# EDGAR Filing Document

**Accession Number:** 0001924447
**File Stem:** 0001580642-26-002227
**Filing Date:** 2026-4
**Character Count:** 433347
**Document Hash:** fbc0b7636ccf561761fc9c3747fc69be
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-26-002227.hdr.sgml**: 20260402

**ACCESSION NUMBER**: 0001580642-26-002227

**CONFORMED SUBMISSION TYPE**: 485BPOS

**PUBLIC DOCUMENT COUNT**: 38

**FILED AS OF DATE**: 20260402

**DATE AS OF CHANGE**: 20260402

**EFFECTIVENESS DATE**: 20260402

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** THOR Financial Technologies Trust
- **CENTRAL INDEX KEY:** 0001924447

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0831

**FILING VALUES:**
- **FORM TYPE:** 485BPOS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23794
- **FILM NUMBER:** 26831913

**BUSINESS ADDRESS:**
- **STREET 1:** 327 W. PITTSBURGH STREET
- **CITY:** GREENSBURG
- **STATE:** PA
- **ZIP:** 15601
- **BUSINESS PHONE:** 4128606078

**MAIL ADDRESS:**
- **STREET 1:** 327 W. PITTSBURGH STREET
- **CITY:** GREENSBURG
- **STATE:** PA
- **ZIP:** 15601
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** THOR Financial Technologies Trust
- **CENTRAL INDEX KEY:** 0001924447

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0831

**FILING VALUES:**
- **FORM TYPE:** 485BPOS
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-264435
- **FILM NUMBER:** 26831912

**BUSINESS ADDRESS:**
- **STREET 1:** 327 W. PITTSBURGH STREET
- **CITY:** GREENSBURG
- **STATE:** PA
- **ZIP:** 15601
- **BUSINESS PHONE:** 4128606078

**MAIL ADDRESS:**
- **STREET 1:** 327 W. PITTSBURGH STREET
- **CITY:** GREENSBURG
- **STATE:** PA
- **ZIP:** 15601

## Series and Classes Contracts Data

### THOR AdaptiveRisk Dynamic ETF (Series ID: S000100134)

| Class ID   | Class Name                    | Ticker Symbol   |
|:---|:---|:---|
| C000269944 | THOR AdaptiveRisk Dynamic ETF |  |

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

As filed with the Securities and Exchange Commission on April 2, 2026

File No. 333-264435

File No. 811-23794

------

**SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549**

**FORM N-1A**

🗹 **REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933**

□ **Pre-Effective Amendment No. ___**

🗹 **Post-Effective Amendment No. 17**

**and/or**

🗹 **REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940**

🗹 **Amendment No. 18**

------

**THOR FINANCIAL TECHNOLOGIES TRUST** (Exact Name of Registrant as Specified in Charter)

**327 W. Pittsburgh Street Greensburg, PA 15601**

(Address of Principal Executive Office) (Zip Code)

Registrant's Telephone Number, including Area Code: **(412) 860-6078** 

------

**THE CORPORATION TRUST COMPANY Corporation Trust Center, 1209 Orange St.**

**Wilmington, DE 19801** (Name and address of agent for service)

*Copies of communications to:*

**JoAnn M. Strasser, Esq.**

**Thompson Hine LLP**

**41 South High Street, Suite 1700**

**Columbus, Ohio 43215**

**614-469-3265 (phone)**

**513-241-4771 (fax)**

Approximate date of proposed public offering:

It is proposed that this filing will become effective:

⌧ 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.

If appropriate, check the following box:

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

**THOR AdaptiveRisk Dynamic ETF**

&nbsp;&nbsp;THMR

**PROSPECTUS**

**April 2, 2026**

![()](th001_v1.jpg)

---

| | |
|:---|:---|
| &nbsp;&nbsp;***Adviser:*** | &nbsp;&nbsp;***Sub-Adviser:*** |
| &nbsp;&nbsp;THOR Analytics, LLC, dba<br> THOR Financial Technologies, LLC | &nbsp;&nbsp;Ai Alpha LLC<br> 5030 Corporate Exchange Blvd. |
| &nbsp;&nbsp;327 W. Pittsburgh Street | &nbsp;&nbsp;Suite 201 |
| &nbsp;&nbsp;Greensburg, PA 15601 | &nbsp;&nbsp;Grand Rapids, MI 49512 |
| &nbsp;&nbsp;1-800-974-6964 | &nbsp;&nbsp;616-655-1694 |

---

www.thorfunds.com

This Prospectus provides important information about the Fund that you should know before investing. Please read it carefully and keep it for future reference.

These securities have not been approved or disapproved by the Securities and Exchange Commission nor has the Securities and Exchange Commission passed upon the accuracy or adequacy of this Prospectus. Any representation to the contrary is a criminal offense.

Shares of the Fund are listed and traded on New York Stock Exchange.

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| **FUND SUMMARY** | **1** |
| **ADDITIONAL INFORMATION ABOUT PRINCIPAL INVESTMENT STRATEGIES AND RELATED RISKS** | **5** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;INVESTMENT OBJECTIVE | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PRINCIPAL INVESTMENT STRATEGIES | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PRINCIPAL INVESTMENT RISKS | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TEMPORARY INVESTMENTS | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PORTFOLIO HOLDINGS DISCLOSURE | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CYBERSECURITY | 8 |
| **MANAGEMENT** | **9** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Adviser and Sub-Adviser | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio Manager | 9 |
| **HOW SHARES ARE PRICED** | **9** |
| **HOW TO BUY AND SELL SHARES** | **10** |
| **FREQUENT PURCHASES AND REDEMPTIONS OF FUND SHARES** | **11** |
| **DISTRIBUTION AND SERVICE PLAN** | **11** |
| **DIVIDENDS, OTHER DISTRIBUTIONS AND TAXES** | **11** |
| **OTHER INFORMATION** | **13** |
| **FINANCIAL HIGHLIGHTS** | **13** |
| ***PRIVACY NOTICE*** | **14** |

---

**<u>FUND SUMMARY – THOR AdaptiveRisk Dynamic ETF</u>**

**Investment Objective:**

The Fund seeks to provide capital appreciation.

**Fees and Expenses of the Fund:**

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

---

| | |
|:---|:---|
| **Annual Fund Operating Expenses**<br> (expenses that you pay each year<br> as a percentage of the value of your investment) | |
| Management Fees | 0.85% |
| Distribution and Service (12b-1) Fees | 0.00% |
| Other Expenses<sup>(1)</sup> | 0.00% |
| Acquired Fund Fees and Expenses<sup>(1)(2)</sup> | 0.25% |
| Total Annual Fund Operating Expenses<sup>(1)</sup> | 1.10% |

---

(1) Estimated
 for the current fiscal year.

(2) Acquired
 Fund Fees and Expenses are the indirect costs of investing in other investment companies. The operating expenses in this fee table will not correlate to the expense ratio in the Fund's
 financial highlights because the financial statements include only the direct operating expenses
 incurred by the Fund.

**Example:**

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.

The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based upon these assumptions your costs would be:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**<u>1 Year</u>** | &nbsp;&nbsp;**<u>3 Years</u>** |
| &nbsp;&nbsp;$112 | &nbsp;&nbsp;$350 |

---

**Portfolio Turnover:**

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund's performance. The Fund has not commenced operations as of the date of this Prospectus.

**Principal Investment Strategies:**

The Fund seeks to achieve its investment objective by employing a multi-strategy approach where the investment sub-adviser, Ai Alpha LLC (the "Sub-Adviser") allocates the Fund's assets among different strategies. The Fund will invest in stocks, exchange-traded funds ("ETFs") and leveraged ETFs that invest in equities, fixed income, commodities (including gold), and alternatives (including cryptocurrencies). The Fund may have indirect exposure to cryptocurrency (bitcoin and Ethereum) through exchange-traded products, subject to the applicable regulatory requirements. The Sub-Adviser optimizes allocations based on a risk-first framework, an approach in which hypothetical portfolio allocations are evaluated primarily with reference to portfolio risk characteristics, including volatility, rather than solely on returns, and are optimized based on the application of mathematical optimization functions. The Sub-Adviser may use mathematical research tools, such as Darwin, proprietary analytics and risk monitoring tools, third-party market data and research platforms and internal portfolio construction and scenario analysis tools, in its model portfolio construction process.

The Sub-Adviser inputs data, including the eligible universe of stocks and ETFs, volatility references, disclosed constraints and performance data into Darwin and specifies the weighting of such criteria and specific composition ranges of particular securities. Darwin produces a hypothetical allocation of stocks and ETFs based on such inputs for the Sub-Adviser's consideration in constructing a model portfolio for the Fund. The Sub-Adviser may run any number of hypothetical allocations, including mathematical optimizations, across multiple allocation sleeves, in order to determine the desired model portfolio for the Fund. The Sub-Adviser manually modifies the allocation outputs from Darwin in the Sub-Adviser's discretion prior to conveying signals to the Adviser, and the Adviser may make additional modifications to the model portfolio in its discretion to manage liquidity or execution risks. The Sub-Adviser considers a number of external factors in modifying the model portfolios output by Darwin, including the applicable fiduciary and regulatory obligations, market liquidity conditions, transaction costs, portfolio diversification considerations and other risk management considerations. In addition to the allocation output received by Darwin, the Sub-Adviser considers other factors, including market liquidity, transaction costs, diversification and risk exposure considerations and other portfolio management considerations, in constructing the Fund's model portfolio.

*Risk Management*

The Sub-Adviser employs a risk-first approach and targets a 15% standard deviation (an annualized volatility reference used as a user-defined input to the Darwin optimization objective function when determining portfolio allocations) to determine strategy allocations. This approach is designed to attempt to ensure that portfolio allocations remain within the Sub-Adviser's predefined risk threshold for the Fund. By actively managing risk, rather than solely chasing returns, the Sub-Adviser aims to enhance risk-adjusted performance, improve consistency by lowering volatility, and shorten drawdown recovery periods. The Sub-Adviser dynamically adjusts capital among strategies based on risk-adjusted performance, attempting to direct capital flows to the most effective strategies at any given time.

*Competitive Allocation Model*

The internal strategy sleeves developed by the Sub-Adviser using the Darwin tool must demonstrate consistent performance to retain allocations. Underperforming strategies receive reduced allocations, while outperforming ones gain a greater share of capital of the Fund. This approach is designed to attempt to ensure an adaptive and optimized portfolio.

*Diversification Across Multiple Dimensions*

The Fund incorporates strategies ranging from trend-following (aiming to capitalize from market trends), risk-parity (allocating risk equally across various components of an investment portfolio), momentum (aiming to capitalize on the continuance of existing trends in the market, buying rising securities and selling them when they appear to have peaked), and mean reversion (capitalizing on asset prices that have deviated from their historical mean in anticipation that prices will revert to long-term averages). The Fund includes strategies investing in equities, fixed income, commodities, and alternatives, to attempt to ensure broad market exposure and reduced correlation risk. The allocations span weekly, monthly, and quarterly rebalancing strategies, reducing reliance on any single timeframe. The Fund may have significant exposure to the technology sector.

*Adaptive Rebalancing and Portfolio Evolution*

The Fund rebalances dynamically, with the Sub-Adviser using Darwin to evaluate portfolio exposure and generating model-based allocation recommendations. The Sub-Adviser reviews model outputs in consideration of a number of factors, including without limitation market liquidity, transaction costs, diversification and risk exposure considerations and other portfolio management considerations, and provides allocation signals to the Adviser. The Adviser implements, modifies, or disregards the Sub-Adviser's recommendations in its discretion when determining the Fund's portfolio allocations.

By combining risk optimization, competitive capital allocation, and multi-strategy diversification, the Fund seeks to deliver superior risk-adjusted returns with enhanced consistency and drawdown protection compared to traditional passive strategies.

**Principal Investment Risks:**

*As with all funds, there is the risk that you could lose money through your investment in the Fund. Many factors affect the Fund's net asset value ("NAV") and performance.*

*Active Management Risk.* The Fund is actively managed and does not seek to replicate the performance of a specified index. Index based ETFs have generally traded at prices which closely correspond to NAV per share. Actively managed ETFs have a limited trading history and, therefore, there can be no assurance as to whether and/or the extent to which shares will trade at premiums or discounts to NAV. The Sub-Adviser may be incorrect in its assessment of the intrinsic value of the securities the Fund holds which may result in a decline in the value of shares and failure to achieve its investment objective. The Sub-Adviser is a recently formed adviser with no prior experience managing ETFs.

*Allocation Risk.* If the Fund's strategy for allocating assets among different strategies does not work as intended, the Fund may not achieve its objective or may underperform other funds with the same or similar investment strategy.

*Alternative Investments Risk*. Alternative investments provide limited liquidity and include, among other things, the risks inherent in investing in securities, futures, commodities and derivatives, using leverage and engaging in short sales. An investment in alternative investment products is speculative, involves substantial risks, and should not constitute a complete investment program.

*Authorized Participant Risk.* Only an Authorized Participant ("AP") may engage in creation or redemption transactions directly with the Fund. The Fund has a limited number of institutions that may act as APs on an agency basis (i.e., on behalf of other market participants). To the extent that APs exit the business or are unable to proceed with creation or redemption orders with respect to the Fund and no other AP is able to step forward to create or redeem Creation Units, Fund shares may be more likely to trade at a premium or discount to net asset value and possibly face trading halts or delisting. AP concentration risk may be heightened for ETFs that invest in non-U.S. securities or other securities or instruments that have lower trading volumes.

*Cash or Cash Equivalents Risk.* At any time, the Fund may have significant investments in cash or cash equivalents. When a substantial portion of a portfolio is held in cash or cash equivalents, there is the risk that the value of the cash account, including interest, will not keep pace with inflation, thus reducing purchasing power over time.

*Commodities Risk.* The Fund's exposure to the commodities markets may subject the Fund to greater volatility than investments in traditional securities. The value of commodity-linked derivative instruments, commodity-based exchange traded trusts and commodity-based exchange traded funds and notes may be affected by changes in overall market movements, commodity index volatility, changes in interest rates, or sectors affecting a particular industry or commodity, such as drought, floods, weather, livestock disease, embargoes, tariffs, and international economic, political and regulatory developments.

○ *Gold Risk*. The price of gold may be volatile. The price of gold can be significantly affected by international monetary and political developments such as currency devaluation or revaluation, central bank movements, economic and social conditions within a country, transactional or trade imbalances, or trade or currency restrictions between countries. Gold prices may be influenced by the fact that physical gold has sales commission, storage, insurance, and auditing expenses, which may tend to reduce trading and liquidity.

*Cryptocurrency Risk.* Cryptocurrency (notably, Bitcoin and Ethereum), often referred to as "virtual currency" or "digital currency," operates as a decentralized, peer-to-peer financial exchange and value storage that is used like money. Cryptocurrencies operate without central authority or banks and are not backed by any government. Cryptocurrencies may experience very high volatility, and related investment vehicles that invest in cryptocurrencies may be affected by such volatility. Cryptocurrency is not legal tender. Federal, state or foreign governments may restrict the use and exchange of cryptocurrency, and regulation in the U.S. is still developing. Cryptocurrencies exchanges are new, largely unregulated, and may be more exposed to fraud.

*Equity Securities Risk.* Equity securities are susceptible to general stock market fluctuations and to volatile increases and decreases in value. The equity securities held by a fund may experience sudden, unpredictable drops in value or long periods of decline in value. This may occur because of factors affecting securities markets generally, the equity securities of a particular sector, or a particular company.

*ETF Structure Risks.* The Fund is structured as an ETF, and as a result, is subject to the special risks, including:

○ *Not Individually Redeemable*. Shares of the Fund ("Shares") are not individually redeemable and may be redeemed by the Fund at NAV only in large blocks known as "Creation Units." You may incur brokerage costs purchasing enough Shares to constitute a Creation Unit.

○ *Trading Issues*. An active trading market for the Shares may not be developed or maintained. Trading in Shares on the New York Stock Exchange ("NYSE" or the "Exchange") may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. If the Shares are traded outside a collateralized settlement system, the number of financial institutions that can act as APs that can post collateral on an agency basis is limited, which may limit the market for the Shares.

○ *Market Price Variance Risk*. The market prices of Shares will fluctuate in response to changes in NAV and supply and demand for Shares and will include a "bid-ask spread" charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a discount to NAV.

*Fixed Income 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 Share price and total return to be reduced and fluctuate more than other types of investments.

*Leveraged ETF Risk.* Investing in leveraged ETFs amplifies the Fund's gains and losses. Most leveraged ETFs "reset" daily. Due to the effect of compounding, their performance over longer periods of time can differ significantly from the performance of their underlying index or benchmark during the same period of time.

*Limited History of Operations Risk*. The Fund is a new ETF with a limited history of operations for investors to evaluate.

*Market Risk.* The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund's portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, climate change and climate-related events, pandemics, epidemics, terrorism, military conflicts, geopolitical events, regulatory events, tariffs and trade wars and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years may result in market volatility and may have long term effects on the U.S. financial market.

*Models and Data Risk.* Like any quantitative analysis, the Sub-Adviser's investment model carries a risk that the model used might be based on one or more incorrect assumptions, including as a result of the Sub-Adviser's incorrect assumptions and assessment with respect to the quality and/or relevance of the inputs and relationship between inputs. The possibility of an inaccurate or incorrect assessment of machine learning data can negatively impact the effectiveness of the model. Rapidly changing and unforeseen market dynamics could lead to a decrease in the short-term effectiveness of the model and could have an adverse effect on the securities selected for the Fund. No assurance can be given that the Fund will be successful under all or any market conditions. To the extent the algorithm does not perform as designed or as intended, the Fund's strategy may not be successfully implemented and the Fund may lose value.

*Sector Exposure Risk.* The Fund may focus its investments in securities of a particular sector. Economic, legislative or regulatory developments may occur that significantly affect the sector. This may cause the Fund's net asset value to fluctuate more than that of a fund that does not focus in a particular sector.

○ *Technology Sector Risk.* The Fund is likely to be more adversely affected by any negative performance of the technology sector than funds that have more diversified holdings across a number of sectors. Market or economic factors impacting technology companies and companies that rely heavily on technological advances could have a major effect on the value of the Fund's investments. The value of stocks of technology companies and companies that rely heavily on technology are particularly vulnerable to rapid changes in technology product cycles, rapid product obsolescence, government regulation and competition, both domestically and internationally, including competition from foreign competitors with lower production costs.

*Securities Market Risk.* The value of securities owned by the Fund may go up or down, sometimes rapidly or unpredictably, due to factors affecting particular companies or the securities markets generally. A general downturn in the securities market may cause multiple asset classes to decline in value simultaneously.

*Smaller Fund Risk.* A smaller fund is subject to the risk that its performance may not represent how the fund is expected to or may perform in the long-term. There can be no assurance that the Fund will achieve an economically viable size, in which case it could ultimately liquidate. In a liquidation, shareholders of the Fund will receive an amount equal to the Fund's NAV, after deducting the costs of liquidation. Receipt of a liquidation distribution may have negative tax consequences for shareholders.

*Underlying Funds Risk.* Underlying ETFs ("Underlying Funds") in which the Fund invests are subject to investment advisory and other expenses, which will be indirectly paid by the Fund. As a result, the cost of investing in the Fund is higher than the cost of investing directly in the Underlying Funds and may be higher than other funds that invest directly in stocks and bonds. Through its investments in Underlying Funds, the Fund is subject to the risks associated with the Underlying Funds' investments.

**Performance:**

Because the Fund has only recently commenced investment operations, no performance information is presented for the Fund at this time. In the future, performance information will be presented in this section of this Prospectus. In addition, shareholder reports containing financial and performance information will be mailed to shareholders semi-annually. Updated performance information is available at no cost by visiting <u>www.thorfunds.com</u> or by calling 1-800-974-6964.

**Investment Adviser:** THOR Analytics, LLC, dba THOR Financial Technologies, LLC

**Sub-Adviser:** Ai Alpha LLC

**Portfolio Manager:** Sudhir Holla has served the Fund as the Fund's portfolio manager since April 2026.

**Purchase and Sale of Fund Shares:** The Fund issues and redeems Shares at NAV only in large blocks of 10,000 Shares (each block of Shares is called a "Creation Unit"). Creation Units are issued and redeemed for cash and/or in-kind for securities. Individual Shares may only be purchased and sold in secondary market transactions through brokers. Except when aggregated in Creation Units, the Shares are not redeemable securities of the Fund.

Shares of the Fund are listed for trading on the Exchange and trade at market prices rather than NAV. Shares of the Fund may trade at a price that is greater than, at, or less than NAV.

**Tax Information:** The Fund's distributions generally will be taxable as ordinary income or long-term capital gains. A sale of Shares may result in capital gain or loss.

**Payments to Broker-Dealers and Other Financial Intermediaries:** If you purchase the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

**ADDITIONAL INFORMATION ABOUT PRINCIPAL INVESTMENT STRATEGIES AND RELATED RISKS**

**INVESTMENT OBJECTIVE:** The Fund seeks to provide investment results with a risk-managed, multi-strategy investment approach that dynamically allocates capital among multiples strategies.

The Fund's investment objective may be changed by the Board of Trustees upon 60 days' written notice to shareholders.

**PRINCIPAL INVESTMENT STRATEGIES:** The Fund seeks to achieve its investment objective by employing a multi-strategy approach where investment strategies compete for capital allocation within the Fund. The Fund will invest in stocks, exchange-traded funds ("ETFs") and leveraged ETFs that invest in equities, fixed income, commodities (including gold) and alternatives (including cryptocurrencies). The Fund may have indirect exposure to cryptocurrency (bitcoin and Ethereum) through exchange-traded products, subject to the applicable regulatory requirements. The Fund's sub-adviser, Ai Alpha LLC (the "Sub-Adviser") utilizes mathematical research tools, including Darwin, to optimize allocations in the Fund by allowing strategies to compete for capital within the Fund. The Sub-Adviser optimizes allocations through numerous user-determined inputs with a focus on a risk-first framework, an approach in which hypothetical portfolio allocations are evaluated by the Sub-Adviser primarily with reference to portfolio risk characteristics, including volatility, rather than solely on returns, and are optimized by the Sub-Adviser based on the application of mathematical optimization functions.

The Sub-Adviser inputs various data into Darwin, including without limitation the eligible universe of stocks and ETFs, volatility references, disclosed constraints and performance data, and weighting of such factors, and specifies the weighting of various criteria and specific composition ranges of particular securities, as the Sub-Adviser determines appropriate in its discretion. Darwin produces a hypothetical allocation of stocks and ETFs based on the Sub-Adviser's inputs for the Sub-Adviser's consideration in constructing a model portfolio. The Sub-Adviser may run any number of hypothetical allocations, including mathematical optimizations, across multiple allocation sleeves, in order to determine the desired model portfolio for the Fund. The Sub-Adviser manually modifies the allocation outputs from Darwin in the Sub-Adviser's discretion prior to conveying signals to the Adviser, and the Adviser may make additional modifications to the model portfolio in its discretion to manage liquidity or execution risks. The Sub-Adviser considers a number of external factors in modifying the model portfolios output by Darwin, including the applicable fiduciary and regulatory obligations, market liquidity conditions, transaction costs, portfolio diversification considerations and other risk management considerations. In addition to the allocation output received by Darwin, the Sub-Adviser considers other factors, including market liquidity, transaction costs, diversification and risk exposure considerations and other portfolio management considerations, in constructing the Fund's model portfolio.

*Risk Management*

The Sub-Adviser employs a risk-first approach and targets a 15% standard deviation (an annualized volatility reference used as a user-defined input to the Darwin optimization objective function when determining portfolio allocations) to determine strategy allocations. This approach is designed to attempt to ensure that portfolio allocations remain within the Sub-Adviser's predefined risk threshold for the Fund. By actively managing risk, rather than solely chasing returns, the Sub-Adviser aims to enhance risk-adjusted performance, improve consistency by lowering volatility, and shorten drawdown recovery periods. The Sub-Adviser dynamically adjusts capital among strategies based on risk-adjusted performance, attempting to direct capital flows to the most effective strategies at any given time.

*Competitive Allocation Model*

The internal strategy sleeves developed by the Sub-Adviser using the Darwin tool must demonstrate consistent performance to retain allocations. Underperforming strategies receive reduced allocations from the Sub-Adviser, while outperforming ones gain a greater share of capital of the Fund, as determined by the Sub-Adviser. This approach is designed to attempt to ensure an adaptive and optimized portfolio.

*Diversification Across Multiple Dimensions*

The Fund incorporates strategies ranging from trend-following (aiming to capitalize from market trends), risk-parity (allocating risk equally across various components of an investment portfolio), momentum (aiming to capitalize on the continuance of existing trends in the market, buying rising securities and selling them when they appear to have peaked) and mean reversion (capitalizing on asset prices that have deviated from their historical mean in anticipation that prices will revert to long-term averages). The Fund includes strategies investing in equities, fixed income, commodities, and alternatives, to attempt to ensure broad market exposure and reduced correlation risk. The allocations span weekly, monthly, and quarterly rebalancing strategies, reducing reliance on any single timeframe. The Fund may have significant exposure to the technology sector.

*Adaptive Rebalancing and Portfolio Evolution*

The Fund rebalances dynamically, with the Sub-Adviser using Darwin to evaluate portfolio exposure and generating model-based allocation recommendations. The Sub-Adviser reviews model outputs in consideration of a number of factors, including without limitation market liquidity, transaction costs, diversification and risk exposure considerations and other portfolio management considerations, and provides allocation signals to the Adviser. The Adviser implements, modifies, or disregards the Sub-Adviser's recommendations in its discretion when determining the Fund's portfolio allocations.

The Fund seeks to deliver superior risk-adjusted returns with enhanced consistency and drawdown protection compared to traditional passive strategies through the Sub-Adviser's use of machine learning-driven risk optimization, competitive capital allocation, and multi-strategy diversification, subject to the oversight and management of the Adviser.

**PRINCIPAL INVESTMENT RISKS:** *As with all funds, there is the risk that you could lose money through your investment in the Fund. Many factors affect the Fund's NAV and performance.*

*Active Management Risk.* The Fund is actively managed and does not seek to replicate the performance of a specified index. Index based ETFs have generally traded at prices which closely correspond to NAV per share. Actively managed ETFs have a limited trading history and, therefore, there can be no assurance as to whether and/or the extent to which shares will trade at premiums or discounts to NAV. The Sub-Adviser may be incorrect in its assessment of the intrinsic value of the securities the Fund holds which may result in a decline in the value of shares and failure to achieve its investment objective. The Sub-Adviser is a recently formed adviser with no prior experience managing ETFs. The success of the Fund's strategy depends in part on the Sub-Adviser's ability to effectively develop and apply its quantitative models. Errors in the model or its assumptions, or operational failures at the Sub-Adviser or its technology partners, could have an adverse effect on Fund performance.

*Allocation Risk.* The Fund may invest a significant portion of its assets in one or more strategies and thus will be more susceptible to the risks affecting those strategies. If the Fund's strategy for allocating assets among different strategies does not work as intended, the Fund may not achieve its objective or may underperform other funds with the same or similar investment strategy.

*Alternative Investments Risk*. Alternative investments provide limited liquidity and include, among other things, the risks inherent in investing in securities, futures, commodities and derivatives, using leverage and engaging in short sales. An investment in alternative investment products is speculative, involves substantial risks, and should not constitute a complete investment program.

*Authorized Participant Risk.* Only an AP may engage in creation or redemption transactions directly with the Fund. The Fund has a limited number of institutions that may act as APs on an agency basis (i.e., on behalf of other market participants). To the extent that APs exit the business or are unable to proceed with creation or redemption orders with respect to the Fund and no other AP is able to step forward to create or redeem Creation Units, Fund shares may be more likely to trade at a premium or discount to net asset value and possibly face trading halts or delisting. AP concentration risk may be heightened for ETFs that invest in non-U.S. securities or other securities or instruments that have lower trading volumes.

*Cash or Cash Equivalents Risk.* At any time, the Fund may have significant investments in cash or cash equivalents. When a substantial portion of a portfolio is held in cash or cash equivalents, there is the risk that the value of the cash account, including interest, will not keep pace with inflation, thus reducing purchasing power over time.

*Commodities Risk.* The Fund's exposure to the commodities markets may subject the Fund to greater volatility than investments in traditional securities. The value of commodity-linked derivative instruments, commodity-based exchange traded trusts and commodity-based exchange traded funds and notes may be affected by changes in overall market movements, commodity index volatility, changes in interest rates, or sectors affecting a particular industry or commodity, such as drought, floods, weather, livestock disease, embargoes, tariffs, and international economic, political and regulatory developments.

○ *Gold Risk*. The price of gold may be volatile. The price of gold can be significantly affected by international monetary and political developments such as currency devaluation or revaluation, central bank movements, economic and social conditions within a country, transactional or trade imbalances, or trade or currency restrictions between countries. Gold prices may be influenced by the fact that physical gold has sales commission, storage, insurance, and auditing expenses, which may tend to reduce trading and liquidity.

*Cryptocurrency Risk.* Cryptocurrency (notably, Bitcoin and Ethereum), often referred to as "virtual currency" or "digital currency," operates as a decentralized, peer-to-peer financial exchange and value storage that is used like money. Cryptocurrencies operate without central authority or banks and are not backed by any government. Cryptocurrencies may experience very high volatility, and related investment vehicles that invest in cryptocurrencies may be affected by such volatility. Cryptocurrency is not legal tender. Federal, state or foreign governments may restrict the use and exchange of cryptocurrency, and regulation in the U.S. is still developing. Cryptocurrencies exchanges are new, largely unregulated, and may be more exposed to fraud.

*Equity Securities Risk.* Equity securities are susceptible to general stock market fluctuations and to volatile increases and decreases in value. The equity securities held by a fund may experience sudden, unpredictable drops in value or long periods of decline in value. This may occur because of factors affecting securities markets generally, the equity securities of a particular sector, or a particular company*.*

*ETF Structure Risk.* The Fund is structured as an ETF and as a result is subject to the special risks, including:

○ *Not Individually Redeemable.* Shares are not individually redeemable and may be redeemed by the Fund at NAV only in large blocks known as "Creation Units." You may incur brokerage costs purchasing enough Shares to constitute a Creation Unit.

○ *Trading Issues.* 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, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet

the listing requirements of the Exchange. If the Shares are traded outside a collateralized settlement system, the number of financial institutions that can act as APs that can post collateral on an agency basis is limited, which may limit the market for the Shares.

○ *Market Price Variance Risk.* Individual Shares that are listed for trading on the Exchange can be bought and sold in the secondary market at market prices. The market prices of Shares will fluctuate in response to changes in NAV and supply and demand for Shares. There may be times when the market price and the NAV vary significantly and you may pay more than NAV when buying Shares on the secondary market, and you may receive less than NAV when you sell those Shares. The market price of Shares, like the price of any exchange-traded security, includes a "bid-ask spread" charged by the exchange specialists, market makers or other participants that trade the particular security. In times of severe market disruption, the bid-ask spread often increases significantly. This means that Shares may trade at a discount to NAV and the discount is likely to be greatest when the price of Shares is falling fastest, which may be the time that you most want to sell your Shares. The Fund's investment results are measured based upon the daily NAV of the Fund over a period of time. Investors purchasing and selling Shares in the secondary market may not experience investment results consistent with those experienced by those creating and redeeming directly with the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ In
 times of market stress, market makers may step away from their role market making in shares
 of ETFs and in executing trades, which can lead to differences between the market value of
 Shares and the Fund's NAV.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ To
 the extent APs exit the business or are unable to process creations or redemptions and no
 other AP can step in to do so, there may be a significantly reduced trading market in the
 Shares, which can lead to differences between the market value of Shares and the Fund's
 NAV.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ The
 market price for Shares may deviate from the Fund's NAV, particularly during times
 of market stress, with the result that investors may pay significantly more or receive significantly
 less for Fund shares than the Fund's NAV, which is reflected in the bid and ask price
 for Shares or in the closing price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ When
 all or a portion of an ETFs underlying securities trade in a market that is closed when the
 market for the Shares is open, there may be changes from the last quote of the closed market
 and the quote from the Fund's domestic trading day, which could lead to differences
 between the market value of the Shares and the Fund's NAV.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ In
 stressed market conditions, the market for Shares may become less liquid in response to the
 deteriorating liquidity of the Fund's portfolio. This adverse effect on the liquidity
 of Shares may, in turn, lead to differences between the market value of Shares and the Fund's
 NAV.

*Fixed Income 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 Share price and total return to be reduced and fluctuate more than other types of investments.

*Leveraged ETF Risk.* Investing in leveraged ETFs amplifies the Fund's gains and losses. Most leveraged ETFs "reset" daily. Due to the effect of compounding, their performance over longer periods of time can differ significantly from the performance of their underlying index or benchmark during the same period of time.

*Limited History of Operations Risk.* The Fund has only recently commenced operations and therefore, only has a limited history of operations for investors to evaluate.

*Market Risk*. The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund's portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, pandemics, epidemics, terrorism, military conflicts, geopolitical events, regulatory events, tariffs and trade wars and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years may result in market volatility and may have long-term effects on the U.S. financial market. It is difficult to predict when similar events affecting the U.S. financial market may occur, the effects that such events may have and the duration of those effects. Any such event(s) could have a significant adverse impact on the value and risk profile of the Fund's portfolio. Therefore, the Fund could lose money over short periods due to short-term market movements and over longer periods during more prolonged market downturns. Changes in market conditions and interest rates can have the same impact on all types of securities and instruments. In times of severe market disruptions, you could lose your entire investment.

*Models and Data Risk.* Like any quantitative analysis, the Sub-Adviser's investment model carries a risk that the model used might be based on one or more incorrect assumptions, including as a result of the Sub-Adviser's incorrect assumptions and assessment with respect to the quality and/or relevance of the inputs and relationship between inputs. The possibility of an inaccurate or incorrect assessment of machine learning data can negatively impact the effectiveness of the model. Rapidly changing and unforeseen market dynamics could lead to a decrease in the short-term effectiveness of the model and could have an adverse effect on the securities selected for the Fund. No assurance can be given that the Fund

will be successful under all or any market conditions. To the extent the algorithm does not perform as designed or as intended, the Fund's strategy may not be successfully implemented and the Fund may lose value.

*Sector Exposure Risk.* The Fund may focus its investments in securities of a particular sector. Economic, legislative or regulatory developments may occur that significantly affect the sector. This may cause the Fund's net asset value to fluctuate more than that of a fund that does not focus in a particular sector.

○ *Technology Sector Risk.* The Fund is likely to be more adversely affected by any negative performance of the technology sector than funds that have more diversified holdings across a number of sectors. Market or economic factors impacting technology companies and companies that rely heavily on technological advances could have a major effect on the value of the Fund's investments. The value of stocks of technology companies and companies that rely heavily on technology are particularly vulnerable to rapid changes in technology product cycles, rapid product obsolescence, government regulation and competition, both domestically and internationally, including competition from foreign competitors with lower production costs.

*Securities Market Risk.* Securities market risk is the risk that the value of securities owned by the Fund may go up or down, sometimes rapidly or unpredictably, due to factors affecting particular companies or the securities markets generally. A general downturn in the securities market may cause multiple asset classes to decline in value simultaneously, although equity securities generally have greater price volatility than fixed income securities. Despite gains in some markets after steep declines during certain periods, negative conditions and price declines may return unexpectedly and dramatically. In addition, the Fund could experience a loss when selling securities in order to meet unusually large or frequent redemption requests in times of overall market turmoil or declining prices for the securities sold. Stock prices change daily, sometimes rapidly, in response to company activity and general economic and market conditions. Certain stocks may decline in value even during periods when the prices of equity securities in general are rising, or may not perform as well as the market in general. Stock prices may also experience greater volatility during periods of challenging market conditions.

*Smaller Fund Risk.* A smaller fund is subject to the risk that its performance may not represent how the fund is expected to or may perform in the long-term. There can be no assurance that the Fund will achieve an economically viable size, in which case it could ultimately liquidate. The Fund may be liquidated without a shareholder vote. In a liquidation, shareholders of the Fund will receive an amount equal to the Fund's NAV, after deducting the costs of liquidation, including the transaction costs of disposing of the Fund's portfolio investments. Receipt of a liquidation distribution may have negative tax consequences for shareholders. Additionally, during the Fund's liquidation all or a portion of the Fund's portfolio may be invested in a manner not consistent with its investment objective and investment policies.

*Underlying Funds Risk.* Underlying Funds in which the Fund invests are subject to investment advisory and other expenses, which will be indirectly paid by the Fund. As a result, the cost of investing in the Fund will be higher than the cost of investing directly in the Underlying Funds and may be higher than other funds that invest directly in stocks and bonds. Each of the Underlying Funds is subject to its own specific risks. The Fund is subject to the principal investments risks of Underlying Funds by virtue of the Fund's investment in such funds. The U.S. money market funds in which the Fund invests seek to maintain a stable NAV, but money market funds are subject to credit, market and other risks, and are not guaranteed.

**TEMPORARY INVESTMENTS:** To respond to adverse market, economic, political or other conditions, the Fund may invest 100% of its total assets, without limitation, in high-quality short-term debt securities and money market instruments. These short-term debt securities and money market instruments include: shares of money market mutual funds, commercial paper, certificates of deposit, bankers' acceptances, U.S. Government securities and repurchase agreements. While the Fund is in a defensive position, the opportunity to achieve its investment objective will be limited. Furthermore, to the extent that the Fund invests in money market mutual funds for cash positions, there will be some duplication of expenses because the Fund pays its pro-rata portion of such money market funds' advisory fees and operational fees. The Fund may also invest a substantial portion of its assets in such instruments at any time to maintain liquidity or pending selection of investments in accordance with its policies.

**PORTFOLIO HOLDINGS DISCLOSURE:** A description of the Fund's policies and procedures regarding the release of portfolio holdings information is available in the Fund's Statement of Additional Information ("SAI").

**CYBERSECURITY:** The computer systems, networks and devices used by the Fund and its service providers to carry out routine business operations employ a variety of protections designed to prevent damage or interruption from computer viruses, network failures, computer and telecommunication failures, infiltration by unauthorized persons and security breaches. Despite the various protections utilized by the Fund and its service providers, systems, networks, or devices potentially can be breached. The Fund and its shareholders could be negatively impacted as a result of a cybersecurity breach.

Cybersecurity breaches can include unauthorized access to systems, networks, or devices; infection from computer viruses or other malicious software code; and attacks that shut down, disable, slow, or otherwise disrupt operations, business processes, or website access or functionality. Cybersecurity breaches may cause disruptions and impact the Fund's business operations, potentially resulting in financial losses; interference with the Fund's ability to calculate its NAV; impediments to trading; the inability of the Fund, the adviser, and other service providers to transact business; violations of applicable privacy and other laws; regulatory fines, penalties, reputational damage, reimbursement or other compensation costs, or additional compliance costs; as well as the inadvertent release of confidential information.

Similar adverse consequences could result from cybersecurity breaches affecting issuers of securities in which the Fund invests; counterparties with which the Fund engages in transactions; governmental and other regulatory authorities; exchange and other financial market operators, banks, brokers, dealers, insurance companies, and other financial institutions (including financial intermediaries and service providers for the Fund's shareholders); and other parties. In addition, substantial costs may be incurred by these entities in order to prevent any cybersecurity breaches in the future.

**<u>MANAGEMENT</u>** 

**Investment Adviser:** THOR Trading Advisors, LLC, d/b/a THOR Financial Technologies, LLC (the "Adviser"), located at 327 W. Pittsburgh Street, Greensburg, PA 15601, serves as the Fund's investment adviser. The Adviser was founded in 2019 as a registered investment advisor. The Adviser works with institutions and other registered investment advisers, providing proprietary research for custom separately managed account products.

Subject to the supervision of the Board of Trustees, the Adviser is responsible for managing the Fund's day-to-day portfolio activity, executing trades, monitoring the Fund's shares on the Exchange and providing related administrative services and facilities under a management agreement between the Fund and the Adviser.

