Document:

Exhibit 10.7

 

FUND ACCOUNTING
SERVICING AGREEMENT

 

THIS AGREEMENT is made and entered into as of the
last date on the signature block, 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, the Sponsor has exclusive responsibility
for the management and control of the business and affairs of the Trust and each Fund; and

 

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 Trust and Sponsor desires to retain
Fund Services to provide fund accounting services to each Fund listed on Exhibit A 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 accounting 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 Accountant

 

The Trust and Sponsor hereby appoint Fund Services
as fund accountant of the Trust 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. Services and Duties of Fund Services

 

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

 

		A.	Portfolio Accounting Services:

 

		(1)	Maintain portfolio records on a trade date+1 basis using security trade information communicated from the Fund’s Sponsor.

 

    

     

    

 

		(2)	For each valuation date, obtain prices from a pricing source approved by the Sponsor of the Trust and apply those prices to the portfolio
positions. For those securities where market quotations are not readily available, the Sponsor shall approve, in good faith, procedures
for determining the fair value for such securities.

 

		(3)	Identify interest and dividend accrual balances as of each valuation date and calculate gross earnings on investments for each accounting
period.

 

		(4)	Determine gain/loss on security sales and identify them as short-term or long-term; account for periodic distributions of gains or
losses to shareholders and maintain undistributed gain or loss balances as of each valuation date.

 

		(5)	On a daily basis, reconcile portfolio holdings and cash of the Fund with the Fund’s custodian, prime brokerage account(s) and/or
futures commission merchant.

 

		(6)	Transmit a copy of the portfolio valuation to the Fund’s Sponsor daily.

 

		(7)	Review the impact of current day’s activity on a per share basis, and review changes in market value.

 

		B.	Expense Accrual and Payment Services:

 

		(1)	For each valuation date, calculate the expense accrual amounts as directed by the Trust as to methodology, rate or dollar amount.

 

		(2)	Process and record payments for Fund expenses upon receipt of written authorization from the Trust.

 

		(3)	Account for Fund expenditures and maintain expense accrual balances at the level of accounting detail, as agreed upon by Fund Services
and the Trust.

 

		(4)	Provide expense accrual and payment reporting.

 

		C.	Fund Valuation and Financial Reporting Services:

 

		(1)	Account for Fund creation and redemption activity and other Fund share activity as reported by the Fund’s transfer agent on
a timely basis.

 

		(2)	Determine net investment income (earnings) for the Fund as of each valuation date. Account for periodic distributions of earnings
to shareholders and maintain undistributed net investment income balances as of each valuation date.

 

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		(3)	Maintain a general ledger and other accounts, books, and financial records for the Fund in the form as agreed upon.

 

		(4)	Determine the net asset value of the Fund according to the accounting policies and procedures set forth in the Fund’s current prospectus.

 

		(5)	Calculate per share net asset value, per share net earnings, and other per share amounts reflective of Fund operations at such time
as required by the nature and characteristics of the Fund.

 

		(6)	Communicate to the Trust, at an agreed upon time, the per share net asset value for each valuation date.

 

		(7)	Prepare monthly reports that document the adequacy of accounting detail to support month-end ledger balances.

 

		(8)	Provide the daily net asset value per share (“NAV”) and holdings data to third-party reporting agencies as determined
by the Trust and Sponsor.

 

		(9)	Create and transmit NAV, Intraday Indicative Value (IIV) data files once a day to the IIV vendor designated by the Trust. . USBFS
does not generate the IIV throughout the day.

 

		D.	Tax Accounting Services:

 

		(1)	Maintain accounting records for the investment portfolio of the Funds to support the tax reporting required under the Internal Revenue
Code of 1986, as amended (the “Code”), as applicable.

 

		(2)	Maintain tax lot detail for the Funds’ investment portfolio.

 

		(3)	Calculate taxable gain/loss on security sales using the tax lot relief method designated by the Trust.

 

		(4)	Provide the necessary financial information to calculate the taxable components of income and capital gains distributions to support
tax reporting to the shareholders.

 

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		E.	Compliance Control Services:

 

		(1)	Support reporting to regulatory bodies and support financial statement preparation by making the Fund’s accounting records available
to the Trust, Sponsor, the U.S. Securities and Exchange Commission (the “SEC”), National Futures Association (the “NFA”),
the Commodity Futures Trading Commission (the “CFTC”) and other applicable regulatory bodies and the independent accountants.

