Document:

Exhibit 10.2

 

TRANSFER AGENT SERVICING AGREEMENT

 

THIS AGREEMENT is made and entered into
as of [                         ]
by and between VS TRUST, a Delaware statutory trust (the “Trust”) and U.S. BANCORP FUND SERVICES, LLC d/b/a
U.S. BANK GLOBAL FUND SERVICES, a Wisconsin limited liability company (“Fund Services”).

 

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 Marketing Agent, 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
10,000 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”), or its nominee Cede &
Company, will be the registered owner (the “Shareholder”) of all Shares; and

 

WHEREAS, the Trust desires 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”).

 

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 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 described in
this Agreement shall include those duties as are normally and customarily performed by transfer agents in conjunction with such
descriptions.

 

		2.	Services and Duties of Fund Services

 

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

 

		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, having its principal
place of business at 3 Canal Plaza, Portland, ME (“Marketing Agent”) 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 Marketing
Agent 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 Marketing Agent 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;

 

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		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 Trust in addressing any failure in the delivery of cash,
treasuries and/or Shares in connection with the issuance and redemption of the Funds’ Shares;

 

		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/or sub-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 Authorized 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.	Extend the voting rights to the Shareholder for extension by DTC to DTC participants and the beneficial owners of Shares in
accordance with policies and procedures of DTC for book-entry only securities;

 

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

 

		O.	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;

 

		P.	Receive from the Marketing Agent or from its agent purchase orders from Authorized Participants (as defined in the Authorized
Participant Agreement) for Creation Unit Aggregations of Shares received in good form and accepted by or on behalf of the Trust
by the Marketing Agent, transmit appropriate trade instructions to the NSCC, if applicable, and pursuant to such orders issue the
appropriate number of Shares of the Trust and hold such Shares in the account of the Shareholder for each of the respective Funds;

 

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		Q.	Receive from the Authorized Participants redemption requests, deliver the appropriate documentation thereof to the Trust’s
custodian, generate and transmit or cause to be generated and transmitted confirmation of receipt of such redemption requests to
the Authorized Participants submitting the same; transmit appropriate trade instructions to the NSCC, if applicable, and redeem
the appropriate number of Creation Unit Aggregations of Shares held in the account of the Shareholder for each of the respective
Funds; and

 

		R.	Confirm the name, U.S. taxpayer identification number and principle place of business of each Authorized Participant.

 

		S.	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 Company. 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.

 

		T.	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.

 

		U.	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.

 

		V.	Fund Services shall perform the customary services of a transfer agent including, but not limited to, maintaining the account
of the Shareholder with respect to each Fund, obtaining at the request of the Fund a list of DTC participants holding interests
in each Fund’s Global Certificate, and those services set forth on Exhibit B attached hereto.

 

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		W.	The following shall be delivered to DTC participants as identified by DTC as the Shareholder for book-entry only securities:
(i) annual reports of each Fund; (ii) Fund proxies, proxy statements and other proxy soliciting materials; (iii) Fund prospectus
and amendments and supplements thereto, including stickers; (iv) other communications as a Fund may from time to time identify
as required by law or as a Fund may reasonably request; and (v) Fund Services shall provide additional services, if any, as may
be agreed upon in writing by the Fund and Fund Services.

 

		3.	Lost Shareholder Due Diligence Searches and Servicing

 

The Trust hereby acknowledges that Fund
Services has an arrangement with an outside vendor to conduct lost shareholder searches required by Rule 17Ad-17 under the
Securities Exchange Act of 1934, as amended. Costs associated with such searches will be passed through to the Trust, on behalf
of each applicable Fund, as a miscellaneous expense in accordance with the fee schedule set forth on Exhibit C attached hereto.
If a shareholder remains lost and the shareholder’s account unresolved after completion of the mandatory Rule 17Ad-17
search, the Trust hereby authorizes vendor to enter, at its discretion, into fee sharing arrangements with the lost shareholder
(or such lost shareholder’s representative or executor) to conduct a more in-depth search in order to locate the lost shareholder
before the shareholder’s assets escheat to the applicable state to enter into agreements with vendors to conduct such additional
searches, and to charge the costs of such additional searches to the account of the lost shareholder.