The Adviser is paid a monthly management fee at an annual rate (stated as a percentage of the average daily net assets of the Fund) of 0.85%. The management agreement between the Fund and the Adviser provides that the Fund will pay all (i) brokerage expenses and other fees, charges, taxes, levies or expenses (such as stamp taxes) incurred in connection with the execution of portfolio transactions or in connection with creation and redemption transactions (including without limitation any fees, charges, taxes, levies or expenses related to the purchase or sale of an amount of any currency, or the patriation or repatriation of any security or other asset, related to the execution of portfolio transactions or any creation or redemption transactions); (ii) legal fees or expenses in connection with any arbitration, litigation or pending or threatened arbitration or litigation, including any settlements in connection therewith; (iii) extraordinary expenses (in each case as determined by a majority of the Independent Trustees); (iv) distribution fees and expenses paid by the Trust under any distribution plan adopted pursuant to Rule 12b-1 under the Act; (v) interest and taxes of any kind or nature (including, but not limited to, income, excise, transfer and withholding taxes); (vi) fees and expenses related to the provision of securities lending services; and (vii) the advisory fee payable to the Adviser. The internal expenses of pooled investment vehicles in which the Fund may invest (acquired fund fees and expenses) are not expenses of the Fund and are not paid by the Adviser. The Adviser will pay all other ordinary operating expenses of the Fund.

**Sub-Adviser:** Ai Alpha LLC, located at 5030 Corporate Exchange Blvd., Suite 201, Grand Rapids, MI 49512, serves as the Fund's sub-adviser. The Sub-Adviser provides model-driven allocation signals to the Adviser based on proprietary quantitative research and machine learning algorithms developed in collaboration with myStockDNA LLC ("myStockDNA"), a technology partner. myStockDNA is a third-party technology provider whose analytics platform and data inputs are utilized by the Sub-Adviser in formulating model-driven recommendations. myStockDNA does not provide investment advice to the Fund. The Sub-Adviser is responsible for providing model-driven allocation recommendations. The Adviser has ultimate responsibility for implementing all trading decisions on behalf of the Fund.

The Sub-Adviser has agreed to pay all Fund operating expenses for which the Adviser is responsible under the terms of the management agreement described above. The Sub-Adviser serves as a registered distributor to the quant-based models developed by myStockDNA. As compensation, the Adviser pays the Sub-Adviser an annual fee of 0.70% of the Fund's daily net assets pursuant to a sub-advisory agreement between the Adviser and Sub-Adviser. The fee paid to the Sub-Adviser by the Adviser is paid from the Adviser's management fee and is not an additional cost to the Fund.

A discussion regarding the basis for the Board of Trustees' approval of the management agreement and sub-advisory agreement will be included in the Fund's first annual or semi-annual Form N-CSR.

**Portfolio Manager:** The Fund is managed on a day-to-day basis by Sudhir Holla, who has served as portfolio manager of the Fund since its inception in April 2026. Mr. Holla is the co-founder of myStockDNA LLC, a financial technology company specializing in portfolio risk management and optimization. He has served as the chief executive officer of myStockDNA since January 2020. From 2001 through December 2020, Mr. Holla has served various leadership positions, culminating as the managing director, of Accenture, a multinational professional services company that is focused on applying technology and analytics to solve complex business problems for global clients.

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

**<u>HOW SHARES ARE PRICED</u>**

The NAV and offering price (NAV plus any applicable sales charges) is determined at the close of regular trading on the NYSE (normally 4:00 p.m. Eastern Time) on each day the NYSE is open. NAV is computed by determining the aggregate market value of all assets of the Fund, less its liabilities, divided by the total number of shares outstanding ((assets-liabilities)/number of shares = NAV). The NYSE is closed on weekends and New Year's Day, Martin Luther King, Jr. Day, Presidents' Day, Good Friday, Memorial Day, Juneteenth National Independence Day, Independence Day, Labor Day, Thanksgiving Day and Christmas Day. The NAV takes into account, the expenses and fees of the Fund, including management, administration, and distribution fees, which are accrued daily. The determination of NAV for the Fund for a particular day is applicable to all applications for the

purchase of shares, as well as all requests for the redemption of shares, received by the Fund (or an authorized broker or agent, or its authorized designee) before the close of trading on the NYSE on that day.

Generally, the Fund's securities are valued each day at the last quoted sales price on each security's primary exchange. Securities traded or dealt in upon one or more securities exchanges (whether domestic or foreign) for which market quotations are readily available and not subject to restrictions against resale shall be valued at the last quoted sales price on the primary exchange or, in the absence of a sale on the primary exchange, at the mean between the current bid and ask prices on such exchange. Securities primarily traded in the National Association of Securities Dealers' Automated Quotation System ("NASDAQ") National Market System for which market quotations are readily available shall be valued using the NASDAQ Official Closing Price.

If market quotations are not readily available, securities will be valued at their fair market value as determined using the "fair value" procedures approved by the Board. Fair value pricing involves subjective judgments and it is possible that the fair value determined for a security may be materially different than the value that could be realized upon the sale of that security. The fair value prices can differ from market prices when they become available or when a price becomes available. The Board has designated the Adviser as its Valuation Designee for execution of these procedures. The Valuation Designee may also enlist third party consultants such as an audit firm or financial officer of a security issuer on an as-needed basis to assist in determining a security-specific fair value. The Board reviews and ratifies the execution of this process and the resultant fair value prices at least quarterly to assure the process produces reliable results.

The Fund may use independent pricing services to assist in calculating the value of the Fund's securities. In addition, market prices for foreign securities are not determined at the same time of day as the NAV for the Fund. Because the Fund may invest in underlying ETFs that hold portfolio securities primarily listed on foreign exchanges, and these exchanges may trade on weekends or other days when the underlying ETFs do not price their shares, the value of some of the Fund's portfolio securities may change on days when you may not be able to buy or sell Fund shares.

In computing the NAV, the Fund values foreign securities held by the Fund at the latest closing price on the exchange in which they are traded immediately prior to closing of the NYSE. Prices of foreign securities quoted in foreign currencies are translated into U.S. dollars at current rates. If events materially affecting the value of a security in the Fund's portfolio, particularly foreign securities, occur after the close of trading on a foreign market but before the Fund prices its shares, the security will be valued at fair value. For example, if trading in a portfolio security is halted and does not resume before the Fund calculates its NAV, the adviser may need to price the security using the Fund's fair value pricing guidelines. Without a fair value price, short-term traders could take advantage of the arbitrage opportunity and dilute the NAV of long-term investors. Fair valuation of the Fund's portfolio securities can serve to reduce arbitrage opportunities available to short-term traders, but there is no assurance that fair value pricing policies will prevent dilution of the Fund's NAV by short-term traders. The determination of fair value involves subjective judgments. As a result, using fair value to price a security may result in a price materially different from the prices used by other mutual funds to determine NAV, or from the price that may be realized upon the actual sale of the security.

With respect to any portion of the Fund's assets that are invested in one or more open-end management investment companies registered under the 1940 Act, the Fund's NAV is calculated based upon the NAVs of those open-end management investment companies, and the prospectuses for these companies explain the circumstances under which those companies will use fair value pricing and the effects of using fair value pricing.

**Premium/Discount Information**

Most investors will buy and Shares in secondary market transactions through brokers at market prices and the Shares will trade at market prices. The market price of Shares may be greater than, equal to, or less than NAV. Market forces of supply and demand, economic conditions and other factors may affect the trading prices of Shares.

Information regarding how often the Shares traded at a price above (at a premium to) or below (at a discount to) the NAV of the Fund during the past four calendar quarters, when available, can be found at <u>www.thorfunds.com</u>.

**<u>HOW TO BUY AND SELL SHARES</u>**

Shares are listed for trading on the NYSE under the symbol THMR. Share prices are reported in dollars and cents per Share. Shares can be bought and sold on the secondary market throughout the trading day like other publicly traded shares at their market price and Shares typically trade in blocks of less than a Creation Unit. There is no minimum investment required. Shares may only be purchased and sold on the secondary market when the Exchange is open for trading. The Exchange is open for trading Monday through Friday and is closed on weekends and the following holidays, as observed: New Year's Day, Martin Luther King, Jr. Day, Presidents' Day, Good Friday, Memorial Day, Juneteenth National Independence Day, Independence Day, Labor Day, Thanksgiving Day and Christmas Day.

When buying or selling Shares through a broker, you will incur customary brokerage commissions and charges, and you may pay some or all of the spread between the bid and the offered price in the secondary market on each leg of a round trip (purchase and sale) transaction.

Only APs may acquire Shares directly from the Fund, and APs may tender their Shares for redemption directly to the Fund, at NAV per Share only in large blocks, or Creation Units, of 10,000 Shares. Purchases and redemptions directly with the Fund must follow the Fund's procedures, which are described in the SAI.

The Fund may liquidate and terminate at any time without shareholder approval.

**Share Trading Prices**

The indicative optimized portfolio value of the Shares, an amount representing on a per share basis the sum of the current market price of the securities accepted by the Fund in exchange for Shares and an estimated cash component will be disseminated every 15 seconds throughout the trading day through the facilities of the Consolidated Tape Association. This approximate value should not be viewed as a "real-time" update of the NAV per Share because the approximate value may not be calculated in the same manner as the NAV, which is computed once a day, generally at the end of the business day. The Fund is not involved in, or responsible for, the calculation or dissemination of the approximate value of the Shares, and the Fund does not make any warranty as to the accuracy of these values.

**Book Entry**

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

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

**<u>FREQUENT PURCHASES AND REDEMPTIONS OF FUND SHARES</u>** 

Shares can only be purchased and redeemed directly from the Fund in Creation Units by APs, and the vast majority of trading in Shares occurs on the secondary market. Because the secondary market trades do not directly involve the Fund, it is unlikely those trades would cause the harmful effects of market timing, including dilution, disruption of portfolio management, increases in the Fund's trading costs and the realization of capital gains. With regard to the purchase or redemption of Creation Units directly with the Fund, to the extent effected in-kind (*i.e.*, for securities), those trades do not cause the harmful effects that may result from frequent cash trades. To the extent trades are effected in whole or in part in cash, those trades could result in dilution to the Fund and increased transaction costs, which could negatively impact the Fund's ability to achieve its investment objective. However, direct trading by APs is critical to ensuring that Shares trade at or close to NAV. The Fund also employ fair valuation pricing to minimize potential dilution from market timing. In addition, the Fund imposes transaction fees on purchases and redemptions of Shares to cover the custodial and other costs incurred by the Fund in effecting trades. These fees increase if an investor substitutes cash in part or in whole for securities, reflecting the fact that the Fund's trading costs increase in those circumstances. Given this structure, the Trust has determined that it is not necessary to adopt policies and procedures to detect and deter market timing of the Shares.

**<u>DISTRIBUTION AND SERVICE PLAN</u>** 

The Fund has adopted a distribution and service plan (the "Plan") pursuant to Rule 12b-1 under the 1940 Act. Under the Plan, the Fund is permitted to pay distribution fees to the distributor and other firms that provide distribution and shareholder services ("Service Providers"). If a Service Provider provides these services, the Fund may pay fees at an annual rate not to exceed 0.25% of average daily net assets, pursuant to Rule 12b-1 under the 1940 Act.

No distribution or service fees are currently paid by the Fund, and there are no current plans to impose these fees. In the event Rule 12b-1 fees were charged, over time they would increase the cost of an investment in the Fund.

**<u>DIVIDENDS, OTHER DISTRIBUTIONS AND TAXES</u>** 

Unlike interests in conventional mutual funds, which typically are bought and sold from and to the fund only at closing NAVs, shares are traded throughout the day in the secondary market on a national securities exchange on an intra-day basis and are created and redeemed in-kind and/or for cash in Creation Units at each day's next calculated NAV. In-kind arrangements are designed to protect ongoing shareholders from the adverse effects on the Fund's portfolio that could arise from frequent cash redemption transactions. In a conventional mutual fund, redemptions can have an adverse tax impact on taxable shareholders if the mutual fund needs to sell portfolio securities to obtain cash to meet net fund redemptions. These sales may generate taxable gains for the ongoing shareholders of the mutual fund, whereas the Shares' in-kind redemption mechanism generally will not lead to a tax event for the Funds or their ongoing shareholders.

The Fund distributes its dividends from net investment income and net realized capital gains, if any, to shareholders annually.

Distributions in cash may be reinvested automatically in additional whole Shares only if the broker through whom you purchased Shares makes such option available.

**Taxes**

As with any investment, you should consider how your investment in Shares will be taxed. The tax information in this Prospectus is provided as general information.

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

● the Fund makes distributions;

● you sell your Shares listed on the Exchange; and

● you purchase or redeem Creation Units.

**Taxes on Distributions**

As stated above, dividends from net investment income, if any, ordinarily are declared and paid annually by the Fund. The Fund may also pay a special distribution at the end of a calendar year to comply with federal tax requirements. Distributions from the Fund's net investment income, including net short-term capital gains, if any, are taxable to you as ordinary income, except that the Fund's dividends attributable to its "qualified dividend income" (*i.e*., dividends received on stock of most domestic and certain foreign corporations with respect to which the Fund satisfies certain holding period and other restrictions), if any, generally are subject to federal income tax for non-corporate shareholders who satisfy those restrictions with respect to the Shares at the rate for net capital gain - a maximum of 15% for taxable years beginning before 2013. A part of the Fund's dividends also may be eligible for the dividends-received deduction allowed to corporations - the eligible portion may not exceed the aggregate dividends the Fund receives from domestic corporations subject to federal income tax (excluding real estate investment trusts) and excludes dividends from foreign corporations -- subject to similar restrictions. However, dividends a corporate shareholder deducts pursuant to that deduction are subject indirectly to the federal alternative minimum tax.

In general, your distributions are subject to federal income tax when they are paid, whether you take them in cash or reinvest them in the Fund (if that option is available). Distributions reinvested in additional Shares through the means of a dividend reinvestment service, if available, will be taxable to shareholders acquiring the additional Shares to the same extent as if such distributions had been received in cash. Distributions of net long-term capital gains, if any, in excess of net short-term capital losses are taxable as long-term capital gains, regardless of how long you have held the Shares.

Distributions in excess of the Fund's current and accumulated earnings and profits are treated as a tax-free return of capital to the extent of your basis in the Shares and as capital gain thereafter. A distribution will reduce the Fund's NAV per Share and may be taxable to you as ordinary income or capital gain (as described above) even though, from an investment standpoint, the distribution may constitute a return of capital.

By law, the Fund is required to withhold 24% of your distributions and redemption proceeds if you have not provided the Fund with a correct social security number or other taxpayer identification number and in certain other situations.

**Taxes on Exchange-Listed Share Sales**

Any capital gain or loss realized upon a sale of Shares is generally treated as long-term capital gain or loss if the Shares have been held for more than one year and as short-term capital gain or loss if the Shares have been held for one year or less. The ability to deduct capital losses from sales of Shares may be limited.

**Taxes on Purchase and Redemption of Creation Units**

An AP who exchanges securities for Creation Units generally will recognize a gain or a loss equal to the difference between the market value of the Creation Units at the time of the exchange and the sum of the exchanger's aggregate basis in the securities surrendered plus any Cash Component it pays. An AP who exchanges Creation Units for securities will generally recognize a gain or loss equal to the difference between the exchanger's basis in the Creation Units and the sum of the aggregate market value of the securities received plus any cash equal to the difference between the NAV of the Shares being redeemed and the value of the securities. The Internal Revenue Service ("Service"), however, may assert that a loss realized upon an exchange of securities for Creation Units cannot be deducted currently under the rules governing "wash sales" or for other reasons. Persons exchanging securities should consult their own tax 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 the Shares have been held for more than one year and as short-term capital gain or loss if the Shares have been held for one year or less.

If you purchase or redeem Creation Units, you will be sent a confirmation statement showing how many Shares you purchased or sold and at what price. See "Tax Status" in the SAI for a description of the newly effective requirement regarding basis determination methods applicable to Share redemptions and the Fund's obligation to report basis information to the Service.

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. Consult your personal tax advisor about the potential tax consequences of an investment in the Shares under all applicable tax laws. See "Tax Status" in the SAI for more information.

**<u>OTHER INFORMATION</u>**

**Continuous Offering**

The method by which Creation Units of Shares are created and traded may raise certain issues under applicable securities laws. Because new Creation Units of Shares are issued and sold by the Fund on an ongoing basis, a "distribution," as such term is used in the Securities Act of 1933, as amended (the "Securities Act"), may occur at any point. Broker-dealers and other persons are cautioned that some activities on their part may, depending on the circumstances, result in their being deemed participants in a distribution in a manner which could render them statutory underwriters and subject them to the prospectus delivery requirement and liability provisions of the Securities Act.

For example, a broker-dealer firm or its client may be deemed a statutory underwriter if it takes Creation Units after placing an order with the Distributor, breaks them down into constituent Shares and sells the Shares directly to customers or if it chooses to couple the creation of a supply of new Shares with an active selling effort involving solicitation of secondary market demand for Shares. A determination of whether one is an underwriter for purposes of the Securities Act must take into account all the facts and circumstances pertaining to the activities of the broker-dealer or its client in the particular case, and the examples mentioned above should not be considered a complete description of all the activities that could lead to a characterization as an underwriter.

Broker-dealer firms should also note that dealers who are not "underwriters" but are effecting transactions in Shares, whether or not participating in the distribution of Shares, are generally required to deliver a prospectus. This is because the prospectus delivery exemption in Section 4(3) of the Securities Act is not available in respect of such transactions as a result of Section 24(d) of the 1940 Act. As a result, broker-dealer firms should note that dealers who are not "underwriters" but are participating in a distribution (as contrasted with engaging in ordinary secondary market transactions) and thus dealing with the Shares that are part of an overallotment within the meaning of Section 4(3)(C) of the Securities Act, will be unable to take advantage of the prospectus delivery exemption provided by Section 4(3) of the Securities Act. For delivery of prospectuses to exchange members, the prospectus delivery mechanism of Rule 153 under the Securities Act is only available with respect to transactions on a national exchange.

**Dealers effecting transactions in the Shares, whether or not participating in this distribution, are generally required to deliver a Prospectus. This is in addition to any obligation of dealers to deliver a Prospectus when acting as underwriters.**

**Certain Conditions on Certain Shareholder Legal Actions**

Pursuant to the Trust's Amended and Restated Agreement and Declaration of Trust, all shareholder legal complaints must be brought in courts of the State of Delaware and the United States District Court for the District of Delaware, which may be inconvenient for some shareholders. However, these provisions do not apply to actions brought under federal securities laws.

**Householding**

To reduce expenses, the Fund mails only one copy of the prospectus and each annual and semi-annual report to those addresses shared by two or more accounts. If you wish to receive individual copies of these documents, please call the Fund at 1-800-974-6964 on days the Fund is open for business or contact your financial institution. The Fund will begin sending you individual copies thirty days after receiving your request.

**<u>FINANCIAL HIGHLIGHTS</u>**

Because the Fund has only recently commenced investment operations, no financial highlights are available for the Fund at this time. In the future, financial highlights will be presented in this section of the Prospectus.

***PRIVACY NOTICE***

**THOR FINANCIAL TECHNOLOGIES TRUST**

**Rev. April 2022**

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|:---|:---|
| **FACTS** | **WHAT DOES THE TRUST DO WITH YOUR PERSONAL INFORMATION?** |

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|:---|:---|
| **Why?** | Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some, but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. |

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|:---|:---|
| **What?** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The types of personal information we collect and share depends on the product or service that you have with us. This information can include:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp; Social Security number and wire transfer instructions<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp; account transactions and transaction history<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp; investment experience and purchase history<br>When you are *no longer* our customer, we continue to share your information as described in this notice. |

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|:---|:---|
| **How?** | All financial companies need to share customers' personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers' personal information; the reasons The Trust chooses to share; and whether you can limit this sharing. |

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|:---|:---|:---|
| **Reasons we can share your personal information:** | **Does the Trust<br> share<br> information?** | **Can you limit<br> this sharing?** |
| **For our everyday business purposes -** such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus. | **YES** | **NO** |
| **For our marketing purposes -** to offer our products and services to you. | **NO** | **We don't share** |
| **For joint marketing with other financial companies.** | **NO** | **We don't share** |
| **For our affiliates' everyday business purposes -** information about your transactions and records. | **NO** | **We don't share** |
| **For our affiliates' everyday business purposes -** information about your credit worthiness. | **NO** | **We don't share** |
| **For nonaffiliates to market to you** | **NO** | **We don't share** |

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|:---|:---|
| **QUESTIONS?** | **Call 1-800-974-6964** |

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***PRIVACY NOTICE***

**THOR FINANCIAL TECHNOLOGIES TRUST**

Page 2  

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|:---|:---|
| **What we do:** | **What we do:** |
| **How does t** **he Trust protect my personal information?** | To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings.<br>Our service providers are held accountable for adhering to strict policies and procedures to prevent any misuse of your nonpublic personal information. |
| **How does the Trust collect my personal information?** | We collect your personal information, for example, when you<br>● open an account or deposit money<br>● direct us to buy securities or direct us to sell your securities<br>● seek advice about your investments<br>We also collect your personal information from others, such as credit bureaus, affiliates, or other companies. |
| **Why can't I limit all sharing?** | Federal law gives you the right to limit only:<br>● sharing for affiliates' everyday business purposes – information about your creditworthiness.<br>● affiliates from using your information to market to you.<br>● sharing for nonaffiliates to market to you.<br>State laws and individual companies may give you additional rights to limit sharing. |

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|:---|:---|
| **Definitions** | **Definitions** |
| **Affiliates** | Companies related by common ownership or control. They can be financial and nonfinancial companies.<br>● *The Trust has no affiliates.* |
| **Nonaffiliates** | Companies not related by common ownership or control. They can be financial and nonfinancial companies.<br>● *The Trust does not share with nonaffiliates so they can market to you.* |
| **Joint marketing** | A formal agreement between nonaffiliated financial companies that together market financial products or services to you.<br>● *The Trust does not jointly market*. |

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**THOR AdaptiveRisk Dynamic ETF**

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|:---|:---|
| &nbsp;&nbsp;**Adviser** | &nbsp;&nbsp;THOR Financial Technologies, LLC<br> 327 W. Pittsburgh Street<br> Greensburg, PA 15601 |
| &nbsp;&nbsp;**Sub-Adviser** | &nbsp;&nbsp;Ai Alpha LLC<br> 5030 Corporate Exchange Blvd.<br> Suite 201<br> Grand Rapids, MI 49512 |
| &nbsp;&nbsp;**Custodian/ Transfer Agent** | &nbsp;&nbsp;Brown Brothers Harriman & Co.<br> 50 Post Office Square<br> Boston, MA 02110 |
| &nbsp;&nbsp;**Administrator** | &nbsp;&nbsp;Ultimus Fund Solutions, LLC<br> 225 Pictoria Drive, Suite 450<br> Cincinnati, OH |
| &nbsp;&nbsp;**Distributor** | &nbsp;&nbsp;PINE Distributors LLC<br> 501 South Cherry Street, Suite 610<br> Denver, Colorado 80246 |
| &nbsp;&nbsp;**Legal<br> Counsel** | &nbsp;&nbsp;Thompson Hine LLP<br> 41 South High Street, Suite 1700<br> Columbus, OH 43215 |
| &nbsp;&nbsp;**Independent<br> Registered Public<br> Accounting Firm** | &nbsp;&nbsp;Cohen & Company, Ltd.<br> 1835 Market Street, Suite 310<br> Philadelphia, PA 19103 |

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Additional information about the Fund is included in the Fund's SAI dated April 2, 2026. The SAI is incorporated into this Prospectus by reference (i.e., legally made a part of this Prospectus). The SAI provides more details about the Fund's policies and management. Additional information about the Fund's investments will also be available in the Fund's annual and semi-annual reports to shareholders and in Form N-CSR. In the Fund's annual report, you will find a discussion of the market conditions and investment strategies that significantly affected the Fund's performance during the last fiscal year. In Form N-CSR, you will find the Fund's annual and semi-annual financial statements.

To obtain a free copy of the SAI and the annual and semi-annual reports to shareholders, Form N-CSR or other information about the Fund, or to make shareholder inquiries about the Fund, please call 1-800-974-6964. Information relating to the Fund can be found on the website at <u>www.thorfunds.com</u>. You may also write to:

**THOR AdaptiveRisk Dynamic ETF**

c/o **Ultimus Fund Solutions, LLC**

225 Pictoria Drive, Suite 450

Cincinnati, OH 45246

Reports and other information about the Fund are available on the EDGAR Database on the SEC's Internet site at <u>http://www.sec.gov</u>. Copies of the information may be obtained, after paying a duplicating fee, by electronic request at the following E-mail address: <u>publicinfo@sec.gov</u>.

Investment Company Act File # 811-23794

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| |
|:---|
| **THOR AdaptiveRisk Dynamic ETF** |
| THMR |
| **a series of THOR Financial Technologies Trust** |
| **STATEMENT OF ADDITIONAL INFORMATION** |
| April 2, 2026 |
| *Listed and traded on the New York Stock Exchange* |

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This Statement of Additional Information ("SAI") is not a prospectus and should be read in conjunction with the Prospectus of the THOR AdaptiveRisk Dynamic ETF (the "Fund") dated April 2, 2026. The Fund's Prospectus is hereby incorporated by reference, which means it is legally part of this document. You can obtain copies of the Fund's Prospectus, financial statements, annual or semiannual reports without charge by contacting the Fund's distributor, PINE Distributors LLC or by calling the Fund at 1-800-974-6964. You may also obtain a Prospectus by visiting the website <u>https://www.thorfunds.com/</u>.

**TABLE OF CONTENTS**

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| | |
|:---|:---|
| **THE FUND** | **1** |
| **TYPES OF INVESTMENTS** | **2** |
| **INVESTMENT RESTRICTIONS** | **6** |
| **POLICIES AND PROCEDURES FOR DISCLOSURE OF PORTFOLIO HOLDINGS** | **7** |
| **MANAGEMENT** | **8** |
| **CONTROL PERSONS AND PRINCIPAL HOLDERS** | **13** |
| **INVESTMENT ADVISER AND SUB-ADVISER** | **13** |
| **THE DISTRIBUTOR** | **15** |
| **PORTFOLIO MANAGER** | **17** |
| **ALLOCATION OF PORTFOLIO BROKERAGE** | **17** |
| **PORTFOLIO TURNOVER** | **18** |
| **OTHER SERVICE PROVIDERS** | **18** |
| **DESCRIPTION OF SHARES** | **19** |
| **ANTI-MONEY LAUNDERING PROGRAM** | **19** |
| **PURCHASE, REDEMPTION AND PRICING OF SHARES** | **20** |
| **TAX STATUS** | **26** |
| **INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** | **28** |
| **LEGAL COUNSEL** | **28** |
| **FINANCIAL STATEMENTS** | **28** |
| **APPENDIX A – PROXY VOTING POLICIES AND PROCEDURES** | **29** |

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**THE FUND**

The Fund is a diversified series of THOR Financial Technologies Trust, a Delaware statutory trust organized on April 11, 2022 (the "Trust"). The Trust is registered as an open-end management investment company. The Trust is governed by its Board of Trustees (the "Board" or "Trustees"). The Fund is managed by THOR Analytics, LLC dba THOR Financial Technologies, LLC (the "Adviser") and uses Ai Alpha LLC (the "Sub-Adviser") as its sub-adviser. The Trust is comprised of three series. The Board may establish other series and offer shares of a new fund under the Trust at any time.

The Fund may issue an unlimited number of shares of beneficial interest ("Shares"). All Shares have equal rights and privileges. Each Share is entitled to one vote on all matters as to which Shares are entitled to vote. In addition, each Share is entitled to participate equally with other Shares (i) in dividends and distributions declared by the Fund and (ii) on liquidation to its proportionate share of the assets remaining after satisfaction of outstanding liabilities. Shares are fully paid, non-assessable and fully transferable when issued and have no pre-emptive, conversion or exchange rights.

The Fund issues and redeems Shares at net asset value ("NAV") only in aggregations of 10,000 Shares (each a "Creation Unit"). The Fund issues and redeems Creation Units principally in exchange for a basket of securities (the "Deposit Securities"), together with the deposit of a specified cash payment (the "Cash Component"), plus a transaction fee (unless waived). Shares of the Fund are listed, subject to notice of issuance, on the New York Stock Exchange ("NYSE" or the "Exchange"). Shares trade on the Exchange at market prices that may be below, at, or above NAV.

The Fund reserves the right to offer creations and redemptions of Shares for cash. In each instance of such cash creations or redemptions, transaction fees, may be imposed and may be higher than the transaction fees associated with in-kind creations or redemptions. See PURCHASE, REDEMPTION AND PRICING OF SHARES below.

**Exchange Listing and Trading**

Shares are listed for trading, and trade throughout the day, on the Exchange. There can be no assurance that the requirements of the Exchange necessary to maintain the listing of Shares will continue to be met.

The Exchange may, but is not required to, remove Shares from listing under certain circumstances, including if: (1) following the initial twelve-month period beginning upon the commencement of trading of the Fund, there are fewer than 50 beneficial holders of Shares; (2) the Exchange has halted trading in Shares because the NAV is not disseminated to all market participants at the same time, the holdings of the Fund are not made available on at least a quarterly basis as required by the Investment Company Act of 1940, as amended (the "1940 Act"), or such holdings are not made available to all market participants at the same time pursuant to the rules applicable to the Exchange and such issue persists past the trading day in which it occurred; (3) the Exchange has halted trading in Shares pursuant to the rules applicable to the Exchange and such issue persists past the trading day in which it occurred; (4) the Trust has failed to file any filings required by the U.S. Securities and Exchange Commission (the "SEC") or the Exchange is aware that the Trust is not in compliance with the conditions of any exemptive order or no-action relief granted by the SEC to the Trust with respect to the Fund; (5) any of the continued listing requirements set forth in rules applicable to the Exchange are not continuously maintained; (6) any of the applicable continued listing representations for the Fund are not continuously met; or (7) such other event shall occur or condition exists that, in the opinion of the Exchange, makes further dealings on the Exchange inadvisable. In addition, the Exchange will remove Shares from listing and trading upon termination of the Trust or the Fund.

The Exchange will also remove shares of the Fund from listing and trading upon termination of the Fund or in the event the Fund does not comply with the continuous listing standards of the Exchange.

As in the case of other publicly-traded securities, when you buy or sell shares of the Fund through a broker, you may incur a brokerage commission determined by that broker, as well as other charges.

**TYPES OF INVESTMENTS**

A discussion of the Fund's investment policies and the risks associated with an investment in the Fund is contained in the Prospectus. The discussion below supplements, and should be read in conjunction with, the Prospectus.

An investment in the Fund should be made with an understanding that the value of the Fund's portfolio securities may fluctuate in accordance with changes in the financial condition of the issuers of the portfolio securities, the value of securities in general and other factors that affect the market.

An investment in the Fund should be made with an understanding of the risks inherent in an investment in securities, including the risk that the general condition of the securities market may deteriorate. Securities are susceptible to general securities market fluctuations and to volatile increases and decreases in value as market confidence changes. 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.

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 the 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. The performance of the Fund may vary due to asset valuation differences. The Fund may fair value certain of the securities it holds, although it is not expected that securities will need to be fair valued because all of the portfolio securities (other than money market instruments) will be exchange-traded on a regulated, U.S. exchange. There may also be differences between the Fund's portfolio as a result of legal restrictions, cost or liquidity constraints. Similarly, liquidity constraints also may delay the Fund's purchase or sale of securities.

Securities of Other Investment Companies

The Fund may invest in securities issued by other investment companies. The Fund intends to limit its investments in accordance with applicable law or as permitted by Rule 12d1-4 under the 1940 Act. Among other things, such law would limit these investments so that, as determined immediately after a securities purchase is made by the Fund: (a) not more than 5% of the value of its total assets will be invested in the securities of any one investment company; (b) not more than 10% of the value of its total assets will be invested in the aggregate in securities of investment companies as a group ; (c) not more than 3% of the outstanding voting stock of any one investment company will be owned by the Fund; and (d) not more than 10% of the outstanding voting stock of any one closed-end investment company will be owned by the Fund together with all other investment companies that have the same advisor. Under certain sets of conditions, different sets of restrictions may be applicable. As a shareholder of another investment company, the Fund would bear, along with other shareholders, its proportionate share of that investment company's expenses, including advisory fees. These expenses would be in addition to the advisory and other expenses that the Fund bears directly in connection with its own operations. Investment companies in which the Fund may invest may also impose a sales or distribution charge in connection with the purchase or redemption of their shares and other types of commissions or charges. Such charges will be payable by the Fund and, therefore, will be borne directly by the Fund's shareholders.

To the extent applicable, the Fund also intends to rely on Section 12(d)(1)(F) and Rule 12d1-4 under the 1940 Act which in conjunction with one another allow registered investment companies (such as the Fund) to exceed the limitations set forth above, provided the aggregate sales loads any investor pays (i.e., the combined distribution expenses of both the acquiring fund and the acquired funds) do not exceed the limits on sales loads established by Financial Industry Regulatory Authority ("FINRA") for funds of funds, and the registered investment company "mirror votes" any securities purchased pursuant to Section 12(d)(1)(F).

Exchange Traded Funds ("ETFs")

ETFs are often passive funds that track their related index and have the flexibility of trading like a security. They are managed by professionals and typically provide the investor with diversification, cost and tax efficiency, liquidity, marginability, are useful for hedging, have the ability to go long and short, and some provide quarterly dividends. Additionally, some ETFs are unit investment trusts.

ETFs have two markets. The primary market is where institutions swap "creation units" in block-multiples of, for example, 25,000 shares for in-kind securities and cash in the form of dividends. The secondary market is where individual investors can trade as little as a single share during trading hours on the exchange. This is different from open-ended mutual funds that are traded after hours once the NAV is calculated. ETFs share many similar risks with open-end and closed-end funds.

When the Fund invests in sector ETFs, there is a risk that securities within the same group of industries will decline in price due to sector-specific market or economic developments. If the Fund invests more heavily in a particular sector, the value of its shares may be especially sensitive to factors and economic risks that specifically affect that sector. As a result, the Fund's share price may fluctuate more widely than the value of shares of a mutual fund that invests in a broader range of industries. Additionally, some sectors could be subject to greater government regulation than other sectors. Therefore, changes in regulatory policies for those sectors may have a material effect on the value of securities issued by companies in those sectors. The sectors in which the Fund may be more heavily invested will vary.

There is a risk that the underlying ETFs in which the Fund invests may terminate due to extraordinary events that may cause any of the service providers to the ETFs, such as the trustee or sponsor, to close or otherwise fail to perform their obligations to the ETF. Also, because the ETFs in which the Fund intends to invest may be granted licenses by agreement to use the indices as a basis for determining their compositions and/or otherwise to use certain trade names, the ETFs may terminate if such license agreements are terminated. In addition, an ETF may terminate if its entire net asset value falls below a certain amount. Although the Fund believes that, in the event of the termination of an underlying ETF the Fund will be able to invest instead in shares of an alternate ETF tracking the same market index or another market index with the same general market, there is no guarantee that shares of an alternate ETF would be available for investment at that time. To the extent the Fund invests in a sector product, the Fund will be subject to the risks associated with that sector.

Concentration of Investments

The Fund may be susceptible to an increased risk of loss, including losses due to adverse events that affect the Fund's investments more than the market as a whole, to the extent that the Fund's investments are concentrated in the securities of a particular issuer or issuers, country, group of countries, region, market, industry, group of industries, sector or asset class. Shares are subject to the risks of an investment in a portfolio of equity securities in an industry or group of industries in which the Fund invests.

Equity Securities

Equity securities in which the Fund is permitted to invest include common stocks and preferred stocks. The value of equity securities varies in response to many factors, including the activities and financial condition of individual companies, the business market in which individual companies compete and general market and economic conditions. Equity securities fluctuate in value, often based on factors unrelated to the value of the issuer of the securities, and such fluctuations can be significant.

Common Stock

Common stock represents an equity (ownership) interest in a company, and usually possesses voting rights and earns dividends. Dividends on common stock are not fixed but are declared at the discretion of the issuer. Common stock generally represents the riskiest investment in a company. In addition, common stock generally has the greatest appreciation and depreciation potential because increases and decreases in earnings are usually reflected in a company's stock price.

Preferred Stock

Preferred stock is a class of stock having a preference over common stock as to the payment of dividends and the recovery of investment should a company be liquidated, although preferred stock is usually junior to the debt securities of the issuer. Preferred stock typically does not possess voting rights and its market value may change based on changes in interest rates.

A fundamental risk of investing in common and preferred stock is the risk that the value of the stock might decrease. Stock values fluctuate in response to the activities of an individual company or in response to general market and/or economic conditions. Historically, common stocks have provided greater long-term returns and have entailed greater short-term risks than preferred stocks, fixed-income securities and money market investments. The market value of all securities, including common and preferred stocks, is based upon the market's perception of value and not necessarily the book value of an issuer or other objective measures of a company's worth.

Company-Specific Risk

The possibility that a particular stock may lose value due to factors specific to the company itself, including deterioration of its fundamental characteristics, an occurrence of adverse events at the company, or a downturn in its business prospects.

Exchange Traded Notes

The Fund generally may not invest in bonds although it may invest in exchange traded notes. Exchange listed notes are a fixed income instrument whose interest and/or principal is linked to the value of one or more other assets, such as equities.

An issuer of an exchange traded note may have the right to redeem or "call" the note before maturity, in which case a fund may have to reinvest the proceeds at lower market rates. Exchange traded notes are unsecured (backed only by the issuer's general creditworthiness)). There is a risk that the issuers of the securities may not be able to meet their obligations on interest or principal payments at the time called for by an instrument.

Real Estate Investment Trusts

The Fund may invest in securities of real estate investment trusts ("REITs"). REITs are publicly traded corporations or trusts that specialize in acquiring, holding and managing residential, commercial or industrial real estate. A REIT is not taxed at the entity level on income distributed to its shareholders or unitholders if it distributes to shareholders or unitholders at least 95% of its taxable income for each taxable year and complies with regulatory requirements relating to its organization, ownership, assets and income.

REITs generally can be classified as "Equity REITs", "Mortgage REITs" and "Hybrid REITs." An Equity REIT invests the majority of its assets directly in real property and derives its income primarily from rents and from capital gains on real estate appreciation, which are realized through property sales. A Mortgage REIT invests the majority of its assets in real estate mortgage loans and services its income primarily from interest payments. A Hybrid REIT combines the characteristics of an Equity REIT and a Mortgage REIT. Although the Fund can invest in all three kinds of REITs, its emphasis is expected to be on investments in Equity REITs.

Investments in the real estate industry involve particular risks. The real estate industry has been subject to substantial fluctuations and declines on a local, regional and national basis in the past and may continue to be in the future. Real property values and income from real property continue to be in the future. Real property values and income from real property may decline due to general and local economic conditions, overbuilding and increased competition, increases in property taxes and operating expenses, changes in zoning laws, casualty or condemnation losses, regulatory limitations on rents, changes in neighborhoods and in demographics, increases in market interest rates, or other factors. Factors such as these may adversely affect companies that own and operate real estate directly, companies that lend to such companies, and companies that service the real estate industry.

Investments in REITs also involve risks. Equity REITs will be affected by changes in the values of and income from the properties they own, while Mortgage REITs may be affected by the credit quality of the mortgage loans they hold. In addition, REITs are dependent on specialized management skills and on their ability to generate cash flow for operating purposes and to make distributions to shareholders or unitholders REITs may have limited diversification and are subject to risks associated with obtaining financing for real property, as well as to the risk of self-liquidation. REITs also can be adversely affected by their failure to qualify for tax-free pass-through treatment of their income under the Internal Revenue Code of 1986, as amended (the "Tax Code"), or their failure to maintain an exemption from registration under the 1940 Act. By investing in REITs indirectly through the Fund, a shareholder bears not only a proportionate share of the expenses of the Fund, but also may indirectly bear similar expenses of some of the REITs in which it invests.

United States Government Obligations

These consist of various types of marketable securities issued by the United States Treasury, i.e., bills, notes and bonds. Such securities are direct obligations of the United States government and differ mainly in the length of their maturity. Treasury bills, the most frequently issued marketable government security, have a maturity of up to one year and are issued on a discount basis.

