETF | &nbsp;&nbsp;0.25% |
| &nbsp;&nbsp;TH GARP India Rising Leaders ETF | &nbsp;&nbsp;0.25% |
| &nbsp;&nbsp;PEO Quest Liquid PE Replication ETF | &nbsp;&nbsp;0.25% |
| &nbsp;&nbsp;World Dynamic Momentum Leaders ETF | &nbsp;&nbsp;0.25% |
| &nbsp;&nbsp;VistaShares Target 15 Berkshire Select Income ETF | &nbsp;&nbsp;0.25% |
| &nbsp;&nbsp;VistaShares Target 15 USA Momentum Income ETF | &nbsp;&nbsp;0.25% |
| &nbsp;&nbsp;VistaShares Target 15 USA Value Income ETF | &nbsp;&nbsp;0.25% |
| &nbsp;&nbsp;VistaShares Target 15 USA Quality Income ETF | &nbsp;&nbsp;0.25% |
| &nbsp;&nbsp;VistaShares Target 15 USA Low Volatility Income ETF | &nbsp;&nbsp;0.25% |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;Intech S&P Large Cap Diversified Alpha ETF | &nbsp;&nbsp;0.25% |
| &nbsp;&nbsp;Intech S&P Small-Mid Cap Diversified Alpha ETF | &nbsp;&nbsp;0.25% |
| &nbsp;&nbsp;MRP SynthEquity ETF | &nbsp;&nbsp;0.25% |
| &nbsp;&nbsp;Alpha Brands™ Consumption Leaders ETF<br>VistaShares Animal Spirits Strategy ETF<br>| &nbsp;&nbsp;0.25%<br>0.25% |
| &nbsp;&nbsp;VistaShares Animal Spirits Daily 2X Strategy ETF | &nbsp;&nbsp;0.25% |
| &nbsp;&nbsp;Azoria Golden Age ETF | &nbsp;&nbsp;0.25% |
| &nbsp;&nbsp;2X Daily Software Platform ETF | &nbsp;&nbsp;0.25% |
| &nbsp;&nbsp;Battleshares™ Bitcoin vs Ether ETF | &nbsp;&nbsp;0.25% |
| &nbsp;&nbsp;Battleshares™ Ether vs Bitcoin ETF | &nbsp;&nbsp;0.25% |
| &nbsp;&nbsp;Battleshares™ Bitcoin vs Gold ETF | &nbsp;&nbsp;0.25% |
| &nbsp;&nbsp;Battleshares™ Gold vs Bitcoin ETF | &nbsp;&nbsp;0.25% |
| &nbsp;&nbsp; VistaShares Target 15 ACKtivist Distribution ETF | &nbsp;&nbsp;0.25% |
| &nbsp;&nbsp;VistaShares ACKtivist Select ETF | &nbsp;&nbsp;0.25% |
| &nbsp;&nbsp;VistaShares BigShort Select ETF | &nbsp;&nbsp;0.25% |
| &nbsp;&nbsp; VistaShares Target 15 BigShort Distribution ETF | &nbsp;&nbsp;0.25% |
| &nbsp;&nbsp;VistaShares DRUKMacro Select ETF | &nbsp;&nbsp;0.25% |
| &nbsp;&nbsp; VistaShares Target 15 DRUKMacro Distribution ETF | &nbsp;&nbsp;0.25% |
| &nbsp;&nbsp;VistaShares Berkshire Select ETF | &nbsp;&nbsp;0.25% |
| &nbsp;&nbsp;NovaTide Flexible Allocation ETF | &nbsp;&nbsp;0.25% |
| &nbsp;&nbsp;Stoneport Advisors Commodity Long Short ETF | &nbsp;&nbsp;0.25% |
| &nbsp;&nbsp;VistaShares BitBonds 1-3 Yr Enhanced Weekly Distribution ETF | &nbsp;&nbsp;0.25% |
| &nbsp;&nbsp;VistaShares BitBonds 5 Yr Enhanced Weekly Distribution ETF | &nbsp;&nbsp;0.25% |
| &nbsp;&nbsp;VistaShares BitBonds 10 Yr Enhanced Weekly Distribution ETF | &nbsp;&nbsp;0.25% |
| &nbsp;&nbsp;VistaShares BitBonds 20 Yr Enhanced Weekly Distribution ETF | &nbsp;&nbsp;0.25% |
| &nbsp;&nbsp;VistaShares Bitcoin Treasury Income ETF | &nbsp;&nbsp;0.25% |
| &nbsp;&nbsp;VistaShares Ethereum Treasury Income ETF | &nbsp;&nbsp;0.25% |
| &nbsp;&nbsp;VistaShares Ethereum Treasury ETF | &nbsp;&nbsp;0.25% |
