EX-99.H OTH MAT CONT 18 ex99hxxxiii_p.htm

WISDOMTREE TRUST

FUND OF FUNDS INVESTMENT AGREEMENT

 

This Fund of Funds Investment Agreement (“Agreement”) is made as of January 19, 2022, by and between WisdomTree Trust (the “Trust”), on behalf of each of its current and future series, severally and not jointly (each, an “Acquired Fund”) and the registered investment company, on behalf of each of its current and future series, severally and not jointly, set forth on Appendix A (each an “Acquiring Fund”).

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

WHEREAS, Section 12(d)(1)(A) of the 1940 Act limits investment by an investment company, as defined in the 1940 Act, and any company or companies controlled by such company, in any other investment company that is registered under the 1940 Act; and

WHEREAS, Section 12(d)(1)(B) of the 1940 Act limits the sale by a registered open-end investment company, any principal underwriter therefor, or any broker or dealer registered under the Securities Exchange Act of 1934 of any security issued by such registered open-end investment company, knowingly, to any other investment company; and

WHEREAS, Section 12(d)(1)(C) of the 1940 Act limits investment by an investment company, and any company or companies controlled by such investment company, in a registered closed-end investment company; and

WHEREAS, Rule 12d1-4 under the 1940 Act (the “Rule”), subject to compliance with the conditions of the Rule, exempts each Acquired Fund and each Acquiring Fund from the limits of Section 12(d)(1)(A), (B) and (C) of the 1940 Act, as applicable; and

WHEREAS, in reliance on the Rule, each Acquiring Fund may, from time to time, acquire Shares of one or more Acquired Fund in excess of the limits imposed by Section 12(d)(1)(A), (B) and (C), as applicable.

NOW, THEREFORE, in accordance with the Rule and in consideration of the potential benefits to an Acquired Fund and an Acquiring Fund arising out of the investment by the Acquiring Funds in an Acquired Fund, the parties agree as follows:

1.Terms of Investment

(a) In order to help reasonably address the risk of undue influence on an Acquired Fund by an Acquiring Fund, and to assist the Acquired Fund’s investment adviser with making the required findings under the Rule, each Acquiring Fund and each Acquired Fund agree as follows:

 

(i) In-kind redemptions. The Acquiring Fund acknowledges and agrees that, if and to the extent consistent with the Acquired Fund’s registration statement, as amended from time to time, and Rule 6c-11, the Acquired Fund may honor any redemption request from the Authorized Participant acting as an intermediary to execute the Acquiring Fund’s transaction partially or wholly in-kind.

 

(ii) Timing/advance notice of redemptions. Only upon the request of the Acquired Fund, the Acquiring Fund will use reasonable efforts to spread orders given to an Authorized Participant that reasonably are expected to result in that Authorized Participant redeeming shares from the Acquired Fund (greater than 15% of the Acquired Fund’s total outstanding shares) over multiple days or to provide advance notification9 of such orders to the Acquired Fund whenever practicable and only if consistent with the Acquiring Fund’s and its shareholders’ best interests. The Acquired Fund acknowledges and agrees that any notification provided pursuant to the foregoing is not a commitment to sell the Acquired Fund shares and constitutes an estimate that may differ materially from the amount, timing and manner in which a redemption request is submitted, if any. The Acquiring Fund and Acquired Fund each acknowledge and

 
 

agree that this voluntary notification provision does not apply to trades placed by the Acquiring Fund in secondary markets.

 

(iii) Scale of investment. Upon a reasonable request by an Acquired Fund, the Acquiring Fund will provide summary information regarding the anticipated timeline of its investment in the Acquired Fund and the scale of its contemplated investments in the Acquired Fund.

 

(b) In order to assist the Acquiring Fund’s investment adviser with evaluating the complexity of the structure and fees and expenses associated with an investment in an Acquired Fund, each Acquired Fund shall provide each Acquiring Fund with information on the fees and expenses of the Acquired Fund reasonably requested by the Acquiring Fund with reference to the Rule.

 

2.       Representation and Warranties of the Acquired Funds.

(a)       Pursuant to the Rule, the Acquired Funds will comply with this Agreement and the terms and conditions of the Rule, as interpreted or modified by the SEC or its Staff from time to time, applicable to the Acquired Funds.

(b)       The Acquired Funds will comply with its obligations under this Agreement.

(c)       The Acquired Funds will promptly notify the Acquiring Funds if such Acquired Fund fails to comply with the Rule, as interpreted or modified by the SEC or its Staff from time to time, or this Agreement.

