Document:

Exhibit
10.4

 

BMO
Harris Bank N.A.

FORM
OF INSTITUTIONAL CUSTODY AGREEMENT

(Non-ERISA)

 

Important
Information on Opening a New Account.

 

To
help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions
to obtain, verify and record information that identifies each person who opens an account. This means when you open an account,
we will ask the name and physical location of your institution, your institution’s taxpayer identification number and other
information that will allow us to identify your institution. We may also ask to see certified articles of incorporation, business
license, partnership agreement, trust instrument or other documents showing the existence of your institution. A Form W-9 in the
most current Internal Revenue Service version will be required to provide documentation to confirm tax identification number and
legal status.

 

 

 

	Dynamic
        Shares Trust

 

         

	Name
    of Entity (Client)
	 
	400
        W. Superior Street, Suite 300

 

         

	Street
    Address (required)
	 

         

	Post
    Office Box Number
	Chicago

 

         
	IL

 

         
	60654

 

         

	City	State	Zip
    Code
	 
	Please
    attach authorizing resolutions.

 

 

AGREEMENT
made by and between the undersigned Client and BMO Harris Bank N.A., as Custodian. For valuable consideration, Client and
Custodian agree that all assets deposited in this account (“Account”) will be managed and administered according to
the following provisions of this Agreement:

 

1.
Authority of Custodian. Custodian is empowered to do all things necessary or convenient for the administration of this Account.
The Custodian’s duties and obligations shall be limited to those specified hereunder, in addition to those provided by law.
Custodian will at all times be subject to the direction of the Client, or a person authorized by the Client to provide directions.
as appropriate, and shall not act, nor be under any obligation to act, absent the direction of such persons.

 

a.
Acceptance of Assets. Custodian will receive in accordance with this Agreement such cash, securities and other property acceptable
to the Custodian that may from time to time be delivered to Custodian for the Account. Custodian is not obligated to accept and
hold assets that it deems to be inappropriate including, but not limited to, real estate or tangible personal property. Custodian
shall be responsible only for such assets as are actually received by the Custodian.

 

b.
Custody and Safekeeping. With respect to all assets in the Account, Custodian agrees to keep all assets safe; collect all
dividends, interest, other income and the proceeds of sales and redemptions on assets; and distribute net income and principal
as directed by Client. Custodian is authorized to sign any certificates and declarations necessary for the collection of dividends,
interest, other income and the proceeds on or from assets in the Account. Custodian shall have all income or capital gains distributions
reinvested back into the distributing investment whenever possible unless instructed otherwise by the Client. Custodian is authorized
to hold assets in the Account in the name of its nominee or registered in the name of Client.

 

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c.
Transactions. If Client’s broker is unable to process a transaction pursuant to Section 4, Custodian may, but is not
required to, execute orders upon Client’s instructions to clear the purchase or sale of any securities. Custodian is specifically
authorized, in its sole discretion, to sell or buy fractions of shares to equal whole shares or eliminate fractional shares and,
upon sale or transfer of a security held under this Agreement, to sell shares and fractions of shares which are subsequently purchased
pursuant to a dividend reinvestment program.

 

d.
Voting Authority and Class Actions. Client will vote or instruct Custodian to act with respect to proxies, warrants, tenders,
rights, options, puts, calls, consents or other actions affecting the Account. Custodian will not be liable for failing to act
unless Custodian receives Client’s instructions not less than 2 business days prior to the last scheduled date by which
action is required. Custodian will process class action notifications and proof of claims for all securities held in the Account
and will prepare the necessary documentation prior to deadlines referenced in the notification. For purposes of this Agreement,
Custodian will be deemed to have knowledge only of class actions for which it received notice from Client or from the issuer or
the issuer’s agent. Custodian will credit the Account for the net class action settlement amount upon receipt.

 

e.
Conditional Credit. Custodian may credit the Account conditionally on the payable date with interest, dividends, distributions,
redemptions or other amounts due. If Custodian is instructed to deliver securities or other property against payment, Custodian
may deliver them before receiving payment and credit the Account with anticipated proceeds. Otherwise, Custodian will credit these
amounts to the Account on the date of actual receipt and reconcile them to the Account. If Custodian has credited the Account
with an amount before collection, Custodian is entitled to recover any credit from Client, and Custodian may reverse the credit
as of the payable or settlement date if and to the extent Custodian does not receive these amounts in the ordinary course of business.

 

f.
Selection of Agents. Custodian may retain and employ such agents as it deems appropriate, including accountants, attorneys
and other agents, including any of its affiliates, and may pay reasonable expenses from the Account.

 

g.
Multiple Accounts. Custodian may maintain separate accounts to hold the assets in the Account. Generally, the separate accounts
may not be commingled for investment purposes unless Client directs in writing that the separate accounts be commingled. Custodian
will prepare separate statements of account for each separate account.

 

h.
Distributions, Expenses, and Other Payments. Custodian shall make payment to such persons, including Client as Client may
direct from time to time. Custodian shall be entitled to rely conclusively upon Client’s directions and shall not be liable
for any distribution or other payment made in reliance upon Client’s directions.

 

2.
Asset Transfers and Trade Requests. 

 

a.
Asset Transfers. Custodian must have confirmation of receipt of wire transfer(s) from the prior service provider or Client
prior to the specific cut-off times schedule for the money market funds or specific investments (as provided by Custodian to Client
upon request) that are directed by the Client or Client’s designated representative to be invested. Custodian shall use
its best efforts to invest the Account within twenty-four hours, but no later than within two business days, of the date of the
asset transfer from the prior service provider or the Client. Confirmation is achieved by verification that the wire transfer(s)
appear on Custodian’s wire transfer systems as being received. If applicable, Client shall provide Custodian with a breakdown
identifying liquidation proceeds by fund that matches the wire transfer(s). In the event that such breakdowns do not reconcile
with the wire transfer(s) received, Custodian shall not be liable for any investment losses in connection with correcting any
discrepancies. Custodian shall not be responsible, nor assume any liability, for loss of earnings incurred by the Account as a
result of the failure of the prior service provider or Client to transfer funds on a timely basis to Custodian. Similarly, Custodian
shall not be responsible, nor does it assume any liability, for loss of earnings incurred by the Account as a result of high volumes
or system outages within the Fed Wire Transfer System or the Custodian Wire Transfer System which prevent wire transfers or cause
receipt confirmations to be delayed past the Custodian’s cut-off times.

 

b.
Trade Requests. Upon a request from Client, Custodian shall use its best efforts to initiate a trade of securities or mutual
funds held in the Account on the date of such request, and shall initiate such trade no later than one business day following
such request. However, Custodian has no control over, and shall not be liable for any loss of investment earnings, in connection
with a failure to implement a trade of securities or mutual funds requested by Client that has been initiated by Custodian.

 

3.
Investment Responsibility. Client is responsible at all times for the investment management of the assets in the Account.
Custodian shall not be responsible for, nor make any determination regarding, the prudence of such investment or reinvestment.
Custodian shall invest the principle and income of the Account pursuant to the written instructions of the Client and keep the
same invested without distinction between principal and income. Client may designate and provide to Custodian in writing one or
more third parties or authorized persons to give investment-related instructions to Custodian. Custodian may rely on these third-party
or authorized person instructions to the same extent as if Client had given them.