| &nbsp;&nbsp;VistaShares IPO and Income ETF | &nbsp;&nbsp;0.25% |
| &nbsp;&nbsp;VistaShares Target 15™ International Innovators Income ETF | &nbsp;&nbsp;0.25% |
| &nbsp;&nbsp;VistaShares Target 15™ European High Dividend Payers Income ETF | &nbsp;&nbsp;0.25% |
| &nbsp;&nbsp;VistaShares Target 15™ S&P 100 Distribution ETF | &nbsp;&nbsp;0.25% |
| &nbsp;&nbsp;VistaShares Target 15™ Global 100 Distribution ETF | &nbsp;&nbsp;0.25% |
| &nbsp;&nbsp;Fundstrat Granny Shots US Small- & Mid-Cap ETF | &nbsp;&nbsp;0.25% |
| &nbsp;&nbsp;Fundstrat Granny Shots US Large Cap & Income ETF | &nbsp;&nbsp;0.25% |
| &nbsp;&nbsp;VistaShares DIVBoost Dividend Nobles Distribution ETF | &nbsp;&nbsp;0.25% |
| &nbsp;&nbsp;VistaShares DIVBoost Dividend Kings Distribution ETF | &nbsp;&nbsp;0.25% |
| &nbsp;&nbsp;VistaShares DIVBoost Sector Distribution ETF | &nbsp;&nbsp;0.25% |
| &nbsp;&nbsp;VistaShares DIVBoost High Yield Bond Distribution ETF | &nbsp;&nbsp;0.25% |
| &nbsp;&nbsp;VistaShares DIVBoost REIT Distribution ETF | &nbsp;&nbsp;0.25% |
| &nbsp;&nbsp;VistaShares DIVBoost Energy Distribution ETF | &nbsp;&nbsp;0.25% |
| &nbsp;&nbsp;VistaShares DIVBoost Utilities Distribution ETF | &nbsp;&nbsp;0.25% |
| &nbsp;&nbsp;VistaShares TEPRTantrum Contrarian Select ETF | &nbsp;&nbsp;0.25% |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;VistaShares Target 15 TEPRTantrum Contrarian Distribution ETF | &nbsp;&nbsp;0.25% |
| &nbsp;&nbsp;VistaShares TPLoeb Event Driven Select ETF | &nbsp;&nbsp;0.25% |
| &nbsp;&nbsp;VistaShares Target 15 TPLoeb Event Driven Distribution ETF | &nbsp;&nbsp;0.25% |
| &nbsp;&nbsp;VistaShares TIGR Cub NextGen Select ETF | &nbsp;&nbsp;0.25% |
| &nbsp;&nbsp;VistaShares Target 15 TIGR Cub NextGen Distribution ETF | &nbsp;&nbsp;0.25% |
| &nbsp;&nbsp;VistaShares LAFFTech Select ETF | &nbsp;&nbsp;0.25% |
| &nbsp;&nbsp;VistaShares Target 15 LAFFTech Distribution ETF | &nbsp;&nbsp;0.25% |
| &nbsp;&nbsp;VistaShares HRVD Select ETF | &nbsp;&nbsp;0.25% |
| &nbsp;&nbsp;VistaShares Target 15 HRVD Distribution ETF | &nbsp;&nbsp;0.25% |
| &nbsp;&nbsp;VistaShares GATE Endowment Select ETF | &nbsp;&nbsp;0.25% |
| &nbsp;&nbsp;VistaShares Target 15 GATE Endowmwn Distribution ETF | &nbsp;&nbsp;0.25% |
| &nbsp;&nbsp;VistaShares Gulf Soveriegn Select ETF | &nbsp;&nbsp;0.25% |
| &nbsp;&nbsp;VistaShares Target 15 Gulf Sovereign Distribution ETF | &nbsp;&nbsp;0.25% |
| &nbsp;&nbsp;VistaShares Nordic Wealth Select ETF | &nbsp;&nbsp;0.25% |
| &nbsp;&nbsp;VistaShares Target 15 Nordic Wealth Distribution ETF | &nbsp;&nbsp;0.25% |
| &nbsp;&nbsp;RCN Pareto Strategic Allocation ETF | &nbsp;&nbsp;0.25% |
| &nbsp;&nbsp;U.S. Defense ETF | &nbsp;&nbsp;0.25% |
| &nbsp;&nbsp;Worth Charting Options Income ETF | &nbsp;&nbsp;0.25% |
| &nbsp;&nbsp;Apex Consolidated Income ETF | &nbsp;&nbsp;0.25% |