 

		(2)	Perform its duties hereunder in compliance with all applicable laws and regulations and provide any sub-certifications reasonably
requested by the Trust and Sponsor in connection with 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, provided the same shall not be deemed to change
Fund Services’ standard of care as set forth herein.

 

		(3)	Cooperate with the Trust’s independent accountants and take all reasonable action in the performance of its obligations under
this Agreement to ensure that the necessary information is made available to such accountants for the expression of their opinion on the
Fund’s financial statements without any qualification as to the scope of their examination.

 

3. License of Data; Warranty; Termination
of Rights

 

		A.	The valuation information and evaluations being provided to the Trust and Sponsor by Fund Services pursuant hereto (collectively,
the “Data”) are being licensed, not sold, to the Trust and Sponsor. The Trust and Sponsor have a limited license to use the
Data only for purposes necessary to valuing the Trust’s assets and reporting to regulatory bodies (the “License”). The
Trust and Sponsor do not have any license nor right to use the Data for purposes beyond the intentions of this Agreement including, but
not limited to, resale to other users or use to create any type of historical database. The License is non-transferable and not sub-licensable.
The Trust’s and Sponsor’s right to use the Data cannot be passed to or shared with any other entity.

 

The Trust and Sponsor acknowledge the
proprietary rights that Fund Services and its suppliers have in the Data.

 

		B.	THE TRUST AND SPONSOR HEREBY ACCEPT THE DATA AS IS, WHERE IS, WITH NO WARRANTIES, EXPRESS OR IMPLIED, AS TO MERCHANTABILITY OR FITNESS
FOR ANY PURPOSE OR ANY OTHER MATTER.

 

		C.	Fund Services may stop supplying some or all Data to the Trust and Sponsor if Fund Services’ suppliers terminate any agreement
to provide Data to Fund Services. Also, Fund Services may stop supplying some or all Data to the Trust and Sponsor if Fund Services reasonably
believes that the Trust and Sponsor are using the Data in violation of the License, or breaching their duties of confidentiality provided
for hereunder, or if any of Fund Services’ suppliers demand that the Data be withheld from the Trust and Sponsor. Fund Services
will provide notice to the Trust and Sponsor of any termination of provision of Data as soon as reasonably possible.

 

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4. Pricing of Securities

 

		A.	A.For each valuation date, Fund Services shall obtain prices from a pricing source recommended by Fund Services and approved by
the Sponsor and apply those prices to the portfolio positions of the Fund. For those securities where market quotations are not readily
available, the Sponsor shall approve, in good faith, procedures for determining the fair value for such securities.

 

If the Trust and Sponsor desire to provide
a price that varies from the price provided by the pricing source, the Trust and Sponsor shall promptly notify and supply Fund Services
with the price of any such security on each valuation date. All pricing changes made by the Trust or Sponsor will be in writing and must
specifically identify the securities to be changed by CUSIP, name of security, new price or rate to be applied, and, if applicable, the
time period for which the new price(s) is/are effective.

 

		B.	In the event that the Trust and Sponsor at any time receive Data containing evaluations, rather than market quotations, for certain
securities or certain other data related to such securities, the following provisions will apply: (i) evaluated securities are typically
complicated financial instruments. There are many methodologies (including computer-based analytical modeling and individual security
evaluations) available to generate approximations of the market value of such securities, and there is significant professional disagreement
about which method is best. No evaluation method, including those used by Fund Services and its suppliers, may consistently generate approximations
that correspond to actual “traded” prices of the securities; (ii) methodologies used to provide the pricing portion of certain
Data may rely on evaluations; however, the Trust and Sponsor acknowledge that there may be errors or defects in the software, databases,
or methodologies generating the evaluations that may cause resultant evaluations to be inappropriate for use in certain applications;
and (iii) the Trust and Sponsor assume all responsibility for edit checking, external verification of evaluations, and ultimately the
appropriateness of using Data containing evaluations, regardless of any efforts made by Fund Services and its suppliers in this respect.

 

		C.	Fund Services shall not have any obligation to verify the accuracy or appropriateness of any prices, evaluations, market quotations,
or other data or pricing related inputs received from the Trust, the Fund, any of their affiliates, or any third party source. Notwithstanding
anything else in this Agreement to the contrary, Fund Services and its affiliates shall not be responsible or liable for any mistakes,
errors, or mispricing, or any losses related thereto, resulting from any inaccurate, inappropriate, or fraudulent prices, evaluations,
market quotations, or other data or pricing related inputs received from the Trust, the Fund, any of their affiliates, or any third party
source.

