EX-99.P1 8 d203707dex99p1.htm CODE OF ETHICS, LFI & LMF Code of Ethics, LFI & LMF

Exhibit A

 

LOGO

Lincoln Financial Investments Corporation

and

Lincoln Mutual Funds

Code of Ethics

Rules for Employee Investing

September 2015

Revised February 28, 2018

Revised April 10, 2023

Revised June 7, 2023

I.

Introduction

Lincoln Financial Investments Corporation (“LFI”) and the Lincoln Funds have adopted this Code of Ethics (this “Code”). This Code documents how the Lincoln organization seeks to prevent personal securities transactions and other investment activities from impacting LFI “Clients,” which includes:

 

  •  

The Lincoln Funds;

 

  •  

The private funds and insurance company separate accounts offered by affiliated life insurance companies; and

 

  •  

Firms that offer LFI model portfolios.

This Code sets forth general fiduciary standards and standards of business conduct that govern the personal investment activities of “Supervised Persons.” Supervised Persons have a duty to act fairly, honestly, and in the best interests of Clients, including the Funds.

This Code also complies with the regulatory requirements of Rule 204A-1 under the Investment Advisers Act of 1940 (the “Advisers Act”) and Rule 17j-1 under the Investment Company Act of 1940 (the “1940 Act”).

Each Supervised Person is expected to understand and abide by this Code as a condition of such person’s association with Lincoln. This Code is being delivered to each Supervised Person for his or her reference. Any changes to this Code also will be provided to each Supervised Person. Each Supervised Person will be required to acknowledge receipt and acceptance of this Code upon becoming an Supervised Person, then on an annual basis, or at the time of any amendments.

Questions About This Code of Ethics

If you have any question about this Code, you should contact the Code’s Compliance Officer at:

 

  •  

Jack.Weston@lfg.com; or

 

  •  

(603) 226-5457

 

II.

Statement of General Principles

LFI and the Funds adopt the following general principles to guide your actions as an Supervised Person:

 

  •  

You have a duty to place the interests of Clients first.

 

  •  

You must avoid conduct that creates an actual or potential conflict of interest with Clients.

 

  •  

You must not take inappropriate advantage of your position at Lincoln.

 

  •  

You must comply with the Applicable Federal Securities Laws.

 

III.

General Standards of Conduct

Personal Trading Is a Privilege. Lincoln considers personal trading to be a privilege, not a right. When making personal investment decisions, Supervised Persons must exercise extreme care to ensure that the prohibitions of this Code are not violated. Supervised Persons should conduct their personal investing to

eliminate the possibility that their time and attention are devoted to their personal investments at the expense of time and attention that should be devoted to their duties at Lincoln.

No Excessive Trading. Excessive or inappropriate trading (“excessive trading”) that interferes with job performance or compromises the duty that LFI owes to its Clients is not permitted. An unusually high level of personal trading is strongly discouraged and may be monitored by the Code’s Compliance Officer or designee and reported to Lincoln senior management. A pattern of excessive trading may lead to disciplinary action.

No Insider Trading. Applicable Federal Securities Laws also prohibit any Supervised Person from purchasing or selling, directly or indirectly, any security based on material, non-public information (often referred to as “MNPI”) received from any source or communicating this information to others.

IV. Definitions

 

  a)

“Access Person” means (i) any trustee, director, officer, partner or Advisory Person of LFI or the Funds, and (ii) other persons as designated by the Code’s Compliance Officer.

 

  b)

“Advisory Person” of LFI or the Funds means (i) any trustee, director, officer, partner or employee of LFI or the Funds (or of any company in a control relationship to LFI or the Funds) who, in connection with his or her regular functions or duties, makes, participates in, or obtains information regarding the purchase or sale of a Covered Security by a Client (including the writing of an option to purchase or sell a Covered Security), or whose functions relate to the making of any recommendations with respect to such purchases or sales; (ii) any natural person in a control relationship to LFI or the Funds who obtains information concerning recommendations made to a Client with regard to the purchase or sale of Covered Securities by the Clients; and (iii) any Supervised Person who (a) has access to nonpublic information regarding a Client’s purchase or sale of securities, (b) is involved in making securities recommendations, (c) who has access to securities recommendations which are nonpublic, or (d) has access to nonpublic information regarding the portfolio holdings of any Client.

 

  c)

“Applicable Federal Securities Laws” means the Securities Act of 1933, the Securities Exchange Act of 1934, the Sarbanes-Oxley Act of 2002, the 1940 Act, Title V of the Gramm-Leach-Bliley Act, any rules adopted by the Securities and Exchange Commission (“SEC”) under any of these statutes, the Bank Secrecy Act as it applies to funds and investment advisers, and any rules adopted thereunder by the SEC or the Department of the Treasury.

 

  d)

“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.

 

  e)

“Beneficial Ownership” is to be determined in the same manner as it is for purposes of Section 16 of the Securities Exchange Act of 1934. A person should consider himself or herself the beneficial owner of securities in which he/she has a direct or indirect pecuniary interest. In addition, a person should consider himself or herself the beneficial owner of securities held by his or her spouse, domestic partner, dependent children, any person who shares his/her home, or other persons (including trusts, partnerships,

  corporations and other entities) by reason of any contract, arrangement, understanding or relationship that provides him or her with sole or shared voting or investment power.

 

  f)

“Control” shall have the same meaning as that set forth in Section 2(a)(9) of the 1940 Act, which defines “control” as the power to exercise a controlling influence over the management or policies of a company. The issue of influence or control is a question of fact, which must be determined based on all relevant facts and circumstances. Any person who owns beneficially, either directly or through one or more controlled companies, more than 25% of the voting securities of a company shall be presumed to control such company. The Code’s Compliance Officer should be informed of any accounts for which an Access Person is considered a “beneficial owner” but where the Access Person has no direct or indirect influence or control, such as (i) accounts in which full investment discretion has been granted to an outside bank, investment adviser or trustee and where neither the Access Person nor any close relative participates in the investment decisions or is informed in advance of transactions (“Blind Accounts”), or (ii) accounts of close relatives where the circumstances clearly demonstrate that there is no risk of influence or control by the Access Person.

