Document:

Exhibit 4.2

 

FORM
OF

 

AUTHORIZED
PARTICIPANT AGREEMENT

 

Dynamic
Shares Trust

 

This
Authorized Participant Agreement (the “Agreement”) is entered into by and between Capital Investment Group, Inc. (the
“Distributor”), and _________________ (the “Participant”) and is subject to acceptance by Nottingham Shareholder
Services, LLC (the “Transfer Agent”), and is further subject to acknowledgement and agreement by the Dynamic Shares
Trust (the “Trust”), a series trust offering a number of portfolios for which the Distributor is the distributor of
such series (each a “Fund” and collectively the “Funds”) set forth on Attachment A hereto, solely with
respect to Sections 4(d) and 12(c) herein. Capitalized terms used but not defined herein are defined in the current prospectus
for each Fund as it may be supplemented or amended from time to time, and included in the Trust’s Registration Statement
on Form S-1, as it may be amended from time to time, or otherwise filed with the U.S. Securities and Exchange Commission (“SEC”)
(each Fund’s current prospectus collectively, together with such Fund’s Statement of Additional Information incorporated
therein, the “Prospectus”).

 

The
Distributor provides services as principal underwriter of the Funds acting on an agency basis in connection with the distribution
of shares of beneficial interest of each Fund (the “Shares”). The Transfer Agent has been retained to provide certain
transfer agency services and to be the order taker with respect to the purchase and redemption of Shares.

 

This
Agreement is intended to set forth certain procedures by which the Participant may purchase and/or redeem Creation Units through
the Federal Reserve/Treasury Automated Debt Entry System maintained at the Federal Reserve Bank of New York (the “Federal
Reserve Book-Entry System”) and the Continuous Net Settlement (“CNS”) clearing processes of National Securities
Clearing Corporation (“NSCC”) (as such processes have been enhanced to effect purchases and redemptions of Creation
Units, the “CNS Clearing Process”) or, outside of the CNS Clearing Process, the manual process of The Depository Trust
Company (“DTC”) on a delivery versus payment basis.

 

Nothing
in this Agreement shall obligate the Participant to create or redeem one or more Creation Units of Shares, to facilitate a creation
or redemption through it by a participant client, or to sell, offer to sell, or promote the Shares.

 

The
parties agree as follows:

 

1.
STATUS, REPRESENTATIONS AND WARRANTIES OF PARTICIPANT

 

(a)
The Participant represents and warrants that, so long as this Agreement is in full force and effect, it has the ability to transact
through the Federal Reserve Book-Entry System and, with respect to orders for the purchase of Creation Units (“Purchase
Orders”) or orders for redemption of Creation Units (“Redemption Orders” and, together with Purchase Orders,
the “Orders”), (i) through the CNS Clearing Process, because it is a member of NSCC and a participant in the CNS System
of NSCC, and (ii) outside the CNS Clearing Process, because it is a DTC participant (a “DTC Participant”). Any change
in the foregoing status of the Participant shall automatically and immediately terminate this Agreement, unless the parties have
agreed otherwise in writing. The Participant shall give prompt written notice of any such change to the Distributor and the Transfer
Agent.

 

    	 

    	 

    

 

The
Participant may place Orders either through the CNS Clearing Process or outside the CNS Clearing Process, subject to the procedures
for purchase and redemption set forth in the Prospectus and Section 2 of this Agreement.

 

(b)
The Participant represents and warrants that: (i) it is a broker-dealer registered with the SEC, and it is a member of the Financial
Industry Regulatory Authority (“FINRA”), or it is exempt from, or it is otherwise not required to be registered as,
a broker-dealer or a member of FINRA; (ii) it is registered and/or licensed to act as a broker or dealer, as required under all
applicable laws, rules and regulations in the states or other jurisdictions in which the Participant conducts its activities,
or it is otherwise exempt; and (iii) it is a Qualified Institutional Buyer, as defined in Rule 144A under the U.S. Securities
Act of 1933, as amended (the “1933 Act”). Any change in the foregoing status of the Participant shall terminate this
Agreement, unless the parties have agreed otherwise in writing. The Participant shall give prompt written notice of any such change
to the Distributor and the Transfer Agent.

 

The
Participant agrees that it will: (i) maintain such registrations, licenses, qualifications, and memberships in full force and
effect throughout the term of this Agreement; (ii) materially comply with applicable FINRA rules and the securities laws of any
jurisdiction in which it sells Shares, directly or indirectly, to the extent such laws, rules and regulations relate to the Participant’s
transactions in, and activities with respect to, the Shares; and (iii) not offer or sell Shares of any Fund in any state or jurisdiction
where such Shares may not lawfully be offered and/or sold.

 

(c)
In the event Shares are authorized for sale in jurisdictions outside the several states, territories and possessions of the United
States and the Participant offers and sells Shares in such jurisdictions and is not otherwise required to be registered or qualified
as a broker or dealer, or to be a member of FINRA as set forth above, the Participant nevertheless agrees to comply with all the
applicable laws, rules and regulations of the jurisdiction in which such offer and/or sale of Shares is made, to the extent the
foregoing relates to the Participant’s transactions in, and activities with respect to, the Shares.

 

(d)
The Participant understands and acknowledges that the method by which Creation Units will be created and traded may raise certain
issues under certain interpretations of applicable U.S. federal securities laws. For example, because new Creation Units of Shares
may be issued and sold by a Fund on an ongoing basis, a “distribution”, as such term is used in the 1933 Act, may
occur at any point. The Participant understands and acknowledges that some activities on its part, depending on the circumstances,
may result in it being deemed a participant in a distribution in a manner which could, under certain interpretations of applicable
law, render it a statutory underwriter and subject it to the prospectus delivery and liability provisions of the 1933 Act. The
Participant also understands and acknowledges that dealers who are not “underwriters,” but who effect transactions
in Shares, whether or not participating in the distribution of Shares, are generally required to deliver the Prospectus. For the
avoidance of doubt, the Participant does not admit to being an underwriter of the Shares.

 

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2.
EXECUTION OF PURCHASE AND REDEMPTION ORDERS

 

(a)
All Orders must comply with the procedures for Orders set forth in the Prospectus and in this Agreement, which includes the attachments
hereto. The Participant, the Distributor, and the Transfer Agent each agrees to comply with the provisions of the Prospectus,
this Agreement, and the laws, rules, and regulations that are applicable to it in its role under this Agreement. If there is a
conflict between the terms of the Prospectus and the terms of this Agreement, the terms of the Prospectus control.

 

(b)
The Participant understands that a Creation Unit generally will not be issued until the requisite cash and/or the designated basket
of futures (the “Deposit Futures”), as well as applicable Transaction Fee and taxes, are transferred to the Trust
as of the Contractual Settlement Date (as defined in Section 6, below) in accordance with the Prospectus. To the extent that the
Participant posts collateral on the Contractual Settlement Date in connection with a portion of the Deposit Futures that were
unable to be delivered on the Contractual Settlement Date, the Distributor agrees that it will not use any such collateral to
purchase the Deposit Futures without giving reasonable advance notice and an opportunity to deliver the missing Deposit Futures
to the Participant.

 

3.
AUTHORIZATION OF TRANSFER AGENT

 

Solely
with respect to Orders submitted through the CNS Clearing Process, the Participant hereby authorizes the Transfer Agent, or its
designee, to transmit to the NSCC on behalf of the Participant such instructions, including share and cash amounts as are necessary
with respect to the purchase and redemption of Creation Units, and Orders consistent with the instructions and Orders issued by
the Participant to the Transfer Agent. The Participant agrees to be bound by the terms of such instructions and Orders as reported
by the Transfer Agent or its designee on the Participant’s behalf to the NSCC as though such instructions were issued by
the Participant directly to the NSCC; provided, however, that the Participant shall not be bound by or held liable for any loss,
damage, liability, cost or expense resulting from communication errors occurring between the Transfer Agent, or its designee,
and the NSCC to the extent that such instructions between the Transfer Agent, or its designee, and the NSCC do not accurately
reflect in all material respects the instructions communicated by the Participant to the Transfer Agent, or its designee.

 

4.
MARKETING MATERIALS AND REPRESENTATIONS

 

(a)
The Participant represents and warrants that it will not make any representations concerning a Fund, Creation Units or Shares,
other than those consistent with the Prospectus or any Marketing Materials (as defined in Section 4(b), below) furnished to the
Participant by the Distributor.

 

(b)
The Participant agrees not to furnish, or cause to be furnished by it or its employees, to any person, or to display or publish,
any information or materials relating to a Fund or the Shares, including, without limitation, promotional materials and sales
literature, advertisements, press releases, announcements, statements, posters, signs or other similar materials (“Marketing
Materials”), unless (i) such Marketing Materials: (a) are either furnished to the Participant by the Distributor, or (b)
if prepared by the Participant, are consistent in all material respects with the Prospectus or any Marketing Materials furnished
to the Participant by the Distributor, and clearly indicate that such Marketing Materials are prepared and distributed by the
Participant, and (ii) the Participant and such Marketing Materials prepared by the Participant comply with applicable FINRA rules
and regulations. The Participant shall file all such Marketing Materials that it prepares with FINRA, if required by applicable
laws, rules or regulations.

 

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(c)
Notwithstanding anything to the contrary in this Agreement, the Participant and its affiliates may, without the approval of any
other party hereto, prepare and circulate, in the regular course of their businesses, any of the following items (none of which
shall be deemed to be Marketing Materials): research reports; institutional communications (as such term is defined in FINRA Rule
2210); and other similar materials that include information, opinions, or recommendations relating to Shares, provided that such
research reports, institutional communications, and other similar materials (i) comply with applicable FINRA rules and regulations,
and other applicable laws, rules and regulations, and (ii) do not make any representations concerning a Fund, Creation Units or
Shares, other than those not inconsistent with the Prospectus or any Marketing Materials furnished to the Participant by the Distributor
under this Agreement.

 

(d)
The Trust represents and warrants that (i) the Prospectus is effective, no stop order of the SEC or any other federal, state or
foreign regulatory authority or self-regulatory authority, with respect thereto has been issued, no proceedings for such purpose
have been instituted or, to its knowledge, are being contemplated; (ii) the Trust’s Registration Statement and each Prospectus
included therein conforms in all material respects to the requirements of all applicable law, and the rules and regulations of
the SEC thereunder and does not and will not 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, in light of the circumstances under which they were made, not
misleading; (iii) the Shares, when issued and delivered against payment of consideration thereof, as provided in this Agreement,
will be duly and validly authorized, issued, fully paid and non-assessable and free of statutory and contractual preemptive rights,
rights of first refusal and similar rights; (iv) no consent, approval, authorization, order, registration or qualification of
or with any court or governmental agency or body is required for the issuance and sale of the Shares, except the registration
of the Shares under the 1933 Act; (v) Shares will be listed for trading on a national exchange; (vi) it will not lend Fund securities
pursuant to any securities lending arrangement that would prevent the Trust from settling a Redemption Order when due; (vii) any
and all Marketing Materials prepared by the Trust or the Funds’ adviser and provided to the Participant in connection with
the offer and sale of Shares shall comply with applicable law, including without limitation, the provisions of the 1933 Act and
the rules and regulations thereunder and applicable requirements of FINRA, and will not contain any untrue statement of a material
fact related to a Fund or the Shares or omit to state therein a material fact required to be stated therein or necessary to make
the statements therein not misleading; and (viii) it will not name the Participant in the Prospectus, Marketing Materials, or
on the Fund’s website without the prior written consent of Participant, unless such naming is required by law, rule, or
regulation. If the Participant agrees to be identified in the Prospectus, Marketing Materials, or on the Funds’ website,
within a reasonable amount of time upon the termination of this Agreement, (1) the Trust shall remove any reference to the Participant
from the Prospectus and Marketing Materials, and (2) the Trust shall promptly update the Funds’ website to remove any identification
of the Participant as an authorized participant of the Trust.

