| REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 | ☒ |
| Pre-Effective Amendment No. | ☐ |
| Post-Effective Amendment No. 32 | ☒ |
| REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 | ☒ |
| Amendment No. 41 | ☒ |
| Terrence Davis, Esq. Greenberg Traurig, LLP 3333 Piedmont RD., NE Suite 2500 Atlanta, GA 30305 | Tanya Boyle, Esq. Greenberg Traurig, LLP 2200 Ross Avenue, Suite 5200 Dallas, TX 75201 | Tracie Coop, Esq. The Nottingham Company 116 S. Franklin Street Rocky Mount, NC 27802 |
| 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. |
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Fund Summary
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2
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Additional Information about the Fund’s Investment Objective,
Principal Investment Strategies, and Risks
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15 |
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Investment Objective
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15
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Principal Investment Strategies
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15
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Principal Risks of Investing in the Fund
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18
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Temporary Defensive Positions
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26
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Disclosure of Portfolio Holdings
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26
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Management of the Fund
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27
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Investment Advisor
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27
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Portfolio Manager
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27
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Purchase and Redemption of Shares
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27
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How to Buy and Sell Shares
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28
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Pricing Fund Shares
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28
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Determination of Net Asset Value
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29
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Creation Units
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30
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How to Buy Creation Units
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30
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Legal Restrictions on Transactions in Certain Securities
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31
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Redemption of Creation Units
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31
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Distributions
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32
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Frequent Purchases and Redemptions of Fund Shares
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32
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Distribution and Service Plan
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33
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Fund Service Providers
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33
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Federal Income Taxation
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34
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Taxes on Distributions
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34
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Taxes on Exchange-Listed Share Sales
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36
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Taxes on Purchase and Redemption of Creation Units
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37
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Other Important Information
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37
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Portfolio Holdings Information
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37
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Premium/Discount Information
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38
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Financial Highlights
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38
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| Additional Information |
Back Cover |
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| (expenses that you pay each year as a percentage of the value of your investment) | |
| Management Fees | |
| Distribution and 12b-1 Fees | |
| Other Expenses1 | |
| Total Annual Fund Operating Expenses | |
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One Year
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Three Years
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| $ |
$ |
| • | The technology is new and many of its uses may be untested. The mechanics of using distributed ledger technology to transact in other types of assets, such as securities or derivatives, is less clear. There is no assurance that widespread adoption will occur. A lack of expansion in the usage of blockchain technology could adversely affect an investment in the Fund. |
| • | Theft, loss or destruction. Transacting on a blockchain depends in part specifically on the use of cryptographic keys that are required to access a user’s account (or “wallet”). The theft, loss or destruction of these keys impairs the value of ownership claims users have over the relevant assets being represented by the ledger (whether “smart contracts,” securities, currency or other digital assets). The theft, loss or destruction of private or public keys needed to transact on a blockchain could also adversely affect a company’s business or operations if it were dependent on the ledger. |
| • | Competing platforms and technologies. The development and acceptance of competing platforms or technologies may cause consumers or investors to use an alternative to blockchains. |
| • | Cyber security incidents. Cyber security incidents may compromise an issuer, its operations or its business. Cyber security incidents may also specifically target a user’s transaction history, digital assets, or identity, thereby leading to privacy concerns. In addition, certain features of blockchain technology, such as decentralization, open source protocol, and reliance on peer-to-peer connectivity, may increase the risk of fraud or cyber-attack by potentially reducing the likelihood of a coordinated response. |
| • | Developmental risk. Blockchain technology may never develop optimized transactional processes that lead to realized economic returns for any company in which the Fund invests. Companies that are developing applications of blockchain technology applications may not in fact do so or may not be able to capitalize on those blockchain technologies. The development of new or competing platforms may cause consumers and investors to use alternatives to blockchains. |
| • | Intellectual property claims. A proliferation of recent startups attempting to apply blockchain technology in different contexts means the possibility of conflicting intellectual property claims could be a risk to an issuer, its operations or its business. This could also pose a risk to blockchain platforms that permit transactions in digital securities. Regardless of the merit of any intellectual property or other legal action, any threatened action that reduces confidence in the viability of blockchain may adversely affect an investment in the Fund. |
| • | Lack of liquid markets, and possible manipulation of blockchain-based assets. Digital assets that are represented and trade on a blockchain may not necessarily benefit from viable trading markets. Stock exchanges have listing requirements and vet issuers, and perhaps users. These conditions may not necessarily be replicated on a blockchain, depending on the platform’s controls and other policies. The more lenient a blockchain platform is about vetting issuers of digital assets or users that transact on the platform, the higher the potential risk for fraud or the manipulation of digital assets. These factors may decrease liquidity or volume, or increase volatility of digital securities or other assets trading on a blockchain. |
| • | Lack of regulation. Digital commodities such as cryptocurrencies and their associated platforms are largely unregulated, and the regulatory environment is rapidly evolving. As a result, companies engaged in such blockchain activities may be exposed to adverse regulatory action, fraudulent activity or even failure. |
| • | Third party product defects or vulnerabilities. Where blockchain systems are built using third party products, those products may contain technical defects or vulnerabilities beyond a company’s control. Open-source technologies that are used to build a blockchain application may also introduce defects and vulnerabilities. |
| • | Reliance on the Internet. Blockchain functionality relies on the Internet. A significant disruption of Internet connectivity affecting large numbers of users or geographic areas could impede the functionality of blockchain technologies and adversely affect the Fund. In addition, certain features of blockchain technology, such as decentralization, open source protocol, and reliance on peer-to-peer connectivity, may increase the risk of fraud or cyber-attack by potentially reducing the likelihood of a coordinated response. |
| • | Line of business risk. Some of the companies in which the Fund may invest are engaged in other lines of business unrelated to blockchain and these lines of business could adversely affect their operating results. The operating results of these companies may fluctuate as a result of these additional risks and events in the other lines of business. In addition, a company’s ability to engage in new activities may expose it to business risks with which it has less experience than it has with the business risks associated with its traditional businesses. Despite a company’s possible success in activities linked to its use of blockchain, there can be no assurance that the other lines of business in which these companies are engaged will not have an adverse effect on a company’s business or financial condition. |
| • | Not Individually Redeemable. The Fund’s shares (“Shares”) are not redeemable by retail investors and may be redeemed only by Authorized Participants at net asset value (“NAV”) and only in Creation Units. A retail investor generally incurs brokerage costs when selling shares. |
| • | Trading Issues. Trading in Shares on the NYSE Arca, Inc. (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 which may result in the Shares being delisted. An active trading market for the Shares may not be developed or maintained. If the Shares are traded outside a collateralized settlement system, the number of financial institutions that can act as Authorized Participants that can post collateral on an agency basis is limited, which may limit the market for the Shares. |
| • | Cash Purchases. To the extent Creation Units are purchased by APs in cash instead of in-kind, the Fund will incur certain costs such as brokerage expenses and taxable gains and losses. These costs could be imposed on the Fund and impact the Fund’s NAV if not fully offset by transaction fees paid by the APs. |
| • | 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 Shares. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a discount to NAV. |
| o | In times of market stress, market makers may step away from their role market making in the Shares and in executing trades, which can lead to differences between the market value of the Shares and the Fund’s NAV. |
| o | To the extent Authorized Participants exit the business or are unable to process creations or redemptions and no other Authorized Participant can step in to do so, there may be a significantly reduced trading market in the Fund's shares, which can lead to differences between the market value of Fund shares and the Fund's net asset value. |
| o | The market price of the Shares may deviate from the Fund’s NAV, particularly during times of market stress, with the result that investors may pay significantly more or significantly less the Shares than the Fund’s NAV, which is reflected in the bid and ask price for the Shares or in the closing price. |
| o | When all or a portion of an ETFs underlying securities trade in a market that is closed when the market for the Fund's 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 Fund's shares and the Fund's net asset value. |
| o | In stressed market conditions, the market for the Shares may become less liquid in response to the deteriorating liquidity of the Fund’s portfolio. This adverse effect on the liquidity of the Shares may, in turn, lead to differences between the market value of the Shares and the Fund’s NAV. |
|
•
|
The technology is new and many of its uses may be untested. The mechanics of using distributed ledger
technology to transact in other types of assets, such as securities or derivatives, is less clear. There is no assurance that widespread adoption will occur. A lack of expansion in the usage of blockchain technology could adversely affect
an investment in the Fund.
|
|
•
|
Theft, loss or destruction. Transacting on a blockchain depends in part specifically on the use of
cryptographic keys that are required to access a user’s account (or “wallet”). The theft, loss or destruction of these keys impairs the value of ownership claims users have over the relevant assets being represented by the ledger (whether
“smart contracts,” securities, currency or other digital assets). The theft, loss or destruction of private or public keys needed to transact on a blockchain could also adversely affect a company’s business or operations if it were
dependent on the ledger.
|
|
•
|
Competing platforms and technologies. The development and acceptance of competing platforms or technologies
may cause consumers or investors to use an alternative to blockchains.
|
|
•
|
Cyber security incidents. Cyber security incidents may compromise an issuer, its operations or its business.
Cyber security incidents may also specifically target a user’s transaction history, digital assets, or identity, thereby leading to privacy concerns. In addition, certain features of blockchain technology, such as decentralization, open
source protocol, and reliance on peer-to-peer connectivity, may increase the risk of fraud or cyber-attack by potentially reducing the likelihood of a coordinated response.
|
|
•
|
Developmental risk. Blockchain technology may never develop optimized transactional processes that lead to
realized economic returns for any company in which the Fund invests. Companies that are developing applications of blockchain technology applications may not in fact do so or may not be able to capitalize on those blockchain technologies.
The development of new or competing platforms may cause consumers and investors to use alternatives to blockchains.
|
|
•
|
Intellectual property claims. A proliferation of recent startups attempting to apply blockchain technology in
different contexts means the possibility of conflicting intellectual property claims could be a risk to an issuer, its operations or its business. This could also pose a risk to blockchain platforms that permit transactions in digital
securities. Regardless of the merit of any intellectual property or other legal action, any threatened action that reduces confidence in the viability of blockchain may adversely affect an investment in the Fund.
|
|
•
|
Lack of liquid markets, and possible manipulation of blockchain-based assets. Digital assets that are
represented and trade on a blockchain may not necessarily benefit from viable trading markets. Stock exchanges have listing requirements and vet issuers, and perhaps users. These conditions may not necessarily be replicated on a
blockchain, depending on the platform’s controls and other policies. The more lenient a blockchain platform is about vetting issuers of digital assets or users that transact on the platform, the higher the potential risk for fraud or the
manipulation of digital assets. These factors may decrease liquidity or volume, or increase volatility of digital securities or other assets trading on a blockchain.
|
|
•
|
Lack of regulation. Digital commodities such as cryptocurrencies and their associated platforms are largely
unregulated, and the regulatory environment is rapidly evolving. As a result, companies engaged in such blockchain activities may be exposed to adverse regulatory action, fraudulent activity or even failure.
|
|
•
|
Third party product defects or vulnerabilities. Where blockchain systems are built using third party products,
those products may contain technical defects or vulnerabilities beyond a company’s control. Open-source technologies that are used to build a blockchain application may also introduce defects and vulnerabilities.
|
|
•
|
Reliance on the Internet. Blockchain functionality relies on the Internet. A significant disruption of
Internet connectivity affecting large numbers of users or geographic areas could impede the functionality of blockchain technologies and adversely affect the Fund. In addition, certain features of blockchain technology, such as
decentralization, open source protocol, and reliance on peer-to-peer connectivity, may increase the risk of fraud or cyber-attack by potentially reducing the likelihood of a coordinated response.
|
|
•
|
Line of business risk. Some of the companies in which the Fund may invest are engaged in other lines of
business unrelated to blockchain and these lines of business could adversely affect their operating results. The operating results of these companies may fluctuate as a result of these additional risks and events in the other lines of
business. In addition, a company’s ability to engage in new activities may expose it to business risks with which it has less experience than it has with the business risks associated with its traditional businesses. Despite a company’s
possible success in activities linked to its use of blockchain, there can be no assurance that the other lines of business in which these companies are engaged will not have an adverse effect on a company’s business or financial
condition.
|
|
•
|
Not Individually Redeemable. The Fund’s shares (“Shares”) are not
redeemable by retail investors and may be redeemed only by Authorized Participants at net asset value (“NAV”) and only in Creation Units. A retail investor generally incurs brokerage costs when selling shares.
|
|
•
|
Trading Issues. Trading in Shares on the NYSE Arca, Inc. (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 which may result in the Shares being delisted. An active trading market for the Shares may not be developed or maintained. If the Shares are traded outside a collateralized settlement system, the
number of financial institutions that can act as Authorized Participants that can post collateral on an agency basis is limited, which may limit the market for the Shares.
|
|
•
|
Cash purchases. To the extent Creation Units are purchased by APs in
cash instead of in-kind, the Fund will incur certain costs such as brokerage expenses and taxable gains and losses. These costs could be imposed on the Fund and impact the Fund’s NAV if not fully offset by transaction fees paid by the
APs.
|
|
•
|
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 Shares. There may be times when the
market price and the NAV vary significantly. This means that Shares may trade at a discount to NAV.
|
|
o
|
In times of market stress, market makers may step away from their role market making in the Shares and in
executing trades, which can lead to differences between the market value of the Shares and the Fund’s NAV.
|
|
o
|
To the extent authorized participants 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 Fund’s shares, which can lead to differences between the market value of Fund shares and the Fund’s net asset value.
|
|
o
|
The market price of the Shares may deviate from the Fund’s NAV, particularly during times of market stress,
with the result that investors may pay significantly more or significantly less the Shares than the Fund’s NAV, which is reflected in the bid and ask price for the Shares or in the closing price.
|
|
o
|
When all or a portion of an ETFs underlying securities trade in a market that is closed when the market for
the Fund’s 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 Fund’s shares and the Fund’s net
asset value.
|
|
o
|
In stressed market conditions, the market for the Shares may become less liquid in response to the
deteriorating liquidity of the Fund’s portfolio. This adverse effect on the liquidity of the Shares may, in turn, lead to differences between the market value of the Shares and the Fund’s NAV.
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•
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The Fund makes distributions,
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•
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You sell your Shares listed on the Exchange, and
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•
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You purchase or redeem Creation Units.
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Call:
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1-800-773-3863(toll free)
Monday through Friday, 8:30 a.m. to 5:00 p.m. (Eastern time)
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E-mail:
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shareholders@ncfunds.com
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Write:
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Volt Crypto Industry Revolution and Tech ETF
116 South Franklin Street Post Office Box 4365 Rocky Mount, North Carolina 27803-0365 |
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(a)
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The record date for determining shareholders entitled to notice of or to vote at a meeting of shareholders shall be at the close of business on the
business day next preceding the day on which notice is given or if notice is waived, at the close of business on the business day next preceding the day on which the meeting is held.
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(b)
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The record date for determining shareholders entitled to give consent to action in writing without a meeting, (i) when no prior action by the Board of Trustees has been
taken, shall be the day on which the first written consent is given, or (ii) when prior action of the Board of Trustees has been taken, shall be at the close of business on the day on which the Board of Trustees adopt the resolution
relating to that action or the one hundred eightieth (180th) day before the date of such other action, whichever is later.
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(a)
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Determine the number of shares outstanding and the voting power of each, the shares represented at the meeting, the existence of a quorum and the authenticity, validity
and effect of proxies;
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(b)
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Receive votes, ballots or consents;
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(c)
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Hear and determine all challenges and questions in any way arising in connection with the right to vote;
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(d)
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Count and tabulate all votes or consents;
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(e)
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Determine when the polls shall close;
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(f)
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Determine the result; and
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(g)
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Do any other acts that may be proper to conduct the election or vote with fairness to all shareholders.
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1.
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APPOINTMENT OF THE ADVISOR
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2.
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OBLIGATIONS OF THE ADVISOR
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(i)
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Manage the investment and reinvestment of the assets of the Fund;
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(ii)
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Continuously review, supervise, and administer the investment program of the Fund;
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(iii)
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Determine, in its discretion, the securities to be purchased, retained, or sold (and implement those decisions) with respect to the Fund;
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(iv)
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Provide the Trust with records concerning the Advisor’s activities under this Agreement which the Trust is required to maintain;
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(v)
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Render regular reports to the Trust’s trustees and officers concerning the Advisor’s discharge of the foregoing responsibilities; and
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(vi)
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Perform such other services as agreed by the Advisor and the Trust from time to time.
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3.
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COMPENSATION
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4.
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STATUS OF ADVISOR
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5.
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RETENTION OF SUB-ADVISOR
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6.
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LIMITATION OF LIABILITY AND INDEMNIFICATION
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7.
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LIABILITY OF SHAREHOLDERS
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8.
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REPRESENTATIONS AND WARRANTIES
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9.
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NOTICE OF CHANGE IN CONTROL
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10.
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DURATION AND TERMINATION
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11.
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AMENDMENT OR ASSIGNMENT OF AGREEMENT
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12.
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MISCELLANEOUS
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| VOLT ETF TRUST | ||
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By:
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/s/ Tad Park
Tad Park, President
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| VOLT EQUITY, LLC | ||
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By:
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/s/ Tad Park
Tad Park, Chief Executive Officer
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INVESTMENT ADVISORY FEE
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Volt Crypto Industry Revolution and Tech ETF
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0.85%
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| VOLT ETF TRUST | ||
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By:
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/s/ Tad Park
Tad Park, President
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| VOLT EQUITY, LLC | ||
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By:
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/s/ Tad Park
Tad Park, Chief Executive Officer
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2.
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Solicitation of Sales
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3.
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Authorized Representations
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4.
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Registration of Shares
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5.
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Compensation
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6.
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Indemnification of Distributor
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7.
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Indemnification of Trust
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8.
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Consequential Damages
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9.
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Effective Date
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10.
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Notices
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11.
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Limitation of Liability
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12.
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Dispute Resolution
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13.
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Entire Agreement; Amendments
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14.
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Governing Law
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15.
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Counterparts
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16.
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Force Majeure
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17.