 

  g)

“Covered Security” shall have the same meaning as that set forth in Section 2(a)(36) of the 1940 Act, and generally includes:

 

  •  

Equity (publicly traded and restricted) securities;

 

  •  

Fixed-income securities;

 

  •  

Exchange-traded funds;

 

  •  

Lincoln Funds;

 

  •  

Variable annuity contracts and variable life insurance policies with underlying separate accounts that invest in Lincoln Funds;

 

  •  

Derivatives (e.g., options, futures, forwards, and swaps);

 

  •  

Commodities; and

 

  •  

Stock options.

Covered Security shall not include:

 

  •  

Stock (publicly traded and restricted) of Lincoln National Corporation; 1

 

  •  

Shares of mutual funds that are not Lincoln Funds;

 

  •  

Variable annuity contracts and variable life insurance policies with underlying separate accounts that do not invest in Lincoln Funds;

 

  •  

Securities held through 529 plans (both prepaid college tuition plans and college savings plans);

 

  •  

Direct obligations of the Government of the United States;

 

  •  

Bankers’ acceptances;

 

  •  

Bank certificates of deposit and savings accounts;

 

  •  

Commercial paper and high-quality short-term debt instruments, including repurchase agreements; and

 

  •  

Cryptocurrency. 2

 

1 

LFI Clients, including the Funds other than index funds, are prohibited from investing directly in securities of Lincoln National Corporation.

2 

LFI Clients, including the Funds, are generally not permitted to invest in cryptocurrencies.

  h)

“De Minimis Purchases or Sales” shall mean purchases or sales by Access Persons of up to: (1) $5,000 USD in Covered Securities per day that are traded for a Client’s account, or (2) 500 shares during a 30-day period of (i) stock in a company that is in the Standard and Poor’s 500 Index or (ii) an ETF listed on Schedule 1.

 

  i)

“Independent Trustee” means any Fund Trustee who is not “an interested person” of the Fund within the meaning of Section 2(a)(19) of the 1940 Act.

 

  j)

“Managed Account” means an account that is professionally managed through a wrap program. An example of a managed account would be a professionally advised account about which the Access Person will not be consulted or have any input on specific transactions placed by the investment manager prior to their execution. Managed Accounts require pre-approval from the Code’s Compliance Officer prior to starting up the account and the Code’s Compliance Officer may require additional information including, but not limited to, information regarding the relationship between the Access Person and the manager of such account. The Code’s Compliance Officer will consider the facts and circumstances of the account, including the functions and duties of Access Persons, when approving or denying such accounts. In addition, preclearance is exempt with Managed Accounts, however, all trades still require reporting and duplicate statements and confirmations are required to be sent to the Code’s Compliance Officer. Trades initiated by the wrap manager are exempt from preclearance. All trades initiated by Access Persons require preclearance.

 

  k)

Security being “Considered for Purchase or Sale” or “Being Purchased or Sold” means when a recommendation to purchase or sell the Covered Security has been made and communicated to the trading desk and with respect to the person making the recommendation, when such person seriously considers making, or when such person knows or should know that another person is seriously considering making, such a recommendation.

 

  l)

A “Security Held or to be Acquired” means any Covered Security which, within the most recent 15 days, (i) is or has been held by a Client, or (ii) is being or has been considered for purchase by a Client, or any option to purchase or sell, and any security convertible into or exchangeable for, such Covered Security.

 

  m)

“Supervised Person” of LFI means any partner, officer, director (or other person occupying a similar status or performing similar functions), or employee of LFI, or other person who provides investment advice on behalf of LFI and is subject to the supervision and control of LFI.

 

  A.

Account Types

The trading restrictions and reporting requirements of this Code apply to an Access Person’s securities accounts, which generally are any accounts through which Access Persons may buy, sell or hold securities.

Depending on the investment options for the account, a securities account could include:

 

  •  

Personal brokerage accounts;

 

  •  

Retirement accounts;*

 

  •  

Trust accounts; and

 

  •  

Wrap accounts.**

*

Retirement accounts are only reportable if the Access Person can purchase or sell Covered Securities. Employer sponsored retirement accounts or 401(k) accounts that only invest in mutual funds do not require reporting.

**

An Access Person must obtain pre-approval from the Code’s Compliance Officer to establish a discretionary wrap account. The Officer will consider the relevant facts and circumstances of the account, including the functions and duties of the Access Person, when approving or denying such accounts.

 

  B.

Account Control

This Code applies to the securities accounts where an Access Person has a financial interest or control (i.e., is a “Beneficial Owner” of the account). An Access Person is generally considered to have Beneficial Ownership of an account where a named account owner is, among others:

 

  •  

The Access Person;

 

  •  

The Access Person’s spouse or domestic partner;

 

  •  

The Access Person’s dependent children;

 

  •  

A person sharing the Access Person’s household;

 

  •  

Anyone who has given the Access Person discretion over their investments; or

 

  •  

A person that by reason of any contract, arrangement, understanding, or relationship provides the Access Person with sole or shared voting or investment power.

If someone has authorized the Access Person to make investment decisions on her/his behalf, then that securities account would be considered the Access Person’s securities account according to this Code. (For example, if an Access Person’s neighbor has given authority to the Access Person to make investments on her behalf in an investment account, then the neighbor’s investment account is considered the Access Person’s securities account.)

 

V.

Prohibited Trading Activities

Prohibitions. No Access Person shall, in connection with the purchase or sale, directly or indirectly, by such person of a Security Held or to be Acquired by a Client:

 

  •  

Employ any device, scheme or artifice to defraud a Client;

 

  •  

Make any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements made, in light of the circumstances under which they are made, not misleading;

 

  •  

Engage in any act, practice, or course of business which operates or would operate as a fraud or deceit upon a Client; or

 

  •  

Engage in any manipulative practice with respect to a Client.

No Access Person shall purchase or sell, directly or indirectly, any Covered Security which to his/her knowledge is being actively Considered for Purchase or Sale by any Client.

Exceptions. This trading prohibition shall not apply to:

 

  •  

Purchases or sales in which the Access Person does not acquire any direct or indirect Beneficial Ownership;

 

  •  

Purchases or sales that are nonvolitional on the part of either the Access Person or the Client;

 

  •  

Purchases which are part of an Automatic Investment Plan;

  •  

Purchases effected 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;

 

  •  

Purchases or sales made by a wrap manager in an Access Person’s Managed Account, provided that such purchases or sales do not reflect a pattern;

 

  •  

Purchases or sales in accounts over which the Access Person has no direct or indirect influence or Control;

 

  •  

Other purchases and sales specifically approved by the Code’s Compliance Officer, with advice of the legal counsel to the Funds, and deemed appropriate because of unusual or unforeseen circumstances.