Repurchase Agreements

The Fund may enter into repurchase agreements. In a repurchase agreement, an investor (such as the Fund) purchases a security (known as the "underlying security") from a securities dealer or bank. Any such dealer or bank must be deemed creditworthy by the Adviser. At that time, the bank or securities dealer agrees to repurchase the underlying security at a mutually agreed upon price on a designated future date. The repurchase price may be higher than the purchase price, the difference being income to the Fund, or the purchase and repurchase prices may be the same, with interest at an agreed upon rate due to the Fund on repurchase. In either case, the income to the Fund generally will be unrelated to the interest rate on the underlying securities. Repurchase agreements must be "fully collateralized," in that the market value of the underlying securities (including accrued interest) must at all times be equal to or greater than the repurchase price. Therefore, a repurchase agreement can be considered a loan collateralized by the underlying securities.

Repurchase agreements are generally for a short period of time, often less than a week, and will generally be used by the Fund to invest excess cash or as part of a temporary defensive strategy. In the event of a bankruptcy or other default by the seller of a repurchase agreement, the Fund could experience both delays in liquidating the underlying security and losses. These losses could result from: (a) possible decline in the value of the underlying security while the Fund is seeking to enforce its rights under the repurchase agreement; (b) possible reduced levels of income or lack of access to income during this period; and (c) expenses of enforcing its rights.

Trading in Futures Contracts

The Fund may invest in exchange traded futures contracts that reference a security or index comprised of securities that the Fund may invest in directly, or that provide returns of a sector index. A futures contract provides for the future sale by one party and purchase by another party of a specified amount of a specific financial instrument (e.g., units of a stock index) for a specified price, date, time and place designated at the time the contract is made. Brokerage fees are paid when a futures contract is bought or sold, and margin deposits must be maintained. Entering into a contract to buy is commonly referred to as buying or purchasing a contract or holding a long position. Entering into a contract to sell is commonly referred to as selling a contract or holding a short position.

Unlike when the Fund purchases or sells a security, no price would be paid or received by the Fund upon the purchase or sale of a futures contract. Upon entering into a futures contract, and to maintain the Fund's open positions in futures contracts, the Fund would be required to deposit with its custodian or futures broker in a segregated account in the name of the futures broker an amount of cash, U.S. government securities, suitable money market instruments, or other liquid securities, known as "initial margin." The margin required for a particular futures contract is set by the exchange on which the contract is traded and may be significantly modified from time to time by the exchange during the term of the contract. Futures contracts are customarily purchased and sold on margins that may range upward from less than 5% of the value of the contract being traded.

If the price of an open futures contract changes (by increase in underlying instrument or index in the case of a sale or by decrease in the case of a purchase) so that the loss on the futures contract reaches a point at which the margin on deposit does not satisfy margin requirements, the broker will require an increase in the margin. However, if the value of a position increases because of favorable price changes in the futures contract so that the margin deposit exceeds the required margin, the broker will pay the excess to the Fund.

These subsequent payments, called "variation margin," to and from the futures broker, are made on a daily basis as the price of the underlying assets fluctuate making the long and short positions in the futures contract more or less valuable, a process known as "marking to the market." The Fund expects to earn interest income on margin deposits.

Although certain futures contracts, by their terms, require actual future delivery of and payment for the underlying instruments, in practice most futures contracts are usually closed out before the delivery date. Closing out an open futures contract purchase or sale is effected by entering into an offsetting futures contract sale or purchase, respectively, for the same aggregate amount of the identical underlying instrument or index and the same delivery date. If the offsetting purchase price is less than the original sale price, the Fund realizes a gain; if it is more, the Fund realizes a loss. Conversely, if the offsetting sale price is more than the original purchase price, the Fund realizes a gain; if it is less, the Fund realizes a loss. The transaction costs must also be included in these calculations. There can be no assurance, however, that the Fund will be able to enter into an offsetting transaction with respect to a particular futures contract at a particular time. If the Fund is not able to enter into an offsetting transaction, the Fund will continue to be required to maintain the margin deposits on the futures contract.

**INVESTMENT RESTRICTIONS**

The Fund has adopted the following investment restrictions that may not be changed without approval by a "majority of the outstanding shares" of the Fund, which, as used in this SAI, means the vote of the lesser of (a) 67% or more of the shares of the Fund represented at a meeting, if the holders of more than 50% of the outstanding shares of the Fund are present or represented by proxy, or (b) more than 50% of the outstanding shares of the Fund. The Fund may not:

&nbsp;&nbsp;&nbsp;&nbsp;1. Issue
senior securities, except as otherwise permitted under the 1940 Act, and the rules and regulations promulgated thereunder, which allow
a borrowing from a bank where the Fund maintains an asset coverage ratio of at least 300% while the borrowing is outstanding;

&nbsp;&nbsp;&nbsp;&nbsp;2. Borrow
money, except (a) from a bank, provided that immediately after such borrowing there is an asset coverage of 300% for all borrowings of
the Fund; or (b) from a bank or other persons for temporary purposes only, provided that such temporary borrowings are in an amount not
exceeding 5% of the Fund's total assets at the time when the borrowing is made. This limitation does not preclude the Fund from
entering into reverse repurchase transactions, provided that the Fund has an asset coverage of 300% for all borrowings and repurchase
commitments of the Fund pursuant to reverse repurchase transactions;

&nbsp;&nbsp;&nbsp;&nbsp;3. Purchase
securities on margin, participate on a joint or joint and several basis in any securities trading account, or underwrite securities.
This limitation does not preclude the Fund from obtaining such short-term credit as may be necessary for the clearance of purchases and
sales of its portfolio securities, and except to the extent that the Fund may be deemed an underwriter under the Securities Act, by virtue
of disposing of portfolio securities;

&nbsp;&nbsp;&nbsp;&nbsp;4. Purchase
or sell real estate or interests in real estate. This limitation is not applicable to investments in marketable securities that are secured
by or represent interests in real estate. This limitation does not preclude the Fund from investing in mortgage-related securities or
investing in companies engaged in the real estate business or that have a significant portion of their assets in real estate (including
REITs);

&nbsp;&nbsp;&nbsp;&nbsp;5. Purchase
or sell commodities (unless acquired as a result of ownership of securities or other investments) or commodity futures contracts, except
that the Fund may purchase and sell futures contracts and options to the full extent permitted under the 1940 Act, sell foreign currency
contracts in accordance with any rules of the Commodity Futures Trading Commission, invest in securities or other instruments backed
by commodities, and invest in companies that are engaged in a commodities business or have a significant portion of their assets in commodities;

&nbsp;&nbsp;&nbsp;&nbsp;6. Invest
more than 25% of the market value of its assets in the securities of companies engaged in any one industry or group of industries. This
limitation does not apply to investment in the securities of the U.S. government, its agencies or instrumentalities; or

&nbsp;&nbsp;&nbsp;&nbsp;7. Make
loans to others, except that the Fund may, in accordance with its investment objective and policies, (i) lend portfolio securities, (ii)
purchase and hold debt securities or other debt instruments, including but not limited to loan participations and sub-participations,
assignments, and structured securities, (iii) make loans secured by mortgages on real property, (iv) enter into repurchase agreements,
(v) enter into transactions where each loan is represented by a note executed by the borrower, and (vi) make time deposits with financial
institutions and invest in instruments issued by financial institutions. For purposes of this limitation, the term "loans"
shall not include the purchase of a portion of an issue of publicly distributed bonds, debentures or other securities.

If a restriction on the Fund's investments is adhered to at the time an investment is made, a subsequent change in the percentage of Fund assets invested in certain securities or other instruments of the Fund's investment portfolio, resulting from changes in the value of the Fund's total assets, will not be considered a violation of the restriction; provided, however, that the asset coverage requirement applicable to borrowings shall be maintained in the manner contemplated by applicable law.

With respect to fundamental investment limitation #2 above, if the Fund's asset coverage falls below 300%, the Fund will reduce borrowing within 3 days in order to ensure that the Fund has 300% asset coverage.

Although fundamental investment limitation #7 reserves for the Fund the ability to make loans, there is no present intent to loan money or portfolio securities and additional disclosure will be provided if such a strategy is implemented in the future.

In addition, the Fund has elected to be classified as a diversified fund as defined by the 1940 Act, which election may not be changed without approval by a "majority of the outstanding shares" of the Fund as described above.

**POLICIES AND PROCEDURES FOR DISCLOSURE OF PORTFOLIO HOLDINGS**

The Trust has adopted a policy regarding the disclosure of information about the Fund's portfolio holdings. The Fund and its service providers may not receive compensation or any other consideration (which includes any agreement to maintain assets in the Fund or in other investment companies or accounts managed by the Adviser or any affiliated person of the Adviser) in connection with the disclosure of portfolio holdings information of the Fund. The Trust's policy is implemented and overseen by the Chief Compliance Officer of the Trust, subject to the oversight of the Board. Periodic reports regarding these procedures will be provided to the Board. The Trust, the Adviser and the Distributor (as defined below) will not disseminate non-public information concerning the Trust. The Board must approve all material amendments to this policy.

Each business day, the Fund's portfolio holdings information will generally be provided for dissemination through the facilities of the National Securities Clearing Corporation ("NSCC") and/or other fee-based subscription services to NSCC members and/or subscribers to those other fee-based subscription services, including Authorized Participants (as defined below), and to entities that publish and/or analyze such information in connection with the process of purchasing or redeeming Creation Units or trading shares of the Fund in the secondary market. This information typically reflects the Fund's anticipated holdings as of the next Business Day (as defined below).

Access to information concerning the Fund's portfolio holdings may be permitted to personnel of third-party service providers, including the Fund's custodian, transfer agent, auditors and counsel, as may be necessary to conduct business in the ordinary course in a manner consistent with such service providers' agreements with the Trust on behalf of the Fund.

Portfolio holdings information made available in connection with the creation/redemption process may be provided to other entities that provide services to the Fund in the ordinary course of business after it has been disseminated to the NSCC. From time to time, information concerning portfolio holdings other than portfolio holdings information made available in connection with the creation/redemption process, as discussed above, may be provided to other entities that provide services to the Fund, including rating or ranking organizations, in the ordinary course of business, no earlier than one business day following the date of the information.

The Fund discloses on its website at www.thorfunds.com at the start of each Business Day the identities and quantities of the securities and other assets held by the Fund that will form the basis of the Fund's calculation of its NAV on that Business Day. The portfolio holdings so disclosed will be based on information as of the close of business on the prior Business Day and/or trades that have been completed prior to the opening of business on that Business Day and that are expected to settle on that Business Day. The Fund may also concurrently disclose this portfolio holdings information directly to ratings agencies on a daily basis.

*Quarterly Portfolio Schedule*. The Trust is required to disclose, after its first and third fiscal quarters, the complete schedule of the Fund's portfolio holdings with the SEC on Form N-PORT. The Trust will disclose a complete schedule of the Fund's portfolio holdings with the SEC on Form N-CSR after its second and fourth quarters.

Form N-PORT and Form N-CSR for the Fund will be available on the SEC's website at <u>www.sec.gov</u>. The Fund's Form N-PORT and Form N-CSR will be available without charge, upon request, by calling 1-800-974-6964, visiting the Fund's website at www.thorfunds.com or by writing to: THOR AdaptiveRisk Dynamic ETF, c/o Ultimus Fund Solutions, LLC, 225 Pictoria Drive, Suite 450, Cincinnati, OH 45246.

**The Adviser and Sub-Adviser.** Personnel of the Adviser and Sub-Adviser, including personnel responsible for the management of the Fund's portfolio, may have full daily access to Fund portfolio holdings since that information is necessary in order for the Adviser to provide its management, administrative, and investment services to the Fund. As required for purposes of analyzing the impact of existing and future market changes on the prices, availability, as demand and liquidity of such securities, as well as for the assistance of the portfolio manager in the trading of such securities, Adviser and Sub-Adviser personnel may also release and discuss certain portfolio holdings with various broker-dealers.

**The Administrator.** Ultimus Fund Solutions, LLC is the fund accountant, administrator and custody administrator for the Fund; therefore, its personnel have full daily access to the Fund's portfolio holdings since that information is necessary in order for them to provide the agreed-upon services for the Trust.

**The Custodian.** Brown Brothers Harriman & Co. is the custodian and transfer agent for the Fund; therefore, its personnel have full daily access to the Fund's portfolio holdings since that information is necessary in order for them to provide the agreed-upon services for the Trust.

**The Auditor.** Cohen & Company, Ltd. is the Fund's independent registered public accounting firm; therefore, its personnel have access to the Fund's portfolio holdings in connection with auditing of the Fund's annual financial statements and providing assistance and consultation in connection with SEC filings.

**Legal Counsel.** Thompson Hine LLP is counsel to the Fund; therefore, its personnel have access to the Fund's portfolio holdings in connection with review of the Fund's annual and semi-annual shareholder reports and SEC filings.

**Additions to List of Approved Recipients**

The Trust's Chief Compliance Officer is the person responsible, and whose prior approval is required, for any disclosure of the Fund's portfolio securities at any time or to any persons other than those described above. In such cases, the recipient must have a legitimate business need for the information and must be subject to a duty to keep the information confidential. There are no ongoing arrangements in place with respect to the disclosure of portfolio holdings. In no event shall the Fund, the Adviser, or any other party receive any direct or indirect compensation in connection with the disclosure of information about the Fund's portfolio holdings.

**Compliance with Portfolio Holdings Disclosure Procedures**

The Trust's Chief Compliance Officer will report periodically to the Board with respect to compliance with the Fund's portfolio holdings disclosure procedures, and from time to time will provide the Board any updates to the portfolio holdings disclosure policies and procedures.

There is no assurance that the Trust's policies on disclosure of portfolio holdings will protect the Fund from the potential misuse of holdings information by individuals or firms in possession of that information.

**MANAGEMENT**

The business of the Trust is managed under the direction of the Board in accordance with the Agreement and Declaration of Trust and the Trust's By-laws (the "Governing Documents"), which have been filed with the SEC and are available upon request. The Board consists of four individuals, three of whom are not "interested persons" (as defined under the 1940 Act) of the Trust or any investment adviser to any series of the Trust ("Independent Trustees"). Pursuant to the Governing Documents, the Trustees shall elect officers including a President, a Secretary, a Treasurer, a Principal Executive Officer and a Principal Accounting Officer. The Board retains the power to conduct, operate and carry on the business of the Trust and has the power to incur and pay any expenses, which, in the opinion of the Board, are necessary or incidental to carry out any of the Trust's purposes. The Trustees, officers, employees and agents of the Trust, when acting in such capacities, shall not be subject to any personal liability except for his or her own bad faith, willful misfeasance, gross negligence or reckless disregard of his or her duties.

**Board Leadership Structure**

The Trust is led by Bradley Roth, who has served as the Chairman of the Board since June 2022. The Independent Trustees constitute a majority of the Board and under certain 1940 Act governance guidelines that apply to the Trust, the Independent Trustees meet in executive session, at least quarterly. Under the Governing Documents, the Chairman of the Board is responsible for (a) presiding at board meetings, (b) calling special meetings on an as-needed basis, (c) executing and administering of Trust policies including (i) setting the agendas for board meetings and (ii) providing information to board members in advance of each board meeting and between board meetings. The Trust believes that its Chairman, the independent chair of the Audit Committee, and, as an entity, the full Board, provide effective leadership that is in the best interests of the Trust, its fund and each shareholder.

**Board Risk Oversight**

The Board has a standing independent Audit Committee and Nominating and Governance Committee, each with a separate chair. The Board is responsible for overseeing risk management, and the full Board regularly engages in discussions of risk management and receives compliance reports that inform its oversight of risk management from its Chief Compliance Officer at quarterly meetings and on an ad hoc basis, when and if necessary. The Audit Committee considers financial and reporting risk within its area of responsibilities. Generally, the Board believes that its oversight of material risks is adequately maintained through the compliance-reporting chain where the Chief Compliance Officer is the primary recipient and communicator of such risk-related information. The primary purposes of the Nominating and Governance Committee are to consider and evaluate the structure, composition and operation of the Board, to evaluate and recommend individuals to serve on the Board of the Trust, and to

consider and make recommendations relating to the compensation of the Trust's independent trustees. The Nominating and Governance Committee may consider recommendations for candidates to serve on the Board from any source it deems appropriate.

**Trustee Qualifications**

Generally, the Trust believes that each Trustee is competent to serve because of their individual overall merits including: (i) experience, (ii) qualifications, (iii) attributes and (iv) skills.

*Bradley Roth, CFP*. Mr. Roth has significant experience in the asset management and financial services industry. He is a co-founder and managing member of THOR Financial Technologies, LLC and currently serves as its Chief Investment Officer. He is a Partner and Licensed Insurance Agent at McDowell Associates, which provides insurance brokerage and investment management services for individuals and businesses. Mr. Roth was previously a managing partner and co-founder of Sardonyx Capital Management, LLC and Sardonyx Capital Advisors, LLC, where he led a quantitative securities fund. Mr. Roth possesses an in depth understanding of investment advisory services from over a decade of trading experience, with seven of these years spent as a professional trading advisor. Mr. Roth holds a bachelor's degree in business administration from Duquesne University. In addition, Mr. Roth is licensed under Series 66 and Series 3 of FINRA, and examination qualified for Pennsylvania Property & Casualty, Life, Health, and Accident insurance. This practical and extensive experience in the securities industry provides valuable insight into fund operations and investment advisers and enhances his ability to effectively serve as chairman of the Board.

*Mark D. Gibbons, CPA, CIA.* Mr. Gibbons has extensive experience in accounting, financial reporting and auditing. He is a finance, audit, and governance professional with more than 35 years of leadership experience across public companies, professional services firms, consulting organizations and government. Mr. Gibbons has technical expertise in accounting and audits with executive-level responsibility for governance, regulatory compliance and board engagement. He currently serves as an Audit Partner in the Assurance & Advisory Practice at Urish Popeck & Co., LLC, where he provides assurance and advisory services and serves as a trusted advisor to chief executive officers, chief financial officers, and boards across private, public, and nonprofit organizations. Mr. Gibbons previously served as Senior Vice President and Chief Financial Officer of CNX Gas Corporation, a publicly traded upstream oil and gas exploration and production company, where he led accounting, SEC reporting, internal controls, providing investor relations services and worked directly with the board of directors and audit committee. Earlier in his career, Mr. Gibbons held senior leadership roles at PricewaterhouseCoopers LLP, Jefferson Wells International, and Protiviti, Inc., focused on audit, internal control, and enterprise risk advisory. He currently serves as Board Chairperson and Finance Committee Chair of Pittsburgh Mercy, one of the region's largest nonprofit social service organizations. Mr. Gibbons holds a Bachelor of Science in Accounting from Franciscan University and is a Certified Public Accountant (Pennsylvania) and Certified Internal Auditor.

*Rasheed Hammouda*, Mr. Hammouda has a broad business background and experience in the financial services industry. He co-founded Bridge Financial Technology ("BridgeFT"), a portfolio management software and data infrastructure provider for investment advisers, banks, and FinTechs. Mr. Hammouda is a Director of BridgeFT, and formerly served as its Chief Executive Officer from 2015 to February 2022. Mr. Hammouda also serves as the Head of Product at Compound, formerly Alternativ, a digital wealth management and private investment platform. Mr. Hammouda serves as a guest lecturer and/or mentor on occasion at various institutions such as Northwestern University and DePaul University. He holds a Bachelor of Arts in Economics from Kalamazoo College and completed the General Course at the London School of Economics.

*John Cooper*. Mr. Cooper has significant experience in the investment management and financial services industry, including serving as the Managing Director, Head of US Distribution, and President of Morgan Stanley Distribution, Inc. He was previously the President, Chief Executive Officer, and Head of US Sales of Invesco Distributors, Inc. Mr. Cooper is currently an advisory board member of Alpha TrAI, a company that created an autonomous investment technology platform and offers various investment products. He is also a member of the advisory board of FLX Distribution, a fintech company focusing on asset management distribution, and transform AI. Mr. Cooper is a Founding Member of the Houston Chapter of Private Directors Association. He holds a Bachelor of Science in Marketing and Human Resources Management from Boston College.

The Trust does not believe any one factor is determinative in assessing a Trustee's qualifications, but that the collective experience of each Trustee makes them each highly qualified.

The following is a list of the Trustees and executive officers of the Trust and each person's principal occupation over the last five years. The business address of each Trustee and Officer is 327 W. Pittsburgh Street, Greensburg, PA 15601. All correspondence to the Trustees and Officers should be directed to c/o Ultimus Fund Solutions, LLC, 225 Pictoria Drive, Suite 450, Cincinnati, Ohio 45246.

***Independent Trustees***

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name and Year <br> of Birth** | &nbsp;&nbsp;**Position/Term <br> of Office\*** | &nbsp;&nbsp;**Principal Occupation During the <br> Past Five Years** | &nbsp;&nbsp;**Number of <br> Funds in <br> Fund <br> Complex <br> Overseen <br> by <br> Trustee\*\*** | &nbsp;&nbsp;**Other Directorships held <br> by Trustee During the <br> Past Five Years** |
| Mark Gibbons,<br> 1958 | Trustee, since March 2026 | Audit Partner, Assurance & Advisory Practice Leader of Urish Popeck & Co., LLC since August 2014, a certified public accounting firm that offers comprehensive assurance, tax and risk advisory services.  | 3 |  |
| Rasheed Hammouda, <br> 1991 | Trustee, since June 2022 | Head of Product for Compound (fka Alternativ) since April 2022, a digital wealth management firm, marketplace and investment platform for wealth managers to allocate and manage private investments; Co-founder and CEO of BridgeFT, a portfolio management software and data infrastructure provider for wealth managers, enterprises and FinTechs from 2015 to 2022; Managing Member, Cerro De Orro LLC (private consulting). | 3 |  |
| John Cooper, <br> 1960 | Trustee, since June 2022 | Private equity advisor and advisory board member of Alpha TrAI, an artificial intelligence hedge fund and platform since 2020 to present; President, MSIM Distributors at Morgan Stanley Investment Management from 2017 to 2019. | 3 |  |

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***Interested Trustee and Officers***

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name and Year <br> of Birth** | &nbsp;&nbsp;**Position/Term <br> of Office<sup>\*</sup>** | &nbsp;&nbsp;**Principal Occupation During the <br> Past Five Years** | &nbsp;&nbsp;**Number of <br> Funds in <br> Fund <br> Complex <br> Overseen by <br> Trustee\*\*** | &nbsp;&nbsp;**Other Directorships held <br> by Trustee During the <br> Past Five Years** |
| Bradley Roth\*\*\*, <br> 1988 | Trustee since April 2022, President and Chief Executive Officer since June 2022 | Managing Member and CIO of THOR Financial Technologies, LLC since September 2019; Owner and Licensed Insurance Agent of McDowell Associates since January 2014. | 3 |  |
| Alexander Woodcock, <br> 1989 | Chief Compliance Officer, since June 2022 | Director of PINE Advisor Solutions since 2022; CCO of PINE Distributors LLC since 2022; Vice President of Compliance Services, SS&C ALPS from 2019 to 2022; Manager at Global Operations Oversight, Oppenheimer Funds from 2014 to 2019. | N/A | N/A |
| Kyle Wiggs, <br> 1980 | Treasurer and Chief Financial Officer, since June 2022 | Managing member/investment adviser representative of UX Wealth Partners, LLC since 2020; Managing Member of THOR Financial Technology, LLC since 2019; Managing Member of Exact Strategies, LLC, 2017– 2021. | N/A | N/A |

---

\* The term of office for each Trustee and officer listed above will continue indefinitely until the individual resigns or is removed.

\*\* The term "Fund Complex" refers to the Fund, THOR Index Rotation ETF and THOR Equal Weight Low Volatility ETF, series of the Trust managed by the Adviser.

\*\*\* Mr. Roth is an interested Trustee because he is also an officer of the Adviser.

Audit Committee

The Board has an Audit Committee that consists of all the Independent Trustees. The Audit Committee's responsibilities include: (i) recommending to the Board the selection, retention or termination of the Trust's independent auditors; (ii) reviewing with the independent auditors the scope, performance and anticipated cost of their audit; (iii) discussing with the independent auditors certain matters relating to the Trust's financial statements, including any adjustment to such financial statements recommended by such independent auditors, or any other results of any audit; (iv) reviewing on a periodic basis a formal written statement from the independent auditors with respect to their independence, discussing with the independent auditors any relationships or services disclosed in the statement that may impact the objectivity and independence of the Trust's independent auditors and recommending that the Board take appropriate action in response thereto to satisfy itself of the auditor's independence; and (v) considering the comments of the independent auditors and management's responses thereto with respect to the quality and adequacy of the Trust's accounting and financial reporting policies and practices and internal controls. The Audit Committee operates pursuant to an Audit Committee Charter. The Audit Committee is responsible for seeking and reviewing nominee candidates for consideration as Independent Trustees as is from time to time considered necessary or appropriate. The Audit Committee generally will not consider shareholder nominees. The Audit Committee is also responsible for reviewing and setting Independent Trustee compensation from time to time when considered necessary or appropriate. Rasheed Hammouda serves as chair of the Audit Committee.

Nominating and Governance Committee

The Board has a Nominating and Governance Committee that consists of all the Independent Trustees. The Committee's responsibilities (which may also be conducted by the Board) include: (i) recommend persons to be nominated or re-nominated as Trustees in accordance with the Independent Trustee's Statement of Policy on Criteria for Selecting Independent Trustees; (ii) review the Fund's officers, and conduct Chief Compliance Officer searches, as needed, and provide consultation regarding other CCO matters, as requested; (iii) reviewing trustee qualifications, performance, and compensation; (iv) review periodically with the Board the size and composition of the Board as a whole; (v) annually evaluate the operations of the Board and its committees and assist the Board in conducting its annual self-evaluation; (vi) make recommendations on the requirements for, and means of, Board orientation and training; (vii) periodically review the Board's corporate Governance policies and practices and recommend, as it deems appropriate, any changes to the Board; (ix) considering any corporate governance issues that arise from time to time, and to develop appropriate recommendations for the Board; and (x) supervising counsel for the Independent Trustees. John Cooper serves as the Chairman of the Nominating and Governance Committee. The Nominating and Governance Committee operates pursuant to a Nominating and Governance Committee Charter.

***<u>Compensation</u>***

Each Trustee who is not affiliated with the Trust or an investment adviser to any series of the Trust (each an "Independent Trustee") will receive a quarterly fee of $1,250.00 to be paid by the Trust within 10 days of the commencement of each calendar quarter for his service as a Trustee of the Board and for serving in his respective capacity as Chair of the Audit Committee and Nominating and Governance Committee, as well as reimbursement for any reasonable expenses incurred for attending regularly scheduled Board and Committee meetings.

The Independent Trustee fees are compensated by the Trust, but the payments are made by the Adviser pursuant to the terms of unitary management fee paid to the Adviser by the Fund. None of the executive officers receive compensation from the Trust other than the Chief Compliance Officer.

The table below details the amount of compensation the Trustees are expected to receive from the Fund during the initial fiscal period ending August 31, 2026. Each Independent Trustee is expected to attend all quarterly meetings during the period. The Trust does not have a bonus, profit sharing, pension or retirement plan.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name and Position** | &nbsp;&nbsp;**Aggregate <br> Compensation <br> From the Fund** | &nbsp;&nbsp;**Pension or <br> Retirement <br> Benefits <br> Accrued as <br> Part of <br> Funds <br> Expenses** | &nbsp;&nbsp;**Annual <br> Benefits <br> Upon <br> Retirement** | &nbsp;&nbsp;**Estimated Total <br> Compensation <br> From Trust and <br> Fund Complex\* <br> Paid to Trustees** |
| &nbsp;&nbsp;John Cooper | &nbsp;&nbsp;$5000 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$5000 |
| &nbsp;&nbsp;Mark D. Gibbons | &nbsp;&nbsp;$5000 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$5000 |
| &nbsp;&nbsp;Rasheed Hammouda | &nbsp;&nbsp;$5000 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$5000 |
| &nbsp;&nbsp;Bradley Roth | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 |

---

\* The term "Fund Complex" refers to the Fund, THOR Index Rotation ETF and THOR Equal Weight Low Volatility ETF.

***<u>Management and Trustee Ownership</u>***

As of the date of this SAI, the Trustees and officers, as a group owned no shares of the Fund.

**CONTROL PERSONS AND PRINCIPAL HOLDERS**

A principal shareholder is any person who owns (either of record or beneficially) 5% or more of the outstanding shares of a fund. A control person is one who owns, either directly or indirectly more than 25% of the voting securities of a company or acknowledges the existence of control. A control person is one who owns beneficially or through controlled companies more than 25% of the voting securities of a company or acknowledged the existence of control. As of the date of this SAI, no persons own of record or beneficially 5% or more of the outstanding shares of the Fund.

**INVESTMENT ADVISER AND SUB-ADVISER**

***<u>Investment Adviser and the Management Agreement</u>***

THOR Analytics, LLC, dba THOR Financial Technologies, LLC, 327 W. Pittsburgh Street, Greensburg, PA 15601, serves as the Fund's investment adviser. The Adviser is registered with the SEC as an investment adviser under the Investment Advisers Act of 1940, as amended. The Adviser was founded in 2019. Mr. Roth is the chief investment officer of the Adviser.

Subject to the oversight of the Board, the Adviser is responsible for the overall management of the Fund's investment-related business affairs, including management of the Fund's day-to-day portfolio activity, execution of trades based on signals provided by the Sub-Adviser and monitoring of the Fund's shares on the Exchange. Pursuant to an investment advisory agreement (the "Management Agreement") with the Trust, on behalf of the Fund, the Adviser, subject to the supervision of the Board, and in conformity with the stated policies of the Fund, manages the portfolio investment operations of the Fund. The Adviser has overall supervisory responsibilities for the Sub-Adviser's general management and investment of the Fund's securities portfolio, as detailed below, which are subject to review and approval by the Board. In general, the Adviser's duties include setting the Fund's overall investment strategies and asset allocation in consultation with the Sub-Adviser.

Pursuant to the Management Agreement, the Adviser shall act as the investment adviser to the Fund and, as such shall, perform each of the following, or delegates such to the Sub-Adviser: (i) obtain and evaluate such information relating to the economy, industries, business, securities markets and securities as it may deem necessary or useful in discharging its responsibilities here under, (ii) formulate a continuing program for the investment of the assets of the Fund in a manner consistent with its investment objective, policies and restrictions, and (iii) determine from time to time securities to be purchased, sold, retained or lent by the Fund, and implement those decisions, including the selection of entities with or through which such purchases, sales or loans are to be effected; provided, that the Adviser or Sub-Adviser, or its designee, directly, will place orders pursuant to its investment determinations either directly with the issuer or with a broker or dealer, and if with a broker or dealer, (a) will attempt to obtain the best price and execution of its orders, and (b) may nevertheless in its discretion purchase and sell portfolio securities from and to brokers who provide the Adviser or Sub-Adviser with

research, analysis, advice and similar services and pay such brokers in return a higher commission or spread than may be charged by other brokers. The Adviser also provides the Fund with all necessary office facilities and personnel for servicing the Fund's investments, compensates all officers, Trustees and employees of the Trust who are officers, directors or employees of the Adviser, and all personnel of the Fund or the Adviser performing services relating to research, statistical and investment activities.

In addition, the Adviser, subject to the oversight of the Board, provides the management and supplemental administrative services necessary for the operation of the Fund. These services include providing assistance in supervising relations with custodians, transfer and pricing agents, accountants, underwriters and other persons dealing with the Fund; assisting in the preparing of all general shareholder communications and conducting shareholder relations; assisting in maintaining the Fund's records and the registration of the Fund's shares under federal securities laws and making necessary filings under state securities laws; assisting in developing management and shareholder services for the Fund; and furnishing reports, evaluations and analyses on a variety of subjects to the Trustees.

The Fund pays an annual management fee (computed daily and payable monthly) of 0.85% of the Fund's average daily net assets to the Adviser pursuant to the Management Agreement. The Management Agreement provides that the Fund will pay all (i) brokerage expenses and other fees, charges, taxes, levies or expenses (such as stamp taxes) incurred in connection with the execution of portfolio transactions or in connection with creation and redemption transactions (including without limitation any fees, charges, taxes, levies or expenses related to the purchase or sale of an amount of any currency, or the patriation or repatriation of any security or other asset, related to the execution of portfolio transactions or any creation or redemption transactions); (ii) legal fees or expenses in connection with any arbitration, litigation or pending or threatened arbitration or litigation, including any settlements in connection therewith; (iii) extraordinary expenses (in each case as determined by a majority of the Independent Trustees); (iv) distribution fees and expenses paid by the Trust under any distribution plan adopted pursuant to Rule 12b-1 under the Act; (v) interest and taxes of any kind or nature (including, but not limited to, income, excise, transfer and withholding taxes); (vi) fees and expenses related to the provision of securities lending services; and (vii) the advisory fee payable to the Adviser. The internal expenses of pooled investment vehicles in which the Fund may invest (acquired fund fees and expenses) are not expenses of the Fund and are not paid by the Adviser. The Adviser will pay all other ordinary operating expenses of the Fund.

The Management Agreement will continue in effect for two (2) years initially and shall continue from year to year provided such continuance is approved at least annually by (a) a vote of the majority of the Independent Trustees, cast in person at a meeting specifically called for the purpose of voting on such approval and by (b) the majority vote of either all of the Trustees or the vote of a majority of the outstanding shares of the Fund. The Management Agreement may be terminated without penalty on 60 days written notice by a vote of a majority of the Trustees or by the Adviser, or by holders of a majority of the Fund's outstanding shares (with respect to the Fund). The Management Agreement shall terminate automatically in the event of its assignment.

A discussion regarding the basis for the Board's approval of the Management Agreement will be included in the Fund's first annual or semi-annual Form N-CSR.

**<u>Sub-Adviser and Sub-Advisory Agreement</u>**

Ai Alpha LLC, 5030 Corporate Exchange Blvd., Suite 201, Grand Rapids, MI 49512, serves as the Fund's sub-adviser. The Sub-Adviser is a Michigan limited liability company registered as an investment adviser under the 1940 Act.

Under the supervision of the Adviser, the Sub-Adviser is responsible for the portfolio management of the Fund, with a primary focus on risk-managed portfolio construction, ongoing monitoring and tactical reallocation. The Sub-Adviser will also provide services related to research and analysis, portfolio construction and risk management. The Sub-Adviser is responsible for providing the Adviser with model-driven allocation signals based on its proprietary risk management and portfolio optimization process. The Sub-Adviser serves as a registered distributor to the quant-based models developed by myStockDNA. The Sub-Adviser pays all Fund operating expenses that the Adviser is responsible to pay pursuant to the Management Agreement. As compensation for the sub-advisory services the Sub-Adviser provides to the Fund and its payment of Fund operating expenses, the Adviser pays the Sub-Adviser 0.70% of the Fund's daily net assets pursuant to a sub-advisory agreement between the Adviser and Sub-Adviser with respect to the Fund (the "Sub-Advisory Agreement"). The fee paid to the Sub-Adviser by the Adviser is paid from the Adviser's management fee and is not an additional cost to the Fund.

The Sub-Advisory Agreement is in effect for an initial two-year period and shall continue in effect for successive twelve-month periods, provided that the Board annually approves the Sub-Advisory Agreement for continuance. A discussion

regarding the basis for the Board's approval of the Sub-Advisory Agreement will be included in the Fund's first annual or semi-annual Form N-CSR.

***<u>Codes of Ethics</u>***

The Trust, the Adviser, the Sub-Adviser and the Distributor have each adopted codes of ethics (each a "Code") under Rule 17j-1 under the 1940 Act that governs the personal securities transactions of their board members, officers and employees who may have access to current trading information of the Trust.

In addition, the Trust has adopted a code of ethics (the "Trust Code"), which applies only to the Trust's executive officers to ensure that these officers promote professional conduct in the practice of corporate governance and management. The purpose behind these guidelines is to promote (i) honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships; (ii) full, fair, accurate, timely, and understandable disclosure in reports and documents that the Trust files with, or submits to, the SEC and in other public communications made by the Fund; (iii) compliance with applicable governmental laws, rule and regulations; (iv) the prompt internal reporting of violations of the Trust Code to an appropriate person or persons identified in the Trust Code; and (v) accountability for adherence to the Trust Code.

***<u>Proxy Voting Policies</u>***

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

Where a proxy proposal raises a material conflict between the Adviser's interests and the Fund's interests, the Adviser will resolve the conflict by voting in accordance with the policy guidelines or at the client's directive using the recommendation of an independent third party. If the third party's recommendations are not received in a timely fashion, the Adviser will abstain from voting the securities held by that client's account. A copy of the Adviser's proxy voting policies is attached hereto as Appendix A.

*More information*. Information regarding how the Fund voted proxies relating to portfolio securities held by the Fund during the most recent 12-month period ending June 30 will be available (1) without charge, upon request, by calling the Fund at 1-800-974-6964; (2) on the Fund's website at <u>www.thorfunds.com</u>; and (3) on the SEC's website at <u>http://www.sec.gov</u>. In addition, a copy of the Fund's proxy voting policies and procedures are also available by calling 1-800-974-6964 and will be sent within three business days of receipt of a request.

**THE DISTRIBUTOR**

PINE Distributors LLC (the "Distributor"), located at 501 South Cherry Street, Suite 610, Denver, CO 80246, serves as the principal underwriter and national distributor for the shares of the Fund pursuant to an ETF Distribution Agreement with the Trust (the "Distribution Agreement"). The Distributor is registered as a broker-dealer under the Securities Exchange Act of 1934 and each state's securities laws and is a member of FINRA. The offerings of the Shares are continuous and the Distributor acts as an agent for the Trust. The Distributor will deliver a prospectus to persons purchasing Shares in Creation Units and will maintain records of both orders placed with it and confirmations of acceptance. The Distributor has no role in determining the investments or investment policies of the Fund.

The Distribution Agreement provides that, unless sooner terminated, it will continue in effect for two years initially and thereafter shall continue from year to year, subject to annual approval by (a) the Board or a vote of a majority of the outstanding shares, and (b) by a majority of the Trustees who are not parties to the Distribution Agreement or the Trust's distribution plan or interested persons of the Trust or of the Distributor ("Qualified Trustees") by vote cast in person at a meeting called for the purpose of voting on such approval.

The Distribution Agreement may at any time be terminated, without penalty by the Trust, by vote of a majority of the Qualified Trustees or by vote of a majority of the outstanding shares of the Trust on 60 days' written notice to the other party. The Distribution Agreement will automatically terminate in the event of its assignment.

The Fund does not pay the Distributor any fees under the Distribution Agreement. However, the Adviser pays an annual fee to the Distributor plus reasonable out-of-pocket expenses incurred by Distributor in connection with activities performed for the Fund, including, without limitation, printing and distribution of prospectuses and shareholder reports, out of its own resources.

***<u>Rule 12b-1 Plan</u>***

The Trust, with respect to the Fund, has adopted the Trust's ETF Distribution Plan Pursuant to Rule 12b-1 pursuant to Rule 12b-1 under the 1940 Act (the "Plan") for Shares pursuant to which the Fund is authorized to pay the Distributor, as compensation for Distributor's account maintenance services under the Plan. The Board has approved a distribution and shareholder servicing fee at the rate of up to 0.25% of the Fund's average daily net assets. Such fees are to be paid by the Fund monthly, or at such other intervals as the Board shall determine. Such fees shall be based upon the Fund's average daily net assets during the preceding month and shall be calculated and accrued daily. The Fund may pay fees to the Distributor at a lesser rate, as agreed upon by the Board and the Distributor. The Plan authorizes payments to the Distributor as compensation for providing account maintenance services to Fund shareholders, including arranging for certain securities dealers or brokers, administrators and others ("Recipients") to provide these services and paying compensation for these services. The Fund will bear their own costs of distribution with respect to its shares. The Plan was adopted in order to permit the implementation of the Fund's method of distribution. No fees are currently paid by the Fund under the Plan, and there are no current plans to impose such fees. In the event such fees were to be charged, over time they would increase the cost of an investment in the Fund.

The services to be provided by Recipients may include, but are not limited to, the following: assistance in the offering and sale of Fund shares and in other aspects of the marketing of the shares to clients or prospective clients of the respective recipients; answering routine inquiries concerning the Fund; assisting in the establishment and maintenance of accounts or sub-accounts in the Fund and in processing purchase and redemption transactions; making the Fund's investment plan and shareholder services available; and providing such other information and services to investors in shares of the Fund as the Distributor or the Trust, on behalf of the Fund, may reasonably request. The distribution services shall also include any advertising and marketing services provided by or arranged by the Distributor with respect to the Fund.