 

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4.
Client’s Broker. Client agrees to transact all purchases and sales of securities through a reputable broker of Client’s
choice and to communicate each transaction to Custodian within 24 hours after Client has given instructions to the broker. Client
will immediately communicate the purchase or sale of any securities involving “same-day” or “next-day”
funds to Custodian.

 

5.
Overdrafts Prohibited; Security Interest. Cash overdrafts in the Account will not be permitted. However, to the extent they
do occur, Custodian, in its sole discretion, may permit funds to be advanced to the Account and charge the Account additional
fees for the amounts advanced for the length of time the overdraft exists, such fees to be charged at BMO Harris Bank N.A.’s
then prime rate of interest. Client grants to Custodian a security interest in the Account at the time of the overdraft to secure
the repayment of any funds advanced to the Account and any overdraft fee.

 

6.
Records and Periodic Reports. Custodian will keep accurate and detailed records of all investments, receipts, disbursements
or other transactions hereunder. The Custodian agrees to treat as confidential all records and other information relative to the
Account. The Custodian shall not disclose such records and other information to third parties except to the extent required by
law or as requested in writing by the Client. Such books and records shall be open to inspection and audit by the Client or a
designated representative of the Client at all reasonable times at the Client’s expense provided that the Client provides
reasonable prior notice. Custodian will provide periodic statements of Account, including all investments, receipts, disbursements
and other transactions of the Account, during the term of this Agreement. If Client provides Custodian with Client’s email
address, Custodian will provide Client with access to Account statements and other Account information via the Internet. Client
is responsible for promptly informing Custodian of any errors or disputes related to the periodic statements. If Client does not
notify Custodian in writing of any errors or disputes within 60 days of receipt of a periodic statement, Custodian will deem the
statement correct and approved by the Client, and will be fully discharged and released from liability for any errors relating
to the information and for transactions described in the statement. Custodian shall not be required to prepare or file any income
tax returns, reports or forms for income tax purposes, unless otherwise provided in Exhibit 1 to this Agreement.

 

7.
Valuation of Account. Custodian, at such times as is necessary or as the Custodian and Client agree, shall provide to Client
the market value of the assets of the Account. The valuation shall be based upon valuations provided by investment managers, trustees
of common trust funds, sponsors of registered investment companies, records of securities exchanges or valuation services, market
data providers, or qualified appraisers. Custodian has no responsibility to review the valuations received from such sources and
may rely upon such valuations without independent investigation. Custodian shall have no obligation to determine the fair market
value of any assets which are not listed on any national securities exchange or for which the fair market value is not readily
available, notwithstanding that Custodian’s compensation may be determined in whole or in part by such value. With respect
to any such asset, Custodian may use the cost of such asset as its fair market value until otherwise instructed by the Client.

 

8.
Fees and Expenses. Custodian will charge against the Account for the expense of its administration, including fees in accordance
with Custodian’s fee schedule attached hereto as Exhibit 1, agreed to by Client and Custodian and transaction charges and
any taxes lawfully chargeable against the Account. Notwithstanding section 10, the Custodian may propose an amended schedule of
fees to the Client, and if the Client fails to object thereto within sixty (60) days of receipt, the amended fee schedule shall
be deemed accepted and approved by the Client.

 

9.
Custodian’s Liability and Indemnification. Custodian will not be liable for any loss, demand, damage, claim, liability,
expense or depreciation (including without limitation any decrease in value of assets held in the Account due to market activity)
resulting from following a direction, instruction or request from Client or any action or inaction of Custodian pursuant to the
terms of this Agreement, except to the extent that such loss, demand, liability, expense or depreciation arises directly from
the Custodian’s own willful misconduct or gross negligence. Client and the Account shall jointly and severally indemnify
and hold harmless Custodian and Custodian’s officers, employees and affiliates from and against any loss, damage, claims,
demands, liability or expense of any kind (including reasonable attorneys’ fees), including without limitation, any claims
arising from any action or failure to act resulting from compliance with any direction, instruction or request believed to be
genuine from the Client, except to the extent such loss is the direct result of Custodian’s gross negligence or its willful
misconduct in the performance of its duties hereunder. Custodian’s right to indemnification under this Agreement will survive
the termination of this Agreement for any reason. Nothing contained in this section or elsewhere in this Agreement constitutes
a waiver by Client of any of its legal rights under applicable federal securities laws or any other laws whose applicability is
not permitted to be contractually waived.

 

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10.
Amendment, Termination, and Resignation. This Agreement may be modified at any time by a writing signed by the Client and
Custodian. In addition, the Custodian may propose an amendment to this Agreement by providing at least 60 days written notice
of the amendment to the Client. The Client shall be deemed to have provided its consent to the change unless it affirmatively
objects to the proposed amendment in a writing delivered to the Custodian prior to the expiration of such notice period. The Client
and the Custodian shall negotiate a resolution of the proposed amendment in good faith if the Client objects. This Agreement may
be terminated by either party upon 30 days’ written notice to the other, or sooner by mutual written consent. Custodian
may resign at any time upon 30 days’ written notice to Client. Notice of termination will not affect transactions initiated
or services performed prior to termination. Upon termination of the Agreement or resignation by Custodian, Client shall appoint
a successor custodian and Custodian will deliver the assets in its custody as directed by Client. Custodian reserves the right
to retain sufficient amounts to pay any fees and expenses incurred through the date of termination, plus any costs or fees Custodian
incurs in connection with the termination. If Client has not appointed a successor custodian which has accepted such appointment
as of the effective date of the Custodian’s resignation or termination of this Agreement, the Custodian shall have the right
to deliver the assets to the Client. Upon delivery to the Client or successor of the cash, securities and other instruments under
this section held by the Custodian, Custodian shall render a final accounting of its services to Client which shall be a full
release and discharge of Custodian of any liability or further obligation to Client, unless written objection thereto is filed
with Custodian by Client within sixty (60) days of receipt of such final accounting. Thereafter, Custodian shall have no further
liability or responsibility under this Agreement or otherwise, or for any act or omission of the Client or the successor.

 

11.
Miscellaneous.

 

a.
Governing Law. Except to the extent preempted by federal law, this Agreement is governed by the laws of the state of Wisconsin,
without regard to any conflict of law provisions.

 

b.
Entire Agreement; Successor. This Agreement represents the entire agreement between Client and Custodian and, except as provided
in Section 8 with respect to fees, may not be amended except in writing signed by both parties. Any reference to Custodian in
this Agreement includes its corporate successor. Any reference to Client includes its legal successor.

 

c.
Reliance on Instructions. Custodian is authorized to rely and act on any oral, written or electronic communication or instruction
from Client that Custodian reasonably believes to be genuine. Custodian is not responsible for the failure of any electronic media.

 

d.
Severability. The invalidity or unenforceability of any provision of this Agreement will not affect or impair other provisions.

 

e.
Electronic Communication. Client is responsible for obtaining, installing, maintaining and operating all necessary hardware,
software and Internet access service necessary for performing online services. Custodian will not be responsible for failure from
the malfunction or failure of Client’s hardware, software or Internet access service. Client is responsible for installing,
updating and maintaining appropriate firewall, anti-virus and anti-spyware protection and all operating system security patches
and other appropriate security protection methods, procedures and devices. All notices or communication under this Agreement may
be provided by electronic communication.