Special Situations. LFI or the Funds may from time to time adopt specific prohibitions or restrictions in response to special situations where there is a greater likelihood that certain Access Persons will have actual knowledge that a Client intends to buy or sell certain Covered Securities. Such prohibitions or restrictions when adopted and signed by the Code’s Compliance Officer shall be considered part of this Code until such time as the Officer deems such prohibitions or restrictions to be unnecessary.

 

VI.

Preclearance Requirements

Covered Securities Transactions. Access Persons must preclear their personal transactions in any Covered Security with the exception of Lincoln Enterprise Compliance personnel who do not meet the definition of an Advisory Person.

However, Access Persons are not required to preclear the following:

 

  •  

Managed Account Transactions. Transactions for a Managed Account (The Managed Account must have been pre-approved by the Code’s Compliance Officer). See Section IV.

 

  •  

Exempt Reporting Transactions. Transactions that are excepted from this Code’s reporting requirements. See Section VII.C.

 

  •  

Ineligible Client Investments. Transactions in investments that are not eligible for purchase or sale by a Client. A list of ineligible investments for purchase or sale by a Client will be maintained by the Code’s Compliance Officer.

Preclearance approval does not alter an Access Person’s responsibility to ensure that each personal investment transaction complies with the general standards of conduct and reporting requirements. By seeking preclearance, an Access Person will be deemed to be advising the Code’s Compliance Officer that he or she is complying with the “Statement of General Principles” and “General Standards of Conduct,” and would not be engaging in any “Prohibited Trading Activities.” See Sections II, III and V.

Preclearing a Trade

 

1.

A preclearance request must be submitted through ComplySci to the Code’s Compliance Officer or designee prior to entering any orders for personal transactions. Please consult the separate Trade Preclearance Instructions.

 

2.

Preclearance is only valid through the day after the preclearance authorization is given. After such time, the preclearance request must be resubmitted.

 

3.

Preclearance under this section shall be denied where an Access Person seeks to execute a buy or sell order when there was a Client transaction within the last 7 business days for that same security (not including De Minimis Purchases or Sales).

 

4.

Transactions that meet the De Minimis exception must be submitted for preclearance to ensure that the approval under the exception does not exceed 500 shares in total during a 30- day period or does not exceed $5,000 in Covered Securities per day.

IPOs and Private Placements. Access Persons must obtain prior written approval from the Code’s Compliance Officer or designee before directly or indirectly acquiring Beneficial Ownership in any securities in an initial public offering or in a private security offering.

Public Company Board Positions. Access Persons may not accept a position as a director, trustee, or general partner of a publicly traded company (other than Lincoln National Corporation) unless such position has been approved by the Code’s Compliance Officer as not inconsistent with the interests of the Funds and their shareholders. The Code’s Compliance Officer shall report any such approval to the Funds’ Board at the next Board meeting.

 

VII.

Reporting Obligations

 

  A.

Distribution of Code of Ethics

 

  •  

New Access Persons. The Code’s Compliance Officer shall provide each Supervised Person with a copy of the Code within ten days of such person becoming an Supervised Person.

 

  •  

Code Amendments. The Code’s Compliance Officer shall provide each Supervised Person with a copy of the revised Code within ten days of the effective date of any amendments to the Code.

 

  •  

Acknowledgment of Receipt. Each Access Person shall sign a written acknowledgment through ComplySci within ten days of receiving the Code and any amendments thereto, which shall affirm such person’s receipt and understanding of the Code. Each Supervised Person who is not an Access Person will acknowledge receipt and understanding electronically within ten days of receiving the relevant provisions of the Code and any amendments thereto.

 

  •  

Annual Acknowledgment. Each Access Person shall sign a written acknowledgement annually through ComplySci which shall affirm that such person has read and understood the Code of Ethics and has complied with its requirements. Such affirmation shall also require each Access Person to certify that any accounts for which the Access Person has beneficial ownership but no direct or indirect influence or Control to affirm that they did, in fact, not influence or Control such accounts.

  B.

Required Reports

Unless a reporting exception applies, every Access Person must provide to the Code’s Compliance Officer the following reports: (1) Initial Holdings Report; (2) Quarterly Transaction Report; and (3) Annual Holdings Report. These reports must be completed (i.e., signed and dated) through ComplySci even if the Access Person has no holdings or transactions to report for the relevant time period.

 

  •  

Initial Holding Report. No later than ten days after a person becomes an Access Person, the Access Person will provide an Initial Securities Holdings Report to the Code’s Compliance Officer. The Access Person must complete the report with information relating to securities holdings and accounts (which information must be current as of a date no more than forty- five (45) days prior to the date the person becomes an Access Person). In addition, after a person becomes an Access Person, the Access Person may be required to provide additional information about any account(s) (or the person(s) managing such accounts) which the Access Person has no direct or indirect influence or Control over to the Code’s Compliance Officer.

 

  •  

Duplicate Brokerage Statements and Confirmations. Access Persons must consent to or direct their brokers to supply to the Code’s Compliance Officer, on a timely basis, duplicate copies of confirmations and statements for all Covered Securities accounts (whether provided electronically through ComplySci, through the mail or similar method).

 

  •  

Quarterly Transaction Reports. No later than thirty (30) days after the end of a calendar quarter, Access Persons must submit a Quarterly Securities Transaction Report, detailing securities transactions during the quarter. Typically, each Access Person is required to notify the Code’s Compliance Officer of new accounts through the Quarterly Transactions Reports. However, if an Access Person opens an account where a third party will manage the account and the Access Person has no direct or indirect influence or Control, the Access Person must promptly notify the Code’s Compliance Officer and the Code’s Compliance Officer may request information from the Access Person about the third-party manager and the Access Person’s relationship with such manager.

 

  •  

Annual Holdings Reports. Access Persons must submit an Annual Securities Holdings Report (which information must be current as of a date no more than forty-five (45) days before the report is submitted). Such affirmation shall also require each Access Person to certify that any accounts for which the Access Person is a beneficial owner but has no direct or indirect influence or Control to affirm that they did, in fact, not influence or Control such accounts.