The Distributor is required to provide a written report, at least quarterly to the Board, specifying in reasonable detail the amounts expended pursuant to the Plan and the purposes for which such expenditures were made. Further, the Distributor will inform the Board of any Rule 12b-1 fees to be paid by the Distributor to Recipients.

The Plan may not be amended to increase materially the amount of the Distributor's compensation to be paid by the Fund, unless such amendment is approved by the vote of a majority of the outstanding voting securities of the Fund (as defined in the 1940 Act). All material amendments must be approved by a majority of the Board and a majority of the Rule 12b-1 Trustees by votes cast in person at a meeting called for the purpose of voting on the Plan. During the term of the Plan, the selection and nomination of non-interested Trustees of the Trust will be committed to the discretion of current non-interested Trustees. The Distributor will preserve copies of the Plan, any related agreements, and all reports, for a period of not less than six years from the date of such document and for at least the first two years in an easily accessible place.

Any agreement related to the Plan will be in writing and provide that: (a) it may be terminated by the Trust or the Fund at any time upon sixty days written notice, without the payment of any penalty, by vote of a majority of the respective Rule 12b-1 Trustees, or by vote of a majority of the outstanding voting securities of the Trust or the Fund; (b) it will automatically terminate in the event of its assignment (as defined in the 1940 Act); and (c) it will continue in effect for a period of more than one year from the date of its execution or adoption only so long as such continuance is specifically approved at least annually by a majority of the Board and a majority of the Rule 12b-1 Trustees by votes cast in person at a meeting called for the purpose of voting on such agreement.

**PORTFOLIO MANAGER**

Sudhir Holla is the Fund's portfolio manager. As of January 31, 2026, the portfolio manager is responsible for the portfolio management of the following types of accounts in addition to the Fund:

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Total Other<br> Accounts<br> By Type** | &nbsp;&nbsp;**Total Number of <br> Accounts by <br> Account Type** | &nbsp;&nbsp;**Total Assets By <br> Account Type<br> (in millions)** | &nbsp;&nbsp;**Number of <br> Accounts by Type <br> Subject to a <br> Performance Fee** | &nbsp;&nbsp;**Total Assets By <br> Account Type <br> Subject to a <br> Performance Fee<br> (in millions)** |
| &nbsp;&nbsp;Registered Investment Companies | &nbsp;&nbsp;0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;$0 |
| &nbsp;&nbsp;Other Pooled Investment Vehicles | &nbsp;&nbsp;1 | &nbsp;&nbsp;$5 | &nbsp;&nbsp;1 | &nbsp;&nbsp;$4.2 |
| &nbsp;&nbsp;Other Accounts | &nbsp;&nbsp;100 | &nbsp;&nbsp;$180 | &nbsp;&nbsp;0 | &nbsp;&nbsp;$0 |

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***<u>Conflicts of Interest</u>***

***<u>Compensation</u>***

The portfolio manager is the owner of the Sub-Adviser and is compensated solely from the profits of the Sub-Adviser. He does not receive a salary or other bonuses related to managing the Fund.

***<u>Ownership of Securities</u>***

As of the date of this SAI, the portfolio manager beneficially owned the following amounts in the Fund:

Dollar Range of Shares Beneficially Owned in the Fund <br> <u>None</u>

**ALLOCATION OF PORTFOLIO BROKERAGE**

Specific decisions to purchase or sell securities for the Fund are made by the Adviser. The Adviser is authorized by the Trustees to allocate the orders placed by them on behalf of the Fund to brokers or dealers who may, but need not, provide research or statistical material or other services to the Fund or the Adviser for the Fund's use. Such allocation is to be in such amounts and proportions as the Adviser may determine.

In selecting a broker or dealer to execute each particular transaction, the Adviser will take the following into consideration:

● the best net price available;

● the reliability, integrity and financial condition of the broker or dealer;

● the size of and difficulty in executing the order; and

● the value of the expected contribution of the broker or dealer to the investment performance of the Fund on a continuing basis.

Brokers or dealers executing a portfolio transaction on behalf of the Fund may receive a commission in excess of the amount of commission another broker or dealer would have charged for executing the transaction if the Adviser determines in good faith that such commission is reasonable in relation to the value of brokerage and research services provided to the Fund. In allocating portfolio brokerage, the Adviser may select brokers or dealers who also provide brokerage, research and other services to other accounts over which the Adviser exercises investment discretion. Some of the services received as the result of Fund transactions may primarily benefit accounts other than the Fund, while services received as the result of portfolio transactions effected on behalf of those other accounts may primarily benefit the Fund.

**PORTFOLIO TURNOVER**

The Fund's portfolio turnover rate is calculated by dividing the lesser of purchases or sales of portfolio securities for the fiscal year by the monthly average of the value of the portfolio securities owned by the Fund during the fiscal year. The calculation excludes from both the numerator and the denominator securities with maturities at the time of acquisition of one year or less. High portfolio turnover involves correspondingly greater brokerage commissions and other transaction costs, which will be borne directly by the Fund. A 100% turnover rate would occur if all of the Fund's portfolio securities were replaced once within a one-year period.

**OTHER SERVICE PROVIDERS**

*Fund Administration*

Ultimus Fund Solutions, LLC, (the "Administrator"), which has its principal office at 225 Pictoria Drive, Suite 450, Cincinnati, OH 45246, and is primarily in the business of providing administrative, fund accounting and transfer agent services to retail and institutional mutual funds.

Pursuant to an ETF Master Services Agreement with the Fund, the Administrator provides administrative services to the Fund, subject to the supervision of the Board. The Administrator may provide persons to serve as officers of the Fund. Such officers may be directors, officers or employees of the Administrator or its affiliates.

The ETF Master Services Agreement is dated June 2, 2022. The agreement remains in effect for four years from the effective date of the agreement and will remain in effect subject to annual approval of the Board for one-year periods thereafter. The agreement is terminable by the Board or the Administrator on ninety days' written notice and may be assigned provided the non-assigning party provides prior written consent. This agreement provides that in the absence of willful misfeasance, bad faith or gross negligence on the part of the Administrator or reckless disregard of its obligations thereunder, the Administrator shall not be liable for any action or failure to act in accordance with its duties thereunder.

Under the ETF Master Services Agreement, the Administrator provides facilitating administrative services, including: (i) providing services of persons competent to perform such administrative and clerical functions as are necessary to provide effective administration of the Fund; (ii) facilitating the performance of administrative and professional services to the Fund by others, including the Custodian; (iii) preparing, but not paying for, the periodic updating of the Fund's registration statement, prospectuses and SAI in conjunction with Fund counsel, including the printing of such documents for the purpose of filings with the SEC and state securities administrators, and preparing reports to the Fund's shareholders and the SEC; (iv) preparing in conjunction with Fund counsel, but not paying for, all filings under the securities or "Blue Sky" laws of such states or countries as are designated by the Distributor, which may be required to register or qualify, or continue the registration or qualification, of the Fund and/or its shares under such laws; (v) preparing notices and agendas for meetings of the Board and minutes of such meetings in all matters required by the 1940 Act to be acted upon by the Board; and (vi) monitoring daily and periodic compliance with respect to all requirements and restrictions of the 1940 Act, the Tax Code and the Prospectus.

The Administrator also provides the Fund with accounting services, including: (i) daily computation of net asset value; (ii) maintenance of security ledgers and books and records as required by the 1940 Act; (iii) production of the Fund's listing of portfolio securities and general ledger reports; (iv) reconciliation of accounting records; (v) calculation of yield and total return for the Fund; (vi) maintenance of certain books and records described in Rule 31a-1 under the 1940 Act, and reconciliation of account information and balances among the Custodian and Adviser; and (vii) monitoring and evaluation of daily income and expense accruals, and sales and redemptions of shares of the Fund.

For administrative services rendered to the Fund under the agreement, the Administrator is entitled to receive the greater of an annual minimum fee or an asset based fee, which scales downward based upon net assets. For the fund accounting services rendered to the Fund under the Agreement, the Fund pays the Administrator the greater of an annual minimum fee or an asset based fee, which scales downward based upon net assets. The Administrator is also entitled to reimbursement for any out-of-pocket expenses. Under the Fund's unitary management fee, the Adviser pays the ordinary operating expenses of the Fund.

**<u>Transfer Agent</u>**

Brown Brothers Harriman & Co., located at 50 Post Office Square, Boston, MA 02110, acts as transfer, dividend disbursing, and shareholder servicing agent for the Fund pursuant to written agreement with Fund (the "Transfer Agent"). Under the agreement, the Transfer Agent is responsible for administering and performing transfer agent functions, dividend distribution, shareholder administration, and maintaining necessary records in accordance with applicable rules and regulations. Under the Fund's unitary management fee, the Adviser pays the ordinary operating expenses of the Fund.

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

Brown Brothers Harriman & Co., located at 50 Post Office Square, Boston, MA 02110, (the "Custodian"), serves as the custodian of the Fund's assets pursuant to a Custodian and Transfer Agent Agreement by and between the Custodian and the Trust on behalf of the Fund. The Custodian's responsibilities include safeguarding and controlling the Fund's cash and securities, handling the receipt and delivery of securities, and collecting interest and dividends on the Fund's investments. Pursuant to the Custodian and Transfer Agent Agreement, the Custodian also maintains original entry documents and books of record and general ledgers; posts cash receipts and disbursements; and records purchases and sales based upon communications from the Adviser. The Fund may employ foreign sub-custodians that are approved by the Board to hold foreign assets.

**<u>Compliance Officer</u>**

PINE Advisor Solutions, LLC ("PINE"), 501 S. Cherry Street, Suite 1090, Denver, Colorado 80246, provides a Chief Compliance Officer to the Trust as well as related compliance services pursuant to a consulting agreement between PINE and the Trust. PINE's compliance services consist primarily of reviewing and assessing the policies and procedures of the Trust and its service providers pertaining to compliance with applicable federal securities laws, including Rule 38a-1 under the 1940 Act. For the compliance services rendered to the Fund, the Fund pays PINE a one-time fee plus an annual asset based fee, which scales downward based upon net assets. The Fund also pays PINE for any out-of-pocket expenses.

**DESCRIPTION OF SHARES**

Each share of beneficial interest of the Trust has one vote in the election of Trustees. Cumulative voting is not authorized for the Trust. This means that the holders of more than 50% of the shares voting for the election of Trustees can elect 100% of the Trustees if they choose to do so, and, in that event, the holders of the remaining shares will be unable to elect any Trustees.

Shareholders of the current series of the Trust and any other future series of the Trust will vote in the aggregate and not by series except as otherwise required by law or when the Board determines that the matter to be voted upon affects only the interest of the shareholders of a particular series or classes. Matters such as election of Trustees are not subject to separate voting requirements and may be acted upon by shareholders of the Trust voting without regard to series.

The Trust is authorized to issue an unlimited number of shares of beneficial interest. Each share has equal dividend, distribution and liquidation rights. There are no conversion or preemptive rights applicable to any shares of the Fund. All shares issued are fully paid and non-assessable.

**ANTI-MONEY LAUNDERING PROGRAM**

The Trust has established an Anti-Money Laundering Compliance Program (the "Program") as required by the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 ("USA PATRIOT Act"). To ensure compliance with this law, the Trust's Program provides for the development of internal practices,

procedures and controls, designation of anti-money laundering compliance officers, an ongoing training program and an independent audit function to determine the effectiveness of the Program.

Procedures to implement the Program include, but are not limited to, determining that the Fund's Distributor and Transfer Agent have established proper anti-money laundering procedures, reporting suspicious and/or fraudulent activity and a providing a complete and thorough review of all new opening account applications. The Trust will not transact business with any person or entity whose identity cannot be adequately verified under the provisions of the USA PATRIOT Act.

**PURCHASE, REDEMPTION AND PRICING OF SHARES**

**<u>Calculation of Share Price</u>**

As indicated in the Prospectus under the heading "How Shares are Priced," investors may buy and sell Shares in secondary market transactions through brokers at market prices and the Shares will trade at market prices. Only authorized participants may buy and redeem Shares from the Fund and those transactions are effected at the Fund's NAV. The NAV of the Fund's shares is determined by dividing the total value of the Fund's portfolio investments and other assets, less any liabilities, by the total number of shares outstanding of a Fund.

Generally, the Fund's portfolio securities (including underlying ETFs which hold portfolio securities primarily listed on foreign (non-U.S.) exchanges) are valued each day at the last quoted sales price on each security's primary exchange. Securities traded or dealt in upon one or more securities exchanges for which market quotations are readily available and not subject to restrictions against resale shall be valued at the last quoted sales price on the primary exchange or, in the absence of a sale on the primary exchange, at the mean between the current bid and ask prices on such exchange. Securities primarily traded in the NASDAQ National Market System for which market quotations are readily available shall be valued using the NASDAQ Official Closing Price. If market quotations are not readily available, securities will be valued at their fair market value as determined in good faith by the Fund's fair value committee in accordance with procedures approved by the Board and as further described below. Securities that are not traded or dealt in any securities exchange (whether domestic or foreign) and for which over-the-counter market quotations are readily available generally shall be valued at the last sale price or, in the absence of a sale, at the mean between the current bid and ask price on such over-the-counter market.

Certain securities or investments for which daily market quotes are not readily available may be valued, pursuant to guidelines established by the Board, with reference to other securities or indices. Treasury securities not traded on an exchange may be valued at prices supplied by a pricing agent(s) based on broker or dealer supplied valuations or matrix pricing, a method of valuing securities by reference to the value of other securities with similar characteristics, such as rating, interest rate and maturity or \ at amortized cost when it approximated fair value.

Shares are valued at the close of regular trading on the Exchange (normally 4:00 p.m., Eastern time) (the "Exchange Close") on each day that the Exchange is open. For purposes of calculating the NAV, the Fund normally use pricing data for domestic equity securities received shortly after the Exchange Close and does not normally take into account trading, clearances or settlements that take place after the Exchange Close.

When market quotations are insufficient or not readily available, the Fund may value securities at fair value or estimate their value as determined in good faith by the Board or its designees, pursuant to procedures approved by the Board. Fair valuation may also be used by the Board if extraordinary events occur after the close of the relevant market but prior to the Exchange Close.

**<u>Creation Units</u>**

The Fund sells and redeems Shares in Creation Units on a continuous basis through the Distributor, without a sales load, at the NAV next determined after receipt of an order in proper form on any Business Day. A "Business Day" is any day on which the Exchange is open for business. As of the date of this SAI, the Exchange observes the following holidays: New Year's Day, Martin Luther King, Jr. Day, Presidents' Day, Good Friday, Memorial Day, Juneteenth National Independence Day, Independence Day, Labor Day, Thanksgiving Day and Christmas Day.

A Creation Unit is an aggregation of 10,000 Shares for the Fund. The Board may declare a split or a consolidation in the number of Shares outstanding of the Fund or Trust and make a corresponding change in the number of Shares in a Creation Unit.

**<u>Authorized Participants</u>**

Only Authorized Participants that have entered into agreements with the Distributor may purchase or redeem Creation Units. In order to be an Authorized Participant, a firm must be either a broker-dealer or other participant ("Participating Party") in the Continuous Net Settlement System ("Clearing Process") of the NSCC or a participant in DTC with access to the DTC system ("DTC Participant"), and the Authorized Participant must execute an agreement ("Participant Agreement") with the Distributor that governs transactions in the Fund's Creation Units.

Each "Authorized Participant" enters into an authorized participant agreement with the Distributor.

On any given Business Day, the name and quantities of the instruments that constitute Deposit Instruments and the names and quantities of the instruments that constitute Redemption Instruments will correspond pro rata to the positions in the Fund's portfolio (including cash positions) used to calculate the Fund's NAV for that day, and will be identical. These instruments are, in the case of either a purchase or a redemption, the Creation Basket.

The prices at which creations and redemptions occur are based on the next calculation of NAV after a creation or redemption order is received in an acceptable form under the authorized participant agreement. In the event of a system failure or other interruption, including disruptions at market makers or Authorized Participants, orders to purchase or redeem Creation Units either may not be executed according to the Fund's instructions or may not be executed at all, or the Fund may not be able to place or change orders.

To the extent the Fund engages in in-kind transactions, the Fund intends to comply with the U.S. federal securities laws in accepting securities for deposit and satisfying redemptions with redemption securities by, among other means, assuring that any securities accepted for deposit and any securities used to satisfy redemption requests will be sold in transactions that would be exempt from registration under the Securities Act.

Because new Shares may be created and issued on an ongoing basis, at any point during the life of the Fund a "distribution," as such term is used in the Securities Act, may be occurring. Broker-dealers and other persons are cautioned that some activities on their part may, depending on the circumstances, result in their being deemed participants in a distribution in a manner that could render them statutory underwriters subject to the prospectus delivery and liability provisions of the Securities Act. Any determination of whether one is an underwriter must take into account all the relevant facts and circumstances of each particular case. Broker-dealers should also note that dealers who are not "underwriters," but are participating in a distribution (as contrasted to ordinary secondary transactions), and thus dealing with Shares that are part of an "unsold allotment" within the meaning of Section 4(a)(3)(C) of the Securities Act, would be unable to take advantage of the prospectus delivery exemption provided by Section 4(a)(3) of the Securities Act. For delivery of prospectuses to exchange members, the prospectus delivery mechanism of Rule 153 under the Securities Act is available only with respect to transactions on a national securities exchange.

*Costs associated with creations and redemptions.* Authorized Participants are charged standard creation and redemption transaction fees to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units. The standard creation and redemption transaction fees are set forth in the table below. The standard creation transaction fee is charged to the Authorized Participant on the day such Authorized Participant creates a Creation Unit, and is the same regardless of the number of Creation Units purchased by the Authorized Participant on the applicable business day. Similarly, the standard redemption transaction fee is charged to the Authorized Participant on the day such Authorized Participant redeems a Creation Unit, and is the same regardless of the number of Creation Units redeemed by the Authorized Participant on the applicable business day. Creations and redemptions for cash (when cash creations and redemptions (in whole or in part) are available or specified) are also subject to an additional charge (as shown in the table below). This charge is intended to compensate for brokerage, tax, foreign exchange, execution, market impact and other costs and expenses related to cash transactions. Investors who use the services of a broker or other financial intermediary to acquire or dispose of Fund Shares may pay fees for such services.

**<u>Transaction Fees</u>**

A fixed fee payable to the Custodian is imposed on each creation and redemption transaction regardless of the number of Creation Units involved in the transaction ("Fixed Fee"). Purchases and redemptions of Creation Units for cash or involving cash-in-lieu (as defined below) are required to pay an additional variable charge to compensate the Fund and its ongoing shareholders for brokerage and market impact expenses relating to Creation Unit transactions ("Variable Charge," and together with the Fixed Fee, the "Transaction Fees"). The Adviser may waive or adjust the Transaction Fees, including the Fixed Fee and/or Variable Charge (shown in the table below), from time to time. In such cases, the Authorized Participant

will reimburse the Fund for, among other things, any difference between the market value at which the securities and/or financial instruments were purchased by the Fund and the cash-in-lieu amount, applicable registration fees, brokerage commissions and certain taxes. In addition, purchasers of Creation Units are responsible for the costs of transferring the Deposit Securities to the account of the Fund.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Fee for In-Kind and <br> Cash Purchases** | &nbsp;&nbsp;**Maximum Additional Variable <br> Charge for Cash Purchases\*** |
| &nbsp;&nbsp;$200 | &nbsp;&nbsp;2.00% |

---

\* As a percentage of the amount invested.

Investors who use the services of a broker, or other such intermediary may be charged a fee for such services.

**<u>The Clearing Process</u>**

Transactions by an Authorized Participant that is a Participating Party using the NSCC system are referred to as transactions "through the Clearing Process." Transactions by an Authorized Participant that is a DTC Participant using the DTC system are referred to as transactions "outside the Clearing Process." The Clearing Process is an enhanced clearing process that is available only for certain securities and only to DTC participants that are also participants in the Continuous Net Settlement System of the NSCC. In-kind (portions of) purchase orders not subject to the Clearing Process will go through a manual clearing process run by DTC. Portfolio Deposits that include government securities must be delivered through the Federal Reserve Bank wire transfer system ("Federal Reserve System"). Fund Deposits that include cash may be delivered through the Clearing Process or the Federal Reserve System. In-kind deposits of securities for orders outside the Clearing Process must be delivered through the Federal Reserve System (for government securities) or through DTC (for corporate securities).

**<u>Purchasing Creation Units</u>**

Portfolio Deposit

The consideration for a Creation Unit generally consists of the Deposit Securities and a Cash Component. Together, the Deposit Securities and the Cash Component constitute the "Portfolio Deposit." The Cash Component serves the function of compensating for any differences between the net asset value per Creation Unit and the Deposit Securities. Thus, the Cash Component is equal to the difference between (x) the net asset value per Creation Unit of the Fund and (y) the market value of the Deposit Securities. If (x) is more than (y), the Authorized Participant will pay the Cash Component to the Fund. If (x) is less than (y), the Authorized Participant will receive the Cash Component from the Fund.

On each Business Day, prior to the opening of business on the Exchange (currently 9:30 a.m., Eastern Time), the Adviser or its agent through the Custodian makes available through NSCC the name and amount of each Deposit Security in the current Portfolio Deposit (based on information at the end of the previous Business Day) for the Fund and the (estimated) Cash Component, effective through and including the previous Business Day, per Creation Unit. The Deposit Securities announced are applicable to purchases of Creation Units until the next announcement of Deposit Securities.

Payment of any transfer tax or fee shall be the sole responsibility of the Authorized Participant purchasing a Creation Unit.

Custom Orders and Cash-in-Lieu

The Fund may, in its sole discretion, permit or require the substitution of an amount of cash ("cash-in-lieu") to be added to the Cash Component to replace any Deposit Security. The Fund may permit or require cash-in-lieu when, for example, a Deposit Security may not be available in sufficient quantity for delivery or may not be eligible for transfer through the systems of DTC or the Clearing Process. Similarly, the Fund may permit or require cash in lieu of Deposit Securities when, for example, the Authorized Participant has notified, or the underlying investor has notified the Authorized Participant, that a Deposit Security is restricted under U.S. or local securities laws. The Fund will comply with the federal securities laws in accepting Deposit Securities including that the Deposit Securities are sold in transactions that would be exempt from registration under the Securities Act. All orders involving cash-in-lieu, as well as certain other types of orders, are considered to be "Custom Orders." The Fund may enter into other types of Custom Orders.

Purchase Orders

To order a Creation Unit, an Authorized Participant must submit an irrevocable purchase order to the Distributor.

Timing of Submission of Purchase Orders

An Authorized Participant must submit an irrevocable purchase order no later than the earlier of (i) 4:00 p.m. Eastern Time or (ii) the closing time of the trading session on the Exchange, on any Business Day in order to receive that Business Day's NAV ("Cut-off Time"). The Cut-off Time for Custom Orders is generally two hours earlier. The Business Day the order is deemed received by the Distributor is referred to as the "Transmittal Date." An order to create Creation Units is deemed received on a Business Day if (i) such order is received by the Distributor by the Cut-off Time on such day and (ii) all other procedures set forth in the Participant Agreement are properly followed. Persons placing or effectuating custom orders and/or orders involving cash should be mindful of time deadlines imposed by intermediaries, such as DTC and/or the Federal Reserve Bank wire system, which may impact the successful processing of such orders to ensure that cash and securities are transferred by the "Settlement Date," which is generally the Business Day immediately following the Transmittal Date ("T+1"). The Fund reserves the right to settle Creation Unit transactions on a basis other than T+1, including a shorter settlement period, if necessary or appropriate under the circumstances and compliant with applicable law. For transactions shorter than T+1, the Fund will accept transactions between 8:00 a.m. to 9:30 a.m. Eastern time for settlement on that Business Day or between 4:00 p.m. and 5:00 p.m. Eastern day on the prior Business Day.

Orders Using the Clearing Process

If available, (portions of) orders may be settled through the Clearing Process. In connection with such orders, the Distributor transmits, on behalf of the Authorized Participant, such trade instructions as are necessary to effect the creation order. Pursuant to such trade instructions, the Authorized Participant agrees to deliver the requisite Portfolio Deposit to the Fund, together with such additional information as may be required by the Distributor. Cash Components will be delivered using either the Clearing Process or the Federal Reserve System.

Orders Outside the Clearing Process

If the Clearing Process is not available for (portions of) an order, Portfolio Deposits will be made outside the Clearing Process. Orders outside the Clearing Process must state that the DTC Participant is not using the Clearing Process and that the creation of Creation Units will be effected through DTC. The Portfolio Deposit transfer must be ordered by the DTC Participant on the Transmittal Date in a timely fashion so as to ensure the delivery of Deposit Securities (whether standard or custom) through DTC to the Fund account by 11:00 a.m., Eastern time, on T+1. The Cash Component, along with any cash-in-lieu and Transaction Fee, must be transferred directly to the Custodian through the Federal Reserve System in a timely manner so as to be received by the Custodian no later than 12:00 p.m., Eastern Time, on T+1. If the Custodian does not receive both the Deposit Securities and the cash by the appointed time, the order may be canceled. A canceled order may be resubmitted the following Business Day but must conform to that Business Day's Portfolio Deposit. Authorized Participants that submit a canceled order will be liable to the Fund for any losses incurred by the Fund in connection therewith.

Acceptance of Purchase Order

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 Fund. The Fund's determination shall be final and binding.

The Fund reserves the absolute right to reject or revoke acceptance of a purchase order transmitted to it by the Distributor if (a) the order is not in proper form; (b) the investor(s), upon obtaining the shares ordered, would own 80% or more of the currently outstanding shares of the Fund and if, pursuant to Section 351 of the Tax Code, the Fund would have a basis in the securities different from the market value of such securities on the date of deposit; (c) the Deposit Securities delivered do not conform to the Deposit Securities for the applicable date; (d) acceptance of the Deposit Securities would have certain adverse tax consequences to the Fund; (e) the acceptance of the Portfolio Deposit would, in the opinion of counsel, be unlawful; (f) the acceptance of the Portfolio Deposit would otherwise, in the discretion of the Trust, Fund or the Adviser, have an adverse effect on the Trust, Fund or the rights of beneficial owners; or (g) in the event that circumstances outside the control of the Trust, the Distributor, the Adviser and the Sub-Adviser make it for all practical purposes impossible to process purchase orders. Examples of such circumstances include acts of God; public service or utility problems resulting in telephone, telecopy or computer failures; fires, floods or extreme weather conditions; market conditions or activities causing trading halts; systems failures involving computer or other informational systems affecting the Trust, the Distributor, DTC, NSCC, the Adviser, the Sub-Adviser, the Custodian, a sub-custodian or any other participant in the creation process; and similar extraordinary events. The Distributor shall notify an Authorized Participant of its rejection of the order. The

Fund, 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 Portfolio Deposits, and they shall not incur any liability for the failure to give any such notification.

Issuance of a Creation Unit

Once the Fund has accepted an order, upon next determination of the Fund's NAV, the Fund will confirm the issuance of a Creation Unit, against receipt of payment, at such NAV. The Distributor will transmit a confirmation of acceptance to the Authorized Participant that placed the order.

Except as provided below, a Creation Unit will not be issued until the Fund obtains good title to the Deposit Securities and the Cash Component, along with any cash-in-lieu and Transaction Fee. The delivery of Creation Units will generally occur no later than T+1 except with respect to certain foreign securities.

In certain cases, Authorized Participants will create and redeem Creation Units on the same trade date. In these instances, the Trust reserves the right to settle these transactions on a net basis.

Cash Purchase Method

When cash purchases of Creation Units are available or specified for the Fund, they will be effected in essentially the same manner as in-kind purchases. In the case of a cash purchase, the investor must pay the cash equivalent of the Portfolio Deposit. In addition, cash purchases will be subject to Transaction Fees, as described above.

**<u>Redeeming a Creation Unit</u>**

Redemption Basket

The consideration received in connection with the redemption of a Creation Unit generally consists of an in-kind basket of designated securities ("Redemption Securities") and a Cash Component. Together, the Redemption Securities and the Cash Component constitute the "Redemption Basket."

There can be no assurance that there will be sufficient liquidity in Shares in the secondary market to permit assembly of a Creation Unit. In addition, investors may incur brokerage and other costs in connection with assembling a Creation Unit.

The Cash Component serves the function of compensating for any differences between the net asset value per Creation Unit and the Redemption Securities. Thus, the Cash Component is equal to the difference between (x) the net asset value per Creation Unit of the Fund and (y) the market value of the Redemption Securities. If (x) is more than (y), the Authorized Participant will receive the Cash Component from the Fund. If (x) is less than (y), the Authorized Participant will pay the Cash Component to the Fund.

The right of redemption may be suspended or the date of payment postponed: (i) for any period during which the NYSE is closed (other than customary weekend and holiday closings); (ii) for any period during which trading on the NYSE is suspended or restricted; (iii) for any period during which an emergency exists as a result of which disposal of the Shares or determination of the ETF's NAV is not reasonably practicable; or (iv) in such other circumstances as permitted by the SEC, including as described below.

Custom Redemptions and Cash-in-Lieu

The Fund may, in its sole discretion, permit or require the substitution of cash-in-lieu to be added to the Cash Component to replace any Redemption Security. The Fund may permit or require cash-in-lieu when, for example, a Redemption Security may not be available in sufficient quantity for delivery or may not be eligible for transfer through the systems of DTC or the Clearing Process. Similarly, the Fund may permit or require cash-in-lieu of Redemption Securities when, for example, the Authorized Participant has notified, or the underlying investor has notified the Authorized Participant, that one or more redemption securities is restricted under U.S. or local securities law. The Fund will comply with the federal securities laws in satisfying redemptions with Redemption Securities, including that the Redemption Securities are sold in transactions that would be exempt from registration under the Securities Act. All redemption requests involving cash-in-lieu are considered to be "Custom Redemptions."

Redemption Requests

To redeem a Creation Unit, an Authorized Participant must submit an irrevocable redemption request to the Distributor.

An Authorized Participant submitting a redemption request is deemed to represent to the Fund that it or, if applicable, the investor on whose behalf it is acting, (i) owns outright or has full legal authority and legal beneficial right to tender for redemption the Creation Unit to be redeemed and can receive the entire proceeds of the redemption, and (ii) all of the Shares that are in the Creation Unit to be redeemed have not been borrowed, loaned or pledged to another party nor are they the subject of a repurchase agreement, securities lending agreement or such other arrangement that would preclude the delivery of such Shares to the Fund. The Fund reserves the absolute right, in its sole discretion, to verify these representations, but will typically require verification in connection with higher levels of redemption activity and/or short interest in the Fund. If the Authorized Participant, upon receipt of a verification request, does not provide sufficient verification of the requested representations, the redemption request will not be considered to be in proper form and may be rejected by the Fund.

Timing of Submission of Redemption Requests

An Authorized Participant must submit an irrevocable redemption order no later than the Cut-off Time. The Cut-off Time for Custom Orders is generally two hours earlier. The Business Day the order is deemed received by the Distributor is referred to as the "Transmittal Date." A redemption request is deemed received if (i) such order is received by the Distributor by the Cut-off Time on such day and (ii) all other procedures set forth in the Participant Agreement are properly followed. Persons placing or effectuating Custom Redemptions and/or orders involving cash should be mindful of time deadlines imposed by intermediaries, such as DTC and/or the Federal Reserve System, which may impact the successful processing of such orders to ensure that cash and securities are transferred by the Settlement Date, as defined above.

Requests Using the Clearing Process

If available, (portions of) redemption requests may be settled through the Clearing Process. In connection with such orders, the Distributor transmits on behalf of the Authorized Participant, such trade instructions as are necessary to effect the redemption. Pursuant to such trade instructions, the Authorized Participant agrees to deliver the requisite Creation Unit(s) to the Fund, together with such additional information as may be required by the Distributor. Cash Components will be delivered using either the Clearing Process or the Federal Reserve System, as described above.

Requests Outside the Clearing Process

If the Clearing Process is not available for (portions of) an order, Redemption Baskets will be delivered outside the Clearing Process. Orders outside the Clearing Process must state that the DTC Participant is not using the Clearing Process and that the redemption will be effected through DTC. The Authorized Participant must transfer or cause to be transferred the Creation Unit(s) of shares being redeemed through the book-entry system of DTC so as to be delivered through DTC to the Custodian by 10:00 a.m., Eastern Time, on received T+1. In addition, the Cash Component must be received by the Custodian by 12:00 p.m., Eastern Time, on T+1. If the Custodian does not receive the Creation Unit(s) and Cash Component by the appointed times on T+1, the redemption will be rejected, except in the circumstances described below. A rejected redemption request may be resubmitted the following Business Day.

Acceptance of Redemption Requests

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. The Trust's determination shall be final and binding.

Delivery of Redemption Basket

Once the Fund has accepted a redemption request, upon next determination of the Fund's NAV, the Fund will confirm the issuance of a Redemption Basket, against receipt of the Creation Unit(s) at such NAV, any cash-in-lieu and Transaction Fee. A Creation Unit tendered for redemption and the payment of the Cash Component, any cash-in-lieu and Transaction Fee will be effected through DTC. The Authorized Participant, or the investor on whose behalf it is acting, will be recorded on the book-entry system of DTC.

The Redemption Basket will generally be delivered to the redeeming Authorized Participant within T+1. Except under the circumstances described below, however, a Redemption Basket generally will not be issued until the Creation Unit(s) are delivered to the Fund, along with the Cash Component, any cash-in-lieu and Transaction Fee.

In certain cases, Authorized Participants will create and redeem Creation Units on the same trade date. In these instances, the Trust reserves the right to settle these transactions on a net basis.

Cash Redemption Method

When cash redemptions of Creation Units are available or specified for the Fund, they will be effected in essentially the same manner as in-kind redemptions. In the case of a cash redemption, the investor will receive the cash equivalent of the Redemption Basket minus any Transaction Fees, as described above.

**TAX STATUS**

The following discussion is general in nature and should not be regarded as an exhaustive presentation of all possible tax ramifications. All shareholders should consult a qualified tax advisor regarding their investment in the Fund.

The initial capital raise from investors is expected to be made through in-kind contributions of securities from such investors in exchange for Shares. In-kind contributions may qualify for nonrecognition treatment to the contributing parties under Section 351 of the Tax Code, assuming that the requirements of Section 351 are met, which would have corresponding consequences for the tax basis to the Fund in those contributed securities. There can be no assurances regarding the value or tax basis of the contributions in kind, which could result in a negative effect on after-tax returns to investors seeding the Fund, and/or other investors in the Fund.

If for any reason, including the failure of the contributing investors to provide the Fund with accurate information, the initial contribution of assets to the Fund in exchange for Shares fails to meet the requirements of Section 351, the contribution of assets will be treated as a taxable event and the contributing investors would recognize an immediate gain or loss on the contributed assets. The Fund makes no representations as to whether any of such in-kind contributions qualify for Section 351 treatment, or as to any ancillary tax consequences. Additionally, future changes in the Tax Code or regulations and interpretations applicable to Section 351 may impact the ability of contributing investors to take advantage of the deferral of immediate gains or losses on contributed assets. Neither the Fund nor the Adviser gives any assurance to the initial investors as to the tax characterization of their contribution of assets to the Fund in exchange for Shares. Investors making in-kind contributions to the Fund are urged to consult their own tax advisors.

The Fund intends to qualify and has elected to be treated as a regulated investment company under Subchapter M of the Tax Code, and intends to continue to so qualify, which requires compliance with certain requirements concerning the sources of its income, diversification of its assets, and the amount and timing of its distributions to shareholders. Such qualification does not involve supervision of management or investment practices or policies by any government agency or bureau. By so qualifying, the Fund should not be subject to federal income or excise tax on its net investment income or net capital gain, which are distributed to shareholders in accordance with the applicable timing requirements. Net investment income and net capital gain of the Fund will be computed in accordance with Section 852 of the Tax Code.

Net investment income is made up of dividends and interest less expenses. Net capital gain for a fiscal year is computed by taking into account any capital loss carryforward of the Fund. Capital losses may be carried forward indefinitely and retain the character of the original loss. Under pre-enacted laws, capital losses could be carried forward to offset any capital gains for eight years, and carried forward as short-term capital, irrespective of the character of the original loss. Capital loss carry forwards are available to offset future realized capital gains. To the extent that these carry forwards are used to offset future capital gains it is probable that the amount offset will not be distributed to shareholders.

The Fund intends to distribute all of its net investment income, any excess of net short-term capital gains over net long-term capital losses, and any excess of net long-term capital gains over net short-term capital losses in accordance with the timing requirements imposed by the Tax Code and therefore should not be required to pay any federal income or excise taxes. Distributions of net investment income will be made annually for the Fund. Distributions of net capital gain, if any, will be made annually no later than December 31 of each year.

To be treated as a regulated investment company under Subchapter M of the Tax Code, the Fund must also (a) derive at least 90% of its gross income from dividends, interest, payments with respect to securities loans, net income from certain publicly traded partnerships and gains from the sale or other disposition of securities or foreign currencies, or other income (including, but not limited to, gains from options, futures or forward contracts) derived with respect to the business of investing in such securities or currencies, and (b) diversify its holding so that, at the end of each fiscal quarter, (i) at least 50% of the market value of the Fund's assets is represented by cash, U.S. government securities and securities of other regulated investment companies, and other securities (for purposes of this calculation, generally limited in respect of any one issuer, to an amount not greater than 5% of the market value of the Fund's assets and 10% of the outstanding voting securities of such issuer) and (ii) not more than 25% of the value of its assets is invested in the securities of (other than U.S. government securities or the securities of other regulated investment companies) any one issuer, two or more issuers that the Fund controls and that are determined to be engaged in the same or similar trades or businesses, or the securities of certain publicly traded partnerships.

If the Fund fails to qualify as a regulated investment company under Subchapter M in any fiscal year, it will be treated as a corporation for federal income tax purposes. As such the Fund would be required to pay income taxes on its net investment income and net realized capital gains, if any, at the rates generally applicable to corporations. Shareholders of the Fund generally would not be liable for income tax on the Fund's net investment income or net realized capital gains in their individual capacities. Distributions to shareholders, whether from the Fund's net investment income or net realized capital gains, would be treated as taxable dividends to the extent of current or accumulated earnings and profits of the Fund.

The Fund is subject to a 4% nondeductible excise tax on certain undistributed amounts of ordinary income and capital gain under a prescribed formula contained in Section 4982 of the Tax Code. The formula requires payment to shareholders during a calendar year of distributions representing at least 98% of the Fund's ordinary income for the calendar year and at least 98.2% of its capital gain net income (i.e., the excess of its capital gains over capital losses) realized during the one-year period ending October 31 during such year plus 100% of any income that was neither distributed nor taxed to the Fund during the preceding calendar year. Under ordinary circumstances, the Fund expects to time its distributions so as to avoid liability for this tax.

The following discussion of tax consequences is for the general information of shareholders that are subject to tax. Shareholders that are IRAs or other qualified retirement plans are exempt from income taxation under the Tax Code.

Distributions of taxable net investment income and the excess of net short-term capital gain over net long-term capital loss are taxable to shareholders as ordinary income.

Distributions of net capital gain ("capital gain dividends") generally are taxable to shareholders as long-term capital gain; regardless of the length of time the shares of the Fund have been held by such shareholders.

Certain U.S. shareholders, including individuals and estates and trusts, are subject to an additional 3.8% Medicare tax on all or a portion of their "net investment income," which should include dividends from the Fund and net gains from the disposition of shares of the Fund. U.S. shareholders are urged to consult their own tax advisors regarding the implications of the additional Medicare tax resulting from an investment in the Fund.

Redemption of Fund shares by a shareholder will result in the recognition of taxable gain or loss in an amount equal to the difference between the amount realized and the shareholder's tax basis in his or her Fund shares. Such gain or loss is treated as a capital gain or loss if the shares are held as capital assets. However, any loss realized upon the redemption of shares within six months from the date of their purchase will be treated as a long-term capital loss to the extent of any amounts treated as capital gain dividends during such six-month period. All or a portion of any loss realized upon the redemption of shares may be disallowed to the extent shares are purchased within 30 days before or after such redemption.

Distributions of taxable net investment income and net capital gain will be taxable as described above, whether received in additional cash or shares. Shareholders electing to receive distributions in the form of additional shares will have a cost basis for federal income tax purposes in each share so received equal to the net asset value of a share on the reinvestment date.