---

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

**[Tidal III 485BPOS](wrth_485bpos-042326.htm)**

**Exhibit 99(p)(xxi)**

Worth Charting Group, LLC

Code of Ethics

**Adopted Pursuant to Rule 204A-1 under the Investment Advisers Act of 1940**

**1. Introduction, Purpose, and Scope**

Worth Charting Group, LLC ("Worth Charting" or the "Firm") is an SEC-registered investment adviser that serves exclusively as a sub-adviser and portfolio manager to a single SEC-registered exchange-traded fund (the "ETF"). The Firm does not provide advisory services to retail clients, institutional separate accounts, pooled investment vehicles other than the ETF, or any other advisory clients.

This Code of Ethics (the "Code") is adopted pursuant to Rule 204A-1 under the Investment Advisers Act of 1940 (the "Advisers Act"). The Code establishes standards of business conduct that reflect the Firm's fiduciary duties of care and loyalty and is designed to prevent fraudulent, deceptive, or manipulative practices.

This Code applies to all officers, employees, and supervised persons of Worth Charting (collectively, "Employees"). Compliance with this Code is a condition of employment and is reviewed on an ongoing basis by the Chief Compliance Officer ("CCO").

The objectives of this Code are to:

● Reinforce the Firm's fiduciary duty to its client, the ETF

● Promote ethical, professional, and responsible conduct

● Identify, address, and mitigate conflicts of interest

● Prevent the misuse of material non-public information

● Establish clear expectations regarding personal conduct

● Ensure compliance with applicable federal securities laws

**2. Definitions**

For purposes of this Code, the following definitions apply:

**Access Person** – Any supervised person of the Firm who has access to non-public information regarding the ETF's portfolio holdings, investment recommendations, or trading activity. All Employees of Worth Charting are deemed Access Persons.

**Advisers Act** – The Investment Advisers Act of 1940, as amended, and the rules promulgated thereunder.

**Chief Compliance Officer (CCO)** – The individual designated by the Firm to administer and enforce this Code and the Firm's compliance program.

**ETF** – The SEC-registered exchange-traded fund for which Worth Charting serves as sub-adviser and portfolio manager pursuant to a sub-advisory agreement.

**Federal Securities Laws** – Includes the Advisers Act, the Investment Company Act of 1940, the Securities Act of 1933, the Securities Exchange Act of 1934, and all rules, regulations, and guidance issued by the U.S. Securities and Exchange Commission ("SEC").

**Material Non-Public Information (MNPI)** – Information that a reasonable investor would consider important in making an investment decision and that has not been disseminated broadly to the investing public.

**Initial Public Offering (IPO)** – an offering of securities registered under the Securities Act of 1933 where the issuer, immediately before the registration, was not subject to the reporting requirements of Sections 13 or 15(d) of the Securities Exchange Act of 1934.