 

  C.

Report Exceptions

Non-Controlled Accounts. An Access Person is not required to make a report regarding transactions effected for, and Covered Securities held in, any account over which the person has no direct or indirect influence or Control. An Access Person must receive approval from the Code’s Compliance Officer prior to relying on this exception for any account over which the Access Person may be a Beneficial Owner but have no direct or indirect influence or Control. Such account may include:

 

  •  

A Blind Account (see definition of “Control”); or

  •  

An account of an Access Person’s close relative where the circumstances demonstrate that the Access Person has no influence or control.

Automatic Investment Plan. An Access Person need not make a Quarterly Transaction Report regarding transactions effected pursuant to an Automatic Investment Plan.

Independent Fund Trustees. A Fund Independent Trustee who would be required to make a report solely by reason of being a Trustee need not make:

 

  •  

An Initial Holdings Report or an Annual Holdings Report; and

 

  •  

A Quarterly Transaction Report – unless the Trustee knew or, in the course of fulfilling his or her official duties as a Trustee, should have known that during the 15-day period immediately before or after the Trustee’s transaction in a Covered Security, a Fund purchased or sold the Covered Security, or a Fund or its investment adviser Considered for Purchase or Sale a Covered Security.*

 

  *

An Independent Trustee who is required to file a Quarterly Transaction Report should do so no later than thirty (30) days after the end of the calendar quarter in which the securities transaction occurred.

 

  D.

Annual Report to Fund Boards

No less frequently than annually, an officer of LFI and the Funds will furnish to the Funds’ Board, and the Board will consider, a written report that:

 

  •  

Describes any issues arising under this Code since the last report to the Board, including, but not limited to, information about material violations of the Code and sanctions imposed in response to the material violations; and

 

  •  

Certifies that LFI or the Funds, as applicable, have adopted procedures reasonably necessary to prevent Access Persons from violating the Code.

 

VIII.

Administrative Procedures

Identifying Access Persons. The Code’s Compliance Officer or designee will identify all Access Persons and will notify them of this classification and their obligations under this Code. The Code’s Compliance Officer will also maintain procedures regarding the review of all reports required to be made under the 1940 Act and the Advisers Act, as applicable.

Identifying Violations. The Code’s Compliance Officer, with guidance from Legal as appropriate, shall determine whether there is a violation of the prohibitions or reporting requirements contained in this Code and the appropriate sanctions to be imposed. The Code’s Compliance Officer shall report to the Principal Executive Officer on a timely basis any material violations of the prohibitions or reporting requirements contained in this Code and the sanctions imposed.

Quarterly Board Reporting. On a quarterly basis, the Code’s Compliance Officer will provide the Funds’ Boards with a summary report of material violations of the Code and the sanctions imposed. When the Code’s Compliance Officer finds that a transaction otherwise reportable could not reasonably be found to have resulted in fraud, deceit, or a manipulative practice in violation of the 1940 Act, he or she may, in his discretion, document such finding in lieu of reporting the transaction to the Boards.

LFI Governance Committee Reporting. On at least a quarterly basis, the Code’s Compliance Officer shall report to the LFI Governance Committee any violations of the prohibitions or reporting requirements contained in this Code and the sanction imposed, if applicable. The LFI Governance Committee will review the report to consider whether appropriate sanctions were imposed.

No Self-Evaluations. No person shall participate in a determination of whether he or she has committed a violation of the Code or of the imposition of any sanction against himself or herself. If a Code violation of the Principal Executive Officer is under consideration, the Funds’ Independent Trustees collectively shall act in the manner prescribed herein for the Principal Executive Officer.

Code Compliance Officer Reporting. At least annually, the Code’s Compliance Officer will provide a copy of his or her Annual Holdings Report and Personal Transaction Reports to the LFI Principal Executive Officer for review.

 

IX.

Violations and Sanctions

Self-Reporting. Each Supervised Person is required to report any of their known Code violations promptly to the Code’s Compliance Officer.

Possible Sanctions. Violations of the Code may result in sanctions or other consequences up to and including termination of employment such as:

 

  •  

A warning

 

  •  

Additional training

 

  •  

Referral to the Access Person’s business manager, senior management and/or oversight committee

 

  •  

Reversal of a trade

 

  •  

Disgorgement of profits

 

  •  

Limitation or restriction on personal investing

 

  •  

A fine

 

  •  

Referral to civil or criminal authorities

Sanction Factors. In determining what, if any, remedial action is appropriate in response to a violation of the Code, the Code’s Compliance Officer will consider, among other factors, whether the Supervised Person self-reported the violation, the gravity of the violation, the frequency of the violations, whether any violation caused harm or the potential of harm to any Client, whether the Supervised Person knew or should have known that his/her activity violated the Code, whether the Supervised Person engaged in a transaction with a view to making a profit on the anticipated market action of a transaction by a Client, the Supervised Person’s efforts to cooperate with the investigation, and the Supervised Person’s efforts to correct any conduct that led to a violation. In rare instances, the Code’s Compliance Officer may determine that, for equitable reasons, no remedial action should be taken.

 

X.

Records

General. LFI and the Funds shall maintain the following records not less than five years from the end of the fiscal year in which a record is made, the first two years in an easily accessible place, which records shall be available for examination by SEC representatives:

 

  •  

A copy of this Code and any other code which is, or at any time within the past five years has been in effect regarding LFI or the Fund’s operations;

 

  •  

A record of any violation of this Code and of any action taken as a result of such violation;

  •  

A copy of each report made by an Access Person (e.g., Initial Holdings Report, Quarterly Transaction Report, Annual Holdings Report), including any information provided in lieu of the Quarterly Transaction Reports;

 

  •  

A list of all persons who are, or within the past five years have been, required to make reports under this Code, and also those persons who were responsible for reviewing these reports;

 

  •  

A copy of each report to the Fund’s Board required by this Code.

Trade Approvals. LFI and the Funds shall maintain a record of any decision, and the reasons supporting the decision, to approve the acquisition by an Access Person of securities under this Code, for at least five years after the end of the fiscal year in which the approval is granted.