All distributions of taxable net investment income and net capital gain, whether received in shares or in cash, must be reported by each taxable shareholder on his or her federal income tax return. Dividends or distributions declared in October, November or December as of a record date in such a month, if any, will be deemed to have been received by shareholders on December 31, if paid during January of the following year. Redemptions of shares may result in tax consequences (gain or loss) to the shareholder and are also subject to these reporting requirements.

Under the Tax Code, the Fund will be required to report to the Internal Revenue Service all distributions of taxable income and capital gains as well as gross proceeds from the redemption or exchange of Fund shares, except in the case of certain exempt shareholders. Under the backup withholding provisions of Section 3406 of the Tax Code, distributions of taxable net investment income and net capital gain and proceeds from the redemption or exchange of the shares of a regulated investment company may be subject to withholding of federal income tax in the case of non-exempt shareholders who fail to furnish the investment company with their taxpayer identification numbers and with required certifications regarding their status under the federal income tax law, or if the Fund is notified by the IRS or a broker that withholding is required due to an incorrect TIN or a previous failure to report taxable interest or dividends. If the withholding provisions are applicable, any such distributions and proceeds, whether taken in cash or reinvested in additional shares, will be reduced by the amounts required to be withheld.

**INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

Cohen & Company, Ltd. located at 1835 Market Street, Suite 310, Philadelphia, PA 19103, serves as the Fund's independent registered public accounting firm for the current fiscal period. The firm provides services including audit of annual financial statements. Cohen & Co Advisory, LLC, an affiliate of Cohen & Company, Ltd., provides tax services as requested.

**LEGAL COUNSEL**

Thompson Hine LLP, 41 South High Street, Suite 1700, Columbus, Ohio 43215, serves as the Trust's legal counsel.

**FINANCIAL STATEMENTS**

The Fund has not yet commenced operations and, therefore, has not produced financial statements. Once produced, you can obtain a copy of the financial statements contained in the Fund's Form N-CSR without charge by calling the Fund at 1-800-974-6964.

**APPENDIX A – PROXY VOTING POLICIES AND PROCEDURES**

Due to the nature of THOR's investment strategy, the Firm does not anticipate voting Client securities with any regularity. However, THOR has responsibility for voting proxies for Fund securities consistent with the best economic interests of the clients should the need to vote securities arise. THOR maintains written policies and procedures as to the handling, research, voting and reporting of proxy voting and makes appropriate disclosures about the Firm's proxy policies and practices.

THOR's policy and practice includes the responsibility to vote client proxies and disclose any potential conflicts of interest as well as making information available to clients about the voting of proxies for their portfolio securities and maintaining relevant and required records.

***Responsibility***

The CCO, or other designee, has the responsibility for the implementation and monitoring of our proxy voting policy, practices, disclosures, and recordkeeping, including outlining our voting guidelines in our procedures. To assist THOR in its responsibility for voting proxies and the overall proxy voting process, THOR may retain a third-party consultant.

***Disclosure***

THOR will provide information in its Form ADV Part 2A disclosure document summarizing its proxy voting policy and procedures, including statements that clients may request information regarding how THOR voted a client's proxies and a copy of these policies and procedures.

***Client Requests for Information***

All client requests for information regarding proxy votes, or policies and procedures, received by any employee should be forwarded to the CCO or designee.

In response to any request, the CCO or designee will prepare a written response to the client with the information requested, and as applicable will include the name of the issuer, the proposal voted upon, and how THOR voted the client's proxy with respect to each proposal about which client inquired.

**PART C: OTHER INFORMATION**

Item 28. Exhibits

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| | |
|:---|:---|
| (a) | (1)(A) |
|  | (2)(A) [Amended and Restated Agreement and Declaration of Trust of the Registrant.<sup>2</sup>](https://www.sec.gov/Archives/edgar/data/1924447/000158064222004393/ex99a_2-a.htm) |
| (b) | (1) [By-Laws of the Registrant.<sup>2</sup>](https://www.sec.gov/Archives/edgar/data/1924447/000158064222004393/ex99b_1.htm) |
| (c) | Not applicable. |
| (d) | (1) [Management Agreement between the Registrant and THOR Financial Technologies, LLC, with respect to THOR Equal Weight Low Volatility ETF.<sup>2</sup>](https://www.sec.gov/Archives/edgar/data/1924447/000158064222004393/ex99d_1.htm) |
|  | (2) [Management Agreement between Registrant and THOR Financial Technologies, LLC, with respect to THOR Index Rotation ETF.<sup>3</sup>](https://www.sec.gov/Archives/edgar/data/1924447/000158064224004682/ex99d2.htm) |
|  | (3) Management Agreement between the Registrant and THOR Financial Technologies, LLC, with respect to THOR AdaptiveRisk Dynamic ETF.<sup>4</sup> |
|  | (4) Sub-Advisory Agreement between THOR Financial Technologies, LLC and AI Alpha LLC, with respect to THOR AdaptiveRisk Dynamic ETF.<sup>4</sup> |
| (e) | (1) [ETF Distribution Agreement between the Registrant and PINE Distributors LLC.<sup>3</sup>](https://www.sec.gov/Archives/edgar/data/1924447/000158064222004393/ex99e_1.htm) |
|  | (2) First Amendment to ETF Distribution Agreement between the Registrant and PINE Distributors LLC.<sup>4</sup> |
| (f) | Not applicable. |
| (g) | (1) [Custodian and Transfer Agent Agreement between the Registrant and Brown Brothers Harriman & Co.](https://www.sec.gov/Archives/edgar/data/1924447/000158064222004393/ex99g_1.htm)<sup>2</sup> |
|  | (2) [Amendment to the Custodian and Transfer Agreement between the Registrant and Brown Brothers Harriman & Co.<sup>3</sup>](https://www.sec.gov/Archives/edgar/data/1924447/000158064224004682/ex99g2.htm) |
|  | (3) Second Amendment to the Custodian and Transfer Agreement between the Registrant and Brown Brothers Harriman & Co.<sup>4</sup> |
| (h) | (1) [ETF Master Services Agreement between the Registrant and Ultimus Fund Solutions, LLC.<sup>2</sup>](https://www.sec.gov/Archives/edgar/data/1924447/000158064222004393/ex99h_1.htm) |
|  | (2) [Amendment to the ETF Master Services Agreement between the Registrant and Ultimus Fund Solutions, LLC.<sup>3</sup>](https://www.sec.gov/Archives/edgar/data/1924447/000158064224004682/ex99h2.htm) |
|  | (3) Amended Schedule A to the ETF Master Services Agreement between the Registrant and Ultimus Fund Solutions, LLC.<sup>4</sup> |

---

---

| | | |
|:---|:---|:---|
|  | (4) | Services Agreement between the Registrant and PINE Advisors LLC.<sup>4</sup> |
| (i) | (1) | [Legal Opinion and Consent of Thompson Hine LLP.<sup>4</sup>](https://www.sec.gov/Archives/edgar/data/1924447/000158064224004682/ex99i.htm) |
| (j)&nbsp;&nbsp;&nbsp;&nbsp; |  | Not applicable. |
| (k) |  | Not applicable. |
| (l) |  | Not applicable. |
| (m) | (1) | Distribution and Service Plan.<sup>4</sup> |
| (n) |  | Not Applicable |
| (o) |  | Not applicable. |
| (p) | (1) | [Code of Ethics of the Registrant.<sup>2</sup>](https://www.sec.gov/Archives/edgar/data/1924447/000158064222004393/ex99p_1.htm) |
|  | (2) | [Code of Ethics of the THOR Financial Technologies, LLC.<sup>2</sup>](https://www.sec.gov/Archives/edgar/data/1924447/000158064222004393/ex99p_2.htm) |
|  | (3) | [Code of Ethics of PINE Distributors, LLC.<sup>3</sup>](https://www.sec.gov/Archives/edgar/data/1924447/000158064224004682/ex99p4.htm) |
|  | (4) | Code of Ethics of AI Alpha LLC.<sup>4</sup> |

---

Other Exhibits: Powers of Attorney<sup>2</sup> and Power of Attorney for Mark D. Gibbons<sup>4</sup>

<sup>1</sup> Incorporated by reference to Registrant's Registration Statement on Form N-1A (1933 Act File No. 333-264435) filed on April 22, 2022.

<sup>2</sup> Incorporated by reference to Registrant's Registration Statement on Form N-1A (1933 Act File No. 333-264435) filed August 31, 2022.

<sup>3</sup> Incorporated by reference to Registrant's Registration Statement on Form N-1A (1933 Act File No. 333-264435) filed August 20, 2024.

<sup>4</sup> Filed herewith.

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

None.

**Item 30. Indemnification**

Generally, certain of the agreements with the Trust, or related to the Trust, provide indemnification of the Trust's Trustees, officers, the underwriter, and certain Trust affiliates. Insurance carried by the Trust provides indemnification of the Trustees and officers. The details of these sources of indemnification and insurance follow.

Article VIII, Section 2(a) of the Registrant's Amended and Restated Agreement and Declaration of Trust (the "Declaration") provides that, the Trust, out of the Trust Property, shall indemnify and hold harmless each and every officer and Trustee from and against

any and all claims and demands whatsoever arising out of or related to such officer's or Trustee's performance of their duties as an officer or Trustee of the Trust. Nothing contained in the Declaration shall indemnify, hold harmless or protect any officer or Trustee from or against any liability to the Trust or any shareholder to which such person would otherwise be subject by reason of willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of such person's office.

Pursuant to the ETF Distribution Agreement between the Trust and PINE Distributors LLC ("PINE"), the Trust agrees to indemnify, defend and hold PINE, its affiliates and each of their respective directors, officers and employees and agents and any person who controls PINE within the meaning of Section 15 of the 1933 Act (any of PINE, its officers, employees, agents and directors or such control persons, for purposes of this paragraph, a "Distributor Indemnitee") against any loss, liability, claim, damages or expense (including the reasonable cost of investigating or defending any alleged loss, liability, claim, damages or expense and reasonable counsel fees incurred in connection therewith) ("Losses") that a Distributor Indemnitee may incur arising out of or based upon: (i) Pine serving as distributor for the Funds pursuant to the agreement; (ii) the allegation of any wrongful act of the Trust or any of its Trustees, officers, employees or affiliates in connection with its duties, representations, and responsibilities in the agreement; (iii) any claim that the Registration Statement, Prospectus, Statement of Additional Information, product description, shareholder reports, Marketing Materials and advertisements specifically approved by the Trust and investment adviser or other information filed or made public by the Trust (as from time to time amended) included an untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary in order to make the statements therein (and in the case of the Prospectus, Statement of Additional Information and product description, in light of the circumstances under which they were made) not misleading under the 1933 Act, or any other statute or the common law; (iv) the breach by the Trust of any obligation, representation or warranty contained in the Agreement; or (v) the Trust's failure to comply in any material respect with applicable securities laws.

Pursuant to the ETF Distribution Agreement, PINE agrees to indemnify and hold harmless the Trust and each of its Trustees and officers and any person who controls the Trust within the meaning of Section 15 of the 1933 Act (for purposes of this paragraph, the Trust and each of its Trustees and officers and its controlling persons are collectively referred to as the "Client Indemnitees") against any Losses arising out of or based upon (i) the allegation of any wrongful act of PINE or any of its directors, officers, employees or affiliates in connection with its activities as PINE pursuant to the agreement; (ii) the breach of any obligation, representation or warranty contained in the agreement by PINE; (iii) PINE's failure to comply in any material respect with applicable securities laws, including applicable FINRA regulations; or (iv) any allegation that the Registration Statement, Prospectus, Statement of Additional Information, product description, shareholder reports, any information or materials relating to the Funds (as described in section 3(g)) or other information filed or made public by PINE (as from time to time amended) included an untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary in order to make the statements not

misleading, insofar as such statement or omission was made in reasonable reliance upon, and in conformity with information furnished to the Trust by PINE.

**Item 31. Business and Other Connections of the Investment Adviser and Sub-Adviser**

See "Management" in the Statement of Additional Information. Information as to the directors and officers of the Adviser and Sub-Adviser is included in its Form ADV filed with the SEC and is incorporated herein by reference thereto.

**Item 32. Principal Underwriters** 

(a)&nbsp;&nbsp;&nbsp;&nbsp; PINE Distributors LLC ("PINE") serves as the principal underwriter for the following investment companies registered under the Investment Company Act of 1940, as amended: Listed Funds Trust and Manager Directed Portfolios

(b)&nbsp;&nbsp;&nbsp;&nbsp; The following are the Officers and Manager of PINE, the Registrant's underwriter. The Distributor's main business address is 501 S. Cherry Street, Suite 610, Denver, CO 80246:

---

| | | | |
|:---|:---|:---|:---|
| Name | Address | Position with<br> Underwriter | Positions with<br> Registrant |
| Mark Fairbanks | 501 S. Cherry Street, Suite 610, Denver, CO 80246 | President |  |
| Alexander Woodcock | 501 S. Cherry Street, Suite 610, Denver, CO 80246 | CCO | CCO |
| Daryn Levesque | 501 S. Cherry Street, Suite 610, Denver, CO 80246 | CCO |  |

---

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

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

The books, accounts and other documents required by Section 31(a) under the Investment Company Act of 1940, as amended, and the rules promulgated thereunder are maintained in the physical possession of THOR Financial Technologies, LLC, 327 W. Pittsburgh Street, Greensburg, PA 15601, Ultimus Fund Solutions, LLC, 4221 North 203<sup>rd</sup> Street, Suite 100 Elkhorn, Nebraska 68022, Brown Brothers Harriman & Co., 50 Post Office Square Boston, Massachusetts 02110. PINE Distributors LLC maintains all records relating to its services as Distributor of the Registrant at 501 S. Cherry Street, Suite 610, Denver, CO 80246.

**Item 34. Management Services**

Not applicable.

**Item 35. Undertakings**

Not applicable.

**SIGNATURES**

Pursuant to the requirements of the Securities Act of 1933, as amended (the "Securities Act"), and the Investment Company Act of 1940, as amended, the Registrant certifies that it meets all of the requirements for effectiveness of this registration statement under Rule 485(b) under the Securities Act and it has duly caused this Registration Statement to be signed on its behalf by the undersigned, duly authorized, in the city of Columbus, and State of Ohio, on the 2<sup>nd</sup> day of April, 2026.

---

| | |
|:---|:---|
| THOR Financial Technologies Trust | THOR Financial Technologies Trust |
| \*By: | Bradley Roth |
|  | President |

---

Pursuant to the requirements of the Securities Act, this registration statement has been signed below by the following persons in the capacities indicated on the 2<sup>nd</sup> day of April, 2026.

Bradley Roth, Trustee, President (Principal Executive Officer)\*

John Cooper, Trustee\*

Mark D. Gibbons\*\*

Rasheed Hammouda, Trustee\*

Kylee Wiggs, Treasurer (Principal Financial Officer)\*

---

| | |
|:---|:---|
| \*By: | /s/ Andrew J. Davalla |
| Name: Andrew J. Davalla | Name: Andrew J. Davalla |
| Title: Attorney-in-fact | Title: Attorney-in-fact |
| Date: April 2, 2026 | Date: April 2, 2026 |

---

\* [Attorney-in-Fact – Pursuant to Powers of Attorney as previously filed on August 31, 2022](https://www.sec.gov/Archives/edgar/data/1924447/000158064222004393/powersofattorney.htm).

\*\* Attorney-in-Fact – Pursuant to Power of Attorney as filed herewith.

**Exhibit Index**

---

| |
|:---|
| &nbsp;&nbsp;**Exhibit** |
| &nbsp;&nbsp;Management Agreement between the Registrant and THOR Financial Technologies, LLC, with respect to THOR AdaptiveRisk Dynamic ETF &nbsp;&nbsp;(d)(3) |
| &nbsp;&nbsp;Sub-Advisory Agreement between THOR Financial Technologies, LLC and AI Alpha LLC, with respect to THOR AdaptiveRisk Dynamic ETF &nbsp;&nbsp;(d)(4) |
| &nbsp;&nbsp;First Amendment to ETF Distribution Agreement between the Registrant and PINE Distributors, LLC &nbsp;&nbsp;(e)(2) |
| &nbsp;&nbsp;Second Amendment to Custodian and Transfer Agreement between the Registrant and Brown Brothers Harriman & Co. &nbsp;&nbsp;(g)(3) |
| &nbsp;&nbsp;Amended Schedule A to ETF Master Services Agreement between the Registrant and Ultimus Fund Solutions, LLC &nbsp;&nbsp;(h)(3) |
| &nbsp;&nbsp;Services Agreement between the Registrant and PINE Advisors LLC &nbsp;&nbsp;(h)(4) |
| &nbsp;&nbsp;Legal Opinion and Consent of Thompson Hine LLP &nbsp;&nbsp;(i)(1) |
| &nbsp;&nbsp;Distribution and Service Plan &nbsp;&nbsp;(m)(1) |
| &nbsp;&nbsp;Code of Ethics of AI Alpha LLC &nbsp;&nbsp;(p)(4) |
| &nbsp;&nbsp;Power of Attorney for Mark D. Gibbons |

---

## Ex-99.D

**MANAGEMENT AGREEMENT**

TO: THOR Financial Technologies, LLC (the "Adviser")

THOR Financial Technologies Trust (the "Trust") herewith confirms our agreement with you. The Trust has been organized to engage in the business of an open-end management investment company.

You have been selected to act as the sole investment manager of the series of the Trust set forth on the Exhibit to this Agreement (each, a "Fund," collectively, the "Funds") and to provide certain other services, as more fully set forth below, and you are willing to act as such investment manager and to perform such services under the terms and conditions hereinafter set forth. Accordingly, the Trust agrees with you as follows effective upon the date of the execution of this Agreement.

1. <u>ADVISORY SERVICES</u> 

Subject to the supervision of the Board of Trustees of the Trust, you will provide or arrange to be provided to each Fund such investment advice as you in your discretion deem advisable and will furnish or arrange to be furnished a continuous investment program for each Fund consistent with the Fund's investment objective and policies. You will determine or arrange for others to determine the securities to be purchased for each Fund, the portfolio securities to be held or sold by each Fund and the portion of each Fund's assets to be held uninvested, subject always to the Fund's investment objective, policies and restrictions, as each of the same shall be from time to time in effect, and subject further to such policies and instructions as the Board may from time to time establish. You will furnish such reports, evaluations, information or analyses to the Trust as the Board of Trustees of the Trust may request from time to time or as you may deem to be desirable. You also will advise and assist the officers of the Trust in taking such steps as are necessary or appropriate to carry out the decisions of the Board and the appropriate committees of the Board regarding the conduct of the business of the Trust. You may delegate any of the responsibilities, rights or duties described above to one or more persons, provided you notify the Trust and agree that such delegation does not relieve you from any liability hereunder.

The Adviser shall provide at least sixty (60) days prior written notice to the Trust of any change in the ownership or management of the Adviser, or any event or action that may constitute a change in control. The Adviser shall provide prompt notice of any change in the portfolio manager(s) responsible for the day-to-day management of the Funds.

The Adviser shall be subject to: (1) the restrictions of the Trust's Declaration of Trust as amended from time to time; (2) the provisions of the Investment Company Act of 1940, as amended (the "Act") and the Investment Advisers Act of 1940, as amended; (3) the statements relating to the Funds' investment objectives, investment strategies and investment restrictions as set forth in the registration statement of the Trust under the Securities Act of 1933, as amended; and (4) any applicable provisions of the Internal Revenue Code of 1986, as amended. The Adviser shall be registered as an investment adviser with the Securities and Exchange Commission prior to the effectiveness of this Agreement and shall maintain such registration throughout the duration of this Agreement.

**2.**  **<u>ALLOCATION OF CHARGES AND EXPENSES</u>** 

You will pay all ordinary operating expenses of the Funds, including the compensation and expenses of any employees of the Funds and of any other persons rendering any services to the Funds; clerical and shareholder service staff salaries; office space and other office expenses; fees and expenses incurred by the Funds in connection with membership in investment company organizations; legal, auditing and accounting expenses; expenses of registering shares under federal and state securities laws, including

expenses incurred by the Funds in connection with the organization and initial registration of shares of a Fund; insurance expenses; fees and expenses of the custodian, transfer agent, dividend disbursing agent, shareholder service agent, plan agent, administrator, accounting and pricing services agent and underwriter of the Funds; expenses, including clerical expenses, of issue, sale, redemption or repurchase of shares of the Funds; the cost of preparing and distributing reports and notices to shareholders, the cost of printing or preparing prospectuses and statements of additional information for delivery to shareholders; the cost of printing or preparing stock certificates or any other documents, statements or reports to shareholders; expenses of shareholders' meetings and proxy solicitations; advertising, promotion and other expenses incurred directly or indirectly in connection with the sale or distribution of the Funds' shares, excluding expenses which the Funds are authorized to pay pursuant to Rule 12b-1 under the Act; and all other operating expenses not specifically assumed by the Fund.

The Funds will pay all (i) brokerage expenses and other fees, charges, taxes, levies or expenses (such as stamp taxes) incurred in connection with the execution of portfolio transactions or in connection with creation and redemption transactions (including without limitation any fees, charges, taxes, levies or expenses related to the purchase or sale of an amount of any currency, or the patriation or repatriation of any security or other asset, related to the execution of portfolio transactions or any creation or redemption transactions); (ii) legal fees or expenses in connection with any arbitration, litigation or pending or threatened arbitration or litigation, including any settlements in connection therewith; (iii) extraordinary expenses (in each case as determined by a majority of the Independent Trustees); (iv) distribution fees and expenses paid by the Trust under any distribution plan adopted pursuant to Rule 12b-1 under the Act; (v) interest and taxes of any kind or nature (including, but not limited to, income, excise, transfer and withholding taxes); (vi) fees and expenses related to the provision of securities lending services; and (vii) the advisory fee payable to the Adviser. The internal expenses of pooled investment vehicles in which a Fund may invest (acquired fund fees and expenses) are not expenses of such Funds and are not paid by the Adviser.

You may obtain reimbursement from a Fund, at such time or times as you may determine in your sole discretion, for any of the expenses advanced by you which a Fund is obligated to pay, and such reimbursement shall not be considered to be part of your compensation pursuant to this Agreement.

**3.**  **<u>COMPENSATION OF THE MANAGER</u>** 

For all of the services to be rendered as provided in this Agreement, as of the last business day of each month, each Fund will pay you a fee based on the average value of the daily net assets of the Fund and paid at an annual rate as set forth on the Exhibit executed with respect to such Fund and attached hereto.

The average value of the daily net assets of a Fund shall be determined pursuant to the applicable provisions of the Agreement and Declaration of Trust or a resolution of the Board of Trustees, if required. If, pursuant to such provisions, the determination of net asset value of a Fund is suspended for any particular business day, then for the purposes of this paragraph, the value of the net assets of the Fund as last determined shall be deemed to be the value of the net assets as of the close of the business day, or as of such other time as the value of the Fund's net assets may lawfully be determined, on that day. If the determination of the net asset value of a Fund has been suspended for a period including such month, your compensation payable at the end of such month shall be computed on the basis of the value of the net assets of the Fund as last determined (whether during or prior to such month).

**4.**  **<u>EXECUTION OF PURCHASE AND SALE ORDERS</u>** 

In connection with purchases or sales of portfolio securities for the account of a Fund, it is understood that you will arrange for the placing of all orders for the purchase and sale of portfolio securities for the account with brokers or dealers selected by you, subject to review of this selection by the Board of Trustees from time to time. You will be responsible for the negotiation and the allocation of principal business and portfolio brokerage. In the selection of such brokers or dealers and the placing of such orders, you are directed at all times to seek for the Funds the best qualitative execution, taking into account such factors as price (including the applicable brokerage commission or dealer spread), the execution capability, financial responsibility and responsiveness of the broker or dealer and the brokerage and research services provided by the broker or dealer.

You should generally seek favorable prices and commission rates that are reasonable in relation to the benefits received. In seeking best qualitative execution, you are authorized to select brokers or dealers who also provide brokerage and research services to the Funds and/or the other accounts over which you exercise investment discretion. You are authorized to pay a broker or dealer who provides such brokerage and research services a commission for executing a Fund portfolio transaction which is in excess of the amount of commission another broker or dealer would have charged for effecting that transaction if you determine in good faith that the amount of the commission is reasonable in relation to the value of the brokerage and research services provided by the executing broker or dealer. The determination may be viewed in terms of either a particular transaction or your overall responsibilities with respect to the Funds and to accounts over which you exercise investment discretion. The Funds and you understand and acknowledge that, although the information may be useful to the Funds and you, it is not possible to place a dollar value on such information. The Board of Trustees shall periodically review the commissions paid by each Fund to determine if the commissions paid over representative periods of time were reasonable in relation to the benefits to the Fund.

A broker's or dealer's sale or promotion of Fund shares shall not be a factor considered by your personnel responsible for selecting brokers to effect securities transactions on behalf of the Fund. You and your personnel shall not enter into any written or oral agreement or arrangement to compensate a broker or dealer for any promotion or sale of Fund shares by directing to such broker or dealer (i) the Fund's portfolio securities transactions or (ii) any remuneration, including but not limited to, any commission, mark-up, mark down or other fee received or to be received from the Fund's portfolio transactions through such broker or dealer. However, you may place Fund portfolio transactions with brokers or dealers that sell or promote shares of the Funds provided the Board of Trustees has adopted policies and procedures under Rule 12b-1(h) under the Act and such transactions are conducted in compliance with those policies and procedures.

Subject to the provisions of the Act, and other applicable law, you, any of your affiliates or any affiliates of your affiliates may retain compensation in connection with effecting a Fund's portfolio transactions, including transactions effected through others. If any occasion should arise in which you give any advice to your clients concerning the shares of a Fund, you will act solely as investment counsel for such client and not in any way on behalf of the Fund.

**5.**  **<u>PROXY VOTING</u>** 

You will vote all proxies solicited by or with respect to the issuers of securities in which assets of the Funds may be invested from time to time. Such proxies will be voted in a manner that you deem, in good faith, to be in the best interest of the Funds and in accordance with your proxy voting policy. You

agree to provide a copy of your proxy voting policy, and any amendments thereto, to the Trust prior to the execution of this Agreement.

**6**.  **<u>CODE OF ETHICS</u>** 

You have adopted a written code of ethics complying with the requirements of Rule 17j-1 under the Act and will provide the Trust with a copy of the code and evidence of its adoption. Within 45 days of the last calendar quarter of each year while this Agreement is in effect, you will provide to the Board of Trustees of the Trust a written report that describes any issues arising under the code of ethics since the last report to the Board of Trustees, including, but not limited to, information about material violations of the code and sanctions imposed in response to the material violations; and which certifies that you have adopted procedures reasonably necessary to prevent access persons (as that term is defined in Rule 17j-1) from violating the code.

**7.**  **<u>SERVICES NOT EXCLUSIVE/USE OF NAME</u>** 

Your services to a Fund pursuant to this Agreement are not to be deemed to be exclusive, and it is understood that you may render investment advice, management and other services to others, including other registered investment companies, provided, however, that such other services and activities do not, during the term of this Agreement, interfere in a material manner, with your ability to meet all of your obligations with respect to rendering services to the Funds.

The Trust and you acknowledge that all rights to the name "THOR" or any variation thereof belong to you, and that the Trust is being granted a limited license to use such words in in the names of its series or in any class name. In the event you cease to be the adviser to the Funds, the Trust's right to the use of the name "THOR" shall automatically cease on the ninetieth day following the termination of this Agreement. The right to the name may also be withdrawn by you during the term of this Agreement upon ninety (90) days' written notice by you to the Trust. Nothing contained herein shall impair or diminish in any respect, your right to use the name "THOR" in the name of, or in connection with, any other business enterprises with which you are or may become associated. There is no charge to the Trust for the right to use this name.

**8.**  **<u>LIMITATION OF LIABILITY OF ADVISER</u>** 

You may rely on information reasonably believed by you to be accurate and reliable. Except as may otherwise be required by the Act or the rules thereunder, neither you nor your directors, officers, employees, shareholders, members, agents, control persons or affiliates of any thereof shall be subject to any liability for, or any damages, expenses or losses incurred by the Trust in connection with, any error of judgment, mistake of law, any act or omission connected with or arising out of any services rendered under, or payments made pursuant to, this Agreement or any other matter to which this Agreement relates, except by reason of willful misfeasance, bad faith or gross negligence on the part of any such persons in the performance of your duties under this Agreement, or by reason of reckless disregard by any of such persons of your obligations and duties under this Agreement.

Any person, even though also a director, officer, employee, shareholder, member or agent of you, who may be or become a trustee, officer, employee or agent of the Trust, shall be deemed, when rendering services to the Trust or acting on any business of the Trust (other than services or business in connection with your duties hereunder), to be rendering such services to or acting solely for the Trust and not as a director, officer, employee, shareholder, member, or agent of you, or one under your control or direction, even though paid by you.

**9.**  **<u>DURATION AND TERMINATION OF THIS AGREEMENT</u>** 

The term of this Agreement shall begin on the date of the execution of this Agreement and shall continue in effect with respect to each such Fund for a period of two years. This Agreement shall continue in effect from year to year thereafter, subject to termination as hereinafter provided, if such continuance is approved at least annually by (a) a majority of the outstanding voting securities of such Fund or by vote of the Trust's Board of Trustees, cast in person at a meeting called for the purpose of voting on such approval, and (b) by vote of a majority of the Trustees of the Trust who are not parties to this Agreement or "interested persons" of any party to this Agreement, cast in person at a meeting called for the purpose of voting on such approval. If a fund is added pursuant to an Exhibit executed after the date of this Agreement as described above, this Agreement shall become effective with respect to that fund upon execution of the applicable Exhibit and shall continue in effect for a period of two years from the date thereof and from year to year thereafter, subject to approval as described above.

This Agreement may, on sixty (60) days written notice, be terminated with respect to the Funds, at any time without the payment of any penalty, by the Board of Trustees, by a vote of a majority of the outstanding voting securities of the Funds, or by you. This Agreement shall automatically terminate in the event of its assignment.

**10.**  **<u>RETENTION OF SUB-ADVISER</u>** 

Subject to the Trust's obtaining the initial and periodic approvals required under Section 15 of the Act, the Adviser may retain one or more sub-advisers, at the Adviser's own cost and expense, for the purpose of managing the investments of the assets of one or more Funds of the Trust. Retention of one or more sub-advisers shall in no way reduce the responsibilities or obligations of the Adviser under this Agreement and the Adviser shall, subject to Paragraph 8 of this Agreement, be responsible to the Trust for all acts or omissions of any sub-adviser in connection with the performance of the Adviser's duties hereunder.

**11.**  **<u>AMENDMENT OF THIS AGREEMENT</u>** 

No provision of this Agreement may be changed, waived, discharged or terminated orally, and no amendment of this Agreement shall be effective until approved by the Board of Trustees, including a majority of the Trustees who are not interested persons of you or of the Trust, cast in person at a meeting called for the purpose of voting on such approval, and (if required under interpretations of the Act by the Securities and Exchange Commission or its staff) by vote of the holders of a majority of the outstanding voting securities of the Funds to which the amendment relates.

**12.**  **<u>LIMITATION OF LIABILITY TO TRUST PROPERTY</u>** 

It is expressly agreed that the obligations of the Trust hereunder shall not be binding upon any of Trustees, officers, employees, agents or nominees of the Trust, or any shareholders of any series of the Trust, personally, but bind only the trust property of the Trust (and only the property of the applicable Fund), as provided in the Agreement and Declaration of Trust. The execution and delivery of this Agreement have been authorized by the Trustees and shareholders of the applicable Fund and signed by officers of the Trust, acting as such, and neither such authorization by such Trustees and shareholders nor such execution and delivery by such officers shall be deemed to have been made by any of them individually or to impose any liability on any of them personally, but shall bind only the trust property of the Trust (and only the property of applicable Fund) as provided in its Agreement and Declaration of Trust. A copy of the Certificate of Trust is on file with the Secretary of State of Delaware.

**13.**  **<u>SEVERABILITY</u>** 

In the event any provision of this Agreement is determined to be void or unenforceable, such determination shall not affect the remainder of this Agreement, which shall continue to be in force.

**14.**  **<u>BOOKS AND RECORDS</u>** 

In compliance with the requirements of Rule 31a-3 under the Act, you agree that all records which you maintain for the Trust are the property of the Trust and you agree to surrender promptly to the Trust such records upon the Trust's request. You further agree to preserve for the periods prescribed by Rule 31a-2 under the Act all records which you maintain for the Trust that are required to be maintained by Rule 31a-1 under the Act.

**15.**  **<u>QUESTIONS OF INTERPRETATION</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)This Agreement shall be governed by the laws of the State of Delaware.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) For the purpose of this Agreement, the terms "assignment," "majority of the outstanding voting securities," "control" and "interested person" shall have their respective meanings as defined in the Act and rules and regulations thereunder, subject, however, to such exemptions as may be granted by the Securities and Exchange Commission under the Act; and the term "brokerage and research services" shall have the meaning given in the Securities Exchange Act of 1934.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Any question of interpretation of any term or provision of this Agreement having a counterpart in or otherwise derived from a term or provision of the Act shall be resolved by reference to such term or provision of the Act and to interpretation thereof, if any, by the United States courts or in the absence of any controlling decision of any such court, by the Securities and Exchange Commission or its staff. In addition, where the effect of a requirement of the Act, reflected in any provision of this Agreement, is revised by rule, regulation, order or interpretation of the Securities and Exchange Commission or its staff, such provision shall be deemed to incorporate the effect of such rule, regulation, order or interpretation.

16. <u>NOTICES</u> 

Any notices under this Agreement shall be in writing, addressed and delivered or mailed postage paid to the other party at such address as such other party may designate for the receipt of such notice. Until further notice to the other party, it is agreed that your address, and the address of the Trust is 327 W. Pittsburgh Street, Greensburg, PA 15601.

**17.**  **<u>CONFIDENTIALITY</u>** 

You agree to treat all records and other information relating to the Trust and the securities holdings of the Funds as confidential and shall not disclose any such records or information to any other person unless (i) the Board of Trustees of the Trust has approved the disclosure or (ii) such disclosure is compelled by law. In addition, you, and your officers, directors and employees are prohibited from receiving compensation or other consideration, for themselves or on behalf of the Funds, as a result of disclosing a Fund's portfolio holdings. You agree that, consistent with your code of ethics, neither you nor your officers, directors or employees may engage in personal securities transactions based on nonpublic information about the Fund's portfolio holdings.

**18.**  **<u>COUNTERPARTS</u>** 

This Agreement may be executed in one or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.

**19.**  **<u>BINDING EFFECT</u>** 

Each of the undersigned expressly warrants and represents that he has the full power and authority to sign this Agreement on behalf of the party indicated, and that his signature will operate to bind the party indicated to the foregoing terms.

**19.**  **<u>CAPTIONS</u>** 

The captions in this Agreement are included for convenience of reference only and in no way define or delimit any of the provisions hereof or otherwise affect their construction or effect.

If you are in agreement with the foregoing, please sign the form of acceptance on the accompanying counterpart of this letter and return such counterpart to the Trust, whereupon this letter shall become a binding contract upon the date thereof.

---

| | |
|:---|:---|
| Yours very truly, | Yours very truly, |
| **THOR Financial Technologies Trust** | **THOR Financial Technologies Trust** |
| By: | /s/ Bradley Roth |
| Print Name: Bradley Roth | Print Name: Bradley Roth |
| Title: President | Title: President |
| Dated: January 26, 2026 | Dated: January 26, 2026 |

---

**ACCEPTANCE:**

The foregoing Agreement is hereby accepted.

---

| | |
|:---|:---|
| **THOR Financial Technologies, LLC** | **THOR Financial Technologies, LLC** |
| By: | /s/ Bradley Roth |
| Print Name: Bradley Roth | Print Name: Bradley Roth |
| Title: CIO | Title: CIO |
| Dated: January 26, 2026 | Dated: January 26, 2026 |

---

**<u>Exhibit A</u>**

Dated: January 26, 2026

---

| | |
|:---|:---|
| **Fund** | **Percentage of Average Daily Net<br> Assets** |
| THOR AdaptiveRisk Dynamic ETF | 0.85% |

---

## Ex-99.D

**<u>SUB-ADVISORY AGREEMENT</u>**

THIS AGREEMENT ("Agreement") is made and entered into as of 26<sup>th</sup> day of January, 2026, by and between THOR Financial Technologies, LLC (the "Adviser"), a Pennsylvania limited liability company registered under the Investment Advisers Act of 1940, as amended (the "Advisers Act") located at 327 W. Pittsburgh Street, Greensburg, PA 15601, and Ai Alpha LLC a limited liability company organized under the laws of State of Michigan (the "Sub-Adviser") and also registered under the Advisers Act, with respect to each Fund listed on Schedule A hereto (each a "Fund" and collectively, the "Funds"), each series of the THOR Financial Technologies Trust, a Delaware statutory trust (the "Trust").

