Statements in this Annual Report that reflect projections or expectations of future financial or economic performance of the Volt Crypto Industry Revolution and
Tech ETF (the “ETF”) and of the market in general and statements of the ETF’s plans and objectives for future operations are forward-looking statements. No assurance can be given that actual results or events will not differ materially
from those projected, estimated, assumed or anticipated in any such forward-looking statements. Important factors that could result in such differences, in addition to the other factors noted with such forward-looking statements,
include, without limitation, general economic conditions such as inflation, recession and interest rates. Past performance is not a guarantee of future results.
An investor should consider the investment objectives, risks, charges
and expenses of the ETF carefully before investing. The prospectus contains this and other information about the ETF. A copy of the prospectus is available at https://etfpages.com/BTCR or by calling The Nottingham Company at
800-773-3863. The prospectus should be read carefully before investing.
|
1.
|
Market price is determined using the bid/ask midpoint at the close of the NYSE when the NAV is
typically calculated. The performance data quoted represents past performance and is not a guarantee of future results. Current performance may be lower or higher than the performance data quoted. Investment returns and principal value of
an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original costs.
|
2.
|
The Fund defines companies with exposure to bitcoin as “Bitcoin
Industry Revolution Companies”, which are domestic and foreign (including American Depositary 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 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.
|
Volt Crypto Industry Revolution and Tech ETF
|
||||||||||||||||||
Performance Update
|
||||||||||||||||||
(Unaudited)
|
||||||||||||||||||
For the period from October 27, 2021 (Commencement of Operations) through July 31, 2022
|
||||||||||||||||||
Comparison of the Change in Value of a $10,000 Investment
|
This graph assumes an initial investment of $10,000 on October 27, 2021 (Commencement of Operations). All dividends and distributions, if any, are reinvested. This graph
depicts the performance of the Volt Crypto Industry Revolution and Tech ETF versus the S&P 500 TR Index. It is important to note that the ETF is a professionally managed exchange-traded fund while the index is not available for
investment and is unmanaged. The comparison is shown for illustrative purposes only.
|
||||||||||||||||||
Average Annual Total Returns
|
||||||||||||||||||
As of
|
Three
|
Six
|
Since
|
Inception
|
||||||||||||||
July 31, 2022
|
Months
|
Months
|
Inception
|
Date
|
||||||||||||||
Volt Crypto Industry Revolution and Tech ETF
|
-33.03%
|
-44.43%
|
-69.95%
|
10/27/21
|
||||||||||||||
S&P 500 TR Index
|
0.39%
|
-7.81%
|
-8.21%
|
N/A
|
||||||||||||||
(Continued)
|
Volt Crypto Industry Revolution and Tech ETF
|
||||||||||||||||||
Performance Update
|
||||||||||||||||||
(Unaudited)
|
||||||||||||||||||
For the period from October 27, 2021 (Commencement of Operations) through July 31, 2022
|
||||||||||||||||||
Performance quoted in the previous graph represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so
that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. An investor may obtain performance data, current to the most recent month-end,
by visiting ncfunds.com.
|
||||||||||||||||||
The graph and table do not reflect the deduction of taxes that an investor would pay on ETF distributions or the redemption of ETF shares. Average
annual total returns are historical in nature and measure net investment income and capital gain or loss from portfolio investments assuming reinvestments of distributions, if any.
|
||||||||||||||||||
Volt Crypto Industry Revolution and Tech ETF
|
|||||||||||||
Schedule of Investments
|
|||||||||||||
As of July 31, 2022
|
|||||||||||||
Shares
|
Value (Note 1)
|
||||||||||||
COMMON STOCKS - 77.97%
|
|||||||||||||
Business Services - 18.20%
|
|||||||||||||
*
|
Bitfarms Ltd.
|
113,719
|
$ 166,030
|
||||||||||
*
|
Marathon Digital Holdings, Inc.
|
11,477
|
149,086
|
||||||||||
*
|
Square, Inc.
|
1,140
|
86,708
|
||||||||||
401,824
|
|||||||||||||
Financials - 9.17%
|
|||||||||||||
*
|
Adit EdTech Acquisition Corp.
