Document:

Exhibit 4.2 

 

FORM OF VS TRUST

AUTHORIZED PARTICIPANT AGREEMENT

 

This Authorized Participant Agreement (the
“Agreement”), dated as of __________, is entered into by and among ________________ (the “Authorized Participant”),
VS Trust, a Delaware statutory trust (the “Trust”), and Volatility Shares LLC, a Delaware limited liability company,
as sponsor of the Trust (the “Sponsor”).

 

SUMMARY

 

As provided in the Trust Agreement of the
Trust, as amended (the “Trust Agreement”) as currently in effect and described in the Prospectus (defined below), units
of fractional undivided beneficial interest in and ownership of the Trust (the “Shares”) may be created or redeemed
by the Sponsor for an Authorized Participant in aggregations of a minimum of ten thousand (10,000) Shares (each aggregation, a
“Creation Unit”). Creation Units are offered only pursuant to a registration statement of the Trust on Form S-1, as
amended (Registration No.: 333-________), as declared effective by the Securities and Exchange Commission (“SEC”) and
as the same may be amended from time to time thereafter or any successor registration statement in respect of Shares of the Trust
(collectively, the “Registration Statement”) together with the prospectus of the Trust (the “Prospectus”)
included therein. Under the Trust Agreement, the Sponsor is authorized to issue Creation Units to, and redeem Creation Units from,
authorized participants, only through the facilities of the Depository Trust Company (“DTC”), or a successor depository,
and only in exchange for cash. This Agreement and the Procedures (defined below) set forth the specific procedures by which the
Authorized Participant may create or redeem Creation Units.

 

Because new Shares can be created and issued
on an ongoing basis, at any point during the valid existence of the Trust, a “distribution,” as such term is used in
the Securities Act of 1933, as amended (“1933 Act”), may be occurring. The Authorized Participant is cautioned that
some of its activities may result in its being deemed a participant in a distribution in a manner which would render it a statutory
underwriter and subject it to the prospectus-delivery and liability provisions of the 1933 Act. The Authorized Participant should
review the “Plan of Distribution” portion of the Prospectus and consult with its own counsel in connection with entering
into this Agreement and submitting Orders (defined below).

 

     

     

    

 

Capitalized terms used but not defined in
this Agreement shall have the meanings assigned to such terms in the Trust Agreement or Authorized Participant Procedures Handbook
set forth in Attachment A hereto (the “Procedures”).

 

To give effect to the foregoing premises
and in consideration of the mutual covenants and agreements set forth below, the parties hereto agree as follows:

 

Section 1. Order Placement.
To place orders for the Sponsor (or its agent) to create or redeem one or more Creation Units, the Authorized Participant must
follow the procedures for creation and redemption referred to in Section 3 of this Agreement and the Procedures described in Attachment
A, as each may be amended, modified or supplemented from time to time.

 

This Agreement is intended to set forth
certain premises and the procedures by which the Authorized Participant may purchase and/or redeem (i) through the Continuous Net
Settlement (“CNS”) clearing processes of NSCC as such processes have been enhanced to effect purchases and redemptions
of Units, such processes being referred to herein as the “CNS Clearing Process,” or (ii) outside the CNS Clearing Process
(i.e., through the manual process of The Depository Trust Company (“DTC”)) (the “DTC Process”).

 

Solely with respect to Purchase Orders or
Redemption Orders effected through the CNS Clearing Process, the Authorized Participant hereby authorizes the Transfer Agent to
transmit to the NSCC on behalf of the Authorized Participant such instructions consistent with the instructions issued by the Authorized
Participant to the Transfer Agent. The Authorized Participant agrees to be bound by the terms of such instructions issued by the
Transfer Agent and reported to NSCC as though such instructions were issued by the Authorized Participant directly to NSCC.

 

Section 2. Status, Representations
and Warranties of the Parties.

 

(a) The Authorized
Participant represents and warrants and covenants the following:

 

(i) The Authorized Participant is a
participant of DTC (as such a participant, a “DTC Participant”). If the Authorized Participant ceases to be a DTC
Participant, the Authorized Participant shall give prompt notice to the Sponsor of such event, and this Agreement shall
terminate immediately as of the date the Authorized Participant ceased to be a DTC Participant.

 

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(ii) Unless Section
2(a)(iii) applies, the Authorized Participant either (i) is registered as a broker-dealer under the Securities Exchange Act
of 1934, as amended (“1934 Act”), and is a member in good standing of the Financial Industry Regulatory Authority
(the “FINRA”), or (ii) is exempt from being, or otherwise is not required to be, licensed as a broker-dealer or a
member of FINRA, and in either case is qualified to act as a broker or dealer in the states or other jurisdictions where the
nature of its business so requires. In connection with the purchase or redemption of Creation Units and any related offers or
sales of Shares, the Authorized Participant will maintain any such registrations, qualifications and membership in good
standing and in full force and effect throughout the term of this Agreement. The Authorized Participant will comply with all
applicable federal laws, the laws of the states or other jurisdictions concerned, and the rules and regulations promulgated
thereunder, and with the FINRA By-Laws and Conduct Rules of FINRA if it is a FINRA member, to the extent the foregoing
relates to the Authorized Participant’s transactions in and activities with respect to Shares, and that it will not
offer or sell Shares in any state or jurisdiction where they may not lawfully be offered and/or sold.

 

(iii) If the Authorized
Participant is offering or selling Shares in jurisdictions outside the several states, territories and possessions of the
United States and is not otherwise required to be registered, qualified or a member of FINRA as set forth in Section 2(a)(ii)
above, the Authorized Participant will, in connection with such offers and sales, (i) observe the applicable laws of the
jurisdiction in which such offer and/or sale is made, (ii) comply with the prospectus delivery and other requirements of the
1933 Act, and the regulations promulgated thereunder, and (iii) if the Authorized Participant is not otherwise required to be
registered, qualified or a member of FINRA as set forth in Section 2(a)(ii) above, conduct its business in accordance with
the FINRA Conduct Rules, in each case, to the extent the foregoing relates to the Authorized Participant’s transactions
in, and activities with respect to, Shares.

 

(iv) The Authorized Participant has
policies, procedures, and internal controls in place that are reasonably designed to comply with applicable anti-money
laundering laws and regulations, including applicable provisions of the Uniting and Strengthening America by Providing
Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (the “USA PATRIOT Act”), and the
regulations promulgated thereunder, if the Authorized Participant is subject to the requirements of the USA PATRIOT Act.

 

(v) The Authorized
Participant acknowledges that in addition to satisfying the prospectus delivery and disclosure requirements of the 1933 Act,
it and any other participant in the distribution of the Shares purchased by the Authorized Participant may have an obligation
to comply with the prospectus delivery requirements under the Commodity Exchange Act (the “CEA”). The Sponsor
agrees that if it becomes aware of any new delivery or disclosure requirement under the 1933 Act or the CEA relating to
Shares, other than the current obligation to deliver the Prospectus, it shall use reasonable efforts to advise the Authorized
Participant of such requirement(s).

 

(vi) The Authorized Participant agrees
not to enforce against the Trust and Sponsor any patent rights with respect to the business of the Trust. For avoidance of
doubt, this provision will only be effective during time periods in which the Agreement is in effect and shall not survive
termination thereof.

 

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(b) The Sponsor
represents and warrants that on the date hereof and at each time of purchase by the Authorized Participant of a Creation Unit
from the Trust (each such time, the “Time of Purchase”), that:

 

(i) on the effective date of the
Registration Statement and at each Time of Purchase, the Trust’s Registration Statement shall be effective and no stop
order of the SEC with respect thereto shall have been issued and no proceedings for such purpose shall have been instituted
or, to the Sponsor’s knowledge, will then be contemplated by the SEC; the Registration Statement complied when it
became effective and complies at the Time of Purchase in all material respects with the requirements of the 1933 Act, and the
Prospectus complied as of its date, and complies at the Time of Purchase, in all material respects with the requirements of
the 1933 Act; and the conditions to the use of Form S-1 have been satisfied; the Registration Statement did not when it
became effective and does not at the Time of Purchase contain an untrue statement of a material fact or omit to state a
material fact required to be stated therein or necessary to make the statements therein not misleading, the Prospectus did
not, as of its date and does not at the Time of Purchase, contain an untrue statement of a material fact or omit to state a
material fact required to be stated therein or necessary in order to make the statements therein, in the light of the
circumstances under which they were made, not misleading; and, the documents comprising the Disclosure Package (as defined
below) did not contain an untrue statement of a material fact or omit to state a material fact required to be stated therein
or necessary in order to make the statements therein, in the light of the circumstances under which they were made, not
misleading; provided, however, that the Sponsor makes no warranty or representation with respect to any statement contained
in the Registration Statement, the Prospectus or the Disclosure Package in reliance upon and in conformity with
information concerning the Authorized Participant and furnished in writing by or on behalf of the Authorized Participant to
the Sponsor expressly for use therein. The “Disclosure Package” is the Prospectus and any amendments and
supplements thereto at the Time of Purchase and any free writing prospectus as defined in Rule 405 of the 1933 Act (a
“FWP”) prepared by, for or on behalf of the Sponsor before the Time of Purchase and intended for general
distribution;

 

(iii) the Sponsor has
been duly organized and, on the effective date of the Registration Statement and at each Time of Purchase, will be validly
existing as a limited liability company in good standing under the laws of the State of Delaware, with full power and
authority to act as the sponsor of the Trust as described in the Registration Statement and the Prospectus, and has all
requisite power and authority to execute and deliver this Agreement;

 

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(iv) at the time the
Sponsor makes an offer of Shares following the filing of the Registration Statement, neither the Trust nor the Sponsor will
be an “ineligible issuer” as defined in Rule 405 of the 1933 Act; and

 

(v) the Sponsor shall
provide to the Authorized Participant copies of the then current Prospectus and any printed supplemental information in
reasonable quantities upon request, the Sponsor will promptly notify the Authorized Participant when a revised, supplemented
or amended Prospectus is available, the Sponsor will deliver or otherwise make available to the Authorized Participant copies
of such revised, supplemented or amended Prospectus at such time and in such numbers as to enable the Authorized Participant
to comply with any obligation the Authorized Participant may have to deliver such Prospectus to customers or in response to
the Authorized Participant’s reasonable request, the Sponsor will make such revised, supplemented or amended Prospectus
available to the Authorized Participant no later than the effective date thereof, and the Sponsor will be deemed to have
complied with this paragraph when the Authorized Participant has received such revised, supplemented or amended Prospectus at
the address indicated below the signature line of the Authorized Participant in such number of hard copies as to enable the
Authorized Participant to comply with any obligation it may have to deliver such Prospectus to customers or as it may have
reasonably requested.