 

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

 

Fund Services acknowledges and represents
that (1) it is a financial institution subject to the law entitled Uniting and Strengthening America by Providing Appropriate Tools
Required to Intercept and Obstruct Terrorism (“USA Patriot”) Act of 2001 and the Bank Secrecy Act (collectively the
“AML Acts”) and shall comply with the AML Acts and applicable regulations adopted thereunder (collectively, the “Applicable
AML Laws”) in all relevant respects; and (2) it is subject to a rule implementing 31 U.S.C. 5318(h) (the anti-money laundering
program provision of the USA Patriot Act) and is regulated by a federal functional regulator such as a federal banking regulator
or the SEC.

 

The Trust acknowledges that it has had an
opportunity to review, consider and comment upon the written procedures provided by Fund Services describing various tools 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 and Fund Services have each determined that the Procedures, as
part of the Trust’s overall Anti-Money Laundering Program and Red Flag Identity Theft Prevention Program, are reasonably
designed to: (i) prevent each Fund 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, Fair and Accurate Credit Transactions
Act of 2003 and the USA Patriot Act of 2001 and the implementing regulations thereunder.

 

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Based on this determination, the Trust hereby
instructs and directs Fund Services to implement the Procedures on the Trust’s behalf, as such may be amended or revised
from time to time. It is contemplated that these Procedures will be amended from time to time by the parties as additional regulations
are adopted and/or regulatory guidance is provided relating to the Trust’s anti-money laundering and identity theft responsibilities.

 

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 Bank Secrecy Act, the USA PATRIOT Act of 2001, the Fair and Accurate Credit Transactions Act of 2003, or otherwise,
including, without limitation, the establishment and board adoption of its own formal anti-money laundering program and the designation
of its own anti-money laundering officer.

 

Fund Services agrees to provide to the Trust:

 

		(a)	Prompt written notification of any transaction or combination of transactions that Fund Services
believes, based on the Procedures, evidence money laundering or identity theft activities in connection with the Trust or any Fund
shareholder;

 

		(b)	Prompt written notification of any customer(s) that Fund Services reasonably believes, based upon
the Procedures, to be engaged in money laundering or identity theft activities, provided that the Trust agrees not to communicate
this information to the customer;

 

		(c)	Any reports received by Fund Services from any government agency or applicable industry self-regulatory
organization pertaining to Fund Services’ Anti-Money Laundering Program or the Red Flag Identity Theft Prevention Program
on behalf of the Trust;

 

		(d)	Prompt written notification of any action taken in response to anti-money laundering violations
or identity theft activity as described in (a), (b) or (c) immediately above; and

 

		(e)	Certified annual and quarterly reports of its monitoring and customer identification activities
pursuant to the Procedures on behalf of the Trust.

 

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.

 

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		5.	Compensation

 

Fund Services shall be compensated for providing
the services set forth in this Agreement in accordance with the fee schedule set forth on Exhibit C attached hereto (as amended
from time to time in writing by the parties to this Agreement). Fund Services shall be reimbursed for such reasonable and documented
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
thirty (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 thirty (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.

 

		6.	Representations and Warranties

 

		A.	The Trust 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;

 

		(3)	It is conducting its business in compliance in all material respects with all laws and regulations, both state and federal,
applicable to it 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, will be 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.

 

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		(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, 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.

 

		7.	Standard of Care; Indemnification; Limitation of Liability

 

		A.	Fund Services shall use its best efforts and exercise reasonable care in the performance of its duties
under this Agreement. Fund Services shall not be liable for any error of judgment or mistake of law or for any loss suffered by
the Trust in connection with its duties under this Agreement, except a loss arising out of or relating to Fund Services’
refusal or failure to comply with the terms of this Agreement or from its bad faith, fraud, negligence, or willful misconduct in
the performance of its duties under this Agreement or breach of this Agreement. Notwithstanding any other provision of this Agreement,
if Fund Services has used its best efforts and exercised reasonable care in the performance of its duties under this Agreement,
the applicable Fund, severally and not jointly, shall indemnify and hold harmless Fund Services from and against any and all claims,
demands, losses, expenses, and liabilities of any and every nature (including reasonable attorneys’ fees) that Fund Services
may sustain or incur or that may be asserted against Fund Services by any person arising out of 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 reasonable 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 (the “Board”), 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, breach of this
Agreement, or from its bad faith, fraud, negligence or willful misconduct in the performance of its duties under this Agreement.
Fund Services shall endeavor to provide the Trust, on behalf of the relevant Fund(s), such reasonable estimates, including reasonable
estimates related to amounts incurred for services provided hereunder, in connection with claims for which Fund Services seeks
indemnity from the Fund. This indemnity shall be a continuing obligation of the Trust, its successors and assigns, notwithstanding
the termination of this Agreement, provided that the Fund’s continuing obligation to indemnify Fund Services after the termination
of this Agreement shall relate solely to those claims, demands, losses, expenses, and liabilities of any and every nature (including
reasonable attorneys’ fees) sustained in connection with Fund Services provision of services pursuant to this Agreement.
As used in this paragraph, the term “Fund Services” shall include Fund Services’ directors, officers and employees.