|
10
|
99
|
||||||||||
*
|
Argo Blockchain PLC
|
3
|
15
|
||||||||||
*
|
Bit Digital, Inc.
|
4,549
|
6,323
|
||||||||||
*
|
Coinbase Global, Inc.
|
1,357
|
85,437
|
||||||||||
*
|
PayPal Holdings, Inc.
|
25
|
2,163
|
||||||||||
*
|
Sonder Holdings, Inc.
|
69,899
|
108,343
|
||||||||||
202,380
|
|||||||||||||
Industrials - 11.27%
|
|||||||||||||
*
|
Cipher Mining, Inc.
|
6,149
|
10,576
|
||||||||||
*
|
Hive Blockchain Tech
|
20,052
|
90,436
|
||||||||||
*
|
Hut 8 Mining Corp.
|
38,974
|
82,625
|
||||||||||
*
|
Tesla, Inc.
|
73
|
65,076
|
||||||||||
248,713
|
|||||||||||||
Information Technology - 32.24%
|
|||||||||||||
*
|
Advanced Micro
|
78
|
7,369
|
||||||||||
*
|
Alphabet, Inc. - Class C Shares
|
116
|
13,530
|
||||||||||
Apple, Inc.
|
191
|
31,039
|
|||||||||||
*
|
Canaan, Inc.
|
16,080
|
63,194
|
||||||||||
*
|
Core Scientific
|
38,974
|
97,825
|
||||||||||
*µ
|
Globant SA
|
8
|
1,594
|
||||||||||
Intel Corp.
|
37
|
1,343
|
|||||||||||
*
|
MercadoLibre, Inc.
|
3
|
2,441
|
||||||||||
*
|
Meta Platforms, Inc.
|
68
|
10,819
|
||||||||||
*
|
MicroStrategy, Inc.
|
1,227
|
350,996
|
||||||||||
NVIDIA Corp.
|
43
|
7,810
|
|||||||||||
*
|
Riot Blockchain, Inc.
|
15,986
|
117,018
|
||||||||||
*
|
Robinhood Markets, Inc.
|
274
|
2,480
|
||||||||||
Taiwan Semiconductor Ltd.
|
31
|
2,743
|
|||||||||||
*
|
Twitter, Inc.
|
35
|
1,456
|
||||||||||
711,657
|
|||||||||||||
Utilities - 7.09%
|
|||||||||||||
*
|
Cleanspark, Inc.
|
39,250
|
156,608
|
||||||||||
156,608
|
|||||||||||||
Total Common Stocks (Cost $1,635,339)
|
1,721,182
|
||||||||||||
(Continued)
|
Volt Crypto Industry Revolution and Tech ETF
|
|||||||||||||
Schedule of Investments - Continued
|
|||||||||||||
As of July 31, 2022
|
|||||||||||||
Value (Note 1)
|
|||||||||||||
CALL OPTIONS PURCHASED - 6.11%
|
Number of
Contracts
|
Strike
Price
|
Expiration
Date
|
Notional
Value
|
|||||||||
*
|
Apple, Inc. (a)
|
526
|
$ 165
|
8/12/2022
|
$ 8,548,026
|
$ 98,362
|
|||||||
*
|
Tesla, Inc. (a)
|
11
|
990
|
9/16/2022
|
980,595
|
36,465
|
|||||||
Total Call Options Purchased (Premiums Paid $135,631)
|
134,827
|
||||||||||||
PUT OPTIONS PURCHASED - 4.13%
|
Number of
Contracts
|
Strike
Price
|
Expiration
Date
|
Notional
Value
|
|||||||||
*
|
Invesco QQQ Trust Series (a)
|
82
|
$ 200
|
1/20/2023
|
$ 2,586,772
|
13,653
|
|||||||
*
|
SPDR S&P 500 ETF Trust (a)
|
300
|
401
|
8/15/2022
|
12,359,700
|
77,550
|
|||||||
Total Put Options Purchased (Premiums Paid $209,112)
|
91,203
|
||||||||||||
WARRANTS - 0.21%
|
Number of
|
Exercise
|
Expiration
|
||||||||||
Financials - 0.21%
|
Contracts | Price | Date | ||||||||||
*
|
Sonder Holdings, Inc.