 

(c) The Sponsor, on its own behalf and
in its capacity as sponsor of the Trust, agrees:

 

(i) to endeavor, upon
receipt of request from the Authorized Participant therefore, to file a post-effective amendment to the Registration
Statement removing any reference to the Authorized Participant thereunder; and

 

(ii) to advise the Authorized
Participant promptly, confirming such advice in writing, of any request by the SEC for amendments or supplements to the
Registration Statement or the Prospectus or for additional information with respect thereto, or of notice of institution of
proceedings for, or the entry of, a stop order suspending the effectiveness of the Registration Statement, and, if the SEC
should enter a stop order suspending the effectiveness of the Registration Statement, to use its best efforts to obtain the
lifting or removal of such order as soon as possible.

 

Section 3. Orders.

 

(a) All orders to create or redeem
Creation Units shall be made in accordance with the terms of the Trust Agreement, this Agreement and the Procedures. Each
party will comply with such foregoing terms and procedures to the extent applicable to it. The Sponsor may issue, or caused
to be issued, additional or other procedures from time to time relating to the manner of creating or redeeming Creation Units
which are not related to the Procedures, and the Authorized Participant will comply with such procedures of which it has
received notice delivered in accordance with Section 16(c) within a commercially reasonable time following receipt of such
notice.

 

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(b) The Authorized Participant acknowledges
and agrees that each order to create a Creation Unit (a “Purchase Order”) and each order to redeem a Creation Unit
(a “Redemption Order”, and each Purchase Order and Redemption Order, an “Order”) delivered to the Sponsor,
or the Sponsor’s designee, may not be revoked by the Authorized Participant after the specified Cut-off Time for the applicable
Fund.

 

(c) The Sponsor may, in its discretion, suspend
the right of repurchase, or postpone the purchase settlement date, (i) for any period during which any of the CBOE, CFE, CME (including
CBOT and NYMEX) or ICE is closed other than for customary holidays or weekend closings or when trading is suspended or restricted
on such exchanges in any of the underlying commodities; (ii) for any period during which an emergency exists as a result of which
the fulfillment of a purchase order is not reasonably practicable; or (iii) for such other period as the Sponsor determines to
be necessary for the protection of the shareholders. The Sponsor will not be liable to any person or in any way for any loss or
damages that may result from any such suspension or postponement.

 

The Sponsor, or its designee, shall
also have the absolute right, but shall have no obligation, to reject any Purchase Order (i) determined by the Sponsor, or its
designee, not to be in proper form; (ii) that the Sponsor, or its designee, has determined would have adverse tax consequences
to the Trust or to the Beneficial Owners; (iii) the acceptance or receipt of which could, in the opinion of counsel to the Sponsor
be unlawful; or (iv) if circumstances outside the control of the Sponsor, or its designee, make it for all practical purposes not
feasible to process creations of Creation Units. The Sponsor shall not be liable to any person by reason of the rejection of any
Purchase Order.

 

(d) The Sponsor, or its designee, shall reject
any Redemption Order the fulfillment of which its counsel advises would be illegal under applicable laws and regulations, and the
Sponsor, or its designee, shall have no liability to any person for rejecting a Redemption Order in such circumstances.

 

(e) The Sponsor may, in its discretion, suspend
the right of redemption, or postpone the applicable Redemption Settlement Time, for any period during which any of the CBOE, CFE,
CME (including CBOT and NYMEX) or ICE is closed other than for customary holidays or weekend closings or when trading is suspended
or restricted on such exchanges in any of the underlying commodities: (i) for any period during which an emergency exists as a
result of which the redemption distribution is not reasonably practicable; or (ii) for such other period as the Sponsor determines
to be necessary for the protection of the shareholders. The Sponsor will not be liable to any person or in any way for any loss
or damages that may result from any such suspension or postponement.

 

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(f) The Authorized Participant hereby consents
to the use of recorded telephone lines whether or not such use is reflected in the Procedures. In the event that the Sponsor, the
Trust, or any of their affiliated persons becomes legally compelled to disclose to any third party any recording involving communications
with the Authorized Participant, the Sponsor agrees to provide the Authorized Participant with reasonable advance written notice
identifying the recordings to be so disclosed, together with copies of such recordings, so that the Authorized Participant may
seek a protective order or other appropriate remedy with respect to the recordings or waive its right to do so. In the event that
such protective order or other remedy is not obtained, or the Participant waives its right to seek such protective order or remedy,
the Sponsor, the Trust, or any of their affiliated persons, as the case may be, agrees to furnish only that portion of the recorded
conversation that, according to legal counsel, is legally required to be furnished and will exercise its best efforts to obtain
a protective order or other reliable assurance that confidential treatment will be accorded the recorded conversation. The Sponsor,
the Trust, and their affiliated persons shall not otherwise disclose to any third party any recording involving communications
with the Authorized Participant without the Authorized Participant’s express written consent, except the Sponsor and the
Trust may disclose to a regulatory or self-regulatory organization, to the extent required by applicable rule or law, recordings
involving communications with the Authorized Participant.

 

Section 4. Fees. To compensate
US Bank for services in processing the creation and redemption of Creation Units and to offset some or all of the transaction costs,
an Authorized Participant is required to pay a fixed transaction fee of $500 per order to create or redeem Creation Units and a
variable transaction fee of up to 0.20% of the value of a Creation Unit. An order may include multiple Creation Units. The transaction
fee(s) may be reduced, increased or otherwise changed by the Sponsor at its sole discretion.

 

Section 5. Authorized Persons.
Concurrently with the execution of this Agreement and as requested in writing from time to time thereafter, the Authorized Participant
shall deliver to the Sponsor, or its designee, a certificate, duly certified as appropriate by its secretary or other duly authorized
official, in the form of Exhibit A, setting forth the names and signatures of all persons authorized to give instructions relating
to activity contemplated hereby or by any other notice, request or instruction given on behalf of the Authorized Participant (each,
an “Authorized Person”). The Sponsor may accept and rely upon such certificate as conclusive evidence of the facts
set forth therein and shall consider such certificate to be in full force and effect until the Sponsor, or its designee, receives
a superseding certificate bearing a subsequent date and duly certified as described above. Upon the termination or revocation of
authority of any Authorized Person by the Authorized Participant, the Authorized Participant shall give prompt written notice of
such fact to the Sponsor and such notice shall be effective upon receipt by the Sponsor. The Sponsor shall issue, or caused to
be issued, to each Authorized Person a unique personal identification number (the “PIN Number”) by which such Authorized
Person shall be identified and by which instructions issued by the Authorized Participant hereunder shall be authenticated. The
PIN Number shall be kept confidential by the Authorized Participant and shall only be provided to the Authorized Person. If, after
issuance, the Authorized Person’s PIN Number is changed, the new PIN Number shall become effective on a date mutually agreed
upon by the Authorized Participant and the Sponsor.

 

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Section 6. Redemption. The
Authorized Participant represents and warrants that it will not initiate a Redemption Order (as described in the Procedures) with
the Sponsor for the purpose of redeeming a Creation Unit unless (i) it owns outright or has the right or authority to tender for
redemption the Creation Units to be redeemed and to receive the entire proceeds of the redemption, and (ii) such Creation Units
have not been loaned or pledged to another party and are not the subject of a repurchase agreement, securities lending agreement
or any other arrangement which, under the circumstances, would preclude the delivery of such Creation Units to the Sponsor on the
second Business Day following the Redemption Order Date. A “Business Day” means any day other than a day when any of
CBOE, CFE, CME (including CBOT and NYMEX) or ICE is closed for regular trading.

 

Section 7. Role of Authorized Participant.

 

(a) The Authorized Participant acknowledges
that, for all purposes of this Agreement and the Trust Agreement, the Authorized Participant shall have no authority to act as
agent for the Trust or the Sponsor in any matter or in any respect.

 

(b) The Authorized Participant will make itself
and its employees available, upon reasonable request, during normal business hours to consult with the Sponsor or its designees
concerning the performance of the Authorized Participant’s responsibilities under this Agreement.

 

(c) Notwithstanding the provisions of Section
7(b), the Authorized Participant will maintain records of all sales of Creation Units made by or through it and, upon reasonable
request of the Sponsor, except if prohibited by applicable law and subject to any privacy obligations or other obligations arising
under federal or state securities laws it may have to its customers, will furnish the Sponsor with the names and addresses of the
purchasers of such Creation Units and the number of Creation Units purchased if and to the extent that the Sponsor has been requested
to provide such information to the Commodities Futures Trading Commission, Securities Exchange Commission, Financial Industry Regulatory
Authority, or Internal Revenue Service (“Fund Regulators”).

 

(d) The Authorized Participant, as a DTC Participant,
agrees that it shall be bound by all of the obligations of a DTC Participant in addition to any obligations that it undertakes
hereunder or in accordance with the Prospectus.