**Private Placement** – an offering exempt from registration under the Securities Act of 1933, including any limited offering.

**Beneficial Ownership** – ownership determined in the same manner as under Rule 16a-1(a)(2) under the Securities Exchange Act of 1934, and generally includes securities in which the Access Person has any direct or indirect pecuniary interest.

**Reportable Security** – Any security required to be reported under Rule 204A-1, excluding U.S. government obligations, money market funds, and open-end mutual funds not advised by the Firm.

**Supervised Person** – Any partner, officer, director, employee, or other individual subject to the Firm's supervision and control.

**3. Fiduciary Duty**

Worth Charting owes a fiduciary duty of care and loyalty to its client, the ETF. This fiduciary obligation requires the Firm and its Employees to act in the best interests of the ETF at all times and to place the interests of the ETF ahead of their own personal interests.

Employees must:

● Act with honesty, good faith, and integrity

● Exercise reasonable care and professional judgment

● Seek to avoid conflicts of interest or the appearance of impropriety

● Fully disclose material conflicts of interest to the CCO

● Refrain from taking advantage of their position for personal gain

**ETF-Specific Conflicts.** Employees acknowledge that the Firm's compensation, continued engagement as a sub-adviser, and business growth may be influenced by the assets, performance, and success of the ETF. Employees must manage these incentives in accordance with the Firm's fiduciary obligations, disclosure practices, and compliance policies.

**4. Standards of Conduct**

Employees are expected to adhere to the highest standards of ethical conduct and professionalism in all Firm-related activities.

Employees must:

● Conduct themselves honestly, fairly, and ethically at all times

● Comply with all applicable federal securities laws and Firm policies

● Avoid making false, misleading, or exaggerated statements

● Protect confidential, proprietary, and sensitive information

● Cooperate fully with compliance reviews and inquiries

● Promptly report any suspected violations of this Code or the law

**Research and Advisory Distinction.** Employees must clearly distinguish between the Firm's investment advisory activities conducted on behalf of the ETF and any general market research, commentary, or educational content produced outside the advisory context. Employees may not present research, commentary, or public communications as individualized investment advice, nor imply that such content reflects current or future ETF portfolio holdings, except as disclosed in the ETF's offering documents.

**5. Compliance with Federal Securities Laws**

Employees are required to comply with all applicable federal securities laws, including but not limited to:

● Investment Advisers Act of 1940

● Investment Company Act of 1940

● Securities Act of 1933

● Securities Exchange Act of 1934

● SEC rules, regulations, and interpretive guidance

Violations of federal securities laws or this Code may result in disciplinary action, including termination of employment, and may require regulatory reporting.

**6. Insider Trading and Material Non-Public Information**

Employees are strictly prohibited from trading on, recommending, or improperly communicating MNPI. This prohibition applies regardless of whether the information is obtained through employment with the Firm or through other means.

Employees must:

● Maintain the confidentiality of MNPI at all times

● Avoid discussing confidential information in public or unsecured environments

● Safeguard physical and electronic records containing sensitive information

● Immediately notify the CCO if MNPI is suspected to have been received

**7. Personal Securities Transactions**

**7.1 General Policy**

Personal securities transactions may present conflicts of interest with the Firm's fiduciary obligations. Accordingly, the Firm monitors such transactions through reporting and review. Because the Firm advises only a single ETF client, conflicts related to the allocation of investment opportunities among multiple clients are inherently limited.

**7.2 Pre-Clearance, Restricted Transactions, and ETF-Specific Trading Controls**

Because Worth Charting serves as sub-adviser and portfolio manager to the ETF and Access Persons may have knowledge of current or contemplated portfolio transactions, recommendations, or changes in strategy, certain personal securities transactions require prior written approval from the Chief Compliance Officer.

