Document:

Exhibit 10.5

 

CUSTODY AGREEMENT

 

THIS AGREEMENT is made and entered into as of the
last date on the signature page, by and between CONVEXITYSHARES TRUST, a Delaware statutory trust (the “Trust”), for
itself and on behalf of each of its series listed on Exhibit A to this Agreement (as amended from time to time) (each a
“Fund” ), CONVEXITYSHARES, LLC, a Delaware limited liability company, the sponsor of the Funds (“Sponsor”)
and U.S. BANK NATIONAL ASSOCIATION, a national banking association organized and existing under the laws of the United States of
America (the “Custodian”).

 

WHEREAS, each Fund is operated as a commodity pool
under the Commodity Exchange Act (“CEA”) and is registered with the U.S. Securities and Exchange Commission (“SEC”)
by means of a registration statement on Form S-1 or Form S-3, as applicable (each a “Registration Statement”) under the Securities
Act of 1933, as amended (“1933 Act”); and

 

WHEREAS, the Sponsor has exclusive responsibility
for the management and control of the business and affairs of the Trust and each Fund; and

 

WHEREAS, the Trust and Sponsor desire to retain
the Custodian to act as custodian of the assets of each Fund, and to provide related services as provided herein, and the Custodian is
willing to accept the obligations and duties related to that role; and

 

NOW, THEREFORE, in consideration of the promises
and mutual covenants herein contained, and 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:

 

ARTICLE
I.

CERTAIN DEFINITIONS

 

Whenever used in this Agreement, the following words and phrases shall
have the meanings set forth below unless the context otherwise requires:

 

1.01 “Authorized
Person” means any Officer or person who has been designated as such by written notice and named in Exhibit B and
delivered to the Custodian by the Trust or Sponsor, or if the Trust or Sponsor has notified the Custodian in writing that it has an authorized
investment manager or other agent, delivered to the Custodian by the Sponsor or other agent of the Trust. Such Officer or person shall
continue to be an Authorized Person until such time as the Custodian receives Written Instructions from the Trust, or the Sponsor or other
agent of the Trust that any such person is no longer an Authorized Person.

 

1.02 “Book-Entry
System” shall mean a federal book-entry system as provided in Subpart O of Treasury Circular No. 300, 31 CFR 306, in Subpart
B of 31 CFR Part 350, or in such book-entry regulations of federal agencies as are substantially in the form of such Subpart O.

 

     

     

    

 

1.03 “Business
Day” shall mean any day recognized as a settlement day by The New York Stock Exchange, Inc. and any other day for which the
Trust computes the net asset value of Shares of the Fund.

 

1.04 “CFTC”
shall mean the Commodity Futures Trading Commission.

 

1.05 “Foreign
Securities” means any of the Trust’s investments (including foreign currencies) for which the primary market is outside
the United States and such cash and cash equivalents as are reasonably necessary to effect the Trust’s transactions in such investments.

 

1.06 “Fund
Custody Account” shall mean any of the accounts in the name of the Trust, which is provided for in Section 3.2 below.

 

1.07 “IRS”
shall mean the Internal Revenue Service.

 

1.08 “FINRA”
shall mean the Financial Industry Regulatory Authority, Inc.

 

1.09 “NFA”
shall mean the National Futures Association.

 

1.10 “Officer”
shall mean the Principal Executive Officer, the President, any Vice President, any Assistant Vice President, the Secretary, any Assistant
Secretary, the Principal Financial Officer, the Treasurer, or any Assistant Treasurer of the Trust.

 

1.11 “Securities”
shall include, without limitation, common and preferred stocks, bonds, call options, put options, debentures, notes, bank certificates
of deposit, bankers’ acceptances, mortgage-backed securities or other obligations, and any certificates, receipts, warrants or other
instruments or documents representing rights to receive, purchase or subscribe for the same, or evidencing or representing any other rights
or interests therein, or any similar property or assets that the Custodian or its agents have the facilities to clear and service.

 

1.12 “Securities
Depository” shall mean The Depository Trust Company and any other clearing agency registered with the SEC under Section 1 7A
of the Securities Exchange Act of 1934, as amended (the “1934 Act”), which acts as a system for the central handling of Securities
where all Securities of any particular class or series of an issuer deposited within the system are treated as fungible and may be transferred
or pledged by bookkeeping entry without physical delivery of the Securities.

 

1.13 “Shares”
shall mean, with respect to a Fund, the units of beneficial interest issued by the Trust on account of the Fund.

 

1.14 “Sub-Custodian”
shall mean a bank or other financial institution (other than a Securities Depository) having a contract with the Custodian, which the
Custodian has determined will provide reasonable care of assets of the Fund based on the standards specified in Section 3.03 below. Such
contract shall be in writing and shall include provisions that provide: (i) for indemnification or insurance arrangements (or any combination
of the foregoing) such that the Fund will be adequately protected against the risk of loss of assets held in accordance with such contract;
(ii) that the Foreign Securities will not be subject to any right, charge, security interest, lien or claim of any kind in favor of the
Sub-Custodian or its creditors except a claim of payment for their safe custody or administration, in the case of cash deposits, liens
or rights in favor of creditors of the Sub-Custodian arising under bankruptcy, insolvency, or similar laws; (iii) that beneficial ownership
for the Foreign Securities will be freely transferable without the payment of money or value other than for safe custody or administration;
(iv) that adequate records will be maintained identifying the assets as belonging to the Fund or as being held by a third party for the
benefit of the Fund; (v) that the Fund’s independent public accountants will be given access to those records or confirmation of
the contents of those records; and (vi) that the Fund will receive periodic reports with respect to the safekeeping of the Fund’s
assets, including, but not limited to, notification of any transfer to or from a Fund’s account or a third party account containing
assets held for the benefit of the Fund. Such contract may contain, in lieu of any or all of the provisions specified in (i)-(vi) above,
such other provisions that the Custodian determines will provide, in their entirety, the same or a greater level of care and protection
for Fund assets as the specified provisions.

 

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1.15 “Written
Instructions” shall mean (i) written communications actually received by the Custodian and signed by an Authorized Person, (ii)
communications by facsimile or Internet electronic e-mail or any other such system from one or more persons reasonably believed by the
Custodian to be an Authorized Person.

 

ARTICLE
II.

APPOINTMENT OF CUSTODIAN

 

2.01 Appointment.
The Trust and Sponsor hereby appoint the Custodian as custodian of all Securities and cash owned by or in the possession of the Fund at
any time during the period of this Agreement, on the terms and conditions set forth in this Agreement, and the Custodian hereby accepts
such appointment and agrees to perform the services and duties set forth in this Agreement. The services and duties of the Custodian shall
be confined to those matters expressly set forth herein, and no implied duties are assumed by or may be asserted against the Custodian
hereunder.

 

2.02 Documents
to be Furnished. The following documents, including any amendments thereto, will be provided contemporaneously with the execution
of the Agreement to the Custodian by the Trust:

 

		(a)	A copy of the Trust’s declaration of trust, certified by the Secretary;

 

		(b)	A copy of the Trust’s bylaws, certified by the Secretary;

 

		(c)	A copy of the current prospectuses of the Funds (the “Prospectus”);

 

		(d)	A certification of the President and the Secretary of the Trust setting forth the names and signatures of the current Officers of
the Trust and other Authorized Persons; and

 

		(e)	An executed authorization required by the Shareholder Communications Act of 1985, attached hereto as Exhibit D.

 

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2.03 Notice
of Appointment of Transfer Agent. The Trust agrees to notify the Custodian in writing of the appointment, termination or change in
appointment of any transfer agent of the Fund.

 

ARTICLE
III.

CUSTODY OF CASH AND SECURITIES

 

3.01 Segregation.
All Securities and non-cash property held by the Custodian for the account of a Fund (other than Securities maintained in a Securities
Depository or Book-Entry System) shall be physically segregated from other Securities and non-cash property in the possession of the Custodian
(including the Securities and non-cash property of the other series of the Trust, if applicable) and shall be identified as subject to
this Agreement.

 

3.02 Fund
Custody Accounts. As to each Fund, the Custodian shall open and maintain in its trust department a custody account in the name of
the Trust coupled with the name of the Fund, subject only to draft or order of the Custodian, in which the Custodian shall enter and carry
all Securities, cash and other assets of such Fund which are delivered to it.

 

3.03 Appointment
of Agents.

 

		(a)	In its discretion, the Custodian may appoint one or more Sub-Custodians to establish and maintain arrangements with (i) any Securities
Depository or (ii) Sub-Custodian or member of a Sub-Custodian’s network to hold Securities and cash of the Fund and to carry out
such other provisions of this Agreement as it may determine; provided, however, that the appointment of any such agents and maintenance
of any Securities and cash of the Fund shall be at the Custodian’s expense and shall not relieve the Custodian of any of its obligations
or liabilities under this Agreement. The Custodian shall be liable for the actions of any Sub-Custodians (regardless of whether assets
are maintained in the custody of a Sub-Custodian or a member of its network) appointed by it as if such actions had been done by the Custodian.

 

		(b)	If, after the initial appointment of Sub-Custodians by the Trust, on behalf of its series, in connection with this Agreement, the
Custodian wishes to appoint other Sub-Custodians to hold property of the Fund, it will so notify the Trust and make the necessary determinations
as to any such new Sub-Custodian’s eligibility as a custodian under applicable rules and regulations.

 

		(c)	In performing its delegated responsibilities as foreign custody manager to place or maintain the Fund’s assets with a Sub-Custodian,
the Custodian will determine that the Fund’s assets will be subject to reasonable care, based on the standards applicable to custodians
in the country in which the Fund’s assets will be held by that Sub-Custodian, after considering all factors relevant to safekeeping
of such assets.

 

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		(d)	At the end of each calendar quarter, the Custodian shall provide written reports notifying the Sponsor and the Trust of the withdrawal
or placement of the Securities and cash of the Fund with a Sub-Custodian and of any material changes in the Fund’s arrangements.
Such reports shall include an analysis of the custody risks associated with maintaining assets with any Securities Depository.

 

		(e)	With respect to its responsibilities under this Section 3.03, the Custodian hereby warrants to the Trust that it agrees to exercise
reasonable care, prudence and diligence such as a person having responsibility for the safekeeping of property of the Fund. The Custodian
further warrants that the Fund’s assets will be subject to reasonable care if maintained with a Sub-Custodian, after considering
all factors relevant to the safekeeping of such assets, including, without limitation: (i) the Sub-Custodian’s practices, procedures,
and internal controls for certificated securities (if applicable), its method of keeping custodial records, and its security and data
protection practices; (ii) whether the Sub-Custodian has the requisite financial strength to provide reasonable care for Fund assets;
(iii) the Sub-Custodian’s general reputation and standing and, in the case of a Securities Depository, the Securities Depository’s
operating history and number of participants; and (iv) whether the Fund will have jurisdiction over and be able to enforce judgments against
the Sub-Custodian, such as by virtue of the existence of any offices of the Sub-Custodian in the United States or the Sub-Custodian’s
consent to service of process in the United States.

 

		(f)	The Custodian shall establish a system or ensure that its Sub-Custodian has established a system to monitor on a continuing basis
(i) the appropriateness of maintaining the Fund’s assets with a Sub-Custodian who is a member of a Sub-Custodian’s network;
(ii) the performance of the contract governing the Fund’s arrangements with such Sub-Custodian or members of a Sub-Custodian’s
network; and (iii) the custody risks of maintaining assets with a Securities Depository. The Custodian must promptly notify the Fund or
Sponsor of any material change in these risks.

