Document:

Exhibit 10.3

 

FORM OF _____________

AUTHORIZED PARTICIPANT AGREEMENT

 

This Authorized Participant Agreement (the “Agreement”),
dated as of __________, is entered into by and among ________________ (the “Authorized Participant”), ______________ (the
“Trust”), and ________________________, as sponsor of the Trust (the “Sponsor”).

 

SUMMARY

 

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

 

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

 

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

 

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

 

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

 

     

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

Section 3. Orders.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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Section 4. Fees. To compensate TA
for services in processing the creation and redemption of Creation Units and to offset some or all of the transaction costs, an Authorized
Participant is required to pay a fixed transaction fee ______________. An order may include multiple Creation Units. The transaction fee(s)
may be reduced, increased or otherwise changed by the Sponsor at its sole discretion.

 

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

 

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

 

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Section 7. Role of Authorized Participant.

 

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

 

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

 

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

 

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

 

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

 

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Section 8. Indemnification.

 

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

 

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

 

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

 

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

 

Section 9. Liability.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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Section 16. Miscellaneous.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

[Signature
Page Follows]

 

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

 

	[ADVISOR]	 
	 	 	 
	By:	 	 
	Name:	 	 
	 	 	 
	[TRUST]	 
	 	 	 
	By:	              	 
	Name:	 	 
	 	 	 
	AUTHORIZED PARTICIPANT	 
	 	 	 
	By:	 	 
	Name:	 	 

 

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EXHIBIT A

 

______________________________

FORM OF AUTHORIZED PERSONS OF AUTHORIZED PARTICIPANT

 

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

 

Authorized Participant:_____________________ 

 

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

 

	 	Certified By: 	 
	 	Name:	 
	 	Title:	 
	 	Date:	

 

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ATTACHMENT A

 

[TRUST]

 

AUTHORIZED PARTICIPANT PROCEDURES HANDBOOKExhibit 10.4

 

FORM OF MARKETING AGENT
AGREEMENT

 

THIS AGREEMENT is made and entered into as of this
___ day of March 2021 by and among ConvexityShares, LLC, a Delaware limited liability company (the “Sponsor”), ConvexityShares
Trust, a Delaware statutory trust (the “Trust” and collectively with the Sponsor as, the “Client”), and Foreside
Fund Services, LLC, a Delaware limited liability company (“Foreside”).

 

WHEREAS, the Sponsor serves as sponsor to
or investment adviser of the Trust, which issues shares of beneficial interest (“Shares”) in separate segregated series that
are registered under the Securities Act of 1933 (the “1933 Act”) and listed on Exhibit A (each such series a “Fund”,
collectively “Funds”).

 

WHEREAS, the Client desires to retain Foreside
to provide certain services in connection with the offering of the Shares (as amended from time to time).

 

WHEREAS, the Trust intends to create and
redeem Shares only in creation unit aggregations (“Creation Unit”) on a continuous basis, and list the Shares on one or more
national securities exchanges.

 

WHEREAS, Foreside is registered as a broker-dealer
under the Securities Exchange Act of 1934 (the “1934 Act”) and is a member of the Financial Industry Regulatory Authority,
Inc. (“FINRA”).

 

WHEREAS, the Client desires to retain Foreside
to provide certain services in connection with the creation and redemption of Shares of the Funds; and

 

WHEREAS, Foreside is willing to provide certain
services for the Client on the terms and conditions hereinafter set forth.

 

NOW THEREFORE, in consideration of the promises
and mutual covenants herein contained, and for other good and valuable consideration, the receipt of which is hereby acknowledged, the
parties hereto, intending to be legally bound, do hereby agree as follows:

 

1. Appointment. The Trust hereby appoints
Foreside to serve as the marketing agent of the Funds on the terms and for the period set forth in this Agreement, and Foreside hereby
accepts such appointment and agrees to perform the marketing agent services listed on Exhibit A hereto subject to the terms and conditions
hereof.

 

2. Definitions. Wherever they are
used herein, the following terms have the following respective meanings:

 

“Prospectus” means the Prospectus
and Statement of Additional Information constituting parts of the Registration Statement of the Trust under the 1933 Act as such Prospectus
and Statement of Additional Information may be amended or supplemented and filed with the SEC from time to time;

 

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“Registration Statement” means
the registration statement most recently filed from time to time by the Trust with the SEC and effective under the 1933 Act, as such
registration statement is amended by any amendments thereto at the time in effect;

 

All other capitalized terms used but not defined
in this Agreement shall have the meanings ascribed to such terms in the Registration Statement and the Prospectus.