&nbsp;&nbsp;&nbsp;&nbsp;**A.** **IPOs and Private Placements** 

No Access Person may directly or indirectly acquire any beneficial ownership in an initial public offering ("IPO") or private placement (including any limited offering) without obtaining prior written approval from the CCO. In determining whether approval should be granted, the CCO may consider whether the opportunity should be reserved for the ETF, whether the opportunity presents an actual or apparent conflict of interest, whether the investment is being offered to the Access Person by reason of his or her position with the Firm, and any other relevant facts and circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Transactions in the Worth Charting Options Income ETF** 

No Access Person may purchase or sell shares of the Worth Charting Options Income ETF without prior written approval from the CCO. Requests for approval must be submitted before the trade is placed and must identify the proposed transaction, account, date, and number of shares.

&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Blackout Period / Restricted Trading** 

Access Persons are prohibited from placing personal securities transactions in the Worth Charting Options Income ETF, and in any other security designated by the CCO, during any blackout period established by the Firm. A blackout period may be imposed when the Firm is making or considering investment recommendations, communicating portfolio changes, or is otherwise aware of pending ETF trades or strategy changes that could create an actual or perceived conflict of interest. The CCO may deny or defer any requested personal trade where necessary to protect the interests of the ETF or to avoid even the appearance of impropriety.

&nbsp;&nbsp;&nbsp;&nbsp;**D.** **Other Pre-Clearance or Restrictions as Determined by the CCO** 

The CCO may require pre-clearance for additional personal securities transactions or impose account or security-specific restrictions where the CCO determines such controls are appropriate based on the Firm's business, information access, or conflict profile.

**7.3 Reporting Requirements**

Each Access Person must submit complete, accurate, and timely reports of personal securities holdings and transactions as follows:

&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Initial Holdings Report** 

No later than ten (10) days after becoming an Access Person, each Access Person must submit an initial holdings report. The information in the report must be current as of a date no more than forty-five (45) days prior to the date the person became an Access Person.

&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Annual Holdings Report** 

Each Access Person must submit an annual holdings report no later than thirty (30) days after the end of each calendar year, or by such other annual deadline established by the CCO, provided that the report is submitted at least once during each twelve (12) month period. The information in the report must be current as of a date no more than forty-five (45) days prior to the date the report is submitted.

&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Quarterly Transaction Report** 

No later than thirty (30) days after the end of each calendar quarter, each Access Person must submit a quarterly transaction report covering all reportable securities transactions during that quarter.

&nbsp;&nbsp;&nbsp;&nbsp;**D.** **Required Contents** 

To the extent required under Rule 204A-1, holdings and transaction reports must include the information required by applicable law, including, as applicable, the title and type of security, ticker symbol or CUSIP, number of shares and principal amount, the name of any broker, dealer, or bank with which the Access Person maintains an account in which securities are held for the Access Person's direct or indirect benefit, the date of the report, and such other information as the CCO may reasonably require.

&nbsp;&nbsp;&nbsp;&nbsp;**E.** **Duplicate Reporting Exception** 

An Access Person need not submit a separate quarterly transaction report to the extent the required information is already contained in broker trade confirmations or account statements received by the Firm within the time period required under applicable law and the records contain all information required for the report.

**7.4 CCO Review and Surveillance of Personal Trading**

The CCO will review personal holdings reports, quarterly transaction reports, pre-clearance requests, and any available duplicate statements or confirmations to identify unusual activity, potential front-running, trading ahead of ETF recommendations or transactions, blackout-period violations, conflicts of interest, or any other activity inconsistent with this Code or the Firm's fiduciary obligations. Any exceptions, denials, late filings, or violations will be documented and addressed through appropriate remedial or disciplinary action.

**8. Prohibited Transactions and Practices**

Employees are prohibited from engaging in any conduct that conflicts with the Firm's fiduciary duties, including:

● Front-running or trading ahead of the ETF

● Using confidential or proprietary information for personal benefit

● Market manipulation or deceptive trading practices

● Any activity designed to circumvent this Code

● Access Persons are also prohibited from engaging in any personal trade that violates a pre-clearance condition, blackout period, or other trading restriction imposed under Section 7 of this Code.

**9. Gifts and Entertainment**

Gifts and entertainment may create actual or perceived conflicts of interest. Employees must exercise sound judgment and avoid any activity that could improperly influence, or appear to influence, investment decisions.