 

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(e)
Notwithstanding anything to the contrary in this Agreement, the term Marketing Materials shall not include (i) written materials
of any kind that generally mention a Fund without recommending the Fund (including in connection with a list of products sold
through the Participant or in the context of asset allocations), (ii) materials prepared and used for the Participant’s
internal use only, (iii) brokerage communications, including correspondence and institutional communications, as defined under
FINRA rules, prepared by the Participant in the normal course of its business, and (iv) research reports; provided, however, that
any such materials prepared by the Participant comply with applicable FINRA rules and regulations and other applicable laws, rules
and regulations.

 

5.
TITLE TO FUTURES; RESTRICTED SHARES

 

(a)
The Participant represents and warrants that Deposit Futures delivered by it to the custodian and/or any relevant sub-custodian
in connection with a Purchase Order, at the time of delivery, the applicable Fund will acquire good and unencumbered title to
such Deposit Futures, free and clear of all liens, restrictions, charges and encumbrances, and not be subject to any adverse claims,
including, without limitation any restriction upon the sale or transfer of such futures imposed by any agreement or arrangement
entered into by the Participant in connection with a Purchase Order. The representations provided in this Section 5 exclude restrictions
due to the status of the Trust, the Fund or the advisor as an “affiliate” of such issuer of the Deposit Futures as
the term “affiliate” is defined under Rule 144 under the 1933 Act and any other restriction that derives from facts,
status or events that are particular to the Trust, the Fund or the advisor.

 

(b)
The Distributor represents that, upon delivery of a portfolio of Deposit Futures to the Participant, the custodian and/or relevant
sub-custodian in connection with a Redemption Order, the Participant will acquire good, marketable and unencumbered title to such
Deposit Futures, free and clear of any and all liens, restrictions, hypothecations, charges, duties imposed on the transfer of
assets and encumbrances and not subject to any adverse claims, including, without limitation, any restriction upon the sale or
transfer of such Deposit Futures.

 

6.
CASH COMPONENT

 

The
Participant hereby agrees that, in connection with a Purchase Order, it will make available as of the contractual settlement date
(the “Contractual Settlement Date”), by means reasonably satisfactory to the Trust, and in accordance with the provisions
of the Prospectuses, immediately available or same day funds estimated by the Trust to be sufficient to pay the Cash Component
next determined after acceptance of the Purchase Order, together with the applicable Transaction Fee. Any excess funds will be
returned following settlement of the Purchase Order. The Participant agrees to ensure that the Cash Component will be received
by the issuing Fund in accordance with the terms of the Prospectuses, but in any event as of the Contractual Settlement Date,
and in the event payment of such Cash Component has not been made in accordance with the provisions of the Prospectuses or by
such Contractual Settlement Date, the Participant agrees in connection with a Purchase Order to pay the amount of the Cash Component,
plus interest, computed at such reasonable rate as may be specified by the Fund from time to time. The Participant shall be liable
to the custodian, any sub-custodian, or the Trust for any amounts advanced by the custodian or any sub-custodian in its sole discretion
to the Participant for payment of the amounts due and owing for the Cash Component. Computation of the Cash Component shall exclude
any taxes, duties or other fees and expenses payable upon the transfer of beneficial ownership of the Deposit Futures, which shall
be the sole responsibility of the Participant and not the Trust; provided that the Participant shall only be responsible for such
taxes, duties, or other fees and expenses to the extent that such taxes, duties, or other fees and expenses arise out of or relate
to the Participant’s purchases or redemptions of Creation Units.

 

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7.
ROLE OF PARTICIPANT

 

(a)
Each Party acknowledges and agrees that, for all purposes of this Agreement, the Participant will be deemed to be an independent
contractor, and will have no authority to act as agent for the Funds or the Distributor in any matter or in any respect under
this Agreement. Each party agrees to make itself and its employees available, upon reasonable request and with reasonable notice,
during normal business hours to consult with the other parties or their designees concerning the performance of such party’s
responsibilities under this Agreement, provided that no Party shall be under any obligation to divulge or otherwise discuss any
information that such Party reasonably believes (i) is proprietary in nature, or (ii) the disclosure of which to third parties
is in violation of (a) applicable law or regulation, or is otherwise prohibited by law, or (b) such Party’s contractual
confidentiality obligations.

 

(b)
The Participant agrees as a DTC Participant and in connection with any purchase or redemption transactions in which it acts on
behalf of a third party 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 Prospectuses.

 

(c)
The Participant represents and warrants that it has implemented, and agrees to maintain and implement on an on-going basis, an
anti-money laundering program reasonably designed to comply with all applicable anti-money laundering laws and regulations, including
but not limited to the Bank Secrecy Act of 1970 and the USA PATRIOT Act of 2001.

 

8.
AUTHORIZED PERSONS OF THE PARTICIPANT

 

(a)
Concurrently with the execution of this Agreement, and from time to time thereafter as may be reasonably requested by the Funds,
the Transfer Agent, or the Distributor, the Participant shall deliver to the Funds and the Transfer Agent, with copies to the
Distributor, a certificate in the format of Attachment B to this Agreement, duly certified by the Participant’s Secretary
or other duly authorized person of the Participant, setting forth the names and signatures of all persons authorized by the Participant
to give Orders and instructions relating to any activity contemplated by this Agreement on behalf of the Participant (each an
“Authorized Person”). Such certificate may be relied upon by the Distributor, the Transfer Agent and the Funds as
conclusive evidence of the facts set forth therein and shall be considered to be in full force and effect until receipt by the
Funds, the Distributor, and the Transfer Agent of a superseding certificate or of written notice (via e-mail is permissible) from
the Participant that an individual should be added to, or removed from, the certificate. Whenever the Participant wants to add
an Authorized Person, revoke the authority of an Authorized Person, or change or cancel a PIN Number (as defined below), the Participant
shall give prompt written notice (via e-mail is permissible) of such fact to the Funds, and the Transfer Agent, with a copy to
the Distributor, and such notice shall be effective upon receipt by the Funds, the Transfer Agent, and the Distributor.

 

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(b)
The Transfer Agent shall issue to each Authorized Person a unique personal identification number (“PIN Number”) by
which the Participant and such Authorized Person shall be identified and instructions to the Funds, Transfer Agent, and Distributor
issued by the Participant through the Authorized Person shall be authenticated. The Participant shall keep its PIN Number confidential
and permit only Authorized Persons to use such PIN Number to submit instructions for the Participant, to the Funds, Transfer Agent,
and Distributor; provided that the Funds, the Transfer Agent, and the Distributor acknowledge and agree that certain employees
of the Participant, such as those who work in legal, compliance, risk management, or other supervisory roles may have a reasonable
need to know or may have incidental access to one or more PIN Numbers. If the Participant’s PIN Number is changed, the new
PIN Number will become effective on a date mutually agreed upon in writing by the Participant and the Transfer Agent. If the Participant’s
PIN Number is compromised, the Participant shall contact the Transfer Agent, as promptly as practicable under the circumstances,
in writing in order for a new one to be issued. Upon receipt of written notice as set forth in paragraph (a) of this Section 8,
the Transfer Agent agrees to promptly issue a PIN Number when the Participant wants to change the PIN Number and shall promptly
cancel a PIN Number when the Participant requests such cancellation.

 

(c)
The Transfer Agent and Distributor shall not have any obligation to verify instructions and Orders given using an Authorized Person’s
PIN Number and shall assume that all instructions and Orders issued to it using an Authorized Person’s PIN Number have been
properly placed, unless (i) the Transfer Agent and Distributor have received from the Participant written notice as set forth
in paragraph (a) of this Section 8 that such person is no longer authorized to act on behalf of Participant or (ii) the Transfer
Agent has received from the Participant written notice as set forth in paragraph (b) of this Section 8 that such PIN Number is
compromised.

 

(d)
The Participant agrees that none of the Distributor, the Transfer Agent, or the Funds shall be liable, absent gross negligence,
bad faith or willful misconduct, for Losses (as defined in Section 12(a), below) incurred by the Participant as a result of the
unauthorized use of an Authorized Person’s PIN Number, unless the Transfer Agent, the Distributor, and the Funds previously
received from the Participant written notice to revoke such PIN Number as set forth in paragraph (a) of this Section 8. This paragraph
(d) shall survive the termination of this Agreement.

 

9.
REDEMPTIONS

 

(a)
The Participant understands and agrees that Redemption Orders may be submitted only on days that the Trust is open for business.

 

(b)
The Participant represents and warrants that, as of the close of the business day on which it has placed a Redemption Order for
the purpose of redeeming any Creation Units of any Fund, it or any party for which it is acting (whether a customer or otherwise,
a “Participant Client”), as the case may be, (i) will own (within the meaning of Rule 200 of Regulation SHO) the requisite
number of Shares of the relevant Fund or (ii) will have reasonable grounds to believe that the requisite number of Shares of the
relevant Fund can be borrowed (as contemplated by Rule 203(b)(1) of Regulation SHO) such that, in either case, the Participant
can make good delivery of the Shares to the Trust on the Contractual Settlement Date of the Redemption Order. In either case,
the Participant acknowledges that: (i) it or, if applicable, its Participant Client, has or will have the authority, right and
ability to tender for redemption the requisite number of Shares of the relevant Fund to be redeemed as a Creation Unit on the
Contractual Settlement Date; and (ii) if such Shares submitted for redemption have been loaned or pledged to another party or
are the subject of a repurchase agreement, securities lending agreement, or any other arrangement affecting legal or beneficial
ownership of such Shares being submitted for redemption, there are no restrictions precluding the delivery of such Shares (including
borrowed Shares, if any) for redemption, free and clear of liens, on the Contractual Settlement Date.

 

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(c)
In the event that the Distributor, Transfer Agent and/or the Trust reasonably believes in good faith that the Participant would
not be able to deliver the requisite number of Shares to be redeemed as a Creation Unit on the Contractual Settlement Date, the
Distributor, Transfer Agent and/or Trust may require the Participant to deliver or execute supporting documentation evidencing
ownership of sufficient Shares, reasonable grounds to believe that the requisite number of Shares of the relevant Fund can be
borrowed so that the Participant can make good delivery of the Shares, or its right to deliver sufficient Shares of the relevant
Fund in order for the Redemption Order to be in proper form. If such documentation is not satisfactory to the Distributor, the
Transfer Agent and/or the Trust, in their reasonable discretion, then the Distributor, the Transfer Agent and/or the Trust may
reject, without liability, the Participant’s Redemption Order.

 

(d)
In the event that the Participant receives Fund futures the value of which exceeds the net asset value attributable to the applicable
Creation Unit at the time of redemption, the Participant agrees to pay, on the same business day it is notified, or cause the
Participant Client to pay, on such day, to the applicable Fund an amount in cash equal to the difference or return such Fund futures
to the Fund, unless the parties otherwise agree.

 

10.
BENEFICIAL OWNERSHIP

 

(a)
The Participant represents and warrants that, based upon the number of outstanding Shares of any particular Fund, either (i) it
does not, and will not in the future as the result of one or more Purchase Orders, hold 80% or more of the currently outstanding
Shares of such Fund, so as to cause the Fund to have a basis in the portfolio securities deposited with the Fund different from
the market value of such portfolio securities on the date of such deposit, pursuant to sections 351 and 362 of the Internal Revenue
Code of 1986, as amended, or (ii) it is carrying some or all of the Deposit Futures as a dealer and as inventory in connection
with its market making activities.

 

(b)
A Fund, the Distributor, and the Transfer Agent have the right to require, as a condition to the acceptance of Deposit Futures,
information from the Participant, subject to applicable confidentiality and privacy obligations of the Participant, regarding
ownership of the Shares by the Participant and its customers, and to rely thereon to the extent necessary to make a determination
regarding ownership of 80 percent or more of the Fund’s currently outstanding Shares by a Beneficial Owner.