W I T N E S S E T H :

WHEREAS, the Trust is registered with the U.S. Securities and Exchange Commission (the "SEC") as an open-end management investment company under the Investment Company Act of 1940, as amended (the "1940 Act");

WHEREAS, the Adviser has, pursuant to a Management Agreement with the Trust dated as of January 26, 2026 (the "Management Agreement"), been retained to act as investment adviser for each Fund;

WHEREAS, the Adviser represents that the Management Agreement permits the Adviser to delegate certain of its duties under the Management Agreement to other investment advisers, subject to the requirements of the 1940 Act; and

WHEREAS, the Adviser desires to retain the Sub-Adviser to assist it in the provision of a continuous investment program for that portion of each Fund's assets that the Adviser will assign to the Sub-Adviser, and Sub-Adviser is willing to render such services subject to the terms and conditions set forth in this Agreement,

NOW, THEREFORE, the parties do mutually agree and promise as follows with respect to each Fund:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Appointment as Sub-Adviser</u>. In accordance with the Management Agreement, the Adviser hereby appoints the Sub-Adviser to act as sub-adviser with respect to each Fund for the period and on the terms set forth in this Agreement. The Sub-Adviser accepts such appointment and agrees to render or cause to be rendered the services set forth for the compensation herein specified. It is recognized that the Sub-Adviser and certain of its affiliates may act as investment adviser to one or more other investment companies and other managed accounts and that the Adviser and the Trust do not object to such activities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Duties of Sub-Adviser</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to the supervision of the Board of Trustees (the "Board") and the Adviser, the Sub-Adviser shall regularly provide each Fund, with respect to such portion of the Fund's assets as shall be allocated to the Sub-Adviser by the Adviser from time to time (the "Allocated Assets"), with investment research, advice, management and supervision and shall furnish a continuous investment program for the Allocated Assets consistent with the respective Fund's investment objectives, policies and restrictions, as stated in the respective Fund's current Prospectus and Statement of Additional Information ("SAI"), and subject to such other restrictions and limitations as directed by the officers of the Adviser or the Trust by notice in writing to the Sub-Adviser. The Adviser will provide the Sub-Adviser with reasonable advance notice of any change in a Fund's investment objectives, policies and restrictions as stated in the Prospectus and SAI, and the Sub-Adviser shall, in the performance of its duties and obligations under this Agreement, manage the Sub-Adviser's Allocated Assets consistent with such changes, provided that the Sub-Adviser has received prompt notice of the effectiveness of such changes from the Trust or the Adviser. The Sub-Adviser shall, with respect to the Allocated Assets, determine from time to time what securities and other investments and instruments will be purchased, retained, sold or exchanged by each Fund and what portion of the Allocated Assets will be held in the various securities and other investments in which the Fund invests, and shall implement those decisions, all subject to the provisions of the Trust's Declaration of Trust and By-Laws (collectively, the "Governing Documents"), the 1940 Act and the applicable rules and regulations promulgated thereunder by the Securities and Exchange Commission (the "SEC"), interpretive guidance issued thereunder by the SEC staff and any other applicable federal and state law, as well as the investment objectives, policies and restrictions of the Funds referred to above, any written instructions and directions of the Board or the Adviser provided to the Sub-Adviser from time to time, and any other specific policies adopted by the Board and disclosed to the Sub-Adviser. The Sub-Adviser's responsibility for providing investment research, advice, management and supervision to a Fund is limited to that discrete portion of the Fund represented by the Allocated Assets and the Sub-Adviser is prohibited from directly or indirectly consulting with any other sub-adviser for a portion of the Fund's assets concerning Fund transactions in securities or other assets. The Sub-Adviser is authorized as the agent of the Trust to give instructions with respect to the Allocated Assets to the custodian of the Funds as to deliveries of securities and other investments and payments of cash for the account of the Funds. Subject to applicable provisions of the 1940 Act, the investment program to be provided hereunder may entail the investment of all or substantially all of the assets of each Fund in one or more investment companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Sub-Adviser will place orders pursuant to its investment determinations for a Fund either directly with the issuer or with any broker or dealer, foreign currency dealer, futures commission merchant or others selected by it. In connection with the selection of such brokers or dealers and the placing of such orders, subject to applicable law, brokers or dealers may be selected who also provide brokerage and research services (as those terms are defined in Section 28(e) of the Securities Exchange Act of 1934, as amended (the "Exchange Act")) to a Fund and/or

the other accounts over which the Sub-Adviser or its affiliates exercise investment discretion. The Sub-Adviser is authorized to pay a broker or dealer who provides such brokerage and research services a commission for executing a portfolio transaction for a Fund which is in excess of the amount of commission another broker or dealer would have charged for effecting that transaction if the Sub-Adviser determines in good faith that such amount of commission is reasonable in relation to the value of the brokerage and research services provided by such broker or dealer. This determination may be viewed in terms of either that particular transaction or the overall responsibilities which the Sub-Adviser and its affiliates have with respect to accounts over which they exercise investment discretion. The Board may adopt policies and procedures that modify and restrict the Sub-Adviser's authority regarding the execution of a Fund's portfolio transactions provided herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Pursuant to the Management Agreement, the Funds authorizes any entity or person associated with the Sub-Adviser that is a member of a national securities exchange, to effect any transaction on the exchange for the account of the Trust which is permitted by Section 11(a) of the Securities Exchange Act of 1934 and Rule 11a2-2(T) thereunder, and the Trust hereby consents to the retention of compensation for such transactions in accordance with Rule 11a2-2(T)(a)(2)(iv) provided the transaction complies with the Trust's Rule 17e-1 policies and procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Unless the Adviser advises the Sub-Adviser in writing that the right to vote proxies has been expressly reserved to the Adviser or the Trust or otherwise delegated to another party, the Sub-Adviser shall exercise voting rights incident to any security purchased with, or comprising a portion of, the Allocated Assets, in accordance with the Sub-Adviser's proxy voting policies and procedures without consultation with the Adviser or the Funds. The Sub-Adviser agrees to furnish a copy of its proxy voting policies and procedures, and any amendments thereto, to the Adviser. The Sub-Adviser also agrees to provide information to the Adviser or the Trust regarding proxies voted with respect to the Allocated Assets pursuant this section at such times and in a format requested by the Adviser or the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Sub-Adviser will monitor the security valuations of the Allocated Assets. If the Sub-Adviser believes that a Fund's carrying value for a security does not fairly represent the price that could be obtained for the security in a current market transaction, the Sub-Adviser will notify the Adviser promptly. In addition, the Sub-Adviser will be available to consult with the Adviser in the event of a pricing problem and to participate in the Trust's valuation meetings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Books and Records</u>. The Sub-Adviser shall maintain separate detailed records as are required by applicable laws and regulations of all matters hereunder pertaining to the Allocated Assets (the "Fund's Records"), including, without limitation, brokerage and other records of all securities transactions. The Sub-Adviser acknowledges that a Fund's Records are property of the Trust; except to the extent that the Sub-Adviser is required to maintain a Fund's Records under the Advisers Act or other applicable law and except that the Sub-Adviser, at its own expense, is entitled to make and keep a copy of a Fund's Records for its internal files. Each Fund's Records

shall be available to the Adviser or the Trust at any time upon reasonable request during normal business hours and shall be available for telecopying promptly to the Adviser during any day that the Fund is open for business as set forth in the Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Independent Contractor</u>. In the performance of its services hereunder, the Sub-Adviser is and shall be an independent contractor and unless otherwise expressly provided herein or otherwise authorized in writing, shall have no authority to act for or represent a Fund, the Trust or the Adviser in any way or otherwise be deemed an agent of a Fund, the Trust or the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Expenses</u>. During the term of this Agreement, Sub-Adviser will pay all expenses incurred by it in connection with its activities under this Agreement. The Sub-Adviser will also pay all Fund operating expenses for which the Adviser is responsible under the terms of the Management Agreement. The Sub-Adviser shall, at its sole expense, employ or associate itself with such persons as it believes to be particularly fitted to assist it in the execution of its duties under this Agreement. The Sub-Adviser shall not be responsible for the Trust's, the Funds' or Adviser's (except as stated herein) expenses, which shall include, but not be limited to, (i) brokerage expenses and other fees, charges, taxes, levies or expenses (such as stamp taxes) incurred in connection with the execution of portfolio transactions or in connection with creation and redemption transactions (including without limitation any fees, charges, taxes, levies or expenses related to the purchase or sale of an amount of any currency, or the patriation or repatriation of any security or other asset, related to the execution of portfolio transactions or any creation or redemption transactions); (ii) legal fees or expenses in connection with any arbitration, litigation or pending or threatened arbitration or litigation, including any settlements in connection therewith; (iii) extraordinary expenses (in each case as determined by a majority of the Independent Trustees); (iv) distribution fees and expenses paid by the Trust under any distribution plan adopted pursuant to Rule 12b-1 under the Act; (v) interest and taxes of any kind or nature (including, but not limited to, income, excise, transfer and withholding taxes); (vi) fees and expenses related to the provision of securities lending services; and (vii) the fees payable to the Adviser or Sub-Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Investment Analysis and Commentary</u>. The Sub-Adviser will provide quarterly performance analysis and market commentary (the "Investment Report") during the term of this Agreement to the Trust and the Adviser. The Investment Reports are due within 30 days after the end of each quarter. In addition, interim Investment Reports shall be issued at such times as may be mutually agreed upon by the Adviser and Sub-Adviser; provided however, that any such interim Investment Report will be due within 30 days of the end of the month in which such agreement is reached between the Adviser and Sub-Adviser. The subject of each Investment Report shall be mutually agreed upon. The Adviser is freely able to publicly distribute the Investment Report. In addition, the Sub-Adviser shall prepare and furnish to the Trust and the Adviser such reports, statistical data and other information in such form and at such intervals as the Trust may reasonably request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Code of Ethics</u>. The Sub-Adviser has adopted a written code of ethics complying with the requirements of Rule 17j-1 under the Act and will provide the Trust and the Adviser with a copy of the code and evidence of its adoption. The Sub-Adviser will provide to the Board at least annually a written report that describes any issues arising under the code of ethics since the last report to the Board, including, but not limited to, information about material violations of the code and sanctions imposed in response to the material violations; and which certifies that the Sub-Adviser has adopted procedures reasonably necessary to prevent "access persons" (as that term is defined in Rule 17j-1) from violating the code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Compensation</u>. As compensation for the services performed by the Sub-Adviser, the Adviser shall pay the Sub-Adviser out of the advisory fee it receives with respect to the Funds, and only to the extent thereof, as promptly as possible after the last day of each month, a fee, computed daily and paid monthly at an annual rate set forth opposite each Fund's name on Schedule A hereto. If this Agreement is terminated as of any date not the last day of a month, such fee shall be paid as promptly as possible after such date of termination, shall be based on the average daily net assets of each Fund or, if less, the portion thereof comprising the Allocated Assets, in that period from the beginning of such month to such date of termination, and shall be that proportion of such average daily net assets as the number of business days in such period bears to the number of business days in such month. The average daily net assets of each Fund, or portion thereof comprising the Allocated Assets, shall in all cases be based only on business days and be computed as of the time of the regular close of business of the New York Stock Exchange, or such other time as stated in each Fund's then-current Prospectus or as may be determined by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Representations and Warranties of Sub-Adviser</u>. The Sub-Adviser represents and warrants to the Adviser and the Trust as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Sub-Adviser is registered as an investment adviser under the Advisers Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Sub-Adviser is a limited liability company duly organized and properly registered and operating under the laws of the State of Michigan with the power to own and possess its assets and carry on its business as it is now being conducted and as proposed to be conducted hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The execution, delivery and performance by the Sub-Adviser of this Agreement are within the Sub-Adviser's powers and have been duly authorized by all necessary actions of its directors or shareholders, and no action by, or in respect of, or filing with, any governmental body, agency or official is required on the part of the Sub-Adviser for execution, delivery and performance by the Sub-Adviser of this Agreement, and the execution, delivery and performance by the Sub-Adviser of this Agreement do not contravene or constitute a violation of, or a material default under, (i) any provision of applicable law, rule or regulation, (ii) the Sub-Adviser's governing instruments, or (iii) any agreement, judgment, injunction, order, decree or other instrument binding upon the Sub-Adviser; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Form ADV of the Sub-Adviser provided to the Adviser and the Trust is a true and complete copy of the form, including that part or parts of the Form ADV filed with the SEC, that part or parts maintained in the records of the Sub-Adviser, and/or that part or parts provided or offered to clients, in each case as required under the Advisers Act and rules thereunder, and the information contained therein is accurate and complete in all material respects and does not omit to state any material fact necessary in order to make the statements made, in light of the circumstances under which they were made, not misleading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Representations and Warranties of Adviser</u>. The Adviser represents and warrants to the Sub-Adviser as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Adviser is registered as an investment adviser under the Advisers Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Adviser is a ted liability company duly organized and validly existing under the laws of the Commonwealth of Pennsylvania with the power to own and possess its assets and carry on its business as it is now being conducted and as proposed to be conducted hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The execution, delivery and performance by the Adviser of this Agreement are within the Adviser's powers and have been duly authorized by all necessary action on the part of its directors or shareholders, and no action by, or in respect of, or filing with, any governmental body, agency or official is required on the part of the Adviser for the execution, delivery and performance by the Adviser of this Agreement, and the execution, delivery and performance by the Adviser of this Agreement do not contravene or constitute a violation of, or a material default under, (i) any provision of applicable law, rule or regulation, (ii) the Adviser's governing instruments, or (iii) any agreement, judgment, injunction, order, decree or other instrument binding upon the Adviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Form ADV of the Adviser provided to the Sub-Adviser and the Trust is a true and complete copy of the form, including that part or parts of the Form ADV filed with the SEC, that part or parts maintained in the records of the Adviser, and/or that part or parts provided or offered to clients, in each case as required under the Advisers Act and rules thereunder, and the information contained therein is accurate and complete in all material respects and does not omit to state any material fact necessary in order to make the statements made, in light of the circumstances under which they were made, not misleading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Adviser acknowledges that it received a copy of the Sub-Adviser's Form ADV prior to the execution of this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Adviser and the Trust have duly entered into the Management Agreement pursuant to which the Trust authorized the Adviser to delegate certain of its duties under the Management Agreement to other investment advisers, including,

without limitation, the appointment of a sub-adviser with respect to assets of the Funds and the Adviser's entering into and performing this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <u>Survival of Representations and Warranties; Duty to Update Information</u>. All representations and warranties made by the Sub-Adviser and the Adviser pursuant to the recitals above and Sections 9 and 10, respectively, shall survive for the duration of this Agreement and the parties hereto shall promptly notify each other in writing upon becoming aware that any of the foregoing representations and warranties are no longer true or accurate in all material effects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. <u>Liability and Indemnification</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Liability</u>. The Sub-Adviser shall exercise its best judgment in rendering its services in accordance with the terms of this Agreement, but otherwise, in the absence of willful misfeasance, bad faith or gross negligence on the part of the Sub-Adviser or a reckless disregard of its duties hereunder, the Sub-Adviser, each of its affiliates and all respective partners, officers, directors and employees ("Affiliates") and each person, if any, who within the meaning of the Securities Act controls the Sub-Adviser ("Controlling Persons"), if any, shall not be subject to any expenses or liability to the Adviser, the Trust or a Fund or any of the Fund's shareholders, in connection with the matters to which this Agreement relates, including without limitation for any losses that may be sustained in the purchase, holding or sale of Allocated Assets. The Adviser shall exercise its best judgment in rendering its obligations in accordance with the terms of this Agreement, but otherwise (except as set forth in Section 12(c) below), in the absence of willful misfeasance, bad faith or gross negligence on the part of the Adviser or a reckless disregard of its duties hereunder, the Adviser, any of its Affiliates and each of the Adviser's Controlling Persons, if any, shall not be subject to any liability to the Sub-Adviser, for any act or omission in the case of, or connected with, rendering services hereunder or for any losses that may be sustained in the purchase, holding or sale of Allocated Assets. Notwithstanding the foregoing, nothing herein shall relieve the Adviser and the Sub-Adviser from any of their obligations under applicable law, including, without limitation, the federal and state securities laws. The federal securities laws impose liabilities under certain circumstances on persons who act in good faith, and therefore nothing herein shall in any way constitute a waiver or limitation of such rights which the Trust or the Funds may have under federal securities laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Indemnification</u>. The Sub-Adviser shall indemnify the Adviser, the Trust and the Funds, and their respective Affiliates and Controlling Persons for any liability and expenses, including without limitation reasonable attorneys' fees and expenses, which the Adviser, the Trust and/or the Funds and their respective Affiliates and Controlling Persons may sustain as a result of the Sub-Adviser's willful misfeasance, bad faith, gross negligence, reckless disregard of its duties hereunder or violation of applicable law, including, without limitation, the federal and state securities laws. Unless otherwise obligated under applicable law, the Sub-Adviser shall not be liable for indirect, punitive, special or consequential damages arising out of this Agreement.

The Adviser shall indemnify the Sub-Adviser, its Affiliates and its Controlling Persons, for any liability and expenses, including without limitation reasonable attorneys' fees and expenses, which may be sustained as a result of the Adviser's willful misfeasance, bad faith, gross negligence, reckless disregard of its duties hereunder or violation of applicable law, including, without limitation, the federal and state securities laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Sub-Adviser shall not be liable to the Adviser for acts of the Sub-Adviser that result from acts 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 the Adviser, which records are not also maintained by or otherwise available to the Sub-Adviser upon reasonable request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Adviser shall not be liable to the Sub-Adviser for acts of the Adviser which result from acts 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 the Sub-Adviser, which records are not also maintained by or otherwise available to the Adviser upon reasonable request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. <u>Duration and Termination</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Duration</u>. With respect to the Funds, the term of this Agreement shall begin as of the date and year upon which this Agreement is executed, and unless sooner terminated as hereinafter provided, this Agreement shall remain in effect for a period of two years. Thereafter, this Agreement shall continue in effect with respect to the Funds from year to year, subject to the termination provisions and all other terms and conditions hereof; PROVIDED, such continuance with respect to a Fund is approved at least annually by vote of the holders of a majority of the outstanding voting securities of the Fund or by the Trustees of the Trust; PROVIDED, that in either event such continuance is also approved annually by the vote, cast in person at a meeting called for the purpose of voting on such approval, of a majority of the Trustees of the Trust who are not parties to this Agreement or interested persons of either party hereto. The Sub-Adviser shall furnish to the Trust or to the Adviser, promptly upon its request, such information as may reasonably be necessary to evaluate the terms of this Agreement or any extension, renewal or amendment thereof.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) By vote of the Trust's Board, including the vote or written consent of a majority of the Trustees of the Trust who are not parties to this Agreement or interested persons of either party hereto, or by "vote of a majority of the outstanding voting securities" of the respective Fund (as defined in the 1940 Act), or by the Adviser, in each case, upon not more than 60 days' written notice to the Sub-Adviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) By any party hereto upon written notice to the other party in the event of a breach of any provision of this Agreement by the other party if the breach is not cured within 15 days of notice of the breach; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) By the Sub-Adviser upon 60 days' written notice to the Adviser and the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) This Agreement shall not be assigned (as such term is defined in the 1940 Act) and shall terminate automatically in the event of its assignment or upon the termination of the Management Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. <u>Duties of the Adviser</u>. The Adviser shall continue to have responsibility for all services to be provided to the Funds pursuant to the Management Agreement and shall oversee and review the Sub-Adviser's performance of its duties under this Agreement. Nothing contained in this Agreement shall obligate the Adviser to provide any funding or other support for the purpose of directly or indirectly promoting investments in a Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. <u>Reference to Adviser and Sub-Adviser</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Sub-Adviser grants, subject to the conditions below, the Adviser non-exclusive rights to use, display and promote trademarks of the Sub-Adviser in conjunction with any activity associated with the Funds. In addition, the Adviser may promote the identity of and services provided by the Sub-Adviser to the Adviser, which references shall not differ in substance from those included in the Prospectus, SAI and this Agreement, in any advertising or promotional materials. The Adviser shall protect the goodwill and reputation of the Sub-Adviser in connection with marketing and promotion of the Funds. The Adviser shall submit to the Sub-Adviser for its review and approval all such public informational materials relating to the Funds that refer to any recognizable variant or any registered mark or logo or other proprietary designation of the Sub-Adviser. Approval shall not be unreasonably withheld by the Sub-Adviser and notice of approval or disapproval will be provided promptly and in any event within three (3) business days. Subsequent advertising or promotional materials having substantially the same form as previously approved by the Sub-Adviser may be used by the Adviser without obtaining the Sub-Adviser's consent unless such consent is withdrawn in writing by the Sub-Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Neither the Sub-Adviser nor any Affiliate or agent of Sub-Adviser shall make reference to or use the name of the Adviser or any of its Affiliates, or any of their clients, except references concerning the identity of and services provided by the Adviser to the Funds or by the Sub-Adviser to the Funds or Adviser, which references shall not differ in substance from those included in the Prospectus, SAI and this Agreement, in any advertising or promotional materials without the prior approval of Adviser, which approval shall not be unreasonably withheld or delayed and notice of approval or disapproval will be provided promptly and in any event within three (3) business days. The Sub-Adviser hereby agrees to make all reasonable efforts to cause any Affiliate of the Sub-Adviser to satisfy the foregoing obligation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. <u>Amendment</u>. This Agreement may be amended by mutual consent of the parties, provided that the terms of any material amendment shall be approved by: (a) the Trust's Board or by a vote of a majority of the outstanding voting securities of the respective Fund (as required by the 1940 Act), and (b) the vote of a majority of those Trustees of the Trust who are not "interested persons" of any party to this Agreement cast in person at a meeting called for the purpose of voting on such approval, if such approval is required by applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. <u>Confidentiality</u>. Subject to the duties of the Adviser, the Trust and the Sub-Adviser to comply with applicable law, including any demand of any regulatory or taxing authority having jurisdiction, the parties hereto shall treat as confidential and shall not disclose any and all information pertaining to the Funds and the actions of the Sub-Adviser, the Adviser and the Funds in respect thereof; except to the extent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Authorized</u>. The Adviser or the Trust has authorized such disclosure;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Court or Regulatory Authority</u>. Disclosure of such information is expressly required or requested by a court or other tribunal of competent jurisdiction or applicable federal or state regulatory authorities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Publicly Known Without Breach</u>. Such information becomes known to the general public without a breach of this Agreement or a similar confidential disclosure agreement regarding such information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Already Known</u>. Such information already was known by the party prior to the date hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Received From Third Party</u>. Such information was or is hereafter rightfully received by the party from a third party (expressly excluding the Funds' custodian, prime broker and administrator) without restriction on its disclosure and without breach of this Agreement or of a similar confidential disclosure agreement regarding them; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Independently Developed</u>. The party independently developed such information.

In addition, the Sub-Adviser and its officers, directors and employees are prohibited from receiving compensation or other consideration, for themselves or on behalf of a Fund, as a result of disclosing a Fund's portfolio holdings. The Sub-Adviser agrees, consistent with its Code of Ethics, it nor its officers, directors or employees may engage in personal securities transactions based on non-public information about a Fund's portfolio holdings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. <u>Notice</u>. Any notice that is required to be given by the parties to each other under the terms of this Agreement shall be in writing, delivered, or mailed postpaid to the other parties, or transmitted by facsimile with acknowledgment of receipt, to the parties

at the following addresses or facsimile numbers, which may from time to time be changed by the parties by notice to the other party:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If to the Subadviser:<br>Name: Sudhir Holla<br>Title: Founder<br>Address:<br> 5030 Corporate Exchange Blvd., Suite 201<br> Grand Rapids, MI 49512<br>Email: sholla@mystockdna.com | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If to the Adviser:<br>Name: Bradley Roth<br>Title: Chief Investment Officer<br>Address:<br> 327 Pittsburgh Street<br> Greensburg, PA 15601<br>Email: broth@thoranalytics.com |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19. <u>Jurisdiction</u>. This Agreement shall be governed by and construed in accordance with the substantive laws of the State of Delaware without reference to choice of law principles thereof and in accordance with the 1940 Act. In the case of any conflict, the 1940 Act shall control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20. <u>Counterparts</u>. This Agreement may be executed in one or more counterparts, each of which shall be deemed an original, all of which shall together constitute one and the same instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21. <u>Certain Definitions</u>. For the purposes of this Agreement and except as otherwise provided herein, "interested person," "affiliated person," and "assignment" shall have their respective meanings as set forth in the 1940 Act, subject, however, to such exemptions as may be granted by the SEC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22. <u>Captions</u>. The captions herein are included for convenience of reference only and shall be ignored in the construction or interpretation hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23. <u>Severability</u>. If any provision of this Agreement shall be held or made invalid by a court decision or applicable law, the remainder of the Agreement shall not be affected adversely and shall remain in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24. <u>Entire Agreement</u>. This Agreement, together with all exhibits, attachments and appendices, contains the entire understanding and agreement of the parties with respect to the subject matter hereof.

IN WITNESS WHEREOF, the parties hereto have executed this Agreement on the day and year first written above.

---

| | | | |
|:---|:---|:---|:---|
| **<u>ADVISER</u>** | **<u>ADVISER</u>** | **<u>SUBADVISER</u>** | **<u>SUBADVISER</u>** |
| **THOR FINANCIAL TECHNOLOGIES, LLC** | **THOR FINANCIAL TECHNOLOGIES, LLC** | **AI ALPHA LLC** | **AI ALPHA LLC** |
| By: | /s/ Bradley Roth | By: | /s/ Sudhir Holla |
| Name: Bradley Roth | Name: Bradley Roth | Name: Sudhir Holla | Name: Sudhir Holla |
| Title: CIO | Title: CIO | Title: Founder | Title: Founder |

---

**SCHEDULE A**

---

| | |
|:---|:---|
| FUND | SUB-ADVISORY FEE CALCULATION |
| THOR AdaptiveRisk Dynamic ETF | Annual fee of 0.70% of the Fund's daily net assets |

---

## Ex-99.E

**FIRST AMENDMENT TO THOR FINANCIAL TECHNOLOGIES TRUST<br> ETF DISTRIBUTION AGREEMENT**

This first amendment ("Amendment") to the ETF Distribution Agreement dated August 19, 2024 (the "Agreement"), by and between THOR Financial Technologies Trust, a Delaware statutory trust (the "Trust") and PINE Distributors, LLC, a Delaware limited liability company (the "Distributor"), is entered into as of January 8, 2026 (the "Effective Date").

**WHEREAS,** The Trust and the Distributor (collectively the "Parties") desire to amend Exhibit A of the Agreement to reflect an updated list of funds; and

**WHEREAS,** Section 8(b) of the Agreement requires that amendments to the Agreement be made in writing and executed by all 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;1. Capitalized
terms not otherwise defined herein shall have the meanings set forth in the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Exhibit
A of the Agreement is hereby deleted and replaced in its entirety with Exhibit A attached hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Except
as expressly amended hereby, all of the provisions of the Agreement are restated and in full force and effect to the same extent as if
fully set forth herein.

&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.

[signature page follows]

**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.

---

| | | | |
|:---|:---|:---|:---|
| PINE Distributors LLC | PINE Distributors LLC | THOR Financial Technologies Trust | THOR Financial Technologies Trust |
| By: | /s/ Mark Fairbanks | By: | /s/ Bradley Roth |
| Name: Mark Fairbanks | Name: Mark Fairbanks | Name: Bradley Roth | Name: Bradley Roth |
| Title: President | Title: President | Title: CIO | Title: CIO |

---

**ETF DISTRIBUTION AGREEMENT**

**EXHIBIT A**

THOR Low Volatility ETF<br> THOR Index Rotation ETF<br> THOR AdaptiveRisk Dynamic ETF

## Ex-99.G

**second AMENDMENT TO CUSTODIAN AND TRANSFER AGENT AGREEMENT**

THIS AMENDMENT TO CUSTODIAN AND TRANSFER AGENT AGREEMENT (this "**Amendment**") is made as of December 30, 2025 by and between **THOR FINANCIAL TECHNOLOGIES TRUST** (the "**Fund"**), an open-end management investment company organized as a Delaware statutory trust and registered with the Commission under the Investment Company Act of 1940 (the **1940 Act**), on behalf of each series, separately and not jointly, listed on <u>Annex A</u> to the Agreement as may be amended from time to time (each a "**Portfolio**" and collectively the "**Portfolios**") and **BROWN BROTHERS HARRIMAN & CO.**, a limited partnership formed under the laws of the State of New York ("**BBH&Co."** or, when referring to BBH&Co. in its capacity as custodian, the "**Custodian",** and when referring to BBH&Co. in its capacity as transfer agent, "**TA"**). All capitalized terms used but not defined herein shall have the meanings set forth in the Agreement.

WHEREAS, the Fund and the Custodian entered into a Custodian and Transfer Agent Agreement, dated as of June 14, 2022, as amended and supplemented from time to time (the "**Agreement**"); and

Whereas, the Fund and the Custodian desire to make certain modifications to the terms of the Agreement as further detailed herein;

NOW, THEREFORE, in consideration of the mutual agreements herein contained and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged by the parties, each of the Funds and the Custodian hereby agree as follows:

1. <u>Annex A</u> to the Agreement is hereby deleted in its entirety and replaced with the attached <u>Annex A</u>.

2. All terms and provisions of the Agreement are hereby ratified and affirmed as of the date hereof and are hereby extended to give effect to the terms hereof.

3. Except as expressly modified hereby, the Agreement shall continue in full force and effect in accordance with its terms and conditions.

4. This Amendment may be executed in any number of counterparts each of which shall be deemed to be an original, but all of which together shall constitute one and the same Amendment. Delivery of an executed counterpart of this Amendment by facsimile transmission or other electronic mail transmission (e.g. ".pdf" or ".tif") shall be effective as delivery of a manually executed counterpart of this Amendment.

5. This Amendment shall be construed in accordance the governing law and exclusive jurisdiction provisions of the Agreement.

[Signature Page Follows]

IN WITNESS WHEREOF, each of the undersigned parties has executed this Amendment to Custodian and Transfer Agent Agreement effective as of the date first above written.

---

| | |
|:---|:---|
| **BROWN BROTHERS HARRIMAN & CO.** | **BROWN BROTHERS HARRIMAN & CO.** |
| **By:** | **/s/ Daniel Montoya** |
| Name: Daniel Montoya | Name: Daniel Montoya |
| Title: Managing Director | Title: Managing Director |
| **Date: 1/2/2026** | **Date: 1/2/2026** |
| **THOR FINANCIAL TECHNOLOGIES TRUST** | **THOR FINANCIAL TECHNOLOGIES TRUST** |
| **By:** | **/s/ Bradley Roth** |
| Name: Bradley Roth | Name: Bradley Roth |
| Title: CIO | Title: CIO |
| **Date: 12/30/25** | **Date: 12/30/25** |

---

<u>ANNEX A</u><br> TO<br> CUSTODIAN AND TRANSFER AGENT AGREEMENT<br> BETWEEN<br> THOR FINANCIAL TECHNOLOGIES TRUST<br> and<br> BROWN BROTHERS HARRIMAN & CO.<br> EFFECTIVE DATE: June 14, 2022<br> (Updated December 30, 2025)

The following is a list of Portfolios for which BBH shall serve under the Custodian Agreement:

Thor Low Volatility ETF <br> Thor Index Rotation ETF <br> Thor AdaptiveRisk Dynamic ETF

## Ex-99.H

---

| |
|:---|
| **AMENDED SCHEDULE A** |
| **to the** |
| **ETF Master Services Agreement** |
| **between** |
| **THOR Financial Technologies Trust** |
| **and** |
| **Ultimus Fund Solutions, LLC** |
| **dated June 2, 2022** |
| **Fund Portfolio(s)** |
| **THOR Equal Weight Low Volatility ETF** |
| **THOR Index Rotation ETF** |
| **THOR AdaptiveRisk Dynamic ETF** |

---

The parties duly executed this Amended Schedule A dated as of October 27, 2025.

---

| | | | |
|:---|:---|:---|:---|
|  | **THOR Financial Technologies Trust** |  | **Ultimus Fund Solutions, LLC** |
| By: | ![(-s- Bradley Roth)](th002_v1.jpg) | By: | ![(-s- Gary Tenkman)](th003_v1.jpg) |
| Name: | Bradley Roth | Name: | Gary Tenkman |
| Title: | FOUNDER & CIO | Title: | Chief Executive Officer |

---

## Ex-99.H

**<u>[Certain identified information has been excluded from this exhibit because it is not material and would likely cause<br> competitive harm to the registrant if publicly disclosed]</u>**

**SERVICES AGREEMENT**

THIS SERVICES AGREEMENT (the "**Agreement**") is made effective as of **October 27<sup>th</sup>**, 2025 (the "**Effective Date**"), by and between PINE Advisors LLC, ("**PINE**"), and THOR Financial Technologies Trust (the "**Client**" or the "**Trust**"). PINE and Client are each referred to herein as a "**Party**," and collectively, the "**Parties**."

WHEREAS, Client is a registered investment company trust under the Investment Company Act of 1940 (the "**1940 Act**"); and

WHEREAS, Client desires to retain PINE to perform the services referenced herein and wishes to enter into this Agreement in order to set forth the terms and conditions upon which PINE will render and implement the services specified herein.

NOW THEREFORE, in consideration of the premises and mutual covenants contained herein and other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the Parties hereto agree as follows:

**1. Appointment and Delivery of Documents**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Client hereby appoints, and PINE hereby agrees to provide, an employee of PINE reasonably acceptable to the Board of Trustees of the Client (the "**Board**") to serve as the Client's Chief Compliance Officer ("**CCO**"), each for the period and on the terms and conditions set forth in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In connection therewith, the Client has delivered to PINE copies of, and shall promptly furnish PINE with all amendments of or supplements to: (i) the Client's Certificate of Trust, Agreement and Declaration of Trust and Bylaws (collectively, as amended from time to time, "**Organizational Documents**"); (ii) the Client's current Registration Statement, as amended or supplemented, filed with the U.S. Securities and Exchange Commission ("**SEC**") pursuant to the 1940 Act (the "**Registration Statement**"); (iii) the Client's current Prospectus and Statement of Additional Information (collectively, as currently in effect and as amended or supplemented, the "**Prospectus**"); and (iv) all compliance policies, programs and procedures adopted by the Client. The Client shall deliver to PINE a certified copy of the resolution of the Board appointing the CCO hereunder and authorizing the execution and delivery of this Agreement. In addition, the Client shall deliver, or cause to deliver, to PINE upon PINE's reasonable request any other documents that would enable PINE to perform the services described in this Agreement.

**2. Duties of PINE.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) During the Term (as defined below), PINE agrees to provide to Client the services (the "**Services**") set forth in <u>Appendix A</u> attached hereto, which is herein incorporated by reference, upon the terms and conditions hereinafter set forth.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) During the Term, PINE shall make available an employee of PINE who is competent and knowledgeable regarding establishing and maintaining compliance policies and procedures of registered investment companies such as Client to serve as Client's Chief Compliance Officer (such individual being referred to herein as the "**Chief Compliance Officer**" or "**CCO**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Services provided by PINE hereunder are not exclusive to Client. Nothing herein shall be deemed to limit or restrict the rights of PINE, PINE's affiliates, or any of their respective directors, officers, managers, shareholders, members, employees, contractors, agents, or representatives (collectively, the "**PINE Parties**") to provide similar or related services, or use similar or related processes and methods, to other persons (including potential competitors) during the Term.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) To the extent PINE is required or requested to maintain books and records pursuant to <u>Appendix A</u> and/or Applicable Laws (as defined below), such books and records shall be maintained in the manner and for the periods as are required by Applicable Law. All books and records pertaining to Client that are in the possession of PINE shall be the property of Client; provided, however, that PINE may at its option retain a copy of such records for internal and regulatory purposes. Client, or the Client's authorized representatives, shall have access to such books and records at all times during PINE's normal business hours. Upon the request of Client, PINE shall deliver a complete copy of such books and records to Client or the Client's authorized representatives at Client's expense; following its delivery of such books and records, PINE shall have no further responsibility to preserve or maintain such books and records.

**3. Duties of Client.** Client shall furnish PINE with any and all instructions, explanations, information, specifications and documentation deemed useful or necessary by PINE in the performance of the Services and shall give PINE prompt notice of any changes thereto. Client shall provide PINE with all documentation it needs to perform its duties and not withhold any material documents, facts or information. Client shall give timely instructions to PINE in regard to matters affecting the performance of the Services. Such instructions shall be in writing and may be sent via e-mail or by such other means as may be agreed upon from time to time by PINE and Client in writing. No oral instructions shall be accepted by PINE unless promptly confirmed in writing by Client. Client shall certify to PINE in writing the names and specimen signatures of persons authorized to give instructions hereunder. PINE shall be entitled to rely upon the identity and authority of such persons until it receives written notice from Client to the contrary. PINE shall be entitled to rely fully on the accuracy and validity of any and all instructions, explanations, information, specifications and documentation furnished to it by Client and shall have no duty or obligation to investigate or to review the accuracy, validity or propriety of such instructions, explanations, information, specifications or documentation.

**4. Scope Limitations and Acknowledgements**. With respect to the Services provided by PINE pursuant to this Agreement, Client acknowledges and agrees as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as contemplated by Sections **Error! Reference source not found.** and 2(b) above, the Services provided by PINE hereunder shall consist of advice and consulting services only. All actions taken pursuant to the advice provided by PINE shall be subject to the ultimate discretion, direction, and control of Client and its respective officers, trustees and employees (collectively, the "**Client Parties**"), and Client shall be exclusively responsible for all such decisions and actions. Except as specifically provided herein, Client assumes and shall be solely responsible for ensuring that Client's business is in compliance with all laws, rules and regulations of governmental authorities having jurisdiction over Client, including, for the avoidance of doubt, U.S. securities and/or international tax laws and regulations, as applicable ("**Applicable Law**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No provision of this Agreement shall be considered as creating, nor shall any provision create, any obligation on the part of PINE, and PINE is not hereby agreeing, to (A) provide investment advisory, sub-advisory or management services to Client or any of its affiliates, (B) furnish any advice or make any recommendations regarding the purchase or sale of securities or other instruments, or (C) render any opinions or recommendations of any kind with respect to purchasing or selling securities or other instruments or to perform any such similar services in connection with providing the Services hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) PINE is not a public accounting or auditing firm, is not a fiduciary of a public accounting or auditing firm, and the Services provided by PINE hereunder do not include any public accounting, audit, or tax services or advice. Client will rely solely on the accounting and tax advice of its own advisors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) PINE is not a law firm and the Services provided by PINE hereunder do not include any legal services or legal advice. Because no attorney-client relationship exists between PINE's attorneys and Client, any information provided to PINE or its attorneys may not be privileged and may be subject to compulsory disclosure under certain circumstances, in which case PINE shall provide Client prior notice of any such disclosure and cooperate fully with Client at Client's sole cost, should Client desire to defend against such disclosure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Except as otherwise set forth on <u>Appendix A</u>, Client shall be responsible for appointing and supervising its own Anti-Money Laundering Reporting Officer (if required to do so by Applicable Law) and, under no circumstances shall PINE or any of the PINE Parties be responsible or liable for Client's compliance or non-compliance with any anti-money laundering laws and regulations of any jurisdiction in which Client operates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Upon approval and appointment by Client's Board, an employee of PINE shall serve as Client's CCO and provide those Services as outlined in <u>Appendix A</u>. In doing so, PINE shall ensure applicable SEC regulatory requirements are met. PINE shall also provide any advice and recommendations to Client as is necessary to comply with those requirements, but all decisions in connection with the implementation of PINE's advice and recommendations shall be and remain the sole and exclusive responsibility of the Client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The CCO shall be permitted to consult counsel at the cost of the Client relating to Client matters should such consultation become necessary. PINE will first consult legal and accounting counsel to the Client in such circumstances, and, if necessary, after prior notice to the Client, may consult other legal or accounting counsel at the cost of Client.

**5. Compensation; Reimbursement.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In consideration for the Services to be performed hereunder by PINE, Client shall pay PINE the fees listed in <u>Appendix B</u> attached hereto within fifteen (15) days after the date of Client's receipt of an invoice, which shall be paid by Client monthly in advance of services rendered. Client understands and agrees that to the extent, subsequent to the execution of this Agreement, Client hires either internal or external resources to provide services duplicative of those listed in <u>Appendix A</u> hereto, such activity will in no way: (i) excuse any payment obligation of Client for fees due under this Agreement as detailed in <u>Appendix B</u> hereto, or (ii) affect in any way the terms of this Agreement unless this Agreement is terminated prior to the expiration of the Term in accordance with Section 12 below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) During the Term, Client shall reimburse PINE for all reasonable and necessary travel and lodging expenses and other out-of-pocket expenses incurred by PINE in connection with the performance of the duties of the CCO hereunder upon presentation of appropriate receipts and other reasonable documentation as the Client may request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) To the extent that <u>Appendix B</u> sets forth escalating fees by year, PINE's fees will increase to the rates set forth on <u>Appendix B</u> for the applicable year effective as of January 1<sup>st</sup> of the stated year. On January 1<sup>st</sup> of each year subsequent to the year period(s) set forth on <u>Appendix B</u> (as applicable, the "**Fee Adjustment Date**"), the fees in effect for the previous calendar year shall be increased by an amount equal to the percentage increase in the US Consumer Price Index – All Urban Consumers – U.S. City Average – All Items compiled by the US Bureau of Labor Statistics ("**CPI-U**"), as published thirty (30) days prior to

the Fee Adjustment Date, for the preceding twelve (12) month period. In the absence of CPI-U being published, the Parties shall agree in writing to use another index that most closely resembles CPI-U.

**6. Intellectual Property.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All work product and other deliverables and materials that PINE creates for Client at the direction of Client in connection with performance of the Services (collectively, "**Work Product**") shall be the property of Client, and Client shall have a right to copy and reproduce such Work Product and to provide it to others as required by Applicable Law or Client's business. PINE hereby assigns all right, title and interest in and to all Work Product to Client. If requested, PINE will also execute and deliver to Client other documentation that Client reasonably requests to perfect or evidence its ownership in such Work Product.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding any provision of this Agreement to the contrary, any and all know-how, routines, methodologies, processes, strategies, tools, technologies, advice, templates, inventions, software, programs, concepts, screen formats, report formats, interactive design techniques, patents, copyrights, trade secrets and other intellectual property rights created, adapted, developed, or used by PINE in its business generally that do not incorporate or require the use of Client's Confidential Information (the "**PINE Tools**"), shall be and remain the sole property of PINE, and Client shall have no interest in or claim to the PINE Tools, except as necessary to receive, use, and exercise its rights with respect to Work Product that may incorporate or use the PINE Tools. In addition, notwithstanding any provision of this Agreement to the contrary, PINE shall be free to use any ideas, concepts, or know-how developed or acquired by PINE during the performance of this Agreement to the extent obtained and retained by PINE personnel as impression and general learning; provided that such impressions or general learning do not incorporate or require the use of Client's Confidential Information. Nothing in this Agreement shall be construed to preclude PINE from using the PINE Tools in connection with servicing other unaffiliated clients and customers.

**7. Independent Contractor.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) PINE and the CCO shall for all purposes be independent contractors of Client, not employees, and shall, except as otherwise expressly authorized in this Agreement, have no authority to act for or represent Client in any way. Nothing herein shall be construed to constitute PINE as the agent or employee of Client, or Client as the agent or employee of PINE, and neither party shall make any representation to the contrary. Employees and officers of PINE will not be employees or officers of Client or its affiliates; provided, however, that the CCO will be deemed to be officers of Client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) PINE may delegate or subcontract any or all of its functions and responsibilities pursuant to this Agreement to one or more persons who agree to comply with the terms of this Agreement (each, a "**Delegee**"); provided that, in such event, except as provided in <u>Appendix A</u>, (i) the compensation of such Delegee shall be paid by, and be the sole responsibility of, PINE; and (ii) PINE shall not be relieved of any of its obligations under this Agreement in such event and shall be responsible for all acts of its Delegees to the same extent it would be for its own acts. Notwithstanding the foregoing, PINE shall have no liability or responsibility whatsoever for any third-party services, products, hardware, software, information or materials selected or retained by, or at the direction of, Client.