The following standards apply:

● Gifts or entertainment may not exceed $500 per year per source

● Cash or cash equivalents are strictly prohibited

● All gifts and entertainment must be reported to the CCO

● Gifts or entertainment intended to influence investment decisions are prohibited

**10. Outside Business Activities**

Employees must disclose all outside business activities ("OBAs") and obtain prior written approval from the CCO before engaging in any activity that could present a conflict of interest or interfere with their responsibilities to the Firm.

Approved OBAs are reviewed periodically to assess ongoing conflicts, time commitments, and continued appropriateness.

**11. Political Contributions**

Worth Charting complies with Rule 206(4)-5 under the Advisers Act (the "Pay-to-Play Rule"). Political contributions by Employees must be pre-approved by the CCO and are monitored for compliance with applicable restrictions.

**12. Administration of the Code**

**12.1 Chief Compliance Officer**

The Chief Compliance Officer ("CCO") of Worth Charting is Brian Petraitis. The CCO is responsible for administering, interpreting, and enforcing this Code, as well as reviewing reports, certifications, and potential violations. The Firm's Code of Ethics is subject to review by the ETF's adviser and Trust CCO as part of fund-level oversight and due diligence processes.

**12.2 Violations and Sanctions**

Violations of this Code may result in disciplinary action, up to and including termination of employment. Certain violations may require reporting to regulatory authorities.

**13. Acknowledgement and Certification**

All Employees must acknowledge receipt of this Code and certify their understanding of, and compliance with, its provisions initially and at least annually thereafter.

Adopted Date: ____________________

Signature: ____________________

**Appendix A – Personal Securities Trading Certification**

Worth Charting, LLC

I hereby certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I
 have received, read, and understand the Worth Charting, LLC Code of Ethics.

&nbsp;&nbsp;&nbsp;&nbsp;2. I
 have complied with all personal securities transaction reporting requirements under the
 Code of Ethics during the applicable reporting period.

&nbsp;&nbsp;&nbsp;&nbsp;3. I
 have disclosed all required personal securities holdings and transactions accurately
 and completely.

&nbsp;&nbsp;&nbsp;&nbsp;4. I
 have not engaged in any transactions that violate the Firm's fiduciary obligations,
 including front-running or misuse of confidential information.

&nbsp;&nbsp;&nbsp;&nbsp;5. I
 understand that failure to comply with the Code of Ethics may result in disciplinary
 action, up to and including termination, and may require regulatory reporting.

I certify that the information provided is true and correct to the best of my knowledge.

Employee Name: ________________________________

Reporting Period: ______________________________

Signature: ____________________________________

Date: ________________________________________

Reviewed by CCO:

CCO Signature: ________________________________

Date: ________________________________________

**Appendix B – Outside Business Activity (OBA) Disclosure & Approval Form**

Worth Charting, LLC

Employees must disclose all outside business activities ("OBAs") and obtain written approval prior to engaging in any activity that could present a conflict of interest.

Employee Information

Name: ________________________________________

Position/Title: _______________________________

OBA Description

Name of Outside Entity or Activity: __________________________________________

Nature of Business or Activity: ______________________________________________

Your Role / Title: _________________________________________________________

Compensation (if any): _____________________________________________________

Estimated Time Commitment: _______________________________________________

Start Date: ____________________ End Date (if applicable): ______________

Conflict Assessment

Please describe any actual or potential conflicts of interest and how they will be mitigated:

Employee Certification

I certify that the information above is accurate and complete. I agree to notify the Firm promptly of any changes to this outside business activity.

Employee Signature: ________________________________

Date: ____________________________________________

CCO Review and Determination

☐ Approved ☐ Approved with Conditions ☐ Denied

Conditions (if any): _______________________________________________________

CCO Signature: ________________________________

Date: ________________________________________

**Appendix C – Code of Ethics and Compliance Acknowledgment**

Worth Charting, LLC

I hereby acknowledge that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I
 have received and read the Worth Charting, LLC Code of Ethics and Compliance Policies
 and Procedures Manual.