Regulatory Records. The Code’s Compliance Officer shall maintain on behalf of LFI and the Funds all records required by the 1940 Act and the Advisers Act for the time periods prescribed.

Confidentiality. The Code’s Compliance Officer shall keep all information and reports from any Access Person in strict confidence, subject only to disclosure as required by law or as described in this Code.

* * *

Schedule 1

Pre-Clearance still required for ETFs eligible for de minimis exception

 

Ticker

   

Company Name

   

Ticker

   

Company Name

AAXJ    iShares MSCI All Country Asia ex Japan ETF    DGRW    WisdomTree US Quality Dividend Growth Fund
ACWI    iShares MSCI ACWI ETF    DIA    SPDR Dow Jones Industrial Average ETF Trust
ACWX    iShares MSCI ACWI ex U.S. ETF    DIVO    Amplify CWP Enhanced Dividend Income ETF
AGG    iShares Core U.S. Aggregate Bond ETF    DUHP    Dimensional US High Profitability ETF
AMJ    J.P. Morgan Alerian MLP Index ETN    DVY    iShares Select Dividend ETF
AMLP    Alerian MLP ETF    DXJ    WisdomTree Japan Hedged Equity Fund
ANGL    VanEck Fallen Angel High Yield Bond ETF    EBND    SPDR Bloomberg Emerging Markets Local Bond ETF
AOK    iShares Core Conservative Allocation ETF    ECH    iShares MSCI Chile ETF
AOR    iShares Core Growth Allocation ETF    EELV    Invesco S&P Emerging Markets Low Volatility ETF
ARKF    ARK Fintech Innovation ETF    EEM    iShares MSCI Emerging Markets ETF
ARKG    ARK Genomic Revolution ETF    EEMV    iShares MSCI Emerging Markets Min Vol Factor ETF
ARKK    ARK Innovation ETF    EFA    iShares MSCI EAFE ETF
ARKW    ARK Next Generation Internet ETF    EFAV    iShares MSCI EAFE Min Vol Factor ETF
ASHR    Xtrackers Harvest CSI 300 China A-Shares ETF    EFG    iShares MSCI EAFE Growth ETF
AVUV    Avantis U.S. Small Cap Value ETF    EFV    iShares MSCI EAFE Value ETF
BAB    Invesco Taxable Municipal Bond ETF    EMB    iShares JP Morgan USD Emerging Markets Bond ETF
BAR    GraniteShares Gold Shares    EMLC    VanEck J. P. Morgan EM Local Currency Bond ETF
BBEU    JPMorgan BetaBuilders Europe ETF    EMLP    First Trust North American Energy Infrastructure Fund
BBJP    JPMorgan BetaBuilders Japan ETF    EMXC    iShares MSCI Emerging Markets ex China ETF
BIL    SPDR Bloomberg 1-3 Month T-Bill ETF    EPI    WisdomTree India Earnings Fund
BITO    ProShares Bitcoin Strategy ETF    EPP    iShares MSCI Pacific ex-Japan ETF
BIV    Vanguard Intermediate-Term Bond ETF    ERX    Direxion Daily Energy Bull 2x Shares
BKLN    Invesco Senior Loan ETF    ESGD    iShares ESG Aware MSCI EAFE ETF
BLV    Vanguard Long-Term Bond ETF    ESGE    iShares ESG Aware MSCI EM ETF
BND    Vanguard Total Bond Market ETF    ESGU    iShares ESG Aware MSCI USA ETF
BNDX    Vanguard Total International Bond ETF    EUFN    iShares MSCI Europe Financials ETF
BOIL    ProShares Ultra Bloomberg Natural Gas    EWA    iShares MSCI Australia ETF
BOTZ    Global X Robotics & Artificial Intelligence ETF    EWC    iShares MSCI Canada ETF
BSCN    Invesco Bulletshares 2023 Corporate Bond ETF    EWG    iShares MSCI Germany ETF
BSCO    Invesco BulletShares 2024 Corporate Bond ETF    EWH    iShares MSCI Hong Kong ETF
BSCP    Invesco Bulletshares 2025 Corporate Bond ETF    EWJ    iShares MSCI Japan ETF
BSCQ    Invesco BulletShares 2026 Corporate Bond ETF    EWL    iShares MSCI Switzerland ETF
BSV    Vanguard Short-Term Bond ETF    EWP    iShares MSCI Spain ETF
BWX    SPDR Bloomberg International Treasury Bond ETF    EWQ    iShares MSCI France ETF
CGDV    Capital Group Dividend Value ETF    EWS    iShares MSCI Singapore ETF
CGGO    Capital Group Global Growth Equity ETF    EWT    iShares MSCI Taiwan ETF
CGGR    Capital Group Growth ETF    EWU    iShares MSCI United Kingdom ETF
CGXU    Capital Group International Focus Equity ETF    EWW    iShares MSCI Mexico ETF
CIBR    First Trust NASDAQ Cybersecurity ETF    EWY    iShares MSCI South Korea ETF
CLOU    Global X Cloud Computing ETF    EWZ    iShares MSCI Brazil ETF
CMF    iShares California Muni Bond ETF    EZU    iShares MSCI Eurozone ETF
COMT    iShares GSCI Comm Dynamic Roll Strategy ETF    FALN    iShares Fallen Angels USD Bond ETF
COPX    Global X Copper Miners ETF    FAS    Direxion Daily Financial Bull 3x Shares
COWZ    Pacer US Cash Cows 100 ETF    FBND    Fidelity Total Bond ETF
CWB    SPDR Bloomberg Convertible Securities ETF    FCG    First Trust Natural Gas ETF
CWI    SPDR MSCI ACWI ex-US ETF    FDL    First Trust Morningstar Dividend Leaders Index Fund
DBA    Invesco DB Agriculture Fund    FDN    First Trust Dow Jones Internet Index Fund
DBC    Invesco DB Commodity Index Tracking Fund    FENY    Fidelity MSCI Energy Index ETF
DBEF    Xtrackers MSCI EAFE Hedged Equity ETF    FEZ    SPDR EURO STOXX 50 ETF
DEM    WisdomTree Emerging Markets High Dividend Fund    FIXD    First Trust TCW Opportunistic Fixed Income ETF

Schedule 1 (cont.)