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Severability
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18.
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Confidential Information
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19.
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Anti-Money Laundering
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20.
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Use of Name
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21.
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Insurance
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22.
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Representations
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| VOLT ETF TRUST | ||
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By:
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____________________ Tad Park, President
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| CAPITAL INVESTMENT GROUP, INC. |
||
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By:
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____________________
Ronald L. King, AVP and CCO
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•
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Review and approve all Fund marketing materials (including website) for compliance with SEC & FINRA advertising rules
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•
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Conduct FINRA filing of materials (including website)
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•
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Respond to FINRA comments on marketing materials, as necessary
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•
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Provide the adviser with copy of its then-current documentation regarding SEC & FINRA marketing policies
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•
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Coordinate and execute sub-distribution agreements with broker/dealers and authorized participants on behalf of the Fund in accordance with the
prospectus
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•
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Coordinate and execute operational agreements related to the services contemplated by this Agreement (networking agreements, NSCC redemption
agreements, etc.)
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•
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Coordinate and execute on behalf of the Fund shareholder service and similar agreements to the extent permitted by applicable law, as contemplated
by the Trust’s distribution and/or shareholder servicing plan and as may be agreed to by the Distributor and the Fund
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(a)
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A copy of the Trust’s declaration of trust, certified by the Secretary;
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(b)
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A copy of the Trust’s bylaws, certified by the Secretary;
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(c)
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A copy of the resolution of the Board of Trustees of the Trust appointing the Custodian, certified by the Secretary;
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(d)
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A copy of the current prospectuses and statements of additional information of the Trust (the “Prospectus”); and
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(e)
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A certification of the Chairman or the President and the Secretary of the Trust setting forth the names and signatures of the current Officers of
the Trust and other Authorized Persons.
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(a)
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In its discretion, the Custodian may appoint one or more Sub-Custodians to establish and maintain arrangements with (i) Eligible Securities
Depositories or (ii) Eligible Foreign Custodians who are members of the Sub-Custodian’s network to hold the Assets and to carry out such other provisions of this Agreement as it may determine; provided, however, that the appointment of any
such agents and maintenance of any Assets of the Fund shall not relieve the Custodian of any of its obligations or liabilities under this Agreement. The Custodian shall be liable for the actions of any Sub-Custodians (regardless of whether
Assets are maintained in the custody of a Sub- Custodian, a member of its network or an Eligible Securities Depository) appointed by it as if such actions had been done by the Custodian.
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(b)
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If, after the initial appointment of Sub-Custodians by the Board of Trustees in connection with this Agreement, the Custodian wishes to appoint
other Sub-Custodians to hold property of the Fund, it will so notify the Trust and make the necessary determinations as to any such new Sub-Custodian's eligibility under Rule 17f-5 under the 1940 Act.
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(c)
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In performing its delegated responsibilities as foreign custody manager to the Funds to place or maintain the Fund’s assets with a Sub-Custodian,
the Custodian will determine that the Assets will be subject to reasonable care, based on the standards applicable to custodians in the country in which the Assets will be held by that Sub-Custodian, after considering all factors relevant
to Custodian to safekeeping of such assets, including, without limitation the factors specified in Rule 17f-5(c)(1).
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(d)
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The agreement between the Custodian and each Sub-Custodian acting hereunder shall contain the required provisions set forth in Rule 17f-5(c)(2)
under the 1940 Act.
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(e)
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At the end of each calendar quarter, the Custodian shall provide written reports notifying the Board of Trustees of the withdrawal or placement of
the Assets with a Sub-Custodian and of any material changes in the Fund’s arrangements. The Custodian shall promptly take such steps as may be required to withdraw Assets from any Sub-Custodian arrangement that has ceased to meet the
requirements of Rule 17f-5 or Rule 17f-7 under the 1940 Act, as applicable.
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(f)
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With respect to its responsibilities under this Section 3.03, the Custodian hereby warrants to the Trust that it agrees to exercise reasonable care,
prudence and diligence such as a person having responsibility for the safekeeping of property of the Fund. The Custodian further warrants that the Assets will be subject to reasonable care if maintained with a Sub- Custodian, after
considering all factors relevant to the safekeeping of such Assets, including, without limitation: (i) the Sub-Custodian's practices, procedures, and internal controls for certificated securities (if applicable), its method of keeping
custodial records, and its security and data protection practices; (ii) whether the Sub-Custodian has the requisite financial strength to provide reasonable care for the Assets; (iii) the Sub- Custodian's general reputation and standing
and, in the case of a Securities Depository, the Securities Depository's operating history and number of participants; (iv) ensuring that the Assets held by a Sub-Custodian shall not, without the consent of the Trust, be sold,
re-hypothecated, pledged, assigned, invested or otherwise disposed by the Sub-Custodian and beneficial ownership of the Securities held by such Sub-Custodian shall be freely transferable without payment of money or value other than that for
safe custody and administration; and (v) whether the Fund will have jurisdiction over and be able to enforce judgments against the Sub- Custodian, such as by virtue of the existence of any offices of the Sub-Custodian in the United States
or the Sub-Custodian's consent to service of process in the United States.
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(g)
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The Custodian shall establish a system or ensure that its Sub-Custodian has established a system to monitor on a continuing basis (i) the
appropriateness of maintaining the Assets with a Sub-Custodian or Eligible Foreign Custodians who are members of a Sub- Custodian’s network; (ii) the performance of the contract governing the Fund’s arrangements with such Sub-Custodian or
Eligible Foreign Custodian’s members of a Sub- Custodian’s network; and (iii) the custody risks of maintaining Assets with an Eligible Securities Depository. The Custodian must promptly notify the Fund or its investment adviser of any
material change in these risks.
|
|
(h)
|
The Custodian shall use reasonable commercial efforts to timely collect all income and other payments with respect to Foreign Securities to which
the Fund shall be entitled either by law or pursuant to custom in the securities business and shall credit such income, as collected, to the Trust. In the event that extraordinary measures are required to collect such income, the Trust and
Custodian shall consult as to the measures and as to the compensation and expenses of the Custodian relating to such measures.
|
|
(a)
|
The Custodian, on an on-going basis, shall deposit in a Securities Depository or Book-Entry System all Securities eligible for deposit therein and
shall make use of such Securities Depository or Book-Entry System to the extent possible and practical in connection with its performance hereunder, including, without limitation, in connection with settlements of purchases and sales of
Securities, loans of Securities, and deliveries and returns of collateral consisting of Securities.
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|
(b)
|
Securities of the Fund kept in a Book-Entry System or Securities Depository shall be kept in an account (“Depository Account”) of the Custodian in
such Book-Entry System or Securities Depository, and may be segregated via Memo Segregation.
|
|
(c)
|
The records of the Custodian and the Custodian’s account on the books of the Book Entry System and Securities Depository, as the case may be, with
respect to Securities of the Fund maintained in a Book- Entry System or Securities Depository shall, by book-entry, or otherwise identify such Securities as belonging to the Fund.
|
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(d)
|
If Securities purchased by the Fund are to be held in a Book-Entry System or Securities Depository, the Custodian shall facilitate Fund’s payment
for such Securities upon (i) receipt of advice from the Book-Entry System or Securities Depository that such Securities have been transferred to the Depository Account, and (ii) the making of an entry on the records of the Custodian to
reflect such payment and transfer for the account of the Fund. If Securities sold by the Fund are held in a Book-Entry System or Securities Depository, the Custodian shall transfer such Securities upon (i) receipt of advice from the
Book-Entry System or Securities Depository that payment for such Securities has been transferred to the Depository Account, and (ii) the making of an entry on the records of the Custodian to reflect such transfer and payment for the account
of the Fund.
|
|
(e)
|
Upon request, the Custodian shall provide the Trust with copies of any report (obtained by the Custodian from a Book-Entry System or Securities
Depository in which Securities of the Fund are kept) on the internal accounting controls and procedures for safeguarding Securities deposited in such Book-Entry System or Securities Depository.
|
|
(f)
|
Notwithstanding anything to the contrary in this Agreement, the Custodian shall be liable to the Trust for any loss or damage to the Fund resulting
from the use of a Book-Entry System or Securities Depository by reason of any gross negligence or willful misconduct on the part of the Custodian or any Sub-Custodian. At its election, the Trust shall be subrogated to the rights of the
Custodian with respect to any claim against a Book-Entry System or Securities Depository or any other person from any loss or damage to the Fund arising from the use of such Book-Entry System or Securities Depository, if and to the extent
that the Fund has not been made whole for any such loss or damage.
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|
(g)
|
With respect to its responsibilities under this Section 3.05 and pursuant to Rule 17f-4 under the 1940 Act, the Custodian hereby warrants to the
Trust that it agrees to (i) exercise due care in accordance with reasonable commercial standards in discharging its duty as a securities intermediary to obtain and thereafter maintain such assets, (ii) provide, promptly upon request by the
Trust, such reports as are available concerning the Custodian’s internal accounting controls and financial strength, and (iii) require any Sub-Custodian to exercise due care in accordance with reasonable commercial standards in discharging
its duty as a securities intermediary to obtain and thereafter maintain assets corresponding to the security entitlements of its entitlement holders.
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|
(a)
|
For the purchase of Securities for the Fund but only in accordance with Section 4.01 of this Agreement and only (i) in the case of Securities (other
than options on Securities, futures contracts and options on futures contracts), against the delivery to the Custodian (or any Sub-Custodian) of such Securities registered as provided in Section 3.09 below or in proper form for transfer, or
if the purchase of such Securities is effected through a Book-Entry System or Securities Depository, in accordance with the conditions set forth in Section 3.05 above; (ii) in the case of options on Securities, against delivery to the
Custodian (or any Sub-Custodian) of such receipts as are required by the customs prevailing among dealers in such options; (iii) in the case of futures contracts and options on futures contracts, against delivery to the Custodian (or any
Sub-Custodian) of evidence of title thereto in favor of the Fund or any nominee referred to in Section 3.09 below; and (iv) in the case of repurchase or reverse repurchase agreements entered into between the Trust and a bank that is a
member of the Federal Reserve System or between the Trust and a primary dealer in U.S. Government securities, against delivery of the purchased Securities either in certificate form or through an entry crediting the Custodian's account at a
Book-Entry System or Securities Depository with such Securities;
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|
(b)
|
In connection with the conversion, exchange or surrender, as set forth in Section 3.07(f) below, of Securities owned by the Fund;
|
|
(c)
|
For the payment of any dividends or capital gain distributions declared by the Fund;
|
|
(d)
|
In payment of the redemption price of Shares as provided in Section 5.01 below;
|
|
(e)
|
For the payment of any expense or liability incurred by the Fund, including, but not limited to, the following payments for the account of the Fund:
interest; taxes; administration, investment advisory, accounting, auditing, transfer agent, custodian, trustee and legal fees; and other operating expenses of the Fund; in all cases, whether or not such expenses are to be in whole or in
part capitalized or treated as deferred expenses;
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|
(f)
|
For transfer in accordance with the provisions of any agreement among the Trust, the Custodian and a broker-dealer registered under the 1934 Act and
a member of FINRA, relating to compliance with rules of the Options Clearing Corporation and of any registered national securities exchange (or of any similar organization or organizations) regarding escrow or other arrangements in
connection with transactions by the Fund;
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|
(g)
|
For transfer in accordance with the provisions of any agreement among the Trust, the Custodian and a futures commission merchant registered under
the Commodity Exchange Act, relating to compliance with the rules of the Commodity Futures Trading Commission and/or any contract market (or any similar organization or organizations) regarding account deposits in connection with
transactions by the Fund;
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|
(h)
|
For the funding of any uncertificated time deposit or other interest-bearing account with any banking institution (including the Custodian), which
deposit or account has a term of one year or less; and
|
|
(i)
|
For any other proper purpose, but only upon receipt of Written Instructions, specifying the amount and purpose of such payment, declaring such
purpose to be a proper corporate purpose, and naming the person or persons to whom such payment is to be made.
|
|
(a)
|
Upon the sale of Securities for the account of the Fund but only against receipt of payment therefor in cash, by certified or cashier’s check or
bank credit;
|
|
(b)
|
In the case of a sale effected through a Book-Entry System or Securities Depository, in accordance with the provisions of Section 3.05 above;
|
|
(c)
|
To an offeror’s depository agent in connection with tender or other similar offers for Securities of the Fund; provided that, in any such case, the
cash or other consideration is to be delivered to the Custodian;
|
|
(d)
|
To the issuer thereof or its agent (i) for transfer into the name of the Fund, the Custodian or any Sub-Custodian, or any nominee or nominees of any
of the foregoing, or (ii) for exchange for a different number of certificates or other evidence representing the same aggregate face amount or number of units; provided that, in any such case, the new Securities are to be delivered to the
Custodian;
|
|
(e)
|
To the broker selling the Securities, for examination in accordance with the “street delivery” custom;
|
|
(f)
|
For exchange or conversion pursuant to any plan of merger, consolidation, recapitalization, reorganization or readjustment of the issuer of such
Securities, or pursuant to provisions for conversion contained in such Securities, or pursuant to any deposit agreement, including surrender or receipt of underlying Securities in connection with the issuance or cancellation of depository
receipts; provided that, in any such case, the new Securities and cash, if any, are to be delivered to the Custodian;
|
|
(g)
|
Upon receipt of payment therefor pursuant to any repurchase or reverse repurchase agreement entered into by the Fund;
|
|
(h)
|
In the case of warrants, rights or similar Securities, upon the exercise thereof, provided that, in any such case, the new Securities and cash, if
any, are to be delivered to the Custodian;
|
|
(i)
|
For delivery in connection with any loans of Securities of the Fund, but only against receipt of such collateral as the Trust shall have specified
to the Custodian in Written Instructions;
|
|
(j)
|
For delivery as security in connection with any borrowings by the Fund requiring a pledge of assets by the Trust, but only against receipt by the
Custodian of the amounts borrowed;
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|
(k)
|
Pursuant to any authorized plan of liquidation, reorganization, merger, consolidation or recapitalization of the Trust;
|
|
(l)
|
For delivery in accordance with the provisions of any agreement among the Trust, the Custodian and a broker-dealer registered under the 1934 Act and
a member of FINRA, relating to compliance with the rules of the Options Clearing Corporation and of any registered national securities exchange (or of any similar organization or organizations) regarding escrow or other arrangements in
connection with transactions by the Fund;
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|
(m)
|
For delivery in accordance with the provisions of any agreement among the Trust, the Custodian and a futures commission merchant registered under
the Commodity Exchange Act, relating to compliance with the rules of the Commodity Futures Trading Commission and/or any contract market (or any similar organization or organizations) regarding account deposits in connection with
transactions by the Fund;
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|
(n)
|
For any other proper corporate purpose, but only upon receipt of Written Instructions, specifying the Securities to be delivered, setting forth the
purpose for which such delivery is to be made, declaring such purpose to be a proper corporate purpose, and naming the person or persons to whom delivery of such Securities shall be made; or
|
|
(o)
|
To brokers, clearing banks or other clearing agents for examination or trade execution in accordance with market custom; provided that in any such
case the Custodian shall have no responsibility or liability for any loss arising from the delivery of such securities prior to receiving payment for such securities except as may arise from the Custodian’s own negligence or willful
misconduct.
|
|
(a)
|
Subject to Section 9.04 below, collect on a timely basis all income and other payments to which the Fund is entitled either by law or pursuant to
custom in the securities business;
|
|
(b)
|
Present for payment and, subject to Section 9.04 below, collect on a timely basis the amount payable upon all Securities which may mature or be
called, redeemed, or retired, or otherwise become payable;
|
|
(c)
|
Endorse for collection, in the name of the Fund, checks, drafts and other negotiable instruments;
|
|
(d)
|
Surrender interim receipts or Securities in temporary form for Securities in definitive form;
|
|
(e)
|
Execute, as custodian, any necessary declarations or certificates of ownership required of it under the federal income tax laws or the laws or
regulations of any other taxing authority now or hereafter in effect, and prepare and submit reports to the IRS and the Trust at such time, in such manner and containing such information as is prescribed by the IRS;
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|
(f)
|
Hold for the Fund, either directly or, with respect to Securities held therein, through a Book- Entry System or Securities Depository, all rights
and similar Securities issued with respect to Securities of the Fund; and
|
|
(g)
|
In general, and except as otherwise directed in Written Instructions, attend to all non- discretionary details in connection with the sale,
exchange, substitution, purchase, transfer and other dealings with Securities and other assets of the Fund that may be required by law.
|
|
3.10
|
Records.
|
|
(a)
|
The Custodian shall maintain complete and accurate records with respect to the Assets held for the Fund, including (i) journals or other records of
original entry containing an itemized daily record in detail of all receipts and deliveries of Securities and all receipts and disbursements of cash; (ii) ledgers (or other records) reflecting (A) Securities in transfer, (B) Securities in
physical possession, (C) monies and Securities borrowed and monies and Securities loaned (together with a record of the collateral therefor and substitutions of such collateral), (D) dividends and interest received, and (E) dividends
receivable and interest receivable; and (iii) canceled checks and bank records related thereto. The Custodian shall keep such other books and records of the Fund as the Trust may reasonably request, or as may be required by the 1940 Act,
including, but not limited to, those necessary to comply with Section 31 of the 1940 Act and Rule 31a-2 promulgated thereunder.
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|
(b)
|
All such books and records maintained by the Custodian shall (i) be maintained in compliance with the rules and regulations of the SEC, (ii) be the
property of the Trust and at all times during the regular business hours of the Custodian be made available upon request for inspection by duly authorized officers, employees or agents of the Trust and employees or agents of the SEC, and
(iii) if required to be maintained by Rule 31a-1 under the 1940 Act, be preserved for the periods prescribed in Rules 31a-1 and 31a-2 under the 1940 Act.