 

f.
Binding Agreement. Client represents and warrants that all necessary action has been taken to authorize the execution of this
Agreement and that this Agreement represents its legal and binding obligation. This Agreement shall bind Custodian upon Custodian’s
acceptance of assets.

 

g.
Catastrophic Events. Custodian will not be liable to Client to the extent Custodian’s performance under this Agreement
is delayed or prevented by events beyond Custodian’s reasonable control, including without limitation revolution or other
civil disorders; wars; acts of enemies; acts of terrorists; strikes; labor disputes; fires; floods; acts of God; federal, state
or municipal action; and changes to any statute, ordinance or regulation. Throughout the term of the Agreement, Custodian will
maintain disaster recovery plans in compliance with applicable regulatory requirements.

 

12.
Cost Basis Reporting. 

 

a.
Securities. Tax regulations issued by the Internal Revenue Service require financial services companies to use First In-First
Out (FIFO) as the default method of selecting lots when less than an entire holding of a security is sold. However, the Client
may request a change to another method of selecting lots or may issue a standing order to the financial services company on the
selection of lots. Custodian uses a Specific Identification Method of lot selection as a default in most accounts in order to
realize taxable gains or losses in a manner that may be most beneficial to the Client. By signing this agreement Client issues
a standing order to Custodian to use the Specific Identification Method (for which Custodian uses a long term high cost method)
of tax lot selection. Client also may issue a standing order for a different tax lot selection method by separate written direction
to Custodian to use one of the Custodian’s other acceptable methods.

 

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b.
Mutual Funds. When less than an entire holding of a mutual fund is sold the Internal Revenue Code regulations require that
a financial services company notify the investor of the method of selecting tax lots. If this account is invested entirely in
mutual funds, Client is hereby notified that the method identified in section 12(a) shall be used unless Custodian is otherwise
directed by Client using one of the Custodian’s other acceptable methods.

 

13.
Special Provisions.

 

a.
Automated Cash Management System; Mutual Fund Fee Disclosure. Client authorizes Custodian to apply its Automated Cash Management
System to the cash balances maintained in the Account from time to time. Client hereby initially authorizes the use of the appropriate
class of shares of the BMO Money Market Fund as indicated in Exhibit 1 to this Agreement as the investment vehicle for the Automated
Cash Management System. Client acknowledges the receipt of the current prospectus for the BMO Money Market Funds, which contains
information regarding the fees and expenses of the Fund indicated in Exhibit 1 to this Agreement. Mutual funds held in the Account
bear certain expenses and pay certain fees to investment advisers and other service providers. Client, as a mutual fund shareholder,
will bear a proportionate share of such expenses and fees along with other shareholders. Custodian and its affiliates provide
custodial, investment management, administrative, shareholder and other services to and receive fees from BMO Funds, and may receive
fees from other mutual funds held in the Account. Mutual fund fees received by Custodian and its affiliates and by other mutual
funds held in the Account are in addition to Custodian’s fees for services under this Agreement. Mutual fund shares are
not deposits or obligations of, or endorsed or guaranteed by, BMO Harris Bank N.A. or any BMO affiliate. Mutual fund shares are
not federally insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. Mutual fund investments
involve risk, including possible loss of principal.

 

b.
Prospectus Delivery. Custodian will at least annually offer to provide, and will provide upon request, an updated prospectus
for the BMO Funds.

 

c.
Authorized Parties. Custodian may rely on instructions or directions from any party designated by written notification from
Client until such authorization has been revoked or modified by written notification from Client and shall be fully protected
for reliance on such instructions or directions. The Client shall be responsible for ensuring that only authorized persons transmit
such written instructions to the Custodian and that all authorized persons treat applicable authorization codes, passwords and
authentication keys with care.

 

d.
Disclosure of Beneficial Ownership. Pursuant to SEC Rule 14b-2, Custodian is required to provide certain beneficial ownership
information to issuers of securities held in accounts. Unless Client initials immediately below, Client understands Custodian
will disclose to the issuer the name and address of each beneficial owner of securities held in the Account in nominee form.

 

_____
Client understands that Custodian will not disclosure the name and address of each beneficial owner of securities held in the
Account to the issuer.

 

Effective
Date: This agreement is effective upon the date accepted by the Custodian.

 

	Dynamic
    Shares Trust	 
	Name of Client	 

 

	By:	 	 
	Name and Title	
	Date:	 	 

 

	By:	 	 
	Name and Title	
	Date:	 	 

 

Accepted:

 

	BMO HARRIS BANK N.A.,	 
	Custodian	 
	 	 
	By:	       	 
	Name and Title	
	Date:	 	 

 

	By:	 	 
	Name and Title	
	Date:	 	 

 

Custodian’s
Office Address:

 

Address:
BMO Harris Bank N.A.

111
East Kilbourn Avenue

Suite
200

Milwaukee,
WI 53202

[Note:
Revise address when we move]

 

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	Institutional Custody (Non-ERISA) 09-2018 - CONFIDENTIAL

    	 

    

 

Exhibit
#1

 

 

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	Institutional Custody (Non-ERISA) 09-2018 - CONFIDENTIAL

    	 

    

 

[Name
of Organization – please delete] RESOLUTION

 

Name
of Organization

RESOLUTIONS

 

BE
IT RESOLVED THAT Name, a Title of Name of organization, is hereby authorized to enter into an Institutional Custody Agreement
between [Name of Organization] and BMO Harris Bank N.A., and is further authorized to identify, from time to time, those representatives
of the above-named organization who are authorized to give directions and otherwise transact business with BMO Harris Bank N.A.

 

BE
IT FURTHER RESOLVED THAT Name, a Title of Name of organization, is hereby authorized to sell, assign and endorse for transfer
certificates representing stocks, bonds or other securities now registered or hereafter registered in the name of [Name of Organization],
and is further authorized to give such directions as may be necessary for the transfer of assets from brokerage accounts or any
other deposit accounts in the name of the above-named organization to BMO Harris Bank N.A.

 

BE
IT FURTHER RESOLVED THAT [Name of Organization] hereby appoints the individuals listed in the attached letter to this Resolution
as individuals who are authorized to communicate with BMO Harris Bank N.A. and such individuals may provide directions to BMO
Harris Bank N.A., for which BMO Harris Bank N.A. may rely upon such directions from such individuals.

 

I,
Name, an officer of Name of Organization, hereby certify that the foregoing is a true and correct copy of a resolution adopted
by the Name of Governing Body of said organization at a meeting held on , at which a quorum was present and voting, and that the
same has not been repealed or amended and remains in full force and effect and does not conflict with the organization’s
articles, bylaws or any other document under which the organization is operating.

 

	Dated:	 	 
	 	 	 
	 	 	 
	 	 	Name
    and Title of Officer
	 	 	(Signatory
    must be someone other than the officer authorized to enter into the agreement with BMO Harris Bank N.A.)