 

		(g)	The Custodian shall use commercially reasonable efforts to collect all income and other payments with respect to Foreign Securities
to which the Fund shall be entitled and shall credit such income, as collected, to the Trust. In the event that extraordinary measures
are required to collect such income, the Trust and Custodian shall consult as to the measures and as to the compensation and expenses
of the Custodian relating to such measures.

 

3.04 Delivery
of Assets to Custodian. The Trust or Sponsor shall deliver, or cause to be delivered, to the Custodian all Fund Securities, cash and
other investment assets, including (i) all payments of income, payments of principal and capital distributions received by a Fund with
respect to such Securities, cash or other assets owned by a Fund at any time during the period of this Agreement, and (ii) all cash received
by a Fund for the issuance of Shares. The Custodian shall not be responsible for such Securities, cash or other assets until actually
received by it.

 

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3.05 Securities
Depositories and Book-Entry Systems. The Custodian may deposit and/or maintain Securities of a Fund in a Securities Depository or
in a Book-Entry System, subject to the following provisions:

 

		(a)	The Custodian, on an on-going basis, shall deposit in a Securities Depository or Book-Entry System all Securities eligible for deposit
therein and shall make use of such Securities Depository or Book-Entry System to the extent possible and practical in connection with
its performance hereunder, including, without limitation, in connection with settlements of purchases and sales of Securities, loans of
Securities, and deliveries and returns of collateral consisting of Securities.

 

		(b)	Securities of the Funds kept in a Book-Entry System or Securities Depository shall be kept in an account (“Depository Account”)
of the Custodian in such Book-Entry System or Securities Depository which includes only assets held by the Custodian as a fiduciary, custodian
or otherwise for customers.

 

		(c)	The records of the Custodian with respect to Securities of the Funds maintained in a Book-Entry System or Securities Depository shall,
by book-entry, identify such Securities as belonging to the Funds.

 

		(d)	If Securities purchased by a Fund are to be held in a Book-Entry System or Securities Depository, the Custodian shall pay for such
Securities upon (i) receipt of advice from the Book-Entry System or Securities Depository that such Securities have been transferred to
the Depository Account, and (ii) the making of an entry on the records of the Custodian to reflect such payment and transfer for the account
of the Fund. If Securities sold by a Fund are held in a Book-Entry System or Securities Depository, the Custodian shall transfer such
Securities upon (i) receipt of advice from the Book-Entry System or Securities Depository that payment for such Securities has been transferred
to the Depository Account, and (ii) the making of an entry on the records of the Custodian to reflect such transfer and payment for the
account of the Fund.

 

		(e)	The Custodian shall provide the Trust with copies of any report (obtained by the Custodian from a Book-Entry System or Securities
Depository in which Securities of the Funds are kept) on the internal accounting controls and procedures for safeguarding Securities deposited
in such Book-Entry System or Securities Depository.

 

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		(f)	Notwithstanding anything to the contrary in this Agreement, the Custodian shall be liable to the Trust for any loss or damage to the
Fund resulting from (i) the use of a Book-Entry System or Securities Depository by reason of any negligence or willful misconduct on the
part of the Custodian or any Sub-Custodian, or (ii) failure of the Custodian or any Sub-Custodian to enforce effectively such rights as
it may have against a Book-Entry System or Securities Depository. At its election, the Trust shall be subrogated to the rights of the
Custodian with respect to any claim against a Book-Entry System or Securities Depository or any other person from any loss or damage to
the Fund arising from the use of such Book-Entry System or Securities Depository, if and to the extent that the Fund has not been made
whole for any such loss or damage.

 

		(g)	With respect to its responsibilities under this Section 3.05, the Custodian hereby warrants to the Trust that it agrees to (i) exercise
due care in accordance with reasonable commercial standards in discharging its duty as a securities intermediary to obtain and thereafter
maintain such assets, (ii) provide, promptly upon request by the Trust or Sponsor, such reports as are available concerning the Custodian’s
internal accounting controls and financial strength, and (iii) require any Sub-Custodian to exercise due care in accordance with reasonable
commercial standards in discharging its duty as a securities intermediary to obtain and thereafter maintain assets corresponding to the
security entitlements of its entitlement holders.

 

3.06 Disbursement
of Moneys from Fund Custody Account. Upon receipt of Written Instructions, the Custodian shall disburse moneys from a Fund Custody
Account but only in the following cases:

 

		(a)	For the purchase of Securities for a Fund but only in accordance with Section 4.01 of this Agreement and only (i) in the case of Securities
(other than options on Securities, futures contracts and options on futures contracts), against the delivery to the Custodian (or any
Sub-Custodian) of such Securities registered as provided in Section 3.09 below or in proper form for transfer, or if the purchase of such
Securities is effected through a Book-Entry System or Securities Depository, in accordance with the conditions set forth in Section 3.05
above; (ii) in the case of options on Securities, against delivery to the Custodian (or any Sub-Custodian) of such receipts as are required
by the customs prevailing among dealers in such options; (iii) in the case of futures contracts and options on futures contracts, against
delivery to the Custodian (or any Sub-Custodian) of evidence of title thereto in favor of the Fund or any nominee referred to in Section
3.09 below; and (iv) in the case of repurchase or reverse repurchase agreements entered into between the Trust and a bank which is a member
of the Federal Reserve System or between the Trust and a primary dealer in U.S. Government securities, against delivery of the purchased
Securities either in certificate form or through an entry crediting the Custodian’s account at a Book-Entry System or Securities
Depository with such Securities;

 

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		(b)	In connection with the conversion, exchange or surrender, as set forth in Section 3.07(f) below, of Securities owned by the Fund;

 

		(c)	For the payment of any dividends or capital gain distributions declared by the Fund;

 

		(d)	In payment of the redemption price of Shares as provided in Section 5.01 below;

 

		(e)	For the payment of any expense or liability incurred by the Fund, including, but not limited to, the following payments for the account
of the Fund: interest; taxes; administration, investment advisory, accounting, auditing, transfer agent, custodian and legal fees; and
other operating expenses of the Fund; in all cases, whether or not such expenses are to be in whole or in part capitalized or treated
as deferred expenses;

 

		(f)	For transfer in accordance with the provisions of any agreement among the Trust, the Custodian and a broker-dealer registered under
the 1934 Act and a member of FINRA, relating to compliance with rules of the Options Clearing Corporation and of any registered national
securities exchange (or of any similar organization or organizations) regarding escrow or other arrangements in connection with transactions
by the Fund;

 

		(g)	For transfer in accordance with the provisions of any agreement among the Trust, the Custodian and a futures commission merchant registered
under the Commodity Exchange Act, relating to compliance with the rules of the CFTC and/or any contract market (or any similar organization
or organizations) regarding account deposits in connection with transactions by the Fund;

 

		(h)	For the funding of any uncertificated time deposit or other interest-bearing account with any banking institution (including the Custodian),
which deposit or account has a term of one year or less; and

 

		(i)	For any other proper purpose, but only upon receipt of Written Instructions, specifying the amount and purpose of such payment, declaring
such purpose to be a proper corporate purpose, and naming the person or persons to whom such payment is to be made.

 

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3.07 Delivery
of Securities from Fund Custody Account. Upon receipt of Written Instructions, the Custodian shall release and deliver, or cause the
Sub-Custodian to release and deliver, Securities from a Fund Custody Account but only in the following cases:

 

		(a)	Upon the sale of Securities for the account of the Fund but only against receipt of payment therefor in cash, by certified or cashiers
check or bank credit;

 

		(b)	In the case of a sale effected through a Book-Entry System or Securities Depository, in accordance with the provisions of Section
3.05 above;

 

		(c)	To an offeror’s depository agent in connection with tender or other similar offers for Securities of the Fund; provided that,
in any such case, the cash or other consideration is to be delivered to the Custodian;

 

		(d)	To the issuer thereof or its agent (i) for transfer into the name of the Fund, the Custodian or any Sub-Custodian, or any nominee
or nominees of any of the foregoing, or (ii) for exchange for a different number of certificates or other evidence representing the same
aggregate face amount or number of units; provided that, in any such case, the new Securities are to be delivered to the Custodian;

 

		(e)	To the broker selling the Securities, for examination in accordance with the “street delivery” custom;

 

		(f)	For exchange or conversion pursuant to any plan of merger, consolidation, recapitalization, reorganization or readjustment of the
issuer of such Securities, or pursuant to provisions for conversion contained in such Securities, or pursuant to any deposit agreement,
including surrender or receipt of underlying Securities in connection with the issuance or cancellation of depository receipts; provided
that, in any such case, the new Securities and cash, if any, are to be delivered to the Custodian;

 

		(g)	Upon receipt of payment therefor pursuant to any repurchase or reverse repurchase agreement entered into by the Fund;

 

		(h)	In the case of warrants, rights or similar Securities, upon the exercise thereof, provided that, in any such case, the new Securities
and cash, if any, are to be delivered to the Custodian;

 

		(i)	For delivery in connection with any loans of Securities of the Fund, but only against receipt of such collateral as the Trust shall
have specified to the Custodian in Written Instructions;

 

		(j)	For delivery as security in connection with any borrowings by the Fund requiring a pledge of assets by the Trust, but only against
receipt by the Custodian of the amounts borrowed;

 

		(k)	Pursuant to any authorized plan of liquidation, reorganization, merger, consolidation or recapitalization of the Trust;

 

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		(l)	For delivery in accordance with the provisions of any agreement among the Trust, the Custodian and a broker-dealer registered under
the 1934 Act and a member of FINRA, relating to compliance with the rules of the Options Clearing Corporation and of any registered national
securities exchange (or of any similar organization or organizations) regarding escrow or other arrangements in connection with transactions
by the Fund;

 

		(m)	For delivery in accordance with the provisions of any agreement among the Trust, the Custodian and a futures commission merchant registered
under the Commodity Exchange Act, relating to compliance with the rules of the CFTC and/or any contract market (or any similar organization
or organizations) regarding account deposits in connection with transactions by the Fund;

 

		(n)	For any other proper corporate purpose, but only upon receipt of Written Instructions, specifying the Securities to be delivered,
setting forth the purpose for which such delivery is to be made, declaring such purpose to be a proper corporate purpose, and naming the
person or persons to whom delivery of such Securities shall be made; or

 

		(o)	To brokers, clearing banks or other clearing agents for examination or trade execution in accordance with market custom; provided
that in any such case the Custodian shall have no responsibility or liability for any loss arising from the delivery of such securities
prior to receiving payment for such securities except as may arise from the Custodian’s own negligence or willful misconduct.

 

3.08 Actions
Not Requiring Written Instructions. Unless otherwise instructed by the Trust or Sponsor, the Custodian shall with respect to all Securities
held for the Funds:

 

		(a)	Subject to Section 9.04 below, collect on a timely basis all income and other payments to which a Fund is entitled either by law or
pursuant to custom in the securities business;

 

		(b)	Present for payment and, subject to Section 9.04 below, collect on a timely basis the amount payable upon all Securities which may
mature or be called, redeemed, or retired, or otherwise become payable;

 

		(c)	Endorse for collection, in the name of a Fund, checks, drafts and other negotiable instruments;

 

		(d)	Surrender interim receipts or Securities in temporary form for Securities in definitive form;

 

		(e)	Execute, as custodian, any necessary declarations or certificates of ownership under the federal income tax laws or the laws or regulations
of any other taxing authority now or hereafter in effect, and prepare and submit reports to the IRS and the Trust at such time, in such
manner and containing such information as is prescribed by the IRS;

 

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		(f)	Hold for a Fund, either directly or, with respect to Securities held therein, through a Book-Entry System or Securities Depository,
all rights and similar Securities issued with respect to Securities of the Fund; and

 

		(g)	In general, and except as otherwise directed in Written Instructions, attend to all non-discretionary details in connection with the
sale, exchange, substitution, purchase, transfer and other dealings with Securities and other assets of a Fund.