 

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5. Changes in Accounting Procedures

 

Any action by the Sponsor that affects
accounting practices and procedures of the Trust under this Agreement shall be effective upon written receipt of notice and acceptance
by Fund Services.

 

6. Changes in Equipment, Systems,
Etc.

 

Fund Services reserves the right to make
changes from time to time, as it deems advisable, relating to its systems, programs, rules, operating schedules and equipment, so long
as such changes do not adversely affect the services provided to the Trust and Sponsor under this Agreement.

 

7. 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 B 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.

 

8. 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;

 

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		(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

 

		(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.

 

9. 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.

 

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The Trust acknowledges that the Data are
intended for use as an aid to institutional investors, registered brokers or professionals of similar sophistication in making informed
judgments concerning securities. The Trust accepts responsibility for, and acknowledges it exercises its own independent judgment in,
its selection of the Data, its selection of the use or intended use of such, and any results obtained. Nothing contained herein shall
be deemed to be a waiver of any rights existing under applicable law for the protection of investors.

 

Fund Services shall indemnify and hold
the Trust harmless 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 out of
any action taken or omitted to be taken by Fund Services as a result of Fund Services’ refusal or failure to comply with the terms
of this Agreement, 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 Fund Services, its successors and assigns, notwithstanding the termination of this Agreement.
As used in this paragraph, the term “Trust” shall include the Trust’s trustees, officers and employees.

 

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.

 

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

 

In no case shall any party be liable to
another for (i) any special, indirect or consequential damages, loss of profits or goodwill (even if advised of the possibility of such);
(ii) any delay by reason of circumstances beyond its control, including acts of civil or military authority, national emergencies, labor
difficulties, fire, mechanical breakdown, flood or catastrophe, acts of God, insurrection, war, riots, or failure beyond its control of
transportation or power supply; or (iii) any claim that arose more than one year prior to the institution of suit therefor.

 

		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.

 

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		C.	The indemnity and defense provisions set forth in this Section 9 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.

 

10. Notification of Error

 

The Trust and/or Sponsor will notify Fund
Services of any discrepancy between Fund Services and the Trust, including, but not limited to, failing to account for a security position
in the Fund’s portfolio, upon the later to occur of: (i) three business days after receipt of any reports rendered by Fund Services
to the Trust; (ii) three business days after discovery of any error or omission not covered in the balancing or control procedure; or
(iii) three business days after receiving notice from any shareholder regarding any such discrepancy.

 

11. 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.

 

12. 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 (i) after prior notification to and approval in writing by the Trust, which approval shall not be unreasonably
withheld and may not be withheld 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.

 

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		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 non-public 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.

 

		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.

 

13. 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, provided, however,
that 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.

 

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14. Compliance with Laws

 

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, CFTC, NFA, 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.

 

15. 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.

 

		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.

 

16. 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.

 

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17. 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.

 

18. 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.

 

19. 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.

 

20. 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.

 

21. 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.

 

22. 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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23. 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

 

24. 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)

 

    13

     

    

 

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	 

 

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

 

     

     

    

 

Exhibit A to the Fund Accounting Servicing Agreement – ConvexityShares
Trust

 

Separate Series of ConvexityShares Trust

 

Name of Series

ConvexityShares Daily 1.5x SPIKES Futures ETF

ConvexityShares 1x SPIKES Futures ETFExhibit 10.8

 

TRANSFER AGENT
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, 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 intends to issue in respect
of its portfolios listed on Exhibit A attached hereto (each a “Fund” or an “ETF Series”) an exchange-traded class
of shares known as “ETF Shares” for each ETF Series. The ETF Shares shall be created in bundles called “Creation Units.”
Each Fund shall create and redeem ETF Shares only in Creation Units principally in kind for portfolio securities of the particular ETF
Series (“Deposit Securities”), as more fully described in the current prospectus and statement of additional information of
each Fund, included in the Fund’s registration statement on Form S-1, and as authorized under the Order of Exemption filed with
the Securities and Exchange Commission. Only brokers or dealers that are “Authorized Participants” and that have entered into
an Authorized Participant Agreement with the Distributor, acting on behalf of the Trust, shall be authorized to create and redeem ETF
Shares in Creation Units from the Trust. The Trust wishes to engage Fund Services to perform certain services on behalf of the Trust with
respect to the creation and redemption of ETF Shares, as the Trust’s agent, namely: to provide transfer agent services for ETF Shares
of each ETF Series; to act as Index Receipt Agent (as such term is defined in the rules of the National Securities Clearing Corporation)
with respect to the settlement of trade orders with Authorized Participants; and to provide custody services under the terms of the Custody
Agreement, as supplemented hereby, for the settlement of Creation Units against Deposit Securities and/or cash that shall be delivered
by Authorized Participants in exchange for ETF Shares and the redemption of ETF Shares in Creation Unit size against the delivery of Redemption
Securities and/or cash of each ETF Series.