 

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11.
OBLIGATIONS OF PARTICIPANT

 

(a)
Pursuant to its obligations under the federal securities laws, the Participant agrees to maintain all books and records of all
sales of Shares made by or through it and to furnish copies of such records to the Trust, Transfer Agent and/or the Distributor
upon their written reasonable request for regulatory or compliance purposes, to the extent permitted by applicable privacy and
consumer protection laws and contractual confidentiality obligations.

 

(b)
The Participant affirms that it has procedures in place reasonably designed to protect the privacy of non-public personal consumer/customer
financial information to the extent required by applicable law, rule and regulation and that it will maintain such procedures
throughout the term of this Agreement.

 

(c)
The Participant represents and warrants that it has taken affirmative steps so that it will not be an affiliated person of a Fund,
a promoter or principal underwriter of a Fund or an affiliated person of such persons due to ownership of Shares, including through
its grant of an irrevocable proxy relating to the Shares to the Distributor.

 

12.
INDEMNIFICATION

 

This
Section 12 shall survive the termination of this Agreement.

 

(a)
The Participant hereby agrees to indemnify and hold harmless the Distributor, the Funds, the Transfer Agent, their respective
subsidiaries, affiliates, directors, trustees, 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 “Participant Indemnified Party”), from and against any loss,
liability, cost, or expense (including reasonable attorneys’ fees) (“Losses”) incurred by such Participant Indemnified
Party as a result of (i) any material breach by the Participant of any provision of this Agreement that relates to the Participant,
unless such breach occurred as a result of the Participant’s reasonable adherence to instructions reasonably given to it
by such Participant Indemnified Party; (ii) any material failure on the part of the Participant to perform any of its obligations
set forth in this Agreement, unless such failure occurred as a result of the Participant’s reasonable adherence to instructions
reasonably given to it by such Participant Indemnified Party; (iii) any material failure by the Participant to comply with applicable
laws, including rules and regulations of self-regulatory organizations (“SROs”) in relation to its role as Participant
under this Agreement, except that the Participant shall not be required to indemnify a Participant Indemnified Party to the extent
that such failure was caused by the Participant’s reasonable adherence to instructions given or representations made by
such Participant Indemnified Party who knew that such instructions given or representations made would cause the Participant to
violate applicable law and the Participant did not know, and could not have reasonably known, that such instructions would cause
the Participant to violate applicable law; (iv) actions of a Participant Indemnified Party taken in reasonable reliance upon any
instructions reasonably believed by the Distributor, and/or the Transfer Agent to be genuine and to have been given by the Participant,
except to the extent such instructions were given by a person using a PIN Number previously revoked by the Participant in accordance
with Section 8 herein and such revocation was received by the Distributor and Transfer Agent prior to the transmittal of such
instructions; (v) the Participant’s failure to complete an Order that has been accepted (except to the extent that such
Order was permitted by the Trust in writing to be cancelled); or (vi)(1) any material representation by the Participant, its employees
or its agents or other representatives about the Shares or any Participant Indemnified Party that is not consistent with the Trust’s
then current Prospectus made directly in connection with the offer or the solicitation of an offer to buy or sell Shares, and
(2) any untrue statement of a material fact contained in any research reports, marketing material, and sales literature described
in Section 4 hereof or an omission to state therein a material fact required to be stated therein or necessary to make the statements
therein not misleading to the extent that such statement or omission relates to the Shares or any Participant Indemnified Party
unless such representation, statement, or omission was made, or included by the Distributor or the Trust in materials furnished
to the Participant or by the Participant at the written direction of the Trust or the Distributor or is based upon any omission
or alleged omission by the Trust or the Distributor to state a material fact in connection with such representation, statement
or omission necessary to make such representation, statement, or omission not misleading. The Participant and the Distributor
understand and agree that the Trust as a third-party beneficiary to this Agreement may be entitled to proceed directly against
the Participant in the event that the Participant fails to honor any of its material obligations pursuant to this Agreement that
benefit the Trust.

 

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(b)
The Distributor hereby agrees to indemnify and hold harmless the Participant, its respective subsidiaries, affiliates, directors,
partners, members, 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 “Distributor Indemnified Party”) from and against any Losses incurred by such Distributor
Indemnified Party as a result of: (i) any material breach by the Distributor of any provision of this Agreement that relates to
the Distributor, unless such breach occurred as a result of the Distributor’s reasonable adherence to instructions reasonably
given to it by such Distributor Indemnified Party; (ii) any material failure on the part of the Distributor to perform any of
its obligations set forth in this Agreement, unless such failure occurred as a result of the Distributor’s reasonable adherence
to instructions reasonably given to it by such Distributor Indemnified Party; (iii) any material failure by the Distributor to
comply with applicable laws, rules and regulations, including rules and regulations of SROs, in relation to its role as Distributor
hereunder; (iv) actions of a Distributor Indemnified Party taken in reasonable reliance upon any representations made in accordance
with the Prospectus and this Agreement reasonably believed by such Distributor Indemnified Party to be genuine and to have been
given by the Distributor; or (v) any untrue statement of a material fact or omission to state therein a material fact required
to be stated therein or necessary to make the statements therein not misleading made or omitted in any written materials prepared
by the Distributor to the extent such written materials were furnished to the Trust by the Distributor for inclusion in any Marketing
Materials furnished to the Participant by the Distributor under this Agreement.

 

(c)
The Trust hereby agrees to indemnify and hold harmless the Participant, its respective subsidiaries, affiliates, directors, partners,
members, 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 “Trust Indemnified Party”) from and against any Losses incurred by such Trust Indemnified Party
as a result of any material breach by the Trust of its representations in Section 4(d) herein. All Shares represent interests
in their underlying series, the assets and liabilities of which are separate and distinct. Any indemnification provided by the
Trust in connection with the Shares shall be limited to the corresponding assets of such series.

 

    	10

     

    

 

(d)
The Distributor agrees with the Participant that it would not be just and equitable if contribution pursuant to this Section 12
were determined by pro rata allocation or by any other method of allocation that does not take account of the equitable considerations
referred to herein. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the 1933 Act) shall
be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation.

 

(e)
An indemnifying party shall not be liable under the indemnity agreement contained in this Section 12 with respect to any claim
made against any Distributor Indemnified Party or Participant Indemnified Party, as applicable, unless the applicable indemnified
party shall have notified the applicable indemnifying party in writing of the claim within a reasonable time after the summons
or other notification giving information of the nature of the claim has been served upon the applicable indemnified party. However,
failure to notify the applicable indemnifying party of any claim shall not relieve such indemnifying party from any liability
which it may have to any Distributor Indemnified Party or Participant 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.

 

(f)
The indemnifying party in each of Sections 12(a), 12(b), and 12(c) above shall be entitled, at its option and its own expense,
to exercise sole control and authority over the defense and settlement of such action. If the indemnifying party elects to exercise
sole control authority over the defense and settlement, such defense shall be conducted by counsel chosen by it and satisfactory
to the applicable indemnified party in such action, and who shall not, except with the consent of the applicable indemnified party,
be counsel to the indemnifying party. The indemnifying party is not authorized to accept any settlement that does not provide
the applicable indemnified party with a complete release or that imposes liability not covered by these indemnifications or places
restrictions on the indemnified party or causes reputational harm to the indemnified party, in each case, without the prior written
consent of the indemnified party.

 

(g)
Sections 12(a) and 12(b) above shall not apply to the extent any such Losses are incurred as a result or in connection with any
gross negligence, bad faith or willful misconduct on the part of any Participant Indemnified Party or Distributor Indemnified
Party, as the case may be. The term “affiliate” in this Section 12 shall include, with respect to any person, entity
or organization, any other person, entity or organization which directly, or indirectly through one or more intermediaries, controls,
is controlled by or is under common control with such person, entity, or organization

 

13.
LIMITATION OF LIABILITY

 

This
Section 13 shall survive the termination of this Agreement.

 

(a)
In no event shall any party to this Agreement be liable for any special, indirect, incidental, exemplary, punitive or consequential
loss or damage of any kind whatsoever (including but not limited to loss of revenue, loss of actual or anticipated profit, loss
of contracts, loss of the use of money, loss of anticipated savings, loss of business, loss of opportunity, loss of market share,
loss of goodwill or loss of reputation), even if such parties have been advised of the likelihood of such loss or damage and regardless
of the form of action. In no event shall any party to this Agreement be liable for the acts or omissions of DTC, NSCC, or any
other securities depository or clearing corporation.

 

    	11

     

    

 

(b)
None of the Distributor, the Trust, the Transfer Agent, or the Participant shall be responsible or liable for any failure or delay
in the performance of its obligations under this Agreement arising out of or caused, directly or indirectly, by circumstances
beyond its reasonable control, including without limitation: acts of God; earthquakes; fires; floods; wars; civil or military
disturbances; terrorism; sabotage; epidemics; riots; interruptions; loss or malfunction of utilities, computer (hardware or software)
or communications service; accidents; labor disputes; acts of civil or military authority or governmental actions.

 

(c)
In the absence of bad faith, gross negligence, or willful misconduct, the Distributor, the Participant and the Transfer Agent
may conclusively rely upon, and shall be fully protected in acting or refraining from acting upon, any communication authorized
under this Agreement and upon any written or oral instruction, notice, request, direction or consent reasonably believed by them
to be genuine.

 

(d)
In the absence of bad faith, gross negligence or willful misconduct on its part, the Transfer Agent, whether acting directly or
through its agents, affiliates or attorneys, shall not be liable for any action taken, suffered or omitted or for any error of
judgment made by it in the performance of its duties hereunder. The Transfer Agent shall not be liable for any error of judgment
made in good faith unless in exercising such it shall have been grossly negligent in ascertaining the pertinent facts necessary
to make such judgment.

 

(e)
To the extent any payment of any transfer tax, sales or use tax, stamp tax, recording tax, value added tax ( but excluding any
income taxes) or any other similar government charge applicable to the Purchase Order or Redemption Order of Creation Units of
any Fund made pursuant to this Agreement is imposed, the Participant shall be responsible for the payment of such tax or government
charge unless such tax or charge is caused by the Distributor’s, Transfer Agent’s, or Trust’s fraud, negligence,
or willful misconduct. To the extent the Trust or the Distributor is required by law to pay any such tax or charge, the Participant
agrees to reimburse such party for any such payment, but excluding any penalties, additions to tax or interest thereon; provided
that the Participant shall only be responsible for such taxes or charges to the extent allocable to the Participant’s purchases
or redemptions of Creation Units.

 

14.
INFORMATION ABOUT DEPOSIT FUTURES

 

On
each day that the Trust is open for business, through the facilities of the NSCC, the names and amounts of Deposit Futures to
be included in the current Fund Deposit for each Fund will be published.

 

15.
RECEIPT OF PROSPECTUSES BY PARTICIPANT

 

The
Participant acknowledges receipt of the Prospectuses and represents that it has had an opportunity to review each Prospectus and
ask questions with respect to the terms thereof.

 

    	12

     

    

 

16.
CONSENT TO ELECTRONIC DELIVERY OF PROSPECTUSES

 

The
Distributor will provide to the Participant copies of the Prospectus and any printed supplemental information in reasonable quantities
upon request of the Participant. The Participant consents to the delivery of the Prospectus electronically at Prospectus-ny@ny.email.gs.com.
The Participant understands that the current Prospectus and most recent shareholder report for each Fund are available at the
applicable Fund’s website. The Distributor will notify the Participant when a revised, supplemented or amended Prospectus
for any Fund is available and deliver or otherwise make available to the Participant copies of such revised, supplemented or amended
Prospectus at such time and in such numbers as to enable the Participant to comply with any obligation it may have to deliver
such Prospectus to its customers. As a general matter, the Distributor will make such revised, supplemented or amended Prospectuses
available to the Participant no later than its effective date.

 

The
Participant agrees to maintain the e-mail address set forth above and further agrees to promptly notify the Distributor if its
e-mail address changes. The Participant understands that it must have Internet access to electronically access the Prospectuses.
The Participant may revoke the consent to electronic delivery of the Prospectuses at any time by providing written notice to the
Distributor.