 

3. Duties of Foreside 

 

		a)	Foreside shall use commercially reasonable
                                            efforts to provide the following services to the Trust with respect to the creation and redemption
                                            of Creation Units of each Fund:

 

		(i)	work with the Sponsor, the Trust, and the
                                            Trust’s transfer agent or index receipt agent (the “Transfer Agent/Index Receipt
                                            Agent”) to facilitate the execution of Authorized Participant Agreements;

 

		(ii)	maintain copies of confirmations of Creation
                                            Unit creation and redemption order acceptances;

 

		(iii)	maintain telephonic, facsimile and/or access
                                            to direct computer communications links with the Transfer Agent/Index Receipt Agent;

 

		(iv)	review and approve, prior to use, all Trust
                                            advertising, sales and marketing materials submitted to Foreside for review by the Client
                                            (“Marketing Materials”) for compliance with applicable SEC and FINRA advertising
                                            rules, and file all such Marketing Materials required to be filed with FINRA.  Foreside
                                            agrees to furnish to the Trust or the Sponsor any comments provided by FINRA with respect
                                            to such materials.

 

		(v)	work with the Transfer Agent/Index Receipt
                                            Agent to review and approve orders placed by Authorized Participants and transmitted to the
                                            Transfer Agent/Index Receipt Agent. The Trust acknowledges that Foreside shall not be obligated
                                            to approve any certain number of orders for Creation Units.

 

		b)	The services furnished by Foreside hereunder
                                            are not to be deemed exclusive and Foreside shall be free to furnish similar services to
                                            others so long as its services under this Agreement are not impaired thereby.

 

4. Duties of the Client

 

		a)	The Trust agrees to create, issue, and redeem
                                            Creation Units of each Fund in accordance with the procedures described in the Prospectus.
                                            Upon reasonable notice to Foreside, and in accordance with the procedures described in the
                                            Prospectus, the Trust reserves the right to reject any order for Creation Units or to stop
                                            all receipts of such orders at any time.

 

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		b)	The Client shall deliver to Foreside copies
                                            of the following documents:

 

		(i)	the then current Prospectus for the Trust;

 

		(ii)	any relevant policies and procedures adopted
                                            by the Sponsor or the Trust or its service providers that are applicable to the services
                                            provided by Foreside; and

 

		(iii)	any other documents, materials or information
                                            that Foreside shall reasonably request to enable it to perform its duties pursuant to this
                                            Agreement.

 

		c)	The Client shall thereafter deliver to Foreside
                                            as soon as is reasonably practical any and all amendments to the documents required to be
                                            delivered under this Section.

 

		d)	The Client shall arrange to provide the
                                            listing exchanges for the Shares with copies of Prospectuses, Statements of Additional Information,
                                            and product descriptions to be provided to purchasers in the secondary market.

 

		e)	The Trust will make it known that Prospectuses
                                            and Statements of Additional Information and product descriptions are available by making
                                            sure such disclosures are in all marketing and advertising materials prepared by the Trust.

 

5. Representations, Warranties and Covenants
of the Client.

 

		a)	The Client hereby represents and warrants
                                            to Foreside, which representations and warranties shall be deemed to be continuing throughout
                                            the term of this Agreement, that:

 

		(i)	it is duly organized and in good standing
                                            under the laws of its jurisdiction of organization;

 

		(ii)	this Agreement has been duly authorized,
                                            executed and delivered by the Client and, when executed and delivered, will constitute a
                                            valid and legally binding obligation of the Client, enforceable in accordance with its terms,
                                            subject to bankruptcy, insolvency, reorganization, moratorium and other laws of general application
                                            affecting the rights and remedies of creditors and secured parties;

 

		(iii)	it is conducting its business in compliance
                                            in all material respects with all applicable laws and regulations, both state and federal,
                                            and has obtained all regulatory approvals necessary to carry on its business as now conducted;

 

		(iv)	each Fund’s Registration Statement,
                                            Prospectus, and Marketing Materials have been prepared in conformity with the requirements
                                            of the 1933 Act and SEC rules and regulations;