Pre-Clearance still required for ETFs eligible for de minimis exception

 

Ticker

   

Company Name

   

Ticker

   

Company Name

DFAC    Dimensional U.S. Core Equity 2 ETF    FLOT    iShares Floating Rate Bond ETF
DFAE    Dimensional Emerging Core Equity Market ETF    FLRN    SPDR Bloomberg Investment Grade Floating Rate ETF
DFAI    Dimensional International Core Equity Market ETF    FLTR    VanEck IG Floating Rate ETF
DFAU    Dimensional US Core Equity Market ETF    FNDA    Schwab Fundamental US Small Co. Index ETF
DFAX    Dimensional World ex U.S. Core Equity 2 ETF    FNDE    Schwab Fundamental Emerging Markets Large Co. Index ETF
DFCF    Dimensional Core Fixed Income ETF    FNDF    Schwab Fundamental International Large Co. Index ETF
DFEM    Dimensional Emerging Markets Core Equity 2 ETF    FNDX    Schwab Fundamental US Large Co. Index ETF
DFIC    Dimensional International Core Equity 2 ETF    FNGU    MicroSectors FANG+ Index 3X Leveraged ETN
DFIV    Dimensional International Value ETF    FPE    First Trust Preferred Securities & Income ETF
DFUV    Dimensional US Marketwide Value ETF    FPEI    First Trust Institutional Preferred Securities & Income ETF
DGRO    iShares Core Dividend Growth ETF    FREL    Fidelity MSCI Real Estate Index ETF
FTCS    First Trust Capital Strength ETF    IUSB    iShares Core Total USD Bond Market ETF
FTGC    First Trust Global Tactical Commodity Strategy Fund    IUSG    iShares Core S&P U.S. Growth ETF
FTSL    First Trust Senior Loan Fund    IUSV    iShares Core S&P US Value ETF
FTSM    First Trust Enhanced Short Maturity ETF    IVE    iShares S&P 500 Value ETF
FVD    First Trust Value Line Dividend Index Fund    IVLU    iShares MSCI Intl Value Factor ETF
FXI    iShares China Large-Cap ETF    IVOL    Quadratic Interest Rate Volatility & Inflation Hedge ETF
FXN    First Trust Energy AlphaDEX Fund    IVV    iShares Core S&P 500 ETF
GBIL    Goldman Sachs Access Treasury 0-1 Year ETF    IVW    iShares S&P 500 Growth ETF
GDXJ    VanEck Junior Gold Miners ETF    IWB    iShares Russell 1000 ETF
GLD    SPDR Gold Shares    IWD    iShares Russell 1000 Value ETF
GLDM    SPDR Gold MiniShares Trust    IWF    iShares Russell 1000 Growth ETF
GNR    SPDR S&P Global Natural Resources ETF    IWM    iShares Russell 2000 ETF
GOVT    iShares U.S. Treasury Bond ETF    IWN    iShares Russell 2000 Value ETF
GSG    iShares S&P GSCI Commodity Indexed Trust    IWO    iShares Russell 2000 Growth ETF
GSIE    Goldman Sachs ActiveBeta International Equity ETF    IWP    iShares Russell Mid-Cap Growth ETF
GSLC    Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF    IWR    iShares Russell Midcap ETF
GSY    Invesco Ultra Short Duration ETF    IWS    iShares Russell Mid-Cap Value ETF
GUNR    FlexShares Global Upstream Natural Resources Index Fund    IXC    iShares Global Energy ETF
GUSH    Direxion Daily S&P Oil & Gas Exp. & Prod. Bull 2X Shares    IXN    iShares Global Tech ETF
HDV    iShares Core High Dividend ETF    IXUS    iShares Core MSCI Total International Stock ETF
HEFA    iShares Currency Hedged MSCI EAFE ETF    IYE    iShares U.S. Energy ETF
HYD    VanEck High Yield Muni ETF    IYR    iShares U.S. Real Estate ETF
HYG    iShares iBoxx $ High Yield Corporate Bond ETF    IYW    iShares U.S. Technology ETF
HYLB    Xtrackers USD High Yield Corporate Bond ETF    JEPI    JPMorgan Equity Premium Income ETF
HYMB    SPDR Nuveen Bloomberg High Yield Municipal Bond ETF    JETS    U.S. Global Jets ETF
HYS    PIMCO 0-5 Year High Yield Corporate Bond Index ETF    JMST    JPMorgan Ultra-Short Municipal Income ETF
IAU    iShares Gold Trust    JNK    SPDR Bloomberg High Yield Bond ETF
IBB    iShares Biotechnology ETF    JPST    JPMorgan Ultra-Short Income ETF
IBDO    iShares iBonds Dec 2023 Term Corporate ETF    KBE    SPDR S&P Bank ETF
IBDP    iShares iBonds Dec 2024 Term Corporate ETF    KBWB    Invesco KBW Bank ETF
IBTD    iShares iBonds Dec 2023 Term Treasury ETF    KIE    SPDR S&P Insurance ETF
ICLN    iShares Global Clean Energy ETF    KRE    SPDR S&P Regional Banking ETF
ICSH    BlackRock Ultra Short-Term Bond ETF    KSA    iShares MSCI Saudi Arabia ETF
ICVT    iShares Convertible Bond ETF    KWEB    KraneShares CSI China Internet ETF
IDEV    iShares Core MSCI International Developed Markets ETF    LABU    Direxion Daily S&P Biotech Bull 3X Shares
IDV    iShares International Select Dividend ETF    LIT    Global X Lithium & Battery Tech ETF
IEF    iShares 7-10 Year Treasury Bond ETF    LMBS    First Trust Low Duration Opportunities ETF
IEFA    iShares Core MSCI EAFE ETF    LQD    iShares Investment Grade Corporate Bond ETF

Schedule 1 (cont.)