 

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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, on behalf of a Fund, 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, breach of this Agreement, or from its bad faith, fraud, 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 directors, trustees, officers and employees.

 

In no case shall either party be liable to the other
for (i) any special, indirect or consequential damages, loss of profits or goodwill (even if advised of the possibility of such);
or (ii) any delay by reason of circumstances beyond its control, which may include 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.

 

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 business continuity and disaster recovery 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.

 

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Notwithstanding the above, Fund Services reserves the
right to reprocess and correct non-material administrative errors at its own expense, provided that Fund Services shall provide
advance written notice to the Trust detailing the action it intends to take prior to taking such action. For material administrative
errors, Fund Services reserves the right to reprocess and correct administrative errors at its own expense upon consultation with
the Trust and in such manner as agreed to by the Trust.

 

		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.

 

		8.	Data Necessary to Perform Services

 

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

 

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		9.	Proprietary and Confidential Information

 

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, provided that Fund Services shall promptly notify the
Trust of such request if permitted by applicable law, 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.

 

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, information regarding USBGFS’ 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 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.

 

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.

 

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		10.	Records

 

Fund Services shall keep records relating to the services to
be performed hereunder in the form and manner, and for such period, as it may deem advisable and is agreeable to the Trust, but
not inconsistent with the rules and regulations of appropriate government authorities, in particular, as required by the Securities
Exchange Act of 1934, as amended, the rules of the stock exchange on which the Funds’ shares are listed, 17 C.F.R. 4.23 (specifically,
the records specified in 17 C.F.R. 4.23(a)(1) through (8), (10) through (12) and (b)(1)), and other applicable federal
securities laws and created pursuant to the performance of the Administrator’s obligations under this Agreement. 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 Trust 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. In performing its obligations under this Section,
the Administrator may utilize micrographic and electronic storage media as well as independent third party storage facilities.

 

		11.	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 Trust relating
to a Fund’s portfolio investments as set forth in such Fund’s current prospectus and statement of additional information.
Fund Services’ services hereunder shall not relieve the Trust of its responsibilities for assuring such compliance or the
Board of Trustee’s oversight responsibility with respect thereto.

 

The Trust shall immediately notify Fund Services
if the investment strategy of any Fund materially changes that causes the Fund to file an amended prospectus with the SEC, or if
it (or any Fund) becomes subject to any new law, rule, regulation, or order of a governmental or judicial authority of competent
jurisdiction that materially impacts the operations of the Trust or any Fund or the services provided under this Agreement.

 

    12

     

    

 

		12.	Term of Agreement; Amendment

 

This Agreement shall become effective as
of the date first written above and will continue in effect for a period of two (2) years. This Agreement may be terminated effective
at the end of such initial term by either party upon giving 90 days prior written notice to the other party or such shorter period
as is mutually agreed upon by the parties. Subsequent to the end of the two (2) year period, this Agreement continues until one
party gives 90 days prior written notice to the other party or such shorter notice period as is mutually agreed upon by the parties.
Notwithstanding the foregoing, 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. In addition,
the Trust may, at any time, immediately terminate this Agreement in the event of the appointment of a conservator or receiver for
Fund Services by regulatory authorities or upon the happening of a like event at the direction of an appropriate regulatory agency
or court of competent jurisdiction (“Termination Upon Direction”). This Agreement may not be amended or modified in
any manner except by written agreement executed by Fund Services and the Trust, and authorized or approved by the Trust’s
Board of Trustees.