 

(e) The Authorized Participant agrees, subject
to any privacy, confidentiality or other obligations it may have to its customers arising under federal or state securities laws
or the applicable rules of any self-regulatory organization, to assist the Sponsor in ascertaining certain information regarding
sales of Shares made by or through the Authorized Participant upon request of the Trust or the Sponsor that is necessary for the
Trust to comply with its obligations to distribute information to its shareholders under applicable state or federal securities
laws; provided that consistent with market practice, the Authorized Participant may undertake to deliver prospectuses, proxy material,
annual and other reports of the Trust or other similar information that the Trust is obligated to deliver to its shareholders to
the Authorized Participant’s customers that custody Shares with the Authorized Participant, after receipt from the Trust
or the Sponsor of sufficient quantities to allow mailing thereof to such customers. The Sponsor agrees that the names and addresses
and other information concerning the Authorized Participant’s customers are and shall remain the sole property of the Authorized
Participant, and none of the Sponsor, the Trust or any of their respective affiliates shall use such names, addresses or other
information for any purposes except in connection with the performance of their duties and responsibilities hereunder and except
for servicing and informational mailings related to the Trust referred to in this Section 7(d) of this Agreement.

 

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Section 8. Indemnification.

 

(a) The Authorized Participant hereby indemnifies
and holds harmless the Sponsor, its respective direct or indirect affiliates (as defined below) and its respective directors, sponsors,
partners, members, managers, officers, employees and agents (each, an “AP Indemnified Party”) from and against any
losses, liabilities, damages, costs and expenses (including reasonable attorney’s fees and the reasonable cost of investigation)
incurred by such AP Indemnified Party as a result of: (i) any breach by the Authorized Participant of any provisions of this Agreement
that relates to the Authorized Participant, including its representations, warranties and covenants; (ii) any failure on the part
of the Authorized Participant to perform any of its obligations set forth in this Agreement; (iii) any failure by the Authorized
Participant to comply with applicable laws and rules and regulations of self-regulatory organizations to the extent the foregoing
relates to the Authorized Participant’s transactions in, and activities with respect to, Shares under this Agreement, except
that the Authorized Participant shall not be required to indemnify an AP Indemnified Party to the extent that such failure was
caused by the Authorized Participant’s adherence to instructions given or representations made by the Sponsor or any AP Indemnified
Party, as applicable; (iv) any actions of such AP Indemnified Party in reasonable reliance upon any instructions issued by the
Authorized Participant in accordance with the Procedures believed by the AP Indemnified Party to be genuine and to have been given
by the Authorized Participant, except to the extent that the Authorized Participant had previously revoked a PIN Number used in
giving such instructions or representations (where applicable) and such revocation was given by the Authorized Participant and
received by the Trust in accordance with the terms of Section 5 hereto; or (v) (A) any representation by the Authorized Participant,
its employees or its agents or other representatives about the Shares, any AP Indemnified Party or the Trust that is not consistent
with the Trust’s then-current Prospectus made in connection with the offer or the solicitation of an offer to buy or sell
Shares and (B) any untrue statement or alleged untrue statement of a material fact contained in any research reports, marketing
material and sales literature described in Section 12(b) or any alleged omission to state therein a material fact required to be
stated therein or necessary to make the statements therein when read together with the Prospectus, in light of the circumstances
under which they were made, not misleading to the extent that such statement or omission relates to the Shares or any AP Indemnified
Party, unless, in either case, such representation, statement or omission was made or included by the Authorized Participant at
the written direction of the Sponsor or is based upon any omission or alleged omission by the Sponsor to state a material fact
in connection with such representation, statement or omission necessary to make such representation, statement or omission not
misleading. The Authorized Participant shall not be liable under its indemnity agreement contained in this paragraph with respect
to any claim made against any AP Indemnified Party unless the AP Indemnified Party shall have notified the Authorized Participant
in writing of the claim within a reasonable time after the summons or other first written notification giving information of the
nature of the claim shall have been served upon the AP Indemnified Party (or after the AP Indemnified Party shall have received
notice of service on any designated agent). However, failure to notify the Authorized Participant of any claim shall not relieve
the Authorized Participant from any liability which it may have to any AP Indemnified Party against whom such action is brought
otherwise than on account of its indemnity agreement contained in this paragraph and shall only release it from such liability
under this paragraph to the extent it has been materially prejudiced by such failure to give notice. The Authorized Participant
shall be entitled to participate at its own expense in the defense, or, if it so elects, to assume the defense of any suit brought
to enforce any claims, but if the Authorized Participant elects to assume the defense, the defense shall be conducted by counsel
chosen by it and satisfactory to the AP Indemnified Party in the suit, and who shall not, except with the consent of the AP Indemnified
Parties, be counsel to the Authorized Participant. If the Authorized Participant does not elect to assume the defense of any suit,
it will reimburse the AP Indemnified Party for the reasonable fees and expenses of any counsel retained by them.

 

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(b) The Sponsor hereby agrees to indemnify
and hold harmless the Authorized Participant, its respective subsidiaries, affiliates, directors, officers, employees and agents,
and each person, if any, who controls such persons within the meaning of Section 15 of the 1933 Act (each, a “Sponsor Indemnified
Party”) from and against any losses, liabilities, damages, costs and expenses (including reasonable attorneys’ fees
and the reasonable cost of investigation) incurred by such Sponsor Indemnified Party as a result of (i) any breach by the Sponsor
of any provision of this Agreement that relates to the Sponsor; (ii) any failure on the part of the Sponsor to perform any obligation
of the Sponsor set forth in this Agreement; (iii) any failure by the Sponsor to comply with applicable laws and the rules and regulations
of any governmental entity or any self-regulatory organization; (iv) any untrue statements or omissions made in any promotional
material or sales literature furnished to the Authorized Participant or otherwise approved in writing by the Trust; (v) actions
of such Sponsor Indemnified Party in reasonable reliance upon any instructions issued or representations made by the Sponsor or
the Trust in accordance with this Agreement or Attachment A hereto reasonably believed by the Authorized Participant to be genuine
and to have been given by the Sponsor or the Trust; or (vi) any untrue statement or alleged untrue statement of a material fact
contained in the Registration Statement of the Trust as originally filed with the SEC or in any amendment thereof, or in the Prospectus,
or in any amendment thereof or supplement thereto, or arising out of or based upon the omission or alleged omission to state therein
a material fact required to be stated therein or necessary to make the statements therein not misleading, except those statements
in the Registration Statement or the Prospectus based on information furnished in writing by or on behalf of the Authorized Participant
expressly for use in the Registration Statement or the Prospectus. The Sponsor shall not be liable under its indemnity agreement
contained in this paragraph with respect to any claim made against any Sponsor Indemnified Party unless the Sponsor Indemnified
Party shall have notified the Sponsor in writing of the claim within a reasonable time after the summons or other first written
notification giving information of the nature of the claim shall have been served upon the Sponsor Indemnified Party (or after
the Sponsor Indemnified Party shall have received notice of service on any designated agent). However, failure to notify the Sponsor
of any claim shall not relieve the Sponsor from any liability which it may have to any Sponsor Indemnified Party against whom such
action is brought otherwise than on account of its indemnity agreement contained in this paragraph and shall only release it from
such liability under this paragraph to the extent it has been materially prejudiced by such failure to give notice. The Sponsor
shall be entitled to participate at its own expense in the defense, or, if it so elects, to assume the defense of any suit brought
to enforce any claims, but if the Sponsor elects to assume the defense, the defense shall be conducted by counsel chosen by it
and satisfactory to the Sponsor Indemnified Party in the suit and who shall not, except with the consent of the Sponsor Indemnified
Party, be counsel to the Sponsor. If the Sponsor does not elect to assume the defense of any suit, it will reimburse the Sponsor
Indemnified Party in the suit for the reasonable fees and expenses of any counsel retained by them.

 

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(c) No indemnifying party, as described in
paragraphs (a) and (b) above, shall, without the written consent of the AP Indemnified Party or the Sponsor Indemnified Party,
as the case may be, effect the settlement or compromise of, or consent to the entry of any judgment with respect to, any pending
or threatened action or claim in respect of which indemnification or contribution may be sought hereunder (whether or not the indemnified
party is an actual or potential party to such action or claim) unless such settlement, compromise or judgment (i) includes an unconditional
release of the AP Indemnified Party or Sponsor Indemnified Party, as the case may be, from all liability arising out of such action
or claim and (ii) does not include a statement as to or an admission of fault, culpability or a failure to act, by or on behalf
of any AP Indemnified Party or Sponsor Indemnified Party, as the case may be.

 

(d) The Sponsor and the Authorized Participant
agree promptly to notify each other of the commencement of any proceedings or litigation against it and, in the case of the Sponsor,
against any of the Sponsor’s officers or directors, in connection with the issuance and sale of the Shares or in connection
with the Registration Statement or the Prospectus.

 

Section 9. Liability.

 

(a) Limitation of Liability.
Neither the Sponsor nor the Authorized Participant shall be liable to each other or to any other person for any damages arising
out of any mistake or error in data provided to any of them by a third party or out of any interruption or delay in the electronic
means of communications used by them.

 

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(b) Tax Liability. The Authorized
Participant shall be responsible for the payment of any transfer tax, sales or use tax, stamp tax, recording tax, value added tax
and any other similar tax or government charge applicable to the creation or redemption of any Creation Unit made pursuant to this
Agreement, regardless of whether or not such tax or charge is imposed directly on the Authorized Participant. To the extent the
Sponsor or the Trust is required by law to pay any such tax or charge, the Authorized Participant agrees to promptly indemnify
such party for any such payment, together with any applicable penalties, additions to tax or interest thereon upon reasonable notice
thereof; provided, however, that the Authorized Participant shall not indemnify the Trust or the Sponsor for any tax or charge
or any penalties, additions to tax or interest thereon to the extent that such payments result from the Sponsor’s, the Trust’s,
or their designee’s willful misconduct, negligence, or bad faith.