|
21,700
|
$ 11.50
|
1/31/2028
|
4,644
|
||||||||
Total Warrants (Cost $20,635)
|
4,644
|
||||||||||||
Investments, at Value (Cost $2,000,717) - 88.42%
|
$
|
1,951,856
|
|||||||||||
Other Assets Less Liabilities - 11.58%
|
255,541
|
||||||||||||
Net Assets - 100%
|
$
|
2,207,397
|
|||||||||||
*
|
Non-income producing investment
|
||||||||||||
µ
|
American Depositary Receipt
|
||||||||||||
(a)
|
Counterparty is Clear Street LLC.
|
||||||||||||
The following abbreviation or acronym is used in this Schedule:
|
|||||||||||||
PLC - Public Limited Company
|
|||||||||||||
Summary of Investments
|
|||||||||||||
by Sector
|
% of Net
|
||||||||||||
Assets
|
Value
|
||||||||||||
Common Stocks:
|
|||||||||||||
Business Services
|
18.20%
|
$
|
401,824
|
||||||||||
Financials
|
9.17%
|
202,380
|
|||||||||||
Industrials
|
11.27%
|
248,713
|
|||||||||||
Information Technology
|
32.24%
|
711,657
|
|||||||||||
Utilities
|
7.09%
|
156,608
|
|||||||||||
Call Options Purchased
|
6.11%
|
134,827
|
|||||||||||
Put Options Purchased
|
4.13%
|
91,203
|
|||||||||||
Warrants
|
0.21%
|
4,644
|
|||||||||||
Other Assets Less Liabilities
|
11.58%
|
255,541
|
|||||||||||
Total Net Assets
|
100.00%
|
$
|
2,207,397
|
||||||||||
See Notes to Financial Statements
|
Volt Crypto Industry Revolution and Tech ETF
|
|||
Statement of Assets and Liabilities
|
|||
As of July 31, 2022
|
|||
Assets:
|
|||
Investments, at value (cost $2,000,717)
|
$
|
1,951,856
|
|
Cash
|
1,351,867
|
||
Receivables:
|
|||
Investments sold
|
313,370
|
||
Total assets
|
3,617,093
|
||
Liabilities:
|
|||
Payables:
|
|||
Investments purchased
|
1,408,121
|
||
Accrued expenses:
|
|||
Advisory fee
|
1,575
|
||
Total liabilities
|
1,409,696
|
||
Total Net Assets
|
$
|
2,207,397
|
|
Net Assets Consist of:
|
|||
Paid in Capital
|
$
|
8,708,091
|
|
Accumulated Deficit
|
(6,500,694)
|
||
Total Net Assets
|
$
|
2,207,397
|
|
Shares Outstanding, no par value (unlimited authorized shares)
|
350,021
|
||
Net Asset Value, Offering Price, and Redemption Price Per Share
|
$
|
6.31
|
|
See Notes to Financial Statements
|
Volt Crypto Industry Revolution and Tech ETF
|
|||
Statement of Operations
|
|||
For the initial period from October 27, 2021 (Commencement of Operations) through July 31, 2022
|
|||
Investment Income:
|
|||
Dividends (net of withholding tax $121)
|
$
|
1,759
|
|
Total Investment Income
|
1,759
|
||
Expenses:
|
|||
Advisory fees (note 2)
|
25,997
|
||
Total Net Expenses
|
25,997
|
||
Net Investment Loss
|
(24,238)
|
||
Realized and Unrealized Gain (Loss) on Investments:
|
|||
Net realized loss from investment transactions
|
(6,730,130)
|
||
Net realized gain from options written
|
294,367
|
||
Net realized loss from securities sold short
|
(423)
|
||
Net realized loss on in-kind transactions
|
(187,246)
|
||
Total realized loss
|
(6,623,432)
|
||
Net change in unrealized depreciation on investments
|
(48,861)
|
||
Net Realized and Unrealized Loss on Investments
|
(6,672,293)
|
||
Net Decrease in Net Assets Resulting from Operations
|
$
|