 

		13.	Early Termination

 

In the absence of any material breach of
this Agreement or Termination Upon Direction, should the Trust elect to terminate this Agreement prior to the end of the two (2)
year term, the Trust agrees to pay the following fees:

 

		a.	all monthly fees through the life of the Agreement, including the repayment of any negotiated discounts;

 

		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 reasonable and documented miscellaneous costs associated with a-c above.

 

		14.	Duties in the Event of Termination

 

In the event that, in connection with the
termination of this Agreement, 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 documented expenses (not personnel costs) 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. The Trust shall also be responsible
for any fees associated with any record retention and/or tax reporting obligations that may not be eliminated due to the conversion
to a successor provider. If no such successor is designated, then such books, records and other data shall be returned to the Trust.

 

    13

     

    

 

		15.	Assignment

 

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

 

		16.	Governing Law

 

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

 

		17.	No Agency Relationship

 

Nothing herein contained shall be deemed
to authorize or empower 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.

 

		18.	Services Not Exclusive

 

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

 

		19.	Invalidity

 

Any provision of this Agreement which may
be determined by competent authority to be prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective
to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition
or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.
In such case, the parties shall in good faith modify or substitute such provision consistent with the original intent of the parties.

 

		20.	Notices

 

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

 

    14

     

    

 

Notice to Fund Services shall be sent to:

 

U.S. Bank Global Fund Services

Attn: President

615 East Michigan Street

Milwaukee, WI 53202

 

Notice to the Trust shall be sent to:

 

VS Trust

Attn: Justin Young

100 S Bedford Rd., Suite 340

Mt. Kisco, NY 10549

 

		21.	Multiple Originals

 

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

 

		22.	Fidelity Bond

 

Fund Services shall maintain a fidelity
bond covering larceny and embezzlement, an insurance policy with respect to directors and officers errors and omissions coverage
and electronic data processing insurance coverage, in amounts that are appropriate in light of its duties and responsibilities
hereunder. Upon the request of the Trust, Fund Services shall provide evidence that coverage is in place. Fund Services shall notify
the Trust should its insurance coverage with respect to professional liability or errors and omissions coverage be reduced or canceled.
Such notification shall include the date of cancellation or reduction and the reasons therefore. Fund Services shall notify the
Trust promptly of any material claims against it with respect to services performed under this Agreement, whether or not they may
be covered by insurance, and shall notify the Trust promptly should the total outstanding claims made by Fund Services under its
insurance coverage materially impair, or threaten to materially impair, the adequacy of its coverage.

 

		23.	Entire Agreement

 

This Agreement, together with any exhibits,
attachments, appendices or schedules expressly referenced herein, sets forth the sole and complete understanding of the parties
with respect to the subject matter hereof and supersedes all prior agreements relating thereto, whether written or oral, between
the parties.

 

		24.	Limited Recourse

 

This Agreement is executed by the Trust
with respect to each of the Funds and the obligations hereunder are not binding on any of the trustees, officers or shareholders
of the Trust individually but are binding only on the Fund to which such obligations pertain and the assets and property of such
Fund. All obligations of the Trust under this Agreement shall apply only on a Fund-by-Fund basis, and the assets of one Fund shall
not be liable for the obligations of another Fund.

 

    15

     

    

 

		25.	No Third Party Rights

 

Nothing expressed or referred to in this
Agreement will be construed to give any third party (including, without limitation, shareholders of any Fund) any legal or equitable
right, remedy or claim under or with respect to this Agreement.

 

		26.	Construction

 

Any reference in this Agreement to a form,
statute or regulation shall include any successor thereto.

 

SIGNATURES ON THE FOLLOWING PAGE

 

    16

     

    

 

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.

 

VS TRUST

 

	By:	 	 
	 	 	 
	Name: 	 	 
	 	 	 
	Title:	 	 
	 	 	 
	Date:	 	 

 

U.S. BANCORP FUND SERVICES, LLC

 

	By:	 	 
	 	 	 
	Name: 	 	 
	 	 	 
	Title:	 	 
	 	 	 
	Date:	 	 

 

    17

     

    

 

Exhibit A to the Transfer Agent Servicing
Agreement

 

Separate Series of VS Trust

 

Name of Series

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

18Exhibit 10.3

 

CUSTODY AGREEMENT

 

THIS AGREEMENT is made and entered into
as of [        ]
by and between VS TRUST, a Delaware statutory trust (the “Trust”) and U.S. BANK NATIONAL ASSOCIATION,
a national banking association organized and existing under the laws of the United States of America with its principal place of
business at Minneapolis, Minnesota (the “Custodian”).