 

		(h)	Important information related to ADR’s and Preferential Tax Treatment: With respect to any ADRs a Fund may purchase and
own and which the Custodian custodies on the Funds behalf, each Fund understands that the holding of American Depository Receipts (“ADRs”)
may require the disclosure of the beneficial ownership information (Name, Address, TIN/SSN, Share amount) by the Custodian to vendors,
sub-custodians, or local tax authorities in foreign jurisdictions to avoid tax penalties and obtain for you the most preferential tax
treatment. The Trust acknowledges and consents to any and all disclosures or releases of beneficial information, described above, by the
Custodian to any third parties relating to ADRs and release, hold harmless, and indemnify the Custodian from any liability for doing so.

 

3.09 Registration
and Transfer of Securities. All Securities held for the Funds that are issued or issuable only in bearer form shall be held by the
Custodian in that form, provided that any such Securities shall be held in a Book-Entry System if eligible therefor. All other Securities
held for the Funds may be registered in the name of a Fund, the Custodian, a Sub-Custodian or any nominee thereof, or in the name of a
Book-Entry System, Securities Depository or any nominee of either thereof. The records of the Custodian with respect to foreign securities
of a Fund that are maintained with a Sub-Custodian in an account that is identified as belonging to the Custodian for the benefit of its
customers shall identify those securities as belonging to the Fund. The Trust shall furnish to the Custodian appropriate instruments to
enable the Custodian to hold or deliver in proper form for transfer, or to register in the name of any of the nominees referred to above
or in the name of a Book-Entry System or Securities Depository, any Securities registered in the name of the Fund.

 

3.10 Records.

 

		(a)	The Custodian shall maintain complete and accurate records with respect to Securities, cash or other property held for the Funds,
including (i) journals or other records of original entry containing an itemized daily record in detail of all receipts and deliveries
of Securities and all receipts and disbursements of cash; (ii) ledgers (or other records) reflecting (A) Securities in transfer, (B) Securities
in physical possession, (C) monies and Securities borrowed and monies and Securities loaned (together with a record of the collateral
therefor and substitutions of such collateral), (D) dividends and interest received, and (E) dividends receivable and interest receivable;
(iii) canceled checks and bank records related thereto; and (iv) all records relating to its activities and obligations under this Agreement.
The Custodian shall keep such other books and records of the Fund as the Trust shall reasonably request and as shall reasonably assist
the Trust in satisfying relevant rules and regulations of the CFTC, NFA, the 1934 Act or the 1933 Act

 

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		(b)	All such books and records maintained by the Custodian shall (i) be maintained in a form reasonably acceptable to the Trust for compliance
with the rules and regulations of the CFTC, NFA and SEC, and (ii) be the property of the Trust and at all times during the regular business
hours of the Custodian be made available upon request for inspection by duly authorized officers, employees or agents of the Trust and
employees or agents of the CFTC, NFA or the SEC, as required by law or as instructed by the Trust.

 

3.11 Fund
Reports by Custodian. The Custodian shall furnish the Trust and Sponsor with a daily activity statement and a summary of all transfers
to or from each Fund Custody Account on the day following such transfers. At least monthly, the Custodian shall furnish the Trust and
Sponsor with a detailed statement of the Securities and moneys held by the Custodian and the Sub-Custodians for the Fund under this Agreement.

 

3.12 Other
Reports by Custodian. As the Trust may reasonably request from time to time, the Custodian shall provide the Trust with reports on
the internal accounting controls and procedures for safeguarding Securities which are employed by the Custodian or any Sub-Custodian.

 

3.13 Proxies
and Other Materials. The Custodian shall cause all proxies relating to Securities which are not registered in the name of a Fund to
be promptly executed by the registered holder of such Securities, without indication of the manner in which such proxies are to be voted,
and shall promptly deliver to the Trust such proxies, all proxy soliciting materials and all notices relating to such Securities. With
respect to the foreign Securities, the Custodian will use reasonable commercial efforts to facilitate the exercise of voting and other
shareholder rights, subject to the laws, regulations and practical constraints that may exist in the country where such securities are
issued. The Trust acknowledges that local conditions, including lack of regulation, onerous procedural obligations, lack of notice and
other factors may have the effect of severely limiting the ability of the Trust to exercise shareholder rights.

 

3.14 Information
on Corporate Actions. The Custodian shall promptly deliver to the Trust all information received by the Custodian and pertaining to
Securities being held by the Fund with respect to optional tender or exchange offers, calls for redemption or purchase, or expiration
of rights. If the Trust desires to take action with respect to any tender offer, exchange offer or other similar transaction, the Trust
shall notify the Custodian at least three Business Days prior to the date on which the Custodian is to take such action. The Trust will
provide or cause to be provided to the Custodian all relevant information for any Security which has unique put/option provisions at least
three Business Days prior to the beginning date of the tender period.

 

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ARTICLE
IV.

PURCHASE AND SALE OF INVESTMENTS OF THE FUND

 

4.01 Purchase
of Securities. Promptly upon each purchase of Securities for a Fund, Written Instructions shall be delivered to the Custodian, specifying
(i) the name of the issuer or writer of such Securities, and the title or other description thereof, (ii) the number of shares, principal
amount (and accrued interest, if any) or other units purchased, (iii) the date of purchase and settlement, (iv) the purchase price per
unit, (v) the total amount payable upon such purchase, and (vi) the name of the person to whom such amount is payable. The Custodian shall
upon receipt of such Securities purchased by a Fund pay out of the moneys held for the account of the Fund the total amount specified
in such Written Instructions to the person named therein. The Custodian shall not be under any obligation to pay out moneys to cover the
cost of a purchase of Securities for a Fund, if in the Fund Custody Account there is insufficient cash available to the Fund for which
such purchase was made.

 

4.02 Liability
for Payment in Advance of Receipt of Securities Purchased. In any and every case where payment for the purchase of Securities for
a Fund is made by the Custodian in advance of receipt of the Securities purchased and in the absence of specified Written Instructions
to so pay in advance, the Custodian shall be liable to the Fund for such payment.

 

4.03 Sale
of Securities. Promptly upon each sale of Securities by a Fund, Written Instructions shall be delivered to the Custodian, specifying
(i) the name of the issuer or writer of such Securities, and the title or other description thereof, (ii) the number of shares, principal
amount (and accrued interest, if any), or other units sold, (iii) the date of sale and settlement, (iv) the sale price per unit, (v) the
total amount payable upon such sale, and (vi) the person to whom such Securities are to be delivered. Upon receipt of the total amount
payable to a Fund as specified in such Written Instructions, the Custodian shall deliver such Securities to the person specified in such
Written Instructions. Subject to the foregoing, the Custodian may accept payment in such form as shall be satisfactory to it, and may
deliver Securities and arrange for payment in accordance with the customs prevailing among dealers in Securities.

 

4.04 Delivery
of Securities Sold. Notwithstanding Section 4.03 above or any other provision of this Agreement, the Custodian, when instructed to
deliver Securities against payment, shall be entitled, if in accordance with generally accepted market practice, to deliver such Securities
prior to actual receipt of final payment therefor. In any such case, the Fund shall bear the risk that final payment for such Securities
may not be made or that such Securities may be returned or otherwise held or disposed of by or through the person to whom they were delivered,
and the Custodian shall have no liability for any for the foregoing.

 

4.05 Payment
for Securities Sold. In its sole discretion and from time to time, the Custodian may credit the Fund Custody Account, prior to actual
receipt of final payment thereof, with (i) proceeds from the sale of Securities which it has been instructed to deliver against payment,
(ii) proceeds from the redemption of Securities or other assets of the Fund, and (iii) income from cash, Securities or other assets of
the Fund. Any such credit shall be conditional upon actual receipt by Custodian of final payment and may be reversed if final payment
is not actually received in full. The Custodian may, in its sole discretion and from time to time, permit the Fund to use funds so credited
to the Fund Custody Account in anticipation of actual receipt of final payment. Any such funds shall be repayable immediately upon demand
made by the Custodian at any time prior to the actual receipt of all final payments in anticipation of which funds were credited to the
Fund Custody Account.

 

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4.06 Advances
by Custodian for Settlement. The Custodian may, in its sole discretion and from time to time, advance funds to the Trust to facilitate
the settlement of a Fund’s transactions in the Fund Custody Account. Any such advance shall be repayable immediately upon demand
made by Custodian.

 

ARTICLE
V.

SALE AND REDEMPTION OF FUND SHARES

 

5.01 Transfer
of Fund Assets. From such funds or other property as may be available for the purpose in the relevant Fund Custody Account, the Custodian
shall, upon receipt of Written Instructions specifying that the funds or securities are required to redeem one or more creation units
of the Fund, deliver the funds or securities specified in such Written Instructions for payment to or through such bank or broker-dealer
as the Written Instructions may designate. The Fund’s transfer agent, as known to the Custodian in pursuant to Section 2.03, shall
be an Authorized Person for purposes of this Section 5.01.

 

5.02 No
Duty Regarding Paying Banks. Once the Custodian has wired amounts to a bank or broker-dealer pursuant to Section 5.01 above, the Custodian
shall not be under any obligation to effect any further payment or distribution by such bank or broker-dealer.

 

ARTICLE
VI.

SEGREGATED ACCOUNTS

 

Upon receipt of Written Instructions, the Custodian shall establish
and maintain a segregated account or accounts for and on behalf of a Fund, into which account or accounts may be transferred cash and/or
Securities, including Securities maintained in a Depository Account:

 

		(a)	in accordance with the provisions of any agreement among the Trust, the Sponsor, the Custodian and a broker-dealer registered under
the 1934 Act and a member of FINRA (or any futures commission merchant registered under the Commodity Exchange Act), relating to compliance
with the rules of the Options Clearing Corporation and of any registered national securities exchange (or the CFTC or any registered contract
market), or of any similar organization or organizations, regarding escrow or other arrangements in connection with transactions by the
Fund;

 

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		(b)	for purposes of segregating cash or Securities in connection with securities options purchased or written by the Fund or in connection
with financial futures contracts (or options thereon) purchased or sold by the Fund;

 

		(c)	which constitute collateral for loans of Securities made by the Fund;

 

		(d)	for other proper corporate purposes, but only upon receipt of Written Instructions, setting forth the purpose or purposes of such
segregated account and declaring such purposes to be proper corporate purposes.

 

Each segregated account established under this Article VI shall be
established and maintained for the Fund only. All Written Instructions relating to a segregated account shall specify the Fund.

 

ARTICLE
VII.

COMPENSATION OF CUSTODIAN

 

7.01 Compensation.
The Custodian shall be compensated for providing the services set forth in this Agreement in accordance with the fee schedule set forth
on Exhibit C hereto (as amended from time to time). The Custodian shall also be compensated for such out-of-pocket expenses (e.g.,
telecommunication charges, postage and delivery charges, and reproduction charges) as are reasonably incurred by the Custodian in performing
its duties hereunder. The Trust shall pay all such fees and reimbursable expenses within 30 calendar days following receipt of the billing
notice, except for any fee or expense subject to a good faith dispute. The Trust shall notify the Custodian in writing within 30 calendar
days following receipt of each invoice if the Trust is disputing any amounts in good faith. The Trust shall pay such disputed amounts
within 10 calendar days of the day on which the parties agree to the amount to be paid. With the exception of any fee or expense the Trust
is disputing in good faith as set forth above, unpaid invoices shall accrue a finance charge of 11/2% per month
after the due date. Notwithstanding anything to the contrary, amounts owed by the Trust to the Custodian shall only be paid out of the
assets and property of the particular Fund involved.

