Exhibit (d)(xxxviii)(iii)
THIRD AMENDMENT TO THE
SUB-ADVISORY AGREEMENT
This Third Amendment to the Sub-Advisory Agreement (the “Amendment”) is made as of December 15, 2025, by and between TIDAL INVESTMENTS LLC (the “Adviser”) and QUANTIFY CHAOS ADVISORS, LLC (the “Sub-Adviser”).
BACKGROUND:
| A. | The Adviser and the Sub-Adviser are parties to a Sub-Advisory Agreement dated as of January 6, 2024, as amended to date (the “Agreement”). |
| B. | Pursuant to Section 22 of the Agreement the parties desire to amend and restate Schedule A to the Agreement to add the following new series: |
Quantify 2X Daily All Cap Crypto ETF
Quantify 2X Daily Alt Season Crypto ETF
Quantify 2X Daily AltAlt Season Crypto ETF
| C. | This Background section and the Schedule attached to this Amendment are incorporated by reference into, and made a part of, this Amendment. |
TERMS:
NOW, THEREFORE, intending to be legally bound, the parties agree as follows:
| 1. | The current Schedule A to the Agreement is hereby amended and restated in its entirety as set forth on the Amended and Restated Schedule A attached hereto. |
| 2. | Miscellaneous. |
| a. | Capitalized terms not defined in this Amendment shall have the respective meanings set forth in the Agreement. |
| b. | Except as specifically amended by this Amendment, and except as necessary to conform to the intention of the parties hereinabove set forth, the Agreement shall remain unaltered and in full force and effect and is hereby ratified and confirmed. |
| c. | The Agreement, as amended hereby, together with its Amended and Restated Schedule A, constitutes the complete understanding and agreement of the parties with respect to the subject matter hereof and supersedes all prior communications with respect thereto. This Amendment may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. The facsimile signature of any party to this Amendment shall constitute the valid and binding execution hereof by such party. |
[Signature Page Follows]
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IN WITNESS WHEREOF, the parties have caused this Amendment to be signed by duly authorized representatives as of the date first set forth above.
| TIDAL INVESTMENTS LLC | ||
| By: | /s/ Jay Pestrichelli | |
| Name: | Jay Pestrichelli | |
| Title: | Chief Trading Officer | |
| Date: | 12/19/2025 | |
| QUANTIFY CHAOS ADVISORS, LLC | ||
| By: | /s/ David Dziekanski | |
| Name: | David Dziekanski | |
| Title: | CEO | |
| Date: | 12/30/2025 | |
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Amended and Restated Schedule A
to the
Sub-Advisory Agreement by and between Tidal Investments LLC and Quantify Chaos Advisors, LLC
(December 15, 2025)
| Fund Name | Sub-Advisory Fee |
Effective Date | Trading Authority | Proxy Voting Authority |
| Quantify Absolute Income ETF | 0.04% | Commencement of Operations | Non-Discretionary | Full |
| STKD Bitcoin & Gold ETF | 0.04% | Commencement of Operations | Non-Discretionary | None |
| STKd 100% COIN & 100% NVDA ETF | 0.06% | Commencement of Operations | Non-Discretionary | None |
| STKd 100% NVDA & 100% MSTR ETF | 0.06% | Commencement of Operations | Non-Discretionary | None |
| STKd 100% MSTR & 100% COIN ETF | 0.06% | Commencement of Operations | Non-Discretionary | None |
| STKd 100% COIN & 100% HOOD ETF | 0.06% | Commencement of Operations | Non-Discretionary | None |
| STKd 100% NVDA & 100% AMD ETF | 0.06% | Commencement of Operations | Non-Discretionary | None |
| STKd 100% TSLA & 100% MSTR ETF | 0.06% | Commencement of Operations | Non-Discretionary | None |
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| STKd 100% TSLA & 100% NVDA ETF | 0.06% | Commencement of Operations | Non-Discretionary | None |
| STKd 100% SMCI & 100% NVDA ETF | 0.06% | Commencement of Operations | Non-Discretionary | None |
| STKd 100% UBER & 100% TSLA ETF | 0.06% | Commencement of Operations | Non-Discretionary | None |
| STKd 100% META & 100% AMZN ETF | 0.06% | Commencement of Operations | Non-Discretionary | None |
| Quantify 2X Daily Alt Season Crypto ETF | 0.06% | Commencement of Operations | Non-Discretionary | None |
| Quantify 2X Daily All Cap Crypto ETF |
0.06%
|
Commencement of Operations | Non-Discretionary | None |
| Quantify 2X Daily AltAlt Season Crypto ETF |
0.06%
|
Commencement of Operations | Non-Discretionary | None |
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