 

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	Institutional Custody (Non-ERISA) 09-2018 - CONFIDENTIALExhibit
10.5

 

FORM
OF

 

DISTRIBUTION
AGREEMENT

 

This
Distribution Agreement (the “Agreement’)
is effective the __ day of ______, 2020 by and among DYNAMIC SHARES TRUST, a Delaware statutory trust (the “Trust”),
on behalf of itself and the fund(s) listed on Schedule A, as may be amended from time to time (each a “Fund” and collectively
the “Funds”), DYNAMIC SHARES LLC, a Delaware limited liability company (the “Sponsor”), and CAPITAL
INVESTMENT GROUP, INC., a North Carolina corporation (the “Distributor”).

 

WHEREAS,
the Trust is a “commodity pool” organized as a statutory trust and comprised of one or more separate series, each
series representing a portfolio, having filed with the Securities and Exchange Commission (the “SEC”) a registration
statement on Form S-1 under the Securities Act of 1933, as amended (the “1933 Act”);

 

WHEREAS,
each Fund has registered with the SEC under the 1933 Act to issue common units of fractional undivided beneficial interest (the
“Shares”) on a continuous basis only in aggregations of Shares constituting a “Creation Unit” as such
term is defined in the registration statement;

 

WHEREAS,
the Shares of each Fund will be listed on one or more national securities exchanges (together the “Listing Exchanges”);

 

WHEREAS,
the Trust and each Fund desires to retain the Distributor to act as the distributor with respect to the issuance and distribution
of Creation Units of each Fund, hold itself available to receive and process orders for such Creation Units in the manner set
forth in the Trust’s prospectus.

 

WHEREAS,
the Distributor is a registered broker-dealer under the Securities Exchange Act of 1934, as amended (the “1934 Act”)
and a member of the Financial Industry Regulatory Authority, Inc. (“FINRA”) and will continue as such during the entire
term of the Agreement; and

 

WHEREAS,
the Distributor desires to provide the services described herein to the Trust and each Fund.

 

NOW,
THEREFORE, in consideration of the mutual covenants hereinafter contained, intending to be legally bound, the Trust, on behalf
of itself and the Funds, and the Distributor hereby agree as follows:

 

	1.	Sale of Creation Units; Services

 

(a)
The Trust grants to the Distributor the exclusive right to sell Creation Units of each Fund listed in Schedule A hereto, as
such Schedule may be amended by the Trust from time to time on written notice to the Distributor, on the terms and during the
term of this Agreement and subject to the registration requirements of the 1933 Act and the rules and regulations of the SEC,
and the Distributor hereby accepts such appointment and agrees to act in such capacity hereunder. Without limiting the
foregoing, the Distributor shall perform the distribution services and shall perform or supervise the performance by others
of the marketing services set forth in Schedule B. The Trust acknowledges and agrees that Distributor is and may in the
future distribute shares of other investment companies including investment companies having investment objectives similar to
those of the Funds. The Trust further understands that existing and future investors in a Fund may invest in shares of such
other investment companies. The Trust agrees that the services that Distributor provides to such other investment companies
shall not be deemed in conflict with its duties to the Fund under this Agreement. In its capacity as Distributor of the
Creation Units, all activities of Distributor and its partners, agents, and employees shall, at its own expense, comply with
all applicable laws, rules and regulations, including without limitation, all rules and regulations promulgated by the SEC
thereunder and all rules and regulations adopted by any national securities association registered under the 1934 Act of
which Distributor is a member.

 

    	 	1	 

    	 

    

 

(b) Duties
of the Distributor

 

(i) The
Distributor agrees to act as agent of the Trust in connection with the receipt and processing of all orders for purchases and
redemptions of Creation Units of each Fund from DTC Participants or participants in the Continuous Net Settlement System of the
National Securities Clearing Corporation that have executed a Participant Agreement (the “Authorized Participants”),
with the Distributor and transfer agent (as applicable) and to transmit such orders to the Trust, including as appropriate, through
the custodian and transfer agent in accordance with the registration statement and prospectus; provided, however, that nothing
herein shall affect or limit the right and ability of the custodian to accept deposit securities and related cash components through
or outside the clearing process, and as provided in and in accordance with the registration statement and prospectus. The Trust
acknowledges that the Distributor shall not be obligated to accept any certain number of orders for Creation Units; provided,
however, that the Distributor shall accept all orders submitted in proper form unless the Trust or its agent has notified the
Distributor that it is refusing an order based on its authority to do so as described in the registration statement, as amended
and supplemented from time to time.

 

(ii) The
Distributor agrees that (i) at the request of the Trust, the Distributor shall enter into certain agreements (“Participant
Agreements”) between and among Authorized Participants, the Distributor and the transfer agent (as applicable), for the
purchase of Creation Units of a Fund, (ii) as Distributor, it shall generate, transmit and maintain copies of confirmations of
Creation Unit purchase and redemption order acceptances to the purchaser or redeemer (such confirmations will indicate the time
such orders were accepted and will be made available to the Trust promptly upon request), and (iii) it shall maintain telephonic,
facsimile and/or access to direct computer communications links with the transfer agent and custodian.

 

(iii) The
Distributor further agrees that it shall deliver copies of the Fund’s prospectus to purchasers of Creation Units and, upon
request, shall deliver copies of the Fund’s statement of additional information (“SAI”), periodic reports and
prospectus. In addition, the Distributor shall arrange to provide the Listing Exchanges with copies of Fund prospectuses and SAIs
to be provided to purchasers in the secondary market. The Distributor will generally make it known in the brokerage community
that Funds’ prospectuses and SAIs are available, including by (i) advising the Listing Exchanges on behalf of its member
firms of the same, (ii) making such disclosure in all marketing and advertising materials prepared and/or filed by the Distributor
with FINRA, and (iii) as may otherwise be required by the SEC. The Distributor shall consult with the Trust or its agent with
respect to the production and printing of prospectuses to be used in connection with creations by Authorized Participants of Creation
Units. The Distributor shall not bear any costs associated with printing prospectuses, SAIs and other such materials.

 

(iv) The
Distributor shall review and approve all sales and marketing materials for compliance with applicable laws and conditions of any
applicable exemptive order, and file such materials with FINRA as necessary or appropriate. All such sales and marketing materials
must be approved, in writing, by the Distributor prior to use, such approval not to be unreasonably withheld.

 

(v) If
the Trust, on behalf of any Fund, adopts a distribution and/or shareholder servicing plan(s) (the “Plan”), the Distributor
shall enter into selling and/or investor servicing agreements or similar (“Sales and Investor Services Agreements”),
consistent with applicable law and the registration statement and prospectus, with various broker-dealers, to sell Shares and
provide services to shareholders. The Distributor agrees that it (i) shall assist in the administration of any Plan(s); (ii) shall,
at its own expense, set up and maintain a system of recording payments of fees and reimbursement of expenses disseminated pursuant
to this Agreement and other agreements related to any such Plan(s) and report such payment activity to the Trust at least quarterly;
(iii) shall receive from the Trust all distribution and shareholder servicing fees, as applicable, at the rate and to the extent
payable under the terms and conditions set forth in any Plan(s) adopted by the Trust, applicable to the appropriate class of shares
of each Fund or class of Shares thereof, as such Plan(s) may be amended from time to time, and subject to any further limitations
on such fees as the Trust may impose; and (iv) shall pay, from the fees received from the Trust pursuant to any such Plan(s),
all fees and make reimbursement of all expenses, pursuant to and in accordance with such Plan(s) and any and all Sales and Investor
Services Agreements. In no event shall Distributor pay any fees pursuant to any such Plan(s) until it has received payment of
such fees from the Trust or the adviser.