**8. Standard of Care; Exculpation; Indemnification.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) PINE shall be under no duty to take any action except as specifically set forth herein or as may be specifically agreed to by PINE in writing. PINE shall use its best judgment and efforts in rendering the Services contemplated by this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding anything in this Agreement to the contrary, PINE shall not be liable to the Client or any of its Stakeholders (as defined below) for any action or inaction of PINE relating to any event whatsoever in the absence of fraud, bad faith, Recklessness, Gross Negligence, Willful Misconduct, or breach of this Agreement by any of the PINE Parties. Further, PINE shall not liable to Client or any of the its Stakeholders for any action taken or failure to act in good faith reliance upon: (i) the advice and opinion of Client's legal or tax counsel; (ii) any inaccurate, misleading, or incomplete information it receives from Client or Client's authorized agents; and (iii) any certified copy of any resolution of evidencing the corporate action of Client and its affiliates. For purposes of this Agreement, "**Stakeholder**" means the Client's affiliates, and each of their respective officers, directors, trustees, shareholders, investors, beneficiaries, employees, agents, and representatives. "**Recklessness**" means that the Party actually knew its actions would likely result in substantial harm to the other Party; "**Gross Negligence**" means an act or failure to act which materially deviates from a reasonable course of conduct and which evinces a serious or substantial disregard of, or indifference to, the harmful consequences thereof; and "**Willful Misconduct**" means a wrongful, intentional act or failure to act with intentional disregard of the harm that could result thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) PINE agrees to indemnify and hold harmless Client, its officers, directors, contractors, agents and employees (collectively, the "**Client Parties**") against all damages, liabilities and costs, including reasonable attorneys' fees, suffered or incurred by Client or the Client Parties in connection with any third-party claims against any of the Client Parties to the extent arising out of or related to the fraud, bad faith, Recklessness, Gross Negligence, Willful Misconduct, or material breach of this Agreement by any of the PINE Parties. Notwithstanding the foregoing, PINE shall not be required to indemnify any of the Client Parties if, prior to confessing any claim against the applicable Client Parties, the applicable Client Parties do not give PINE written notice of and reasonable opportunity to defend against the claim in its own name or in the name of the applicable Client Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Client agrees to indemnify and hold harmless the PINE Parties against all damages, liabilities and costs, including reasonable attorneys' fees, suffered or incurred by any of the PINE Parties in connection its performance of the Services pursuant to this Agreement; provided however, that nothing contained herein shall entitle any of the PINE Parties to indemnification with respect to any claim arising solely as a result the fraud, bad faith, Recklessness, Gross Negligence, Willful Misconduct, or material breach of this Agreement by any of the PINE Parties. Notwithstanding the foregoing, Client shall not be required to indemnify any of the PINE Parties if, prior to confessing any claim against the applicable PINE Parties, the applicable PINE Parties do not give Client written notice of and reasonable opportunity to defend against the claim in its own name or in the name of the applicable PINE Parties.

**9. Representations and Warranties.** Each Party represents and warrants to the other as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Such Party is duly organized and validly existing under the laws of the relevant jurisdiction and is in good standing and qualified to do business in each jurisdiction in which the nature or conduct of its business requires such qualification;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Such Party has full power and authority and is permitted by applicable law to enter into this Agreement and to perform its duties and obligations pursuant to this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) This Agreement, when executed and delivered, will constitute a legal, valid and binding obligation of such Party, enforceable against such Party in accordance with its terms, subject to bankruptcy, insolvency, reorganization, moratorium and other laws of general application affecting the rights and remedies of creditors and secured parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Such Party has and will at all times during the Term comply in all material respects with Applicable Law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Such Party has and shall at all times during the Term maintain policies of insurance reasonable and customary for its business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Such Party has obtained and will maintain in full force and effect during the Term, all registrations, filings, approvals, authorizations, consents, licenses or examinations required by any government, governmental authority or other regulatory agency necessary conduct its business; and,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) There is no administrative, civil or criminal proceeding pending or threatened against such party that is reasonably likely to have a material adverse effect on either Party's business, reputation, financial condition, or ability to perform its obligations under this Agreement.

The foregoing representations and warranties shall be continuing during the Term of this Agreement, and, if at any time any Party shall become aware of the occurrence of any event which could make any of the foregoing materially incomplete or inaccurate, such party shall promptly notify the other Party in writing of the occurrence of such event. EXCEPT AS EXPRESSLY SET FORTH IN THIS AGREEMENT, THE PARTIES DO NOT MAKE, AND HEREBY DISCLAIM, ALL OTHER REPRESENTATIONS OR WARRANTIES, WHETHER EXPRESS OR IMPLIED, INCLUDING WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, ACCURACY, COMPLETENESS AND NONINFRINGEMENT OF THIRD PARTIES' RIGHTS.

**10. Confidentiality.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) During the Term and at all times thereafter, each Party agrees that: (i) it shall not use the Confidential Information (as defined below) of the other Party for any purpose other than the fulfillment of its duties and obligations under this Agreement; (ii) it shall not disclose the Confidential Information of the other Party to any person or organization other than the employees, contractors, consultants, agents, and representatives of the Parties that have a need to know the information in connection with the Services; (iii) it shall maintain commercially reasonable information security policies and procedures for protecting the Confidential Information of the other Party; and (iv) it shall promptly notify the other Party of any actual or suspected unauthorized use or disclosure of the other Party's Confidential Information. Each Party further represents that each of its officers, directors, trustees, employees, contractors, consultants, agents and representatives is aware of such Party's obligations pursuant to this Section and is subject to an obligation of confidentiality with respect to the Confidential Information of the other Party that is no less restrictive as the terms hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) For purposes of this Agreement, "**Confidential Information**" means all nonpublic confidential and proprietary information of a Party and its respective affiliates, employees, customers, and investors, and includes without limitation, their technology, know-how, processes, trade secrets, contracts, proprietary information, historical and projected financial information, business strategies, operating data and organizational and cost structures, product descriptions, portfolio information, trading practices and strategies, security protocols, pricing information, and customer and vendor information (which includes, without limitation, names, addresses, telephone numbers, account numbers, demographic, financial and transactional information). Confidential Information does not include information that: (i) is in the public domain through no fault of or action the recipient Party; (ii) was rightfully available to recipient Party prior to its disclosure hereunder by the disclosing Party to the recipient Party; (iii) was independently developed by the recipient Party without any access to or use of the disclosing Party's Confidential Information; or (iv) became rightfully available from any third party not known by the recipient Party to be under an obligation of confidentiality to the disclosing Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If either Party becomes legally compelled (by deposition, interrogatory, request for documents, subpoena, civil investigative demand or similar process) to disclose any Confidential Information of the other Party, it may disclose such Confidential Information to the extent legally required; provided, however, that the Party that is legally compelled to disclose such information, unless prevented by regulatory authorities from doing so, shall (i) first notify the other Party's officers and legal counsel of such legal process, unless such notice is prohibited by statute, rule or court order, (ii) attempt to obtain the other Party's consent to such disclosure, and (iii) in the event consent is not given, agree to permit a motion to quash, or other similar procedural step, to frustrate the production or publication of information. In making any disclosure under such legal process, the Parties agree to use commercially reasonable efforts to preserve the confidential nature of such information. Nothing herein shall require any Party to fail to honor a subpoena, court or administrative order, or other legal requirement on a timely basis.

**11. Non-Solicitation.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) During the Term and for a period of twelve (12) months after the expiration or termination hereof, neither Party shall, directly or indirectly, either for itself or on behalf of any other firm, person or entity, solicit to employ, employ, or retain as a consultant or independent contractor any person who during the preceding twelve (12) month period was in the employment or a routine contractor of the other Party without the other Party's prior written consent. Notwithstanding the foregoing, this Section shall not prohibit a Party hiring an employee or routine contractor of the other Party who answers any general advertisement or who otherwise voluntarily applies for hire without having been personally solicited by the restricted Party or its affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) PINE and Client acknowledge and agree that, due to the uniqueness of the Services to be provided by, and access of, their respective employees, and the confidential nature of the information such employees will possess, the covenants set forth herein are reasonable and necessary for the protection of their business and goodwill. PINE and Client expressly acknowledge the importance of the covenants set forth in this Section 11 and recognize that each of them would not enter into this Agreement and/or would not permit the access to its services, records or confidential information without the other's consent hereto.

**12. Term; Termination**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Unless sooner terminated in accordance with the remaining provisions of this Section, the term of this Agreement (the "**Term**") shall commence on the Effective Date and shall continue in full force and effect for a period of twelve (12) months from the commencement of the Services, and thereafter shall be automatically extended for successive twelve (12) month terms unless a Party provides the other Party with a notice of non-renewal at least sixty (60) days prior to the end of the then-current Term. Not less than ninety (90) days prior to the expiration of the then-current Term, PINE will provide Client with written notice of any changes to the terms, fees and Services provided under this Agreement. If Client does not object in writing to such changes or provide PINE with a written notice of non-renewal at least sixty (60) days prior to the end of the then-current Term, the changes proposed by PINE shall be deemed to be accepted and adopted by Client, shall be deemed for all purposes to amend this Agreement in the manner set forth in PINE's written notice, and shall become operative and effective on the first day of the applicable renewal Term. If Client timely objects in writing to such changes at least sixty (60) days prior to the end of the then-current Term, the Term of this Agreement shall not be extended and will expire at the conclusion of the then-current Term unless the Parties agree in writing to such renewal on mutually agreeable terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) This Agreement may be terminated prior to the expiration of the Term in the following circumstances:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. By
 mutual written agreement of the Parties at any time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. With
 respect to the Services provided by the CCO, and without penalty to either party, by the
 Trust's Board on sixty (60) days' prior written notice to PINE. Should the Trust
 terminate the Services of the individual appointed by PINE to serve as CCO for any reason,
 PINE shall have the right to designate another qualified employee of PINE, subject to ratification
 by the Board and the independent trustees of the Board, to serve as temporary CCO at the
 compensation contemplated in <u>Appendix B</u> until a successor CCO is selected and approved
 by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. By
 a Party for cause if: (A) the other Party materially defaults in the performance of any of
 its duties or obligations under this Agreement (other than a Client payment default) and
 fails to substantially cure such default within fifteen (15) days after being given written
 notice of such default; (B) the other Party becomes insolvent, dissolves, goes into liquidation,
 bankruptcy or insolvency or if a receiver is appointed over any of such Party's assets;
 or (C) the other Party engages or is alleged to have engaged in any activity or conduct that
 the terminating Party reasonably believes is a material violation of Applicable Law or would
 materially prejudice the business reputation of the terminating Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. By
 PINE for cause if: (A) Client defaults in the payment when due of any amount due to PINE
 pursuant to this Agreement and fails to cure such default within five (5) days after being
 given written notice of such payment default; (B) Client on three (3) or more occasions fails
 to timely provide complete and accurate instructions, explanations, information, and documentation
 that is reasonably requested by PINE within fifteen (15) days of receiving written request
 therefore; or (C) Client declines to implement PINE's advice with respect to an accounting
 and/or compliance matter within the scope of Services for which PINE is responsible within
 fifteen (15) days of receiving written notice from PINE identifying the critical nature of
 the advice, PINE's recommended course of action, and PINE's basis for concluding
 that implementing such course of action is necessary or appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Upon a termination pursuant to this Section 12, Client will compensate PINE for Services actually provided through the effective date of any such termination within ten (10) days of the effective date of such termination. Upon the expiration or earlier termination of this Agreement, PINE agrees to: (i) use reasonable efforts to assist Client, and any successor service provider(s) appointed by Client, in connection with the related transition of the Services to any such new service provider(s) or to Client internally, as applicable, which includes without limitation providing 15 hours of training services (or such amount of training as is deemed reasonably necessary and appropriate); and (ii) promptly return to Client any Confidential Information, including, without limitation, the books and records of Client. Any training and other services under this section shall be billed at an hourly rate of $250.

**13. Limitation of Damages.** NOTWITHSTANDING ANY OTHER PROVISIONS HEREUNDER OR UNDER ANY STATUTES, NEITHER PARTY, NOR THEIR MEMBERS, SHAREHOLDERS, OFFICERS, DIRECTORS, TRUSTEES, OR EMPLOYEES, SHALL BE LIABLE TO THE OTHER FOR ANY SPECIAL, INDIRECT, INCIDENTAL, PUNITIVE, OR CONSEQUENTIAL DAMAGES OF ANY KIND OR NATURE (INCLUDING, WITHOUT LIMITATION, RELATED ATTORNEYS' FEES), WHETHER SUCH LIABILITY IS ASSERTED ON THE BASIS OF CONTRACT, TORT OR OTHERWISE, WHETHER OR NOT FORESEEABLE, EVEN IF SUCH PARTY, ITS MEMBERS OR SHAREHOLDERS, OR ITS OFFICERS, DIRECTORS, TRUSTEES, OR EMPLOYEES HAVE BEEN ADVISED OR WERE AWARE OF THE POSSIBILITY OF SUCH DAMAGES. EXCEPT FOR PINE'S INDEMNIFICATION OBLIGATIONS HEREUNDER, WHICH ARE NOT LIMITED BY THIS PARAGRAPH, THE LIABILITY OF PINE TO CLIENT FOR ANY AND ALL CLAIMS RELATING

TO THIS AGREEMENT OR SERVICES PROVIDED BY PINE HEREUNDER, WHETHER A CLAIM BE IN TORT, CONTRACT, OR ANY OTHER THEORY OF LAW, AND WHETHER BY STATUTE OR OTHERWISE, SHALL NOT, IN THE AGGREGATE, EXCEED THE TOTAL ANNUAL FEES ACTUALLY PAID BY CLIENT TO PINE UNDER THIS AGREEMENT.

**14. Miscellaneous**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Survival*. The provisions of Sections 4, 5(c), 7, 8, 12, 13, and 14 shall survive the termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Assignment*. This Agreement shall bind, benefit and be enforceable by and against PINE and Client and, to the extent permitted hereby, each of their respective successors and assigns. Except as expressly contemplated herein, neither party hereto shall assign this Agreement or any of its rights hereunder without the other's prior written consent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Governing Law.* This Agreement shall be governed by, construed and enforced in accordance with the laws of the State of Colorado, without regard to the conflict of laws principles thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *Dispute Resolution*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. If
 any dispute arises under this Agreement, including, without limitation, any claim or breach
 of any provision of this Agreement, any effort to enforce the terms of this Agreement, and
 any dispute as to the enforceability, or not, of this Section 13(d) (a "**Dispute** "),
 the Parties will use their best efforts to resolve such Dispute by good-faith negotiation
 and mutual agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. If
 the Dispute is not resolved within 20 days of the date on which the Dispute is first raised,
 the Parties will attempt to settle such Dispute through a non-binding mediation proceeding
 to be held within 30 days of a Party submitting a written notice to the other Party demanding
 mediation. If any Party to such mediation proceeding is not satisfied with the results thereof,
 then any unresolved Disputes will be finally settled in accordance with an arbitration proceeding.
 In no event shall the results of any mediation proceeding be admissible in any arbitration
 or judicial proceeding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Any
 Dispute that cannot otherwise be resolved as provided above will, upon written notice by
 either party demanding arbitration, be resolved by binding arbitration in Denver, Colorado,
 before a single arbitrator as mutually agreed to by the Parties, with at least ten years
 of experience in resolving business contract matters, and in accordance with the rules of,
 but not to be administered by, the American Arbitration Association then existing. If the
 Parties cannot agree upon the identity of a single arbitrator within seven days after the
 notice demanding arbitration, either party may request the Judicial Arbiter Group ()"**JAG** ")
 in Denver, Colorado, appoint, on an expedited basis, one arbitrator from the JAG panel of
 arbitrators whom is a former judge, has at least ten years of experience as a judge and whom
 shall be able to commence the arbitration proceedings (with at least an initial hearing)
 within fourteen (14) days following the appointment. No Party to any such Dispute shall be
 entitled to any punitive damages. Judgment may be entered upon any award granted in any such
 arbitration in any court of competent jurisdiction. The arbitral award shall be final and
 binding. Each Party agrees to waive its right to seek remedies in court, including any right
 to a jury trial; <u>provided</u>, <u>however</u>, that nothing in this paragraph will constitute
 a waiver of any right any Party may have to choose a judicial forum to the extent such a

waiver would violate applicable law. Notwithstanding the foregoing, each Party retains the right to seek judicial assistance: (1) to compel arbitration; (2) to obtain interim measures of protection prior to or pending arbitration; (3) to seek injunctive relief in any courts of jurisdiction as may be necessary and appropriate; and (4) to enforce any decision of the arbitrator, including the final award. It is agreed that, in the event of arbitration, the Parties will keep the proceedings and results confidential except as required by law or reasonable business necessity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. In
 the event of any Dispute, the prevailing party in any legal proceeding to enforce the terms
 of this Agreement will be entitled to recover, in addition to all other relief obtained in
 the legal proceeding, an award of such party's reasonable costs and attorneys'
 fees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) *Waiver of Jury Trial*. THE PARTIES HEREBY AGREE TO WAIVE THEIR RESPECTIVE RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION RELATED TO OR ARISING OUT OF THIS AGREEMENT. THE PARTIES EACH ACKNOWLEDGE THAT THE FOREGOING WAIVER IS A MATERIAL INDUCEMENT FOR EACH PARTY TO ENTER INTO A BUSINESS RELATIONSHIP, THAT EACH PARTY HAS ALREADY RELIED ON THE WAIVER IN ENTERING INTO THIS AGREEMENT AND THAT EACH WILL CONTINUE TO RELY ON THE WAIVER IN THEIR RELATED FUTURE DEALINGS UNDER THIS AGREEMENT. EACH PARTY FURTHER WARRANTS AND REPRESENTS THAT EACH HAS HAD THE OPPORTUNITY TO HAVE LEGAL COUNSEL REVIEW THE WAIVER. THE WAIVER IS IRREVOCABLE, MEANING THAT IT MAY NOT BE MODIFIED EITHER ORALLY OR IN WRITING, AND THE WAIVER WILL APPLY TO ANY SUBSEQUENT AMENDMENTS, RENEWALS, SUPPLEMENTS OR MODIFICATIONS TO THIS AGREEMENT.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) *No Third-Party Beneficiaries*. No person other than PINE and Client is a party to this Agreement or shall be entitled to any right or benefit arising under or in respect of this Agreement; there are no third-party beneficiaries of this Agreement. Without limiting the generality of the foregoing, nothing in this Agreement is intended to, or shall be read to, (i) create in any person other than Client (including without limitation its Stakeholders) any direct, indirect, derivative, or other rights against PINE, or (ii) create or give rise to any duty or obligation on the part of PINE (including without limitation any fiduciary duty) to any person other than Client, all of which rights, benefits, duties, and obligations are hereby expressly excluded.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) *Force Majeure*. Without in any way limiting the generality of the foregoing, neither party shall in any event be liable for, nor shall it be considered a breach by such party of this Agreement with respect to, any loss or damage arising from causes beyond its reasonable control, including, without limitation, delay or cessation of Services or other obligations hereunder or any damages the other Party resulting therefrom as a result of any work stoppage, power or other mechanical failure, computer virus, computer hacking, natural disaster, change in law or regulation or other governmental action, communications disruption including internet outage or outage of other networked environment), act of terrorism, fire, public health crisis, or other cause, whether similar or dissimilar to any of the foregoing, in the case of each of the foregoing, which was not within such party's reasonable control ("**Force Majeure Events**"). In addition, to the extent any of PINE's obligations hereunder are to oversee or monitor the activities of third parties, PINE shall not be liable for any failure or delay in the performance of PINE's duties caused, directly or indirectly, by the failure or delay of such third parties in performing their respective duties or cooperating reasonably and in a timely manner with PINE.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) *Amendment; Waiver*. Except as expressly provided hereunder, this Agreement shall not be amended except by a writing signed by the Parties hereto. No waiver of any provision of this Agreement

shall be implied from any course of dealing between the Parties or from any failure by either party to assert its or his rights hereunder on any occasion or series of occasions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) *Notices*. All notices required or permitted under this Agreement shall be in writing and shall be deemed effective upon (i) upon personal delivery to the Party to be notified; (ii) when sent by confirmed electronic mail if sent during normal business hours of the recipient, if not, then on the next day that is not a Saturday, Sunday, or statutory holiday in the State of Colorado; (iii) five (5) days after having been sent by registered or certified mail, return receipt requested, postage prepaid; or (iv) one (1) day after deposit with a nationally recognized overnight courier, specifying next day delivery, with written verification of receipt. All communications shall be sent to the Parties at their respective addresses below or at such other addresses as either Party may designate to the other Party in accordance with this paragraph.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**To PINE:** | &nbsp;&nbsp;**To Client:** |
| &nbsp;&nbsp;Derek Mullins<br> c/o PINE Advisors LLC<br> 501 S. Cherry Street, Suite 610<br> Denver, Colorado 80246<br> <u>Derek@pineadvisorsolutions.com</u> | &nbsp;&nbsp;Brad Roth<br> c/o THOR Financial Technologies Trust<br> 327 W. Pittsburgh St.<br> Greensburg, PA 15601<br> <u>broth@thoranalytics.com</u> |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) *Severability*. The invalidity or partial invalidity of any provision of this Agreement shall not invalidate the remainder thereof, and the remainder shall remain in full force and effect. If one or more of the provisions contained in this Agreement is held to be invalid, illegal, or otherwise unenforceable at law, such provision(s) shall be construed by the appropriate arbitral or judicial body by limiting or reducing it or them to make it or them valid, legal or otherwise enforceable to the maximum extent allowed with then applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) *Integration*. This Agreement embodies the entire agreement and understanding among the Parties relative to the subject matter hereof and supersede all prior agreements and understandings, oral or written, relating to such subject matter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) *Counterparts*. This Agreement may be executed in several counterparts and as so executed shall constitute one agreement binding on the Parties hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) *Captions*. The captions of the sections of this Agreement are for convenience of reference only, and in no way define, limit or affect the scope or substance of any section of this Agreement.

[*Signature page follows*]

**IN WITNESS WHEREOF**, the Parties have each executed and delivered this Agreement with the intent that this Agreement be effective as of the Effective Date.

**PINE:**

PINE Advisors LLC

---

| | | |
|:---|:---|:---|
| */s/ Derek Mullins* | Date: | 10/28/2025 |

---

Derek Mullins

Co-Founder and Managing Partner

**CLIENT:**

THOR Financial Technologies Trust

---

| | | |
|:---|:---|:---|
| /s/ Bradley Roth | Date: | 10/28/2025 |

---

Brad Roth

Managing Partner \| CIO

<u>APPENDIX A</u>

**<u>Trust Chief Compliance Officer ("CCO") Services</u>**

**Trust CCO Services**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;► Provide
a qualified individual to serve as the Trust CCO

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;► Initial
drafting of Trust compliance policies and procedures

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;► Initial
and ongoing testing of Trust compliance policies and procedures

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;► Annual 38a-1 review and report of findings

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;► Service
provider oversight and periodic due diligence to ensure adequate service levels and compliance procedures

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;► Annual
due diligence of the Adviser and Trust service providers, with on-site visits as needed with reasonable travel expenses paid by the Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;► Attend
annual Board meetings in person and quarterly board meetings virtually, with on-site visits as needed with reasonable travel expenses
paid by the Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;► Incorporate
any new or amended regulations into the Trust compliance policies and procedures as needed

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;► Coordinate
and serve as point contact for SEC exam of the Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;► Provide
Trust AML program and serve as AML Officer of the Trust

*\** *PINE's provision of these services shall not relieve the Fund's Adviser of their primary responsibility with respect to fund portfolio compliance, and PINE shall not be held liable for any act or omission of the Fund or the Adviser with respect to fund portfolio compliance.*

<u>APPENDIX B</u>

[Omitted]

## Ex-99.I

![](image_032.gif)

April 2, 2026

THOR Financial Technologies Trust

327 W. Pittsburgh Street

Greensburg, PA 15601

Dear Board Members:

This letter is in response to your request for our opinion in connection with the filing of Post-Effective Amendment No. 17 to the Registration Statement, File Nos. 333-264435 and 811-23794 (the "Registration Statement"), of THOR Financial Technologies Trust (the "Trust").

We have examined a copy of the Trust's Amended and Restated Agreement and Declaration of Trust, the Trust's By-laws, the Trust's record of the various actions by the Trustees thereof, and all such agreements, certificates of public officials, certificates of officers and representatives of the Trust and others, and such other documents, papers, statutes and authorities as we deem necessary to form the basis of the opinion hereinafter expressed. We have assumed the genuineness of the signatures and the conformity to original documents of the copies of such documents supplied to us as copies thereof.

Based upon the foregoing, we are of the opinion that, after the applicable Post-Effective Amendment is effective for purposes of applicable federal and state securities laws, the shares of each series listed on the attached Exhibit A (the "Funds"), if issued in accordance with the then current Prospectus and Statement of Additional Information of the applicable Fund, will be legally issued, fully paid and non-assessable.

We hereby give you our permission to file this opinion with the U.S. Securities and Exchange Commission as an exhibit to Post-Effective Amendment No. 17 to the Registration Statement. This opinion may not be filed with any subsequent amendment, or incorporated by reference into a subsequent amendment, without our prior written consent. This opinion is prepared for the Trust and its shareholders and may not be relied upon by any other person or organization without our prior written approval.

Very truly yours,

/s/ Thompson Hine LLP

<br> Thompson Hine LLP

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**EXHIBIT A**

1. THOR AdaptiveRisk Dynamic ETF

2. THOR Equal Weight Low Volatility ETF

3. THOR Index Rotation ETF

## Ex-99.M

<u>RULE 12b-1 DISTRIBUTION AND SERVICE PLAN</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>1.</u> <u>The Trust</u>. THOR Financial Technologies Trust (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 is authorized to issue separate series (each such series is referred to herein as a "Fund" and collectively the "Funds").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>2.</u> <u>The Plan</u>. The Trust desires to adopt a Rule 12b-1 Distribution and Service Plan pursuant to Rule 12b-1 under the 1940 Act with respect to the shares of beneficial interest ("Shares") of the Funds which are identified on Exhibit A hereof, as it may be amended from time to time to add or remove a Fund or Funds, and the Board of Trustees of the Trust (the "Board of Trustees") has determined that there is a reasonable likelihood that adoption of this Distribution and Service Plan (the "Plan") will benefit each such Fund (the "Designated Fund") and its holders of Shares. Accordingly, each Designated 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).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>3.</u> <u>The Distributor</u>. The Trust has entered into a written Distribution Agreement with a registered broker-dealer (the "Distributor"), pursuant to which the Distributor will act as the exclusive distributor with respect to the creation and distribution of Creation Unit size aggregations of Shares as described in the Funds' registration statement ("Creation Units").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>4.</u> <u>Payments</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Trust may pay a monthly fee not to exceed 0.25% per annum of each Fund's average daily net assets to reimburse the Distributor for actual amounts expended to finance any activity primarily intended to result in the sale of Creation Units of each Fund or the provision of investor services, including but not limited to (i) delivering copies of the Trust's then-current prospectus to prospective purchasers of such Creation Units; (ii) marketing and promotional services including advertising; (iii) shareholder services including facilitating communications with beneficial owners of shares of the Fund; and (iv) such other services and obligations as are set forth in the Distribution Agreement. Such payments shall be made within ten (10) days of the end of each calendar month. The determination of daily net assets shall be made at the close of business each day throughout the month and computed in the manner specified in the then current Prospectus for the determination of the net asset value of Creation Units.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Distribution expenses incurred in any one year in excess of 0.25% of each Fund's average daily net assets may be reimbursed in subsequent years subject to the annual 0.25% limit and subject further to the approval of the Board of Trustees including a majority of the Trustees who are not "interested persons" of the Trust (as defined in the 1940 Act) and who have no direct or indirect financial interest in the operation of this Plan or in any agreement related to this Plan (the "Independent Trustees").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Distributor may use all or any portion of the amount received pursuant to this Plan to compensate securities dealers or other persons that are Authorized Participants for providing distribution assistance, including broker-dealer and shareholder support and educational and promotional services, pursuant to agreements with the Distributor, or to pay any of the expenses associated with other activities authorized under Section 4(a) hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>5.</u> <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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>6.</u> <u>Term</u>. This Plan shall, unless terminated as hereinafter provided, remain in effect with respect to the Designated 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 the Independent Trustees, cast in person at a meeting called for the purpose of voting on this Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>7.</u> <u>Amendment</u>. This Plan may be amended at any time by the Board of Trustees, provided that (a) any amendment to increase materially the amount to be spent for the services provided for in Section 4 hereof 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 Designated 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>8.</u> <u>Termination</u>. This Plan may be terminated 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 Designated Fund. In the event of termination or non-continuance of this Plan, the Trust may reimburse any expense which 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>9.</u> <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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>10.</u> <u>Records</u>. The Trust shall preserve copies of this Plan, each agreement related hereto and each report referred to in Section 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>11.</u> <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).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>12.</u> <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.

**EXHIBIT A<br> (as of October 27, 2025)**

THOR Low Volatility ETF

THOR Index Rotation ETF

THOR AdaptiveRisk Dynamic ETF

## Ex-99.P

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| |
|:---|
| **Ai Alpha, LLC** |
| **Code of Ethics** |
| Investment Adviser |
| Code of Ethics |
| **July 2025** |

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Contents

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| | |
|:---|:---|
| **Code of Ethics** | 1 |
| Statement of General Policy | 3 |
| Definitions | 4 |
| Standards of Business Conduct | 7 |
| Access Persons | 7 |
| Compliance Procedures | 7 |
| Chief Compliance Officer's Designee | 9 |
| Custodial Account Reporting | 9 |
| Protecting the Confidentiality of Client Information | 9 |
| Personal Securities Trading Limitations | 11 |
| Margin Transactions | 11 |
| Participation in Affiliated Limited Offerings | 11 |
| Covered Associates | 11 |
| Records | 12 |
| Gifts and Entertainment | 12 |
| Political Contributions | 13 |
| Social Media | 15 |
| Prohibition Against Insider Trading | 16 |
| Personal Securities Transactions | 18 |
| Blackout Periods | 18 |
| Reporting Violations and Sanctions | 18 |
| Acknowledgement | 19 |

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Statement of General Policy

This Code of Ethics ("Code") has been adopted by Ai Alpha, LLC and is designed to comply with Rule 204A-1 under the Investment Advisers Act of 1940 ("Advisers Act").

This Code establishes rules of conduct for all employees of Ai Alpha, LLC and is designed to, among other things, govern personal securities trading activities in the accounts of employees, their immediate family/household accounts and accounts in which an employee has a beneficial interest. The Code is based upon the principle that Ai Alpha, LLC and its employees owe a fiduciary duty to Ai Alpha, LLC's clients to conduct their affairs, including their personal securities transactions, in such a manner as to avoid (i) serving their own personal interests ahead of clients, (ii) taking inappropriate advantage of their position with the Firm and (iii) any actual or potential conflicts of interest or any abuse of their position of trust and responsibility.

The Code is designed to ensure that the high ethical standards long maintained by Ai Alpha, LLC continue to be applied. The purpose of the Code is to preclude activities which may lead to or give the appearance of conflicts of interest, insider trading and other forms of prohibited or unethical business conduct. The excellent reputation of our Firm continues to be a direct reflection of the conduct of each employee.

Pursuant to Section 206 of the Advisers Act, both Ai Alpha, LLC and its employees are prohibited from engaging in fraudulent, deceptive or manipulative conduct. Compliance with this section involves more than acting with honesty and good faith alone. It means that Ai Alpha, LLC has an affirmative duty of utmost good faith to act solely in the best interests of its clients.

Ai Alpha, LLC and its employees are subject to the following specific fiduciary obligations when dealing with clients:

● The duty to have a reasonable, independent basis for the investment advice provided;

● The duty to obtain best execution for a client's transactions where the Firm is in a position to direct brokerage transactions for the client;

● The duty to ensure that investment advice is suitable to meeting the client's individual objectives, needs and circumstances; and

● The duty to be loyal to clients.

In meeting its fiduciary responsibilities to its clients, Ai Alpha, LLC expects every employee to demonstrate the highest standards of ethical conduct for continued employment with Ai Alpha, LLC. Strict compliance with the provisions of the Code shall be considered a basic condition of employment with Ai Alpha, LLC. Ai Alpha, LLC's reputation for fair and honest dealing with its clients has taken considerable time to build. This standing could be seriously damaged as the result of even a single securities transaction being considered questionable in light of the fiduciary duty owed to our clients. Employees are urged to seek the advice of Jade Rossback, the Chief Compliance Officer, for any questions about the Code or the application of the Code to their individual circumstances. Employees should also understand that a material breach of the provisions of the Code may constitute grounds for disciplinary action, up to and including termination of employment with Ai Alpha, LLC.

The provisions of the Code are not all-inclusive. Rather, they are intended as a guide for employees of Ai Alpha, LLC in their conduct. In those situations where an employee may be uncertain as to the intent or purpose of the Code, he/she is advised to consult with Jade Rossback. Jade Rossback may grant exceptions to certain provisions contained in the Code only in those situations when it is clear beyond dispute that the interests of our clients shall not be adversely affected or compromised. All questions arising in connection with personal securities trading should be resolved in favor of the client even at the expense of the interests of employees.

Recognizing the importance of maintaining the Firm's reputation and consistent with our fundamental principles of honesty, integrity and professionalism, the Firm requires that a supervised person advise the Chief Compliance Officer immediately if he or she becomes involved in or threatened with litigation or an administrative investigation or legal proceeding of any kind. To the extent permissible by law and applicable regulations, Ai Alpha, LLC shall endeavor to maintain such information on a confidential basis.

Jade Rossback shall periodically report to senior management [and the board of directors] of Ai Alpha, LLC to document compliance with this Code.

Definitions

For the purposes of this Code, the following definitions shall apply:

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

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

● *"Access person"* means any supervised person who: has access to nonpublic information regarding any clients' purchase or sale of securities, or nonpublic information regarding the portfolio holdings of any Reportable fund the Firm or its control affiliates manage or has access to such recommendations; or is involved in making securities recommendations to clients that are nonpublic.

***(Note: If a firm's primary business is providing investment advice, all of the firm's directors, officers, and partners are presumed to be access persons.)***

*"Account"* or *"covered account"* means accounts of any supervised person of the Firm deemed to be an access person and includes accounts of such access person's immediate family (e.g., a spouse or domestic partner, the spouse's or domestic partner's children residing in the same household, or to whom the access person, spouse or domestic partner contributes substantial support), and any account in which he or she has a direct or indirect beneficial interest, such as trusts and custodial accounts or other accounts in which the access person has a beneficial interest, exercises investment discretion, controls, or could reasonably be expected to be able to exercise influence or control.

***(Note: Ai Alpha, LLC may wish to extend this definition, and the concomitant reporting requirements, to other persons living in the employee's household.)***

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

*"Advisory persons"* means employees and certain control persons (and their employees) who make; participate in or obtain information regarding fund securities transactions or whose functions relate to the making of recommendations with respect to fund transactions.

*"Automatic investment plan"* means a program in which regular periodic purchases (or withdrawals) are made automatically in (or from) investment accounts in accordance with a predetermined schedule and allocation. An automatic investment plan includes a dividend reinvestment plan.

*"Beneficial interest"* shall be interpreted in the same manner as it would be under Rule 16a-1(a)(2) under the Securities Exchange Act of 1934 in determining whether a person has a beneficial interest in a security for purposes of Section 16 of such Act and the rules and regulations thereunder.

*"Beneficial ownership"* shall be interpreted in the same manner as it would be under Rule 16a-1(a)(2) under the Securities Exchange Act of 1934 in determining whether a person is the beneficial owner of a security for purposes of Section 16 of such Act and the rules and regulations thereunder.

*"Blackout period"* represents a time frame during which access persons are prohibited from trading in securities in which client transactions in the same security are being considered or traded.

*"Chief Compliance Officer"* (CCO) refers to the Chief Compliance Officer of Ai Alpha, LLC.

*"Contribution"* means any gift, subscription, loan, advance, or deposit of money or anything of value made for (i) the purpose of influencing any election for federal, state or local office; (ii) payment of debt incurred in connection with any such election; or (iii) transition or inaugural expenses of the successful candidate for state or local office. (See SEC Rule 206(4)-5; Political Contributions by Certain Investment Advisers)

*Note:* A contribution by a limited partner or a limited partnership adviser, a non-managing member of a limited liability company adviser or a shareholder of a corporate adviser is not covered unless such person is also an

executive officer or solicitor (or supervisor thereof), or the contribution is an indirect contribution by the adviser, executive officer, solicitor or supervisor.

*"Control"* means the power to exercise a controlling influence over the management or policies of a company, unless such power is solely the result of an official position with such company.

*"Covered associate"* means (i) any general partner, managing member or executive officer, or other individual with a similar status or function; (ii) any employee who solicits a government entity for the adviser and person who supervises, directly or indirectly, such employee; and Z(iii) any political action committee ("PAC") controlled by the adviser or by any such persons described in clauses (i) or (ii). (See SEC Rule 206(4)-5; Political Contributions by Certain Investment Advisers)

*"Covered investment pool"* means (i) an investment company registered under the Investment Company Act of 1940 (e.g., mutual fund) that is an investment option of a plan or program of a government entity; or (ii) any company that is exempt from registering under the Investment Company Act because it either (a) has less than 100 shareholders ("3(c)(1) funds"); (b) have only qualified purchasers ("3(c)(7) funds"); or (c) are collective investment funds maintained by a bank ("3(c)(11) funds"). (See SEC Rule 206(4)-5; Political Contributions by Certain Investment Advisers)

*"Front running"* can occur when an individual purchases at a lower price or sells at a higher price before (i) execution of a significant securities transaction by some purchaser or seller in a size sufficient to move the market or (ii) issuance or change in an investment adviser's securities recommendation to purchase or sell a security while in possession of material nonpublic information.

*"Government entity"* means any state or political subdivision of a state, including (i) any agency, authority, or instrumentality of the state or political subdivision; (ii) any pool of assets sponsored or established by any of the foregoing (including, but not limited to a defined benefit plan and a state general fund); (iii) any participant-directed investment program or plan sponsored or established by any of the foregoing; and (iv) officers, agents, or employees of the state or political subdivision or any agency, authority or instrumentality thereof, acting in their official capacity. (See SEC Rule 206(4)-5; Political Contributions by Certain Investment Advisers)

*"Initial public offering"* (IPO) means an offering of securities registered under the Securities Act of 1933, the issuer of which, immediately before the registration, was not subject to the reporting requirements of Sections 13 or 15(d) of the Securities Exchange Act of 1934.

*"Inside information"* means non-public information (i.e., information that is not available to investors generally) that there is a substantial likelihood that a reasonable investor would consider to be important in deciding whether to buy, sell or retain a security or would view it as having significantly altered the 'total mix' of information available.

*"Insider"* is broadly defined as it applies to Ai Alpha, LLC's Insider Trading policy and procedures. It includes our Firm's officers, directors and employees. In addition, a person can be a "temporary insider" if they enter into a special confidential relationship in the conduct of the company's affairs and, as a result, is given access to information solely for Ai Alpha, LLC's purposes. A temporary insider can include, among others, Ai Alpha, LLC's attorneys, accountants, consultants, and the employees of such organizations. Furthermore, Ai Alpha, LLC may become a temporary insider of a client it advises or for which it performs other services. If a client expects Ai Alpha, LLC to keep the disclosed non-public information confidential and the relationship implies such a duty, then Ai Alpha, LLC will be considered an insider.

*"Insider trading"* is generally understood to refer to the effecting of securities transactions while in possession of material, non-public information (regardless of whether one is an "insider") or to the communication of material, non-public information to others.