(6,696,531)
|
|
See Notes to Financial Statements
|
Volt Crypto Industry Revolution and Tech ETF
|
|||||||
Statement of Changes in Net Assets
|
|||||||
For the initial period from October 27, 2021 (Commencement of Operations) through July 31, 2022
|
|||||||
Operations:
|
|||||||
Net investment loss
|
$
|
(24,238)
|
|||||
Net realized loss from investment transactions
|
(6,730,130)
|
||||||
Net realized gain from options written
|
294,367
|
||||||
Net realized loss from securities sold short
|
(423)
|
||||||
Net realized loss on in-kind transactions
|
(187,246)
|
||||||
Net change in unrealized depreciation on investments
|
(48,861)
|
||||||
Net Decrease in Net Assets Resulting from Operations
|
(6,696,531)
|
||||||
Beneficial Interest Transactions:
|
|||||||
Shares sold
|
14,884,805
|
||||||
Shares redeemed
|
(5,980,877)
|
||||||
Increase from Beneficial Interest Transactions
|
8,903,928
|
||||||
Net Increase in Net Assets
|
2,207,397
|
||||||
Net Assets:
|
|||||||
Beginning of period
|
-
|
||||||
End of period
|
$
|
2,207,397
|
|||||
Share Information:
|
|||||||
Shares Sold
|
730,021
|
||||||
Shares Redeemed
|
(380,000)
|
||||||
Net Increase in Shares of Beneficial Interest
|
350,021
|
||||||
See Notes to Financial Statements
|
Volt Crypto Industry Revolution and Tech ETF
|
|||||||
Financial Highlights
|
|||||||
For a share outstanding during the initial period from
|
|||||||
October 27, 2021 (Commencement of Operations) through July 31, 2022
|
|||||||
Net Asset Value, Beginning of Period
|
$ 21.00
|
||||||
Loss from Investment Operations:
|
|||||||
Net investment loss (c)
|
(0.07)
|
||||||
Net realized and unrealized gain (loss) on investments
|
(14.62)
|
||||||
Total from Investment Operations
|
(14.69)
|
||||||
Net Asset Value, End of Period
|
$ 6.31
|
||||||
Total Return
|
(69.95)%
|
(b)
|
|||||
Net Assets, End of Period (in thousands)
|
$ 2,207
|
||||||
Ratios of:
|
|||||||
Net Expenses to Average Net Assets
|
0.85%
|
(a)
|
|||||
Net Investment Loss to Average Net Assets
|
(0.79)%
|
(a)
|
|||||
Portfolio turnover rate
|
368.74%
|
(b)(d)
|
|||||
(a)
|
Annualized.
|
||||||
(b)
|
Not annualized.
|
||||||
(c)
|
Calculated using the average shares method.
|
||||||
(d)
|
Excludes in-kind transactions.
|
||||||
See Notes to Financial Statements
|
Volt Crypto Industry Revolution and Tech ETF |
Notes to Financial Statements |
As of July 31, 2022 |
Volt Crypto Industry Revolution and Tech ETF |
Notes to Financial Statements |
As of July 31, 2022 |
Volt Crypto Industry Revolution and Tech ETF |
Notes to Financial Statements |
As of July 31, 2022 |
Investments in Securities (a)
|
Total
|
Level 1
|
Level 2
|
Level 3
|
||||
Assets
|
||||||||
Common Stocks*
|
$
|
1,721,182
|
$
|
1,721,182
|
$
|
-
|
$
|
-
|
Call Options Purchased
|
134,827
|
-
|
134,827
|
-
|
||||
Put Options Purchased
|
91,203
|
-
|
91,203
|
-
|
||||
Warrants
|
4,644
|
4,644
|
-
|
-
|
||||
Total Assets
|
$
|
1,951,856
|
$
|
1,725,826
|
$
|
226,030
|
$
|
-
|
(a)
|
The ETF did not hold any Level 3 securities during the period.