 

7.02 Overdrafts.
The Trust is responsible for maintaining an appropriate level of short term cash investments to accommodate cash outflows. The Trust may
obtain a formal line of credit for potential overdrafts of its custody account. In the event of an overdraft or in the event the line
of credit is insufficient to cover an overdraft, the overdraft amount or the overdraft amount that exceeds the line of credit will be
charged in accordance with the fee schedule set forth on Exhibit C hereto (as amended from time to time)

 

ARTICLE
VIII.

REPRESENTATIONS AND WARRANTIES

 

8.01 Representations
and Warranties of the Trust and Sponsor. The Trust and Sponsor each hereby represents and warrants to the Custodian, 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;

 

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		(b)	This Agreement has been duly authorized, executed and delivered by the Trust and Sponsor in accordance with all requisite action and
constitutes a valid and legally binding obligation of the Trust, 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; and

 

		(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; there is no statute, rule, regulation,
order or judgment binding on it and no provision of its charter, bylaws or any contract binding it or affecting its property which would
prohibit its execution or performance of this Agreement.

 

8.02 Representations
and Warranties of the Custodian. The Custodian hereby represents and warrants to the Trust, 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 the Custodian in accordance with all requisite action and constitutes
a valid and legally binding obligation of the Custodian, 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; and

 

		(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; there is no statute, rule, regulation,
order or judgment binding on it and no provision of its charter, bylaws or any contract binding it or affecting its property which would
prohibit its execution or performance of this Agreement.

 

ARTICLE
IX.

CONCERNING THE CUSTODIAN

 

9.01 Standard
of Care. The Custodian shall exercise commercially reasonable efforts of care in the performance of its duties under this Agreement.
The Custodian shall not be liable for any error of judgment or mistake of law or for any loss suffered by the Trust in connection with
its duties under this Agreement, except a loss arising out of or relating to the Custodian’s (or a Sub-Custodian’s) refusal
or failure to comply with the terms of this Agreement (or any sub-custody agreement) or from its (or a Sub-Custodian’s) bad faith,
negligence or willful misconduct in the performance of its duties under this Agreement (or any sub-custody agreement). The Custodian shall
be entitled to rely on and may act upon advice of counsel on all matters, and shall be without liability for any action reasonably taken
or omitted pursuant to such advice. The Custodian shall promptly notify the Trust and Sponsor of any action taken or omitted by the Custodian
pursuant to advice of counsel.

 

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9.02 Actual
Collection Required. The Custodian shall not be liable for, or considered to be the custodian of, any cash belonging to a Fund or
any money represented by a check, draft or other instrument for the payment of money, until the Custodian or its agents actually receive
such cash or collect on such instrument.

 

9.03 No
Responsibility for Title, etc. So long as and to the extent that it is in the exercise of reasonable care, the Custodian shall not
be responsible for the title, validity or genuineness of any property or evidence of title thereto received or delivered by it pursuant
to this Agreement.

 

9.04 Limitation
on Duty to Collect. Custodian shall not be required to enforce collection, by legal means or otherwise, of any money or property due
and payable with respect to Securities held for the Fund if such Securities are in default or payment is not made after due demand or
presentation.

 

9.05 Reliance
Upon Documents and Instructions. The Custodian shall be entitled to rely upon any certificate, notice or other instrument in writing
received by it and reasonably believed by it to be genuine. The Custodian shall be entitled to rely upon any Written Instructions actually
received by it pursuant to this Agreement.

 

9.06 Cooperation.
The Custodian shall cooperate with and supply necessary information to the entity or entities appointed by the Trust or Sponsor to keep
the books of account of the Funds and/or compute the value of the assets of the Funds. The Custodian shall take all such reasonable actions
as the Trust or Sponsor may from time to time request to enable the Trust to obtain, from year to year, favorable opinions from the Trust’s
independent accountants with respect to the Custodian’s activities hereunder in connection with (i) the preparation of the Trust’s
annual reports and any other reports required by the CFTC, NFA and SEC, and (ii) the fulfillment by the Trust of any other requirements
of the CFTC, NFA and SEC.

 

ARTICLE
X.

INDEMNIFICATION

 

10.01 Indemnification
by Trust. The Trust shall indemnify and hold harmless the Custodian, any Sub-Custodian and any nominee thereof (each, an “Indemnified
Party” and collectively, the “Indemnified Parties”) from and against any and all claims, demands, losses, expenses and
liabilities of any and every nature (including reasonable attorneys’ fees) that an Indemnified Party may sustain or incur or that
may be asserted against an Indemnified Party by any person arising directly or indirectly (i) from the fact that Securities are registered
in the name of any such nominee, (ii) from any action taken or omitted to be taken by the Custodian or such Sub-Custodian (a) at the request
or direction of or in reliance on the advice of the Trust or Sponsor, or (b) upon Written Instructions, or (iii) from the performance
of its obligations under this Agreement or any sub-custody agreement, provided that neither the Custodian nor any such Sub-Custodian shall
be indemnified and held harmless from and against any such claim, demand, loss, expense or liability arising out of or relating to its
refusal or failure to comply with the terms of this Agreement (or any sub-custody agreement), or from its bad faith, negligence or willful
misconduct in the performance of its duties under this Agreement (or any sub-custody agreement). This indemnity shall be a continuing
obligation of the Trust, its successors and assigns, notwithstanding the termination of this Agreement. As used in this paragraph, the
terms “Custodian” and “Sub-Custodian” shall include their respective directors, officers and employees.

 

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10.02 Indemnification
by Custodian. The Custodian shall indemnify and hold harmless the Trust and Sponsor from and against any and all claims, demands,
losses, expenses, and liabilities of any and every nature (including reasonable attorneys’ fees) that the Trust may sustain or incur
or that may be asserted against the Trust by any person arising directly or indirectly out of any action taken or omitted to be taken
by an Indemnified Party as a result of the Indemnified Party’s refusal or failure to comply with the terms of this Agreement (or
any sub-custody agreement), or from its bad faith, negligence or willful misconduct in the performance of its duties under this Agreement
(or any sub-custody agreement). This indemnity shall be a continuing obligation of the Custodian, its successors and assigns, notwithstanding
the termination of this Agreement. As used in this paragraph, the term “Trust” shall include the Trust’s officers and
employees and the term “Sponsor” shall include the Sponsor’s officers and employees.

 

10.03 Security.
If the Custodian advances cash or Securities to a Fund for any purpose, either at the Trust’s request or as otherwise contemplated
in this Agreement, or in the event that the Custodian or its nominee incurs, in connection with its performance under this Agreement,
any claim, demand, loss, expense or liability (including reasonable attorneys’ fees) (except such as may arise from its or its nominee’s
bad faith, negligence or willful misconduct), then, in any such event, any property at any time held for the account of a Fund shall be
security therefor, and should a Fund fail promptly to repay or indemnify the Custodian, the Custodian shall be entitled to utilize available
cash of such Fund and to dispose of other assets of such Fund to the extent necessary to obtain reimbursement or indemnification.

 

10.04 Miscellaneous.

 

		(a)	Neither party to this Agreement shall be liable to another party for consequential, special or punitive damages under any provision
of this Agreement.

 

		(b)	The indemnity provisions of this Article shall indefinitely survive the termination and/or assignment of this Agreement.

 

		(c)	In order that the indemnification provisions contained in this Article X shall apply, it is understood that if in any case the indemnitor
may be asked to indemnify or hold the indemnitee harmless, the indemnitor shall be fully and promptly advised of all pertinent facts concerning
the situation in question, and it is further understood that the indemnitee will use all reasonable care to notify the indemnitor promptly
concerning any situation that presents or appears likely to present the probability of a claim for indemnification. The indemnitor shall
have the option to defend the indemnitee against any claim that may be the subject of this indemnification. In the event that the indemnitor
so elects, it will so notify the indemnitee and thereupon the indemnitor shall take over complete defense of the claim, and the indemnitee
shall in such situation initiate no further legal or other expenses for which it shall seek indemnification under this Article X. The
indemnitee shall in no case confess any claim or make any compromise in any case in which the indemnitor will be asked to indemnify the
indemnitee except with the indemnitor’s prior written consent.

 

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ARTICLE
XI.

FORCE MAJEURE

 

Neither the Custodian, the Sponsor nor the Trust
shall be liable for any failure or delay in performance of its obligations under this Agreement arising out of or caused, directly or
indirectly, by circumstances beyond its reasonable control, including, without limitation, acts of God; earthquakes; fires; floods; wars;
civil or military disturbances; acts of terrorism; sabotage; strikes; epidemics; riots; power failures; computer failure and any such
circumstances beyond its reasonable control as may cause interruption, loss or malfunction of utility, transportation, computer (hardware
or software) or telephone communication service; accidents; labor disputes; acts of civil or military authority; governmental actions;
or inability to obtain labor, material, equipment or transportation; provided, however, that in the event of a failure or delay, the Custodian
(i) shall not discriminate against a Fund in favor of any other customer of the Custodian in making computer time and personnel available
to input or process the transactions contemplated by this Agreement, and (ii) shall use its best efforts to ameliorate the effects of
any such failure or delay.

 

ARTICLE
XII.

PROPRIETARY AND CONFIDENTIAL INFORMATION

 

12.01 The
Custodian agrees on behalf of itself and its directors, officers, and employees to treat confidentially and as proprietary information
of the Trust and Sponsor, all records and other information relative to the Trust and prior, present, or potential shareholders of the
Funds (and clients of said shareholders), and not to use such records and information for any purpose other than the performance of its
responsibilities and duties hereunder, except (i) after prior notification to and approval in writing by the Trust or Sponsor, which approval
shall not be unreasonably withheld and may not be withheld where the Custodian may be exposed to civil or criminal contempt proceedings
for failure to comply, (ii) when requested to divulge such information by duly constituted authorities although the Custodian will promptly
report such disclosure to the Trust and Sponsor if disclosure is permitted by applicable law and regulation, or (iii) when so requested
by the Trust or Sponsor. Records and other information which have become known to the public through no wrongful act of the Custodian
or any of its employees, agents or representatives, and information that was already in the possession of the Custodian prior to receipt
thereof from the Trust, Sponsor or its agent, shall not be subject to this paragraph.

 

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12.02 Further,
the Custodian will adhere to the privacy policies adopted by the Trust pursuant to Title V of the Gramm-Leach-Bliley Act, as may be modified
from time to time. In this regard, the Custodian shall have in place and maintain physical, electronic and procedural safeguards reasonably
designed to protect the security, confidentiality and integrity of, and to prevent unauthorized access to or use of, records and information
relating to the Trust and its shareholders.

 

12.03 The
Trust agrees on behalf of itself and its directors, officers, and employees to treat confidentially and as proprietary information of
the Custodian, all non-public information relative to the Custodian (including, without limitation, information regarding the Custodian’s
pricing, products, services, customers, suppliers, financial statements, processes, know-how, trade secrets, market opportunities, past,
present or future research, development or business plans, affairs, operations, systems, computer software in source code and object code
form, documentation, techniques, procedures, designs, drawings, specifications, schematics, processes and/or intellectual property), and
not to use such information for any purpose other than in connection with the services provided under this Agreement, except (i) after
prior notification to and approval in writing by the Custodian, which approval shall not be unreasonably withheld and may not be withheld
where the Trust may be exposed to civil or criminal contempt proceedings for failure to comply, (ii) when requested to divulge such information
by duly constituted authorities, or (iii) when so requested by the Custodian. Information which has become known to the public through
no wrongful act of the Trust or any of its employees, agents or representatives, and information that was already in the possession of
the Trust prior to receipt thereof from the Custodian, shall not be subject to this paragraph.