2.        Representation and Warranties of the Acquiring Funds.

(a)       Each Acquiring Fund will comply with this Agreement and the terms and conditions of the Rule, as interpreted or modified by the SEC or its Staff from time to time.

(b)       The Acquiring Fund will comply with its obligations under this Agreement.

(c)       The Acquiring Fund will promptly notify the Acquired Funds if such Acquiring Fund fails to comply with the Rule, as interpreted or modified by the SEC or its Staff from time to time, or this Agreement.

3.       Termination; Governing Law.

(a)       This Agreement shall be effective for the duration of the Acquired Fund’s and the Acquiring Fund’s reliance on the Rule, as interpreted or modified by the SEC or its Staff from time to time. While the terms of the Agreement shall only be applicable to investments in the Acquired Fund made in reliance on the Rule, as interpreted or modified by the SEC or its Staff from time to time, the Agreement shall continue in effect until terminated pursuant to Section 3(b).

(b)        This Agreement will continue until terminated in writing by either party upon sixty (60) days’ written notice to the other party. Upon termination of this Agreement, the Acquiring Fund may not purchase additional shares of the Acquired Fund beyond the Section 12(d)(1)(A) limits in reliance on the Rule.

(c)       This Agreement will be governed by Delaware law without regard to choice of law principles.

4. Notices.

All notices, including any information that either party is required to deliver to the other by the Rule or by this Agreement shall be in writing and shall be delivered by registered or overnight mail, facsimile or electronic mail to the address for each party set forth below (which may be changed from time to time upon written notice to the other party). All notices, demands or requests so given will be deemed given when actually received as evidenced by written confirmation thereof. Except with respect to facsimile or e-mail notice provided pursuant to Section 2(b), facsimile or email notice shall not be deemed to have been delivered unless followed promptly by written notice delivered by registered or overnight mail.

If to the Acquired Fund:

 
 

WisdomTree Trust

230 Park Avenue

New York, NY 10169

Attn: Fund Legal

Email: 12dNotice@wisdomtree.com

 

 
 

 

If to the Acquiring Fund:

Northern Lights Fund Trust III

Attn: Richard Malinowski

c/o Ultimus Fund Solutions, LLC

80 Arkay Drive

Hauppauge, NY, 11788

Email: rmalinowski@ultimusfundsolutions.com

 

With a copy to:

Thompson Hine LLP

Attn: Legal Dept.

41 South High Street, Suite 1700

Columbus, OH 43215

Fax: 614-469-3361

Email: joann.strasser@thompsonhine.com

 

5.        Miscellaneous.

(a)       Assignment. The terms and provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and representatives as applicable. This Agreement shall not be assignable. Any purported assignment in violation of the immediately preceding sentence shall be void and of no effect.

(b)       Amendment. With the exception of the contact information listed in Section 4, which may be changed from time to time upon notice to the other party, the parties may amend this Agreement only by a written agreement signed by both parties.

(c)       Counterparts. This Agreement may be executed in two counterparts, all of which shall be considered one and the same agreement and shall become effective when one or more counterparts have been signed by each of the parties and delivered (by email or otherwise) to the other party, it being understood that all parties need not sign the same counterpart. Any counterpart or other signature hereupon delivered by email shall be deemed for all purposes as constituting good and valid execution and delivery of this Agreement by the party delivering it.

 

 

 

 

 
 

 

IN WITNESS WHEREOF, the parties have duly executed this Acquiring Fund Investment Agreement as of the date first set forth above.

 

WisdomTree Trust

 

By: _/s/ Jonathan Steinberg_________

Name: _Jonathan Steinberg__________

 

Title: _President__________________

 

 

Northern Lights fund trust iii

 

By: _/s/Eric Kane_________________

Name: Eric Kane

 

Title: Secretary

 

 
 

 

APPENDIX A

 