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|
(a)
|
in accordance with the provisions of any agreement between the Trust and the Custodian and any other broker-dealer registered under the 1934 Act and
a member of FINRA (or any futures commission merchant registered under the Commodity Exchange Act), relating to compliance with the rules of the Options Clearing Corporation and of any registered national securities exchange (or the
Commodity Futures Trading Commission or any registered contract market), or of any similar organization or organizations, regarding escrow or other arrangements in connection with transactions by the Fund;
|
|
(b)
|
for purposes of segregating cash or Securities in connection with securities options purchased or written by the Fund or in connection with
financial futures contracts (or options thereon) purchased or sold by the Fund;
|
|
(c)
|
which constitute collateral for loans of Securities made by the Fund;
|
|
(d)
|
for purposes of compliance by the Fund with requirements under the 1940 Act for the maintenance of segregated accounts by registered investment
companies in connection with reverse repurchase agreements and when-issued, delayed delivery and firm commitment transactions; and
|
|
(e)
|
for other proper corporate purposes, but only upon receipt of Written Instructions, setting forth the purpose or purposes of such segregated account
and declaring such purposes to be proper corporate purposes.
|
|
(a)
|
It is duly organized and existing under the laws of the jurisdiction of its organization, with full power to carry on its business as now conducted,
to enter into this Agreement and to perform its obligations hereunder;
|
|
(b)
|
This Agreement has been duly authorized, executed and delivered by the Trust in accordance with all requisite action and constitutes a valid and
legally binding obligation of the Trust, enforceable in accordance with its terms, subject to bankruptcy, insolvency, reorganization, moratorium and other laws of general application affecting the rights and remedies of creditors and
secured parties;
|
|
(c)
|
It is responsible for determining compliance with the 1940 Act, and the rules and regulations thereunder, including any obligations in connection
with entering into this Agreement; and
|
|
(d)
|
It is conducting its business in compliance in all material respects with all applicable laws and regulations, both state and federal, and has
obtained all regulatory approvals necessary to carry on its business as now conducted; there is no statute, rule, regulation, order or judgment binding on it and no provision of its charter, bylaws or any contract binding it or affecting
its property which would prohibit its execution or performance of this Agreement.
|
|
(a)
|
It is duly organized and existing under the laws of the jurisdiction of its organization, with full power to carry on its business as now conducted,
to enter into this Agreement and to perform its obligations hereunder;
|
|
(b)
|
It is a member of a “national securities exchange,” as defined in the 1934 Act, subject to the rules and regulations of the Securities and Exchange
Commission, and a member of FINRA.
|
|
(c)
|
This Agreement has been duly authorized, executed and delivered by the Custodian in accordance with all requisite action and constitutes a valid and
legally binding obligation of the Custodian, enforceable in accordance with its terms, subject to bankruptcy, insolvency, reorganization, moratorium and other laws of general application affecting the rights and remedies of creditors and
secured parties;
|
|
(d)
|
No legal or administrative proceedings have been instituted or threatened which would materially impair the Custodian’s ability to perform its
duties and obligations under this Agreement; and
|
|
(e)
|
It is conducting its business in compliance in all material respects with all applicable laws and regulations, both state and federal, and has
obtained all regulatory approvals necessary to carry on its business as now conducted; there is no statute, rule, regulation, order or judgment binding on it and no provision of its charter, bylaws or any contract binding it or affecting
its property which would prohibit its execution or performance of this Agreement.
|
|
(a)
|
The Custodian shall cooperate with and supply necessary information to the entity or entities appointed by the Trust to keep the books of account of
the Fund and/or compute the value of the assets of the Fund. The Custodian shall take all such reasonable actions as the Trust may from time to time request to enable the Trust to obtain, from year to year, favorable opinions from the
Trust's independent accountants with respect to the Custodian's activities hereunder in connection with (i) the preparation of the Trust's reports on Form N-1A and Form N-CEN and any other reports required by the SEC, annual, semi-annual,
or otherwise and (ii) the fulfillment by the Trust of any other requirements of the SEC.
|
|
(b)
|
The Custodian shall cooperate to allow the Assets to be verified by actual examination at the end of each annual and semi-annual fiscal period by an
independent public accountant retained by the Fund, and to be examined by such accountant at least one other time, chosen by the accountant, during each fiscal year. A certificate of such accountant stating that an examination of such
securities has been made, and describing the nature and extent of the examination, will be filed by the Trust on Form N-17f-1 promptly after each examination.
|
|
(c)
|
The Custodian shall perform its duties hereunder in compliance with all applicable laws and regulations and provide any sub-certifications
reasonably requested by the Trust in connection with any certification required of the Trust pursuant to the Sarbanes-Oxley Act of 2002 or any rules or regulations promulgated by the SEC thereunder, provided the same shall not be deemed to
change the Custodian’s standard of care as set forth herein.
|
|
(d)
|
In order to assist the Trust in satisfying the requirements of Rule 38a-1 under the 1940 Act (the “Rule”), the Custodian will provide the Trust’s
Chief Compliance Officer with reasonable access to the Custodian’s personnel and records relating to the services provided by it under this Agreement, and will provide quarterly compliance reports and related certifications regarding any
Material Compliance Matter (as defined in the Rule) involving the Custodian that affect or could affect the Trust.
|
|
(a)
|
Neither party to this Agreement shall be liable to the other party for consequential, special or punitive damages under any provision of this
Agreement. The indemnity provisions of this Article shall indefinitely survive the termination and/or assignment of this Agreement.
|
|
(b)
|
In order that the indemnification provisions contained in this Article X shall apply, it is understood that if in any case the indemnitor may be
asked to indemnify or hold the indemnitee harmless, the indemnitor shall be fully and promptly advised of all pertinent facts concerning the situation in question, and it is further understood that the indemnitee will use all reasonable
care to notify the indemnitor promptly concerning any situation that presents or appears likely to present the probability of a claim for indemnification. The indemnitor shall have the option to defend the indemnitee against any claim that
may be the subject of this indemnification. In the event that the indemnitor so elects, it will so notify the indemnitee and thereupon the indemnitor shall take over complete defense of the claim, and the indemnitee shall in such situation
initiate no further legal or other expenses for which it shall seek indemnification under this Article X. The indemnitee shall in no case confess any claim or make any compromise in any case in which the indemnitor will be asked to
indemnify the indemnitee except with the indemnitor’s prior written consent.
|
|
(a)
|
All monthly fees through the initial term of the Agreement, including the repayment of any negotiated discounts, as applicable;
|
|
(b)
|
All reasonable and customary fees associated with converting services to a successor service provider;
|
|
(c)
|
All reasonable and customary fees associated with any record retention and/or tax reporting obligations that may not be eliminated due to the
conversion to a successor service provider.
|
|
(a)
|
All reasonable and customary fees associated with converting services to a successor service provider;
|
|
(b)
|
Intentionally omitted.
|
|
(a)
|
The parties hereto irrevocably submit to the exclusive jurisdiction of the state courts of The State of New York and to the exclusive jurisdiction
of the United States District Court for the Southern District of New York for the purpose of any suit, action or other proceeding arising out of or based upon this Agreement or the subject matter hereof. The parties hereto waive, to the
extent not prohibited by applicable law that cannot be waived, and agree not to assert, by way of motion, as a defense or otherwise, in any such proceeding brought in any of the above-named courts, any claim that it is not subject
personally to the jurisdiction of such court, that its property is exempt or immune from attachment or execution, that such proceeding is brought in an inconvenient forum, that the venue of such proceeding is improper, or that this
Agreement or the subject matter hereof may not be enforced in or by such court;
|
|
(b)
|
EACH PARTY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY SUIT, ACTION OR
PROCEEDING RELATING TO THIS AGREEMENT.
|
| CLEAR STREET, LLC | |
|
By: __________________________________
Name: __________________________________
Title: __________________________________
|
|
| VOLT ETF TRUST |
|
| |
By: _______________________________
Tad Park, President |
|
(a)
|
The Trust, on behalf of each Fund listed in Appendix A, hereby retains the Administrator to provide the accounting and administrative services
enumerated in Appendix B hereof, for the period and on the terms set forth in this Agreement.
|
|
(b)
|
The Administrator hereby agrees to be retained and to furnish the services enumerated in Appendix B, for the period and on the terms set forth in this
Agreement, in return for the compensation as provided in Section 4 of this Agreement.
|
|
2.
|
SERVICES AND DUTIES OF THE ADMINISTRATOR
|
|
(a)
|
With respect to each Fund, the Administrator shall provide, or cause to be provided, the accounting and administrative duties as set forth in Appendix
B. The Administrator shall exercise reasonable customary care in the performance of its duties under this Agreement.
|
|
(b)
|
The Administrator may from time to time adopt procedures, or modify its procedures, to implement the terms of this Agreement. However, at all times
the Administrator will perform its services and duties in compliance with, and according to, the policies and direction of the Trust’s Board of Trustees.
|
|
(c)
|
The parties hereby mutually agree that the services and duties of the Administrator shall be confined to those matters expressly set forth in Appendix
B or otherwise herein, and no implied duties are assumed by or may be asserted against the Administrator.
|
|
3.
|
BOOKS AND RECORDS
|
|
(a)
|
Record Maintenance. The Administrator shall maintain customary books and
records in connection with its duties as specified in this Agreement. Any such books or records required to be maintained and preserved pursuant to Rules 31a-1 and 31a-2 under the Investment Company Act of 1940 that are prepared and
maintained by the Administrator on behalf of the Trust shall be the property of the Trust and will be made available to or surrendered promptly to the Trust on request. Notwithstanding the foregoing, the Administrator shall be entitled to
keep copies of any books or records that the Administrator may be required to retain by law or regulation.
|
|
(b)
|
Delivery of Documents. The Trust shall provide the Administrator with the
necessary documents, records, and other information in its possession or control to enable the Administrator to perform its duties and obligations under this Agreement, including, but not limited to, a copy of the Trust documents and any
amendments thereto.
|
|
(c)
|
Converting to Administrator’s System. The Trust agrees to cooperate with the Administrator in
converting to the Administrator’s data processing system and software (“Administrator’s System”) to the extent necessary for Administrator to perform the Administrator’s duties under this Agreement. Notwithstanding anything to the contrary in
this Agreement, the Trust acknowledges and agrees that all computer programs and procedures developed by or for the Administrator to perform its duties and services under this Agreement, including, but not limited to, the Administrator’s
Systems, are and shall remain the sole property of the Administrator.
|
|
4.
|
FEES, EXPENSES AND OTHER COMPENSATION
|
|
(a)
|
Fees. In exchange for the services provided by the Administrator pursuant to
Appendix B or otherwise herein, the Trust hereby agrees to pay, or cause to be paid, to the Administrator fees as specified in the Fund specific Appendices hereof. The Administrator will be entitled to additional compensation for any special
projects or services requested by the Trust outside the scope of Appendix B or otherwise herein.
|
|
(b)
|
Special Projects. The Trust may, from time to time, request that the Administrator perform
additional tasks above and beyond the general scope of its responsibilities under Appendix B herein. The Trust hereby agrees to pay, or cause to be paid, to the Administrator special project fees as specific in Schedule 1 hereof.
|
|
(c)
|
Expenses. The Trust hereby assumes and will pay, or cause to be paid, all
expenses of the Trust and the Fund(s) pursuant to Schedule 2 hereof and will allocate the Fund(s)’ portion of such expenses to the Fund(s) for direct payment.
|
|
(d)
|
Reimbursement. The Trust will promptly reimburse the Administrator for its reasonable expenses in connection with the Trust’s and the Fund(s)’ activities including, but not limited to:
|
|
(i)
|
costs of telephone services (but not telephone equipment) including, but not limited to, long distance telephone and wire charges;
|
|
(ii)
|
postage and delivery costs;
|
|
(iii)
|
costs to print special forms and stationery;
|
|
(iv)
|
copying charges;
|
|
(v)
|
costs of financial publications (if any) or professional memberships (e.g. ICI membership) in connection with the Trust’s and the Fund(s)’ activities;
|
|
(vi)
|
third party storage fees of the Trust’s and the Fund(s)’ files and records, etc.; and
|
|
(vii)
|
any travel and lodging expenses incurred by officers and employees of the Administrator in connection with its services under this agreement,
including, but not limited to, the attendance at meetings of the Trust’s Board of Trustees.
|
|
(e)
|
Compensation from Transactions. The Trust authorizes any entity or person
associated with the Administrator 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 consents to the retention of compensation for such transactions in accordance with Rule 11a2-2(T)(a)(2)(iv) thereunder.
|
|
(f)
|
Survival of Compensation Rates. All rights of compensation under this Agreement for services
performed as of the termination date will survive the termination of this Agreement. In addition, upon liquidation or upon termination of this Agreement as to any Fund, the Administrator shall be entitled to such other compensation as set
forth in Appendix C.
|
|
5.
|
NON-EXCLUSIVITY
|
|
6.
|
INDEPENDENT CONTRACTOR STATUS
|
|
7.
|
LIMITATION OF LIABILITY, INDEMNIFICATION, AND RELIANCE
|
|
(a)
|
Limitation of Liability. The duties of the Administrator shall be confined
to those expressly set forth in this Agreement, and no implied duties are assumed by or may be asserted against the Administrator. The Administrator shall not be liable for any error of judgment, mistake of law, loss or damage suffered by
the Fund(s) in connection with any investment, or any act or omission of the Administrator in carrying out its duties under this Agreement, except a loss or damage resulting directly from willful misconduct or gross negligence on the part of
the Administrator in the performance of its duties under this Agreement, or from reckless disregard by the Administrator of its obligations under this Agreement.
|
|
(b)
|
Indemnification. Provided that the Administrator has exercised reasonable
customary care in the performance of its duties under this Agreement, the Trust assumes full responsibility and will indemnify and defend the Administrator and hold it harmless from and against any and all actions, suits, and claims, whether
groundless or otherwise, and from and against any and all losses, damages, costs, charges, reasonable counsel fees, and disbursements, payments, expenses, and liabilities (including reasonable investigation expenses) of every nature and
character arising or occurring directly or indirectly out of Administrator’s relationship to the Trust under this Agreement or any of Administrator’s action taken or nonactions with respect to the performance of services under this Agreement;
provided, however, Administrator shall not be indemnified against any liability arising out of its own willful misfeasance, bad faith, gross negligence, or reckless disregard in the performance of its duties or its own reckless disregard of
its duties or obligations under this Agreement. The indemnity and defense provisions set forth herein shall indefinitely survive the termination of this Agreement.
|
|
(c)
|
Reliance. Except to the extent that the Administrator may be liable pursuant
to this Section 7, the Administrator shall not be liable for any action taken or failure to act in good faith in reliance upon:
|
|
(i)
|
Advice from the Trust or from counsel to the Trust;
|
|
(ii)
|
Any oral instruction which it receives and which it reasonably believes in good faith (pursuant to procedures mutually agreed to by the Administrator
and the Advisors) was transmitted by the person or persons authorized by the Board to give such oral instruction;
|
|
(iii)
|
Any written instruction or certified copy of any resolution of the Board, and the Administrator may rely upon the genuineness of any such document,
copy or facsimile thereof reasonably believed in good faith by the Administrator to have been validly executed; or
|
|
(iv)
|
Any signature, instruction, request, letter of transmittal, certificate, opinion of counsel, statement, instrument, report, notice, consent, order, or
other document reasonably believed in good faith by the Administrator to be genuine and to have been signed or presented by the Trust or other proper party or parties;
|
|
(d)
|
Errors of Others. The Administrator shall not be liable for the errors of
other service providers to the Trust, including the errors of pricing services (other than to pursue all reasonable claims against the pricing service based on the pricing services’ standard contracts entered into by the Administrator) and
errors in information provided by an investment Advisor (including prices and pricing formulas and the untimely transmission of trade information) or custodian to the Trust; except or unless any of the Administrator’s actions or inaction is a
direct or proximate cause of the error.
|
|
(e)
|
Reliance on Electronic Instructions. If the Trust has the ability to
originate electronic instructions to the Administrator in order to (i) effect the transfer or movement of cash or Shares or (ii) transmit Shareholder information or other information, then in such event the Administrator shall be entitled to
rely on the validity and authenticity of such instruction without undertaking any further inquiry as long as such instruction is undertaken in conformity with security procedures established and agreed upon by the Administrator and the
Advisors.
|
|
8.
|
EFFECTIVE DATE, DURATION AND TERMINATION
|
|
(a)
|
Effective Date. This Agreement shall become effective on the date first written above.
|
|
(b)
|
Duration. This Agreement shall remain effective for a period of one year. Thereafter, this
Agreement shall continue in full force and effect unless terminated by either party.
|
|
(c)
|
Termination. This Agreement may be terminated by either party by giving not
less than ninety (90) days’ prior written notice to the other party. This Agreement may also be terminated at any time as follows:
|
|
(i)
|
By mutual written agreement of the parties; or
|
|
(ii)
|
For cause – in the event of willful misconduct, gross negligence, or breach of this Agreement by the non-moving party. Such termination requires
giving not less than thirty (30) days’ prior written notice to the other party.
|
|
(i)
|
A fee equal to the compensation paid (or payable to) the Administrator for the two months immediately
prior to such termination.
|
|
(i)
|
In lieu of the foregoing termination fee, a liquidation fee equal to the compensation paid (or payable to) the Administrator for the three months immediately prior such termination.
|
|
(d)
|
Cooperation and Good Faith. Upon
termination of this Agreement, the Administrator and the Trust agree to cooperate in good faith in transferring records and other information in the Administrator’s possession and wrapping up their relationship under this Agreement in a
commercially reasonable manner.
|
|
(e)
|
Reimbursement. Upon termination of this Agreement for any reason, the Trust shall pay to the Administrator such compensation as may be due to the Administrator under this Agreement for services performed prior to the date of termination, including
any out-of-pocket reimbursements due and payable hereunder.
|
|
(f)
|
Termination Fee. Upon termination of this Agreement, the Administrator shall
be paid a termination fee as set forth in Appendix C. This termination fee is not a penalty, but a charge to compensate the Administrator for its services in assisting in transferring records and reports and otherwise wrapping up its services
under this Agreement. Notwithstanding the foregoing, the Administrator shall not be entitled to the termination fee if the Administrator elects to terminate this Agreement or the Administrator is terminated due to its willful misconduct,
gross negligence, or breach of this Agreement.