 

WHEREAS, each Fund is operated as a commodity pool
under the Commodity Exchange Act; and

 

WHEREAS, each Fund will ordinarily issue for purchase
and redeem shares of the Fund (the “Shares) only in aggregations of Shares known as Creation Units (currently 25,000 shares) principally
in kind or in cash;

 

WHEREAS, The Depository Trust Company, a limited
purpose trust company organized under the laws of the State of New York (“DTC”), will be the registered owner (the “Shareholder”)
of all Shares; and

 

WHEREAS, the Trust and Sponsor desire to retain
Fund Services as its transfer agent, dividend disbursing agent, and agent in connection with certain other activities to each series of
the Trust listed on Exhibit A attached hereto (as amended from time to time) (each a “Fund” and collectively the “Funds”).

 

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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 Transfer Agent

 

The Trust and Sponsor hereby appoints Fund Services
as transfer agent of the Trust on the terms and conditions set forth in this Agreement, and 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.	Services and Duties of Fund Services

 

Fund Services shall provide the following
transfer agent and dividend disbursing agent services:

 

A. Perform and facilitate the performance
of purchases and redemption of Creation Units; pursuant to such orders that Fund Services as the Index Receipt Agent shall receive from
Foreside Fund Services, LLC, a Delaware limited liability company (“Distributor”), and pursuant to the procedures set forth
in the Authorized Participant Agreement entered into by the Funds, Fund Services shall transfer appropriate trade instructions to the
Funds’ custodian, U.S. Bank N.A. (“Custodian”), pursuant to that such purchase orders register the appropriate number
of book entry only the Funds’ Units in the name of The Depository Trust Company (“DTC”) or its nominee as a unit holder
(each an “Authorized Participant”) of the Funds and deliver the Basket of Units of the Funds and pursuant to that such redemption
orders redeem the appropriate number of the Funds’ Units that are delivered to the designated DTC Participant Account of the Custodian
for redemption and debit such Units from the account of the Authorized Participant on the register of the Funds;

 

B. Prepare and transmit by means of DTC’s
book-entry system payments for dividends and distributions on or with respect to the Shares declared by the Trust on behalf of the applicable
Fund;

 

C. On behalf of the Funds, Fund Services
shall issue the Funds’ Units in Creation Baskets for settlement with purchasers through DTC as the purchaser is authorized to receive.
Beneficial ownership of the Funds’ Units shall be shown on the records of DTC and DTC Participants and not on any records maintained
by the Fund Services. In issuing the Funds’ Units through DTC to an Authorized Participant, Fund Services shall be entitled to rely
upon the latest Instructions that are received from the Distributor concerning the issuance and delivery of such Units for settlement;

 

D. Fund Services shall not issue on behalf
of the Funds any of the Funds’ Units where it has received an Instruction from the Funds or the Distributor or written notification
from any federal or state authority that the sale of the Funds’ Units has been suspended or discontinued, and Fund Services shall
be entitled to rely upon such Instructions or written notification;

 

    2

     

    

 

E. The Funds’ Units may be redeemed
in accordance with the procedures set forth in the relevant Authorized Participant Agreement and Fund Services shall duly process all
redemption requests;

 

F. Fund Services will act only upon Instruction
from the Funds and/or the Sponsor in addressing any failure in the delivery of cash, treasuries and/or Units in connection with the issuance
and redemption of the Funds’ Units;

 

G. Record the issuance of Shares of the
Trust and maintain a record of the total number of Shares of the Trust which are outstanding, and, based upon data provided to it by the
Trust, the total number of authorized Shares. Fund Services shall have no obligation, when recording the issuance of Shares, to monitor
the issuance of such Shares;

 

H. Prepare and transmit to the Trust and
the Trust’s administrator and to any applicable securities exchange (as specified to Fund Services by the Trust) information with
respect to purchases and redemptions of Shares;

 

I. On days that the Trust may accept orders
for purchases or redemptions, calculate and transmit to Fund Services and the Trust the number of outstanding Shares;

 