List of Acquiring Fund(s) to Which the Agreement Applies


CURRENT AND PENDING NORTHERN LIGHTS FUND TRUST III FUNDS
Northern Lights Fund Trust III – 33 Funds
  • Absolute: (collectively, the “Absolute Funds”)
    • Absolute Capital Asset Allocator Fund (Asset Allocator)
    • Absolute Capital Defender Fund (Capital Defender)
  • ACM: (collectively, the “ACM Funds”)
    • ACM Dynamic Opportunity Fund (ACM Dynamic)
    • ACM Tactical Income Fund (ACM Tactical)
  • Boyd Watterson Limited Duration Enhanced Income Fund (BWLD)
  • Centerstone: (collectively, the “Centerstone Funds”)
    • Centerstone International Fund (“CS International”)
    • Centerstone Investors Funds (“CS Investors”)
  • Counterpoint: (collectively, the “Counterpoint Funds”)
    • Counterpoint Tactical Equity Fund (Counterpoint TE)
    • Counterpoint Tactical Income Fund (Counterpoint TI)
    • Counterpoint Tactical Municipal Fund (Counterpoint TM)
    • CP High Yield Trend ETF (CP HYT)
  • FPA Global Equity ETF (FPA ETF)*
  • Good Harbor Tactical Select Fund (Good Harbor)
  • HCM: (collectively, the “HCM Funds”)
    • HCM Defender 100 Index ETF (HCM 100)
    • HCM Defender 500 Index ETF (HCM 500)
    • HCM Dividend Sector Plus Fund (HCM DSP)
    • HCM Income Plus Fund (HCM IP)
    • HCM Tactical Growth Fund (HCM TG)
  • Issachar Fund (Issachar)
  • Marathon Value Portfolio (Marathon)
  • Newfound Risk Managed U.S. Growth Fund (Newfound)
  • Persimmon Long/Short Fund (Persimmon)
  • Pinnacle: (collectively, the “Pinnacle Funds”)
    • Pinnacle Sherman Multi-Strategy Fund (Pinnacle MS)
    • Pinnacle Sherman Breakaway Strategy Fund (Pinnacle BS)
  • RESQ: (collectively, the “RESQ Funds”)
    • RESQ Dynamic Allocation Fund (RESQ DA)
    • RESQ Strategic Income Fund (RESQ SI)
  • Swan: (collectively, the “Swan Funds”)
    • Swan Defined Risk Fund (Swan DR)
    • Swan Defined Risk Emerging Markets Fund (Swan EM)
    • Swan Defined Risk Foreign Fund (Swan Foreign)
    • Swan Defined Risk U.S. Small Cap Fund (Swan SC)
    • Swan Defined Risk Growth Fund (Swan GF)
  • The Covered Bridge Fund (Covered Bridge)
  • The Teberg Fund (Teberg)
  • Collectively, FYE 9/30
    • 9/30
    • 9/30
  • Collectively, FYE 12/31
    • FYE 12/31
    • FYE 12/31
  • FYE 6/30
  • Collectively, FYE 12/31
    • FYE 12/31
    • FYE 12/31

 

  • FYE 9/30
  • FYE 9/30
  • FYE 9/30
  • FYE 12/31
  • FYE TBD
  • FYE 9/30
  • Collectively, FYE 6/30
    • 6/30
    • 6/30
    • 6/30
    • 6/30
    • 6/30
  • FYE 9/30
  • FYE 9/30
  • FYE 3/31
  • FYE 9/30
  • Collectively, FYE 9/30
    • FYE 9/30
    • FYE 9/30
  • Collectively, FYE 9/30
    • FYE 9/30
    • FYE 9/30
  • Collectively, FYE 6/30
    • 6/30
    • 6/30
    • 6/30
    • 6/30
    • 6/30
  • FYE 9/30
  • FYE 3/31

* Fund not yet operational as of November 30, 2021

 

 
 

 

List of Funds to which the Agreement Applies

Acquired Funds

WisdomTree ETFs

 

 

CORE

DOMESTIC EQUITY ETFs

 

Large Cap Ticker Exp. Ratio %
U.S. LargeCap  EPS   0.08 
U.S. Quality Dividend Growth  DGRW   0.28 
U.S. Multifactor  USMF   0.28 

 

Mid & Small Cap Ticker Exp. Ratio %
U.S. MidCap EZM 0.38
U.S. SmallCap EES 0.38
U.S. SmallCap Quality Dividend Growth DGRS 0.38
VALUE    
Large Cap Ticker Exp. Ratio %
U.S. LargeCap Dividend DLN 0.28
U.S. Total Dividend DTD 0.28
U.S. High Dividend DHS 0.38
U.S. Dividend ex-Financials DTN 0.38
U.S. Value WTV 0.12
Mid & Small Cap Ticker Exp. Ratio %
U.S. MidCap Dividend DON 0.38
U.S. SmallCap Dividend DES 0.38
GROWTH    
Large Cap Ticker Exp. Ratio %
Growth Leaders PLAT 0.20
U.S. Growth & Momentum WGRO 0.55
EMERGING MARKETS EQUITY ETFs
Emerging Markets Ticker Exp. Ratio %
Emerging Markets High Dividend DEM 0.63
Emerging Markets Quality Dividend Growth DGRE 0.32
Emerging Markets Multifactor EMMF 0.48
Emerging Markets SmallCap Dividend DGS 0.58
  Regional/Single Country Ticker Exp. Ratio %
India Earnings   EPI 0.84
INTERNATIONAL EQUTIY ETFs
International Ticker Exp. Ratio %
International Equity DWM 0.48
International Multifactor DWMF 0.38
Dynamic Currency Hedged International Equity DDWM 0.40
International LargeCap Dividend DOL 0.48
International Dividend ex-Financials DOO 0.58
International High Dividend DTH 0.58
International Hedged Quality Dividend Growth IHDG 0.58
International Quality Dividend Growth IQDG 0.42
 