 

 (c) Fund Liability.  In accordance
with Section [__] of the Trust Agreement, the Authorized Participant agrees and consent to look solely to the assets of the particular
Fund in controversy for payment in respect of any claim against or obligation of such Fund. A Fund’s assets include only
those funds and other assets that are paid, held or distributed to the Trust on account of and for the benefit of that particular
Fund, including, without limitation, fund delivered to the Trust for the purchase of Shares in such Fund.

 

Section 10. Acknowledgment.
The Authorized Participant acknowledges receipt of a (i) copy of the Trust Agreement and (ii) the current Prospectus of the Trust,
and represents that it has reviewed and understands such documents. The Sponsor and the Trust agree to process Orders, or cause
its agents to process Orders, in accordance with the provisions of the Prospectus of the Trust, the Trust Agreement, and the Procedures.

 

Section 11. Effectiveness and Termination.
Upon the execution of this Agreement by the parties hereto, this Agreement shall become effective in this form as of the date first
set forth above, and may be terminated at any time by any party upon thirty (30) days prior written notice to the other parties
unless earlier terminated: (i) in accordance with Section 2(a)(i); (ii) upon written notice to the Authorized Participant by the
Sponsor in the event of a material breach by the Authorized Participant of this Agreement or the procedures described or incorporated
herein; (iii) immediately in the circumstances described in Section 16(j); or (iv) at such time as the Trust is terminated pursuant
to the Trust Agreement. This Agreement supersedes any prior agreement between the parties hereto with respect to the subject matter
contained herein.

 

Section 12. Marketing Materials; Representations
Regarding Shares; Identification in Registration Statement.

 

(a) The Authorized Participant represents,
warrants and covenants that (i) it will not, in connection with any sale or solicitation of a sale of Shares, make, or permit any
of its representatives to make, any representations concerning the Shares or any AP Indemnified Party other than representations
not inconsistent with (A) the then-current Prospectus of the Trust, (B) printed information approved by the Sponsor as information
supplemental to such Prospectus or (C) any promotional materials or sales literature furnished to the Authorized Participant by
the Sponsor, and (ii) the Authorized Participant will not furnish or cause to be furnished to any person or display or publish
any information or material relating to the Shares or any AP Indemnified Party that are inconsistent with the Trust’s then-current
Prospectus. Copies of the then-current Prospectus of the Trust and any such printed supplemental information will be supplied by
the Sponsor to the Authorized Participant in reasonable quantities upon request.

 

    12 

     

    

 

(b) Notwithstanding the foregoing or anything
to the contrary in this Agreement, the Authorized Participant and its affiliates may without the written approval of the Sponsor
or the Trust prepare and circulate in the regular course of their businesses research, sales literature, reports, and other similar
materials that include information, opinions or recommendations relating to the Shares, provided that such research, sales literature,
reports, and other similar materials comply with applicable FINRA rules.

 

(c) The Authorized Participant hereby agrees
that for the term of this Agreement the Sponsor, or its designee, may deliver the then-current Prospectus, and any revisions, supplements
or amendments thereto or recirculation thereof, to the Authorized Participant in Portable Document Format (“PDF”) via
electronic mail to (or to such other address as may be provided by the Authorized Participant from time to time) in lieu of delivering
the Prospectus in paper form. The Authorized Participant may revoke the foregoing agreement at any time by delivering written notice
to the Sponsor, or the Sponsor’s designee, and, whether or not such agreement is in effect, the Authorized Participant may,
at any time, request reasonable quantities of the Prospectus, and any revisions, supplements or amendments thereto or recirculation
thereof, in paper form from the Sponsor or its designee. The Authorized Participant acknowledges that it has the capability to
access, view, save and print material provided to it in PDF and that it will incur no appreciable extra costs by receiving the
Prospectus in PDF instead of in paper form. The Sponsor will, when requested by the Authorized Participant, make available, or
cause to be made available, at no cost the software and technical assistance necessary to allow the Authorized Participant to access,
view and print the PDF version of the Prospectus.

 

(d) For as long as this Agreement is effective,
if required by the SEC, the Authorized Participant agrees to be identified as an authorized participant of the Trust (i) in the
section of the Prospectus included within the Registration Statement entitled “Creation and Redemption of Shares” and
in any other section as may be required by the SEC and (ii) on the Trust’s website. Upon the termination of this Agreement,
(i) during the period prior to when the Sponsor qualifies and in its sole discretion elects to file on Form S-3, the Sponsor will
remove such identification from the Prospectus in the amendment of the Registration Statement next occurring after the date of
the termination of this Agreement and, during the period after when the Sponsor qualifies and in its sole discretion elects to
file on Form S-3, the Sponsor will promptly file a current report on Form 8-K indicating the withdrawal of the Authorized Participant
as an authorized participant of the Trust and (ii) the Sponsor will promptly update the Trust’s website to remove any identification
of the Authorized Participant as an authorized participant of the Trust.

 

    13 

     

    

 

Section 13. Certain Covenants of the
Sponsor. The Sponsor, on its own behalf and as sponsor of the Trust, covenants and agrees:

 

(a) to advise the Authorized Participant promptly
of the happening of any event during the term of this Agreement which could require the making of any change in the Prospectus
then being used so that the Prospectus would not include an untrue statement of material fact or omit to state a material fact
necessary to make the statements therein, in the light of the circumstances under which they are made, not misleading, and, during
such time, to prepare and furnish, at the expense of the Trust, to the Authorized Participant promptly such amendments or supplements
to such Prospectus as may be necessary to reflect any such change;

 

(b) to furnish directly or cause to be furnished
to the Authorized Participant, at each time (i) the Registration Statement or the Prospectus is amended or supplemented by the
filing of a post-effective amendment, (ii) a new Registration Statement is filed to register additional Shares in reliance on Rule
429 under the 1933 Act, and (iii) there is financial information incorporated by reference into the Registration Statement or the
Prospectus, such customary documents and certificates in form and content as reasonably requested and agreed; and

 

(c) to cause the Trust to file a post-effective
amendment to the Registration Statement no less frequently than once per calendar quarter on or about the same time that the Trust
files a quarterly or annual report pursuant to Section 13 or 15(d) of the 1934 Act (including the information contained in such
report), until such time as the Trust’s reports filed pursuant to Section 13 or 15(d) of the 1934 Act are incorporated by
reference in the Registration Statement.

 

Section 14. Force Majeure.
No party to this Agreement shall incur any liability for any delay in performance, or for the non-performance, of any of its obligations
under this Agreement by reason of any cause beyond its reasonable control. This includes any act of God or war or terrorism, any
breakdown, malfunction or failure of transmission in connection with or other unavailability of any wire or communication facilities,
any transport, port, or airport disruption, industrial action, acts and regulations and rules of any governmental or supra-national
bodies or authorities or regulatory or self-regulatory organization or failure of any such body, authority or organization for
any reason, to perform its obligations.

 

Section 15. Ambiguous Instructions.
If a Purchase Order Form or a Redemption Order Form contains order terms that differ from the information provided in the
telephone call at the time of issuance of the applicable order number, the Sponsor will use commercially reasonable efforts to
contact one of the Authorized Persons of the Authorized Participant to request confirmation of the terms of the Order. If an Authorized
Person confirms the terms as they appear in the Order, then the Order will be accepted and processed. If an Authorized Person contradicts
the Order terms, the Order will be deemed invalid, and a corrected Order must be received by the Sponsor. If the Sponsor is not
able to contact an Authorized Person, then the Order shall be accepted and processed in accordance with its terms notwithstanding
any inconsistency from the terms of the telephone information. In the event that an Order contains terms that are not complete
or are illegible, the Order will be deemed invalid and the Sponsor will attempt to contact one of the Authorized Persons of the
Authorized Participant to request retransmission of the Order.

 

    14 

     

    

 

Section 16. Miscellaneous.

 

(a) Amendment and Modification.
This Agreement, the Procedures attached as Attachment A and the Exhibits hereto may be amended, modified or supplemented by the
Trust and the Sponsor, without consent of the Authorized Participant from time to time by the following procedure. After the amendment,
modification or supplement has been agreed to, the Sponsor will mail a copy of the proposed amendment, modification or supplement
to the Authorized Participant in accordance with Section 16(c) below. For the purposes of this Agreement, mail will be deemed received
by the recipient thereof on the third (3rd) day following the deposit of such mail into the United States postal system. Within
fifteen (15) calendar days after its deemed receipt, the amendment, modification or supplement will become part of this Agreement,
the Attachments or the Exhibits, as the case may be, in accordance with its terms. If at any time there is any material amendment,
modification or supplement of any VS Trust Authorized Participant Agreement (other than this Agreement), the Sponsor will promptly
mail a copy of such amendment, modification or supplement to the Authorized Participant.

 

(b) Waiver of Compliance. Any
failure of any of the parties to comply with any obligation, covenant, agreement or condition herein may be waived by the party
entitled to the benefits thereof only by a written instrument signed by the party granting such waiver, but any such written waiver,
or the failure to insist upon strict compliance with any obligation, covenant, agreement or condition herein, shall not operate
as a waiver of, or estoppel with respect to, any subsequent or other failure.

 

(c) Notices. Except as otherwise
specifically provided in this Agreement, all notices required or permitted to be given pursuant to this Agreement shall be given
in writing and delivered by personal delivery, by postage prepaid registered or certified United States first class mail, return
receipt requested, by nationally recognized overnight courier (delivery confirmation received) or by telex, telegram or telephonic
facsimile or similar means of same day delivery (transmission confirmation received), with a confirming copy regular mail, postage
prepaid. For avoidance of doubt, notices may not be given or transmitted by electronic mail. Unless otherwise notified in writing,
all notices to the Trust shall be given or sent to the Sponsor. All notices shall be directed to the address or telephone or facsimile
numbers indicated below the signature line of the parties on the signature page hereof.