 

    	 	2	 

    	 

    

 

(vi) The
Distributor shall provide an order processing system pursuant to which the Authorized Participants may contact the Distributor
(or its affiliates) and place requests to create and redeem Creation Units, including without limitation: (i) generating and transmitting
confirmations of purchase and redemption order acceptances to purchasers and redeemers of Creation Units; (ii) providing acknowledgement
to Authorized Participants that orders have been accepted; (iii) rejecting any orders that were not submitted in proper form or
on a timely basis; (iv) obtaining representations that Authorized Participants will not place trades that would raise their total
holdings to 80% or more of any fund; (v) maintaining, along with the Trust and its Transfer Agent information necessary to determine
beneficial share ownership for purposes of the 80% determination or, in lieu of this, accept a certification from a Listing Exchange
member firm or a member of such other exchange that the cost basis of the securities so deposited is essentially identical to
their market value at the time of deposit; and (vi) maintaining a dedicated line for Authorized Participants to place share creation
and redemption orders.

 

(vii) The
Distributor has as of the date hereof, and shall at all times have and maintain, net capital of not less than that required by
Rule 15c3-1 under the 1934 Act, or any successor provision thereto. In the event that the net capital of the Distributor shall
fall below that required by Rule 15c3-1, or any successor provision thereto, the Distributor shall promptly provide notice to
the Trust and the adviser of such event.

 

(viii) The
Distributor agrees to maintain and preserve all books and records relating to its services in accordance with applicable law.

 

(ix) The
Distributor agrees to maintain compliance policies and procedures (a “Compliance Program”) that are reasonably designed
to prevent violations of the federal securities laws with respect to the Distributor’s services under this Agreement, and
to provide any and all information with respect to the Compliance Program, including without limitation, information and certifications
with respect to material violations of the Compliance Program and any material deficiencies or changes therein, as may be reasonably
requested by the Trust’s chief compliance officer.

 

(x) Upon
reasonable request by the Trust, the Distributor shall provide the Trust with information relating to the Services provided pursuant
to this Agreement as necessary and applicable to enable the Trust to complete required regulatory filings.

 

	2.	Solicitation
                                         of Sales

 

In
consideration of these rights granted to the Distributor, the Distributor agrees to use reasonable efforts in connection with
the distribution of Creations Units of the Fund; provided, however, that the Distributor shall not be prevented from entering
into like arrangements with other issuers. If and whenever the determination of net asset value is suspended and until such suspension
is terminated, no further orders for Creation Units will be processed by Distributor except such unconditional orders as may have
been placed with Distributor before it had knowledge of such suspension. The Trust reserves the right to suspend sales upon due
notice to Distributor if in the judgment of the Trust it is in the best interests of the Trust to do so. Suspension shall continue
until such time as may be determined by the Trust. No Creation Units shall be offered by the Trust or a Fund under any of the
provisions of this Agreement and no orders for the purchase or sale of such Creation Units hereunder shall be accepted by a Fund
if and so long as the effectiveness of the registration statement then in effect or any necessary amendments thereto shall be
suspended under any of the provisions of the 1933 Act or if and so long as a current prospectus as required by Section 10 of said
act is not on file with the SEC; provided, however, that nothing contained in this paragraph shall in any way restrict or have
any application to or bearing upon a Fund’s obligation to redeem or repurchase any Shares from any shareholder in accordance
with the provisions of the Fund’s prospectus or charter documents.

 

    	 	3	 

    	 

    

 

	3.	Authorized
                                         Representations

 

The
Distributor is not authorized by the Trust to give any information or to make any representations other than those contained in
the current registration statements and prospectuses of the Trust filed with the SEC or contained in shareholder reports or other
material that may be prepared by or on behalf of the Trust for the Distributor’s use. The Distributor may prepare and distribute
sales literature and other material as it may deem appropriate, provided that such literature and materials have been prepared
in accordance with applicable rules and regulations and approved by the Fund’s operator.

 

	4.	Registration
                                         of Shares

 

(a) The
Trust and each Fund agrees that they will take all action necessary to register Shares under the federal securities laws, and
to pay all fees associated with said registration, so that there will be available for sale the number of Shares the Distributor
may reasonably be expected to sell. The Trust and Funds shall make available to the Distributor such number of copies of the currently
effective prospectus and statement of additional information as the Distributor may reasonably request. The Funds shall furnish
to the Distributor copies of all information, financial statements and other papers which the Distributor may reasonably request
for use in connection with the distribution of Creation Units of the Funds.

 

(b) The
Trust agrees to issue Creation Units of each Fund and to request DTC to record on its books the ownership of the Shares constituting
such Creation Units, in accordance with the book-entry system procedures described in the prospectus, in such amounts as the Distributor
has requested through the transfer agent in writing or other means of data transmission, as promptly as practicable after receipt
by the Trust of the requisite deposit securities/futures and cash component (together with any fees) and acceptance of such order,
upon the terms described in the registration statement and Participant Agreement. The Trust may reject any order for Creation
Units or stop all receipts of such orders at any time upon reasonable notice to the Distributor, in accordance with the provisions
of the prospectus and statement of additional information.

 

	5.	Compensation

 

(a) In
consideration of Distributor’s services hereunder, the Sponsor agrees to pay to Distributor the fees and charges set forth
on Schedule C attached hereto. Fees will begin to accrue with respect to each Fund on the latter of the date of this Agreement
or the date Distributor begins providing services to or on behalf of such Fund. The Distributor may receive compensation from
the Fund’s adviser related to its services hereunder or for additional services as may be agreed to between the adviser
and Distributor in writing.

 

(b) The
Fund or Sponsor, as set forth in the prospectus, shall bear the cost and expenses of the registration of the Creation Units for
sale under the 1933 Act.

 

    	 	4	 

    	 

    

 

(c) Subject
to its receipt of the fees and charges set forth on Schedule C, the Distributor shall pay all expenses incurred in connection
with the distribution services provided under this Agreement, including Distributor’s qualification and registration costs,
office space, equipment, and personnel as may be necessary or convenient to provide the services.

 

(d) Notwithstanding
anything in this Agreement to the contrary, the Distributor and its affiliates may receive compensation or reimbursement from
the Trust and the adviser with respect to any services not included under this Agreement, as may be agreed upon by the parties
from time to time.

 

	6.	Indemnification
                                         of Distributor

 

(a) The
Trust agrees to indemnify and hold harmless the Distributor and each of its managers and officers and each person, if any, who
controls the Distributor within the meaning of Section 15 of the 1933 Act against any loss, liability, claim, damages or expense
(including the reasonable cost of investigating or defending any alleged loss, liability, claim, damages, or expense and reasonable
counsel fees and disbursements incurred in connection therewith), arising by reason of any person acquiring any Shares or Creation
Units, based upon (i) the ground that the registration statement, prospectus, shareholder reports or other information filed or
made public by the Trust (as from time to time amended) included an untrue statement of a material fact or omitted to state a
material fact required to be stated or necessary in order to make the statements made not misleading provided that the Trust does
not agree to indemnify the Distributor or hold it harmless to the extent that the statements or omission was made in reliance
upon, and in conformity with, information furnished to the Trust by or on behalf of the Distributor, (ii) the Trust’s failure
to maintain an effective registration statement and prospectus with respect to Shares of the Fund that are the subject of the
claim or demand, (iii) the Trust’s failure to properly register Fund Shares under applicable state laws, (iv) instructions
given by the Trust, the Trust’s failure to perform its duties hereunder or any inaccuracy of its representations, or (vi)
all actions taken by Distributor hereunder resulting from Distributor’s reliance on instructions received from an officer
or agent of the Trust.