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		(vii)	each Fund’s Registration Statement
                                            (including its statement of additional information) and Prospectus do not and shall not contain
                                            any untrue statement of material fact or omit to state any material fact required to be stated
                                            therein or necessary to make the statements therein not misleading, and that all statements
                                            or information furnished to Foreside pursuant to this Agreement shall be true and correct
                                            in all material respects;

 

		(viii)	all Marketing Materials shall contain
                                            all statements required to be stated therein in accordance with the 1933 Act and SEC rules
                                            and regulations; and do not and shall not contain any untrue statement of material fact or
                                            omit to state any material fact required to be stated therein or necessary to make the statements
                                            therein not misleading;

 

		(vii)	all necessary approvals, authorizations,
                                            consents or orders of or filings with any federal, state, local or foreign governmental or
                                            regulatory commission, board, body, authority or agency have been or will be obtained by
                                            the Trust in connection with the issuance and sale of the Shares, including registration
                                            of the Shares under the 1933 Act, and any necessary qualification under the securities or
                                            blue sky laws of the various jurisdictions in which the Shares are being offered.

 

		b)	The Client shall fully cooperate in the
                                            efforts of Foreside in the provision of the services. In addition, the Client shall keep
                                            Foreside fully informed of its affairs as they relate to the Funds and shall provide to Foreside
                                            from time to time copies of all information that Foreside may reasonably request for use
                                            in connection with the provision of the Services.

 

6. Representations, Warranties and Covenants
of Foreside. Foreside hereby represents and warrants to the Client, which representations and warranties shall be deemed to be continuing
throughout the term of this Agreement, that:

 

		a)	it is duly organized and existing under
                                            the laws of the jurisdiction of its organization, with full power to carry on its business
                                            as now conducted, to enter into this Agreement and to perform its obligations hereunder;

 

		b)	this Agreement has been duly authorized,
                                            executed and delivered by Foreside and, when executed and delivered, will constitute a valid
                                            and legally binding obligation of Foreside, enforceable in accordance with its terms, subject
                                            to bankruptcy, insolvency, reorganization, moratorium and other laws of general application
                                            affecting the rights and remedies of creditors and secured parties;

 

		c)	it is conducting its business in compliance
                                            in all material respects with all applicable laws and regulations, both state and federal,
                                            and has obtained all regulatory approvals necessary to carry on its business as now conducted;
                                            and

 

		d)	it is registered as a broker-dealer under
                                            the 1934 Act and is a member in good standing of FINRA.

 

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7. Compensation.

 

		a)	As compensation for the services performed
                                            by Foreside under this Agreement, Client shall pay to Foreside the fees and expenses set
                                            forth in Exhibit B hereto.

 

		b)	The Trust shall provide to the Foreside
                                            on an on-going basis information sufficient to enable Foreside to ensure compliance with
                                            FINRA Rule 2310, including calculations of underwriting compensation and total offering and
                                            operating expenses.

 

8. Indemnification.

 

		a)	The Client shall indemnify, defend and hold
                                            Foreside, its affiliates and each of their respective members, managers, directors, officers,
                                            employees, representatives and any person who controls or previously controlled Foreside
                                            within the meaning of Section 15 of the 1933 Act (collectively, the “Foreside Indemnitees”),
                                            free and harmless from and against any and all losses, claims, demands, liabilities, damages
                                            and expenses (including the costs of investigating or defending any alleged losses, claims,
                                            demands, liabilities, damages or expenses and any reasonable counsel fees incurred in connection
                                            therewith) (collectively, “Losses”) that any Foreside Indemnitee may incur arising
                                            out of or relating to (i) the Client’s breach of any of its obligations, representations,
                                            warranties or covenants contained in this Agreement; (ii) the Client’s failure to comply
                                            in all material respects with any applicable laws, rules or regulations; or (iii) any claim
                                            that the Prospectus, Marketing Materials or other information filed or made public by the
                                            Client (as from time to time amended) includes or included an untrue statement of a material
                                            fact or omits or omitted to state a material fact required to be stated therein or necessary
                                            in order to make the statements therein not misleading under the 1933 Act, provided, however,
                                            that the Client’s obligation to indemnify any of the Foreside Indemnitees shall not
                                            be deemed to cover any Losses arising out of any untrue statement or alleged untrue statement
                                            or omission or alleged omission made in the Prospectus or any such Marketing Materials or
                                            other information filed or made public by the Client in reliance upon and in conformity with
                                            information originating from Foreside and provided by Foreside to the Client in writing for
                                            use in such Prospectus or any such Marketing Materials.