 

    15 

     

    

 

(d) Successors and Assigns. This
Agreement and all of the provisions hereof shall be binding upon and inure to the benefit of the parties and their respective successors
and permitted assigns.

 

(e) Assignment. Neither this
Agreement nor any of the rights, interests or obligations hereunder shall be assigned by any party without the prior written consent
of the other parties, which shall not be unreasonably withheld, except that any entity into which a party hereto may be merged
or converted or with which it may be consolidated or any entity resulting from any merger, conversion, or consolidation to which
such party hereunder shall be a party, or any entity succeeding to all or substantially all of the business of the party, shall
be the successor of the party under this Agreement and except that the Sponsor may delegate its obligations hereunder to the Distributor
or the Administrator by advance written notice to the Authorized Participant. The party resulting from any such merger, conversion,
consolidation or succession shall notify the other parties hereto of the change. Any purported assignment in violation of the provisions
hereof shall be null and void. Notwithstanding the foregoing, this Agreement shall be automatically assigned to any successor trustee
or Sponsor at such time such successor qualifies as a successor trustee or Sponsor under the terms of the Trust Agreement. Furthermore,
the Authorized Participant may assign its rights, interests or obligations hereunder to an affiliate without mutual written consent
of any other party.

 

(f) Governing Law; Consent to Jurisdiction.
This Agreement shall be governed by and construed in accordance with the laws of the State of New York (regardless of the laws
that might otherwise govern under applicable New York conflict of laws principles) as to all matters, including matters of validity,
construction, effect, performance and remedies. Each party hereto irrevocably consents to the jurisdiction of the courts of the
State of New York and of any federal court located in the Borough of Manhattan in such State in connection with any action, suit
or other proceeding arising out of or relating to this Agreement or any action taken or omitted hereunder, and waives any claim
of forum non conveniens and any objections as to laying of venue. Each party further waives personal service of any summons, complaint
or other process and agrees that service thereof may be made by certified or registered mail directed to such party at such party’s
address for purposes of notices hereunder. Each party hereby waives its right to a trial by jury of any claim arising under or
in connection with this Agreement.

 

(g) Counterparts. This Agreement
may be executed in one or more counterparts, each of which will be deemed to be an original copy of this Agreement and all of which,
when taken together, will be deemed to constitute one and the same agreement, and it shall not be necessary in making proof of
this Agreement as to any party hereto to produce or account for more than one such counterpart executed and delivered by such party.

 

    16 

     

    

 

(h) Interpretation. The article
and section headings contained in this Agreement are solely for the purpose of reference, are not part of the agreement of the
parties and shall not in any way affect the meaning or interpretation of this Agreement.

 

(i) Entire Agreement. This Agreement
and the Trust Agreement, along with any other agreement or instrument delivered pursuant to this Agreement and the Trust Agreement,
supersede all prior agreements and understandings between the parties with respect to the subject matter hereof, provided, however,
that the Authorized Participant shall not be deemed by this provision to be a party to the Trust Agreement.

 

(j) Severance. If any provision
of this Agreement is held by any court or any act, regulation, rule or decision of any other governmental or supra national body
or authority or regulatory or self-regulatory organization to be invalid, illegal or unenforceable for any reason, it shall be
invalid, illegal or unenforceable only to the extent so held and shall not affect the validity, legality or enforceability of the
other provisions of this Agreement so long as this Agreement as so modified continues to express, without material change, the
original intentions of the parties as to the subject matter of this Agreement and the deletion of such portion of this Agreement
will not substantially impair the respective benefits, obligations, or expectations of the parties to this Agreement. If this Agreement
as so modified substantially impairs the respective benefits, obligations, or expectations of the parties to this Agreement, it
shall be subject to immediate termination upon written notice by the terminating party delivered in accordance with Section 16(c)
of this Agreement.

 

(k) No Strict Construction. The
language used in this Agreement will be deemed to be the language chosen by the parties to express their mutual intent, and no
rule of strict construction will be applied against any party.

 

(l) Survival. Sections 8 (Indemnification)
and 17 (No Promotion) hereof shall survive the termination of this Agreement.

 

(m) Other Usages. The following
usages shall apply in interpreting this Agreement: (i) references to a governmental or quasigovernmental agency, authority or instrumentality
shall also refer to a regulatory body that succeeds to the functions of such agency, authority or instrumentality; and (ii) “including”
means “including, but not limited to.”

 

Section 17. No Promotion.
Except as provided in Section 12(d) of this Agreement, each of the Trust and the Sponsor agrees that it will not, without the prior
written consent of the Authorized Participant in each instance, (i) use in advertising, publicity or otherwise the name of the
Authorized Participant or any affiliate of the Authorized Participant, or any partner or employee of the Authorized Participant,
nor any trade name, trademark, trade device, service mark, symbol or any abbreviation, contraction or simulation thereof owned
by the Authorized Participant or its affiliates, or (ii) represent, directly or indirectly, that any product or any service provided
by the Trust or the Sponsor has been approved or endorsed by the Authorized Participant.

 

[Signature
Page Follows]

 

    17 

     

    

 

IN WITNESS WHEREOF, the Authorized Participant,
the Trust and the Sponsor, on behalf of the Trust, have caused this Agreement to be executed by their duly authorized representatives
as of the date first set forth above.

 

	VOLATILITY SHARES LLC	 
	Sponsor of VS Trust	 
	 	 	 
	By:	              	 
	Name:	 	 
	 	 	 
	VS TRUST	 
	 	 	 
	By:	 	 
	Name:	 	 
	 	 	 
	AUTHORIZED PARTICIPANT	 
	 	 	 
	By:	 	 
	Name:	 	 

 

    18 

     

    

 

EXHIBIT A

 

VS TRUST

FORM OF AUTHORIZED PERSONS OF AUTHORIZED PARTICIPANT

 

The following are the names, titles and
signatures of all persons (each an “Authorized Person”) authorized to give instructions relating to any activity contemplated
by the Authorized Participant Agreement or any other notice, request or instruction on behalf of the Authorized Participant pursuant
to the VS Trust Authorized Participant Agreement.

 

	Authorized Participant:	 	 
	 	 	 
	Name:	 	 
	E-Mail Address:	 	 
	Telephone:	 	 
	Fax:	 	 
	 	 	 
	Name:	 	 
	E-Mail Address:	 	 
	Telephone:	 	 
	Fax:	 	 
	 	 	 
	Name:	 	 
	E-Mail Address:	 	 
	Telephone:	 	 
	Fax:	 	 
	 	 	 
	Name:	 	 
	E-Mail Address:	 	 
	Telephone:	 	 
	Fax:	 	 

 

	 	Certified By:	
	 	Name:	 
	 	Title:	 
	 	Date:	 

 

    19 

     

    

 

ATTACHMENT A

 

VS TRUST

 

AUTHORIZED PARTICIPANT PROCEDURES HANDBOOK

 

     

     

    

 

TABLE OF CONTENTS

 

	INTRODUCTION	3
	 	 
	VS TRUST	4
	 	 
	PURCHASE OF CREATION UNITS	4
	 	 
	SUSPENSION OR REJECTION OF PURCHASE ORDERS	7
	 	 
	REDEMPTION OF SHARES	7
	 	 
	SUSPENSION OR REJECTION OF REDEMPTION ORDERS	10
	 	 
	APPENDIX A – CONTACT INFORMATION	11
	 	 
	APPENDIX B – PRODUCT INFORMATION	12
	 	 
	APPENDIX C – GLOSSARYOF TERMS	13

 

    2 

     

    

  

INTRODUCTION

 

Volatility Shares LLC (“Sponsor”) and U.S. Bancorp
Fund Services, LLC (“US Bank”) welcome you as an Authorized Participant (“AP”) for VS Trust (the “Trust”).
Only APs are permitted to directly purchase or redeem Shares of a Fund directly with the Trust. Definitions used in this Procedures
Handbook can be found in the Glossary in Appendix C.

 

This Procedures Handbook details the procedures for placing
and processing Purchase Orders and Redemption Orders in Creation Units. All Orders must be made in accordance with terms and procedures
set forth herein. Sponsor or US Bank may send you updates or supplements to this Procedures Handbook from time to time, as necessary.

 

Please note that before an AP may place any Purchase Order,
it must sign the Authorized Participant Agreement and return it to US Bank. In addition, each AP must receive from US Bank a personal
identification number (“PIN”). This PIN helps identify the AP and authenticate instructions the AP provides to US Bank.
An AP’s PIN must be kept confidential and be provided only to those persons who are authorized to give instructions relating
to Orders on behalf of the AP. A list of all authorized traders must be sent to US Bank with the Authorized Participant Agreement,
but may be amended in writing as necessary. Only authorized traders will be allowed to place Orders for Shares.

 

    3 

     

    

 

VS TRUST

 

VS Trust seek to provide daily investment results, before fees
and expenses, that correspond to the performance of a particular index or benchmark for a single day.

 

	
        Fund
	
	
        Index or Benchmark
	
	
        Objective
	
	
        Description

	-1x Short VIX Futures ETF	 	Short VIX Futures Index	 	The Fund seeks daily investment results, before fees and expenses, that correspond to the performance of the Short VIX Futures Index for a single day, not for any other period.	 	The Short VIX Futures Index measures the daily inverse (i.e., opposite) performance of a portfolio of first- and second-month futures contracts on the CBOE Volatility Index, commonly known as the “VIX.”