 

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

 

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

 

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

 

ARTICLE I.

 

CERTAIN DEFINITIONS

 

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

 

1.01 “Authorized
Person” means any Officer or person (including an authorized person of an Adviser or other agent) who has been designated
by written notice as such from the Trust or an Adviser or other agent and is named in Exhibit A attached hereto. Such
officer or person shall continue to be an Authorized Person until such time as the Custodian receives Written Instructions from
the Trust or an Adviser or other agent that any such person is no longer an Authorized Person.

 

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

 

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

 

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

 

1.05 “Eligible
Foreign Custodian” has the meaning set forth in Rule 17f-5(a)(1), including a majority-owned or indirect subsidiary
of a U.S. Bank (as defined in Rule 17f-5), a bank holding company meeting the requirements of an Eligible Foreign Custodian
(as set forth in Rule 17f-5 or by other appropriate action of the SEC), or a foreign branch of a Bank (as defined in Section 2(a)(5)
of the 1940 Act) meeting the requirements of a custodian under Section 17(f) of the 1940 Act; the term does not include any
Eligible Securities Depository.

 

     

     

    

 

1.06 “Eligible
Securities Depository” shall mean a system for the central handling of securities as that term is defined in Rules 17f-4
and 17f-7 under the 1940 Act.

 

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

 

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

 

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

 

1.10 “IRS”
shall mean the Internal Revenue Service.

 

1.11 “NFA”
shall mean the National Futures Association.

 

1.12 “Officer”
shall mean the Chairman, President, any Vice President, any Assistant Vice President, the Secretary, any Assistant Secretary, the
Treasurer, or any Assistant Treasurer of the Trust.

 

1.13 “Proper
Instructions” shall mean Written Instructions.

 

1.14 “SEC”
shall mean the U.S. Securities and Exchange Commission.

 

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

 

1.16 “Securities
Depository” shall mean The Depository Trust Company and any other clearing agency registered with the SEC under Section 17A
of the Securities Exchange Act of 1934, as amended (the “1934 Act”), which acts as a system for the central handling
of Securities where all Securities of any particular class or series of an issuer deposited within the system are treated as fungible
and may be transferred or pledged by bookkeeping entry without physical delivery of the Securities.

 

1.17 “Shares”
shall mean, with respect to a Fund, the shares of common stock issued by the Fund on account of the Fund.

 

    2

     

    

 

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

 

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

 

ARTICLE II.

 

APPOINTMENT OF CUSTODIAN

 

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

 

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

 

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

 

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

 

		(c)	A copy of the current prospectus of each Fund (the “Prospectus”);

 

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

 

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

 

    3

     

    

 

2.03 Notice of Appointment
of Transfer Agent. The Trust agrees to notify the Custodian in writing of the appointment, termination or change in appointment
of any transfer agent of the Trust, except if the Trust appoints an affiliate of the Custodian to serve as transfer agent of the
Trust, the Custodian hereby waives the Trust’s obligation to provide such written notice.

 

ARTICLE III.

 

CUSTODY OF CASH AND SECURITIES

 

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

 

3.02 Fund Custody
Accounts. The Custodian shall open and maintain in its fund custody department a custody account in the name of each Fund coupled
with the name of the Fund, subject only to draft or order of the Custodian, in which the Custodian shall enter and carry all Securities,
cash and other assets of the Fund which are delivered to it. Absent a definitive written agreement between the Custodian and the
Trust, securities and cash held by the Custodian shall not be sold, rehypothecated, pledged, assigned, invested or otherwise disposed
of by the Custodian and beneficial ownership of the Securities shall be freely transferable without payment of money or value other
than for safe custody and administration.