|
Volt Crypto Industry Revolution and Tech ETF |
Notes to Financial Statements |
As of July 31, 2022 |
Derivative Type
|
Location
|
Value
|
||
Purchased options – Equity risk
|
Assets – Investments, at value
|
$226,030
|
Volt Crypto Industry Revolution and Tech ETF |
Notes to Financial Statements |
As of July 31, 2022 |
Derivative Type
|
Location
|
Gains/Losses
|
Purchased options – Equity risk
|
Net realized loss from investment transactions
|
$ (1,195,641)
|
Written options – Equity risk
|
Net realized gain from options written
|
294,367
|
Purchased options – Equity risk
|
Net change in unrealized depreciation on
investments
|
$ (118,713)
|
Written options – Equity risk
|
Net change in unrealized depreciation on
options written
|
-
|
Derivative Type
|
Type
|
Total Value
|
Purchased options – Equity risk
|
Premiums Paid
|
$ 569,548
|
Written options – Equity risk
|
Premiums Received
|
(18,299)
|
Volt Crypto Industry Revolution and Tech ETF |
Notes to Financial Statements |
As of July 31, 2022 |
2.
|
Transactions with Related Parties and Service Providers
|
3.
|
Trustees and Officers
|
Volt Crypto Industry Revolution and Tech ETF |
Notes to Financial Statements |
As of July 31, 2022 |
4.
|
Purchases and Sales of Investment Securities
|
Purchases of Securities
|
Proceeds from
Sales of Securities
|
$11,585,184
|
$12,507,955
|
Cost from Purchases In-Kind
|
Proceeds from Redemptions In-Kind
|
$13,683,204
|
$5,382,724
|
Paid in Capital
|
$(195,837)
|
Accumulated Deficit
|
195,837
|
Volt Crypto Industry Revolution and Tech ETF |
Notes to Financial Statements |
As of July 31, 2022 |
Cost of Investments
|
$ 2,179,205
|
|
Gross Unrealized Appreciation
|
$ 114,251
|
|
Gross Unrealized Depreciation
|
(341,600)
|
|
Net Unrealized Depreciation
|
(227,349)
|
|
Late Year Losses
|
(15,647)
|
|
Accumulated Capital Losses – Short-Term
|
(6,257,698)
|
|
Accumulated Deficit
|
$ (6,500,694)
|
|
Volt Crypto Industry Revolution and Tech ETF |
Additional Information
(Unaudited)
|
As of July 31, 2022 |
1.
|
Proxy Voting Policies and Voting Record
|
2.
|
Quarterly Portfolio Holdings
|
3.
|
Tax Information
|
4.
|
Schedule of Shareholder Expenses
|
|
(Continued) |
Volt Crypto Industry Revolution and Tech ETF |
Additional Information
(Unaudited)
|
As of July 31, 2022 |
Beginning
Account Value
February 1, 2022
|
Ending
Account Value
July 31, 2022
|
Expenses Paid
During Period*
|
|
Actual
Hypothetical (5% annual return before expenses)
|
|||
$1,000.00
|
$ 556.00
|
$3.28
|
|
$1,000.00
|
$1,028.58
|
$4.26
|
Name and
Date of Birth |
Position
held with Funds or Trust |
Length
of Time
Served
|
Principal Occupation
During Past 5 Years |
Number of
Portfolios
in Fund
Complex
Overseen
by Trustee
|
Other Directorships
Held by Trustee During Past 5 Years |
Independent Trustees
|
|||||
Gary DiCenzo
(10/1962)
|
Trustee
|
Since 05/2021
|
Chairman, of Forenzo Wine Co. since June 2010. Equity Partner with Cognios Capital (financial services company) since April 2015.
|
1
|
Independent Trustee and Chairman of 360 Fund Trust (a registered investment company) since October 2014; Previously, Independent Chairman
of FNEX Ventures (financial services company) from October 2018 to September 2020.
|
Thomas R. Galloway
(10/1963)
|
Trustee
|
Since 03/2016
|
Independent Investor since 2012.
|
1
|
Independent Trustee for Wonderfund Trust and all its series since 2021; Independent Trustee and Chairman of Spinnaker ETF Series for all
its series since 2016; and Independent Trustee for Prophecy Alpha Fund I, a closed-end interval fund since 2015; (all registered investment companies).