 

17.
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 Federal Express or other similar delivery service; by registered
or certified United States first class mail, return receipt requested; or by facsimile, e-mail or similar means of same day delivery
(with a confirming copy by mail). Unless otherwise notified in writing, all notices to the Funds shall be at the address, e-mail
address, or telephone or facsimile numbers indicated below the signature of the Distributor. All notices to the Participant, the
Distributor, and the Transfer Agent shall be directed to the address, e-mail address, or telephone, or facsimile numbers indicated
below the signature line of such party, except that for any attempt by the Transfer Agent to contact an Authorized Person of the
Participant with respect to, among other things, ambiguous instructions or the suspension or cancellation of an order, the Transfer
Agent agrees to contact the applicable Authorized Person that placed the Purchase Order or Redemption Order or, if such person
is unavailable, an available Authorized Person on the same trading desk. A copy of all notices sent to the Participant also shall
be sent to:

 

_________________

 

_________________

 

_________________

 

_________________

 

With
a copy to: _________________ or such other contacts as the Participant shall designate from time to time.

 

    	13

     

    

 

18.
EFFECTIVENESS, TERMINATION, AND AMENDMENT OF AGREEMENT

 

(a)
This Agreement shall become effective on the date set forth below and may be terminated at any time by any party upon sixty (60)
calendar days’ prior written notice to the other parties, and may be terminated earlier by the Funds, the Participant or
the Distributor at any time in the event of a material breach by another party of any provision of this Agreement.

 

(b)
No party may assign its rights or obligations under this Agreement (in whole or in part) without the prior written consent of
the other party, which shall not be unreasonably withheld, provided, however, any party may assign its rights or obligations under
this Agreement (in whole or in part) to an affiliate upon prior written notice to the other parties. Any purported assignment
in violation of the provisions hereof shall be null and void.

 

(c)
This Agreement may not be amended except by a writing signed by all the parties hereto. This Agreement is intended to, and shall
apply to, each of the current and future Funds of the Trust, such that no amendment shall be required in the event that the Trust
creates new Funds or terminates existing Funds, provided, however, that notice shall be provided to the Participant of such creation
or termination of Funds.

 

19.
GOVERNING LAW

 

This
Section 19 shall survive the termination of this Agreement.

 

This
Agreement shall be governed by and interpreted in accordance with the laws of the State of New York without regard to the conflicts
of laws provisions thereof. The parties irrevocably submit to the personal jurisdiction and service and venue of any New York
State or United States Federal court sitting in New York, New York having subject matter jurisdiction, for the purposes of any
suit, action or proceeding arising out of or relating to this Agreement, or any action taken or omitted hereunder, and waive any
claim of forum non conveniens. The parties further waive personal service of any summons, complaint or other process and agree
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. THE PARTIES HERETO IRREVOCABLY WAIVE ANY AND ALL RIGHTS TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING
OUT OF OR RELATING TO THIS AGREEMENT.

 

20.
COUNTERPARTS

 

This
Agreement may be executed in several counterparts, each of which shall be an original and all of which shall constitute one and
the same instrument.

 

21.
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 SRO 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 and this Agreement shall be construed as if such invalid, illegal, or unenforceable provision had never been
contained herein.

 

    	14

     

    

 

22.
HEADINGS

 

Headings
and sub-headings are included solely for convenient reference and shall not affect the meaning, construction, operation, or effect
of the terms of this Agreement.

 

23.
ENTIRE AGREEMENT

 

This
Agreement, which includes the attachments, supersedes any prior agreement between the parties with respect to the subject matter
contained herein and constitutes the entire agreement between the parties regarding the matters contained herein.

 

24.
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.

 

25.
NO PROMOTION

 

Except
as required by law, rule, or regulation, each of the Trust (and any Fund), the Distributor, and the Transfer Agent, solely in
its capacity as Transfer Agent and in relation to this Agreement, agrees that it will not, without the prior written consent of
the Participant in each instance, (i) use in advertising or publicity the name of the Participant or any affiliate of the Participant,
or any partner or employee of the Participant, nor any trade name, trademark, trade device, service mark, symbol or any abbreviation,
contraction or simulation thereof owned by the Participant or its affiliates, or (ii) represent, directly or indirectly, that
any product or any service provided by the Trust (and any Fund), the Distributor, or the Transfer Agent, solely in its capacity
as Transfer Agent and in relation to this Agreement, has been approved or endorsed by the Participant. This provision shall survive
termination or expiration of this Agreement.

 

26.
SURVIVAL

 

Section
4 (Marketing Materials and Representations), Section 8(c) (Authorized Persons of the Participant), Section 12 (Indemnification),
Section 13 (Limitation of Liability), Section 19 (Governing Law), Section 25 (No Promotion), and this Section 26 (Survival), shall
survive the termination of this Agreement.

 

[Signature
page follows]

 

    	15

     

    

 

The
duly authorized representatives of the below parties have executed this Agreement, the effective date of which shall be the date
of the most recent signature below.

 

Capital
Investment Group, Inc.

 

By:
__________________________________________

 

Name:
______________________

 

Title:
_______________________

 

Address:
_______________________

 

                ________________________

 

Telephone:
_____________________

 

Facsimile:
______________________

 

E-mail:
________________________

 

Date:
________________________________________

 

    	16

     

    

 

[Authorized
Participant]

 

DTC/NSCC
Clearing Participant Code:

 

By:
_______________________________________

 

Name:
________________________________________

 

Title:
_________________________________________

 

Address:
______________________________________

 

Telephone:
____________________________________

 

Facsimile:
_____________________________________

 

E-mail:
_______________________________________

 

Date:
________________________________________

 

    	17

     

    

 

ACCEPTED
BY:

 

Nottingham
Shareholder Services, LLC, as Transfer Agent

 

By:
__________________________________________

 

Name:
Robert J. Myers

 

Title:
Managing Member

 

Address:
116 South Franklin Street

                 Rocky
Mount, North Carolina 27804

 

Telephone:
252-984-3804

 

Facsimile:
_____________________________________

 

E-mail:
_____________________________________

 

Date:
________________________________________

 

    	18

     

    

 

ACKNOWLEDGED
AND AGREED, SOLELY WITH RESPECT TO SECTIONS 2, 4(d), 5(b), 7(a), 11(b), 12 and 13 HEREOF:

 

Dynamic
Shares Trust

 

By:
__________________________________________

 

Name:
________________________________________

 

Title:
_______________________________________

 

Address:
___________________________________

 

                ____________________________________

 

Telephone:
__________________________________

 

Facsimile:
__________________________________

 

E-mail:
_____________________________________

 

Date:
________________________________________

 

    	19

     

    

 

ATTACHMENT
A

 

List
of Funds

 

	Fund
    Name	 	Ticker	 	#
    Shares per Creation Unit
	 	 	 	 	 
	Dynamic
    Short Short-Term Volatility Futures ETF	 	WEIX	 	50,000

 

    	20

     

    

 

ATTACHMENT
B

AUTHORIZED
PERSONS

CERTIFIED
AUTHORIZED PERSONS OF 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 this Dynamic Shares Trust Authorized Participant Agreement, or any other notices, request
or instruction on behalf of Participant pursuant to this Authorized Participant Agreement.

 

For
Each Authorized Person:

 

	Name:	 	 	Name:	 
	Title:	 	 	Title:	 
	 	 	 	 	 
	Signature:	 	 	Signature:	 
	Phone:	 	 	Phone:	 
	Email:	 	 	Email:	 
	 	 	 	 	 
	Name:	 	 	Name:	 
	Title:	 	 	Title:	 
	 	 	 	 	 
	Signature:	 	 	Signature:	 
	Phone:	 	 	Phone:	 
	Email:	 	 	Email:	 
	 	 	 	 	 
	Name:	 	 	Name:	 
	Title:	 	 	Title:	 
	 	 	 	 	 
	Signature:	 	 	Signature:	 
	Phone:	 	 	Phone:	 
	Email:	 	 	Email:	 
	 	 	 	 	 
	Name:	 	 	Name:	 
	Title:	 	 	Title:	 
	 	 	 	 	 
	Signature:	 	 	Signature:	 
	Phone:	 	 	Phone:	 
	Email:	 	 	Email:	 
	 	 	 	 	 
	Name:	 	 	Name:	 
	Title:	 	 	Title:	 
	 	 	 	 	 
	Signature:	 	 	Signature:	 
	Phone:	 	 	Phone:	 
	Email:	 	 	Email:	 

 

The
undersigned does hereby certify that the persons listed above have been duly elected to the offices set forth beneath their names,
that they presently hold such offices, that they have been duly authorized to act as Authorized Persons pursuant to the Authorized
Participant Agreement by and among Capital Investment Group, Inc., and ________________, and that their signatures set forth above
are their own true and genuine signatures.

 

	 	By:	 
	 	 	 
	 	Date:	 
	 	Name:	 
	 	Title:	 

 

    	21Exhibit
10.1

 

FORM
OF

 

ACCOUNTING
AND ADMINISTRATION SERVICE AGREEMENT

 

THIS
AGREEMENT is made and entered into as of this ___ day of ____________, 2020, by and between DYNAMIC SHARES TRUST, a
Delaware statutory trust, having its principal office and place of business at 401 W Superior St, Suite 300, Chicago, IL 60654
(the “Trust”), on behalf of its series listed in Appendix A and all future series of the Trust (each a “Fund”,
and collectively the “Funds” as applicable) Dynamic Shares LLC,
a Delaware limited liability company, (the “Sponsor”), and THE NOTTINGHAM COMPANY, a North Carolina business
corporation, having its principal office and place of business at 116 South Franklin Street, Rocky Mount, North Carolina 27804
(the “Administrator”).

 

WHEREAS,
the Administrator is in the business of providing fund accounting and administration services for the benefit of its customers;
and

 

WHEREAS,
the Trust desires to retain the Administrator to provide such fund accounting and administration services to each series of the
Trust listed in Appendix A hereof (and as periodically amended); and

 

WHEREAS,
the Administrator is willing to provide such fund accounting and administration services on the terms and conditions set forth
in this agreement;

 

NOW
THEREFORE, in consideration of the premises and mutual covenants contained herein, the Trust and the Administrator hereby
agree as follows:

 

	1.	APPOINTMENT OF THE ADMINISTRATOR

 

		(a)	The
                                         Trust, on behalf of each Fund listed in Appendix A, hereby retains the Administrator
                                         to provide the accounting and administrative services enumerated in Appendix B hereof,
                                         for the period and on the terms set forth in this Agreement.

 

		(b)	The
                                         Administrator hereby agrees to be retained and to furnish the services enumerated in
                                         Appendix B, for the period and on the terms set forth in this Agreement, in return for
                                         the compensation as provided in Section 4 of this Agreement.

 

		2.	SERVICES
                                         AND DUTIES OF THE ADMINISTRATOR

 

		(a)	With
                                         respect to each Fund, the Administrator shall provide, or cause to be provided, the accounting
                                         and administrative duties as set forth in Appendix B. The Administrator shall exercise
                                         reasonable customary care in the performance of its duties under this Agreement.

 

		(b)	The
                                         Administrator may from time to time adopt procedures, or modify its procedures, to implement
                                         the terms of this Agreement. However, at all times the Administrator will perform its
                                         services and duties in compliance with, and according to, the policies and direction
                                         of the Trust.

 

		(c)	The
                                         parties hereby mutually agree that the services and duties of the Administrator shall
                                         be confined to those matters expressly set forth in Appendix B or otherwise herein, and
                                         no implied duties are assumed by or may be asserted against the Administrator.