 

If permitted by the Sponsor in its sole discretion with respect
to the Fund, an Authorized Participant may also agree to enter into or arrange for an exchange of a futures contract for related
position (“EFCRP”) or block trade with the Fund whereby the Authorized Participant would also transfer to the Fund
a number and type of exchange-traded futures contracts at or near the closing settlement price for such contracts on the purchase
order date. Similarly, the Sponsor in its sole discretion may agree with an Authorized Participant to use an EFCRP to effect an
order to redeem Creation Units.

 

An EFCRP is a technique permitted by the rules of certain futures
exchanges that, as utilized by the Fund in the Sponsor’s discretion, would allow the Fund to take a position in a futures
contract from an Authorized Participant, or give futures contracts to an Authorized Participant, in the case of a redemption, rather
than to enter the futures exchange markets to obtain such a position. An EFCRP by itself will not change either party’s net
risk position materially. Because the futures position that the Fund would otherwise need to take in order to meet its investment
objective can be obtained without unnecessarily impacting the financial or futures markets or their pricing, EFCRPs can generally
be viewed as transactions beneficial to the Fund. A block trade is a technique that permits the Fund to obtain a futures position
without going through the market auction system and can generally be viewed as a transaction beneficial to the Fund.

 

PURCHASE OF CREATION UNITS

 

The Trust will offer, issue and sell Shares of a Fund only in
Creation Unit Aggregations of a specified number of Shares (10,000), or such other amount of Shares as designated in the relevant
Fund’s Prospectus, through US Bank on a continuous basis, without a sales load, at their NAV per Share next determined after
receipt of a Purchase Order on any Business Day.

 

Determination of Required Payment

 

The total payment required to create each Creation Unit is the
value of the Creation Unit on the purchase order date plus the applicable transaction fees.

 

    4 

     

    

  

Delivery of Cash

 

Creation Units for each Fund will normally be exchanged only
for cash. Creation Units are sold at their NAV, plus a transaction fee.

 

Cash required for settlement will typically be transferred to
the Custodian through: (1) the Continuous Net Settlement (the “CNS”) clearing process of NSCC, as such processes have
been enhanced to effect creations and redemptions of Creation Units; or (2) the facilities of DTC on a Delivery Versus Payment
(“DVP”) basis, which is the procedure in which the buyer’s payment for securities is due at the time of delivery.
Security delivery and payment are simultaneous. If the Custodian does not receive the cash by the market close on the first Business
Day following the purchase order date (“T+1”), such order may be charged interest for delayed settlement or cancelled.
The Sponsor reserves the right to extend the deadline for the Custodian to receive the cash required for settlement up to the second
Business Day following the purchase order date (“T+2”). In the event a purchase order is cancelled, the Authorized
Participant will be responsible for reimbursing the Fund for all costs associated with cancelling the order including costs for
repositioning the portfolio. At its sole discretion, the Sponsor may agree to a delivery date other than T+2. Additional fees may
apply for special settlement. The Creation Unit will be delivered to the Authorized Participant upon the Custodian’s receipt
of the purchase amount.

 

Delivery of Exchange of Futures Contract for Related Position
(“EFCRP”) Futures Contracts or Block Trades

 

In the event that the Sponsor shall have determined to permit
the Authorized Participant to transfer futures contracts pursuant to an EFCRP or to engage in a block trade purchase of futures
contracts from the Authorized Participant with respect to the Fund, as well as to deliver cash, in the creation process, futures
contracts required for settlement must be transferred directly to the Fund’s account at its FCM. If the cash is not received
by the market close on the second Business Day following the purchase order date (T+2); such order may be charged interest for
delayed settlements or cancelled. In the event a purchase order is cancelled, the Authorized Participant will be responsible for
reimbursing the Fund for all costs associated with cancelling the order including costs for repositioning the portfolio. At its
sole discretion, the Sponsor may agree to a delivery date other than T+2. The Creation Unit will be delivered to the Authorized
Participant upon the Custodian’s receipt of the cash purchase amount and the futures contracts.

 

Eligibility

 

To be eligible to place a Purchase Order with US Bank, an AP
must be a DTC Participant.

 

Cut-Off Time
for Purchase Orders

 

US Bank must receive all Purchase Orders to purchase Creation
Unit Aggregations no later than the times listed below (or such earlier times if so designated). APs should reference the password-protected
Volatility Shares website for cut-off exceptions.

 

    5 

     

    

  

	
        Fund
	
	
        Cut-Off Time

	-1x Short VIX Futures ETF 	 	2:00 P.M. (Eastern)

 

If Purchase Orders are received by a Fund’s identified
Cut-off Time and are accepted by US Bank, the Purchase Order will be processed based on the NAV of the Fund as next determined.
The date on which a Purchase Order to purchase Creation Unit Aggregations is placed is referred to as the “Transmittal Date.”
An AP placing orders for Creation Unit Aggregations of a Fund should afford sufficient time to permit proper submission of the
order to US Bank prior to the identified Cut-off Time on the Transmittal Date. Purchase Orders received after the Cut-off Time
will be processed the next Business Day.

 

Transmittal
of Purchase Orders

 

Purchase Orders may be transmitted by an AP to US Bank via telephone,
facsimile or the internet.

 

	By telephone:	[                        ]	 
	By internet:	[                        ]	 

 

Economic or market disruptions, or telephone or other communication
failure may impede the ability to reach US Bank or an AP.

 

Transaction
Fees

 

A Transaction Fee may be charged for each Creation
Unit. If applicable, the Transaction Fee may consist of a fixed fee and may also include a variable fee as described below.

 

	Fund	 	Fixed Transaction Fee Per 

Purchase Order	 	Variable Transaction Fee
	
        -1x Short VIX Futures ETF
	
	
        $500 per transaction
	
	
        Up to 20 basis points per unit
        created

 

Receipt of Purchase Order

 

A Purchase Order is deemed received by US Bank on the Transmittal
Date if (i) such order is received by US Bank not later than the specified Cut-off Time on such Transmittal Date; and (ii) all
other applicable procedures set forth in this Procedures Handbook are properly followed. Each Fund reserves the right to reject
a Purchase Order for the reasons set forth in the Prospectus, which are specified below.

 

Once a Fund has received and accepted a Purchase Order, upon
next determination of the NAV of the Shares, US Bank will confirm the issuance of a Creation Unit of Shares, against receipt of
payment, at such NAV. US Bank will then transmit a confirmation of acceptance to the AP that placed the Purchase Order.

 

    6 

     

    

 

Delivery of Creation Units

 

When Cash is received by the Custodian on the second (2nd) Business
Day (or earlier) after the Creation, the Shares will be released.

 

Settlement

 

Purchase Orders for a Fund normally settle on a T+2 basis. At
its sole discretion, the Sponsor may require a settlement cycle shorter than T+2.

 

Suspension or Rejection of Purchase Orders

 

In respect of the Fund, the Sponsor may, in its discretion,
suspend the right to purchase, or postpone the purchase settlement date: (1) for any period during which any of the Exchange, CBOE,
CFE, CME (including CBOT and NYMEX) or ICE or other exchange material to the valuation or operation of the Fund is closed or when
trading is suspended or restricted on such exchanges in any of the underlying VIX futures contracts; (2) for any period during
which an emergency exists as a result of which the fulfillment of a purchase order is not reasonably practicable; or (3) for such
other period as the Sponsor determines to be necessary for the protection of the shareholders. The Sponsor will not be liable to
any person or in any way for any loss or damages that may result from any such suspension or postponement.

 

The Sponsor also may reject a purchase order if:

 

		●	It determines that the purchase order is not in proper form;

 

		●	The Sponsor believes that the purchase order would have adverse tax consequences to the Fund or its shareholders;

 

		●	The order would be illegal; or

 

		●	Circumstances outside the control of the Sponsor make it, for all practical purposes, not feasible to process creations of
Creation Units.

 

None of the Sponsor, the Administrator, Sub-Administrator or
the Custodian will be liable for the suspension or rejection of any purchase order.

 

REDEMPTION OF SHARES

 

Shares of a Fund may be redeemed only in Creation Unit Aggregations
of a specified number of a minimum of Shares (10,000), or such other amount of Shares as designated in the relevant Fund’s
Prospectus, through US Bank on a continuous basis, without a sales load, at their NAV next determined after receipt of a Redemption
Order on any Business Day. The Trust will not redeem Shares in amounts less than the Creation Unit Aggregation.

 

    7 

     

    

 

By placing a redemption order, an Authorized Participant agrees
to deliver the Creation Units to be redeemed through DTC’s book-entry system to the applicable Fund not later than noon (Eastern
Time), on the first Business Day immediately following the redemption order date (T+1). The Sponsor reserves the right to extend
the deadline for the Fund to receive the Creation Units required for settlement up to the second Business Day following the redemption
order date (T+2). By placing a redemption order, and prior to receipt of the redemption proceeds, an Authorized Participant must
wire to the Custodian the non-refundable transaction fee due for the redemption order or any proceeds due will be reduced by the
amount of the fee payable. At its sole discretion, the Sponsor may agree to a delivery date other than T+2. Additional fees may
apply for special settlement.

 

Upon request of an Authorized Participant made at the time of
a redemption order, the Sponsor at its sole discretion may determine, in addition to delivering redemption proceeds, to transfer
futures contracts to the Authorized Participant pursuant to an EFCRP or to a block trade sale of futures contracts to the Authorized
Participant.

 

Determination of Redemption Proceeds

 

The redemption proceeds for a Creation Unit of a Fund will normally
consist solely of cash.

 

The redemption proceeds from the Fund consist of the cash redemption
amount and, if permitted by the Sponsor in its sole discretion with respect to the Fund, an EFCRP or block trade with the Fund
as described above. The cash redemption amount is equal to the NAV of the number of Creation Unit(s) of the Fund requested in the
Authorized Participant’s redemption order as of the time of the calculation of the Fund’s NAV on the redemption order
date, less transaction fees and any amounts attributable to any applicable EFCRP or block trade.