 

(b) In
no case (i) is the indemnity of the Trust to be deemed to protect the Distributor or any other person against any liability to
which the Distributor or such person otherwise would be subject by reason of willful misfeasance, bad faith or gross negligence
in the performance of duties or by reason of reckless disregard of obligations and duties under this Agreement (“Disqualifying
Conduct”) by such party, or (ii) is the Trust to be liable to the Distributor under the indemnity agreement contained in
this Section 6 with respect to any claim made against the Distributor or any person indemnified unless the Distributor or other
person shall have notified the Trust in writing of the claim within a reasonable time after the summons or other first written
notification giving information of the nature of the claim shall have been served upon the Distributor or such other person (or
after the Distributor or the person shall have received notice of service on any designated agent). However, failure to notify
the Trust of any claim shall not relieve the Trust from any liability which it may have to the Distributor or any person against
whom such action is brought otherwise than on account of its indemnity agreement contained in this paragraph.

 

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

 

    	 	5	 

    	 

    

 

(d) The
Trust agrees to notify the Distributor promptly of the commencement of any litigation or proceedings against it or any of its
officers or Trustees in connection with the issuance or sale of Shares or Creation Units.

 

	7.	Indemnification
                                         of Trust

 

(a) The
Distributor covenants and agrees that it will indemnify and hold harmless the Trust and each of its Trustees and officers and
each person, if any, who controls the Trust within the meaning of Section 15 of the 1933 Act, against any loss, liability, damages,
claim or expense (including the reasonable cost of investigating or defending any alleged loss, liability, damages, claim or expense
and reasonable counsel fees and disbursements incurred in connection therewith) (i) arising out of or based upon any sales literature,
advertisements, information, statements or representations made by Distributor and unauthorized by the Trust or (ii) arising out
of or based upon any Disqualifying Conduct by Distributor in connection with the offering and sale of any Shares, or (iii) arising
out of or based upon any untrue statement of a material fact contained in information furnished by Distributor to the Fund for
use in the Trust’s registration statement and used in the registration statement or arising out of or based upon any omission
to state a material fact in connection with such information furnished by Distributor to the Trust and required to make such information
not misleading.

 

(b) In
no case (i) is the indemnity of the Distributor in favor of the Trust or any other person indemnified to be deemed to protect
the Trust or any other person against any liability to which the Trust or such other person would otherwise be subject by reason
of Disqualifying Conduct by such party, or (ii) is the Distributor to be liable under its indemnity agreement contained in this
paragraph with respect to any claim made against the Trust or any person indemnified unless the Trust or person, as the case may
be, shall have notified the Distributor in writing of the claim within a reasonable time after the summons or other first written
notification giving information of the nature of the claim shall have been served upon the Trust or upon any person (or after
the Trust or such person shall have received notice of service on any designated agent). However, failure to notify the Distributor
of any claim shall not relieve the Distributor from any liability which it may have to the Trust or any person against whom the
action is brought otherwise than on account of its indemnity agreement contained in this paragraph.

 

(c) The
Distributor shall be entitled to participate, at its own expense, in the defense or, if it so elects, to assume the defense of
any suit brought to enforce the claim subject to this indemnity provision, but if the Distributor elects to assume the defense,
the defense shall be conducted by counsel chosen by the Distributor and satisfactory to the indemnified defendants whose approval
shall not be unreasonably withheld. In the event that the Distributor elects to assume the defense of any suit and retain counsel,
the defendants in the suit shall bear the fees and expenses of any additional counsel retained by them. If the Distributor does
not elect to assume the defense of any suit, it will reimburse the indemnified defendants in the suit for the reasonable fees
and expenses of any counsel retained by them.

 

(d) The
Distributor agrees to notify the Trust promptly of the commencement of any litigation or proceedings against it or any of its
officers in connection with the issuance or sale of Shares or Creation Units.

 

	8.	Consequential
                                         Damages

 

In
no event and under no circumstances shall either party to this Agreement be liable to anyone, including, without limitation, the
other party, for consequential damages for any act or failure to act under any provision of this Agreement.

 

    	 	6	 

    	 

    

 

	9.	Term
                                         and Termination

 

The
term of this Agreement shall become effective on the date of the initial public offering of Shares of the Trust (the “Effective
Date”), and shall remain in effect through the second anniversary of its Effective Date (the “Initial Term”).
This Agreement shall continue in effect for successive periods of three years after the Initial Term (a “Renewal Term”).
This Agreement may be terminated: (i) by either party at the end of the Initial Term or the end of any Renewal Term on 90 days’
prior written notice; (ii) by either party hereto on such date as is specified in written notice given by the terminating party,
in the event of a material breach of this Agreement by the other party, provided the terminating party has notified the other
party of such material breach at least 45 days prior to the specified date of termination and the breaching party has not remedied
such breach by the specified date; or (iii) effective upon the liquidation of the Trust. For the purposes of this paragraph, the
term “liquidation” shall mean a transaction in which the assets of the Trust are sold or otherwise disposed of and
proceeds therefrom are distributed in cash to the shareholders in complete liquidation of the interests of such shareholders in
the entity.

 

	10.	Notices

 

All
notices provided for or permitted under this Agreement shall be deemed effective upon receipt, and shall be in writing and (a)
delivered personally, (b) sent by commercial overnight courier with written verification of receipt, or (c) sent by certified
or registered U.S. mail, postage prepaid and return receipt requested, to the party to be notified, at the address for such party
set forth below:

 

Dynamic
Shares Trust

401
W Superior St, Suite 300

Chicago,
IL 60654

Attn:
Weixuan Zhang

 

Dynamic
Shares LLC

401
W Superior St, Suite 300

Chicago,
IL 60654

Attn:
Weixuan Zhang

 

Capital
Investment Group, Inc.

P.O.
Box 4365

Rocky
Mount, NC 27803

 

	11.	Limitation
                                         of Liability

 

A
copy of the Certificate of Trust is on file with the Secretary of State of the State of Delaware, and notice is hereby given that
this Agreement is executed on behalf of the Trustees of the Trust as Trustees and not individually and that the obligations of
this instrument are not binding upon any of the Trustees, officers or shareholders of the Trust individually but binding only
upon the assets and property of the applicable Fund or Trust, as relevant.

 

This
Agreement is executed by or on behalf of the Trust with respect to each of the Funds. It is expressly acknowledged and agreed
that the obligations hereunder are binding only upon the Fund to which such obligations pertain and the assets and property of
such Fund. The Distributor understands that the rights and obligations of each series of shares of the Trust under the amended
and restated trust agreement are separate and distinct from those of any and all other series. The use of this single document
to memorialize the separate agreement of each Fund is understood to be for clerical convenience only and shall not constitute
any basis for joining the Funds for any reason.