Pre-Clearance still required for ETFs eligible for de minimis exception

 

Ticker

   

Company Name

   

Ticker

   

Company Name

IEI    iShares 3-7 Year Treasury Bond ETF    MBB    iShares MBS ETF
IEMG    iShares Core MSCI Emerging Markets ETF    MCHI    iShares MSCI China ETF
IEUR    iShares Core MSCI Europe ETF    MDY    SPDR S&P Midcap 400 ETF Trust
IEV    iShares Europe ETF    MINT    PIMCO Enhanced Short Maturity Active ETF
IGE    iShares North American Natural Resources ETF    MOAT    VanEck Morningstar Wide Moat ETF
IGF    iShares Global Infrastructure ETF    MTUM    iShares MSCI USA Momentum Factor ETF
IGIB    iShares 5-10 Year Investment Grade Corporate Bond ETF    MUB    iShares National Muni Bond ETF
IGLB    iShares 10+ Year Investment Grade Corporate Bond ETF    NEAR    BlackRock Short Maturity Bond ETF
IGSB    iShares 1-5 Year Investment Grade Corporate Bond ETF    NOBL    ProShares S&P 500 Dividend Aristocrats ETF
IGV    iShares Expanded Tech-Software Sector ETF    NUGT    Direxion Daily Gold Miners Index Bull 2x Shares
IHI    iShares U.S. Medical Devices ETF    OIH    VanEck Oil Services ETF
IJH    iShares Core S&P Mid-Cap ETF    ONEQ    Fidelity Nasdaq Composite Index ETF
IJJ    iShares S&P Mid-Cap 400 Value ETF    OUNZ    VanEck Merk Gold Trust
IJR    iShares Core S&P Small Cap ETF    PAVE    Global X U.S. Infrastructure Development ETF
IJS    iShares S&P Small-Cap 600 Value ETF    PBW    Invesco WilderHill Clean Energy ETF
ILF    iShares Latin America 40 ETF    PCY    Invesco Emerging Markets Sovereign Debt ETF
INDA    iShares MSCI India ETF    PDBC    Invesco Opt Yield Diver Comm ETF
IQLT    iShares MSCI Intl Quality Factor ETF    PFF    iShares Preferred & Income Securities ETF
ISTB    iShares Core 1-5 Year USD Bond ETF    PFFD    Global X U.S. Preferred ETF
ITA    iShares U.S. Aerospace & Defense ETF    PGF    Invesco Financial Preferred ETF
ITB    iShares U.S. Home Construction ETF    PGX    Invesco Preferred ETF
ITM    VanEck Intermediate Muni ETF    PICK    iShares MSCI Global Metals & Mining Producers ETF
ITOT    iShares Core S&P Total U.S. Stock Market ETF    PSQ    ProShares Short QQQ
PULS    PGIM Ultra Short Bond ETF    SPLG    SPDR Portfolio S&P 500 ETF
PWZ    Invesco California AMT-Free Municipal Bond ETF    SPLV    Invesco S&P 500 Low Volatility ETF
PXH    Invesco FTSE RAFI Emerging Markets ETF    SPMB    SPDR Portfolio Mortgage Backed Bond ETF
PZA    Invesco National AMT-Free Municipal Bond ETF    SPMD    SPDR Portfolio S&P 400 Mid Cap ETF
QLD    ProShares Ultra QQQ    SPSB    SPDR Portfolio Short Term Corporate Bond ETF
QQQ    Invesco QQQ Trust    SPSM    SPDR Portfolio S&P 600 Small Cap ETF
QQQM    Invesco NASDAQ 100 ETF    SPTI    SPDR Portfolio Intermediate Term Treasury ETF
QUAL    iShares MSCI USA Quality Factor ETF    SPTL    SPDR Portfolio Long Term Treasury ETF
QYLD    Global X NASDAQ 100 Covered Call ETF    SPTM    SPDR Portfolio S&P 1500 Composite Stock Market ETF
RDVY    First Trust Rising Dividend Achievers ETF    SPTS    SPDR Portfolio Short Term Treasury ETF
REET    iShares Global REIT ETF    SPXL    Direxion Daily S&P 500 Bull 3x Shares
REM    iShares Mortgage Real Estate ETF    SPXS    Direxion Daily S&P 500 Bear 3x Shares
RPV    Invesco S&P 500 Pure Value ETF    SPXU    ProShares UltraPro Short S&P500
RSP    Invesco S&P 500 Equal Weight ETF    SPY    SPDR S&P 500 ETF Trust
RYLD    Global X Russell 2000 Covered Call ETF    SPYD    SPDR Portfolio S&P 500 High Dividend ETF
SCHA    Schwab U.S. Small-Cap ETF    SPYG    SPDR Portfolio S&P 500 Growth ETF
SCHB    Schwab U.S. Broad Market ETF    SPYV    SPDR Portfolio S&P 500 Value ETF
SCHC    Schwab International Small-Cap Equity ETF    SQQQ    ProShares UltraPro Short QQQ
SCHD    Schwab US Dividend Equity ETF    SRLN    SPDR Blackstone Senior Loan ETF
SCHE    Schwab Emerging Markets Equity ETF    SSO    ProShares Ultra S&P 500
SCHF    Schwab International Equity ETF    STIP    iShares 0-5 Year TIPS Bond ETF
SCHG    Schwab U.S. Large-Cap Growth ETF    SUB    iShares Short-Term National Muni Bond ETF
SCHH    Schwab U.S. REIT ETF    TAN    Invesco Solar ETF
SCHM    Schwab U.S. Mid-Cap ETF    TBT    ProShares UltraShort 20+ Year Treasury
SCHO    Schwab Short-Term US Treasury ETF    TDTT    FlexShares iBoxx 3 Year Target Duration TIPS Index Fund
SCHP    Schwab US TIPS ETF    TECL    Direxion Daily Technology Bull 3x Shares

Schedule 1 (cont.)

Pre-Clearance still required for ETFs eligible for de minimis exception

 

Ticker

   

Company Name

   

Ticker

   