 

Delivery of Redemption Proceeds

 

The redemption proceeds due from the Fund are delivered to the
Authorized Participant at noon (Eastern Time), on the second Business Day immediately following the redemption order date if, by
such time on such Business Day immediately following the redemption order date, the Fund’s DTC account has been credited
with the Creation Units to be redeemed. The Fund should be credited through: (1) the CNS clearing process of NSCC, as such processes
have been enhanced to effect creations and redemptions of Creation Units; or (2) the facilities of DTC on a DVP basis. If the Fund’s
DTC account has not been credited with all of the Creation Units to be redeemed by such time, the redemption distribution is delivered
to the extent whole Creation Units are received. Any remainder of the redemption distribution is delivered on the next Business
Day to the extent any remaining whole Creation Units are received if: (1) the Sponsor receives the fee applicable to the extension
of the redemption distribution date which the Sponsor may, from time to time, determine, and (2) the remaining Creation Units to
be redeemed are credited to the Fund’s DTC account by noon (Eastern Time), on such next Business Day. Any further outstanding
amount of the redemption order may be cancelled. The Authorized Participant will be responsible for reimbursing the Fund for all
costs associated with cancelling the order including costs for repositioning the portfolio.

 

    8 

     

    

 

The Sponsor is also authorized to deliver the redemption distribution
notwithstanding that the Creation Units to be redeemed are not credited to the Fund’s DTC account by noon (Eastern Time),
on the second Business Day immediately following the redemption order date if the Authorized Participant has collateralized its
obligation to deliver the Creation Units through DTC’s book-entry system on such terms as the Sponsor may determine from
time to time.

 

In the event that the Authorized Participant shall have requested,
and the Sponsor shall have determined to permit the Authorized Participant to receive futures contracts pursuant to an EFCRP, as
well as the cash redemption proceeds, in the redemption process, futures contracts required for settlement shall be transferred
directly from the Fund’s account at its FCM to the account of the Authorized Participant at its FCM.

 

Eligibility

 

To be eligible to place Redemption Orders with US Bank, an AP
must be a DTC Participant.

 

Cut-Off Time for Redemption Orders

 

US Bank must receive all Redemption Orders to redeem Creation
Unit Aggregations no later than the times listed below (or such earlier times if so designated). APs should reference the password-protected
Volatility Shares website for cut-off exceptions

 

	Fund	 	Cut-Off Time
	
        -1x Short VIX Futures ETF
	
	
        2:00 P.M. (Eastern)

 

If Redemption Orders are received by a Fund’s identified
Cut-off Time and are accepted by US Bank, the Redemption Order will be processed based on the NAV of the Fund as next determined
on such date. The date on which a Redemption Order to redeem Creation Unit Aggregations is placed is referred to as the “Transmittal
Date.” An AP placing a Redemption Order for Creation Unit Aggregations of a Fund should afford sufficient time to permit
proper submission of the order to US Bank prior to the identified Cut-off Time on the Transmittal Date. Requests received after
the Cut-off Time will be processed the next Business Day.

 

Transmittal of Redemption Orders

 

Redemption Orders may be transmitted by an AP to US Bank by
telephone, facsimile or the internet.

 

	By telephone:	[              ]	 
	By internet:	[              ]	 

 

Economic or market disruptions, or telephone or other communication
failure may impede the ability to reach US Bank or an AP.

 

    9 

     

    

 

Transaction Fee

 

A Transaction Fee may be charged for each Creation Unit redeemed.
The Transaction Fee may consist of a fixed fee and may also include a variable fee as described below.

 

	Fund	 	Fixed Transaction Fee Per 

Redemption Order	 	Variable Transaction Fee
	
        -1x Short VIX Futures ETF
	
	
        $500 per transaction
	
	
        Up to 20 basis points per unit
        created

 

Settlement

 

Redemption Orders customarily settle on a T+2 basis. Redemption
Orders which may settle earlier than T+2 may be subject to a charge, which shall be calculated as determined by the Trust or Sponsor.

 

Suspension or Rejection of Redemption Orders

 

In respect of the Fund, the Sponsor may, in its discretion,
suspend the right of redemption, or postpone the redemption settlement date, (1) for any period during which any of the Exchange,
CBOE, CFE, CME (including CBOT and NYMEX) or ICE or other exchange material to the valuation or operation of the Fund is closed
or when trading is suspended or restricted on such exchanges in any of the underlying VIX futures contracts; (2) for any period
during which an emergency exists as a result of which the redemption distribution is not reasonably practicable; or (3) for such
other period as the Sponsor determines to be necessary for the protection of the shareholders. The Sponsor will not be liable to
any person or in any way for any loss or damages that may result from any such suspension or postponement.

 

The Sponsor will reject a redemption order if the order is not
in proper form as described in the form of Authorized Participant Agreement or if the fulfillment of the order might be unlawful.

 

    10 

     

    

  

APPENDIX A – CONTACT INFORMATION

 

	PHONE NUMBERS:	 
	 	 
	CREATION/REDEMPTION ORDERS	[                    ]
	(FOR AUTHORIZED PARTICIPANTS ONLY)	 
	 	 
	GENERAL VOLATILITY SHARES LLC INFORMATION	[                    ]
	 	 
	INDEX RECEIPT AGENT/	 
	TRANSFER AGENT/CUSTODIAN	[                    ]

 

ADDRESS:

 

	All Correspondence Via U.S. Mail to:	US Bank
	 	Attn: VS Trust
	 	[                    ]
	 	 
	INTERNET:	 
	 	 
	CREATION/REDEMPTION ORDERS	 
	(FOR AUTHORIZED PARTICIPANTS ONLY	[                    ]
	 	 
	GENERAL VOLATILITY SHARES LLC INFORMATION	[                    ]

 

    11 

     

    

  

APPENDIX B – PRODUCT INFORMATION

 

	 	 	[                 ]	 	[                 ]	 	[                 ]
	Tickers	 	 	 	 	 	 
	[           ] Trading Symbol	 	 	 	 	 	 
	Intraday Indicative Value (IIV)	 	 	 	 	 	 
	NAV Symbol	 	 	 	 	 	 
	Div. Equivalent Payment (Est. Cash Component Symbol	 	 	 	 	 	 
	Balancing Amount per Creation	 	 	 	 	 	 
	Unit Symbol	 	 	 	 	 	 
	Shares Outstanding Symbol	 	 	 	 	 	 
	WSJ Price/Bloomberg Symbol	 	 	 	 	 	 
	 	 	 	 	 	 	 
	Other Information	 	 	 	 	 	 
	NSCC Instruction Symbol	 	 	 	 	 	 
	CUSIP #	 	 	 	 	 	 
	NSCC Instruction CUSIP #	 	 	 	 	 	 
	Tax ID #	 	 	 	 	 	 
	Shares Per Creation Unit	 	 	 	 	 	 
	Lead Market Maker	 	 	 	 	 	 

 

    12 

     

    

 

APPENDIX C – GLOSSARY
OF TERMS

 

“Administrator” means Tidal ETF Services LLC

 

“AP” means Authorized Participant.

 

“Business Day” means any day other than a day when
any of the NYSE Arca, AMEX, the New York Stock Exchange, the Chicago Mercantile Exchange, the Chicago Board of Trade, IntercontinentalExchange/New
York Board of Trade, the London Metal Exchange or the NYMEX is closed for regular trading.

 

“Cash” shall mean same day funds in United States
dollars.

 

“CBOE” means the Chicago Board Options Exchange.

 

“CBOT” means the Chicago Board of Trade.

 

“CFE” means the CBOE Futures Exchange.

 

“CME” means the Chicago Mercantile Exchange.

 

“Creation” means the act of creating a Creation
Unit Aggregation.

 

“Creation Unit” and “Creation Unit Aggregation”
mean an aggregation of a specified number of Shares of a particular Fund of the Trust as stated in the Prospectus.

 

“Custodian” means the Fund’s custodian, U.S.
Bank National Association.

 

“Cut-off Time” means the time that a Purchase Order
must be transmitted to US Bank to be deemed received. All times are Eastern Time.

 

“DTC” means The Depository Trust Company.

 

“DTC Participant” refers to a participant in the
facilities of the Depository Trust Company.

 

“DVP” means Delivery Versus Payment.

 

“US Bank” means U.S. Bancorp Fund Services, LLC
, the Sub-Administrator.

 

“Fund” means a series of VS Trust.

 

“Procedures Handbook” means the VS Trust Authorized
Participant Procedures Handbook, as supplemented or amended from time to time.

 

“ICE” means Intercontinental Exchange.

 

    13 

     

    

  

“IIV” means Intraday Indicative Value.

 

“NAV” means net Asset value per share.

 

“NYMEX” means New York Mercantile Exchange, Inc.

 

“Orders” means any order to purchase or redeem Creation
Unit Aggregations.

 

“PIN” means a unique personal identification number
assigned to each AP that helps identify the AP and authenticate instructions.

 

“Prospectus” means the Trust’s then current
prospectus and statement of additional information included in its effective registration statement, as supplemented or amended
from time to time.

 

“Purchase Orders” refers to the action of placing
and processing orders to purchase Creation Unit Aggregations.

 

“Redemption Orders” refers to the action of placing
and processing orders to redeem Creation Unit Aggregations.

 

“Shares” means the shares represented in a Creation
Unit Aggregation.

 

“Sponsor” means the Funds’ sponsor, Volatility
Shares LLC.

 

“Transaction Fee” is a fixed dollar fee charged
for each Creation Unit regardless of the number of Creations per Fund per Business Day for an AP and applicable variable fee charged
based on the total value of Creation Aggregation Units purchased or redeemed.