 

    	Page 1 of 22

    	 

    

 

		3.	BOOKS
                                         AND RECORDS

 

		(a)	Record
                                         Maintenance. The Administrator shall maintain customary books and records in connection
                                         with its duties as specified in this Agreement. The Administrator shall (i) keep all
                                         books and records with respect to each Fund’s books of account, (ii) records of
                                         each Fund’s securities transactions, and (iii) all other books and records as required
                                         pursuant to Commodity Futures Trading Commission Regulation 1.31 (“CFTC Regulation
                                         1.31”) in connection with the services provided hereunder and Rule 31a-1 and under
                                         the 1940 Act, as if the Fund were subject to such requirements, and will maintain those
                                         books and records of the Trust and the Fund, and act as the document repository thereof,
                                         as required by CFTC regulation 1.31 and according to its normal retention schedule for
                                         such books and records. Any such books or records that are prepared and maintained by
                                         the Administrator on behalf of the Trust shall be the property of the Trust and will
                                         be made available to or surrendered promptly to the Trust on request. Notwithstanding
                                         the foregoing, the Administrator shall be entitled to keep copies of any books or records
                                         that the Administrator may be required to retain by law or regulation.

 

With
prior approval of the Trust and in compliance with applicable law, the Administrator may subcontract to a third party the storage
and maintenance of the Trust’s books and records and such costs and expenses shall be the responsibility of the Trust.

 

In
case of any request or demand for the inspection of such records by another party, the Administrator will notify the Trust and
follow the Trust’s instructions as to permitting or refusing such inspection; provided that the Administrator may exhibit
such records as provided in Section 14 of this Agreement and to any person in any case where it is advised by its counsel that
it may be held liable for failing to do so, unless (in cases involving potential exposure only to civil liability) the Trust has
agreed to indemnify the Administrator against such liability.

 

		(b)	Delivery
                                         of Documents. The Trust shall provide the Administrator with the necessary documents,
                                         records, and other information in its possession or control to enable the Administrator
                                         to perform its duties and obligations under this Agreement, including, but not limited
                                         to, a copy of the Trust documents and any amendments thereto.

 

		(c)	Converting
                                         to Administrator’s System. The Trust agrees to cooperate with the Administrator
                                         in converting to the Administrator’s data processing system and software (“Administrator’s
                                         System”) to the extent necessary for Administrator to perform the Administrator’s
                                         duties under this Agreement. Notwithstanding anything to the contrary in this Agreement,
                                         the Trust acknowledges and agrees that all computer programs and procedures developed
                                         by or for the Administrator to perform its duties and services under this Agreement,
                                         including, but not limited to, the Administrator’s Systems, are and shall remain
                                         the sole property of the Administrator.

 

		4.	FEES,
                                         EXPENSES AND OTHER COMPENSATION

 

		(a)	Fees.
                                         In exchange for the services provided by the Administrator pursuant to Appendix B
                                         or otherwise herein, the Trust hereby agrees to pay, or cause to be paid, to the Administrator
                                         fees as specified in the Fund specific Appendices hereof. The Administrator will be entitled
                                         to additional compensation for any special projects or services requested by the Trust
                                         outside the scope of Appendix B or otherwise herein.

 

    	Page 2 of 22

    	 

    

 

Asset-based
compensation will be calculated and accrued daily and paid to the Administrator monthly. For flat fees, partial months will be
prorated. Where applicable, the fee shall be calculated based upon the average daily net assets of each Fund. For this purpose,
the average daily net assets shall be computed in the manner described in the Trust’s Declaration of Trust or the Trust’s
Prospectus or Statement of Additional Information for that Fund.

 

		(b)	Special
                                         Projects. The Trust may, from time to time, request that the Administrator perform
                                         additional tasks above and beyond the general scope of its responsibilities under Appendix
                                         B herein. The Trust hereby agrees to pay, or cause to be paid, to the Administrator special
                                         project fees as specific in Schedule 1 hereof.

 

		(c)	Expenses.
                                         The Trust hereby assumes and will pay, or cause to be paid, all expenses of the Trust
                                         and the Fund(s) pursuant to Schedule 2 hereof and will allocate the Fund(s)’ portion
                                         of such expenses to the Fund(s) for direct payment.

 

		(d)	Reimbursement.The
                                         Trust will promptly reimburse, or cause to be reimbursed, the Administrator for its reasonable
                                         expenses in connection with the Trust’s and the Fund(s)’ activities including,
                                         but not limited to:

 

		(i)	costs
                                         of telephone services (but not telephone equipment) including, but not limited to, long
                                         distance telephone and wire charges;

 

		(ii)	postage
                                         and delivery costs;

 

		(iii)	costs
                                         to print special forms and stationary;

 

		(iv)	copying
                                         charges;

 

		(v)	costs
                                         of financial publications (if any) or professional memberships (e.g. ICI membership)
                                         in connection with the Trust’s and the Fund(s)’ activities;

 

		(vi)	third
                                         party storage fees of the Trust’s and the Fund(s)’ files and records, etc.;
                                         and

 

		(vii)	any
                                         travel and lodging expenses incurred by officers and employees of the Administrator in
                                         connection with its services under this agreement.

 

		(e)	Compensation
                                         from Transactions. The Trust authorizes any entity or person associated with the
                                         Administrator that is a member of a national securities exchange to effect any transaction
                                         on the exchange for the account of the Trust which is permitted by Section 11(a) of the
                                         Securities Exchange Act of 1934 and Rule 11a2-2(T) thereunder, and the Trust consents
                                         to the retention of compensation for such transactions in accordance with Rule 11a2-2(T)(a)(2)(iv)
                                         thereunder.

 

		(f)	Survival
                                         of Compensation Rates. All rights of compensation under this Agreement for services
                                         performed as of the termination date will survive the termination of this Agreement.
                                         In addition, upon liquidation or upon termination of this Agreement as to any Fund, the
                                         Administrator shall be entitled to such other compensation as set forth in Appendix C.

 

    	Page 3 of 22

    	 

    

 

		5.	NON-EXCLUSIVITY

 

The
services of the Administrator rendered to the Trust are not to be deemed to be exclusive. The Administrator is free to render
such services to others and to have other businesses and interests. It is understood that trustees, officers, employees, or shareholders
of the Trust are or may be or become interested in the Administrator, as directors, officers, employees, and shareholders or otherwise
and that directors, officers, employees, and shareholders of the Administrator and its counsel are or may be or become similarly
interested in the Trust, and that the Administrator may be or become interested in the Trust as a shareholder or otherwise.

 

		6.	INDEPENDENT
                                         CONTRACTOR STATUS

 

The
Administrator will, for the purpose of this Agreement, be deemed an independent contractor and, unless otherwise expressly provided
or authorized, will have no authority to act or represent the Trust in any way and will not be deemed an agent of the Trust.

 

		7.	LIMITATION
                                         OF LIABILITY, INDEMNIFICATION, AND RELIANCE

 

For
the purposes of this Section 7 the term “Administrator” shall include directors, officers, employees, and other agents
of the Administrator, as well as the Administrator itself:

 

		(a)	Limitation
                                         of Liability. The duties of the Administrator shall be confined to those expressly
                                         set forth in this Agreement, and no implied duties are assumed by or may be asserted
                                         against the Administrator. The Administrator shall not be liable for any error of judgment,
                                         mistake of law, loss or damage suffered by the Fund(s) in connection with any investment,
                                         or any act or omission of the Administrator in carrying out its duties under this Agreement,
                                         except a loss or damage resulting directly from willful misconduct or gross negligence
                                         on the part of the Administrator in the performance of its duties under this Agreement,
                                         or from reckless disregard by the Administrator of its obligations under this Agreement.

 

Further,
in no event shall the Administrator be liable under any provision of, or in connection with, this agreement (regardless of whether
a claim is based on contract, tort, or otherwise) for any damages other than actual and direct damages, and the Administrator
shall have no liability for any incidental, indirect, consequential, special, or exemplary damages or losses which the Fund(s)
may incur or suffer, whether or not the likelihood or possibility of such damages was known to the Administrator in advance.

 

		(b)	Indemnification.
                                         Provided that the Administrator has exercised reasonable customary care in the performance
                                         of its duties under this Agreement, the Trust assumes full responsibility and will indemnify
                                         and defend the Administrator and hold it harmless from and against any and all actions,
                                         suits, and claims, whether groundless or otherwise, and from and against any and all
                                         losses, damages, costs, charges, reasonable counsel fees, and disbursements, payments,
                                         expenses, and liabilities (including reasonable investigation expenses) of every nature
                                         and character arising or occurring directly or indirectly out of Administrator’s
                                         relationship to the Trust under this Agreement or any of Administrator’s action
                                         taken or nonactions with respect to the performance of services under this Agreement;
                                         provided, however, Administrator shall not be indemnified against any liability arising
                                         out of its own willful misfeasance, bad faith, gross negligence, or reckless disregard
                                         in the performance of its duties or its own reckless disregard of its duties or obligations
                                         under this Agreement. The indemnity and defense provisions set forth herein shall indefinitely
                                         survive the termination of this Agreement.

 

    	Page 4 of 22

    	 

    

 

The
rights hereunder shall include the right to reasonable advances of defense expenses in the event of any pending or threatened
litigation with respect to which indemnification hereunder may ultimately be merited. In order that the indemnification provision
contained herein shall apply, however, it is understood that if in any case the Trust may be asked to indemnify, defend, or hold
the Administrator harmless, the Trust shall be fully and promptly advised of all pertinent facts concerning the situation in question,
and it is further understood that the Administrator will use all reasonable care to identify and notify the Trust promptly concerning
any situation which presents or appears likely to present the probability of such a claim for indemnification against the Trust,
but failure to do so in good faith will not affect the rights under this Agreement.

 

The
Trust will be entitled to participate at its own expense or, if it so elects, to assume the defense of any suit brought to enforce
any claims subject to this indemnity provision. If the Trust elects to assume the defense of any such claim, the defense will
be conducted by counsel or chosen by the Trust and satisfactory to the Administrator, whose approval will not be unreasonably
withheld. In the event the Trust elects to assume the defense of any suit and retain counsel, the Administrator will bear the
fees and expenses of any additional counsel retained by it, absent a conflict of interest between the Trust and the Administrator.
In the event of a conflict between the Trust and the Administrator or if the Trust does not elect to assume the defense of a suit,
the Trust shall reimburse the Administrator for the reasonable fees and expenses of any counsel retained by Administrator.

 

The
Administrator may apply to the Trust at any time for instructions and may consult with the Trust’s counsel with respect
to any matter arising in connection with the Administrator’s duties, and the Administrator will not be liable or accountable
for any action taken or omitted by it in good faith in accordance with such instructions or with the opinion of the Trust’s
counsel or auditors. Also, the Administrator will be protected in acting on any document that it reasonably believes to be genuine
and to have been signed or presented by the proper person or persons. The Administrator will not be held to have notice of any
change of authority of any officers, employee, or agent of the Trust until receipt of written notice thereof from the Trust.

 

Should
the foregoing indemnification agreement be found unenforceable or that contribution is required from Administrator, then the Administrator’s
aggregate contribution for all losses, claims, damages, or liabilities, including rescission liabilities, shall not exceed the
value of all fees earned by and expenses reimbursed to the Administrator pursuant to this Agreement. No person or entity guilty
of fraudulent misrepresentation shall be entitled to contribution from any person or entity that is not so guilty.

 

Performance
by the Administrator of its obligations under this Agreement does not absolve or release the Trust or the Trust’s Sponsor
or commodity pool operator from its fiduciary responsibilities to the Funds or the Funds’ shareholders.