|
Interested Trustee*
|
|||||
Tad Park*
(11/1985)
|
Chairman, Trustee, President, and Principal Executive Officer
|
Since 05/2021
|
Chief Executive Officer and Founder of Volt Equity, LLC since July 2020. Formerly, Senior Software Engineer with Sonder Holdings
(software company) from July 2017 to March 2020. Formerly, Senior Software Engineer with Globant (software company) from February 2015 to July 2017.
|
1
|
None
|
*Basis of Interestedness. Mr. Park is an Interested Trustee because of his role as Chief Executive
Officer of Volt Equity, LLC, the Advisor to the Fund.
|
|
(Continued) |
Volt Crypto Industry Revolution and Tech ETF |
Additional Information
(Unaudited)
|
As of July 31, 2022 |
Name and
Date of Birth |
Position held with
Funds or Trust |
Length
of Time Served |
Principal Occupation
During Past 5 Years |
Officers
|
|||
James Hong
(05/1985)
|
Treasurer, Principal Accounting Officer, and Principal Financial Officer
|
Since 05/2021
|
Chief Operating Officer and Trading Manager, Volt Equity, LLC since 2020. Formerly, Software Engineer, Tapjoy (mobile advertising company)
since from 2018 to 2020. Formerly, Software Engineer, TopTutoring from 2017 to 2018. Formerly, Athletics Director, Chinese Christian Schools from 2007 to 2017.
|
Tracie A. Coop
(12/1976)
|
Secretary
|
Since 05/2021
|
General Counsel, The Nottingham Company since 2019. Formerly, Vice President and Managing Counsel, State Street Bank and Trust Company
from 2015 to 2019. Formerly, General Counsel for Santander Asset Management USA, LLC from 2013 to 2015.
|
Ashley H. Lanham
(03/1984) |
Assistant Treasurer
|
Since 05/2021
|
Managing Director of Fund Administration, The Nottingham Company since 2008.
|
Andrea M. Knoth
(09/1983) |
Chief Compliance Officer
|
Since 06/2022
|
Director of Compliance, The Nottingham Company since 2022. Formerly, Senior Fund Compliance Administrator, Ultimus Fund Solutions from
2019 to 2022. Formerly, Associate Director of Operational Compliance, Barings from 2018 to 2019. Formerly, Senior Fund Compliance Administrator, Gemini Fund Services from 2012 to 2018.
|
For Shareholder Service Inquiries:
|
For Investment Advisor Inquiries:
|
Nottingham Shareholder Services |
Volt Equity LLC
|
116 South Franklin Street |
2193 Fillmore Street
|
Post Office Box 69 |
San Francisco, California 94115
|
Telephone:
800-773-3863
World Wide Web @: ncfunds.com
|
Telephone:
800-773-3863
World Wide Web @:
voltfunds.com
|
Item 2. | CODE OF ETHICS. |
(a) |
The registrant, as of the end of the period covered by this report, has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial
officer, and principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party (the “Code of Ethics”).
|
(c) |
During the period covered by this report, there have been no substantive amendments to the provisions of the Code of Ethics.
|
(d) |
During the period covered by this report, the registrant did not grant any waivers to the provisions of the Code of Ethics.
|
(f)(1) |
A copy of the Code of Ethics is filed with this Form N-CSR as Exhibit 13(a)(1).
|
Item 3. | AUDIT COMMITTEE FINANCIAL EXPERT. |
Item 4. | PRINCIPAL ACCOUNTANT FEES AND SERVICES. |
(a)
|
Audit Fees – Audit fees billed for the Volt Crypto Industry Revolution and Tech ETF (the “Fund”), a series of the Trust, for the
initial fiscal year are reflected in the table below. These amounts represent aggregate fees billed for the initial fiscal year for professional services rendered by the registrant’s independent accountant, BBD, LLP (“Accountant”), in
connection with the annual audit of the registrant’s financial statements and for services that are normally provided by the Accountant in connection with the registrant’s statutory and regulatory filings for such fiscal years.
|
Fund
|
July 31,
2022 |
Volt Crypto Industry Revolution and Tech ETF
|
$12,000
|
(b)
|
Audit-Related Fees – Audit-Related fees billed for the Volt Crypto Industry Revolution and Tech ETF (the “Fund”), a series of the
Trust, for the initial fiscal year are reflected in the table below. These amounts represent fees billed for the initial fiscal year for professional services rendered by the Accountant, in connection with two semi-annual examinations and
a surprise examination of the 17f-1 security counts.