J. On days that the Trust may accept orders
for purchases or redemptions (pursuant to the Participant Agreement), transmit to Fund Services, the Trust and DTC the amount of Shares
purchased on such day;

 

K. Confirm to DTC the number of Shares
issued to the Shareholder, as DTC may reasonably request;

 

L. Prepare and deliver other reports, information
and documents to DTC as DTC may reasonably request;

 

M. Maintain those books and records of
the Trust specified by the Trust and agreed upon by Fund Services;

 

N. Prepare a monthly report of all purchases
and redemptions of Shares during such month on a gross transaction basis, and identify on a daily basis the net number of Shares either
redeemed or purchased on such business day and with respect to each Authorized Participant purchasing or redeeming Shares, the amount
of Shares purchased or redeemed.

 

O. Fund Services shall record the issuance
of the Funds’ Creation Baskets and maintain, pursuant to Rule 17Ad-14(e) under the Securities Exchange Act of 1934, as amended,
a record of the total number of the Funds’ Creation Baskets that are authorized, issued and outstanding based upon data provided
to Fund Services by the Funds or the Sponsor. Fund Services shall also provide the Funds on a regular basis with the total number of the
Funds’ Units authorized, issued and outstanding; provided however that Fund Services shall not be responsible for monitoring the
issuance of such Units or compliance with any laws relating to the validity of the issuance or the legality of the sale of such Units.

 

    3

     

    

 

P. Subject to and in accordance with Section
9 of the Agreement, Fund Services shall create and maintain such books and record which the Trust or Fund Services is, or may be, required
to create and maintain in accordance with all laws, rules, and regulations applicable to Fund Services as Transfer Agent. Fund Services
agrees to make all books and records available for inspection and use by the Trust or by the SEC at reasonable times, and to otherwise
keep confidential. Fund Services shall maintain such books and records for at least six years or for such other period of time as Fund
Services and Trust may mutually agree or as required by all applicable laws, rules, and regulations. Fund Services further agrees that
all such books and records shall be the property of the Trust.

 

Q. Upon reasonable notice by the Trust,
Fund Services shall make available during regular business hours all records and other data created and maintained by Fund Services as
Transfer Agent for reasonable audit and inspections by the Trust, any person retained by the Trust or any shareholder.

 

		3.	Anti-Money Laundering and Red Flag Identity Theft Prevention Programs

 

		A.	The Trust acknowledges that it had an opportunity to review and consider the written procedures provided by Fund Services describing
various processes used by Fund Services which are designed to promote the detection and reporting of potential money laundering activity
and identity theft by monitoring certain aspects of shareholder activity as well as written procedures for verifying a customer’s
identity (collectively, the “Procedures”). Further, the Trust has determined that the Procedures, as part of the Trust’s
overall anti-money laundering program and identity theft prevention program responsibilities, are reasonably designed to help: (i) prevent
the Trust from being used for money laundering or the financing of terrorist activities; (ii) prevent identity theft; and (iii) achieve
compliance with the applicable provisions of the Bank Secrecy Act, the USA Patriot Act of 2001, the Fair and Accurate Credit Transactions
Act of 2003, and the implementing regulations thereunder (together “AML Rules”).

 

		B.	Based on this determination, the Trust hereby instructs and directs Fund Services to implement the Procedures, as applicable, on the
Trust’s behalf, as such may be amended from time to time. It is contemplated that these Procedures will be amended from time to
time by Fund Services and any such amended Procedures will be provided to the Trust. Should the Trust desire that Fund Services perform
services not provided for in the Procedures, such additional services and the associated cost must be specifically detailed in the attached
fee schedule.

 

		C.	The Trust acknowledges and agrees that although it is directing Fund Services to implement the Procedures on its behalf, Fund Services
is implementing the Procedures as a service provider to the Trust and the Trust is and remains ultimately responsible for complying with
all applicable laws, rules, and regulations with respect to anti-money laundering, customer identification, identity theft prevention,
economic sanctions, and terrorist financing, whether under the AML Rules, or otherwise, such as, the establishment and board adoption
of its own formal anti-money laundering program and the designation of its own anti-money laundering officer, as applicable.