 

12.04 Notwithstanding
anything herein to the contrary, (i) the Trust shall be permitted to disclose the identity of the Custodian as a service provider, redacted
copies of this Agreement, and such other information as may be required in the Trust’s registration or offering documents, or as
may otherwise be required by applicable law, rule, or regulation, and (ii) the Custodian shall be permitted to include the name of the
Trust in lists of representative clients in due diligence questionnaires, RFP responses, presentations, and other marketing and promotional
purposes.

 

ARTICLE
XIII.

EFFECTIVE PERIOD; TERMINATION

 

13.01 Effective
Period. This Agreement shall become effective as of the date last written on the signature page and will continue in effect for a
period of two (2) years.

 

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13.02 Termination.

 

		(a)	Following the initial term, this Agreement shall automatically renew for successive one (1) year terms unless either party provides
written notice at least 90 days prior to the end of the then current term that it will not be renewing the Agreement.

 

		(b)	Subject to Section 13.03, this Agreement may be terminated by either party (in whole or with respect to one or more Funds) upon giving
90 days’ prior written notice to the other party or such shorter notice period as is mutually agreed upon by the parties.

 

		(c)	The Custodian may terminate this Agreement immediately (in whole or with respect to one or more Funds) if the continued service of
such Funds or the Trust would cause the Custodian or any of its affiliates to be in violation of any applicable law, rule, regulation,
or order of any governmental, regulatory or judicial authority of competent jurisdiction, provided that in such event the Custodian shall,
to the extent it is legally permitted and able to do so, cooperate to facilitate the smooth transition of such Funds or the Trust to a
successor service provider.

 

		(d)	This Agreement may be terminated by any party upon the breach of the other party of any material term of this Agreement if such breach
is not cured within 15 days of notice of such breach to the breaching party.

 

		(e)	The Trust may, at any time, immediately terminate this Agreement in the event of the appointment of a conservator or receiver for
the Custodian by regulatory authorities or upon the happening of a like event at the direction of an appropriate regulatory agency or
court of competent jurisdiction.

 

13.03 Early
Termination. In the absence of any material breach of this agreement, should the Trust elect to terminate this Agreement (in whole
or with respect to one or more Funds) prior to the end of the then current term, the Trust agrees to pay the following fees:

 

		a)	All monthly fees through the life of the Agreement, including the repayment of any negotiated discounts (provided that no such fees
shall be paid with respect to any Fund following the liquidation of such Fund);

 

		b)	All miscellaneous fees associated with converting services to a successor service provider;

 

		c)	All fees associated with any record retention and/or tax reporting obligations that may not be eliminated due to the conversion to
a successor service provider;

 

		d)	All miscellaneous costs associated with a) through c) above.

 

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13.04 Appointment
of Successor Custodian. If a successor custodian shall have been appointed by the Sponsor, the Custodian shall, upon receipt of a
notice of acceptance by the successor custodian, on such specified date of termination (i) deliver directly to the successor custodian
all Securities (other than Securities held in a Book-Entry System or Securities Depository) and cash then owned by the Fund and held by
the Custodian as custodian, and (ii) transfer any Securities held in a Book-Entry System or Securities Depository to an account of or
for the benefit of the Fund at the successor custodian, provided that the Trust or Sponsor shall have paid to the Custodian all fees,
expenses and other amounts to the payment or reimbursement of which it shall then be entitled. In addition, the Custodian shall, at the
expense of the Trust, transfer to such successor all relevant books, records, correspondence, and other data established or maintained
by the Custodian under this Agreement in a form reasonably acceptable to the Trust (if such form differs from the form in which the Custodian
has maintained the same, the Trust shall pay any expenses associated with transferring the data to such form), and will cooperate in the
transfer of such duties and responsibilities, including provision for assistance from the Custodian’s personnel in the establishment
of books, records, and other data by such successor. Upon such delivery and transfer, the Custodian shall be relieved of all obligations
under this Agreement.

 

13.05 Failure
to Appoint Successor Custodian. If a successor custodian is not designated by the Trust on or before the date of termination of this
Agreement, then the Custodian shall have the right to deliver to a bank or trust company of its own selection cash and other property
held by Custodian under this Agreement and to transfer to an account of or for the Fund at such bank or trust company all Securities of
the Funds held in a Book-Entry System or Securities Depository. Upon such delivery and transfer, such bank or trust company shall be the
successor custodian under this Agreement and the Custodian shall be relieved of all obligations under this Agreement. In addition, under
these circumstances, all books, records and other data of the Trust shall be returned to the Trust.

 

ARTICLE
XIV.

CLASS ACTIONS

 

The Custodian shall use its best efforts to identify and file claims
for the Fund(s) involving any class action litigation that impacts any security the Fund(s) may have held during the class period. The
Trust agrees that the Custodian may file such claims on its behalf and understands that it may be waiving and/or releasing certain rights
to make claims or otherwise pursue class action defendants who settle their claims. Further, the Trust acknowledges that there is no guarantee
these claims will result in any payment or partial payment of potential class action proceeds and that the timing of such payment, if
any, is uncertain.

 

However, the Trust or Sponsor may instruct the Custodian to distribute
class action notices and other relevant documentation to the Fund(s) or its designee and, if it so elects, will relieve the Custodian
from any and all liability and responsibility for filing class action claims on behalf of the Fund(s).

 

In the event the Fund(s) are closed, the Custodian shall only file
the class action claims upon written instructions by an authorized representative of the closed Fund(s). Any expenses associated with
such filing will be assessed against the proceeds received of any class action settlement.

 

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ARTICLE
XV.

MISCELLANEOUS

 

15.01 Compliance
with Laws. The Trust and Sponsor have and retain primary responsibility for all compliance matters relating to the Fund, including
but not limited to compliance with the 1933 Act, the CEA, the Internal Revenue Code of 1986, the Sarbanes-Oxley Act of 2002, the USA Patriot
Act of 2001 and the policies and limitations of the Fund relating to its portfolio investments as set forth in its Prospectus and statement
of additional information. The Custodian’s services hereunder shall not relieve the Trust of its responsibilities for assuring such
compliance or the Sponsor’s oversight responsibility with respect thereto.

 

15.02 Amendment.
This Agreement may not be amended or modified in any manner except by written agreement executed by the Custodian, Trust and Sponsor.

 

15.03 Assignment.
This Agreement shall extend to and be binding upon the parties hereto and their respective successors and assigns; provided, however,
that this Agreement shall not be assignable by the Trust without the written consent of the Custodian, or by the Custodian without the
written consent of the Trust accompanied by the authorization or approval of the Sponsor.

 

15.04 Governing
Law. This Agreement shall be governed by and construed in accordance with the laws of the State of Minnesota, without regard to conflicts
of law principles. To the extent that the applicable laws of the State of Minnesota, or any of the provisions herein, conflict with the
applicable provisions of the CEA or 1933 Act, the latter shall control, and nothing herein shall be construed in a manner inconsistent
with the CEA, 1933 Act or any rule or order of the CFTC, NFA or SEC thereunder.

 

15.05 No
Agency Relationship. Nothing herein contained shall be deemed to authorize or empower either party to act as agent for the other party
to this Agreement, or to conduct business in the name, or for the account, of the other party to this Agreement.

 

15.06 Services
Not Exclusive. Nothing in this Agreement shall limit or restrict the Custodian from providing services to other parties that are similar
or identical to some or all of the services provided hereunder.

 

15.07 Invalidity.
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. In such case, the parties shall in good faith modify or substitute such provision consistent with the original
intent of the parties.

 

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15.08 Notices.
Any notice required or permitted to be given by either party to the other shall be in writing and shall be deemed to have been given on
the date delivered personally or by courier service, or three days after sent by registered or certified mail, postage prepaid, return
receipt requested, or on the date sent and confirmed received by facsimile transmission to the other party’s address set forth below:

 

Notice to the Custodian shall be sent to:

U.S. Bank

U.S. Bank Tower

425 Walnut Street, Cincinnati,

OH 452021 CN-OH-W6TC

Attn: Global Fund Custody Support Services

Phone: 513.632.2443

Fax: 844.206.1025

 

and notice to the Trust or Sponsor shall be sent to:

 

Convexity Shares, LLC

7 Roszel Road, Suite 1A,

Princeton, NJ 08540

Phone: (609) 897-7300

 

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

 

15.10 No
Waiver. No failure by either party hereto to exercise, and no delay by such party in exercising, any right hereunder shall operate
as a waiver thereof. The exercise by either party hereto of any right hereunder shall not preclude the exercise of any other right, and
the remedies provided herein are cumulative and not exclusive of any remedies provided at law or in equity.

 

15.11 References
to Custodian. The Trust or Sponsor shall not circulate any printed matter which contains any reference to Custodian without the prior
written approval of Custodian, excepting printed matter contained in the Prospectus or statement of additional information for a Fund
and such other printed matter as merely identifies Custodian as custodian for a Fund. The Trust or Sponsor shall submit printed matter
requiring approval to Custodian in draft form, allowing sufficient time for review by Custodian and its counsel prior to any deadline
for printing.

 

[SIGNATURES ON THE FOLLOWING PAGE]

 

    24

     

    

 

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.

 

CONVEXITYSHARES TRUST

 

	By:	/s/ John Zhu	 
	Name: 	John Zhu	 
	Title:	Chief Executive Officer	 

 

CONVEXITYSHARES, LLC

 

	By:	/s/ John Zhu	 
	Name: 	John Zhu	 
	Title:	Chief Executive Officer	 

 

U.S. BANK, N.A.

 

	By:	/s/ Anita Zagrodnik	 
	Name: 	Anita Zagrodnik	 
	Title:	Senior Vice President	 
	 	7/8/2021	 

 

    25

     

    

 

EXHIBIT A

 

to the Custody Agreement

 

Separate Series of ConvexityShares Trust

 

Name of Series

ConvexityShares Daily 1.5x SPIKES Futures ETF

ConvexityShares lx SPIKES Futures ETF

 

 

 

 

 

 

 

 

 

 

    26

     

    

 

EXHIBIT B

 

AUTHORIZED PERSONS

 

Set forth below are the names and specimen signatures
of the persons authorized by the Trust to administer the Fund Custody Accounts.

 

	Name	 	Telephone/Fax Number	 	Signature
	 	 	 	 	 
	 	 	 	 	________________________
	 	 	 	 	 
	 	 	 	 	________________________
	 	 	 	 	 
	 	 	 	 	________________________
	 	 	 	 	 
	 	 	 	 	________________________

 

    27

     

    

 

EXHIBIT C to the Custody Agreement — ConvexityShares
Trust

 

 

 

 

 

 

 

 

 

 

 

 

 

    28

     

    

 

EXHIBIT D

 

SHAREHOLDER COMMUNICATIONS
ACT AUTHORIZATION

 

CONVEXITYSHARES
TRUST

 

The Shareholder Communications Act of 1985 requires banks and trust
companies to make an effort to permit direct communication between a company which issues securities and the shareholder who votes those
securities.

 

Unless you specifically require us to NOT release your name and address
to requesting companies, we are required by law to disclose your name and address.

 

Your “yes” or “no” to disclosure will apply
to all U.S. securities Custodian holds for you now and in the future, unless you change your mind and notify us in writing. A “no”
election may prevent Custodian from obtaining, on your behalf, the most favorable tax rate for American Depository Receipts (ADRs) held
in your account

 

U.S. Bank is authorized to provide the Trust’s name, address
and security position to requesting companies whose stock is owned by the Trust.