 

		b)	Foreside shall indemnify, defend and hold
                                            the Client, its affiliates, and each of their respective directors, officers, employees,
                                            representatives, and any person who controls or previously controlled the Client within the
                                            meaning of Section 15 of the 1933 Act (collectively, the “Client Indemnitees”),
                                            free and harmless from and against any and all Losses that any Client Indemnitee may incur
                                            under the 1933 Act, the 1934 Act, any other statute (including Blue Sky laws) or any rule
                                            or regulation thereunder, or under common law or otherwise, arising out of or based upon
                                            Foreside’s breach of any of its obligations, representations, warranties or covenants
                                            contained in this Agreement; (ii) Foreside’s failure to comply in all material respects with
                                            any applicable laws, rules, or regulations; or (iii) any claim that the Prospectus, Marketing
                                            Materials or other information filed or made public by the Trust (as from time to time amended)
                                            include or included an untrue statement of a material fact or omitted to state a material
                                            fact required to be stated therein or necessary in order to make the statements therein not
                                            misleading, insofar as such statement or omission was made in reliance upon, and in conformity
                                            with information furnished to the Trust by Foreside for use in such Prospectus, sales literature
                                            and advertising materials or other information filed or made public by the Trust.

 

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		c)	In no case (i) is the indemnification provided
                                            by an indemnifying party to be deemed to protect against any liability the indemnified party
                                            would otherwise be subject to by reason of willful misfeasance, bad faith or gross negligence
                                            in the performance of its duties or by reason of its reckless disregard of its obligations
                                            and duties under this Agreement, or (ii) is the indemnifying party to be liable under this
                                            Section with respect to any claim made against any indemnified party unless the indemnified
                                            party notifies the indemnifying party in writing of the claim within a reasonable time after
                                            the summons or other first written notification giving information of the nature of the claim
                                            shall have been served upon the indemnified party (or after the indemnified party shall have
                                            received notice of service on any designated agent).

 

		d)	Failure to notify the indemnifying party
                                            of any claim shall not relieve the indemnifying party from any liability that it may have
                                            to the indemnified party against whom such action is brought, on account of this Section,
                                            unless failure or delay to so notify the indemnifying party prejudices the indemnifying party’s
                                            ability to defend against such claim. The indemnifying party shall be entitled to participate
                                            at its own expense in the defense or, if it so elects, to assume the defense of any suit
                                            brought to enforce the claim, but if the indemnifying party elects to assume the defense,
                                            the defense shall be conducted by counsel chosen by it and satisfactory to the indemnified
                                            party. In the event that indemnifying party elects to assume the defense of any suit and
                                            retain counsel, the indemnified party shall bear the fees and expenses of any additional
                                            counsel retained by them. If the indemnifying party does not elect to assume the defense
                                            of any suit, it will reimburse the indemnified party for the reasonable fees and expenses
                                            of any counsel retained by them. The indemnifying party agrees to notify the indemnified
                                            party promptly of the commencement of any litigation or proceedings against it or any of
                                            its officers or directors in connection with the purchase or redemption of any of the Creation
                                            Units or the Shares.

 

		e)	No indemnified party shall settle any claim
                                            against it for which it intends to seek indemnification from the indemnifying party, under
                                            the terms of section 8(a) or 8(b) above, without prior written notice to and consent from
                                            the indemnifying party, which consent shall not be unreasonably withheld. No indemnified
                                            or indemnifying party shall settle any claim unless the settlement contains a full release
                                            of liability with respect to the other party in respect of such action.

 

		f)	This section 8 shall survive the termination
                                            of this Agreement.

 

9. Limitations on Damages. Neither
Party shall be liable for any consequential, special or indirect losses or damages suffered by the other Party, whether or not the likelihood
of such losses or damages was known by the Party.

 

10. Force Majeure. Neither Party shall
be liable for losses, delays, failure, errors, interruption or loss of data occurring directly or indirectly by reason of circumstances
beyond its reasonable control, including, without limitation, Acts of Nature (including fire, flood, earthquake, storm, hurricane or
other natural disaster); action or inaction of civil or military authority; acts of foreign enemies; war; terrorism; riot; insurrection;
sabotage; epidemics; labor disputes; civil commotion; or interruption, loss or malfunction of utilities, transportation, computer or
communications capabilities, and the other Party shall have no right to terminate this Agreement in such circumstances.