|
|
(g)
|
Survival of Certain Obligations. The obligations of Sections 4, 7, 8, 13, and 14 shall survive any termination of this Agreement.
|
|
9.
|
AMENDMENTS
|
|
10.
|
ASSIGNMENT AND SUBCONTRACTING
|
|
(a)
|
Assignment. The parties hereby mutually consent that:
|
|
(i)
|
Without the express written consent of both parties, any assignment or attempted assignment of this Agreement constitutes a breach of the Agreement;
and
|
|
(ii)
|
Any such assignment or attempted assignment is void; and
|
|
(iii)
|
Any such assignment or attempted assignment will immediately terminate this Agreement.
|
|
(b)
|
Subcontracting. The parties hereby mutually consent that the Administrator may, at its expense unless otherwise provided in the Agreement, subcontract with any entity or person concerning the provision of the services contemplated hereunder. The
Administrator shall not, however, be relieved of any of its obligations under this Agreement by the appointment of such subcontractor. This Agreement shall be binding upon, and shall inure to the benefit of, the parties hereto and their
respective successors.
|
|
11.
|
ADDITIONAL FUNDS AND CLASSES
|
|
12.
|
DISTINCTION OF FUNDS
|
|
13.
|
PROPRIETARY INFORMATION
|
|
(a)
|
Proprietary Information of the Administrator. The Trust acknowledges that
the databases, computer programs, screen formats, report formats, interactive design techniques, and documentation manuals maintained by the Administrator on databases under the control and ownership of the Administrator or a third party
constitute copyrighted, trade secret, or other proprietary information (collectively, “the Administrator’s Proprietary Information”) of substantial value to the Administrator or the third party. The Trust agrees to treat all Proprietary
Information as proprietary to the Administrator and further agrees that it shall not divulge any Proprietary Information to any person or organization except as may be provided under this Agreement.
|
|
(b)
|
Proprietary Information of the Trust. The Administrator acknowledges that
the Shareholder list and all information related to Shareholders furnished to the Administrator by the Trust or by a Shareholder in connection with this Agreement (collectively, “Customer Data”), all information regarding the Trust
Portfolios, arrangements with brokerage firms, compensation paid to or by the Trust, trading strategies and all such related information (collectively, “the Trust’s Proprietary Information”) constitute proprietary information of substantial
value to the Trust. In no event shall the Administrator’s Proprietary Information be deemed the Trust’s Proprietary Information or Customer Data. The Administrator agrees to treat all of the Trust’s Proprietary Information and Customer Data
as proprietary to the Trust and further agrees that it shall not divulge any of the Trust’s Proprietary Information or Customer Data to any person or organization except as may be provided under this Agreement or as may be directed by the
Trust or as may be duly requested by regulatory authorities.
|
|
(c)
|
Employee Notification. Each party agrees to take reasonable efforts to
advise its employees of their obligations pursuant to this Section 13. The obligations of this Section shall survive any earlier termination of this Agreement.
|
|
14.
|
CONFIDENTIALITY
|
|
(a)
|
Prepare or assist in the preparation of periodic reports to shareholders and regulatory bodies such as the SEC;
|
|
(b)
|
Provide information typically supplied in the investment company industry to companies that track or report price, performance or other information
regarding investment companies;
|
|
(c)
|
Release such other information as approved in writing by the Trust which approval shall not be unreasonably withheld;
|
|
(d)
|
Release such information as is necessary when the Administrator is exposed to civil or criminal liability for failure to comply when divulgence is
requested by a duly constitutional authority or when so requested by the Trust or Advisors;
|
|
(e)
|
In accordance with Section 248.11 of Regulation S-P (17 CFR 248.1 – 248.30) (“Reg S-P”), the Administrator will not directly, or indirectly through an
affiliate, disclose any non-public personal information as defined in Reg S-P, received from the Fund to any person that is not affiliated with the Fund or with the Administrator and provided that any such information disclosed to an
affiliate of the Administrator shall be under the same limitations on non-disclosure.
|
|
(a)
|
Any record or other information that is or becomes publicly available through no fault of the administrator;
|
|
(b)
|
Any record and other information that s released by the Trust in a public release;
|
|
(c)
|
Any record or other information that is lawfully obtained from third parties who are not under an obligation to keep such information confidential; or
|
|
(d)
|
Any record or other information previously known by Administrator.
|
|
15.
|
COMPLIANCE
|
|
16.
|
TRUST OBLIGATION
|
|
17.
|
REPRESENTATIONS AND WARRANTIES
|
|
(i)
|
It is a corporation duly organized and existing and in good standing under the laws of the State of North Carolina;
|
|
(ii)
|
It is empowered under applicable laws and by its organizational documents to enter into this Agreement and perform its duties under this Agreement;
and
|
|
(iii)
|
It has access to the necessary facilities, equipment, and personnel to perform its duties and obligations under this Agreement.
|
|
(iv)
|
Its fees and charges set out in this Agreement are solely to cover administrative expenses and not distribution expenses.
|
|
(i)
|
It is a Trust duly organized and existing and in good standing under the laws of the State of Delaware;
|
|
(ii)
|
It is empowered under applicable laws and by its Organizational Documents to enter into and perform this Agreement;
|
|
(iii)
|
All proceedings required by said Organizational Documents have been taken to authorize it to enter into and perform this Agreement;
|
|
(iv)
|
It is an open-end management investment company registered under the 1940 Act; and
|
|
(v)
|
A registration statement under the Securities Act of 1933 is currently effective and will remain effective, and appropriate state securities law
filings as required, have been or will be made and will continue to be made, with respect to all Shares of the Fund being offered for sale.
|
|
18.
|
LEGAL CONSTRUCTION
|
|
(a)
|
Severability. If any part, term, or provision of this Agreement is held to
be illegal, in conflict with any law or otherwise invalid, the remaining portion or portions shall be considered severable and not affected by such determination, and the rights and obligations of the parties shall be construed and enforced
as if the Agreement did not contain the particular part, term or provision held to be illegal or invalid.
|
|
(b)
|
Interpretation. If any provision of this Agreement, or portion thereof, is
capable of two interpretations, one of which would render the provision, or portion thereof, void and the other which would render the provision, or portion thereof, valid, then the provision, or portion thereof, shall have the same meaning
which renders it valid.
|
|
(c)
|
Construction. The language used herein shall be deemed to be the language
chosen by the parties hereto to express their mutual intent, and no rule of strict construction shall be applied against either party.
|
|
19.
|
NOTICE
|
|
(a)
|
To the Trust:
|
|
(b)
|
To the Administrator:
|
|
20.
|
MISCELLANEOUS
|
|
(a)
|
Force Majeure. In the event that either party is unable to perform its
obligations under the terms of this Agreement because of acts of God, strikes, equipment or transmission failure or damage reasonably beyond its control, or other causes reasonably beyond its control, such party shall not be liable for
damages to the other party resulting from such failure to perform or otherwise from such causes.
|
|
(b)
|
Arbitration. Any controversy or claim arising out of, or related to, this Agreement, its
termination or the breach thereof, shall be settled by binding arbitration by three arbitrators (or by fewer arbitrator(s), if the parties subsequently agree to fewer) in the City of New York, in accordance with the rules then obtaining of
the American Arbitration Association, and the arbitrators’ decision shall be binding and final, and judgment upon the award may be entered in any court having jurisdiction thereof.
|
|
(c)
|
Headings. Section and paragraph
headings in this Agreement are included for convenience only and are not to be used to construe or interpret this Agreement.
|
|
(d)
|
Entire Agreement. This Agreement,
including all appendices, constitutes the entire agreement between the parties hereto and supersedes any prior agreement with respect to the subject matter hereof whether oral or written.
|
|
(e)
|
Multiple Originals. This Agreement
may be executed in two or more counterparts, each of which when so executed shall be deemed to be an original, but such counterparts shall together constitute one and the same instrument.
|
|
(f)
|
Definitions of Certain Terms. The
terms “interested persons” and “affiliated persons,” when used in this Agreement, will have the respective meanings specified in the Investment Company Act of 1940 and the rules and regulations thereunder, subject to such exemptions as
granted by the Securities and Exchange Commission.
|
|
(g)
|
Governing Law. This Agreement shall be governed by the laws of the State of North Carolina
without regard to the principles of conflict of laws, provided that nothing herein shall be construed in a manner inconsistent with the Investment Company Act of 1940, the Investment Advisors Act of 1940, or any applicable rule or order of
the Securities and Exchange Commission.
|
| VOLT ETF TRUST | |
|
By:
Name:
Title:
|
____________________ Tad Park
President
|
| THE NOTTINGHAM COMPANY |
|
|
By:
Name:
Title:
|
____________________
Katherine M. Honey
President
|
|
i.
|
Without the express written consent of both parties, any assignment or attempted assignment of this Agreement constitutes a breach of the Agreement.
|
|
ii.
|
Any such assignment or attempted assignment is void; and
|
|
iii.
|
Any such assignment or attempted assignment will immediately terminate this Agreement.
|
|
b.
|
Subcontracting. The parties hereby mutually consent that
the Transfer Agent may, at its expense unless otherwise provided in the Agreement, subcontract with any entity or person concerning the provision of the services contemplated hereunder. The Transfer Agent shall not, however, be relieved of
any of its obligations under this Agreement by the appointment of such subcontractor and shall be responsible for the performance of such subcontractor. This Agreement shall be binding upon, and shall inure to the benefit of, the parties hereto and their respective successors
|
| VOLT ETF TRUST | ||
|
By:
|
/s/ Tad Park
Tad Park, President |
|
| THE NOTTINGHAM COMPANY |
||
|
By:
|
/s/ Robert Myers
Robert Myers, Managing Member
|
|
|
Fund Name
|
Ticker
|
# of Shares per
Creation Unit
|
|
Volt Crypto Industry Revolution and Tech ETF
|
BTCR
|
10,000
|
|
I.
|
APPOINTMENT
|
|
A.
|
The Trust hereby appoints TNC to perform compliance services as described in Appendix B (the “Compliance Services”). TNC
accepts such appointment and agrees to render the Compliance Services for the compensation herein provided, subject to the direction and control of the Trust and its management. The duties of TNC shall be confined to those expressly set forth
herein, and no implied duties are assumed by or may be asserted against TNC hereunder.
|
|
i)
|
TNC may perform additional services (the “Additional Services”) that: (a) in TNC’s reasonable determination, and upon
prior approval of the Trust, are required to adequately implement and maintain the compliance program in accordance with Rule 38a-1 of the 1940 Act (the “Required Additional Services”); (b) are requested by the Trust from time to time
including any services requested before the date hereof; or (c) are not expressly detailed in Appendix B.
|
|
B.
|
The Trust shall cause its investment advisors and subadvisors, administrator, custodian, distributor, legal counsel, independent
accountants, transfer agent and other service providers and agents (each, a “Service Provider,” together, the “Service Providers”) to cooperate with TNC and to provide TNC with such certifications, documents, information and advice as may
reasonably be requested by TNC, in order to enable TNC to perform its duties hereunder. In connection with its duties hereunder, TNC shall (without investigation or verification) be entitled and is hereby instructed to, rely upon any and all
instructions, advice, information or documents provided to TNC by an officer or representative of the Trust. TNC shall be entitled to rely on any document that it reasonably believes to be genuine and to have been signed or presented by the
proper party. TNC shall not be held to have notice of any change of authority of any officer, agent, representative or employee of any Service Provider until receipt of written notice thereof. At the request of TNC, the Trust and each of its
Service Providers will certify periodically that it is in compliance with applicable federal securities laws. The Trust agrees that successful completion of the Compliance Services described in this Agreement by TNC will require the active
participation and timely response by the Trust and the Service Providers to TNC’s requests.
|
|
C.
|
Notwithstanding the appointment described herein, the Trust has and retains responsibility for all compliance matters relating to the Trust,
including but not limited to compliance with all applicable provisions of the 1940 Act, including Rule 38a-1 thereunder. Additionally, the Trust acknowledges and agrees that each Service Provider has and retains responsibility for its own
compliance obligations under applicable law.
|
|
II.
|
COMPENSATION
|
|
A.
|
For performing the Compliance Services, the Trust shall pay TNC the fees described in Schedule 1, attached hereto. Such
fees shall be payable on a monthly basis in arrears and shall commence on the effective date of this Agreement (the “Effective Date”). For additional series added to the Trust after the Effective Date, such fees shall commence on the date the
registration statement for such series becomes effective with the Securities and Exchange Commission (the “SEC”).
|
|
B.
|
For Additional Services, the Trust shall pay TNC on a time and materials basis at TNC’s hourly rates described in
Schedule 1. Such fees shall be payable within 30 days of receiving an invoice.
|
|
C.
|
The Trust agrees to pay any reasonable out-of-pocket expenses in connection with the Compliance Services and Additional Services to be
provided under this Agreement, including, without limitation, travel expenses (which shall include a number of on-site visits per year, as noted in Appendix B, and as necessary to effectively execute and discharge TNC’s compliance
responsibilities), delivery charges, fax, copying, and telephone charges. In certain instances, the Trust will be asked to pay the vendor directly.
|
|
D.
|
All undisputed amounts payable hereunder are due immediately upon receipt of the applicable invoice. The Trust waives
the right to dispute any amount described on an invoice after 60 days have elapsed from the date of invoice delivery. Amounts payable hereunder that are more than 60 days overdue shall be subject to a service charge of 1% per month.
|
|
III.
|
LIMITATION OF LIABILITY; INDEMNIFICATION
|
|
A.
|
TNC shall not be liable for any error of judgment or mistake of law or for any loss suffered in connection with the
matters to which this Agreement relates, except for a loss resulting from TNC’s willful malfeasance, bad faith or gross negligence in the performance of its duties or reckless disregard of its obligations and duties under this Agreement.
Furthermore, TNC shall not be liable for: (i) any action taken or omitted to be taken in accordance with or in reliance upon written or oral instructions, advice, data, documents or information (without investigation or verification) received
by TNC from or on behalf of the Trust, or from a representative of any of the Service Providers; or (ii) any action taken or omitted to be taken by the Trust or any past or current Service Provider. TNC may apply to the Trust at any time for
instructions and may consult counsel for the Trust, or its own counsel, and with accountants and other experts with respect to any matter arising in connection with its duties hereunder, and TNC shall not be liable or accountable for any
action taken or omitted to be taken by it in good faith in accordance with such instruction, or with the opinion of such counsel, accountants, or other experts.
|
|
B.
|
The Trust agrees to indemnify and hold harmless TNC, its employees, agents, officers, directors, affiliates and nominees
(collectively, the “TNC Indemnified Parties”) from and against any and all claims, demands, actions and suits, and from and against any and all judgments, liabilities, losses, damages, costs, charges, reasonable counsel fees and other
expenses of every nature and character (a “Claim”) which may be asserted against or incurred by any TNC Indemnified Party or for which any TNC Indemnified Party may be held liable arising out of or in any relating to: (i) TNC’s actions or
omissions except to the extent a Claim resulted from TNC’s willful misfeasance, bad faith, or gross negligence in the performance of its duties hereunder or from reckless disregard by it of its obligations and duties hereunder; (ii) TNC’s
reliance on, implementation of or use of (without investigation or verification) advice, instructions, requests, directions, information, data, records and documents received by TNC from the Trust or any Service Provider, or any
representative thereof; (iii) any breach of any of the Trust’s obligations, representations or warranties hereunder; or (iv) any action taken or omitted to be taken by the Trust or any past or current Service Provider.
|
|
C.
|
The Trust shall, to the fullest extent permitted by applicable law, indemnify the natural person designated as Chief Compliance Officer
(“CCO”) to the extent named as a party or threatened to be made a party to any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative (whether or not such action, suit or
proceeding, arises or arose by or in the right of the Trust or other entity) by reason of the fact that such person serves or served as Chief Compliance Officer hereunder, against expenses (including, but not limited to, attorneys fees and
costs), judgments, fines (including excise taxes assessed on a person with respect to any employee benefit plan) and amounts paid in settlement actually and reasonably incurred by such person in connection with such action, suit or
proceeding; provided, however, no indemnification shall be provided if a final unappealable judgment or award establishes that such person engaged in intentional misconduct or a transaction from which such person derived an improper personal
benefit. Expenses incurred by the Chief Compliance Officer in defending a threatened, pending or completed civil or criminal action, suit or proceeding (as described above) shall be paid by the Trust in advance of the final disposition of
such action, suit or proceeding upon receipt of an undertaking by or on behalf of such person to repay such amount if it shall ultimately be determined that such person is not entitled to be indemnified by the Trust.
|
|
D.
|
In no event and under no circumstances shall TNC, its affiliates or any of its or their officers, directors, members, agents or employees,
be liable to anyone, including, without limitation, the other party, under any theory of tort, contract, strict liability or other legal or equitable theory for lost profits, exemplary, punitive, special, indirect or consequential damages for
any act or failure to act under any provision of this Agreement regardless of whether such damages were foreseeable and even if advised of the possibility thereof. The indemnity and defense provisions set forth in this Section shall
indefinitely survive the termination and/or assignment of this Agreement.
|
|
E.
|
Notwithstanding any other provision of this Agreement, TNC’s liabilities under this Agreement, whether under contract law, tort law,
warranty or otherwise, shall be limited to direct damages not to exceed the amounts actually received by TNC under this Agreement during the 12 months prior to the date of the action giving rise to the claim.
|
|
F.
|
Any person, even though also a director, officer, employee, shareholder or agent of TNC,
who may be or becomes an officer, trustee, employee or agent of the Trust, when rendering services to the Trust or acting on any business of the Trust, shall be indemnified as an officer of the Trust to the fullest extent permitted
by law.
|
|
IV.
|
INSURANCE
|
|
V.
|
TERMINATION
|
|
A.