 

	_____ YES	 	U.S. Bank is authorized to
provide the Trust’s name, address and security position to requesting companies whose stock is owned by the Trust.
	 	 	 
	_____ NO	 	U.S. Bank is NOT authorized
to provide the Trust’s name, address and security position to requesting companies whose stock is owned by the Trust.

 

CONVEXITYSHARES TRUST

 

	By:	 	 
	Name: 	 	 
	Title:	 	 

 

 

29Exhibit 10.6

 

FUND ADMINISTRATION
SERVICING AGREEMENT

 

THIS AGREEMENT is made and entered into as of the
last date on the signature page, by and between U.S. BANCORP FUND SERVICES, LLC dba U.S. Bank Global Fund Services, a Wisconsin
limited liability company (“Fund Services”), CONVEXITYSHARES TRUST, a Delaware statutory trust (the “Trust”),
for itself and on behalf of each of its series listed on Exhibit A to this Agreement (as amended from time to time) (each
a “Fund” or an “ETF Series”) and CONVEXITYSHARES, LLC, a Delaware limited liability company, the sponsor
of the Funds (the “Sponsor”).

 

WHEREAS, each Fund is operated as a commodity pool
under the Commodity Exchange Act and is registered with the U.S. Securities and Exchange Commission (“SEC”) by means of a
registration statement on Form S-1 or Form S-3, as applicable (each a “Registration Statement”) under the Securities Act of
1933, as amended (“1933 Act”); and

 

WHEREAS, the Sponsor has exclusive responsibility
for the management and control of the business and affairs of the Trust and each Fund; and

 

WHEREAS, the Trust and Sponsor desire to retain
Fund Services to provide fund administration services to each Fund listed on Exhibit A attached hereto (as amended from
time to time) the services described herein, all as more fully set forth below;

 

WHEREAS, the Trust and Sponsor desire to retain
Fund Services to provide to each Fund the fund administration services described herein, all as more fully set below;

 

NOW, THEREFORE, in consideration of the promises
and mutual covenants herein contained, and 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 of Fund Services as Fund Administrator

 

The Trust and Sponsor hereby appoint Fund Services as fund administrator
for the term of this Agreement to perform the services and duties described herein. Fund Services hereby accepts such appointment and
agrees to perform the services and duties set forth in this Agreement. The services and duties of Fund Services shall be confined to those
matters expressly set forth herein, and no implied duties are assumed by or may be asserted against Fund Services hereunder.

 

		2.	Delivery of Documents

 

		A.	The Trust and the Sponsor will on a continuing basis provide, or make available to, Fund Services:

 

		B.	Copies of the Trust’s most recent registration statement under the Securities Act of 1933;

 

		C.	Copies of all agreements between the Trust and its service providers, including without limitation, sponsor and distribution agreements;

 

     

     

    

 

		D.	Copies of each Fund’s valuation procedures, to the extent they are developed;

 

		E.	A copy of the Trust’s charter documents;

 

		F.	Any other documents or resolutions which relate to or affect Fund Services’ performance of its duties hereunder; and

 

		G.	Copies of any and all amendments or supplements to the foregoing.

 

		3.	Services and Duties of Fund Services

 

Fund Services shall provide the following administration
services to each Fund:

 

		A.	General Fund Management:

 

		(1)	Act as liaison among Fund service providers.

 

		(2)	Supply:

 

		a.	Office facilities (which may be in Fund Services’, or an affiliate’s, or Fund’s own offices).

 

		b.	Non-investment-related statistical and research data as requested.

 

		(3)	Audits:

 

		a.	For the annual Fund audit and quarterly review, assist with and provide information for appropriate schedules and materials. Provide
requested information to the independent auditors upon request of the Sponsor..

 

		b.	For SEC or other regulatory audits, provide requested information to the SEC or other regulatory agencies upon request of the Sponsor.

 

		c.	For all audits, provide office facilities, as needed.

 

		(4)	Assist with overall operations of the Fund.

 

		(5)	Pay Fund expenses upon written authorization from the Trust or Sponsor.

 

		(6)	Keep the Trust’s governing documents, including its charter and bylaws, but only to the extent such documents are provided to
Fund Services by the Trust or its representatives for safe keeping. Maintain required books and records for each Fund, as required by
all applicable statutes, rules and regulations. This will be subject to and in accordance with Section 9 of the Agreement, maintain files
of registration statements, Fund contracts, compliance materials and other Fund documents that are prepared by Fund Services or furnished
to Fund Services by the Fund, as required by the U.S. Securities and Exchange Commission (“SEC”), U.S. Commodity Futures Trading
Commission (“CFTC”), National Futures Association (“NFA”) and NYSE rules adopted thereunder, as they may be amended
from time to time, and other requirements.

 

    2

     

    

 

		B.	Compliance:

 

		(1)	Regulatory Compliance:

 

		a.	Monitor Fund’s compliance with the policies and investment limitations as set forth in its registration statement.

 

		b.	Perform its duties hereunder in compliance with all applicable laws and regulations and provide any sub-certifications reasonably
requested by the Trust in connection with (i) any certification required of the Trust pursuant to the Sarbanes-Oxley Act of 2002 (the
“SOX Act”) or any rules or regulations promulgated by the SEC thereunder, and (ii) the operation of Fund Services’ compliance
program as it relates to the Trust, provided the same shall not be deemed to change Fund Services’ standard of care as set forth
herein.

 

		c.	Monitor applicable regulatory and operational service issues, including exchange listing requirements.

 

		(2)	SEC Registration and Reporting:

 

		a.	Assist Fund counsel in providing the numeric information for the S1 registration statement.

 

		b.	Within the appropriate production cycle, assist the Sponsor with the Financial Reporting as outlined in C.(5) of this section for
one Quarterly Report on Form 10-Q for the Funds for each of the first three fiscal quarters of the Funds, or as necessary.

 

		c.	Within the appropriate production cycle, assist the Sponsor with the Financial Reporting as outlined in C.(5) of this section for
the Funds’ Annual Report on Form 10-K.

 

		d.	At the request of the Sponsor, assist with the coordination of the requests for information/documentation from the SEC, CFTC, NFA
and NYSE Arca.

 

		C.	Financial Reporting:

 

		(1)	Provide financial data required by the registration statement.

 

    3

     

    

 

		(2)	Within the appropriate time period following the end of the Funds’ required monthly reporting period, prepare a Statement of
Income (Loss) and a Statement of Changes in Net Asset Value as part of the Account Statement needed to comply with the requirements of
CFTC Rule § 4.22(a).

 

		(3)	Supervise the Fund’s custodian and fund accountants in the maintenance of the Fund’s general
ledger and in the preparation of the Fund’s financial statements, including oversight of expense accruals and payments, the determination
of net asset value and the declaration and payment of dividends and other distributions to shareholders.

 

		(4)	Monitor expense accruals and make adjustments as necessary; notify the Trust’s management of adjustments expected to materially
affect the Fund’s expense ratio.

 

		(5)	Prepare and review the Fund’s Financial Statements:

 

		a.	Statement of Financial Condition.

 

		b.	Statement of Investments.

 

		c.	Statement of Operations.

 

		d.	Statement of Changes in Net Assets.

 

		e.	Statement of Cash Flows.

 

		f.	Notes to the Financial Statements.

 

		g.	Other financial data included in 1 0-Qs and 10-Ks available to GFS through the fund accounting records.

 

		D.	Tax Reporting:

 

		(1)	Provide the Fund’s Sponsor and independent accountant with financial information as requested for tax reporting purposes pertaining
to the Fund and available to Fund Services as required in a timely manner.

 

		(2)	Prepare and File Forms 1099-NEC as requested

 

		E.	Optional Tax Services

 

If the Fund so chooses
the following optional tax services are available. These services are in addition to the Standard Services
defined in Section D above and are not part of the annual fees set out in Exhibit B. Fees will be determined based on level of complexity
and required effort involved:

 

		(1)	Preparation of annual taxable income calculations and supporting workpapers for the review by the Fund’s independent accountants.

 

    4

     

    

 

		4.	Compensation

 

Fund Services shall be compensated for providing the services
set forth in this Agreement in accordance with the fee schedule set forth on Exhibit C hereto (as amended from time to time).
Fund Services shall also be compensated for such miscellaneous expenses (e.g., telecommunication charges, postage and delivery charges,
and reproduction charges) as are reasonably incurred by Fund Services in performing its duties hereunder. The Trust shall pay all such
fees and reimbursable expenses within 30 calendar days following receipt of the monthly billing notice, except for any fee or expense
subject to a good faith dispute. The Trust shall notify Fund Services in writing within 30 calendar days following receipt of each invoice
if the Trust is disputing any amounts in good faith. The Trust shall pay such disputed amounts within 10 calendar days of the day on which
the parties agree to the amount to be paid. With the exception of any fee or expense the Trust is disputing in good faith as set forth
above, unpaid invoices shall accrue a finance charge of 11/2% per month after the due date.

 

Notwithstanding anything to the contrary, amounts owed by
the Trust to Fund Services shall only be paid out of the assets and property of the particular Fund involved.

 

		5.	License of Data; Warranty; Termination of Rights

 

		A.	Fund Services has entered into agreements with various data service providers (each, a “Data Provider”), including, without
limitation, MSCI index data services (“MSCI”), Standard & Poor Financial Services LLC (“S&P”), Morningstar,
Broadridge, FTSE, and ICE to provide data services that may include, without limitation, index returns and pricing information (collectively,
the “Data”) to facilitate the services provided by Fund Services to each Fund. These Data Providers have required Fund Services
to include certain provisions regarding the use of the Data in this Agreement attached hereto as Exhibit B. The Data is being licensed,
not sold, to the Fund. The Trust acknowledges and agrees that certain Data Providers may also require the Trust or one or more Funds to
enter into an agreement directly with the Data Provider for the use of that Data Provider’s Data. The provisions in Exhibit B
shall not have any effect upon the standard of care and liability Fund Services has set forth in Section 6 of this Agreement.

 

		B.	The Trust agrees to indemnify and hold harmless Fund Services, its information providers, and any other third party involved in or
related to the making or compiling of the Data, their affiliates and subsidiaries and their respective directors, officers, employees
and agents from and against any claims, losses, damages, liabilities, costs and expenses, including reasonable attorneys’ fees and
costs, as incurred, arising in and any manner out of the Trust’s or any third party’s use of, or inability to use, the Data
or any breach by the Trust of any provision contained in this Agreement. The immediately preceding sentence shall not have any effect
upon the standard of care and liability of Fund Services as set forth in Section 6 of this Agreement.

 

    5

     

    

 

		6.	Representations and Warranties

 

		A.	The Trust and Sponsor each hereby represents and warrants to Fund Services, which representations and warranties shall be deemed to
be continuing throughout the term of this Agreement, that:

 

		(1)	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;

 

		(2)	This Agreement has been duly authorized, executed and delivered by the Trust or Sponsor, as applicable, in accordance with all requisite
action and constitutes a valid and legally binding obligation of the Trust or Sponsor, as applicable, 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;

 

		(3)	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; there is no statute, rule, regulation,
order or judgment binding on it and no provision of its charter, bylaws or any contract binding it or affecting its property which would
prohibit its execution or performance of this Agreement.

 

		(4)	All records of the Trust provided to Fund Services by the Trust or by a prior service provider of the Trust are accurate and complete
and Fund Services is entitled to rely on all such records in the form provided.