 

		(c)	Reliance.
                                         Except to the extent that the Administrator may be liable pursuant to this Section
                                         7, the Administrator shall not be liable for any action taken or failure to act in good
                                         faith in reliance upon:

 

		(i)	Advice
                                         from the Trust or from counsel to the Trust;

 

    	Page 5 of 22

    	 

    

 

		(ii)	Any
                                         oral instruction which it receives and which it reasonably believes in good faith (pursuant
                                         to procedures mutually agreed to by the Administrator and the Advisors) was transmitted
                                         by the person or persons authorized by the Trust to give such oral instruction;

 

		(iii)	Any
                                         written instruction or certified copy of any resolution of the Trust, and the Administrator
                                         may rely upon the genuineness of any such document, copy or facsimile thereof reasonably
                                         believed in good faith by the Administrator to have been validly executed; or

 

		(iv)	Any
                                         signature, instruction, request, letter of transmittal, certificate, opinion of counsel,
                                         statement, instrument, report, notice, consent, order, or other document reasonably believed
                                         in good faith by the Administrator to be genuine and to have been signed or presented
                                         by the Trust or other proper party or parties;

 

and
the Administrator shall not be under any duty or obligation to inquire into the validity or invalidity or authority or lack of
authority of any statement, oral or written instruction, resolution, signature, request, letter of transmittal, certificate, opinion
of counsel, instrument, report, notice, consent, order, or any other document or instrument which the Administrator reasonably
believes in good faith to be genuine.

 

		(d)	Errors
                                         of Others. The Administrator shall not be liable for the errors of other service
                                         providers to the Trust, including the errors of pricing services (other than to pursue
                                         all reasonable claims against the pricing service based on the pricing services’
                                         standard contracts entered into by the Administrator) and errors in information provided
                                         by an commodity pool operator (including prices and pricing formulas and the untimely
                                         transmission of trade information) or custodian to the Trust; except or unless any of
                                         the Administrator’s actions or inaction is a direct or proximate cause of the error.

 

		(e)	Reliance
                                         on Electronic Instructions. If the Trust has the ability to originate electronic
                                         instructions to the Administrator in order to (i) effect the transfer or movement of
                                         cash or Shares or (ii) transmit Shareholder information or other information, then in
                                         such event the Administrator shall be entitled to rely on the validity and authenticity
                                         of such instruction without undertaking any further inquiry as long as such instruction
                                         is undertaken in conformity with security procedures established and agreed upon by the
                                         Administrator and the Advisors.

 

		(f)	If
                                         the Trust requires for the Administrator to provide the Fund with portfolio compliance
                                         services, such services shall be provided pursuant to the terms of this Section 7 (the
                                         “Portfolio Compliance Services”). The precise compliance review and testing
                                         services to be provided shall be as directed by each Fund and as mutually agreed between
                                         Administrator and such Fund, and the results of Administrator’s Portfolio Compliance
                                         Services shall be detailed in a portfolio compliance summary report (the “Compliance
                                         Summary Report”) prepared on a periodic basis as mutually agreed. Each Compliance
                                         Summary Report shall be subject to review and approval by the respective Fund.

 

		(g)	A
                                         Fund will examine each Compliance Summary Report delivered to it by Administrator and
                                         notify Administrator of any error, omission or discrepancy within ten (10) days of its
                                         receipt. The Fund agrees to notify Administrator promptly in writing if it fails to receive
                                         any such Compliance Summary Report. The Fund further acknowledges that unless it notifies
                                         Administrator of any error, omission or discrepancy within 10 days, such Compliance Summary
                                         Report shall be deemed final and shall not be reissued. In addition, if the Fund learns
                                         of any out-of-compliance condition before receiving a Compliance Summary Report reflecting
                                         such condition, the Fund will notify Administrator of such condition within one (1) business
                                         day after discovery thereof.

 

    	Page 6 of 22

    	 

    

 

		(h)	While
                                         Administrator will endeavor to identify out-of-compliance conditions, Administrator does
                                         not and could not for the fees charged, make any guarantees, representations, or warranties
                                         with respect to its ability to identify all such conditions. In the event of any errors
                                         or omissions in the performance of Portfolio Compliance Services, the Fund’s sole
                                         and exclusive remedy and Administrator’s sole liability shall be limited to re-performance
                                         by Administrator of the Portfolio Compliance Services affected and in connection therewith
                                         the correction of any error or omission, if practicable and the preparation of a corrected
                                         report, at no cost to the Fund.

 

		8.	EFFECTIVE
                                         DATE, DURATION AND TERMINATION

 

		(a)	Effective
                                         Date.This Agreement shall become effective on the date first written above.

 

		(b)	Duration.
                                         This Agreement shall remain effective for a period of three years. Thereafter, this
                                         Agreement shall continue in full force and effect unless terminated by either party.

 

		(c)	Termination.
                                         This Agreement may be terminated by either party at the end of the initial term or
                                         any renewal term by giving not less than ninety (90) days’ prior written notice
                                         to the other party. This Agreement may also be terminated at any time as follows:

 

		(i)	By
                                         mutual written agreement of the parties; or

 

		(ii)	For
                                         cause – in the event of willful misconduct, gross negligence, or breach of this
                                         Agreement by the non-moving party. Such termination requires giving not less than thirty
                                         (30) days’ prior written notice to the other party.

 

Unless
terminated for cause, the Administrator shall be paid either a Termination or Liquidation fee (as appropriate). Said fee is not
a penalty but an extra fee to compensate the Administrator for its service in assisting in transferring records and reports or
otherwise wrapping up its services under this Agreement for such Fund. The relevant fee shall be as follows:

 

Upon
the termination of this Agreement with respect to any Fund: 

 

		(i)	A
                                         fee equal to the compensation paid (or payable to) the Administrator for the two
                                         months immediately prior to such termination.

 

Upon
the liquidation of any Fund: 

 

		(i)	In
                                         lieu of the foregoing termination fee, a liquidation fee equal to the compensation paid
                                         (or payable to) the Administrator for the three months immediately prior
                                         such termination.

 

Termination
and Liquidation fees shall be paid promptly upon termination or liquidation, respectively.

 

    	Page 7 of 22

    	 

    

 

Termination
and Liquidation fees shall be in addition to reimbursing the Administrator for its reasonable out-of-pocket expenses in
connection with the Administrator’s activities in effecting such termination or liquidation. This includes, but is not limited
to, the cost of delivering to the Trust or its designee the Trust’s records and documents or copies thereof.

 

		(d)	Cooperation
                                         and Good Faith. Upon termination of this Agreement, the Administrator and the Trust
                                         agree to cooperate in good faith in transferring records and other information in the
                                         Administrator’s possession and wrapping up their relationship under this Agreement
                                         in a commercially reasonable manner.

 

		(e)	Reimbursement.Upon
                                         termination of this Agreement for any reason, the Trust shall pay to the Administrator
                                         such compensation as may be due to the Administrator under this Agreement for services
                                         performed prior to the date of termination, including any out-of-pocket reimbursements
                                         due and payable hereunder.

 

		(f)	Termination
                                         Fee. The above-referenced termination fee is not a penalty, but a charge to compensate
                                         the Administrator for its services in assisting in transferring records and reports and
                                         otherwise wrapping up its services under this Agreement. Notwithstanding the foregoing,
                                         the Administrator shall not be entitled to the termination fee if the Administrator elects
                                         to terminate this Agreement or the Administrator is terminated due to its willful misconduct,
                                         gross negligence, or breach of this Agreement.

 

		(g)	Survival
                                         of Certain Obligations.The obligations of Sections 4, 7, 8, 13, and 14 shall
                                         survive any termination of this Agreement.

 

		9.	AMENDMENTS

 

No
provision of this Agreement may be amended, modified, or waived in any manner except by a written instrument signed by the party
against which the enforcement of such is sought.

 

		10.	ASSIGNMENT
                                         AND SUBCONTRACTING

 

		(a)	Assignment.
                                         The parties hereby mutually consent that:

 

		(a)	Without
                                         the express written consent of both parties, any assignment or attempted assignment of
                                         this Agreement constitutes a breach of the Agreement; and

 

		(b)	Any
                                         such assignment or attempted assignment is void; and

 

		(c)	Any
                                         such assignment or attempted assignment will immediately terminate this Agreement.

 

However,
to the extent that such express written consent is sought, the parties also agree that such consent will not be unreasonably withheld
or delayed.

 

In
the event that this Agreement is successfully assigned, either by express written consent of the parties or in any way otherwise,
this Agreement shall be binding upon the respective assigns.

 

		(b)	Subcontracting.The
                                         parties hereby mutually consent that the Administrator may, at its expense unless otherwise
                                         provided in the Agreement, subcontract with any entity or person concerning the provision
                                         of the services contemplated hereunder. The Administrator shall not, however, be relieved
                                         of any of its obligations under this Agreement by the appointment of such subcontractor.
                                         This Agreement shall be binding upon, and shall inure to the benefit of, the parties
                                         hereto and their respective successors.

 

    	Page 8 of 22

    	 

    

 

		11.	ADDITIONAL
                                         FUNDS AND CLASSES

 

If
the Trust establishes one or more series of Shares or one or more classes of Shares after the effectiveness of this Agreement,
such series of Shares or classes of Shares, as the case may be, shall become Funds and classes under this Agreement. However,
either the Administrator or the Trust may elect in writing not to make any such series or classes subject to this Agreement.

 

		12.	DISTINCTION
                                         OF FUNDS

 

Notwithstanding
any other provision of this Agreement, the parties agree that the assets and liabilities of each Fund of the Trust are separate
and distinct from the assets and liabilities of each other Fund and that no Fund shall be liable or shall be charged for any debt,
obligation or liability of any other Fund, whether arising under this Agreement or otherwise. In cases where there are multiple
funds managed by the same Sponsor or commodity pool operator, every attempt will be made to allocate expenses among the funds
in a manner that represents the division of expense required for each fund’s operations.

 

		13.	PROPRIETARY
                                         INFORMATION

 

		(a)	Proprietary
                                         Information of the Administrator. The Trust acknowledges that the databases, computer
                                         programs, screen formats, report formats, interactive design techniques, and documentation
                                         manuals maintained by the Administrator on databases under the control and ownership
                                         of the Administrator or a third party constitute copyrighted, trade secret, or other
                                         proprietary information (collectively, “the Administrator’s Proprietary Information”)
                                         of substantial value to the Administrator or the third party. The Trust agrees to treat
                                         all Proprietary Information as proprietary to the Administrator and further agrees that
                                         it shall not divulge any Proprietary Information to any person or organization except
                                         as may be provided under this Agreement.

 

		(b)	Proprietary
                                         Information of the Trust. The Administrator acknowledges that the Shareholder list
                                         and all information related to Shareholders furnished to the Administrator by the Trust
                                         or by a Shareholder in connection with this Agreement (collectively, “Customer
                                         Data”), all information regarding the Trust Portfolios, arrangements with brokerage
                                         firms, compensation paid to or by the Trust, trading strategies and all such related
                                         information (collectively, “the Trust’s Proprietary Information”) constitute
                                         proprietary information of substantial value to the Trust. In no event shall the Administrator’s
                                         Proprietary Information be deemed the Trust’s Proprietary Information or Customer
                                         Data. The Administrator agrees to treat all of the Trust’s Proprietary Information
                                         and Customer Data as proprietary to the Trust and further agrees that it shall not divulge
                                         any of the Trust’s Proprietary Information or Customer Data to any person or organization
                                         except as may be provided under this Agreement or as may be directed by the Trust or
                                         as may be duly requested by regulatory authorities.

 

		(c)	Employee
                                         Notification.Each party agrees to take reasonable efforts to advise its employees
                                         of their obligations pursuant to this Section 13. The obligations of this Section shall
                                         survive any earlier termination of this Agreement.