|
The provisions of this Agreement shall be effective on the Effective Date and shall continue for an initial term of two
(2) years (“Initial Term”) and thereafter shall automatically renew for additional consecutive 12-month periods (each, a “Renewal Term,” and each of the Initial Term and each Renewal Term shall be referred to herein as a “Term”). Either party
may terminate this Agreement at the end of the Initial Term, or at the end of any subsequent Renewal Term, by giving the other party, at least sixty (60) days prior to the end of such Term, written notice of such termination. This Agreement
shall also terminate in the event of the Trust’s termination, dissolution or deregistration. Notwithstanding the foregoing, the Trust may terminate this Agreement at any time upon payment to TNC of the amount that would have been payable
under this Agreement for the remainder of the then current Term.
|
|
B.
|
TNC may immediately terminate this Agreement in the event that: (i) the Board of Trustees of the Trust does not approve
the performance of Required Additional Services; (ii) TNC reasonably determines that a Service Provider appointed after the date hereof would have a material adverse effect on the Trust’s compliance program; or (iii) TNC reasonably determines
that the Trust, or any Service Provider, takes action or fails to take action that would have a material adverse effect on the Trust’s compliance program. TNC shall cooperate with the Trust to assist with an effective transition to a
successor service provider to minimize disruption to the Trust.
|
|
C.
|
If a party materially fails to perform its duties and obligations hereunder (a
“Defaulting Party”) resulting in a material loss to another party or parties, such other party or parties (the “Non-Defaulting Party”) may give written notice thereof to the Defaulting Party, which such notice shall set forth with
sufficient detail the nature of the breach. The Defaulting Party shall have forty-five (45) days from its receipt of notice to cure the breach. If such material breach shall not have been remedied to commercially reasonable operating
standards, the Non-Defaulting Party may terminate this Agreement by giving thirty (30) days’ written notice of such termination to the Defaulting Party. If TNC is the Non-Defaulting Party, its termination of this Agreement shall not
constitute a waiver of any rights or remedies with respect to services it performed prior to such termination, or the right of TNC to receive such compensation as may be due as of the date of termination or to be reimbursed for all
reasonable and documented out-of-pocket expenses. In all cases, termination by the Non-Defaulting Party shall not constitute a waiver by the Non-Defaulting Party of any other rights it might have under this Agreement or otherwise
against a Defaulting Party.
|
|
D.
|
In the event that the Board, in the exercise of its fiduciary responsibility, determines to dismiss the CCO, TNC determines to replace the
CCO, or the CCO voluntarily resigns, TNC shall have the opportunity to present a replacement CCO for Board consideration and approval. In the event that TNC is unable or unwilling to present a replacement CCO that is competent and
knowledgeable regarding the federal securities laws, the Trust may terminate this Agreement. If the Board approves the new CCO, this Agreement would continue.
|
|
E.
|
The Trust shall reimburse TNC, as applicable, for any reasonable out-of-pocket expenses and disbursements incurred by
TNC in connection with the Compliance Services or Additional Services provided under this Agreement within 30 days of notification of the Trust of such out-of-pocket expenses regardless of whether such out- of-pocket expenses were incurred
before or after the termination of this Agreement.
|
|
F.
|
No breach of any obligation of a party to this Agreement (other than obligations to pay amounts owed) will constitute an event of default or
breach to the extent it arises out of a cause, existing or future, that is beyond the control and without negligence of the party otherwise chargeable with breach or default, including without limitation: war, act of terrorism, pandemic,
earthquake or natural disaster. Either party desiring to rely upon any of the foregoing as an excuse for default or breach will, when the cause arises, give to the other party prompt notice of the facts which constitute such cause; and, when
the cause ceases to exist, give prompt notice thereof to the other party. If a force majeure prevents TNC’s performance hereunder for more than thirty (30) days, the Trust may terminate this Agreement on written notice to TNC without penalty.
|
|
VI.
|
CONFIDENTIALITY
|
|
A.
|
All Confidential Information (as defined below) of one party (“Disclosing Party”) in the possession of the other
(“Receiving Party”), whether or not authorized, shall be held in strict confidence, and the Receiving Party shall take all steps reasonably necessary to preserve the confidentiality thereof. One party’s Confidential Information shall not be
used or disclosed by the other party for any purpose except as otherwise described herein or as necessary to implement or perform this Agreement, or except as required by law (provided that the other party is given a reasonable opportunity to
obtain a protective order). The Receiving Party shall limit its use of and access to the Disclosing Party’s Confidential Information to only those of its employees and agents whose responsibilities require such use or access. The Receiving
Party shall advise all such employees and agents, before they receive access to or possession of any of the Disclosing Party’s Confidential Information, of the confidential nature of the Confidential Information and require them to abide by
the terms of this Agreement. The Receiving Party shall be liable for any breach of this Agreement by any of its employees or agents or any other person who obtains access to or possession-of any of the Disclosing Party’s Confidential
Information from or through the Receiving Party.
|
|
B.
|
For the purpose of this Section, “Confidential Information” shall mean all business information disclosed by one party to
the other in connection with this Agreement unless it is or later becomes publicly available through no fault of the other party or it was or later is rightfully developed or obtained by the other party from independent sources free from any
duty of confidentiality. Without limiting the generality of the foregoing, Confidential Information shall include TNC’s ideas, methods, algorithms, business processes, formulae and concepts used in connection with performing the Services.
|
|
VII.
|
NON-EXCLUSIVITY; INDEPENDENT CONTRACTOR
|
|
VIII.
|
SUBCONTRACTING
|
|
IX.
|
REPRESENTATIONS AND WARRANTIES
|
|
1.
|
It is duly organized and validly existing under the laws of the jurisdiction of its formation, and has full capacity and authority to enter
into this Agreement and to carry out its obligations hereunder;
|
|
2.
|
It has all necessary authorizations, licenses and permits to carry out its business as currently conducted;
|
|
3.
|
It has been in, and shall continue to be in compliance in all material respects with all laws and regulations applicable to its business and
operations; and
|
|
4.
|
This Agreement has been duly authorized and, when executed and delivered, will constitute a legal, valid and binding obligation, enforceable
against it 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.
|
|
X.
|
RECORDS
|
|
XI.
|
MISCELLANEOUS
|
|
A.
|
This Agreement shall be governed by the laws of North Carolina. Any provision of this Agreement which may be determined
by competent authority to be prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any
such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. In such case, the parties shall in good faith modify or substitute such provision consistent with
the original intent of the parties.
|
|
B.
|
Any notice required or permitted to be given by either party to the other shall be in writing and shall be deemed to
have been given when sent by courier, registered or certified mail, postage prepaid, return receipt requested as follows:
|
|
(i)
|
To the Trust:
|
|
(ii)
|
To TNC:
|
|
C.
|
This Agreement, together with the exhibits and appendices attached hereto, constitutes the entire Agreement of the parties hereto and
supersedes all prior agreements and understandings.
|
|
D.
|
No waiver, amendment or modification of this Agreement shall be valid unless it is in writing and signed by each party
hereto. The waiver by either party of a breach of any provision of this Agreement by the other party shall not operate or be construed a waiver of any subsequent breach by such other party.
|
|
E.
|
This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original agreement,
but such counterparts shall together constitute but one and the same instrument. The facsimile signature of any party to this Agreement shall constitute the valid and binding execution hereof by such party. Each party agrees to perform such
further acts and execute such further documents as are necessary to effectuate the purposes hereof.
|
| VOLT ETF TRUST |
THE NOTTINGHAM COMPANY
|
||
| By: | /s/ Tad Park |
By: | /s/ Katherine M. Honey |
| Name: | Tad Park |
Name: | Katherine M. Honey |
| Title: | Chairman | Title: | Executive Vice President |
|
•
|
Provide a designated Chief Compliance Officer
|
|
•
|
Draft, maintain and implement the Trust’s Compliance Manual and related policies and procedures
|
|
•
|
Provide quarterly reporting, and in the interim if necessary, to the Board on material compliance issues
|
|
•
|
Attend quarterly Board meetings in-person or virtually
|
|
•
|
Attend special Board meetings or Committee meetings as requested
|
|
•
|
Meet separately with the Trust’s independent trustees at least annually
|
|
•
|
Distribute the Trust’s Compliance Manual and obtain applicable certifications as necessary
|
|
•
|
Conduct the annual compliance review as required under Rule 38a-1
|
|
•
|
Maintain a regulatory compliance calendar
|
|
•
|
Perform a due diligence review of each Advisor, Subadvisor and major service provider every year, with on-site reviews at least once every 24
months
|
|
•
|
Manage Code of Ethics procedures
|
|
•
|
Respond or assist in the response to compliance and regulatory inquiries
|
|
•
|
Conduct two training sessions (up to 3 hours each) per year on topics (and to personnel) designated by the Trust’s officers or the Board
|
|
1.
|
Volt Crypto Industry Revolution and Tech ETF
|
 |
|
|
BBD, LLP
|
|
I.
|
Introduction.
|
|
Name |
Title |
Date of Access Person
Designation
|
|
Tracie A. Coop
|
Secretary
|
May 2021
|
|
Tad Park
|
President & Principal Executive Officer
|
May 2021
|
|
James Hong
|
Treasurer, Principal Accounting Officer, & Principal Financial Officer
|
May 2021
|
|
Ashley H. Lanham
|
Assistant Treasurer
|
May 2021
|
|
Matthew Baskir
|
Chief Compliance Officer
|
September 2021
|
|
II.
|
Legal Requirement.
|
|
A.
|
To employ any device, scheme or artifice to defraud the Funds;
|
|
B.
|
To make to the Funds any untrue statement of a material fact or omit to state to the Funds a material fact necessary
in order to make the statements made, in light of the circumstances under which they are made, not misleading;
|
|
C.
|
To engage in any act, practice, or course of business which operates or would operate as a fraud or deceit upon the
Funds; or
|
|
D.
|
To engage in any manipulative practice with respect to the Funds’ investment portfolios.
|
|
III.
|
Purpose of the Code of Ethics.
|
|
IV.
|
Definitions.
|
|
A.
|
An “Access Person” with respect to the Funds means (i) any manager or officer of the Funds; any manager, officer or
general partner of that Funds’ investment advisers and sub-advisers (the “Advisers”) or any Advisory Person (as defined below) of the Funds or the Advisers, or (ii) any manager, officer or general partner of that Funds’ distributor (if any)
who, in the ordinary course of his or her business, makes, participates in or obtains information regarding, the purchase or sale of Securities (other than Exempt Securities) by the Funds or whose functions or duties as part of the
ordinary course of his or her business relate to the making of any recommendation to the Funds regarding the purchase or sale of Securities (other than Exempt Securities).
|
|
B.
|
An “Advisory Person” with respect to the Funds means any manager, officer, general partner, or employee of the Funds
or the Advisers (or of any company in a control relationship to the Funds or the Advisers) who, in connection with his or her regular functions or duties, makes, participates in, or obtains information regarding the purchase or sale of
Securities (other than Exempt Securities) by the Funds or, whose functions relate to the making of any recommendations with respect to such purchases or sales; or any natural person in a control relationship to the Funds who obtains
information concerning recommendations made to the Funds with regard to the purchase or sale of Securities (other than Exempt Securities) by the Funds.
|
|
C.
|
“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.
|
|
D.
|
“Independent Trustee” means a Trusteed who is not an “interested person” within the meaning of Section 2(a)(19) of
the 1940 Act.
|
|
E.
|
“Investment Personnel” of the Funds or of the Funds’ Advisers means:
|
|
1.
|
Any employee of the Funds or Advisers (or of any company in a control relationship to the Funds or Advisers) who, in
connection with his or her regular functions or duties, makes or participates in making recommendations regarding the purchase or sale of securities by the Funds.
|
|
2.
|
Any natural person who controls the Funds or Advisers and who obtains information concerning recommendations made to
the Funds regarding the purchase or sale of securities by the Funds.
|
|
F.
|
The “Compliance Officer” is the person or persons designated by the Funds’ Board of Trustees as its Chief Compliance
Officer pursuant to Rule 38a-1 of the 1940 Act. When acting hereunder, the Compliance Officer may delegate one or more of its duties to third parties, such as the Funds’ Administrator or the Advisers’ compliance departments.
|
|
G.
|
“Exempt Security” means:
|
|
1.
|
Direct obligations of the U.S. Government (or any other “government security” as that term is defined in the 1940
Act), bankers’ acceptances, bank certificates of deposit, commercial paper and high-quality short-term debt instruments, including repurchase agreements, and shares of registered open-end investment companies, other than exchange traded
funds.
|
|
2.
|
Securities purchased or sold in any account over which the Access Person has no direct or indirect influence or
control.
|
|
3.
|
Securities purchased or sold in a transaction that is non-volitional on the part of either the Access Person or the
Funds, including mergers, recapitalizations or similar transactions.
|
|
4.
|
Securities acquired as a part of an Automatic Investment Plan.
|
|
5.
|
Securities acquired upon the exercise of rights issued by an issuer pro rata to all holders of a class of its
securities, to the extent such rights were acquired from such issuer, and sales of such rights so acquired.
|
|
6.
|
Securities which the Funds’ investment portfolios are not permitted to purchase under the investment objectives and
policies set forth in the Funds’ then current confidential memorandum or the Funds’ registration statement.
|
|
H.
|
An “Initial Public Offering” means an offering of securities registered under the 1933 Act, the issuer of which,
immediately before the registration, was not subject to the reporting requirements of Section 13 or 15(d) of the 1934 Act.
|
|
I.
|
A “Limited Offering” means an offering that is exempt from registration under the 1933 Act pursuant to Section 4(2)
or Section 4(6) or pursuant to Rule 504, Rule 505, or Rule 506 under the 1933 Act.
|
|
J.
|
“Covered Securities” do not include Exempt Securities and include any note, stock, treasury stock, security future,
bond, debenture, evidence of indebtedness, certificate of interest or participation in any profit-sharing agreement, collateral-trust certificate, preorganization certificate or subscription, transferable share, investment contract,
voting-trust certificate, certificate of deposit for a security, fractional undivided interest in oil, gas, or other mineral rights, any put, call, straddle, option, or privilege on any security (including a certificate of deposit) or on
any group or index of securities (including any interest therein or based on the value thereof), or any put, call, straddle, option, or privilege entered into on a national securities exchange relating to foreign currency, or, in general,
any interest or instrument commonly known as a "security", or any certificate of interest or participation in, temporary or interim certificate for, receipt for, guarantee of, or warrant or right to subscribe to or purchase any of the
foregoing.
|
|
K.
|
A Security is “held or to be acquired” by the Funds if within the most recent 15 days it (1) is or has been held by
the Funds, or (2) is being or has been considered by the Funds or the Advisers for purchase or sale by the Funds. A purchase or sale includes the writing of an option to purchase or sell and any Security that is exchangeable for, or
convertible into, any Security that is held or to be acquired by the Funds.
|
|
V.
|
Policies Regarding Personal Securities Transactions.
|
|
A.
|
General Policy.
|
|
B.
|
Specific Policies.
|
|
1.
|
Restrictions on Personal Securities Transactions by Access Persons Other than Independent Trustees and those Persons Listed on Appendix A.
|
|
a.
|
No Access Person shall engage in personal accounts, or in accounts for which a supervised person has beneficial
ownership, transactions in “covered securities” (as defined herein) in violation of Rule 17j-1 or this Code of Ethics. The restrictions on personal securities transactions are principally focused on securities “held or be acquired” by the
Funds and not the entire universe of covered securities.
|
|
b.
|
Pre-clearance requests must be submitted during New York Stock Exchange hours. Pre-clearance approvals are valid
until 4:00 pm eastern time of the same business day as approval.
|
|
c.
|
All purchases of covered securities through an Initial Public Offering or a Limited Offering by any Access Person who
meets the definition of Investment Personnel must receive written authorization from the Funds’ Compliance Officer prior to effecting such transaction. A record of any decision and the reason supporting such decision to approve the
acquisition by Investment Personnel of Initial Public Offerings or Limited Offerings shall be made.
|
|
d.
|
In limited circumstances, the Chief Compliance Officer may make exceptions to prohibitions or restrictions under this
policy. In the event an exception is granted, the Chief Compliance Officer shall document the rationale for approving such transaction. As a general practice, the Chief Compliance Officer of the Funds does not have access to non-public
information regarding any investment advisory client's purchase or sale of securities, or nonpublic information regarding the portfolio holdings of any reportable fund or any person who is involved in making securities recommendations to
investment advisory clients, or who has access to such recommendations that are nonpublic.
|
| 2. |
Restrictions on Personal Securities Transactions by Disinterested Trustees and those Persons Listed on Appendix A.
|
|
a.
|
The Securities pre-clearance requirement contained in paragraph V.B.l. above shall also apply to an Independent
Trustee or a person listed on Appendix A if he or knew or, in the ordinary course of fulfilling his or her official duties as a manager or officer, should have known, that during the 15-day period before the transaction in a Covered
Security or at the time of the transaction that the Covered Security was purchased or sold by him or her the subject security was also purchased or sold by the Funds or considered for the purchase or sale by the Funds..
|
|
b.
|
If the pre-clearance provisions of the preceding paragraph apply, no clearance will be given to an Independent
Trustee or a person listed on Appendix A to purchase or sell any Security (1) on a day when any portfolio of the Funds has a pending “buy” or “sell” order in that same Security until that order is executed or withdrawn or (2) when the
Compliance Officer has been advised by the Advisers that the same Security is being considered for purchase or sale for any portfolio of the Funds.
|
|
VI.
|
Reporting Requirements and Procedures.
|
|
A.
|
In order to provide the Funds with information to enable them to determine with reasonable assurance whether the
provisions of this Code of Ethics are being observed by its Access Persons, the Funds have established the following procedures:
|
|
1.