 

    4

     

    

 

		D.	The Trust further acknowledges and agrees that certain portions of the Procedures are applicable to certain products, entities, structures,
or geographies and, accordingly, certain portions of the Procedures may not be implemented with respect to the Trust. The Trust has had
the opportunity to discuss the Procedures with Fund Services, and the Trust understands and agrees which portions of the Procedures may
not be implemented on behalf of the Trust. Without limitation of the foregoing, Fund Services shall not be responsible for providing anti-money
laundering or customer identification services with respect to certain intermediary or dealer-controlled customer accounts (i.e., level
0 sub-accounts through the Fund/SERV system operated by the National Securities Clearing Corporation) and other fund client relationships
where there is a sub-transfer agency or similar arrangement between the Trust and the intermediary.

 

		E.	The Trust hereby directs, and Fund Services acknowledges, that Fund Services shall (i) permit federal regulators access to such information
and records maintained by Fund Services and relating to Fund Services’ implementation of the Procedures, on behalf of the Trust,
as they may request, and (ii) permit such federal regulators to inspect Fund Services’ implementation of the Procedures on behalf
of the Trust.

 

		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 B attached hereto
(as amended from time to time). Fund Services shall 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. Fund Services
shall also be compensated for any increases in costs due to the adoption of any new or amended industry, regulatory or other applicable
rules. 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, if any. Notwithstanding anything to the contrary, amounts
owed by the Trust to Fund Services shall only be paid out of assets and property of the particular Fund involved.

 

		5.	Representations and Warranties

 

		A.	The Trust and Sponsor 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 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;

 

    5

     

    

 

		(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; and

 

		(4)	A registration statement under the 1933 Act, as amended, has been made effective prior to the effective date of this Agreement and
will remain effective during the term of this Agreement, and appropriate state securities law filings will be made prior to the effective
date of this Agreement and will continue to be made during the term of this Agreement as necessary to enable the Trust to make a continuous
public offering of its shares.

 

		(5)	All records of the Trust (including, without limitation, all shareholder and account records) provided to Fund Services by the Trust
or by a prior transfer agent of the Trust are accurate and complete and Fund Services is entitled to rely on all such records in the form
provided; and

 

		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;

 

		(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; and

 

		(4)	It is a registered transfer agent under the Exchange Act.

 

    6

     

    

 

		6.	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 failure of communication 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.

 

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

 

    7

     

    

 

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 7 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.

 

		7.	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.

 

		8.	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 (i)
after prior notification to and approval in writing by the Trust, which approval shall not be unreasonably withheld and may not be withheld
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.

 

    8

     

    

 

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 non-public 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.

 

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.

 

		9.	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. The Administrator 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, the Administrator will issue a receipt for such
Fund Records. The Administrator shall maintain a complete and orderly inventory of all Fund Records for which it has issued a receipt.
The Administrator shall be under no duty or obligation to audit or reconcile the content, nor shall the Administrator be responsible for
the accuracy or completeness of those Fund Records not created by the Administrator. Upon written request in a form to be determined by
Administrator and the Trust, the Administrator 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 the Administrator, the Administrator
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
the Administrator 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 the Administrator 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 the Administrator pursuant to the terms of this Agreement; (d) it shall be responsible for the accuracy and completeness of any Fund
Records not created by the Administrator; 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 the Administrator. The Administrator acknowledges
that the records maintained and preserved by the Administrator 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.

 

    9

     

    

 

		10.	Compliance with Laws

 

The Trust has and retains primary responsibility
for all compliance matters relating to the Fund, including but not limited to compliance with the 1933 Act, CFTC, NFA, NYSE, 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. Fund Services’ services hereunder
shall not relieve the Trust of its responsibilities for assuring such compliance or the Sponsor’s oversight responsibility with
respect thereto.

 

		11.	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.

 

		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.

 

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.

 

		12.	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);

 

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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.

 

		13.	Duties in the Event of Termination

 

In the event that, in connection with the termination
of this Agreement, a successor to any of Fund SBFS’ 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.

 

		14.	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.

 

		15.	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 Securities and Exchange Commission
thereunder.

 

		16.	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.

 

		17.	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.

 

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		18.	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.

 

		19.	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.

 

		20.	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]

 

    12

     

    

 

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	 
	 	 
	US BANCORP FUND SERVICES, LLC
	 	 
	By:	/s/ Anita Zagrodnik	 
	Name:	 Anita Zagrodnik	 
	Title:	Senior Vice President	 
	Date:	7/08/2021	 

 

     

     

    

 

Exhibit A to the Transfer Agent Servicing Agreement
– ConvexityShares Trust

 

Separate Series of ConvexityShares
Trust

 

Name of Series

ConvexityShares Daily 1.5x SPIKES Futures ETF

ConvexityShares 1x SPIKES Futures ETF

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