|
Fund
|
July 31,
2022 |
Volt Crypto Industry Revolution and Tech ETF
|
$5,500
|
(c)
|
Tax Fees – The tax fees billed for the initial fiscal year ended for professional services rendered by the Accountant for tax
compliance, tax advice, and tax planning are reflected in the table below. These services were for the completion of the Fund’s federal and state income tax returns, excise tax returns, and assistance with distribution calculations.
|
Fund
|
July 31,
2022 |
Volt Crypto Industry Revolution and Tech ETF
|
$3,000
|
(d)
|
All Other Fees – Additional fees billed for the initial fiscal year are reflected in the table below. These amounts represent fees
billed for each audit consent in excess of one per year.
|
Fund
|
July 31,
2022 |
Volt Crypto Industry Revolution and Tech ETF
|
$300
|
(e)(1)
|
The registrant’s Board of Trustees pre-approved the engagement of the Accountant for the initial fiscal year at an audit committee
meeting of the Board of Trustees called for such purpose; and will pre-approve the Accountant for each fiscal year thereafter at an audit committee meeting called for such purpose. The charter of the audit committee states that the audit
committee should pre-approve any audit services and, when appropriate, evaluate and pre-approve any non-audit services provided by the Accountant to the registrant and to pre-approve, when appropriate, any non-audit services provided by the
Accountant to the registrant’s investment adviser, or any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant if the engagement relates directly to the
operations and financial reporting of the registrant.
|
(2)
|
There were no services as described in each of paragraph (b) through (d) of this Item that were approved by the audit committee pursuant
to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X
|
(f) |
Not applicable.
|
(g) |
Aggregate non-audit fees billed by the Accountant to the Fund for services rendered for the initial fiscal year ended July 31, 2022, were $3,000. There were no fees billed by the
Accountant for non-audit services rendered to the Fund’s investment adviser, or any other entity controlling, controlled by, or under common control with the Fund’s investment adviser.
|
(h) |
Not applicable.
|
Item 5. | AUDIT COMMITTEE OF LISTED REGISTRANTS. |
(a) |
The registrant is a listed issuer as defined in Rule 10A-3 under the Exchange Act of 1934 and has a separately designated standing audit committee established in accordance with
Section 3(a)(58)(A) of the Exchange Act of 1934. The registrant’s audit committee members are Thomas R. Galloway and Gary DiCenzo.
|
(b) |
Not applicable.
|
Item 6. | SCHEDULE OF INVESTMENTS. |
Item 7.
|
DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
Item 8. | PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
Item 9.
|
PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS. |
Item 10. | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. |
Item 11. | CONTROLS AND PROCEDURES. |
(a) |
The President and Principal Executive Officer and the Treasurer and Principal Financial Officer have concluded that the registrant’s disclosure controls and procedures (as defined in
Rule 30a-3(c) under the Investment Company Act of 1940) are effective based on their evaluation of these disclosure controls and procedures required by Rule 30a-3(b) under the Investment Company Act of 1940 and Rules 13a-15(b) or 15d-15(b)
under the Exchange Act of 1934, as of a date within 90 days of the filing of this report.
|
(b) |
There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the
period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.
|
Item 12. | DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
Item 13. | EXHIBITS. |
(a)(1) |
Code of Ethics required by Item 2 of Form N-CSR is filed herewith.
|
(a)(2) |
Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 are
filed herewith.
|
(b) |
Certifications pursuant to Rule 30a-2(b) under the Investment Company Act of 1940
and Section 906 of the Sarbanes-Oxley Act of 2002 are filed herewith.
|
Volt ETF Trust
|
|
/s/ Tad J. Park
|
|
Date: October 4, 2022
|
Tad J. Park
President and Principal Executive Officer
|
/s/ Tad J. Park
|
|
Date: October 4, 2022
|
Tad J. Park
President and Principal Executive Officer
|
/s/ James Hong
|
|
Date: September 30, 2022
|
James Hong
Treasurer, Principal Financial Officer, and Principal Financial Officer
|