 

    6

     

    

 

11. Duration and Termination.

 

		a)	This Agreement shall become effective as
                                            of the date first set forth above. Unless sooner terminated as provided herein, this Agreement
                                            shall continue in effect for two years from the date hereof. Thereafter, if not terminated,
                                            this Agreement shall continue automatically in effect for successive one-year periods.

 

		b)	Notwithstanding the foregoing, this Agreement
                                            may be terminated, without the payment of any penalty, upon no less than 60 days’ written
                                            notice, by either the Client or by Foreside.

 

12. Confidentiality.

 

		a)	During the term of this Agreement, Foreside
                                            and the Client may have access to non-public confidential information relating to such matters
                                            as either party’s business, trade secrets, systems, procedures, manuals, products,
                                            contracts, personnel, and clients. As used in this Agreement, “Confidential Information”
                                            means non-public or proprietary information belonging to one of the parties that is of value
                                            to such party and the disclosure of which could result in a competitive or other disadvantage
                                            to such party. Confidential Information includes non-public or proprietary information that
                                            may be financial information, proposals and presentations, reports, forecasts, inventions,
                                            improvements and other intellectual property; trade secrets; know-how; designs, processes
                                            or formulae; software; market or sales information or plans; customer lists; and business
                                            plans, prospects and opportunities (such as possible acquisitions or dispositions of businesses
                                            or facilities). Confidential Information includes information developed by either party in
                                            the course of engaging in the activities provided for in this Agreement, unless: (i) the
                                            information is or becomes publicly known through lawful means; (ii) the information is disclosed
                                            to the other party without a confidential restriction by a third party who rightfully possesses
                                            the information and did not obtain it, either directly or indirectly, from one of the parties,
                                            as the case may be, or any of their respective principals, employees, affiliated persons,
                                            or affiliated entities. The parties understand and agree that all Confidential Information
                                            shall be kept confidential by the other both during and after the term of this Agreement.
                                            Each party shall maintain commercially reasonable information security policies and procedures
                                            for protecting Confidential Information. The parties further agree that they will not, without
                                            the prior written approval by the other party, disclose such Confidential Information, or
                                            use such Confidential Information in any way, either during the term of this Agreement or
                                            at any time thereafter, except (i) as required in the course of this Agreement, (ii) as provided
                                            by the other party, or (iii) as required by applicable law, rule, or regulation or in response
                                            to a routine self-regulatory examination or request for information directed at the receiving
                                            party. Upon termination of this Agreement for any reason, or as otherwise requested by the
                                            Client, all Confidential Information held by or on behalf of the Client shall be promptly
                                            returned to the Client, or an authorized officer of Foreside will certify to the Client in
                                            writing that all such Confidential Information has been destroyed. This section 12 shall
                                            survive the termination of this Agreement.

 

    7

     

    

 

		b)	Notwithstanding the foregoing, a party may
                                            disclose the other’s Confidential Information if (i) required by law, regulation or
                                            legal process or if requested by the SEC or other governmental regulatory agency with jurisdiction
                                            over the parties hereto or (ii) requested to do so by the other party.

 

13. Notice. Any notice or other communication
authorized or required by this Agreement to be given to either party shall be in writing and deemed to have been given when delivered
in person or by confirmed facsimile, email, or posted by certified mail, return receipt requested, to the following address (or such
other address as a party may specify by written notice to the other):

 

	(i)  To
    Foreside:	(ii)  If
    to the Trust:
	Foreside Fund Services, LLC

    Three Canal Plaza, Suite 100

    Portland, ME 04101

    Attn: Legal Department

    Telephone: (207) 553-7110

    Facsimile: (207) 553-7151

    Email:legal@foreside.com

    With a copy to:

    etp-services@foreside.com
	Name: ConvexityShares Trust

    c/o ConvexityShares, LLC

    Address: 7 Roszel Road, Suite 1A

    Address: Princeton, NJ 08540

    Attn: John Zhu

    Telephone: (609) 897-7300

    Email: jzhu@triple3p.com

 

14. Modifications. The terms of this
Agreement shall not be waived, altered, modified, amended or supplemented in any manner whatsoever except by a written instrument signed
by Foreside and the Client.

 

15. Governing Law. This Agreement
shall be construed in accordance with the laws of the State of New York, without regard to the conflicts of law principles thereof.