|
Initial and Annual Holdings Report: Within ten (10) days after a person becomes an Access Person and annually
thereafter, such person, other than an Independent Trustee, or a person listed on Appendix A, as provided above, shall submit to the Compliance Officer a completed Initial/Annual Holdings Report in the form attached hereto as Appendix B (initial) and Appendix D (annual) (or another form of written submission containing all required information and acceptable to the Compliance Officer) that lists all Covered Securities other
than Exempt Securities in which such Access Person has a Beneficial Interest. Access Persons may also provide information as to Exempt Securities that they own or in which they have any direct or indirect beneficial interest. Each holdings
report must contain, at a minimum, (a) the title and type of security, and as applicable and exchange ticker symbol or CUSIP number, number of shares and principal amount of each Reportable Security in which the Access Person has any direct
or indirect beneficial ownership; (b) the name of any broker, dealer or bank with which the Access Person maintains an account in which any securities are held for the Access Person’s direct or indirect benefit; and (c) the date the Access
Person submits the report. The Initial Holdings Report must be current as of a date no more than 45 days prior to the date the person became an Access Person and the Annual Holdings Report shall be submitted no later than January 31 and
must be current as of a date no more than 45 days prior to the date the report is submitted. In lieu of providing such a report, an Access Person may provide account statements to the Compliance Officer.
|
|
2.
|
In addition, each Access Person of the Funds, other than an Independent Trustee, or a person listed on Appendix A,
as provided above, may direct his or her broker to supply to the Compliance Officer, on a timely basis, duplicate copies of confirmations of all Covered Securities transactions, in which the person has, or by reason of such transaction
acquires, any direct or indirect beneficial ownership and copies of periodic statements for all securities accounts.
|
|
3.
|
Quarterly Report: Each Access Person of the Funds, other than an Independent Trustee as provided above, shall submit
a securities transactions report in the form attached hereto as Appendix C to the Compliance Officer (or another form of written submission containing all required information and acceptable to the
Compliance Officer), showing all transactions in Securities other than Exempt Securities in which the person has, or by reason of such transaction acquires, any direct or indirect beneficial ownership, as well as all accounts established
with brokers, dealers, or banks during the quarter in which any Covered Securities were held for the direct or indirect beneficial interest of the Access Person . Such reports shall be filed no later than 30 days after the end of each
calendar quarter. An Access Person of the Funds need not make a quarterly transaction report under this paragraph if all of the information required by this paragraph 3 is contained in the brokerage confirmations or account statements
required to be submitted under this paragraph. The reports must include the date on which such report was submitted to the Compliance Officer.
|
|
4.
|
An Independent Trustee need not make an initial or annual holdings report but shall submit the same quarterly report
as required under paragraph 3 to the Compliance Officer, but only for a transaction in a Covered Security where he or she knew (or should have known) at the time of the transaction or, in the ordinary course of fulfilling his or her
official duties as a manager or officer, should have known that during the 15-day period immediately preceding or after the date of the transaction, such Security is or was purchased or sold, or considered for purchase or sale, by the
Funds.
|
|
5.
|
The Compliance Officer shall notify each Access Person of the Funds who may be subject to the pre-clearance
requirement or required to make reports pursuant to this Code of Ethics that such person is subject to the pre-clearance or reporting requirements and shall deliver a copy of this Code of Ethics to each such person. Any amendments to this
Code of Ethics shall be similarly furnished to each person to whom this Code of Ethics is applicable.
|
|
6.
|
The Compliance Officer shall review the initial holdings reports, annual holdings reports and quarterly transaction
reports received, and as appropriate compare the reports with the pre-clearance authorization received, and report to the Funds’ Board of Trustees:
|
|
a.
|
with respect to any transaction that appears to evidence a possible violation of this Code of Ethics; and
|
|
b.
|
apparent violations of the reporting requirement stated herein.
|
|
7.
|
The Board shall consider reports made to it hereunder and shall determine whether the policies established in
Sections V and VI of this Code of Ethics have been violated, and what sanctions, if any, should be imposed on the violator, including but not limited to a letter of censure, suspension or termination of the employment of the violator, or
the unwinding of the transaction and disgorgement of any profits to the respective Funds. The Board shall review the operation of this Code of Ethics at least once a year and any material changes hereto will be approved by the Board at the
next scheduled quarterly board meeting and in no case more than six months after such change. Certain Access Persons, in addition to the Disinterested Trustees, will not have an on-going, day-to-day involvement with the Funds. The
Compliance Officer will be responsible for determining which Access Persons this applies to and will list such persons on Appendix A to this Code of Ethics. Any amendment to Appendix A will not require approval or ratification by the
Board, but the Compliance Officer will provide the Board with notice of the amendment at the next scheduled quarterly board meeting.
|
|
8.
|
The Advisers and the Funds’ principal underwriter (if any) shall adopt, maintain and enforce separate codes of ethics
with respect to their personnel in compliance with Rule 17j 1 and Rule 204 A 1 of the Advisers Act or Section 15(f) of the 1934 Act, as applicable, and shall forward to the Compliance Officer and the Funds’ counsel copies of such codes and
all future amendments and modifications thereto. Any material changes to these codes will be approved by the Board at the next scheduled quarterly board meeting and in no case more than six months after such change, as required by Rule
17j-1 of the 1940 Act.
|
|
9.
|
At each quarterly Board meeting, the Compliance Officer and the Advisers shall provide a written report to the Funds’
Board of Trustees stating:
|
|
a.
|
any reported Covered Securities transaction that occurred during the prior quarter that may have been inconsistent
with the provisions of the Codes of Ethics adopted by the Funds or Advisers; and
|
|
b.
|
all disciplinary actions taken in response to such violations.
|
|
10.
|
At least once a year, the Advisers shall provide to the Board a written report which contains: (a) a summary of
existing procedures concerning personal investing by Advisory Persons and any changes in the procedures during the past year; (b) an evaluation of current compliance procedures and a report on any recommended changes in existing
restrictions or procedures based upon the Funds’ experience under this Code of Ethics, industry practices, or developments in applicable laws and regulations; (c) a description of any issues arising under the Code of Ethics or procedures
since the last report, including, but not limited to, information about material violations of the Code of Ethics or procedures and sanctions imposed in response to material violations; and (d) a certification that the procedures which have
been adopted are those reasonably necessary to prevent Access Persons from violating the Codes of Ethics.
|
|
VII.
|
Confidentiality
|
|
VIII.
|
Certification
|
|
IX.
|
Recordkeeping
|
|
A.
|
a copy of this Code of Ethics and the Advisers’ Code of Ethics that is in effect, or at any time within the past five years was in effect,
in an easily accessible place;
|
|
B.
|
a record of any violation of the Code of Ethics, and of any action taken as a result of the violation, in an easily
accessible place for at least five years after the end of the fiscal year in which the violation occurs;
|
|
C.
|
a record of all persons, currently or within the past five years, who are or were required to submit reports under
Section VI.A. of this Code of Ethics, or who are or were responsible for reviewing those reports, in an easily accessible place;
|
|
D.
|
a copy of each report required under Section VI.A. of this Code of Ethics for at least five years after the end of
the fiscal year in which it is made, the first two years in an easily accessible place; and
|
|
E.
|
a record of any approvals relating to Initial Public Offerings and Limited Offerings for at least five years after
the end of the fiscal year in which the approval is granted.
|
|
•
|
Provide the information requested below for each investment account in which you have Beneficial Ownership. Indicate “N/A” or “None” if appropriate.
|
|
•
|
Attach the most recent account statement for each account identified.
|
|
•
|
Attach separate sheets if necessary
|
|
Date of
Transaction
|
Name of
Reportable
Security
|
Ticker
Symbol or
CUSIP
|
No. of Shares
or Principal
Amount
|
Maturity Date
and Interest
Rate (if
applicable)
|
Price |
Name of
Broker,
Dealer or
Bank where
held
|
|
•
|
If you have Beneficial Ownership in any Securities that are not held in an investment
account listed above (stock certificates, private equity investments), list them below. Indicate “N/A” or “None” if appropriate. Attach separate sheets if necessary
|
|
Date of
Transaction
|
Name of
Reportable
Security
|
Ticker
Symbol or
CUSIP (if
applicable)
|
No. of Shares
or Principal
Amount
|
Maturity Date
and Interest
Rate (if
applicable)
|
Price |
Name of Firm
where assets
are custodied
(if applicable)
|
|
CCO Signature _____________________________________________________
|
|
Date of Review _____________________________________________________
|
|
Date of
Transaction
|
Title of
Reportable
Security
|
Ticker
Symbol or
CUSIP
|
No. of
Shares or
Principal
Amount
|
Maturity
Date and
Interest
Rate (if
applicable)
|
Type of
Transaction
(buy, sell or
other –
describe)
|
Price
|
Name of
Broker,
Dealer or
Bank
Effecting
Transaction
|
|
Name of Broker, Dealer or Bank
|
Date Account was
Established
|
Date Account was
Closed
|
Name(s) on and Type of Account
|
|
I.
|
Personal Securities Transactions (Check the ONE statement that applies)
|
|
II.
|
New Accounts Established (Check the ONE statement that applies)
|
|
Name of Broker, Dealer or Bank
|
Date Account was
Established
|
Account Title
|
|
III.
|
Holdings in Private Placement and Limited Offerings
|
|
Name of Private Placement or Limited
Partnership
|
Amount of Initial
Investment |
Date of
Investment
|
Purpose of LP
|
|
IV.
|
Annual Holdings
|
|
V.
|
Annual Acknowledgement
|
|
a.
|
I acknowledge receipt of a copy of the Trust’s Code of Ethics. I have read its terms and understand that I am fully
subject to its provisions.
|
|
b.
|
I have specifically read the Code of Ethics and I understand that it applies to me and to all Investments in which I
have or acquire Beneficial Ownership. I have read the definition of “Beneficial Ownership” contained within the Code of Ethics, and I understand that I may be deemed to have Beneficial Ownership in Investments owned by members of
my Household and that transactions effected by members of my Household may therefore be subject to this Code of Ethics.
|
|
c.
|
I agree that in case of a violation, I may be subject to various possible sanctions (pursuant to both the Code of
Ethics and the Compliance Manual) and as determined by the Chief Compliance Officer. Possible sanctions include verbal and written warnings, fines, trading suspensions, reversal of trades by which I agree to disgorge and forfeit any profits
or absorb any loss on prohibited transactions, termination of employment, civil referral to the Securities and Exchange Commission, and criminal referral.
|
|
__________________________________________________________________________
Last Name First Name MI
___________________________________________________________________________
Date of Hire
|
|
a.
|
I acknowledge receipt of a copy of the Code of Ethics contained therein. I have read its terms and understand that
I am fully subject to its provisions.
|
|
b.
|
I have specifically read the Code of Ethics and I understand that it applies to me and to all Investments in which I
have or acquire Beneficial Ownership. I have read the definition of “Beneficial Ownership” contained within the Code of Ethics, and I understand that I may be deemed to have Beneficial Ownership in Investments owned by members of
my Household and that transactions effected by members of my Household may therefore be subject to this Code of Ethics.
|
|
c.
|
I agree that in case of a violation, I may be subject to various possible sanctions (pursuant to both the Code of
Ethics and the Compliance Manual) and as determined by the Chief Compliance Officer. Possible sanctions include verbal and written warnings, fines, trading suspensions, reversal of trades by which I agree to disgorge and forfeit any
profits or absorb any loss on prohibited transactions, termination of employment, civil referral to the Securities and Exchange Commission, and criminal referral.
|
|
d.
|
I will comply with the Compliance Manual and the Code of Ethics in all respects.
|
|
•
|
The duty at all times to place the interests of clients first;
|
|
•
|
The requirement that all personal securities transactions be conducted in a manner consistent with the Code of Ethics and in such a manner as to avoid
any actual or potential conflict of interest or any abuse of any individual’s position of trust and responsibility; and
|
|
•
|
The fundamental standard that such employees, officers, and directors should not take inappropriate advantage of their positions, or of their
relationship with clients.
|
|
1.
|
Within ten (10) days of commencement of employment with the Adviser, each Employee must certify that he or she has read and
understands this Code and recognizes that he or she is subject to it, and must disclose the following information as of a date no more than 45 days prior to the date the person became an Employee: a) the title, type, CUSIP or ticker symbol,
number of shares and principal amount of each Security in which the Employee has a Beneficial Interest when the person became an Employee, b) the name of any broker/dealer with whom the Employee maintained an account when the person became an
Employee, and c) the date the report is submitted.
|
|
2.
|
Annually, each Employee must certify that he or she has read and understands this Code and any amendment, and recognizes that he or
she is subject to it, that he or she has complied with the requirements of this Code and has disclosed or reported all personal Securities Transactions required to be disclosed or reported pursuant to the requirements of this Code. In
addition, each Employee shall annually provide the following information (as of a date no more than 45 days before the report is submitted): a) the title, type, CUSIP or ticker symbol, number of shares and principal amount of each Security in
which the Employee had any Beneficial Interest, b) the name of any broker, dealer or bank with whom the Employee maintains an account in which any Securities are held for the direct or indirect benefit of the Employee, and c) the date the
report is submitted.
|
Document and Entity Information |
Total |
|---|---|
| Prospectus: | |
| Document Type | 485BPOS |
| Document Period End Date | Oct. 01, 2021 |
| Registrant Name | VOLT ETF TRUST |
| Entity Central Index Key | 0001508033 |
| Entity Inv Company Type | N-1A |
| Amendment Flag | false |
| Document Creation Date | Oct. 01, 2021 |
| Document Effective Date | Oct. 01, 2021 |
| Prospectus Date | Oct. 01, 2021 |
| Volt Crypto Industry Revolution and Tech ETF | Volt Crypto Industry Revolution and Tech ETF | |
| Prospectus: | |
| Trading Symbol | BTCR |
Total | ||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Volt Crypto Industry Revolution and Tech ETF | ||||||||||||||||||||||||||||||||||||||||
| FUND SUMMARY | ||||||||||||||||||||||||||||||||||||||||
| Investment Objective: | ||||||||||||||||||||||||||||||||||||||||
The Volt Crypto Industry Revolution and Tech ETF (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. Investors purchasing or selling shares of the Fund in the secondary market may be subject to costs (including customary brokerage commissions) charged by their broker. These costs are not included in the expense example below.
| ||||||||||||||||||||||||||||||||||||||||
| Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) | ||||||||||||||||||||||||||||||||||||||||
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| Example: | ||||||||||||||||||||||||||||||||||||||||
This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem (or you hold)
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:
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| 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. Because the Fund is newly organized, portfolio turnover information is not yet available. | ||||||||||||||||||||||||||||||||||||||||
| Principal Investment Strategies | ||||||||||||||||||||||||||||||||||||||||
The Fund is an actively managed exchange-traded fund (“ETF”) that seeks to achieve its investment objective by investing a majority of its net assets in U.S. and foreign companies with exposure to bitcoin and its supporting infrastructure. The Advisor applies an option overlay strategy to the Fund’s equity investments.
The Fund defines companies with exposure to bitcoin as “Bitcoin Industry Revolution Companies”, which are domestic and foreign (including American Depository Receipts (“ADRs”)) companies that:
(i) hold a majority of their net assets in bitcoin on their balance sheet as can be reasonably determined by the company’s annual filings
(e.g. filings on Form 10k or foreign equivalents) from the past 12 months; and/or (ii) derive a majority of their revenue or profits directly from mining, lending, transacting in bitcoin, or manufacturing bitcoin mining equipment as can be
reasonably determined by the company’s annual filings from the past 12 months. The Bitcoin Industry Revolution
Companies noted in (i) above will not include Canadian ETFs or private funds and will include no more than 15% of the Fund’s net assets in GBTC.
While the Fund has a bitcoin industry focus, under normal circumstances, the Fund will invest at least 80% of
its net assets (plus any borrowings for investment purposes) in Bitcoin Industry Revolution Companies and Technology Companies, options on those companies and ETFs with exposure to those companies. Under normal circumstances,
the Fund will invest the majority of its net assets (plus any borrowings for investment purposes) in Bitcoin Industry Revolution Companies. The remainder of the Fund’s net assets used to satisfy the 80% test set forth above will be invested in
Technology Companies, and at least 15% of the Fund’s net assets will be in Technology Companies. “Technology Companies” are companies that derive at least 50% of their revenue from software, technology hardware, and/or products or services that
rely on self-developed processing chips or artificial intelligence chips.
The Fund may also invest up to 20% of the portfolio to gain broad equity market exposure, including through
ETFs, to offset the risk of the focused portfolio. The Fund will not directly invest in bitcoin but will invest in companies that support bitcoin and the bitcoin blockchain industry.
Bitcoin is a digital asset that is created and transmitted through the operations of the peer-to-peer
Bitcoin network, a decentralized network of computers that operates on cryptographic protocols. No single entity owns or operates the Bitcoin network, the infrastructure of which is collectively maintained by a decentralized user base. The
Bitcoin network allows people to exchange tokens of value, called bitcoin, which are recorded on a public transaction ledger known as a blockchain. Bitcoin can be used to pay for goods and services, or it can be converted to fiat currencies
(traditional currencies, such as the U.S. dollar, that are government-issued and are not backed by a physical commodity, such as gold or silver) at rates determined
by digital asset exchanges that trade bitcoin or in individual end-to-end user transactions under a barter system. Bitcoin is one among many uses of blockchain technology. Blockchain technology is an emerging technology that is
redefining how a record of value is maintained. Blockchain technology seeks to solve transactional challenges of counterparty trust and the need for a central repository or ledger by providing a transparent and secure process to transfer and
digitally record information on a shared transaction database through a secure, decentralized, peer-to-peer distributed ledger. In this regard, it is designed to facilitate the transfer of information or property between users such that the
transfer is guaranteed to be secure and known to all participants and shared across a distributed network where, once verified, the legitimacy of the transfer cannot be challenged. Blockchain technology may be used to support a vast array of
business applications in many different industries and markets, and the extent of its versatility has not yet been fully explored. As a result, the Fund may invest in equity securities of operating companies with investments in bitcoin
and bitcoin’s blockchain technology that focus on or have exposure to a wide variety of industries and countries, including emerging markets. The Fund will invest up to 25% of the Fund’s assets in a single analytics software company that the
Advisor believes is generally bullish on bitcoin and may be positioned to benefit in a rise in bitcoin value due to their willingness to convert free cash into bitcoin.