 

    	Page 9 of 22

    	 

    

 

		14.	CONFIDENTIALITY

 

The
Administrator and the Trust agree that all books, records, information, and data pertaining to the business of the other party,
which are exchanged or received pursuant to the negotiation or the carrying out of this Agreement, shall remain confidential,
and shall not be voluntarily disclosed to any other person, except that the Administrator may:

 

		(a)	Prepare
                                         or assist in the preparation of periodic reports to shareholders and regulatory bodies
                                         such as the SEC;

 

		(b)	Provide
                                         information typically supplied in the investment company industry to companies that track
                                         or report price, performance or other information regarding investment companies;

 

		(c)	Release
                                         such other information as approved in writing by the Trust which approval shall not be
                                         unreasonably withheld;

 

		(d)	Release
                                         such information as is necessary when the Administrator is exposed to civil or criminal
                                         liability for failure to comply when divulgence is requested by a duly constitutional
                                         authority or when so requested by the Trust or Advisors;

 

		(e)	In
                                         accordance with Section 248.11 of Regulation S-P (17 CFR 248.1 – 248.30) (“Reg
                                         S-P”), the Administrator will not directly, or indirectly through an affiliate,
                                         disclose any non-public personal information as defined in Reg S-P, received from the
                                         Fund to any person that is not affiliated with the Fund or with the Administrator and
                                         provided that any such information disclosed to an affiliate of the Administrator shall
                                         be under the same limitations on non-disclosure.

 

For
the purposes of this section, the following records and other information shall not be considered confidential:

 

		(a)	Any
                                         record or other information that is or becomes publicly available through no fault of
                                         the Administrator;

 

		(b)	Any
                                         record and other information that is released by the Trust in a public release;

 

		(c)	Any
                                         record or other information that is lawfully obtained from third parties who are not
                                         under an obligation to keep such information confidential; or

 

		(d)	Any
                                         record or other information previously known by Administrator.

 

		15.	COMPLIANCE
                                         

 

The
Administrator undertakes to comply with all applicable requirements for the Securities Act of 1933, the Securities Exchange Act
of 1934, the 1940 Act, and other laws, rules, and regulations of governmental authorities having jurisdiction with respect to
the duties to be performed by the Administrator under this Agreement.

 

		16.	TRUST
                                         OBLIGATION

 

It
is understood that this Agreement has been executed on behalf of the Trust by an officer of the Trust in his capacity as an officer
and not individually. The obligations of this Agreement shall only be binding upon the assets and property of each Fund and shall
not be binding upon any trustee, officer, or shareholder of the Trust individually.

 

    	Page 10 of 22

    	 

    

 

		17.	REPRESENTATIONS
                                         AND WARRANTIES

 

Representations
of the Administrator. The Administrator represents and warrants to the Trust that:

 

		(i)	It
                                         is a corporation duly organized and existing and in good standing under the laws of the
                                         State of North Carolina;

 

		(ii)	It
                                         is empowered under applicable laws and by its organizational documents to enter into
                                         this Agreement and perform its duties under this Agreement; and

 

		(iii)	It
                                         has access to the necessary facilities, equipment, and personnel to perform its duties
                                         and obligations under this Agreement.

 

		(iv)	Its
                                         fees and charges set out in this Agreement are solely to cover administrative expenses
                                         and not distribution expenses.

 

Representations
of the Trust. The Trust represents and warrants to the Administrator that:

 

		(i)	It
                                         is a Trust duly organized and existing and in good standing under the laws of the State
                                         of Delaware;

 

		(ii)	It
                                         is empowered under applicable laws and by its Organizational Documents to enter into
                                         and perform this Agreement;

 

		(iii)	All
                                         proceedings required by said Organizational Documents have been taken to authorize it
                                         to enter into and perform this Agreement; and

 

		(iv)	A
                                         registration statement under the Securities Act of 1933, as amended, on behalf of each
                                         of the Funds is currently effective (or will be effective when the Administrator first
                                         performs services under this Agreement) and will remain effective during the term of
                                         this Agreement, and appropriate state securities law filings as required, have been or
                                         will be made and will continue to be made, with respect to all Shares of the Fund being
                                         offered for sale.

 

		18.	LEGAL
                                         CONSTRUCTION

 

		(a)	Severability.
                                         If any part, term or provision of this Agreement is held to be illegal, in conflict
                                         with any law or otherwise invalid, the remaining portion or portions shall be considered
                                         severable and not affected by such determination, and the rights and obligations of the
                                         parties shall be construed and enforced as if the Agreement did not contain the particular
                                         part, term or provision held to be illegal or invalid.

 

		(b)	Interpretation.If
                                         any provision of this Agreement, or portion thereof, is capable of two interpretations,
                                         one of which would render the provision, or portion thereof, void and the other which
                                         would render the provision, or portion thereof, valid, then the provision, or portion
                                         thereof, shall have the same meaning which renders it valid.

 

    	Page 11 of 22

    	 

    

 

		(c)	Construction.
                                         The language used herein shall be deemed to be the language chosen by the parties
                                         hereto to express their mutual intent, and no rule of strict construction shall be applied
                                         against either party.

 

		19.	NOTICE

 

Any
notice required or permitted to be given by either party to the other party shall be in writing and will be deemed sufficient
if personally delivered or sent by registered or certified mail, postage prepaid, addressed by the party giving notice to the
other party at the following addresses (or such other address for a party as shall be specific by like notice):

 

		(a)	To
                                         the Trust:

 

Dynamic
Shares Trust

401
W Superior St, Suite 300

Chicago,
IL 60654

Attn:
Weixuan Zhang

 

		(b)	To
                                         the Sponsor:

 

Dynamic
Shares LLC

401
W Superior St, Suite 300

Chicago,
IL 60654

Attn:
Weixuan Zhang

 

		(c)	To
                                         the Administrator:

 

The
Nottingham Company

Attn:
Legal Department

116
South Franklin Street

Post
Office Box 69

Rocky
Mount, North Carolina 27802-0069

 

		20.	MISCELLANEOUS

 

		(a)	Force
                                         Majeure.In the event that either party is unable to perform its obligations under
                                         the terms of this Agreement because of acts of God, strikes, equipment or transmission
                                         failure or damage reasonably beyond its control, or other causes reasonably beyond its
                                         control, such party shall not be liable for damages to the other party resulting from
                                         such failure to perform or otherwise from such causes.

 

		(b)	Arbitration.
                                         Any controversy or claim arising out of, or related to, this Agreement, its termination
                                         or the breach thereof, shall be settled by binding arbitration by three arbitrators (or
                                         by fewer arbitrator(s), if the parties subsequently agree to fewer) in the City of New
                                         York, in accordance with the rules then obtaining of the American Arbitration Association,
                                         and the arbitrators’ decision shall be binding and final, and judgment upon the
                                         award may be entered in any court having jurisdiction thereof.

 

		(c)	Headings.
                                         Section and paragraph headings in this Agreement are included for convenience only
                                         and are not to be used to construe or interpret this Agreement.

 

    	Page 12 of 22

    	 

    

 

		(d)	Entire
                                         Agreement. This Agreement, including all appendices, constitutes the entire agreement
                                         between the parties hereto and supersedes any prior agreement with respect to the subject
                                         matter hereof whether oral or written.

 

		(e)	Multiple
                                         Originals. This Agreement may be executed in two or more counterparts, each of which
                                         when so executed shall be deemed to be an original, but such counterparts shall together
                                         constitute one and the same instrument.

 

		(f)	Definitions
                                         of Certain Terms. The terms “interested persons” and “affiliated
                                         persons,” when used in this Agreement, will have the respective meanings specified
                                         in the 1940 Act and the rules and regulations thereunder, subject to such exemptions
                                         as granted by the Securities and Exchange Commission.

 

		(g)	Governing
Law. This Agreement shall be governed by the laws of the State of North Carolina without regard to the principles
of conflict of laws, provided that nothing herein shall be construed in a manner inconsistent with the Securities Act of 1933,
as amended, or any applicable rule or order of the Securities and Exchange Commission.

 

[Signatures
on Following Page]

 

    	Page 13 of 22

    	 

    

 

REPRESENTATION
OF SIGNATORIES. Each of the undersigned expressly warrants and represents that they have full power and authority to sign
this Agreement on behalf of the party indicated and that their signature will bind the party indicated to the terms hereof.

 

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

 

	DYNAMIC SHARES TRUST	 
	 	 	 
	By:	 	 
	Name: 	 	 
	Title:
    	 	 
	 	 	 
	DYNAMIC SHARES LLC	 
	 	 	 
	By:	 	 
	Name:	 	 
	Title:
    	 	 
	 	 	 
	THE NOTTINGHAM COMPANY	 
	 	 	 
	By:	 	 
	Name:	Katherine
    M. Honey	 
	Title:	Executive
    Vice President	 

 

{Signature
Page to Fund Accounting and Administration Service Agreement}

 

    	Page 14 of 22

    	 

    

 

SCHEDULE
1

 

SPECIAL
PROJECT FEES

FUND
ACCOUNTING AND ADMINISTRATION SERVICE AGREEMENT

 

Legal
& Administrative Projects

 

The
Trust may, from time to time, request that the Administrator perform additional tasks above and beyond the general scope of its
responsibilities under Appendix B herein. A non-exhaustive list of common services and their fees is included here. Additional
services not listed here will be invoiced at a rate agreed to by the Trust and the Administrator.

 

	S-1/3 Filing (beyond annual)	 	$	2,500	 
	424B3 Filing	 	$	500	 
	Form 8-K Filing	 	$	500	 
	Proxy and Special Shareholder Meeting	 	$	5,000	 

 

Technology
Projects

 

The
Trust may, from time to time, request that the Administrator create or aid in the creation of specialized reports, databases,
or other customized digital products. These may include, but are not limited to, additional data displayed for a Fund’s
Advisor or shareholders on its web portal.

 

Each
such project will be invoiced at a rate of $500 plus $150 per hour (beyond the first 3) worked by the Administrator’s programming
staff.

 

    	Page 15 of 22

    	 

    

 

SCHEDULE
2

 

FUND
EXPENSES

FUND
ACCOUNTING AND ADMINISTRATION SERVICE AGREEMENT

 

The
Trust hereby assumes and will pay, or cause to be paid, all expenses of the Trust and the Fund(s), either pursuant to those enumerated
in this Schedule, or those not otherwise allocated within this Agreement.

 

Such
expenses include, but are not limited to, the following:

 

	●	Organizational
    expenses	 	●	Costs
    and expenses of Trust meetings 
	●	Taxes	 	●	Fees
    payable to each Fund’s commodity pool operator
	●	Brokerage
    fees and commissions with regard to portfolio transactions of the Fund(s)	 	●	Auditing
    and legal expenses of the Trust and the Fund(s)
	●	Interest
    charges, fees, and expenses of the custodian of the Fund(s)’ portfolio securities	 	●	Cost
    of maintenance of the Trust’s and Fund(s)’ existence as a legal entity;
	●	Costs
    of fidelity bonds and officers/errors and omissions insurance policies	 	●	Administrative
    expenses (including, but not limited to, any fees, expenses, and reimbursements payable to the Administrator under this Agreement)
	●	Litigation
    and other extraordinary or nonrecurring expenses involving the Trust or the Fund(s)	 	●	Any
    actual out-of-pocket expenses of the Administrator as provided in this Agreement and as may be agreed upon from time to time
	●	Fees
    and expenses of trustees who are not interested persons of the Trust as that term is defined by law	 	●	Other
    expenses relating to the Trust not specified in this Agreement as being the responsibility of the Administrator 
	●	Fees
    and expenses of the Trust’s dividend dispersing and transfer agent(s)	 	●	Outsourced
    compliance services including compensation of the Chief Compliance Officer of the Trust and Fund(s)
	●	Costs
    and expenses of initial and ongoing registration of the Fund(s)’ shares under Federal and State securities laws	 	●	Costs
    of preparing (including typesetting), printing, and mailing reports, prospectuses, statements of additional information, proxy
    solicitation material, and notices to existing shareholders

 

The
Trust recognizes and agrees to pay the following specific amounts associated with the following common expenses. The Trust acknowledges
that these expenses are either charged by, or based on charges from, third party service providers, and are therefore subject
to change at any time and without notice:

 

		1.	Securities
                                         Pricing (per item, per pricing day):

 

	Equities (including exchange listed derivatives)	 	$	0.25	 
	Foreign Securities	 	$	1.00	 
	U.S. Treasuries	 	$	0.50	 
	Asset Backed Securities	 	$	1.00	 
	Conv/High Yield Bonds	 	$	1.50	 
	Municipal Bonds	 	$	0.50	 
	Corporate Bonds	 	$	0.50	 
	Corporate Actions (Equities)	 	$	2.00	 
	Corporate Actions (Foreign Securities)	 	$	2.00	 

 

		2.	EDGAR
                                         Filings:

 

	Per Page	 	$	6.00	 

 

    	Page 16 of 22

    	 

    

 

APPENDIX
A

 

FUNDS
TO BE SERVICED

FUND
ACCOUNTING AND ADMINISTRATION SERVICE AGREEMENT

 

		1.	Dynamic
                                         Short Short-Term Volatility Futures ETF

 

    	Page 17 of 22

    	 

    

 

APPENDIX
B

 

ADMINISTRATOR’S
SERVICES

FUND
ACCOUNTING AND ADMINISTRATION SERVICE AGREEMENT

 

The
Administrator will provide customary administrative services, regulatory reporting, fund accounting, and related portfolio accounting
services to the Trust with adequate office space, equipment, personnel, and facilities for handling those services for the Fund(s),
and such other services as the Trust may, from time to time, reasonably request, and the Administrator may, from time to time,
reasonably determine to be necessary to perform its obligations under this Agreement. In addition, at the request of the Trust,
the Administrator will make reports to the Trust concerning the performance of its obligations hereunder.