 

“Transfer Agent” means U.S. Bancorp Fund Services,
LLC.

 

“Transmittal Date” means the date on which a Purchase
Order to purchase Creation Unit Aggregations is placed.

 

“Trust” means the VS Trust.

 

“Trustee” means the Wilmington Trust Company.

 

 

14Exhibit 10.1

 

FORM
OF SPONSOR AGREEMENT

 

THIS
SPONSOR AGREEMENT (the “Agreement”) is dated as of                      between
Volatility Shares LLC, a Delaware limited liability corporation (“Sponsor”) and VS Trust, a statutory trust organized
under the laws of Delaware (the “Trust”), both for itself and on behalf of each of its currently operating series
(each, a “Fund” and collectively, the “Funds”).

 

	 	1.	The
    Trust and the Funds. The Trust and each of the Funds may be deemed commodity pools for purposes of the Commodity Exchange
    Act of 1934 (the “Commodity Exchange Act”) and the applicable regulations of the Commodity Futures Trading Commission
    (the “CFTC”). Each of the Funds is sponsored by the Sponsor, a commodity pool operator registered under the Commodity
    Exchange Act. Neither the Trust nor any Fund is an investment company under the Investment Company Act of 1940 and neither
    is required to register thereunder. The Sponsor is not registered as an investment adviser under the Investment Advisers Act
    of 1940 and is not required to register thereunder.

 

	 	2.	Appointment.
    The Trust hereby appoints Sponsor as commodity pool operator for the Funds, with full power to supervise and direct the investment
    of the assets of the Funds as set forth herein. Sponsor hereby accepts such appointment and agrees to render services on the
    terms and conditions set forth in this Agreement.

 

	 	3.	Investment
    Direction. Sponsor will manage the Funds in accordance with Sponsor’s best judgment and consistent with the Funds’
    investment objectives and investment strategies outlined in the Funds’ prospectus and registration statement on Form
    S-1.

 

	 	4.	Reporting;
    Record Keeping. Sponsor shall advise the Trust, at such times as the Trust may specify, of any Fund investments made and
    the reasons for making a particular investment. Sponsor will be available at reasonable times to discuss the management of
    the Funds with the Trust or its designee. Any written reports supplied by Sponsor to the Trust discussing Fund management
    are intended solely for the benefit of the Trust and the Funds, and the Trust agrees that it will not disseminate such reports
    to any other party (other than the Funds’ service providers) without the prior consent of Sponsor, except as may be
    required by applicable law. Sponsor shall make or cause to be made, and shall maintain or cause to be maintained, all records
    as are required to be made or maintained by it in its capacity as commodity pool operator of the Funds.

 

	 	5.	Other
    Accounts. The Trust understands and acknowledges that Sponsor may perform commodity trading advisory and operating services
    for various persons other than the Funds. The Funds acknowledge that Sponsor may give advice and take action concerning other
    investing pools that may be the same as, similar to or different from the advice given, or the timing and nature of action
    taken, concerning the Funds. Except to the extent necessary to perform Sponsor’s obligations under this Agreement, nothing
    herein shall be deemed to limit or restrict the right of Sponsor, or any affiliate of Sponsor or any employee of Sponsor to
    engage in any other business or to devote time and attention to the management or other aspects of any other business, whether
    of a similar or dissimilar nature, or to render services of any kind to any other corporation, firm, individual or association.

 

	 	6.	Fees
    and Expenses. The Trust, on behalf of each Fund, shall pay Sponsor fees for its services as Sponsor hereunder and reimburse
    expenses of Sponsor as determined by Sponsor and the Trust, on behalf of each Fund, from time to time, all as set forth in
    the registration statements or reports of the Trust publicly available on the EDGAR system of the Securities and Exchange
    Commission (“EDGAR filings”). The Sponsor and the Trust, on behalf of each Fund, agree that material changes to
    the fee payment and expense reimbursement structure shall not become effective prior to 30 days after such changes are described
    in one or more EDGAR filings.

 

	 	7.	Representations;
    Indemnification. The Trust represents and warrants that: (a) it has been duly organized and is validly existing under
    the law of the state of its organization, (b) it is duly authorized to execute, deliver and perform this Agreement and
    has taken all action necessary to authorize its execution, delivery and performance, including the obtaining of any necessary
    governmental consents, (c) the execution, delivery and performance of this Agreement, including the Investment Guidelines,
    does not and will not conflict with or violate any provision of law, rule, regulation, governing document of the Trust, contract,
    deed of trust, or other instrument to which the Trust is a party or to which any of the Trust or Funds’ property is
    subject, (d) this Agreement is a valid and binding obligation enforceable against the Trust in accordance with its terms
    (subject to applicable insolvency or similar laws affecting creditors’ rights generally and subject, as to enforceability,
    to equitable principles of general application) and (e) each Fund will be comprised of assets that are owned by each
    such Fund as principal, and will not be subject to either (i) the Employee Retirement Income Security Act of 1974, as
    amended, or the Investment Company Act, or (ii) any lien, security interest or other similar encumbrance (other than
    in favor of the Clearing FCM or the CME clearinghouse). The Trust shall hold Sponsor harmless from any liabilities, damages
    or expenses, including attorney’s fees, incurred by Sponsor for any actions taken by Sponsor acting in reasonable reliance
    upon such representations.

 

     

     

    

 

	 	8.	CFTC
    Registration. Sponsor represents and warrants that it is registered with the CFTC or National Futures Association, as
    applicable, as a commodity pool operator.

 

	 	9.	Liability.
    Sponsor will be liable only for losses to the Funds that are the direct result of Sponsor’s bad faith, gross negligence,
    willful or reckless misconduct or breach of the express terms of this Agreement. Except as set forth in the foregoing sentence,
    neither Sponsor nor its officers, employees or agents shall be liable hereunder for any act or omission or for any error of
    judgment in managing the Funds. Sponsor shall not be responsible for any special, indirect or consequential damages, or any
    loss incurred by reason of any act or omission, by the Funds or any broker, dealer, futures commission merchant or custodian
    used hereunder or any authorized representative of the foregoing. Notwithstanding the foregoing, nothing herein shall in any
    way constitute a waiver or limitation of any rights that the Trust or the Funds may have under the federal securities laws
    or other applicable law.

 

	 	10.	Tax
    Filings. Except as described in EDGAR filings, Sponsor will not be responsible for making any tax credit or similar claim
    or any legal filing on the Trust’s or Funds’ behalf.

 

	 	11.	Governing
    Law/Disputes. This Agreement is entered into in accordance with and shall be governed by the laws of the State of New
    York; provided, however, that in the event that any law of the State of New York shall require that the laws of
    another state or jurisdiction be applied in any proceeding, such New York law shall be superseded by this paragraph, and the remaining
    laws of the State of New York shall nonetheless be applied in such proceeding. Each party agrees that in the event that any
    dispute arising from or relating to this Agreement becomes subject to any judicial proceeding, such party waives any right
    it may otherwise have to (a) seek punitive damages, or (b) request a jury trial.

 

	 	12.	Termination.
    This Agreement may be terminated at any time by either party upon 30 days’ prior written notice to the other party.
    Any obligation or liability of either party resulting from actions or inactions occurring prior to termination shall not be
    affected by termination of this Agreement.

 

	 	13.	Assignment.
    Neither party shall assign this Agreement without the written consent of the other party.

 

	 	14.	License
    to Use Marks. The Trust has been granted, pursuant to separate agreement, a no-fee license to use all service marks or
    trademarks which the Sponsor or its affiliates have or may register for use in connection with financial services.

 

	 	15.	Notices.
    All notices and other communications under this Agreement shall be in writing and shall be addressed to the parties at their
    respective addresses.
	 	 	 
	 	 	Sponsor
shall comply with, and be entitled to act on, any instructions reasonably believed to be from an authorized representative of
the Trust. Sponsor and its employees and agents shall be fully protected from all liability in acting upon such instructions,
without being required to determine the authenticity of the authorization or authority of the persons providing such instructions.

 

	 	16.	Severability.
    In the event any provision of this Agreement is adjudicated to be void, illegal, invalid or unenforceable, the remaining terms
    and provisions of this Agreement shall not be affected thereby, and each of such remaining terms and provisions shall be valid
    and enforceable to the fullest extent permitted by law, unless a party demonstrates by a preponderance of the evidence that
    the invalidated provision was an essential economic term of this Agreement.

 

    2

     

    

 

	 	17.	Integration;
    Amendment. This Agreement together with any other written agreements between the parties entered into concurrently with
    this Agreement contain the entire agreement between the parties with respect to the transactions contemplated hereby and supersede
    all previous oral or written negotiations, commitments and understandings related thereto. This Agreement may not be amended
    or modified in any respect, nor may any provision be waived, without the written agreement of both parties. No waiver by one
    party of any obligation of the other hereunder shall be considered a waiver of any other obligation of such party.

 

	 	18.	Further
    Assurances. Each party hereto shall execute and deliver such other documents or agreements as may be necessary or desirable
    for the implementation of this Agreement and the consummation of the transactions contemplated hereby.

 

	 	19.	Headings.
    The headings of paragraphs herein are included solely for convenience and shall have no effect on the meaning of this Agreement.

 

	 	20.	Counterparts.
    This Agreement may be executed in one or more counterparts, each of which shall be deemed to be an original and all of which
    taken together shall be deemed to be one and the same instrument.

 

[Signature
Page Follows]

 

    3

     

    

 

IN
WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year first above written.

 

	VS
    TRUST	 
	 	 
	 	 
	[NAME]

        [TITLE]
	 
	 	 
	VOLATILITY
    SHARES LLC	 
	 	 
	 	 
	[NAME]

        [TITLE]
	 

 

 

4

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