&nbsp;&nbsp;&nbsp;&nbsp;2. I
 understand my obligations under these documents and agree to comply with all applicable
 policies and procedures.

&nbsp;&nbsp;&nbsp;&nbsp;3. I
 understand that violations may result in disciplinary action and may require regulatory
 reporting.

&nbsp;&nbsp;&nbsp;&nbsp;4. I
 agree to promptly report any suspected violations or conflicts of interest to the Chief
 Compliance Officer.

Employee Name: ________________________________

Title: _______________________________________

Signature: ____________________________________

Date: ________________________________________

Chief Compliance Officer: Brian Petraitis

## Ex-99.(I)((Xxxiv)

**[Tidal III 485BPOS](wrth_485bpos-042326.htm)**

**Exhibit 99(i)(xxxiv)**

![](ex99ixxxiv001.jpg)

April 23, 2026

Worth Charting Options Income ETF, a series of Tidal Trust III

234 West Florida Street, Suite 700

Milwaukee, Wisconsin 53204

Ladies and Gentlemen:

We have acted as counsel to Tidal Trust III, a Delaware statutory trust with transferable shares (the "Trust") in connection with the Trust's Post-Effective Amendment No. 182 to its Registration Statement filed on Form N-1A with the Securities and Exchange Commission (the "Amendment") relating to the issuance by the Trust of an unlimited number of shares of beneficial interest, with no par value per share (the "Shares") in respect of Worth Charting Options Income ETF, a series of the Trust.

We have examined copies, either certified or otherwise proved to be genuine to our satisfaction, of the Trust's Third Amended and Restated Declaration of Trust ("Declaration of Trust") and Amended and Restated By-Laws ("By-laws"), and other documents relating to its organization, operation, and proposed operation, and we have made such other investigations as, in our judgment, are necessary or appropriate to enable us to render the opinion expressed below.

We express no opinion herein as to any laws other than Chapter 38 of Title 12 of the Delaware Code Annotated, as amended, entitled "Treatment of Delaware Statutory Trusts" (the "Delaware Statutory Trust Act") and the federal laws of the United States. We call to your attention that our opinion herein is based solely upon our examination of the Delaware Statutory Trust Act as currently in effect.

This letter expresses our opinion as to the provisions of the Declaration of Trust, but does not extend to the Delaware Uniform Securities Act, or to other state securities laws.

Based upon the foregoing and subject to the qualifications set forth herein, we hereby advise you that, in our opinion:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The
 Trust is validly existing as a statutory trust under the laws of the State of Delaware.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The
 Trust is authorized to issue an unlimited number of shares of beneficial interest, the Shares
 have been duly and validly authorized by all action of the Trustees of the Trust, and no
 action of the shareholders of the Trust is required in such connection.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The
 Shares, when issued in accordance with the Declaration of Trust and By-laws, will be legally
 issued, fully paid and non-assessable by the Trust.

April 23, 2026

We understand that this opinion is to be used in connection with the registration of the Shares for offering and sale pursuant to the 1933 Act. We consent to the filing of this opinion with and as a part of the Registration Statement. In giving such consent, we do not thereby admit that we come within the category of persons whose consent is required under Section 7 of the 1933 Act or the rules and regulations promulgated thereunder. We also hereby consent to the use of our name as legal counsel in the Registration Statement.

---

| |
|:---|
| Very truly yours, |
| /s/ Sullivan & Worcester LLP |
| SULLIVAN & WORCESTER LLP |
| DP/RLS |

---

## Ex-99.(J)

**[Tidal III 485BPOS](wrth_485bpos-042326.htm)**

**Exhibit 99(j)**

**CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

We consent to the references to our firm in the Post-Effective Amendment No. 182 and Amendment No. 185, to the Registration Statement on Form N-1A of Worth Charting Options Income ETF, a series of Tidal Trust III.

**/s/ TAIT, WELLER & BAKER LLP**

**Philadelphia, Pennsylvania**

**April 23, 2026**