 

		B.	Fund Services hereby represents and warrants to the Trust and Sponsor, which representations and warranties shall be deemed to be
continuing throughout the term of this Agreement, that:

 

		(1)	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;

 

		(2)	This Agreement has been duly authorized, executed and delivered by Fund Services in accordance with all requisite action and constitutes
a valid and legally binding obligation of Fund Services, 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; and

 

    6

     

    

 

		(3)	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; there is no statute, rule, regulation,
order or judgment binding on it and no provision of its charter, bylaws or any contract binding it or affecting its property which would
prohibit its execution or performance of this Agreement.

 

		7.	Standard of Care; Indemnification; Limitation of Liability

 

		A.	Fund Services shall exercise reasonable care in the performance of its duties under this Agreement. Neither Fund Services nor any
of its affiliates or suppliers shall be liable for any error of judgment; mistake of law; fraud or misconduct by the Trust, any Fund,
the adviser or any other service provider to the Trust or a Fund, or any employee of the foregoing; or for any loss suffered by the Trust,
a Fund, or any third party in connection with Fund Services’ duties under this Agreement, including losses resulting from mechanical
breakdowns or the failure of communication or power supplies beyond Fund Services’ reasonable control, except a loss arising out
of or relating to Fund Services’ refusal or failure to comply with the terms of this Agreement (other than where such compliance
would violate applicable law) or from its bad faith, negligence, or willful misconduct in the performance of its duties under this Agreement.
Notwithstanding any other provision of this Agreement, if Fund Services has exercised reasonable care in the performance of its duties
under this Agreement, the Trust shall indemnify and hold harmless Fund Services and its affiliates and suppliers from and against any
and all claims, demands, losses, expenses, and liabilities of any and every nature (including reasonable attorneys’ fees) that Fund
Services or its affiliates and suppliers may sustain or incur or that may be asserted against Fund Services or its affiliates and suppliers
by any person arising out of or related to (X) any action taken or omitted to be taken by it in performing the services hereunder (i)
in accordance with the foregoing standards, or (ii) in reliance upon any written or oral instruction provided to Fund Services by any
duly authorized officer of the Trust, as approved by the Board of Trustees of the Trust, or (Y) the Data, or any information, service,
report, analysis or publication derived therefrom, except for any and all claims, demands, losses, expenses, and liabilities arising out
of or relating to Fund Services’ refusal or failure to comply with the terms of this Agreement (other than where such compliance
would violate applicable law) or from its bad faith, negligence or willful misconduct in the performance of its duties under this Agreement.
This indemnity shall be a continuing obligation of the Trust, its successors and assigns, notwithstanding the termination of this Agreement.
As used in this paragraph, the term “Fund Services” shall include Fund Services’ directors, officers and employees.

 

Neither party to this Agreement shall be liable to the other
party for consequential, special or punitive damages under any provision of this Agreement.

 

In the event of a mechanical breakdown or power supplies beyond
its control, Fund Services shall take all reasonable steps to minimize service interruptions for any period that such interruption continues.
Fund Services will make every reasonable effort to restore any lost or damaged data and correct any errors resulting from such a breakdown
at the expense of Fund Services. Fund Services agrees that it shall, at all times, have reasonable contingency plans with appropriate
parties, making reasonable provision for emergency use of electrical data processing equipment to the extent appropriate equipment is
available. Representatives of the Trust shall be entitled to inspect Fund Services’ premises and operating capabilities at any time
during regular business hours of Fund Services, upon reasonable notice to Fund Services. Moreover, Fund Services shall provide the Trust,
at such times as the Trust may reasonably require, copies of reports rendered by independent accountants on the internal controls and
procedures of Fund Services relating to the services provided by Fund Services under this Agreement.

 

    7

     

    

 

Notwithstanding the above, Fund Services reserves the right
to reprocess and correct administrative errors at its own expense.

 

		B.	In order that the indemnification provisions contained in this section shall apply, it is understood that if in any case the indemnitor
may be asked to indemnify or hold the indemnitee harmless, the indemnitor shall be fully and promptly advised of all pertinent facts concerning
the situation in question, and it is further understood that the indemnitee will use all reasonable care to notify the indemnitor promptly
concerning any situation that presents or appears likely to present the probability of a claim for indemnification. The indemnitor shall
have the option to defend the indemnitee against any claim that may be the subject of this indemnification. In the event that the indemnitor
so elects, it will so notify the indemnitee and thereupon the indemnitor shall take over complete defense of the claim, and the indemnitee
shall in such situation initiate no further legal or other expenses for which it shall seek indemnification under this section. The indemnitee
shall in no case confess any claim or make any compromise in any case in which the indemnitor will be asked to indemnify the indemnitee
except with the indemnitor’s prior written consent.

 

		C.	The indemnity and defense provisions set forth in this Section 6 shall indefinitely survive the termination and/or assignment of this
Agreement.

 

		D.	If Fund Services is acting in another capacity for the Trust pursuant to a separate agreement, nothing herein shall be deemed to relieve
Fund Services of any of its obligations in such other capacity.

 

		E.	Paid Tax Preparer Disclaimer: In conjunction with the tax services provided to each Fund by Fund Services hereunder, Fund Services
shall not be deemed to act as an income tax return preparer for any purpose including as such term is defined under Section 7701(a)(36)
of the Internal Revenue Code (“IRC”), or any successor thereof. Any information provided by Fund Services to a Fund for income
tax reporting purposes with respect to any item of income, gain, loss, or credit will be performed solely in Fund Services’ administrative
capacity. Fund Services shall not be required to determine, and shall not take any position with respect to whether, the reasonable belief
standard described in Section 6694 of the IRC has been satisfied with respect to any income tax item. Each Fund, and any appointees thereof,
shall have the right to inspect the transaction summaries produced and aggregated by Fund Services, and any supporting documents thereto,
in connection with the tax reporting services provided to each Fund by Fund Services. Fund Services shall not be liable for the provision
or omission of any tax advice with respect to any information provided by Fund Services to a Fund. The tax information provided by Fund
Services shall be pertinent to the data and information made available to us, and is neither derived from nor construed as tax advice.

 

    8

     

    

 

		8.	Data Necessary to Perform Services

 

The Trust or its agent shall furnish to Fund Services the
data necessary to perform the services described herein at such times and in such form as mutually agreed upon.

 

		9.	Proprietary and Confidential Information

 

		A.	Fund Services agrees on behalf of itself and its directors, officers, and employees to treat confidentially and as proprietary information
of the Trust, all records and other information relative to the Trust and prior, present, or potential shareholders of the Trust (and
clients of said shareholders), and not to use such records and information for any purpose other than the performance of its responsibilities
and duties hereunder, except after prior notification to and approval in writing by the Trust, which approval shall not be unreasonably
withheld and may not be withheld (i) where Fund Services may be exposed to civil or criminal contempt proceedings for failure to comply,
(ii) when requested to divulge such information by duly constituted authorities, or (iii) when so requested by the Trust. Records and
other information which have become known to the public through no wrongful act of Fund Services or any of its employees, agents or representatives,
and information that was already in the possession of Fund Services prior to receipt thereof from the Trust or its agent, shall not be
subject to this paragraph.

 

Further, Fund Services will adhere to the privacy policies
adopted by the Trust pursuant to Title V of the Gramm-Leach-Bliley Act, as may be modified from time to time. In this regard, Fund Services
shall have in place and maintain physical, electronic and procedural safeguards reasonably designed to protect the security, confidentiality
and integrity of, and to prevent unauthorized access to or use of, records and information relating to the Trust and its shareholders.

 

		B.	The Trust agrees on behalf of itself and its trustees, officers, and employees to treat confidentially and as proprietary information
of Fund Services, all nonpublic information relative to Fund Services (including, without limitation, the Data and information regarding
Fund Services’ pricing, products, services, customers, suppliers, financial statements, processes, know-how, trade secrets, market
opportunities, past, present or future research, development or business plans, affairs, operations, systems, computer software in source
code and object code form, documentation, techniques, procedures, designs, drawings, specifications, schematics, processes and/or intellectual
property), and not to use such information for any purpose other than in connection with the services provided under this Agreement, except
(i) after prior notification to and approval in writing by Fund Services, which approval shall not be unreasonably withheld and may not
be withheld where the Trust may be exposed to civil or criminal contempt proceedings for failure to comply, (ii) when requested to divulge
such information by duly constituted authorities, or (iii) when so requested by the Fund Services. Information which has become known
to the public through no wrongful act of the Trust or any of its employees, agents or representatives, and information that was already
in the possession of the Trust prior to receipt thereof from Fund Services, shall not be subject to this paragraph.

 

    9

     

    

 

		C.	Notwithstanding anything herein to the contrary, (i) the Trust shall be permitted to disclose the identity of Fund Services as a service
provider, redacted copies of this Agreement, and such other information as may be required in the Trust’s registration or offering
documents, or as may otherwise be required by applicable law, rule, or regulation, and (ii) Fund Services shall be permitted to include
the name of the Trust in lists of representative clients in due diligence questionnaires, RFP responses, presentations, and other marketing
and promotional purposes.

 

		10.	Records

 

Fund Services shall keep records relating to the services
to be performed hereunder in the form and manner, and for such period, as it may deem advisable and is agreeable to the Trust, but not
inconsistent with the rules and regulations of appropriate government authorities, in particular, as required by the Securities Exchange
Act of 1934, as amended, the rules of the stock exchange on which the Funds’ shares are listed, 17 C.F.R. 4.23 (specifically, the
records specified in 17 C.F.R. 4.23 (a)(1) through (8), (10) through (12) and (b)(1)), and other applicable federal securities laws and
created pursuant to the performance of the Administrator’s obligations under this Agreement. Fund Services will also maintain those
records of the Trust and the Funds including any changes, modifications or amendments thereto (the “Fund Records”) and will
act as document repository for such Fund Records. Upon receipt of such Fund Records, Fund Services will issue a receipt for such Fund
Records. Fund Services shall maintain a complete and orderly inventory of all Fund Records for which it has issued a receipt. Fund Services
shall be under no duty or obligation to audit or reconcile the content, nor shall it be responsible for the accuracy or completeness of
those Fund Records not created by it. Upon written request in a form to be determined by Fund Services and the Trust, Fund Services will
return or release the requested Fund Records to such persons or entities pursuant to the Instructions provided by the Trust. Once one
or more Fund Records have been returned or released by Fund Services, Fund Services shall have no further duty or obligation to act as
repository for said previously released Fund Records. The Sponsor represents and warrants that: (a) promptly after the date of this Agreement,
it will, at its own expense, deliver, cause to be delivered or make available to Fund Services all of the Fund Records in effect as of
the date of this Agreement; (b) it will, on a continuing basis and at its own expense, promptly deliver, cause to be delivered or make
available to Fund Services any Fund Records created after the date of this Agreement; (c) it has adequate record-keeping policies and
procedures in effect to ensure that all Fund Records are promptly provided to Fund Services pursuant to the terms of this Agreement; (d)
it shall be responsible for the accuracy and completeness of any Fund Records not created by Fund Services; and (e) it shall be responsible
for ensuring the Trust’s or the Funds’ compliance with, fulfillment of its obligations under or enforcement of, any Fund Records
not created by Fund Services. Fund Services acknowledges that the records maintained and preserved by it pursuant to this Agreement are
the property of the Trust and will be, at the Trust’s expense, surrendered promptly upon reasonable request. Notwithstanding the
foregoing, Fund Services may retain such copies of such records in such form as may be required to comply with any applicable law, rule,
regulation, or order of any governmental, regulatory, or judicial authority of competent jurisdiction. In performing its obligations under
this Section, Fund Services may utilize micrographic and electronic storage media as well as independent third party storage facilities.