In selecting companies that the Advisor believes are relevant to the Fund’s investment objective, the
Advisor seeks to identify, using its own internal research and analysis, companies capitalizing on bitcoin and bitcoin’s blockchain technology or that are enabling or supporting the further development of bitcoin or bitcoin investments in the
markets in which they operate. The Advisor’s internal research and analysis leverages insights from diverse sources, including internal and external research, and indicators such as the Stock-to-Flow model, which evaluates the
current stock of bitcoin against the flow of new bitcoin mined that year. The Advisor uses such research to develop and refine its investment themes and identify and take advantage of trends that have
ramifications for individual companies or entire industries.
Under normal circumstances, primarily all of the Fund’s assets will be invested in equity securities and options on
those equity securities, including common stocks, partnership interests, business trust shares and other equity investments or ownership interests in business enterprises and ETFs. The Fund’s investments will include small-, medium- and
large-capitalization companies. The Fund’s investments in foreign equity securities will be in both developed and emerging markets. The Fund may invest in foreign securities (including investments in ADRs) and securities listed on local foreign
exchanges.
The Fund is classified as a “non-diversified” investment company under the Investment Company Act of 1940, as amended,
which means that the Fund may invest a high percentage of its assets in a fewer number of issuers. Option Overlay Strategy Up to twenty percent of the Fund’s net assets will be subject to the Fund’s option overlay. The option overlay
consists of purchasing exchange-traded and over the counter (“OTC”) put options on the NASDAQ® 100 Index, S&P 500® Index, a NASDAQ® 100 Index ETF, an S&P 500 Index ETF, or individual securities and call
options on individual securities. When the Fund purchases a call option, the Fund has the right, but not the obligation, to buy a stock or other asset at a specified price (strike price) within a specific time period. When the Fund purchases a
put option, the Fund has the right, but not the obligation, to sell a stock or other asset at a specified price (strike price) within a specific time period.
The option overlay is a strategic, persistent exposure meant to hedge against market movements or capture movements in
individual companies. If the market goes up, the Fund’s returns may outperform the market because the Advisor will sell or exercise the call options. If the market goes down, the Fund’s returns may fall less than the market because the Advisor
will sell or exercise the put options. The Advisor selects options based upon its evaluation of relative value based on cost, strike price (price that the option can be bought or sold by the option holder) and maturity (the last date the option
contract is valid) and will exercise or close the options based on maturity or portfolio rebalancing requirements. The Fund anticipates purchasing and selling options on a monthly, quarterly, and annual basis, depending upon the Fund’s
rebalancing requirements and the individual option expiration dates. However, the Fund may rebalance its option portfolio on a more frequent basis for a number of reasons such as market volatility renders the protection provided by the option
strategy ineffective or an option position has appreciated to the point that it is prudent to decrease the Fund’s exposure and realize gains for the Fund’s shareholders. While the option overlay is intended to improve the Fund’s performance,
there is no guarantee that it will do so.
The value of the Fund’s call options is expected to rise in proportion to the rise in value of the underlying assets,
but the amount by which the Fund’s options increase or decrease in value depends on how far the market has moved from the time the options position was initiated. The value of the Fund’s call options may rise faster than the market if the Advisor
successfully selects options that appreciate in value.
| ||||||||||||||||||||||||||||||||||||||||
| Principal Investment Risks | ||||||||||||||||||||||||||||||||||||||||
Risk is inherent in all investing. The loss of your money is a principal risk of investing in the Fund. The Fund is subject to certain risks, including the principal risks noted below, any of which may adversely affect the Fund’s net asset value per share (“NAV”), trading price, yield, total return and ability to meet its investment objective. An investment in the Fund is not a deposit or obligation of any bank, is not endorsed or guaranteed by any bank, and is not insured by the Federal Deposit Insurance Corporation or any other government agency. Single Issuer Investment Risk. The Fund focuses its assets (i.e., invests up to 25% of its assets) in securities of a single issuer and, as a result, the Fund may be subject to greater volatility with respect to its portfolio securities than a Fund that is more broadly diversified. Accordingly, the Fund is subject to the risk that its performance may be hurt disproportionately by the poor performance of a single issuer.
Bitcoin Exposure Risk. Cryptocurrencies (also referred to as “virtual currencies” and “digital currencies”) are digital assets designed to act as a medium of exchange. Cryptocurrency is an emerging asset class. There are thousands of cryptocurrencies, the most well-known of which is bitcoin.
Cryptocurrency generally operates without central authority (such as a bank) and is not backed by any government. Cryptocurrency is not legal tender. Federal, state and/or foreign governments may restrict the use and exchange of cryptocurrency, and regulation in the United States is still developing. The market price of bitcoin has been subject to extreme fluctuations. If cryptocurrency markets continue to be subject to sharp fluctuations, the Fund’s shareholders may experience losses. Similar to fiat currencies (i.e., a currency that is backed by a central bank or a national, supra-national or quasi-national organization), cryptocurrencies are susceptible to theft, loss and destruction. Cryptocurrency exchanges and other trading venues on which cryptocurrencies trade are relatively new and, in most cases, largely unregulated and may therefore be more exposed to fraud and failure than established, regulated exchanges for securities, derivatives and other currencies. The companies in which the Fund invests and the Fund’s indirect investment in bitcoin remain subject to volatility experienced by the cryptocurrency exchanges and other cryptocurrency trading venues. Such volatility can adversely affect an investment in the Fund.
Derivatives Risk. Options are a derivative investment. The use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks include (i) the risk that the counterparty to a derivative transaction may not fulfill its contractual obligations; (ii) risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index.
Option Risk. As the buyer of a put or call option, the Fund risks losing the entire premium invested in the option if the Fund does not exercise the option.
Over-the-Counter Market Risk. Securities and options traded in over-the-counter markets may trade less frequently and in limited volumes and thus exhibit more volatility and liquidity risk, and the prices paid by the Fund in over-the-counter transactions may include an undisclosed dealer markup. The Fund is also exposed to default by the over-the-counter option writer who may be unwilling or unable to perform its contractual obligations to the Fund. Blockchain Technology Investments Risk. An investment in companies actively engaged with blockchain technology (which underpins bitcoin and the Bitcoin network) may be subject to the following risks:
Equity Risk. The net asset value of the Fund will fluctuate based on changes in the value of the equity securities held by the Fund. Equity prices can fall rapidly in response to developments affecting a specific company or industry, or to changing economic, political or market conditions. Foreign Securities and Emerging Markets Risk. Foreign securities have investment risks different from those associated with domestic securities. The value of foreign investments (including investments in ADRs) may be affected by the value of the local currency relative to the U.S. dollar, changes in exchange control regulations, application of foreign tax laws, changes in governmental economic or monetary policy, or changed circumstances in dealings between nations. There may be less government supervision of foreign markets, resulting in non-uniform accounting practices and less publicly available information about issuers of foreign securities. In addition, foreign brokerage commissions, custody fees, and other costs of investing in foreign securities are often higher than in the United States. Investments in foreign issues could be affected by other factors not present in the United States, including expropriation, armed conflict, confiscatory taxation, and potential difficulties in enforcing contractual obligations. In addition to the risks of foreign securities in general, countries in emerging markets are more volatile and can have relatively unstable governments, social and legal systems that do not protect shareholders, economies based on only a few industries, and securities markets that trade a small number of issues which could reduce liquidity. There is also less publicly available information on emerging market companies due to differences in regulation, accounting, auditing, and financial recordkeeping requirements, and the information available may be unreliable or outdated.
Underlying Fund Risk. ETFs 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 ETFs and may be higher than other funds that invest directly in stocks and bonds. Each of the ETFs is subject to its own specific risks, but the Advisor expects the principal investments risks of such ETFs will be similar to the risks of investing in the Fund.
Small and Medium Capitalization Risk. The earnings and prospects of small and medium sized companies are more volatile than larger companies and may experience higher failure rates than larger companies. Small and medium sized companies normally have a lower trading volume than larger companies, which may tend to make their market price fall more disproportionately than larger companies in response to selling pressures and may have limited markets, product lines, or financial resources and lack management experience.
Large Capitalization Risk. Large-capitalization companies may be less able than smaller capitalization companies to adapt to changing market conditions. Large-capitalization companies may be more mature and subject to more limited growth potential compared with smaller capitalization companies. During different market cycles, the performance of large capitalization companies has trailed the overall performance of the broader securities markets.
Portfolio Turnover Risk. The Fund may have a high turnover of the securities held in its portfolio. Increased portfolio turnover causes the Fund to incur higher brokerage costs, which may adversely affect the Fund’s performance. High rates of portfolio turnover may also result in the realization of short-term capital gains and losses. Any distributions resulting from such gains will be considered ordinary income for federal income tax purposes. Active Management Risk. The Fund is subject to the risk that the investment management strategy may not produce the intended results and may negatively impact Fund performance. The Advisor’s overlay strategy will not fully protect the Fund from declines in the market.
Financial Technology Risk. Companies that are developing financial technologies such as blockchain technology that seek to disrupt or displace established financial institutions generally face competition from much larger and more established firms. Financial technology companies may not be able to capitalize on their disruptive technologies if they face political and/or legal attacks from competitors, industry groups or local and national governments. Laws generally vary by country, creating some challenges to achieving scale. A financial technology company may not currently derive any revenue, and there is no assurance that such company will derive any revenue from innovative technologies in the future. Additionally, financial technology companies may be adversely impacted by potential rapid product obsolescence, cybersecurity attacks, increased regulatory oversight and disruptions in the technology they depend on.
Technology Sector Risk. The Fund may make investments in certain ETFs that are concentrated in the Information Technology sector, which means the ETFs are more likely to be more adversely affected by any negative performance of the Information Technology sector than ETFs 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 ETFs’ investments.
Early Close/Trading Halt Risk. An exchange or market may close or issue trading halts on specific securities, or the ability to buy or sell certain securities or financial instruments may be restricted, which may prevent the Fund from buying or selling certain securities or financial instruments. In these circumstances, the Fund may be unable to rebalance its portfolio, may be unable to accurately price its investments and may incur substantial trading losses.
ETF Structure Risks. The Fund is structured as an ETF. As a result, the Fund is subject to the special risks, including:
Authorized Participant Risk. Only an Authorized Participant may engage in creation or redemption transactions directly with the Fund. The Fund has a limited number of institutions that may act as an Authorized Participant on an agency basis (i.e., on behalf of other market participants). Authorized Participant concentration risk may be heightened for securities or instruments that have lower trading volumes.
Limited History Risk. The Fund is a new ETF and has a limited history of operations for investors to evaluate.
Market and Geopolitical 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, regulatory events 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 both the U.S. and global financial markets. It is not known how long such impacts will or would last, but there could be a prolonged period of global economic slowdown, which may impact your Fund investment. New Advisor Risk. The Advisor has only recently begun serving as an investment advisor to ETFs. As a result, investors do not have a long-term track record of managing an ETF from which to judge the Advisor, and the Advisor may not achieve the intended result in managing the Fund. Non-Diversification Risk. The Fund’s portfolio may focus on a limited number of investments and will be subject to potential for volatility than a diversified fund.
COVID-19 Risk. An outbreak of infectious respiratory illness caused by a novel coronavirus known as COVID-19 was first detected in China in December 2019 and has now been detected globally. COVID-19 has
resulted in travel restrictions, closed international borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, prolonged quarantines, cancellations, supply chain
disruptions, and lower consumer demand, as well as general concern and uncertainty. The impact of COVID-19, and other infectious illness outbreaks that may arise in the future, could adversely affect the economies of many countries or the entire
global economy, individual issuers and capital markets in ways that cannot necessarily be foreseen. In addition, the impact of infectious illnesses in emerging market countries may be greater due to generally less established healthcare systems.
Public health crises caused by the COVID-19 outbreak may exacerbate other pre-existing political, social and economic risks in certain countries or globally. As such, issuers of debt securities with operations, productions, offices, and/or
personnel in (or other exposure to) areas affected with the virus may experience significant disruptions to their business and/or holdings. The potential impact on the credit markets may include market illiquidity, defaults and bankruptcies,
among other consequences, particularly on issuers in the airline, travel and leisure and retail sectors. The extent to which COVID-19 will affect the Fund, the Fund’s service providers’ and/or issuer’s operations and results will depend on
future developments, which are highly uncertain and cannot be predicted, including new information that may emerge concerning the severity of COVID-19 and the actions taken to contain COVID-19. Economies and financial markets throughout the world
are becoming increasingly interconnected. As a result, whether or not the Fund invests in securities of issuers located in or with significant exposure to countries experiencing economic, political and/or financial difficulties, the value and
liquidity of the Fund’s investments may be negatively affected by such events. If there is a significant decline in the value of the Fund’s portfolio, this may impact the Fund’s asset coverage levels for certain kinds of derivatives and other
portfolio transactions. The duration of the COVID-19 outbreak and its impact on the global economy cannot be determined with certainty. Cybersecurity Risk. As part of its business, the Advisor processes, stores, and transmits large amounts of electronic information, including information relating to the transactions of the Fund. The Advisor and the Fund are therefore susceptible
to cybersecurity risk. Cybersecurity failures or breaches of the Fund or its service providers have the ability to cause disruptions and impact business operations, potentially resulting in financial losses, the inability of Fund shareholders to
transact business, violations of applicable privacy and other laws, regulatory fines, penalties and/or reputational damage. The Fund and its shareholders could be negatively impacted as a result.
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| Fund Performance | ||||||||||||||||||||||||||||||||||||||||
The Fund is new and does not yet have historical performance.
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| Label | Element | Value | |||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Volt Crypto Industry Revolution and Tech ETF | |||||||||||||||||||||||||||||||||||||||||||
| Risk/Return: | rr_RiskReturnAbstract | ||||||||||||||||||||||||||||||||||||||||||
| Risk/Return [Heading] | rr_RiskReturnHeading | FUND SUMMARY | |||||||||||||||||||||||||||||||||||||||||
| Objective [Heading] | rr_ObjectiveHeading | Investment Objective: | |||||||||||||||||||||||||||||||||||||||||
| Objective, Primary [Text Block] | rr_ObjectivePrimaryTextBlock | The Volt Crypto Industry Revolution and Tech ETF (the “Fund”) seeks to provide capital appreciation.
|
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| Expense [Heading] | rr_ExpenseHeading | Fees and Expenses of the Fund: | |||||||||||||||||||||||||||||||||||||||||
| Expense Narrative [Text Block] | rr_ExpenseNarrativeTextBlock | This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. Investors purchasing or selling shares of the Fund in the secondary market may be subject to costs (including customary brokerage commissions) charged by their broker. These costs are not included in the expense example below.
|
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| Operating Expenses Caption [Text] | rr_OperatingExpensesCaption | Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) | |||||||||||||||||||||||||||||||||||||||||
| Portfolio Turnover [Heading] | rr_PortfolioTurnoverHeading | Portfolio Turnover: | |||||||||||||||||||||||||||||||||||||||||
| Portfolio Turnover [Text Block] | rr_PortfolioTurnoverTextBlock | 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. Because the Fund is newly organized, portfolio turnover information is not yet available. |
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| Other Expenses, New Fund, Based on Estimates [Text] | rr_OtherExpensesNewFundBasedOnEstimates | Estimated for the current fiscal year. | |||||||||||||||||||||||||||||||||||||||||
| Expense Example [Heading] | rr_ExpenseExampleHeading | Example: | |||||||||||||||||||||||||||||||||||||||||
| Expense Example Narrative [Text Block] | rr_ExpenseExampleNarrativeTextBlock | This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem (or you hold)
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:
|
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| Strategy [Heading] | rr_StrategyHeading | Principal Investment Strategies | |||||||||||||||||||||||||||||||||||||||||
| Strategy Narrative [Text Block] | rr_StrategyNarrativeTextBlock | The Fund is an actively managed exchange-traded fund (“ETF”) that seeks to achieve its investment objective by investing a majority of its net assets in U.S. and foreign companies with exposure to bitcoin and its supporting infrastructure. The Advisor applies an option overlay strategy to the Fund’s equity investments.
The Fund defines companies with exposure to bitcoin as “Bitcoin Industry Revolution Companies”, which are domestic and foreign (including American Depository Receipts (“ADRs”)) companies that:
(i) hold a majority of their net assets in bitcoin on their balance sheet as can be reasonably determined by the company’s annual filings
(e.g. filings on Form 10k or foreign equivalents) from the past 12 months; and/or (ii) derive a majority of their revenue or profits directly from mining, lending, transacting in bitcoin, or manufacturing bitcoin mining equipment as can be
reasonably determined by the company’s annual filings from the past 12 months. The Bitcoin Industry Revolution
Companies noted in (i) above will not include Canadian ETFs or private funds and will include no more than 15% of the Fund’s net assets in GBTC.
While the Fund has a bitcoin industry focus, under normal circumstances, the Fund will invest at least 80% of
its net assets (plus any borrowings for investment purposes) in Bitcoin Industry Revolution Companies and Technology Companies, options on those companies and ETFs with exposure to those companies. Under normal circumstances,
the Fund will invest the majority of its net assets (plus any borrowings for investment purposes) in Bitcoin Industry Revolution Companies. The remainder of the Fund’s net assets used to satisfy the 80% test set forth above will be invested in
Technology Companies, and at least 15% of the Fund’s net assets will be in Technology Companies. “Technology Companies” are companies that derive at least 50% of their revenue from software, technology hardware, and/or products or services that
rely on self-developed processing chips or artificial intelligence chips.
The Fund may also invest up to 20% of the portfolio to gain broad equity market exposure, including through
ETFs, to offset the risk of the focused portfolio. The Fund will not directly invest in bitcoin but will invest in companies that support bitcoin and the bitcoin blockchain industry.