 

16. Assignment. This Agreement may
not be assigned by either Party without the prior written consent of the other Party. This Agreement shall be binding upon and inure
to the benefit of the Parties’ representatives, successors, heirs, and permitted assigns, as applicable. A change in control shall
not be construed to be an assignment.

 

17. Survival. The provisions of Sections
8, 9, 10, 12, 14, 17, and 18 of this Agreement shall survive any termination of this Agreement.

 

    8

     

    

 

18. Miscellaneous. The captions in
this Agreement are included for convenience of reference only and in no way define or delimit any of the provisions hereof or otherwise
affect their construction or effect. Any provision of this Agreement which may be determined by competent authority to be prohibited
or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability
without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate
or render unenforceable such provision in any other jurisdiction. This Agreement shall be binding upon and inure to the benefit of the
parties hereto and their respective successors. This Agreement shall be construed as if drafted jointly by both Foreside and the Trust
and no presumptions shall arise favoring any party by virtue of authorship of any provision of this Agreement. This Agreement may be
executed by the Parties hereto in any number of counterparts, and all of the counterparts taken together shall be deemed to constitute
one and the same document. Nothing herein contained shall prevent Foreside from entering into similar distribution arrangements or from
providing the services contemplated hereunder to other investment companies or investment vehicles. This Agreement has been negotiated
and executed by the parties in English. In the event any translation of this Agreement is prepared for convenience or any other purpose,
the provisions of the English version shall prevail.

 

19. Entire Agreement. This Agreement
constitutes the entire agreement between the Parties hereto with respect to the subject matter hereto, and supersedes all prior communications,
understandings and agreements relating to the subject matter hereof, whether oral or written.

 

IN WITNESS WHEREOF, the parties hereto have caused this Agreement
to be executed by a duly authorized officer on one or more counterparts as of the date first above written.

 

	 	Foreside Fund Services,
    LLC
	 	 
	 	By: 	 
	 	 	Mark A. Fairbanks, Vice President
	 	 
	 	FUND
	 	 
	 	By: 	 
	 	Name/Title
	 	 
	 	SPONSOR
	 	 
	 	By: 	 
	 	Name/Title

 

    9

     

    

 

EXHIBIT A

 

Services:

 

Foreside will perform the following marketing agent services:

 

		3⁄4	Serve as marketing
                                            agent for the Fund or Funds (the “Fund”);
	 	 	 

		3⁄4	Provide FINRA corporate
                                            finance filing support as Marketing Agent, if applicable;
	 	 	 

		3⁄4	Provide Authorized
                                            Participant (“APs”) contact list and consultation;
	 	 	 

		3⁄4	Facilitate and track
                                            progress of Authorized Participant agreements;
	 	 	 

		3⁄4	Provide toll-free
                                            number for the Fund for retail investor inquires, if applicable;
	 	 	 

		3⁄4	Review and affirm
                                            AP creation/redemption orders received by the Custodian/transfer agent/index receipt agent;
	 	 	 

		3⁄4	Review, provide
                                            principal sign-off and appropriate regulatory filing of Fund marketing material for compliance
                                            with FINRA requirements;
	 	 	 

		3⁄4	Access to Foreside’s
                                            proprietary AdCompliance® workflow management and marketing material approval technology;
	 	 	 

		3⁄4	Establish and Maintain
                                            Broker-Dealer Written Supervisory Procedures;
	 	 	 

		3⁄4	Maintain all Broker-Dealer
                                            Officers, including a President, Financial Operations Principal and Chief Compliance Officer;
	 	 	 

		3⁄4	Respond to all SEC,
                                            FINRA and state securities regulator inquiries;
	 	 	 

		3⁄4	Maintain Broker-Dealer
                                            registration in all relevant states and jurisdictions;
	 	 	 

		3⁄4	Prepare required
                                            FINRA filings and reports, as applicable, on behalf of the Fund; and
	 	 	 

		3⁄4	Maintain all applicable
                                            books and records related to the services provided by it under this Agreement.

 

Funds:

 

ConvexityShares Daily 1.5x SPIKES Futures ETF (SPKY)

 

ConvexityShares 1x SPIKES Futures ETF (SPKX)

 

    A-1

     

    

 

EXHIBIT B

 

Compensation

 

FEES

 

OUT-OF-POCKET EXPENSES

 

 

B-1

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