*"Investment person"* means a supervised person of Ai Alpha, LLC who, in connection with his or her regular functions or duties, makes recommendations regarding the purchase or sale of securities for client accounts (e.g., portfolio manager) or provides information or advice to portfolio managers, or who help execute and/or implement the portfolio manager's decision (e.g., securities analysts, traders, and portfolio assistants); and any

natural person who controls Ai Alpha, LLC and who obtains information concerning recommendations made regarding the purchase or sale of securities for client accounts.

*"Investment-related"* means activities that pertain to securities, commodities, banking, insurance, or real estate (including, but not limited to, acting as or being associated with an investment adviser, broker- dealer, municipal securities dealer, government securities broker or dealer, issuer, investment company, futures sponsor, bank, or savings association).

*"Limited offering"* means an offering of securities that is exempt from registration under the Securities Act of 1933 pursuant to Section 4(2) or Section 4(5) or pursuant to Rule 504, 505, or Rule 506 under the Securities Act of 1933.

*"Official"* means any person (including any election committee for the person) who was, at the time of the contribution, an incumbent, candidate or successful candidate for elective office of a government entity, if the office (i) is directly or indirectly responsible for, or can influence the outcome of, the hiring of an investment adviser by a government entity; or (ii) has authority to appoint any person who is directly or indirectly responsible for, or can influence the outcome of, the hiring of an investment adviser by a government entity. (See SEC Rule 206(4)-5; Political Contributions by Certain Investment Advisers)

*"Plan or program of a government entity"* means any participant-directed investment program or plan sponsored or established by a state or political subdivision or any agency, authority or instrumentality thereof, including, but not limited to, a "qualified tuition plan" authorized by section 529 of the Internal Revenue Code (26 U.S.C. 529), a retirement plan authorized by section 403(b) or 457 of the Internal Revenue Code (26 U.S.C. 403(b) or 457), or any similar program or plan. (See SEC Rule 206(4)-5; Political Contributions by Certain Investment Advisers)

*"Private fund"* means an issuer that would be an investment company as defined in section 3 of the Investment Company Act of 1940 but for Section 3(c)(1) or 3(c)(7) of that Act.

*"Registered fund"* means an investment company registered under the Investment Company Act.

*"Reportable fund"* means any registered investment company, i.e., mutual fund, for which our Firm, or a control affiliate, acts as investment adviser or sub-adviser, as defined in Section 2(a) (20) of the Investment Company Act, or principal underwriter.

*"Reportable security"* means any security as defined in Section 202(a)(18) of the Advisers Act, except that it does not include: (i) Transactions and holdings in direct obligations of the Government of the United States; (ii) Bankers' acceptances, bank certificates of deposit, commercial paper and other high quality short-term debt instruments, including repurchase agreements; (iii) Shares issued by money market funds; (iv) Transactions and holdings in shares of other types of open-end registered mutual funds, unless Ai Alpha, LLC or a control affiliate acts as the investment adviser or principal underwriter for the fund; (v) Transactions in units of a unit investment trust if the unit investment trust is invested exclusively in mutual funds, unless Ai Alpha, LLC or a control affiliate acts as the investment adviser or principal underwriter for the fund; and (vi) 529 Plans, unless Ai Alpha, LLC or a control affiliate manages, distributes, markets or underwrites the 529 Plan or the investments (including a fund that is defined as a reportable fund under Rule 204A-1) and strategies underlying the 529 Plan that is a college savings plan.

*"Restricted list"* typically represents a list of issuers about which an adviser has inside information, and results in prohibitions on effecting either client or personal trades in such securities.

***(Note: The above definition of 'reportable security' that applies to SEC-registered advisers may be at variance with the definition applicable to some state-registered advisers. State-registered advisers should consult the personal trading record keeping and reporting requirements for their home state.)***

*"Supervised person"* means any directors, officers and partners of Ai Alpha, LLC (or other persons occupying a similar status or performing similar functions); employees of Ai Alpha, LLC; and any other person who provides advice on behalf of Ai Alpha, LLC and is subject to Ai Alpha, LLC's supervision and control.

*"Tipping"* means communication of material nonpublic information to others.

*"Watch list securities"* typically represent a list of issuers currently being evaluated as potential investment opportunities. Advisers may restrict trading in such securities by one or more of the Firm's securities analysts or may more broadly apply the restriction to some or all access persons.

***(Note: Additional categories of persons may be defined as supervised persons such as temporary employees, consultants, independent contractors and other persons designated by the Chief Compliance Officer.)***

***(Note: For some firms, a more extensive listing of definitions may be appropriate, especially if RIA elects to apply certain optional provisions of the Code to a subset of access persons such as portfolio managers and traders.)***

Standards of Business Conduct

Ai Alpha, LLC places the highest priority on maintaining its reputation for integrity and professionalism. That reputation is a vital business asset. The confidence and trust placed in our Firm and its employees by our clients is something we value and endeavor to protect. The following Standards of Business Conduct set forth policies and procedures to achieve these goals. This Code is intended to comply with the various provisions of the Advisers Act and also requires that all supervised persons comply with the various applicable provisions of the Investment Company Act of 1940, as amended, the Securities Act of 1933, as amended, the Securities Exchange Act of 1934, as amended, and applicable rules and regulations adopted by the Securities and Exchange Commission ("SEC").

Section 204A of the Advisers Act requires the establishment and enforcement of policies and procedures reasonably designed to prevent the misuse of material, nonpublic information by investment advisers. Such policies and procedures are contained in this Code. The Code also contains policies and procedures with respect to personal securities transactions of all Ai Alpha, LLC's access persons as defined herein. These procedures cover transactions in a reportable security in which an access person has a beneficial interest in or accounts over which the access person exercises control as well as transactions by members of the access person's immediate family and/or household.

Section 206 of the Advisers Act makes it unlawful for Ai Alpha, LLC or its agents or employees to employ any device, scheme or artifice to defraud any client or prospective client, or to engage in fraudulent, deceptive or manipulative practices. This Code contains provisions that prohibit these and other enumerated activities and that are reasonably designed to detect and prevent violations of the Code, the Advisers Act and rules thereunder.

Access Persons

Certain *supervised persons* of the Firm are regarded as *access persons* and as such are subject to all applicable personal securities trading procedures and reporting obligations as set forth in this Code.

As detailed in the Definitions section of the Code, an access person is a supervised person who (i) has access to nonpublic information regarding any clients' purchase or sale of securities, or nonpublic information regarding the portfolio holdings of any reportable fund; or (ii) is involved in making securities recommendations to clients, or who has access to such recommendations that are nonpublic.

Compliance Procedures

**1. Initial Holdings Report**

Every access person shall, no later than ten (10) days after the person becomes a(n) access person, file an initial holdings report containing the following information:

● the title and type of security, and as applicable the exchange ticker symbol or CUSIP number, the number of shares and principal amount of each reportable security in which the access person had any direct or indirect beneficial interest ownership when the individual becomes an access person;

● the account name and the name of any broker, dealer or bank, with whom the access person maintained an account in which  ***any*** securities were held for the direct or indirect benefit of the access person; and

● the date that the report is submitted by the access person.

The information submitted must be current as of a date no more than forty-five (45) days before the person became a(n) access person.

**2. Annual Holdings Report**

Every access person shall, January 31, file an annual holdings report containing the same information required in the initial holdings report as described above. The information submitted must be current as of a date no more than forty-five (45) days before the annual report is submitted.

**3. Quarterly Transaction Reports**

Every access person must, no later than thirty (30) days after the end of each calendar quarter, file a quarterly transaction report containing the following information:

With respect to any transaction during the quarter in a reportable security in which the access persons had any direct or indirect beneficial ownership:

● the date of the transaction, the title, and as applicable the exchange ticker symbol or CUSIP number, the interest rate and maturity date, the number of shares and the principal amount of each reportable security;

● the nature of the transaction (i.e., purchase, sale or any other type of acquisition or disposition);

● the price of the reportable security at which the transaction was effected;

● the name of the broker, dealer or bank with or through whom the transaction was effected; and

● the date the report is submitted by the access person.

If, however, the access person has arranged for Jade Rossback or other designee to receive copies of brokerage statements for all covered accounts, then such brokerage reports will negate the need for the access person to separately complete quarterly transaction reports.

**4. Exempt Transactions**

A(n) access person need not submit a report with respect to:

● transactions effected for, securities held in, any account over which the person has no direct or indirect influence or control;

● the access person may be required to submit a Personal Securities Reporting Exemption form for each such account;

● transactions effected pursuant to an automatic investment plan, e.g., a dividend retirement plan;

● a quarterly transaction report if the report would duplicate information contained in securities transaction confirmations or brokerage account statements that Ai Alpha, LLC holds in its records so long as the Firm receives the confirmations or statements no later than 30 days after the end of the applicable calendar quarter; and

● any transaction or holding report if Ai Alpha, LLC has only one access person, so long as the Firm maintains records of the information otherwise required to be reported.

**5. Monitoring and Review of Personal Securities Transactions**

Jade Rossback, or such other individual(s) designated in this Code of Ethics, shall monitor and review all reports required under the Code for compliance with Ai Alpha, LLC's policies regarding personal securities transactions and applicable SEC rules and regulations. Jade Rossback may also initiate inquiries of access persons regarding personal securities trading. Access persons are required to cooperate with such inquiries and any monitoring or review procedures employed Ai Alpha, LLC. Any transactions for any accounts of Jade Rossback shall be reviewed and approved by the President, or other designated supervisory person. Jade Rossback shall at least

annually identify all access persons who are required to file reports pursuant to the Code and shall inform such access persons of their reporting obligations.

**6. Education**

As appropriate, Ai Alpha, LLC will provide employees with periodic training regarding the Firm's Code of Ethics and related issues to remind employees of their obligations, and/or in response to amendments and regulatory changes.

**7. General Sanction Guidelines**

It should be emphasized that all required filings and reports under the Firm's Code of Ethics shall be monitored by the CCO or such other individual(s) designated in the Code. The CCO shall receive and review report(s) of violations periodically. Violators may be subject to an initial written notification, while a repeat violator shall receive reprimands including administrative warnings, heightened supervision, suspension or limitations of personal trading privileges, demotions, suspensions, a monetary fine, or dismissal of the person involved.

These are guidelines only allowing Ai Alpha, LLC to apply any appropriate sanction depending upon the circumstances, up to and including dismissal.

Chief Compliance Officer's Designee

Unless otherwise specifically noted, Ai Alpha, LLC's employees are required to submit mandatory reports and attestations to the Chief Compliance Officer.

Custodial Account Reporting

All access persons are required to notify the Compliance Department prior to or at the time of establishing a new custodial account or the closing of an existing custodial account, providing the following details:

1. Account Name

2. Name of Broker, Dealer or Bank

3. Date Established (or)

4. Date Closed

Protecting the Confidentiality of Client Information

**Confidential Client Information**

In the course of investment advisory activities of Ai Alpha, LLC, the Firm gains access to nonpublic information about its clients. Such information may include a person's status as a client, personal financial and account information, the allocation of assets in a client portfolio, the composition of investments in any client portfolio, information relating to services performed for or transactions entered into on behalf of clients, advice provided by Ai Alpha, LLC to clients, and data or analyses derived from such non-public personal information (collectively referred to as 'Confidential Client Information'). All Confidential Client Information, whether relating to Ai Alpha, LLC's current or former clients, is subject to the Code's policies and procedures. Any doubts about the confidentiality of information must be resolved in favor of confidentiality.

**Non-Disclosure of Confidential Client Information**

All information regarding Ai Alpha, LLC's clients is confidential. Information may only be disclosed when the disclosure is consistent with the Firm's policy and the client's direction. Ai Alpha, LLC does not share Confidential Client Information with any third parties, except in the following circumstances:

● as necessary to provide service(s) that the client requested or authorized, or to maintain and service the client's account. Ai Alpha, LLC shall require that any financial intermediary, agent or other service provider utilized by Ai Alpha, LLC (such as broker-dealers or sub- advisers) comply with substantially similar standards for non-disclosure and protection of Confidential Client Information and use the information provided by Ai Alpha, LLC only for the performance of the specific service requested by Ai Alpha, LLC;

● as required by regulatory authorities or law enforcement officials who have jurisdiction over Ai Alpha, LLC, or as otherwise required by any applicable law. In the event Ai Alpha, LLC is compelled to disclose Confidential Client Information, the Firm shall provide prompt notice to the clients affected, so that the clients may seek a protective order or other appropriate remedy. If no protective order or other appropriate remedy is obtained, Ai Alpha, LLC shall disclose only such information, and only in such detail, as is legally required; and to the extent reasonably necessary to prevent fraud, unauthorized transactions or liability.

**Employee Responsibilities**

All supervised persons are prohibited, either during or after the termination of their employment with Ai Alpha, LLC, from disclosing Confidential Client Information to any person or entity outside the Firm, including family members, except under the circumstances described above. A supervised person is permitted to disclose Confidential Client Information only to such other supervised persons who need to have access to such information to deliver the Ai Alpha, LLC's services to the client.

Supervised persons are also prohibited from making unauthorized copies of any documents or files containing Confidential Client Information and, upon termination of their employment with Ai Alpha, LLC, must return all such documents to Ai Alpha, LLC.

Any supervised person who violates the non-disclosure policy described above shall be subject to disciplinary action, including possible termination, whether or not he or she benefited from the disclosed information.

**Security of Confidential Personal Information**

Ai Alpha, LLC enforces the following policies and procedures to protect the security of Confidential Client Information:

● the Firm restricts access to Confidential Client Information to those access persons who need to know such information to provide Ai Alpha, LLC's services to clients;

● any supervised person who is authorized to have access to Confidential Client Information in connection with the performance of such person's duties and responsibilities is required to keep such information in a secure compartment, file or receptacle on a daily basis as of the close of each business day;

● all electronic or computer files containing any Confidential Client Information shall be password secured and firewall protected from access by unauthorized persons; and

● any conversations involving Confidential Client Information, if appropriate at all, must be conducted by supervised persons in private, and care must be taken to avoid any unauthorized persons overhearing or intercepting such conversations.

**Privacy Policy**

As a registered investment adviser, Ai Alpha, LLC and all supervised persons, must comply with SEC Regulation S-P, which requires investment advisers to adopt policies and procedures to protect the 'nonpublic personal information' of natural person clients. 'Nonpublic information,' under Regulation S-P, includes personally identifiable financial information and any list, description, or grouping that is derived from personally identifiable financial information. Personal identifiable financial information is defined to include information supplied by individual clients, information resulting from transactions, any information obtained in providing products or services. Pursuant to Regulation S-P Ai Alpha, LLC has adopted policies and procedures to safeguard the information of natural person clients.

Furthermore, and pursuant to the SEC's adoption of Regulation S-ID: Identity Theft Red Flag Rules, all 'financial institutions' and 'creditors' (as those terms are defined under the Fair Credit Reporting Act (FCRA)) must develop and implement a written identity theft prevention program designed to detect, prevent, and mitigate identity theft in connection with certain existing accounts or the opening of new accounts ("covered accounts"). Ai Alpha, LLC has

conducted an initial assessment of its obligations under Regulation S-ID and to the extent such rules are applicable, has incorporated appropriate policies and procedures in compliance with the Red Flags regulations.

**Enforcement and Review of Confidentiality and Privacy Policies**

Jade Rossback is responsible for reviewing, maintaining and enforcing Ai Alpha, LLC's confidentiality and privacy policies and is also responsible for conducting appropriate employee training to ensure adherence to these policies. Any exception to this policy requires the written approval of Jade Rossback.

Personal Securities Trading Limitations

As previously stated, Ai Alpha, LLC's fiduciary duty to clients and the obligation of all Firm employees to uphold that fundamental duty, includes first and foremost the duty at all times to place the interests of clients first. As such, Ai Alpha, LLC expects all employees to work diligently in meeting client expectations and fulfilling their job responsibilities.

Although Ai Alpha, LLC's policy does not impose strict limitations as to the number of transactions an access person is permitted to execute during a defined timeframe, the scope and volume of personal trading by access persons shall be periodically assessed. The Firm also recognizes that excessive trading may impede the ability of an individual to fulfill his or her primary obligation to our clients. In such circumstances Ai Alpha, LLC retains the discretionary authority to impose limitations on the personal trading activities of the access person. Furthermore, and as part of Ai Alpha, LLC's oversight and monitoring of personal trading by access persons, the Firm may impose heightened supervision and or trading restrictions on an access person if it believes that such actions are warranted.

Any questions concerning this policy should be directed to Jade Rossback or the access person's designated reviewer.

Margin Transactions

Securities held in a margin account may be sold by the broker if an employee fails to meet a margin call. Employees may not have control over these transactions as the securities may be sold at certain times without the employee's consent. A margin sale that occurs when an employee is aware of material, nonpublic information may, under some circumstances, result in unlawful insider trading.

Although Ai Alpha, LLC's policies do not expressly prohibit access persons' ability to purchase securities on margin, all preclearance requests for margin transactions shall be processed manually, and the Firm retains the discretionary authority to approve or deny any such requests on a trade-by-trade basis.

Furthermore, and as part of Ai Alpha, LLC's oversight and monitoring of personal trading by access persons, the Firm may impose heightened supervision and or trading restrictions on an access person if it believes that such actions are warranted.

Participation in Affiliated Limited Offerings

As Ai Alpha, LLC currently neither sponsors nor manages private funds, any access person seeking to invest in a limited offering must submit a pre-clearance request, providing full details of the proposed transaction. Such requests shall be manually processed by Jade Rossback or the access person's designated reviewer who shall obtain additional information, including the source of the investment opportunity in order to evaluate any potential conflicts of interests. The CCO and/or designated reviewer may also consult with one or more portfolio managers to determine whether they have any foreseeable interest in investing in the security on behalf of Firm clients.

Covered Associates

For purposes of complying with Ai Alpha, LLC's Political Contributions policies and procedures, generally all supervised persons of the Firm are regarded as "covered associates" (as that term is defined in the preceding section) and are therefore subject to all applicable procedures and reporting obligations as set forth in this Code.

Records

Jade Rossback shall maintain and cause to be maintained in a readily accessible place the following records:

● a copy of any Code of Ethics adopted by the Firm pursuant to Advisers Act Rule 204A-1 which is or has been in effect during the past five years;

● a record of any violation of Ai Alpha, LLC's Code and any action that was taken as a result of such violation for a period of five years from the end of the fiscal year in which the violation occurred;

● a record of all written acknowledgements of receipt of the Code and amendments thereto for each person who is currently, or within the past five years was, a supervised person which shall be retained for five years after the individual ceases to be a supervised person of Ai Alpha, LLC;

● a copy of each report made pursuant to Advisers Act Rule 204A-1, including any brokerage confirmations and account statements made in lieu of these reports;

● a list of all persons who are, or within the preceding five years have been, access persons; and

● a record of any decision and reasons supporting such decision to approve an access persons' acquisition of securities in IPOs and limited offerings within the past five years after the end of the fiscal year in which such approval is granted.

Gifts and Entertainment

Giving, receiving or soliciting gifts or entertainment in a business setting may create an appearance of impropriety or may raise a potential conflict of interest. Ai Alpha, LLC has adopted the policies set forth below to guide supervised persons in this area.

**General Policy**

Ai Alpha, LLC's policy with respect to gifts and entertainment is as follows:

● giving, receiving or soliciting gifts in a business may give rise to an appearance of impropriety or may raise a potential conflict of interest;

● no supervised person may give or accept cash gifts or cash equivalents to or from a client, prospective client, or any entity that does, or seeks to do, business with or on behalf of Ai Alpha, LLC;

● supervised persons should not accept or provide any gifts, entertainment or favors that might influence the decisions you or the recipient must make in business transactions involving Ai Alpha, LLC, or that others might reasonably believe would influence those decisions;

● modest gifts, entertainment and favors, which would not be regarded by others as improper, may be accepted or given on an occasional basis. Entertainment that satisfies these requirements and conforms to generally accepted business practices also is permissible;

● Ai Alpha, LLC considers gifts under the value of $100 per recipient or an aggregate of $250 per year per giver or recipient to fall within the category of modest gifts; and

● where there is a law or rule that applies to the conduct of a particular business or the acceptance of gifts or entertainment of even nominal value, the law or rule must be followed.

**Reporting Requirements**

Supervised persons shall periodically report all gifts or entertainment given, received, or solicited in connection with firm business.

Any supervised person who accepts, directly or indirectly, anything of value from any person or entity that does business with or on behalf of Ai Alpha, LLC, including gifts, entertainment or gratuities with a value in excess of $100 per gift or $250 per giver per year must obtain consent from Jade Rossback before accepting such gift or entertainment.

Any access person who intends to give, directly or indirectly, anything of greater than a modest value from any person or entity that does business with or on behalf of Ai Alpha, LLC, including gifts and gratuities with value in excess of $250 per year, must obtain consent from Jade Rossback before giving such gift.

Ai Alpha, LLC's policy prohibits supervised person seeking to provide or offer any gift to existing clients, prospective clients, or any person or entity that does business with or on behalf of Ai Alpha, LLC without obtaining pre-approval from Jade Rossback as provided above.

These pre-approval and reporting requirements do not apply to bona fide dining or bona fide entertainment if, during such dining or entertainment, you are accompanied by the person or representative of the entity that does business with Ai Alpha, LLC.

The gift reporting requirements are for the purpose of helping Ai Alpha, LLC monitor the activities of its employees. However, the reporting of a gift does not relieve any supervised person from the obligations and policies set forth in this Section or anywhere else in this Code. If you have any questions or concerns about the appropriateness of any gift or entertainment, please consult Jade Rossback.

*(Note: Dual registrants sometimes use a $100 gift threshold for all employees based on FINRA Rule 3220), must obtain consent from Jade Rossback or alternate designee before accepting such gift.* According to the DOL's Enforcement Manual, gifts and entertainment from one individual or entity that have an aggregate annual value of less than $250 (and that do not violate any plan policy or provision) are considered "insubstantial" and are generally not treated as violations of Section 406(b)(3). Advisers are required to report gifts to certain Taft-Hartley plan trustees to the DOL (e.g., payments of $250 or more per year per person must be reported on Form LM-10).

Political Contributions

In July 2010, the SEC adopted the 'Pay-to-Play Rule' which imposes restrictions on political contributions made by investment advisers that seek to manage assets of state and local governments. The rule is intended to prevent undue influence through political contributions and places limits on the amounts of campaign contributions that the investment adviser and/or certain of its employees ('covered associates') can give to state and local officials or candidates that have the ability to award advisory contracts to the Firm.

The following summarizes Ai Alpha, LLC's Political Contributions policies which are contained in their entirety in the Firm's Policies and Procedures Manual. Accordingly, the following terms apply to these policies:

"Contribution" is defined as is defined as any gift, subscription, loan, advance, or deposit of money, or anything of value made for (i) the purpose of influencing any election for federal, state, or local office; (ii) the payment of debt incurred in connection with any such election; or (iii) transition or inaugural expenses incurred by a successful candidate for state or local office.

"Covered Associate" means (i) any general partner, managing member, executive officer of the Firm, or other individual with a similar status or function; (ii) any employee who solicits a government entity for the adviser and any person who supervises, directly or indirectly, such employee; and (iii) any political action committee ("PAC") controlled by the adviser or by any of its covered associates.

The rule contains three major prohibitions: (1) if the adviser or a covered associate makes a contribution to an official of a government entity who is in a position to influence the award of the government entity's business, the adviser is prohibited from receiving compensation for providing advisory services to that government entity for two years thereafter (otherwise known as a 'timeout" period); (2) an adviser and its "covered associates" are prohibited from engaging in a broad range of fundraising activities for Government Officials or political parties in the localities where the adviser is providing to or seeking business from a Government Client; and (3) limits the ability of an adviser and its covered associates to compensate a third party (such as a placement agent) to solicit advisory business or an investment from a government entity client unless the third party is a registered broker-dealer, registered municipal adviser or registered investment adviser.

Importantly, the Rule specifically includes a blanket prohibition that restricts the adviser and its covered associates from doing "anything indirectly which, if done directly" would violate the Rule. This reflects the SEC's concern about indirect payments and puts advisers on notice about the heightened regulatory focus that such practices will receive.

The Rule includes a de minimis exception applicable to the two-year timeout, that allows an adviser's covered associate that is a natural person to contribute: (i) up to $350 to a candidate or an official per election (with primary and general elections counting separately) if the covered associate was entitled to vote for the candidate or official at the time of the contribution; and (ii) up to $150 to a candidate or an official per election (with primary and general elections counting separately) if the covered associate was not entitled to vote for the candidate or official at the time of the contribution.

**General Policy**

It is Ai Alpha, LLC's policy to permit the Firm, and its covered associates, to make political contributions to elected officials, candidates and others, consistent with this policy and regulatory requirements.

Ai Alpha, LLC recognizes that it is never appropriate to make or solicit political contributions or provide gifts or entertainment for the purpose of improperly influencing the actions of public officials. Accordingly, the Firm's policy is to restrict certain political contributions made to government officials and candidates of state and state political subdivisions who can influence or have the authority for hiring an investment adviser. Furthermore, Ai Alpha, LLC's supervised persons are prohibited from soliciting political contributions from vendors or service providers.

Political Contributions to Candidates and Organizations Recommended by Clients. Making a political contribution to a candidate recommended by a client, particularly if the candidate can be influential in seeing that Ai Alpha, LLC obtains or maintains its business with the client, can create a potential conflict of interest and may violate Pay-to-Play principles. Ai Alpha, LLC will not make any political contribution to candidates or organizations recommended by clients. Organizing individual employee contributions for purposes of contributing to a candidate recommended by a client is also prohibited.

Because violations of the Rule can potentially result in substantial legal and monetary sanctions for the Firm and/or its related persons, Ai Alpha, LLC's practice is to restrict, monitor and require prior approval of any political contributions to government officials.

Jade Rossback, or other designee, shall determine who is deemed to be a "covered associate" of the Firm, each such person shall be promptly informed of his or her status as a covered associate;

Jade Rossback, or other designee, shall obtain appropriate information from new employees (or employees promoted or otherwise transferred into positions) deemed to be covered associates, regarding any political contributions made within the preceding two years (from the date s/he becomes a covered associate); such review may include an online search of the individual's contribution history as part of the Firm's general background check; and

at least annually, Jade Rossback, or other designee, will require covered associates to confirm that such person(s) have reported any and all political contributions.

**Preclearance Required by Covered Associates for Political Contributions**

No covered associate shall make a political contribution without prior written approval of Jade Rossback, or other designee, who has been provided with full details of the proposed contribution. Such information will be reported utilizing Ai Alpha, LLC's Political Contribution Pre-Approval Form; approval or denial of such request shall also be documented on this Form.

Note that while the Pay-to-Play rule permits de minimis contributions to be made without triggering a timeout period, Ai Alpha, LLC requires covered associates to obtain preclearance of such contributions to ensure that the Firm has complete and accurate records regarding political contributions made by its covered associates.

In addition, employees deemed to be covered associates are required to obtain approval from the Chief Compliance Officer, or other designee, prior to agreeing to serve on the Host Committee for a political fundraiser. Such requests will be submitted utilizing the Political Contribution Pre-Approval Form.

Social Media

Social media and/or methods of publishing opinions or commentary electronically is a dynamic method of mass communication. "Social media" is an umbrella term that encompasses various activities that integrate technology, social interaction and content creation. Social media may use many technologies, including, but not limited to, blogs, microblogs, wikis, photos and video sharing, podcasts, social networking, and virtual worlds. The terms "social media," "social media sites," "sites," and "social networking sites" are used interchangeably herein.

The proliferation of such electronic means of communication presents new and ever changing regulatory risks for our Firm. As a registered investment adviser, use of social media by our Firm and/or related persons of the Firm must comply with applicable provisions of the federal securities laws, including, but not limited to the anti-fraud, compliance and record keeping provisions.

For example, business or client related comments or posts made through social media may breach applicable privacy laws or be considered "advertising" under applicable regulations triggering content restrictions and special disclosure and recordkeeping requirements. Employees should be aware that the use of social media for personal purposes may also have implications for our Firm, particularly where the employee is identified as an officer, employee or representative of the firm. Accordingly, Ai Alpha, LLC seeks to adopt reasonable policies and procedures to safeguard the Firm and our clients.

**General Policy**

Approved Participation. Employees are required to obtain approval prior to establishing a social networking account and/or participating on a pre-existing social media site for business purposes.

***Employee Usage Guidelines, Content Standards and Monitoring***

Unless otherwise prohibited by federal or state laws, Ai Alpha, LLC will request or require employees provide Jade Rossback or other designated person with access to such approved social networking accounts.

Static content posted on social networking sites must be preapproved by Jade Rossback or another designee.

*Employees are prohibited from:*

● posting any misleading statements; any information about our Firm's clients, investment recommendations (including past specific recommendations), investment strategies, products and/or services offered by our firm; or trading activities;

● soliciting comments or postings regarding Ai Alpha, LLC that could be construed as testimonials;

● soliciting client recommendations on LinkedIn; employees are prohibited from publicly posting a client's recommendation to their LinkedIn profile;

● employees cannot link from a personal blog or social networking site to Ai Alpha, LLC's internal or external website.

***Use of Personal Sites***

Ai Alpha, LLC prohibits employees from creating or maintaining any individual blogs or network pages on behalf of the Firm.

Prohibition Against Insider Trading

**Introduction**

Trading securities while in possession of material, nonpublic information, or improperly communicating that information to others may expose supervised persons and Ai Alpha, LLC to stringent penalties. Criminal sanctions may include the imposition of a monetary fine and/or imprisonment. The SEC can recover the profits gained or losses avoided through the illegal trading, impose a penalty of up to three times the illicit windfall, and/or issue an order censuring, suspending or permanently barring you from the securities industry. Finally, supervised persons and Ai Alpha, LLC may be sued by investors seeking to recover damages for insider trading violations.

The rules contained in this Code apply to securities trading and information handling by supervised persons of Ai Alpha, LLC and their immediate family members.

The law of insider trading is unsettled and continuously developing. An individual legitimately may be uncertain about the application of the rules contained in this Code in a particular circumstance. Often, a single question can avoid disciplinary action or complex legal problems. You must notify Jade Rossback immediately if you have any reason to believe that a violation of this Code has occurred or is about to occur.

**General Policy**

No supervised person may trade, either personally or on behalf of others (such as investment funds and private accounts managed by Ai Alpha, LLC), while in the possession of material, nonpublic information, nor may any personnel of Ai Alpha, LLC communicate material, nonpublic information to others in violation of the law.

***1. What is Material Information?***

Information is material where there is a substantial likelihood that a reasonable investor would consider it important in making his or her investment decisions. Generally, this includes any information the disclosure of which will have a substantial effect on the price of a company's securities. No simple test exists to determine when information is material; assessments of materiality involve a highly fact- specific inquiry. For this reason, you should direct any questions about whether information is material to Jade Rossback.

Material information often relates to a company's results and operations, including, for example, dividend changes, earnings results, changes in previously released earnings estimates, significant merger or acquisition proposals or agreements, major litigation, liquidation problems, and extraordinary management developments.

Material information also may relate to the market for a company's securities. Information about a significant order to purchase or sell securities may, in some contexts, be material. Prepublication information regarding reports in the financial press also may be material. For example, the United States Supreme Court upheld the criminal convictions of insider trading defendants who capitalized on prepublication information about The Wall Street Journal's "Heard on the Street" column.

You should also be aware of the SEC's position that the term "material nonpublic information" relates not only to issuers but also to Ai Alpha, LLC's securities recommendations and client securities holdings and transactions.

***2. What is Nonpublic Information?***

Information is "public" when it has been disseminated broadly to investors in the marketplace. For example, information is public after it has become available to the general public through the Internet, a public filing with the SEC or some other government agency, the Dow Jones "tape" or The Wall Street Journal or some other publication of general circulation, and after sufficient time has passed so that the information has been disseminated widely.

***3. Identifying Inside Information***

Before executing any trade for yourself or others, including investment funds or private accounts managed by Ai Alpha, LLC ("Client Accounts"), you must determine whether you have access to material, nonpublic information. If you think that you might have access to material, nonpublic information, you should take the following steps:

● Report the information and proposed trade immediately to Jade Rossback.

● Do not purchase or sell the securities on behalf of yourself or others, including investment funds or private accounts managed by the Firm.

● Do not communicate the information inside or outside the Firm, other than to Jade Rossback.

After Jade Rossback has reviewed the issue, the Firm shall determine whether the information is material and nonpublic and, if so, what action the Firm will take.

You should consult with Jade Rossback before taking any action. This high degree of caution will protect you, our clients, and the Firm.

***4. Contacts with Public Companies***

Contacts with public companies may represent an important part of our research efforts. The Firm may make investment decisions on the basis of conclusions formed through such contacts and analysis of publicly available information. Difficult legal issues arise, however, when, in the course of these contacts, a supervised person of Ai Alpha, LLC or other person subject to this Code becomes aware of material, nonpublic information. This could happen, for example, if a company's Chief Financial Officer prematurely discloses quarterly results to an analyst, or an investor relations representative makes selective disclosure of adverse news to a handful of investors. In such situations, Ai Alpha, LLC must make a judgment as to its further conduct. To protect yourself, our clients and the Firm, you should contact Jade Rossback immediately if you believe that you may have received material, nonpublic information.

***5. Tender Offers***

Tender offers represent a particular concern in the law of insider trading for two reasons: First, tender offer activity often produces extraordinary gyrations in the price of the target company's securities. Trading during this time period is more likely to attract regulatory attention (and produces a disproportionate percentage of insider trading cases). Second, the SEC has adopted a rule which expressly forbids trading and "tipping" while in the possession of material, nonpublic information regarding a tender offer received from the tender offeror, the target company or anyone acting on behalf of either. Supervised persons of Ai Alpha, LLC and others subject to this Code should exercise extreme caution any time they become aware of nonpublic information relating to a tender offer.

***6. Restricted/Watch Lists***

Although Ai Alpha, LLC does not typically receive confidential information from portfolio companies, it may, if it receives such information take appropriate procedures to establish restricted or watch lists in certain securities.

Jade Rossback may place certain securities on a "restricted list." Securities issued by companies about which a number of supervised persons are expected to regularly have material, nonpublic information should generally be placed on the restricted list.

Jade Rossback may place certain securities on a "watch list." Securities issued by companies about which a limited number of supervised persons possess material, nonpublic information should generally be placed on the watch list.

Access persons are prohibited from personally, or on behalf of an advisory account, purchasing or selling such securities during any period they are listed on a restricted list or a watch list.

Personal Securities Transactions

**General Policy**

Ai Alpha, LLC has adopted the following principles governing personal investment activities by Ai Alpha, LLC's access persons:

● the interests of client accounts shall at all times be placed first;

● all personal securities transactions shall be conducted in such manner as to avoid any actual or potential conflict of interest or any abuse of an individual's position of trust and responsibility; and

● access persons must not take inappropriate advantage of their positions.

The Code of Ethics rule mandates pre-approval of the following types of investments:

**Preclearance Required for Participation in IPOs**

No access person shall acquire any beneficial ownership in any securities in an Initial Public Offering (IPO) for his or her account, as defined herein without the prior written approval of Jade Rossback and/or his or her designee who has been provided with full details of the proposed transaction (including written certification that the investment opportunity did not arise by virtue of the access person's activities on behalf of a client) and, if approved, shall be subject to continuous monitoring for possible future conflicts.

**Preclearance Required for Private or Limited Offerings**

No access person shall acquire beneficial ownership of any securities in a limited offering or private placement without the prior written approval of Jade Rossback and/or his or her designee who has been provided with full details of the proposed transaction (including written certification that the investment opportunity did not arise by virtue of the access person's activities on behalf of a client) and, if approved, shall be subject to continuous monitoring for possible future conflicts.

Blackout Periods

Access persons are required to adhere to Ai Alpha, LLC's policy concerning restricted trading periods that may be in place from time to time. This policy may prohibit access persons from engaging in transactions in securities on Ai Alpha, LLC's blackout list until the stated blackout period has elapsed.

No access person shall purchase or sell, directly or indirectly, any security on a day during which any client has a pending buy or sell order in that same security until that order is executed or withdrawn.

Reporting Violations and Sanctions

All supervised persons shall promptly report to Jade Rossback or, provided the CCO also receives such reports, to an alternate designee all apparent or potential violations of the Code. Any retaliation for the reporting of a violation under this Code shall constitute a violation of the Code.

Jade Rossback shall promptly report to senior management all apparent material violations of the Code. When Jade Rossback finds that a violation otherwise reportable to senior management could not be reasonably found to have resulted in a fraud, deceit, or a manipulative practice in violation of Section 206 of the Advisers Act, he or she may, in his or her discretion, submit a written memorandum of such finding and the reasons therefore to a reporting file created for this purpose in lieu of reporting the matter to senior management.

Senior management shall consider reports made to it hereunder and shall determine whether or not the Code has been violated and what sanctions, if any, should be imposed. Possible sanctions may include reprimands, monetary fine or assessment, or suspension or termination of the employee's employment with the Firm.

Acknowledgement

**Initial Acknowledgement**

All supervised persons shall be provided with a copy of the Code and must initially acknowledge in writing to Jade Rossback that they have: (i) received a copy of the Code; (ii) read and understand all provisions of the Code; (iii) agreed to abide by the Code; and (iv) reported all accounts and holdings as required by the Code.

**Acknowledgement of Amendments**

All supervised persons shall receive any amendments to the Code and must acknowledge to Jade Rossback in writing that they have: (i) received a copy of the amendment; (ii) read and understood the amendment; (iii) and agreed to abide by the Code as amended.

**Annual Acknowledgement**

All supervised persons must annually acknowledge in writing to Jade Rossback that they have: (i) read and understood all provisions of the Code; (ii) complied with all requirements of the Code; and, if applicable, (iii) submitted all holdings and transaction reports as required by the Code.

**Further Information**

Supervised persons should contact Jade Rossback regarding any inquiries pertaining to the Code or the policies established herein.

## Ex-99.Poa

**<u>POWER OF ATTORNEY</u>**

KNOW ALL PERSONS BY THESE PRESENTS:

WHEREAS, THE THOR FINANCIAL TECHNOLOGIES TRUST, a statutory trust periodically files amendments to its Registration Statement with the SEC under the provisions of the Securities Act of 1933, as amended and the Investment Company Act of 1940, as amended; and

WHEREAS, the undersigned is an Independent Trustee of the Trust.

NOW, THEREFORE, the undersigned hereby constitutes and appoints JOANN M. STRASSER, PHILIP B. SINENENG, MICHAEL V. WIBLE and ANDREW J. DAVALLA as attorneys for him and in his name, place and stead, and in his office and capacity in the Trust, to execute and file any Amendment or Amendments to the Trust's Registration Statement (File Nos. 333-264435, 811-23794) hereby giving and granting to said attorneys full power and authority to do and perform all and every act and thing whatsoever requisite and necessary to be done in and about the premises as fully to all intents and purposes as he might or could do if personally present at the doing thereof, hereby ratifying and confirming all that said attorneys may or shall lawfully do or cause to be done by virtue hereof.

IN WITNESS WHEREOF, the undersigned has hereunto set his hand this <u>26<sup>th</sup></u> day of March 2026.

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|:---|:---|
| By: | ![(-s- Mark D. Gibbons)](th004_v1.jpg) |
|  | Mark D. Gibbons |

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|:---|:---|
| STATE OF |  |
|  | SS: |
| COUNTY OF |  |

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Before me, a Notary Public, in and for said county and state, personally appeared Mark D. Gibbons, who represented that he is duly authorized in the premises, and who is known to me to be the person described in and who executed the foregoing instrument, and he duly acknowledged to me that he executed and delivered the same for the purposes therein expressed.

WITNESS my hand and official seal this <u>26<sup>th</sup></u> day of March 2026.

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|:---|
| &nbsp;&nbsp;**Commonwealth of Pennsylvania - Notary Seal** |
| &nbsp;&nbsp;**Christina Lynn Foley, Notary Public** |
| &nbsp;&nbsp;**Allegheny County** |
| &nbsp;&nbsp;**My commission expires December 13, 2026 <br> Commission number 1430944** |
| &nbsp;&nbsp;**Member, Pennsylvania Association of Notaries** |

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Christina Lynn Foley

Notary Public – State of <u>Pensylvania </u>

Notary ID: <u>1430944 </u>

Qualified in <u>Allegheny Co.</u>

Commission Expires: <u>12/13/2026</u>

<br>