 

    	 	7	 

    	 

    

 

	12.	Dispute
                                         Resolution

 

Whenever
either party desires to institute legal proceedings against the other concerning this Agreement, it shall provide written notice
to that effect to such other party. The party providing such notice shall refrain from instituting said legal proceedings for
a period of 60 days following the date of provision of such notice. During such period, the parties shall attempt in good faith
to amicably resolve their dispute by negotiation among their executive officers.

 

	13.	Entire
                                         Agreement; Amendments

 

This
Agreement constitutes the entire agreement between the parties hereto and supersedes any prior agreement, draft or proposal with
respect to the subject matter hereof. This Agreement or any part hereof may be changed or waived only by an instrument in writing
signed by the party against which enforcement of such change or waiver is sought.

 

	14.	Governing
                                         Law

 

This
Agreement shall be governed by and construed in accordance with the laws of the State of North Carolina without giving effect
to any conflict of laws or choice of laws, rules or principles thereof. To the extent that the applicable laws of the State of
North Carolina, or any of the provisions of this Agreement, conflict with the applicable provisions of the 1933 Act, the 1933
Act shall control.

 

	15.	Counterparts

 

This
Agreement may be executed in two or more counterparts, all of which shall constitute one and the same instrument. Each such counterpart
shall be deemed an original, and it shall not be necessary in making proof of this Agreement to produce or account for more than
one such counterpart. This Agreement shall be deemed executed by both parties when any one or more counterparts hereof or thereof,
individually or taken together, bears the original or facsimile signatures of each of the parties.

 

	16.	Force
                                         Majeure

 

No
breach of any obligation of a party to this Agreement (other than obligations to pay amounts owed) will constitute an event of
default or breach to the extent it arises out of a cause, existing or future, that is beyond the control and without negligence
of the party otherwise chargeable with breach or default, including without limitation: work action or strike; lockout or other
labor dispute; flood; war; riot; theft; act of terrorism, pandemic, earthquake or natural disaster. Either party desiring to rely
upon any of the foregoing as an excuse for default or breach will, when the cause arises, give to the other party prompt notice
of the facts which constitute such cause; and, when the cause ceases to exist, give prompt notice thereof to the other party.

 

	17.	Severability

 

Any
provision of this Agreement that is determined to be invalid or unenforceable in any jurisdiction shall be ineffective to the
extent of such invalidity or unenforceability in such jurisdiction, without rendering invalid or unenforceable the remaining provisions
of this Agreement or affecting the validity or enforceability of such provision in any other jurisdiction. If a court of competent
jurisdiction declares any provision of this Agreement to be invalid or unenforceable, the parties agree that the court making
such determination shall have the power to reduce the scope, duration, or area of the provision, to delete specific words or phrases,
or to replace the provision with a provision that is valid and enforceable and that comes closest to expressing the original intention
of the parties, and this Agreement shall be enforceable as so modified.

 

    	 	8	 

    	 

    

 

	18.	Confidential
                                         Information

 

(a) The
Distributor and the Trust (in such capacity, as applicable, the “Receiving Party”) acknowledge and agree to maintain
the confidentiality of Confidential Information (as hereinafter defined) provided by the Distributor and the Trust (in such capacity,
as applicable, the “Disclosing Party”) in connection with this Agreement. The Receiving Party shall not disclose or
disseminate the Disclosing Party’s Confidential Information to any Person other than (a) those employees, agents, contractors,
subcontractors and licensees of the Receiving Party, or (b) those employees, agents, contractors, subcontractors and licensees
of any agent or affiliate, who have a need to know it in order to assist the Receiving Party in performing its obligations, or
to permit the Receiving Party to exercise its rights under this Agreement. In addition, the Receiving Party (a) shall take all
reasonable steps to prevent unauthorized access to the Disclosing Party’s Confidential Information, and (b) shall not use
the Disclosing Party’s Confidential Information, or authorize other Persons to use the Disclosing Party’s Confidential
Information, for any purposes other than in connection with performing its obligations or exercising its rights hereunder. As
used herein, “reasonable steps” means steps that a party takes to protect its own, similarly confidential or proprietary
information of a similar nature, which steps shall in no event be less than a reasonable standard of care.

 

(b) The
term “Confidential Information,” as used herein, shall mean all business strategies, plans and procedures, proprietary
information, methodologies, data and trade secrets, and other confidential information and materials (including, without limitation,
any non-public personal information as defined in Regulation S-P) of the Disclosing Party, its affiliates, their respective clients
or suppliers, or other Persons with whom they do business, that may be obtained by the Receiving Party from any source or that
may be developed as a result of this Agreement.

 

(c) The
provisions of this Section 18 respecting Confidential Information shall not apply to the extent, but only to the extent, that
such Confidential Information: (a) is already known to the Receiving Party free of any restriction at the time it is obtained
from the Disclosing Party, (b) is subsequently learned from an independent third party free of any restriction and without breach
of this Agreement; (c) is or becomes publicly available through no wrongful act of the Receiving Party or any third party; (d)
is independently developed by or for the Receiving Party without reference to or use of any Confidential Information of the Disclosing
Party; or (e) is required to be disclosed pursuant to an applicable law, rule, regulation, government requirement or court order,
or the rules of any stock exchange (provided, however, that the Receiving Party shall advise the Disclosing Party of such required
disclosure promptly upon learning thereof in order to afford the Disclosing Party a reasonable opportunity to contest, limit and/or
assist the Receiving Party in crafting such disclosure).

 

(d) The
Receiving Party shall advise its employees, agents, contractors, subcontractors and licensees, and shall require its agents and
affiliates to advise their employees, agents, contractors, subcontractors and licensees, of the Receiving Party’s obligations
of confidentiality and non-use under this Section 18, and shall be responsible for ensuring compliance by its and its affiliates’
employees, agents, contractors, subcontractors and licensees with such obligations. The Receiving Party shall promptly notify
the Disclosing Party in writing upon learning of any unauthorized disclosure or use of the Disclosing Party’s Confidential
Information by such persons.

 

(e) Upon
the Disclosing Party’s written request following the termination of this Agreement, the Receiving Party promptly shall return
to the Disclosing Party, or destroy, all Confidential Information of the Disclosing Party provided under or in connection with
this Agreement, including all copies, portions and summaries thereof. Notwithstanding the foregoing sentence, (a) the Receiving
Party may retain one copy of each item of the Disclosing Party’s Confidential Information for purposes of identifying and
establishing its rights and obligations under this Agreement, for archival or audit purposes and/or to the extent required by
applicable law, and (b) the Distributor shall have no obligation to return or destroy Confidential Information of the Trust that
resides on save tapes or other electronic forms; provided, however, that in either case all such Confidential Information retained
by the Receiving Party shall remain subject to the provisions of Section 18 for so long as it is so retained. If requested by
the Disclosing Party, the Receiving Party shall certify in writing its compliance with the provisions of this paragraph.

 

    	 	9	 

    	 

    

 

	19.	Anti-Money
                                         Laundering

 

The
Distributor represents that it has in place anti-money laundering procedures which comply with applicable law in jurisdictions
in which Shares are distributed. The Distributor agrees to notify the Trust of any suspicious activity of which it becomes aware
relating to transactions involving Shares. Upon reasonable request, the Distributor agrees to provide the Trust with documentation
relating to its anti-money laundering policies and procedures.