Company Name

SCHR    Schwab Intermediate-Term US Treasury ETF    TFI    SPDR Nuveen Bloomberg Municipal Bond ETF
SCHV    Schwab U.S. Large-Cap Value ETF    TFLO    iShares Treasury Floating Rate Bond ETF
SCHX    Schwab U.S. Large-Cap ETF    TIP    iShares TIPS Bond ETF
SCHZ    Schwab US Aggregate Bond ETF    TIPX    SPDR Bloomberg 1-10 Year TIPS ETF
SCZ    iShares MSCI EAFE Small-Cap ETF    TLH    iShares 10-20 Year Treasury Bond ETF
SDOW    ProShares UltraPro Short Dow30    TLT    iShares 20+ Year Treasury Bond ETF
SDS    ProShares UltraShort S&P500    TMF    Direxion Daily 20+ Year Treasury Bull 3X Shares
SDY    SPDR S&P Dividend ETF    TNA    Direxion Daily Small Cap Bull 3x Shares
SGOL    abrdn Physical Gold Shares ETF    TOTL    SPDR DoubleLine Total Return Tactical ETF
SGOV    iShares 0-3 Month Treasury Bond ETF    TQQQ    ProShares UltraPro QQQ
SH    ProShares Short S&P500    TZA    Direxion Daily Small Cap Bear 3x Shares
SHM    SPDR Nuveen Bloomberg Short Term Municipal Bond ETF    UCO    ProShares Ultra Bloomberg Crude Oil
SHV    iShares Short Treasury Bond ETF    UCON    First Trust TCW Unconstrained Plus Bond ETF
SHY    iShares 1-3 Year Treasury Bond ETF    UDOW    ProShares UltraPro Dow30
SHYG    iShares 0-5 Year High Yield Corporate Bond ETF    UNG    United States Natural Gas Fund LP
SIL    Global X Silver Miners ETF    UPRO    ProShares UltraPro S&P500
SILJ    ETFMG Prime Junior Silver Miners Fund    URA    Global X Uranium ETF
SIVR    abrdn Physical Silver Shares ETF    URNM    Sprott Uranium Miners ETF
SJNK    SPDR Bloomberg Short Term High Yield Bond ETF    USFR    WisdomTree Floating Rate Treasury Fund
SKYY    First Trust Cloud Computing ETF    USHY    iShares Broad USD High Yield Corporate Bond ETF
SLQD    iShares 0-5 Year Investment Grade Corporate Bond ETF    USIG    iShares Broad USD Investment Grade Corporate Bond ETF
SLV    iShares Silver Trust    USMV    iShares MSCI USA Min Vol Factor ETF
SMH    VanEck Semiconductor ETF    USO    United States Oil Fund LP
SOXL    Direxion Daily Semiconductor Bull 3x Shares    UUP    Invesco DB US Dollar Index Bullish Fund
SOXS    Direxion Daily Semiconductor Bear 3x Shares    UVXY    ProShares Ultra VIX Short-Term Futures ETF
SOXX    iShares Semiconductor ETF    VB    Vanguard Small-Cap ETF
SPAB    SPDR Portfolio Aggregate Bond ETF    VBR    Vanguard Small Cap Value ETF
SPDN    Direxion Daily S&P 500 Bear 1X Shares    VCIT    Vanguard Intermediate-Term Corporate Bond ETF
SPDW    SPDR Portfolio Developed World ex-US ETF    VCLT    Vanguard Long-Term Corporate Bond ETF
SPEM    SPDR Portfolio Emerging Markets ETF    VCSH    Vanguard Short-Term Corporate Bond ETF
SPHD    Invesco S&P 500 High Dividend Low Volatility ETF    VDE    Vanguard Energy ETF
SPHQ    Invesco S&P 500 Quality ETF    VEA    Vanguard FTSE Developed Markets ETF
SPIB    SPDR Portfolio Intermediate Term Corporate Bond ETF    VEU    Vanguard FTSE All-World ex-US Index Fund
SPIP    SPDR Portfolio TIPS ETF    VFH    Vanguard Financials ETF
SPLB    SPDR Portfolio Long Term Corporate Bond ETF    VGIT    Vanguard Intermediate-Term Treasury ETF
VGK    Vanguard FTSE Europe ETF    VWO    Vanguard FTSE Emerging Markets ETF
VGLT    Vanguard Long-Term Treasury ETF    VWOB    Vanguard Emerging Markets Government Bond ETF
VGSH    Vanguard Short-Term Treasury ETF    VXF    Vanguard Extended Market ETF
VGT    Vanguard Information Technology ETF    VXUS    Vanguard Total International Stock ETF
VIG    Vanguard Dividend Appreciation ETF    VYM    Vanguard High Dividend Yield Index ETF
VLUE    iShares MSCI USA Value Factor ETF    VYMI    Vanguard International High Dividend Yield ETF
VMBS    Vanguard Mortgage-Backed Securities ETF    WCLD    WisdomTree Cloud Computing Fund
VNQ    Vanguard Real Estate ETF    XBI    SPDR S&P BIOTECH ETF
VO    Vanguard Mid-Cap ETF    XHB    SPDR S&P Homebuilders ETF
VOE    Vanguard Mid-Cap Value ETF    XLB    Materials Select Sector SPDR Fund
VONG    Vanguard Russell 1000 Growth ETF    XLC    Communication Services Select Sector SPDR Fund
VONV    Vanguard Russell 1000 Value ETF    XLE    Energy Select Sector SPDR Fund
VOO    Vanguard S&P 500 ETF    XLF    Financial Select Sector SPDR Fund
VPL    Vanguard FTSE Pacific ETF    XLI    Industrial Select Sector SPDR Fund

Schedule 1 (cont.)

Pre-Clearance still required for ETFs eligible for de minimis exception

 

Ticker

   

Company Name

   

Ticker

   

Company Name

VRP    Invesco Variable Rate Preferred ETF    XLK    Technology Select Sector SPDR Fund
VSS    Vanguard FTSE All-World ex-US Small-Cap ETF    XLP    Consumer Staples Select Sector SPDR Fund
VT    Vanguard Total World Stock ETF    XLRE    Real Estate Select Sector SPDR Fund
VTEB    Vanguard Tax-Exempt Bond ETF    XLU    Utilities Select Sector SPDR Fund
VTI    Vanguard Total Stock Market ETF    XLV    Health Care Select Sector SPDR Fund
VTIP    Vanguard Short-Term Inflation-Protected Securities ETF    XLY    Consumer Discretionary Select Sector SPDR Fund
VTV    Vanguard Value ETF    XME    SPDR S&P Metals & Mining ETF
VTWO    Vanguard Russell 2000 ETF    XOP    SPDR S&P Oil & Gas Exploration & Production ETF
VUG    Vanguard Growth ETF    XSOE    WisdomTree EM ex-State-Owned Ent Fund
VUSB    Vanguard Ultra-Short Bond ETF    XYLD    Global X S&P 500 Covered Call ETF
VV    Vanguard Large-Cap ETF    YINN    Direxion Daily FTSE China Bull 3X Shares