Bitcoin is a digital asset that is created and transmitted through the operations of the peer-to-peer
Bitcoin network, a decentralized network of computers that operates on cryptographic protocols. No single entity owns or operates the Bitcoin network, the infrastructure of which is collectively maintained by a decentralized user base. The
Bitcoin network allows people to exchange tokens of value, called bitcoin, which are recorded on a public transaction ledger known as a blockchain. Bitcoin can be used to pay for goods and services, or it can be converted to fiat currencies
(traditional currencies, such as the U.S. dollar, that are government-issued and are not backed by a physical commodity, such as gold or silver) at rates determined
by digital asset exchanges that trade bitcoin or in individual end-to-end user transactions under a barter system. Bitcoin is one among many uses of blockchain technology. Blockchain technology is an emerging technology that is
redefining how a record of value is maintained. Blockchain technology seeks to solve transactional challenges of counterparty trust and the need for a central repository or ledger by providing a transparent and secure process to transfer and
digitally record information on a shared transaction database through a secure, decentralized, peer-to-peer distributed ledger. In this regard, it is designed to facilitate the transfer of information or property between users such that the
transfer is guaranteed to be secure and known to all participants and shared across a distributed network where, once verified, the legitimacy of the transfer cannot be challenged. Blockchain technology may be used to support a vast array of
business applications in many different industries and markets, and the extent of its versatility has not yet been fully explored. As a result, the Fund may invest in equity securities of operating companies with investments in bitcoin
and bitcoin’s blockchain technology that focus on or have exposure to a wide variety of industries and countries, including emerging markets. The Fund will invest up to 25% of the Fund’s assets in a single analytics software company that the
Advisor believes is generally bullish on bitcoin and may be positioned to benefit in a rise in bitcoin value due to their willingness to convert free cash into bitcoin.
In selecting companies that the Advisor believes are relevant to the Fund’s investment objective, the
Advisor seeks to identify, using its own internal research and analysis, companies capitalizing on bitcoin and bitcoin’s blockchain technology or that are enabling or supporting the further development of bitcoin or bitcoin investments in the
markets in which they operate. The Advisor’s internal research and analysis leverages insights from diverse sources, including internal and external research, and indicators such as the Stock-to-Flow model, which evaluates the
current stock of bitcoin against the flow of new bitcoin mined that year. The Advisor uses such research to develop and refine its investment themes and identify and take advantage of trends that have
ramifications for individual companies or entire industries.
Under normal circumstances, primarily all of the Fund’s assets will be invested in equity securities and options on
those equity securities, including common stocks, partnership interests, business trust shares and other equity investments or ownership interests in business enterprises and ETFs. The Fund’s investments will include small-, medium- and
large-capitalization companies. The Fund’s investments in foreign equity securities will be in both developed and emerging markets. The Fund may invest in foreign securities (including investments in ADRs) and securities listed on local foreign
exchanges.
The Fund is classified as a “non-diversified” investment company under the Investment Company Act of 1940, as amended,
which means that the Fund may invest a high percentage of its assets in a fewer number of issuers. Option Overlay Strategy Up to twenty percent of the Fund’s net assets will be subject to the Fund’s option overlay. The option overlay
consists of purchasing exchange-traded and over the counter (“OTC”) put options on the NASDAQ® 100 Index, S&P 500® Index, a NASDAQ® 100 Index ETF, an S&P 500 Index ETF, or individual securities and call
options on individual securities. When the Fund purchases a call option, the Fund has the right, but not the obligation, to buy a stock or other asset at a specified price (strike price) within a specific time period. When the Fund purchases a
put option, the Fund has the right, but not the obligation, to sell a stock or other asset at a specified price (strike price) within a specific time period.
The option overlay is a strategic, persistent exposure meant to hedge against market movements or capture movements in
individual companies. If the market goes up, the Fund’s returns may outperform the market because the Advisor will sell or exercise the call options. If the market goes down, the Fund’s returns may fall less than the market because the Advisor
will sell or exercise the put options. The Advisor selects options based upon its evaluation of relative value based on cost, strike price (price that the option can be bought or sold by the option holder) and maturity (the last date the option
contract is valid) and will exercise or close the options based on maturity or portfolio rebalancing requirements. The Fund anticipates purchasing and selling options on a monthly, quarterly, and annual basis, depending upon the Fund’s
rebalancing requirements and the individual option expiration dates. However, the Fund may rebalance its option portfolio on a more frequent basis for a number of reasons such as market volatility renders the protection provided by the option
strategy ineffective or an option position has appreciated to the point that it is prudent to decrease the Fund’s exposure and realize gains for the Fund’s shareholders. While the option overlay is intended to improve the Fund’s performance,
there is no guarantee that it will do so.
The value of the Fund’s call options is expected to rise in proportion to the rise in value of the underlying assets,
but the amount by which the Fund’s options increase or decrease in value depends on how far the market has moved from the time the options position was initiated. The value of the Fund’s call options may rise faster than the market if the Advisor
successfully selects options that appreciate in value.
|
|||||||||||||||||||||||||||||||||||||||||
| Strategy Portfolio Concentration [Text] | rr_StrategyPortfolioConcentration | The Fund is an actively managed exchange-traded fund (“ETF”) that seeks to achieve its investment objective by investing a majority of its net assets in U.S. and foreign companies with exposure to bitcoin and its supporting infrastructure. The Advisor applies an option overlay strategy to the Fund’s equity investments. | |||||||||||||||||||||||||||||||||||||||||
| Risk [Heading] | rr_RiskHeading | Principal Investment Risks | |||||||||||||||||||||||||||||||||||||||||
| Risk Narrative [Text Block] | rr_RiskNarrativeTextBlock | Risk is inherent in all investing. The loss of your money is a principal risk of investing in the Fund. The Fund is subject to certain risks, including the principal risks noted below, any of which may adversely affect the Fund’s net asset value per share (“NAV”), trading price, yield, total return and ability to meet its investment objective. An investment in the Fund is not a deposit or obligation of any bank, is not endorsed or guaranteed by any bank, and is not insured by the Federal Deposit Insurance Corporation or any other government agency. Single Issuer Investment Risk. The Fund focuses its assets (i.e., invests up to 25% of its assets) in securities of a single issuer and, as a result, the Fund may be subject to greater volatility with respect to its portfolio securities than a Fund that is more broadly diversified. Accordingly, the Fund is subject to the risk that its performance may be hurt disproportionately by the poor performance of a single issuer.
Bitcoin Exposure Risk. Cryptocurrencies (also referred to as “virtual currencies” and “digital currencies”) are digital assets designed to act as a medium of exchange. Cryptocurrency is an emerging asset class. There are thousands of cryptocurrencies, the most well-known of which is bitcoin.
Cryptocurrency generally operates without central authority (such as a bank) and is not backed by any government. Cryptocurrency is not legal tender. Federal, state and/or foreign governments may restrict the use and exchange of cryptocurrency, and regulation in the United States is still developing. The market price of bitcoin has been subject to extreme fluctuations. If cryptocurrency markets continue to be subject to sharp fluctuations, the Fund’s shareholders may experience losses. Similar to fiat currencies (i.e., a currency that is backed by a central bank or a national, supra-national or quasi-national organization), cryptocurrencies are susceptible to theft, loss and destruction. Cryptocurrency exchanges and other trading venues on which cryptocurrencies trade are relatively new and, in most cases, largely unregulated and may therefore be more exposed to fraud and failure than established, regulated exchanges for securities, derivatives and other currencies. The companies in which the Fund invests and the Fund’s indirect investment in bitcoin remain subject to volatility experienced by the cryptocurrency exchanges and other cryptocurrency trading venues. Such volatility can adversely affect an investment in the Fund.
Derivatives Risk. Options are a derivative investment. The use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks include (i) the risk that the counterparty to a derivative transaction may not fulfill its contractual obligations; (ii) risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index.
Option Risk. As the buyer of a put or call option, the Fund risks losing the entire premium invested in the option if the Fund does not exercise the option.
Over-the-Counter Market Risk. Securities and options traded in over-the-counter markets may trade less frequently and in limited volumes and thus exhibit more volatility and liquidity risk, and the prices paid by the Fund in over-the-counter transactions may include an undisclosed dealer markup. The Fund is also exposed to default by the over-the-counter option writer who may be unwilling or unable to perform its contractual obligations to the Fund. Blockchain Technology Investments Risk. An investment in companies actively engaged with blockchain technology (which underpins bitcoin and the Bitcoin network) may be subject to the following risks:
Equity Risk. The net asset value of the Fund will fluctuate based on changes in the value of the equity securities held by the Fund. Equity prices can fall rapidly in response to developments affecting a specific company or industry, or to changing economic, political or market conditions. Foreign Securities and Emerging Markets Risk. Foreign securities have investment risks different from those associated with domestic securities. The value of foreign investments (including investments in ADRs) may be affected by the value of the local currency relative to the U.S. dollar, changes in exchange control regulations, application of foreign tax laws, changes in governmental economic or monetary policy, or changed circumstances in dealings between nations. There may be less government supervision of foreign markets, resulting in non-uniform accounting practices and less publicly available information about issuers of foreign securities. In addition, foreign brokerage commissions, custody fees, and other costs of investing in foreign securities are often higher than in the United States. Investments in foreign issues could be affected by other factors not present in the United States, including expropriation, armed conflict, confiscatory taxation, and potential difficulties in enforcing contractual obligations. In addition to the risks of foreign securities in general, countries in emerging markets are more volatile and can have relatively unstable governments, social and legal systems that do not protect shareholders, economies based on only a few industries, and securities markets that trade a small number of issues which could reduce liquidity. There is also less publicly available information on emerging market companies due to differences in regulation, accounting, auditing, and financial recordkeeping requirements, and the information available may be unreliable or outdated.
Underlying Fund Risk. ETFs 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 ETFs and may be higher than other funds that invest directly in stocks and bonds. Each of the ETFs is subject to its own specific risks, but the Advisor expects the principal investments risks of such ETFs will be similar to the risks of investing in the Fund.
Small and Medium Capitalization Risk. The earnings and prospects of small and medium sized companies are more volatile than larger companies and may experience higher failure rates than larger companies. Small and medium sized companies normally have a lower trading volume than larger companies, which may tend to make their market price fall more disproportionately than larger companies in response to selling pressures and may have limited markets, product lines, or financial resources and lack management experience.
Large Capitalization Risk. Large-capitalization companies may be less able than smaller capitalization companies to adapt to changing market conditions. Large-capitalization companies may be more mature and subject to more limited growth potential compared with smaller capitalization companies. During different market cycles, the performance of large capitalization companies has trailed the overall performance of the broader securities markets.
Portfolio Turnover Risk. The Fund may have a high turnover of the securities held in its portfolio. Increased portfolio turnover causes the Fund to incur higher brokerage costs, which may adversely affect the Fund’s performance. High rates of portfolio turnover may also result in the realization of short-term capital gains and losses. Any distributions resulting from such gains will be considered ordinary income for federal income tax purposes. Active Management Risk. The Fund is subject to the risk that the investment management strategy may not produce the intended results and may negatively impact Fund performance. The Advisor’s overlay strategy will not fully protect the Fund from declines in the market.
Financial Technology Risk. Companies that are developing financial technologies such as blockchain technology that seek to disrupt or displace established financial institutions generally face competition from much larger and more established firms. Financial technology companies may not be able to capitalize on their disruptive technologies if they face political and/or legal attacks from competitors, industry groups or local and national governments. Laws generally vary by country, creating some challenges to achieving scale. A financial technology company may not currently derive any revenue, and there is no assurance that such company will derive any revenue from innovative technologies in the future. Additionally, financial technology companies may be adversely impacted by potential rapid product obsolescence, cybersecurity attacks, increased regulatory oversight and disruptions in the technology they depend on.
Technology Sector Risk. The Fund may make investments in certain ETFs that are concentrated in the Information Technology sector, which means the ETFs are more likely to be more adversely affected by any negative performance of the Information Technology sector than ETFs 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 ETFs’ investments.
Early Close/Trading Halt Risk. An exchange or market may close or issue trading halts on specific securities, or the ability to buy or sell certain securities or financial instruments may be restricted, which may prevent the Fund from buying or selling certain securities or financial instruments. In these circumstances, the Fund may be unable to rebalance its portfolio, may be unable to accurately price its investments and may incur substantial trading losses.
ETF Structure Risks. The Fund is structured as an ETF. As a result, the Fund is subject to the special risks, including:
Authorized Participant Risk. Only an Authorized Participant may engage in creation or redemption transactions directly with the Fund. The Fund has a limited number of institutions that may act as an Authorized Participant on an agency basis (i.e., on behalf of other market participants). Authorized Participant concentration risk may be heightened for securities or instruments that have lower trading volumes.
Limited History Risk. The Fund is a new ETF and has a limited history of operations for investors to evaluate.
Market and Geopolitical 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, regulatory events 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 both the U.S. and global financial markets. It is not known how long such impacts will or would last, but there could be a prolonged period of global economic slowdown, which may impact your Fund investment. New Advisor Risk. The Advisor has only recently begun serving as an investment advisor to ETFs. As a result, investors do not have a long-term track record of managing an ETF from which to judge the Advisor, and the Advisor may not achieve the intended result in managing the Fund. Non-Diversification Risk. The Fund’s portfolio may focus on a limited number of investments and will be subject to potential for volatility than a diversified fund.
COVID-19 Risk. An outbreak of infectious respiratory illness caused by a novel coronavirus known as COVID-19 was first detected in China in December 2019 and has now been detected globally. COVID-19 has
resulted in travel restrictions, closed international borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, prolonged quarantines, cancellations, supply chain
disruptions, and lower consumer demand, as well as general concern and uncertainty. The impact of COVID-19, and other infectious illness outbreaks that may arise in the future, could adversely affect the economies of many countries or the entire
global economy, individual issuers and capital markets in ways that cannot necessarily be foreseen. In addition, the impact of infectious illnesses in emerging market countries may be greater due to generally less established healthcare systems.
Public health crises caused by the COVID-19 outbreak may exacerbate other pre-existing political, social and economic risks in certain countries or globally. As such, issuers of debt securities with operations, productions, offices, and/or
personnel in (or other exposure to) areas affected with the virus may experience significant disruptions to their business and/or holdings. The potential impact on the credit markets may include market illiquidity, defaults and bankruptcies,
among other consequences, particularly on issuers in the airline, travel and leisure and retail sectors. The extent to which COVID-19 will affect the Fund, the Fund’s service providers’ and/or issuer’s operations and results will depend on
future developments, which are highly uncertain and cannot be predicted, including new information that may emerge concerning the severity of COVID-19 and the actions taken to contain COVID-19. Economies and financial markets throughout the world
are becoming increasingly interconnected. As a result, whether or not the Fund invests in securities of issuers located in or with significant exposure to countries experiencing economic, political and/or financial difficulties, the value and
liquidity of the Fund’s investments may be negatively affected by such events. If there is a significant decline in the value of the Fund’s portfolio, this may impact the Fund’s asset coverage levels for certain kinds of derivatives and other
portfolio transactions. The duration of the COVID-19 outbreak and its impact on the global economy cannot be determined with certainty. Cybersecurity Risk. As part of its business, the Advisor processes, stores, and transmits large amounts of electronic information, including information relating to the transactions of the Fund. The Advisor and the Fund are therefore susceptible
to cybersecurity risk. Cybersecurity failures or breaches of the Fund or its service providers have the ability to cause disruptions and impact business operations, potentially resulting in financial losses, the inability of Fund shareholders to
transact business, violations of applicable privacy and other laws, regulatory fines, penalties and/or reputational damage. The Fund and its shareholders could be negatively impacted as a result.
|
|||||||||||||||||||||||||||||||||||||||||
| Risk Lose Money [Text] | rr_RiskLoseMoney | The loss of your money is a principal risk of investing in the Fund. | |||||||||||||||||||||||||||||||||||||||||
| Risk Nondiversified Status [Text] | rr_RiskNondiversifiedStatus | The Fund’s portfolio may focus on a limited number of investments and will be subject to potential for volatility than a diversified fund. | |||||||||||||||||||||||||||||||||||||||||
| RIsk Not Insured [Text] | rr_RiskNotInsured | An investment in the Fund is not a deposit or obligation of any bank, is not endorsed or guaranteed by any bank, and is not insured by the Federal Deposit Insurance Corporation or any other government agency. | |||||||||||||||||||||||||||||||||||||||||
| Bar Chart and Performance Table [Heading] | rr_BarChartAndPerformanceTableHeading | Fund Performance | |||||||||||||||||||||||||||||||||||||||||
| Performance Narrative [Text Block] | rr_PerformanceNarrativeTextBlock | The Fund is new and does not yet have historical performance.
|
|||||||||||||||||||||||||||||||||||||||||
| Performance One Year or Less [Text] | rr_PerformanceOneYearOrLess | The Fund is new and does not yet have historical performance. | |||||||||||||||||||||||||||||||||||||||||
| Volt Crypto Industry Revolution and Tech ETF | Volt Crypto Industry Revolution and Tech ETF | |||||||||||||||||||||||||||||||||||||||||||
| Risk/Return: | rr_RiskReturnAbstract | ||||||||||||||||||||||||||||||||||||||||||
| Management Fees | rr_ManagementFeesOverAssets | 0.85% | |||||||||||||||||||||||||||||||||||||||||
| Distribution and 12b-1 Fees | rr_DistributionAndService12b1FeesOverAssets | none | |||||||||||||||||||||||||||||||||||||||||
| Other Expenses | rr_OtherExpensesOverAssets | none | [1] | ||||||||||||||||||||||||||||||||||||||||
| Total Annual Fund Operating Expenses | rr_ExpensesOverAssets | 0.85% | |||||||||||||||||||||||||||||||||||||||||
| Expense Example, with Redemption, 1 Year | rr_ExpenseExampleYear01 | $ 87 | |||||||||||||||||||||||||||||||||||||||||
| Expense Example, with Redemption, 3 Years | rr_ExpenseExampleYear03 | 271 | |||||||||||||||||||||||||||||||||||||||||
| Expense Example, No Redemption, 1 Year | rr_ExpenseExampleNoRedemptionYear01 | 87 | |||||||||||||||||||||||||||||||||||||||||
| Expense Example, No Redemption, 3 Years | rr_ExpenseExampleNoRedemptionYear03 | $ 271 | |||||||||||||||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||||||||
| Label | Element | Value |
|---|---|---|
| Risk/Return: | rr_RiskReturnAbstract | |
| Prospectus Date | rr_ProspectusDate | Oct. 01, 2021 |
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