 

	20.	Use
                                         of Name

 

(a) The
Trust shall not use the name of the Distributor, or any of its affiliates, in any prospectus or statement of additional information,
sales literature, and other material relating to the Trust in any manner without the prior written consent of the Distributor
(which shall not be unreasonably withheld); provided, however, that the Distributor hereby approves all lawful uses of the names
of the Distributor and its affiliates in the prospectus and statement of additional information of the Trust and in all other
materials which merely refer in accurate terms to their appointment hereunder or which are required by applicable law, regulations
or otherwise by the SEC, FINRA, or any state securities authority.

 

(b) Neither
the Distributor nor any of its affiliates shall use the name of the Trust in any publicly disseminated materials, including sales
literature, in any manner without the prior written consent of the Trust (which shall not be unreasonably withheld); provided,
however, that the Fund hereby approves all lawful uses of its name in any required regulatory filings of the Distributor which
merely refer in accurate terms to the appointment of the Distributor hereunder, or which are required by applicable law, regulations
or otherwise by the SEC, FINRA, or any state securities authority.

 

	21.	Insurance

 

The
Distributor agrees to maintain liability insurance coverage which is consistent with coverage customary in the industry for distribution
activities similar to the distribution activities provided to the Trust hereunder. The Distributor shall notify the Trust upon
receipt of any notice of material, adverse change in the terms or provisions of its insurance coverage that may materially and
adversely affect the Trust’s rights hereunder. Such notification shall include the date of change and the reason or reasons
therefore. The Distributor shall notify the Trust of any material claims against it, whether or not covered by insurance that
may materially and adversely affect the Trust’s rights hereunder.

 

	22.	Representations

 

(a) The
Distributor represents and warrants that: (i) it is duly authorized and licensed under applicable law to carry out the services
contemplated herein; (ii) the execution, delivery and performance of this Agreement are within its power and have been duly authorized
by all necessary action; (iii) its entering into this Agreement or providing the services contemplated hereby does not conflict
with or constitute a default or require a consent under or breach of any provision of any agreement or document to which the Distributor
is a party or by which it is bound; and (iv) it is registered as a broker-dealer under the 1934 Act and a member of FINRA and
agrees to abide by all of the rules and regulations of FINRA and will notify the Trust’s chief compliance officer and operator
immediately in the event of its expulsion or suspension by FINRA. Expulsion of the Distributor by FINRA will automatically terminate
this Agreement immediately without notice. Suspension of Distributor by FINRA will terminate this Agreement effective immediately
upon written notice of termination to the Distributor from operator.

 

(b) The
Trust represents and warrants that: (i) it is duly organized as a Delaware statutory trust and is and at all times will remain
duly authorized to carry out its obligations as contemplated herein; (ii) the execution, delivery and performance of this Agreement
are within its power and have been duly authorized by all necessary action; (iii) its entering into this Agreement does not conflict
with or constitute a default or require a consent under or breach of any provision of any agreement or document to which the Trust
is a party or by which it is bound; (iv) the registration statement and each Fund’s prospectus, and sales literature and
advertisements approved by the adviser or other materials prepared by or on behalf of the Trust for the Distributor’s use
(“Sales Literature and Advertisements”) have been prepared, and shall be prepared, in all material respects, in conformity
with the 1933 Act and the rules and regulations of the Commission (the “Rules and Regulations”); and (vi) the registration
statement and each Fund’s prospectus contain all material statements required to be stated therein in accordance with the
1933 Act and the Rules and Regulations; and (vii) all statements of fact contained therein, or in Sales Literature and Advertisements,
are or will be true and correct in all material respects at the time indicated or the effective date, as the case may be, and
any Fund’s prospectus shall not include any untrue statement of a material fact or omit to state a material fact required
to be stated therein or necessary to make the statements therein, not misleading in light of the circumstances in which they are
made. The Trust shall not file any amendment to the registration statement or Fund’s prospectus without giving the Distributor
reasonable notice thereof in advance, provided that nothing in this Agreement shall in any way limit the Trust’s right to
file at any time such amendments to the registration statement or any Fund’s prospectus as the Trust may deem advisable,
such right being in all respects absolute and unconditional. Notwithstanding the foregoing, the Trust shall not be deemed to make
any representation or warranty as to any information or statement provided by the Distributor for inclusion in the registration
statement or any Fund’s prospectus.

 

    	 	10	 

    	 

    

 

IN
WITNESS WHEREOF, the Trust and Distributor have each duly executed this Agreement, as of the day and year above written.

 

	DYNAMIC
    SHARES TRUST	 	DYNAMIC
    SHARES LLC
	 	 	 	 	 
	By:	          	 	By:	         
	Title:	 	 	Title:	 

 

	 	CAPITAL
    INVESTMENT GROUP, INC.
	 	 	 
	 	By:	               
	 	Title:	 

 

    	 	11	 

    	 

    

 

SCHEDULE
A

 

List
of Funds

 

		1.	Dynamic
                                         Short Short-Term Volatility Futures ETF

 

SCHEDULE
B

 

List
of Services

 

FINRA
Review

 

		●	Review
                                         and approve all Fund marketing materials (including website) for compliance with SEC
                                         & FINRA advertising rules

 

		●	Conduct
                                         FINRA filing of materials (including website)

 

		●	Respond
                                         to FINRA comments on marketing materials, as necessary

 

		●	Provide
                                         the adviser with copy of its then-current documentation regarding SEC & FINRA marketing
                                         policies

 

Contract
Management

 

		●	Coordinate
                                         and execute sub-distribution agreements with broker/dealers and authorized participants
                                         on behalf of the Fund in accordance with the prospectus

 

		●	Coordinate
                                         and execute operational agreements related to the services contemplated by this Agreement
                                         (networking agreements, NSCC redemption agreements, etc.)

 

		●	Coordinate
                                         and execute on behalf of the Fund shareholder service and similar agreements to the extent
                                         permitted by applicable law, as contemplated by the Trust’s distribution and/or
                                         shareholder servicing plan and as may be agreed to by the Distributor and the Fund

 

    	 	12	 

    	 

    

 

SCHEDULE
C

 

Fee
Schedule

 

Service
Fees:

 

$5,000
per Fund, per year.

 

Out-of-Pocket
Expenses:

 

The
Sponsor (or the Fund, or Commodity Pool Operator, as applicable) shall pay all reasonable out-of-pocket expenses incurred by Distributor
in connection with activities performed for the Fund hereunder including, without limitation:

 

		●	typesetting,
                                         printing and distribution of prospectuses and shareholder reports

		●	production,
                                         printing, distribution and placement of advertising and sales literature and materials

		●	engagement
                                         of designers, free-lance writers and public relations firms

		●	long-distance
                                         telephone lines, services and charges

		●	postage

		●	overnight
                                         delivery charges

		●	FINRA
                                         and registration fees

		●	marketing
                                         expenses

		●	record
                                         retention fees

		●	travel,
                                         lodging and meals

		●	NSCC
                                         charges

		●	Fund
                                         platform fees and service fees

		●	website
                                         monitoring review

 

    	 	13

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