 

The
Administrator shall provide, or cause to be provided by others, the following services:

 

		1.	ACCOUNTING
                                         AND ADMINISTRATIVE SERVICES

 

Without
limiting the generality of the foregoing, the Administrator will:

 

		a.	Process
                                         and review transactions, input and reconcile the Funds’ investment activity, including
                                         but not limited to:

 

		●	Investments,
                                         including tax lots

 

		●	Income

 

		●	Dividends

 

		●	Capital
                                         activity

 

		●	Principal
                                         paydowns

 

		●	Cash
                                         activity

 

		●	Corporate
                                         actions

 

		●	Calculation
                                         of yields, including SEC yields and dividend yields when applicable

 

		b.	Reconcile
                                         positions against the records of the custodian or other applicable party including:

 

		●	Securities,
                                         futures and over-the-counter (“OTC”) holdings

 

		●	Cash
                                         including cash transfers, fees assessed and other investment related cash transactions

 

		●	Trade
                                         settlements

 

		●	ETF
                                         share reconciliation with DTCC

 

		●	Commission
                                         expense and reimbursements, if applicable

 

		●	Daily
                                         variation margin

 

		c.	Update
                                         each security, futures, and OTC position as to the following:

 

		●	Daily
                                         valuation

 

		●	Market
                                         prices obtained from approved sources or Fair Valuation obtained from an Authorized Person
                                         of the Fund

 

    	Page 18 of 22

    	 

    

 

		d.	Perform
                                         investment accounting including:

 

		i.	Amortization/accretion
                                         at the individual tax lot level

 

		ii.	Determine
                                         realized and unrealized capital gains/losses

 

		iii.	General
                                         ledger entries

 

		iv.	Daily
                                         accruing of expenses and other expense related transactions

 

		v.	Book
                                         value calculations

 

		vi.	Trade
                                         date + 1 accounting

 

		vii.	Daily
                                         NAV Calculation – Calculation of the NAV as of the earlier of 4:00 p.m. Eastern
                                         or close of Fund’s benchmark.

 

		e.	Disseminated
                                         the NAV and portfolio holdings as follows:

 

		i.	Provide
                                         daily NAV and holding data to Morningstar, Lipper, and other organizations as requested
                                         by the Sponsor

 

		ii.	Create
                                         and transmit NAV, IIV data, and holding files on a daily basis to the FTP site(s) designated
                                         by the Sponsor

 

		f.	Provide
                                         accounting reports in connection with the annual audit and other audits and examinations
                                         by regulatory agencies

 

		g.	Provide
                                         internet-based access to fund accounting data

 

		h.	Provide
                                         position reporting

 

		i.	Prepare,
                                         review and file quarterly reports on Form 10-Q and annual reports on Form 10-K in accordance
                                         with U.S. GAAP and with deference to Sponsor preferences in a timely fashion, which may
                                         include:

 

		i.	Statements
                                         of Financial Condition

 

		ii.	Schedules
                                         of Investments

 

		iii.	Statements
                                         of Operations

 

		iv.	Statements
                                         of Changes in Shareholders’ Equity

 

		v.	Statements
                                         of Cash Flows

 

		vi.	Notes
                                         to Financial Statements

 

		vii.	Trust
                                         Combined Statements

 

		j.	Review/Prepare
                                         other financial data included in the 10-Qs and 10-Ks.

 

		k.	Prepare
                                         quarterly reports on Form 10-Q for the Fund for each of the first three fiscal quarters
                                         of the Funds, and annual report on Form 10-K for the Funds fiscal year, or as requested
                                         by the Sponsor. The preparation of each Form 10-Q and 10-K includes facilitating delivery
                                         of the filing to the printer, coordination of all printer and author edits, the review
                                         of printer drafts and the review of final printer invoices.

 

		l.	Upon
                                         review and approval of each form 10-K and 10-Q by the Sponsor’s Principal Financial
                                         Officer (or such person performing such functions), the Administrator shall edgarize
                                         and file, or cause to be edgarized and filed, such reports (including the XBRL versions)
                                         with the SEC, CFTC and/or NFA, as required, including any applicable executive officer
                                         certifications or other exhibits to such reports.

 

    	Page 19 of 22

    	 

    

 

		m.	Coordinate
                                         with Auditors the review of the quarterly report in the 10-Q and the audit of the annual
                                         report in the 10-K.

 

		n.	Prepare
                                         monthly account statements in conformity with CFTC Regulations within 20 days after month
                                         end.

 

		o.	Prepare
                                         quarterly CPO-PQR reporting within a mutually agreed upon timeframe following the quarter
                                         end.

 

		p.	Prepare
                                         annual report that is filed electronically with NFA (PFS) within a mutually agreed upon
                                         timeframe following the Funds fiscal year end.

 

		q.	Prepare
                                         Liquidation Statements in accordance with NFA regulations in a timely manner.

 

		r.	Prepare
                                         and coordinate the annual shareholder mailing within 90 days of the Funds’ fiscal
                                         year subject to final review by the Funds’ Sponsor in compliance with the requirements
                                         of CFTC Rule 4.22(c). In consultation with the Funds Sponsor, facilitate delivery of
                                         the filing to the printer. Such preparation includes the coordination of all printer
                                         and author edits, the review of printer drafts and review of final printer invoices.

 

		s.	Prepare
                                         Seed Financial Statements as needed.

 

		t.	Determine
                                         monthly management fees payable and prepare authorizations for disbursements.

 

		u.	Prepare
                                         a quarterly report listing any known material errors/compliance violations that occurred
                                         with respect to the Administrator’s procedures.

 

		v.	Provide
                                         assets and/or calculations of license fees to license providers.

 

		w.	Prepare,
                                         update and maintain regulatory calendars with respect to services provided .

 

		x.	As
                                         requested by the Sponsor, assist with requests for information/documentation from the
                                         SEC, CFTC, NFA, applicable exchanges, and other regulatory authorities to the extent
                                         Administrator is in possession of such information.

 

		y.	Provide
                                         the Sponsor sub-certifications relating to Sarbanes-Oxley attestation for Form 10-K,
                                         and Form 10-Q filings.

 

		z.	Assist
                                         in responses for inquiries from the SEC and other regulatory authorities required.

 

		aa.	Establish
                                         expense accruals, maintain expense files and coordinate payment of invoices.

 

		bb.	Monitor
                                         Expense reductions related to Offering costs.

 

		cc.	Prepare
                                         fund budgets and recommendations for adjustments as necessary.

 

		dd.	Prepare
                                         monthly Fund expense analysis.

 

		ee.	Prepare
                                         stock split info as needed.

 

		ff.	Provide
                                         financial data for S-1/S-3 and other regulatory filings.

 

		gg.	Prepare
                                         statistical reports for information services.

 

		hh.	Calculate
                                         and maintain total return information.

 

		ii.	Prepare
                                         performance data every other month within ten days of month-end for inclusion in S-1/S-3
                                         and as requested by Sponsor.

 

		jj.	Obtain
                                         Tax ID numbers, CUSIP numbers, ISIN numbers, and NSCC CUSIPs/Symbols.

 

    	Page 20 of 22

    	 

    

 

		kk.	Coordinate
                                         and facilitate DCP meetings, including preparing agendas and providing minutes.

 

		ll.	Establish
                                         control accounts for the new funds.

 

		mm.	Provide
                                         accounting and other data to the Sponsor and its Tax Accountants in support of the preparation
                                         of the K-1’s and the related filings.

 

		nn.	Assist
                                         in coordinating the filing of the Fidelity Bond with the SEC.

 

		oo.	Assist
                                         with and/or coordinate such other filings, notices and regulatory matters, including
                                         Form 8-K, on such terms and conditions as the parties hereto may mutually agree upon
                                         in writing from time to time.

 

		pp.	Assist
                                         the Fund in the handling of SEC examinations by providing requested documents in the
                                         possession of Administrator that are on the SEC examination request list and any other
                                         information that may be required by rule or regulation.

 

		qq.	At
                                         the request of the Fund Sponsor, review miscellaneous materials and reports prepared
                                         by Sponsor, auditors, outside Counsel, etc. and provide comments as appropriate.

 

		rr.	Prepare
                                         initial draft of annual update to the Funds’ registration statement on Form S-1/3
                                         and coordinate with counsel regarding the filing of the Form S-1/3 with the SEC and NFA.

 

		ss.	Maintain
                                         books and records, compliance materials and other Fund Documents prepared by Administrator.

 

		tt.	IRS
                                         CIRCULAR 230 DISCLOSURE:

 

To
ensure compliance with requirements imposed by the Internal Revenue Service, Administrator informs the Fund that any U.S. tax
advice contained in any communication from Administrator to the Fund (including any future communications) is not intended or
written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting,
marketing or recommending to another party any transaction or matter addressed herein or therein.

 

		2.	LEGAL
                                         SERVICES

 

Trust
and Fund shall be responsible for all legal fees incurred by the Trust and Fund.

 

		3.	OTHER
                                         SERVICES

 

The
Administrator will perform other services for the Trust as agreed to by the Administrator and the Trust from time to time. The
Administrator shall be entitled to additional compensation for such other services.

 

    	Page 21 of 22

    	 

    

 

APPENDIX
C

 

FEES
AND COMPENSATION

FUND
ACCOUNTING AND ADMINISTRATION SERVICE AGREEMENT

 

Dynamic
Short Short-Term Volatility Futures ETF

 

		1.	Fund
                                         Accounting and Administration Fees

 

Fund
Accounting Fees

 

	 	●	Base Fee: $1,667 per month minimum

 

	 	●	Asset-Based Fee: 1 basis point (0.01%) per year

 

Administration
Fees

 

	 	●	Asset-Based Fee: (minimum of $4,167 per month)

 

	Net Assets	 	Annual Fee	 
	On the first $250 million	 	 	0.07	%
	On the next $250 million	 	 	0.06	%
	On the next $500 million	 	 	0.04	%
	On assets over $1 billion	 	 	0.035	%

 

		2.	Portfolio
                                         Compliance Services

 

The
Administrator provides monitoring and reporting of a Fund’s compliance with SEC and IRS regulations, as well as the policies
and investment limitations as set forth in its offering documents.

 

For
these services, each Fund will be invoiced at a rate of $625 per month.

 

		3.	Miscellaneous
                                         Compensation

 

		(a)	ETF
                                         website requirement:

 

The
Administrator’s Information Technology and Programming team will seamlessly link requisite data feeds to a website designed
and created for the Fund.

 

For
these services, the Fund will be invoiced at a rate of $387.50 per month.

 

		(b)	Use
                                         of the Authorized Participant Portal: $1,000 per month.

 

    	Page 22 of 22

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