 

 

 

 

 

International Mid & Small Cap Ticker Exp. Ratio %
International SmallCap Dividend DLS 0.58
Dynamic Currency Hedged International SmallCap Equity DDLS 0.48
International MidCap Dividend DIM 0.58
Global Ticker Exp. Ratio %
Global ex-U.S. Quality Dividend Growth DNL 0.42
Global High Dividend DEW 0.58
Global ex-U.S. Real Estate DRW 0.58
Regional/Single Country Ticker Exp. Ratio %
Japan Hedged Equity DXJ 0.48
Europe Hedged Equity HEDJ 0.58
Europe Quality Dividend Growth EUDG 0.58
Germany Hedged Equity DXGE 0.48
Regional/Single Country Small Cap Ticker Exp. Ratio %
Japan SmallCap Dividend DFJ 0.58
Japan Hedged SmallCap Equity DXJS 0.58
Europe SmallCap Dividend DFE 0.58
Europe Hedged SmallCap Equity EUSC 0.58
ESG ETFs

 

Ticker

 

Exp. Ratio %

U.S. ESG RESP 0.28
Emerging Markets ESG RESE 0.32
International ESG RESD 0.30
Emerging Markets ex-State-Owned Enterprises XSOE 0.32
China ex-State-Owned Enterprises CXSE 0.32
India ex-State-Owned Enterprises IXSE 0.58

FIXED INCOME ETFs

Strategic Core

 

Ticker

 

Exp. Ratio %

Yield Enhanced U.S. Aggregate Bond AGGY 0.12
Yield Enhanced U.S. Short-Term Aggregate Bond SHAG 0.12
Mortgage Plus Bond MTGP 0.45
  Short Term Government Ticker Exp. Ratio %
Floating Rate Treasury   USFR 0.15
Interest Rate Strategies Ticker Exp. Ratio %
Interest Rate Hedged U.S. Aggregate Bond AGZD 0.23
Interest Rate Hedged High Yield Bond HYZD 0.43
  Credit Ticker Exp. Ratio %
U.S. Corporate Bond   WFIG 0.18
U.S. Short-Term Corporate Bond   SFIG 0.18
U.S. High Yield Corporate Bond   WFHY 0.18
Emerging Markets Ticker Exp. Ratio %
Emerging Markets Local Debt ELD 0.55
Emerging Markets Corporate Bond EMCB 0.60
         
 
 

 

 

 

 

Currency Strategies Ticker Exp. Ratio %
Emerging Currency Strategy CEW 0.55
Bloomberg U.S. Dollar Bullish USDU 0.51
Chinese Yuan Strategy CYB 0.45
ALTERNATIVE ETFs
  Managed Futures Ticker Exp. Ratio %
Managed Futures Strategy   WTMF 0.65
Option-Based Ticker Exp. Ratio %
CBOE S&P 500 PutWrite Strategy PUTW 0.44
  Commodity Ticker Exp. Ratio %
Enhanced Commodity Strategy1   GCC 0.55
  Credit Ticker Exp. Ratio %
Alternative Income*   HYIN 3.20
  Target Range Ticker Exp. Ratio %
Target Range   GTR 0.70
CAPITAL EFFICIENT ETFs
  Core Ticker Exp. Ratio %
U.S. Efficient Core2   NTSX 0.20
International Efficient Core   NTSI 0.26
Emerging Markets Efficient Core   NTSE 0.38
Tactical   Ticker Exp. Ratio %
Efficient Gold Plus Gold Miners Strategy   GMDN 0.45
  MEGATRENDS    
    Ticker Exp. Ratio %
Cloud Computing   WCLD 0.45
Cybersecurity   WCBR 0.45
BioRevolution   WDNA 0.45
Artificial Intelligence and Innovation   WTAI 0.45
             

 

 

 

 

 

 

 

 

___________________________

1 Prior to 12/21/2020, the ticker symbol GCC was used for an Exchange Traded Commodity Pool trading under a different name and strategy.

2 Formerly WisdomTree 90/60 U.S. Balanced Fund.

* This Fund operates as a Fund-of-Funds and is not covered under WisdomTree’s 12(d)(1) exemptive relief or Rule 12d1-4.