 

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		11.	Compliance with Laws

 

		A.	The Trust has and retains primary responsibility for all compliance matters relating to the Funds, including but not limited to compliance
with the 1933 Act, 1934 Act, the Internal Revenue Code of 1986, the Sarbanes-Oxley Act of 2002, the USA Patriot Act of 2001, the rules
and regulations of the SEC, U.S. Commodity Futures Trading Commission, National Futures Association, the securities exchange on which
any Shares are listed and the policies and limitations of the Fund relating to its portfolio investments as set forth in its registration
statement . Fund Services’ services hereunder shall not relieve the Trust or Sponsor of its responsibilities for assuring such compliance.

 

		B.	The Trust shall immediately notify Fund Services if the investment strategy of any Fund materially changes or deviates from the investment
strategy disclosed in the current Prospectus, or if it (or any Fund) becomes subject to any new law, rule, regulation, or order of a governmental
or judicial authority of competent jurisdiction that materially impacts the operations of the Trust or any Fund or the services provided
under this Agreement.

 

		12.	Term of Agreement; Amendment

 

		A.	This Agreement shall become effective as of the last date written on the signature page and will continue in effect for a period of
two (2) years. Following the initial term, this Agreement shall automatically renew for successive one (1) year terms unless either party
provides written notice at least 90 days prior to the end of the then current term that it will not be renewing the Agreement.

 

		B.	Subject to Section 16, this Agreement may be terminated by either party (in whole or with respect to one or more Funds) upon giving
90 days’ prior written notice to the other party or such shorter notice period as is mutually agreed upon by the parties.

 

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		C.	Fund Services may terminate this Agreement immediately (in whole or with respect to one or more Funds) if the continued service of
such Funds or the Trust would cause Fund Services or any of its affiliates to be in violation of any applicable law, rule, regulation,
or order of any governmental, regulatory or judicial authority of competent jurisdiction, or if the Funds or the Trust (or any affiliate
thereof) commits any act, or becomes involved in any situation or occurrence, tending to bring itself into public disrepute, contempt,
scandal, or ridicule, or such that the continued association with the Funds or the Trust would reflect unfavorably upon Fund Services’
reputation, provided that in such event Fund Services shall, to the extent it is legally permitted and able to do so, cooperate to facilitate
the smooth transition of such Funds or the Trust to a successor service provider.

 

		D.	This Agreement may be terminated by any party upon the breach of the other party of any material term of this Agreement if such breach
is not cured within 15 days of notice of such breach to the breaching party.

 

		E.	This Agreement may not be amended or modified in any manner except by written agreement executed by Fund Services and the Trust, and
authorized or approved by the Trust’s Board of Trustees.

 

		13.	Duties in the Event of Termination

 

In the event that, in connection with termination, a successor
to any of Fund Services’ duties or responsibilities hereunder is designated by the Trust by written notice to Fund Services, Fund
Services will promptly, upon such termination and at the expense of the Trust, transfer to such successor all relevant books, records,
correspondence and other data established or maintained by Fund Services under this Agreement in a form reasonably acceptable to the Trust
(if such form differs from the form in which Fund Services has maintained the same, the Trust shall pay any expenses associated with transferring
the data to such form), and will cooperate in the transfer of such duties and responsibilities, including provision for assistance from
Fund Services’ personnel in the establishment of books, records and other data by such successor. If no such successor is designated,
then such books, records and other data shall be returned to the Trust and Sponsor. The Trust shall also pay any fees associated with
record retention and/or tax reporting obligations that Fund Services is obligated under applicable law, regulation, or rule to continue
following the termination.

 

    12

     

    

 

		14.	Early Termination

 

In the absence of any material breach of this Agreement,
should the Trust elect to terminate this Agreement (in whole or with respect to one or more Funds) prior to the end of the then current
term, the Trust agrees to pay the following fees with respect to each Fund subject to the termination:

 

		a.	all monthly fees through the remaining term of the Agreement, including the repayment of any negotiated discounts (provided that no
such fees shall be paid with respect to any Fund following the liquidation of such Fund);

 

		b.	all fees associated with converting services to successor service provider;

 

		c.	all fees associated with any record retention and/or tax reporting obligations that may not be eliminated due to the conversion to
a successor service provider;

 

		d.	all miscellaneous costs associated with a. to c. above.

 

		15.	Assignment

 

This Agreement shall extend to and be binding upon the parties
hereto and their respective successors and assigns; provided, however, that this Agreement shall not be assignable by the Trust without
the written consent of Fund Services, or by Fund Services without the written consent of the Trust accompanied by the authorization or
approval of the Trust’s Sponsor.

 

		16.	Governing Law

 

This Agreement shall be construed in accordance with the
laws of the State of Wisconsin, without regard to conflicts of law principles. To the extent that the applicable laws of the State of
Wisconsin, or any of the provisions herein, conflict with the applicable provisions of the 1933 Act, the latter shall control, and nothing
herein shall be construed in a manner inconsistent with the 1933 Act or any rule or order of the SEC thereunder.

 

		17.	No Agency Relationship

 

Nothing herein contained shall be deemed to authorize or
empower any party to act as agent for another party to this Agreement, or to conduct business in the name, or for the account, of another
party to this Agreement.

 

		18.	Services Not Exclusive

 

Nothing in this Agreement shall limit or restrict Fund Services
from providing services to other parties that are similar or identical to some or all of the services provided hereunder.

 

		19.	Invalidity

 

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. In such case, the parties shall
in good faith modify or substitute such provision consistent with the original intent of the parties.

 

    13

     

    

 

		20.	Notices

 

Any notice required or permitted to be given by either party
to the other shall be in writing and shall be deemed to have been given on the date delivered personally or by courier service, or three
days after sent by registered or certified mail, postage prepaid, return receipt requested, or on the date sent and confirmed received
by facsimile transmission to the other party’s address set forth below:

 

Notice to Fund Services shall be sent to:

 

U.S. Bancorp Fund Services, LLC

615 East Michigan Street

Milwaukee, WI 53202

Attn: President

 

and notice to the Trust or Sponsor shall be sent to:

 

ConvexityShares, LLC

7 Roszel Road, Suite 1A,

Princeton, NJ 08540.

Phone: (609) 897-7300.

 

		21.	Multiple Originals

 

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

 

{Signatures on the following page}

 

    14

     

    

 

 

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 last written below.

 

 

	CONVEXITYSHARES TRUST	 
	 	 
	By:	/s/
    John Zhu                            	 
	Name:	John Zhu	 
	Title:	Chief Executive Officer	 
	Date:	05/28/2021	 

 

	CONVEXITYSHARES, LLC	 
	 	 
	By:	/s/
    John Zhu                              	 
	Name:	John Zhu	 
	Title:	Chief Executive Officer	 
	Date:	05/28/2021	 

 

	U.S. BANCORP FUND SERVICES, LLC	 
	 	 
	By:	/s/
    Anita Zagrodnik	 
	Name:	Anita Zagrodnik	 
	Title:	Senior Vice President	 
	Date:	7/8/2021	 

 

    15

     

    

 

Exhibit A to the Fund Administration Servicing Agreement –
ConvexityShares Trust

 

Separate Series
of ConvexityShares Trust

 

 

Name of Series

ConvexityShares Daily 1.5x SPIKES Futures ETF

ConvexityShares 1x SPIKES Futures ETF

 

     

     

    

 

Exhibit B to the Fund Administration Servicing Agreement

 

REQUIRED PROVISIONS
OF DATA SERVICE PROVIDERS

 

		·	The Trust shall use the Data solely for internal purposes and will not redistribute the Data in any form
or manner to any third party, except as may otherwise be expressly agreed to by the Data Provider.
	 	 	 

		·	The Trust will not use or permit anyone else to use the Data in connection with creating, managing, advising,
writing, trading, marketing or promoting any securities or financial instruments or products, including, but not limited to, funds, synthetic
or derivative securities (e.g., options, warrants, swaps, and futures), whether listed on an exchange or traded over the counter or on
a private-placement basis or otherwise or to create any indices (custom or otherwise).
	 	 	 

		·	The Trust shall will treat the Data as proprietary to the Data Provider. Further, the Trust shall acknowledge
that the Data Provider is the sole and exclusive owners of the Data and all trade secrets, copyrights, trademarks and other intellectual
property rights in or to the Data.
	 	 	 

		·	The Trust will not (i) copy any component of the Data, (ii) alter, modify or adapt any component of the
Data, including, but not limited to, translating, decompiling, disassembling, reverse engineering or creating derivative works, or (iii)
make any component of the Data available to any other person or organization (including, without limitation, the Trust’s present
and future parents, subsidiaries or affiliates) directly or indirectly, for any of the foregoing or for any other use, including, without
limitation, by loan, rental, service bureau, external time sharing or similar arrangement.
	 	 	 

		·	The Trust shall reproduce on all permitted copies of the Data all copyright, proprietary rights and restrictive
legends appearing on the Data.
	 	 	 

		·	The Trust shall assume the entire risk of using the Data and shall agree to hold the Data Providers harmless
from any claims that may arise in connection with any use of the Data by the Trust.
	 	 	 

		·	The Trust acknowledges that the Data Providers may, in their sole and absolute discretion and at any time,
terminate Fund Services’ right to receive and/or use the Data.
	 	 	 

		·	The Trust acknowledges and agrees that the Data Providers are third party beneficiaries of the agreements
between the Data Providers and Fund Services with respect to the provision of the Data, entitled to enforce all provisions of such agreement
relating to the Data.
	 	 	 

		·	THE DATA IS PROVIDED TO THE TRUST ON AN “AS IS” BASIS. Fund Services, ITS INFORMATION PROVIDERS,
AND ANY OTHER THIRD PARTY INVOLVED IN OR RELATED TO THE MAKING OR COMPILING OF THE DATA MAKE NO REPRESENTATION OR WARRANTY OF ANY KIND,
EITHER EXPRESS OR IMPLIED, WITH RESPECT TO THE DATA (OR THE RESULTS TO BE OBTAINED BY THE USE THEREOF). Fund Services, ITS INFORMATION
PROVIDERS AND ANY OTHER THIRD PARTY INVOLVED IN OR RELATED TO THE MAKING OR COMPILING OF THE DATA EXPRESSLY DISCLAIM ANY AND ALL IMPLIED
WARRANTIES OF ORIGINALITY, ACCURACY, COMPLETENESS, NON-INFRINGEMENT, MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE.
	 	 	 

		·	THE TRUST ASSUMES THE ENTIRE RISK OF ANY USE THE TRUST MAY MAKE OF THE DATA. IN NO EVENT SHALL Fund Services,
ITS INFORMATION PROVIDERS OR ANY THIRD PARTY INVOLVED IN OR RELATED TO THE MAKING OR COMPILING OF THE DATA, BE LIABLE TO THE TRUST, OR
ANY OTHER THIRD PARTY, FOR ANY DIRECT OR INDIRECT DAMAGES, INCLUDING, WITHOUT LIMITATION, ANY LOST PROFITS, LOST SAVINGS OR OTHER INCIDENTAL
OR CONSEQUENTIAL DAMAGES ARISING OUT OF THIS AGREEMENT OR THE INABILITY OF THE TRUST TO USE THE DATA, REGARDLESS OF THE FORM OF ACTION,
EVEN IF Fund Services, ANY OF ITS INFORMATION PROVIDERS, OR ANY OTHER THIRD PARTY INVOLVED IN OR RELATED TO THE MAKING OR COMPILING OF
THE DATA HAS BEEN ADVISED OF OR OTHERWISE MIGHT HAVE ANTICIPATED THE POSSIBILITY OF SUCH DAMAGES.
	 	 	 

     

     

    

 

Exhibit C to the Fund Administration Servicing Agreement- ConvexityShares
Trust

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