 

3.03 Appointment
of Agents.

 

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

 

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

 

    4

     

    

 

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

 

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

 

		(e)	With respect to its responsibilities under this Agreement, including without limitation, Section 3.03, the Custodian hereby
warrants to the Trust that it agrees to exercise reasonable care, prudence and diligence such as a professional person having responsibility
for the safekeeping of property of each Fund. The Custodian further warrants that a Fund’s assets will be subject to reasonable
care if maintained with a Sub-Custodian, after considering all factors relevant to the safekeeping of such assets, including, without
limitation: (i) the Sub-Custodian’s practices, procedures, and internal controls for certificated securities (if applicable),
its method of keeping custodial records, and its security and data protection practices; (ii) whether the Sub-Custodian has
the requisite financial strength to provide reasonable care for Fund assets; (iii) the Sub-Custodian’s general reputation
and standing and, in the case of a Securities Depository, the Securities Depository’s operating history and number of participants;
(iv) ensuring Fund assets held by a Sub-Custodian shall not be sold, rehypothecated, pledged, assigned, invested or otherwise
disposed by the Sub-Custodian and beneficial ownership of the Securities held by such Sub-Custodian shall be freely transferable
without payment of money or value other than for safe custody and administration; and (v) whether the Fund will have jurisdiction
over and be able to enforce judgments against the Sub-Custodian, such as by virtue of the existence of any offices of the Sub-Custodian
in the United States or the Sub-Custodian’s consent to service of process in the United States.

 

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

 

    5

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    6

     

    

 

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

 

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

 

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

 

3.06 Disbursement
of Moneys from Fund Custody Account. Upon receipt of Proper Instructions, the Custodian shall disburse moneys from a Fund Custody
Account including, but not limited to, the following cases:

 

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

 

    7

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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3.07 Delivery of
Securities from Fund Custody Account. Upon receipt of Proper Instructions, the Custodian shall release and deliver, or cause
the Sub-Custodian to release and deliver, Securities from the Fund Custody Account including, but not limited to, the following
cases:

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    9

     

    

 

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

 

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

 

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

 

3.08 Actions Not
Requiring Proper Instructions. Unless otherwise instructed by a Fund, the Custodian shall with respect to all Securities held
for the Fund:

 

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

 

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

 

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

 

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

 

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

 

    10

     

    

 

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

 

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

 

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

 

3.10 Futures
and Options. If, pursuant to a Proper Instruction, the Custodian shall become a party to an agreement with a Fund and a futures
commission merchant regarding margin (“Tri-Party Agreement”), the Custodian shall (a) receive and retain, to the extent
the same are provided to the Custodian, confirmations or other documents evidencing the purchase or sale by the Fund of exchange-traded
futures contracts and commodity options, (b) when required by such Tri-Party Agreement, deposit and maintain in an account opened
pursuant to such Agreement (“Margin Account”), segregated either physically or by book-entry in a Securities Depository
for the benefit of any futures commission merchant, such Securities as the Fund shall have designated as initial, maintenance or
variation “margin” deposits or other collateral intended to secure the Fund’s performance of its obligations
under the terms of any exchange-traded futures contracts and commodity options; and (c) thereafter pay, release or transfer Securities
into or out of the margin account in accordance with the provisions of the such Agreement. Alternatively, the Custodian may deliver
Securities, in accordance with an Instruction, to a futures commission merchant for purposes of margin requirements in accordance
with Rule 17f-6. The Custodian shall in no event be responsible for the acts and omissions of any futures commission merchant to
whom Securities are delivered pursuant to this Section; for the sufficiency of Securities held in any Margin Account; or, for the
performance of any terms of any exchange-traded futures contracts and commodity options.

 

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3.11 Records.

 

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

 

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

 

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

 

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

 

3.14 Proxies and
Other Materials. The Custodian shall cause all proxies relating to Securities that are registered in the name of a Fund to
be promptly executed by the registered holder of such Securities, without indication of the manner in which such proxies are to
be voted, and shall promptly deliver to the Trust, on behalf of a Fund, such proxies, all proxy soliciting materials and all notices
relating to such Securities. With respect to the foreign Securities, the Custodian will use reasonable commercial efforts to facilitate
the exercise of voting and other shareholder rights, subject to the laws, regulations and practical constraints that may exist
in the country where such securities are issued. The Trust acknowledges that local conditions, including lack of regulation, onerous
procedural obligations, lack of notice and other factors may have the effect of severely limiting the ability of the Trust, on
behalf of a Fund, to exercise shareholder rights.

 

3.15 Information
on Corporate Actions. The Custodian shall promptly deliver to the Trust, on behalf of a Fund, all information received by the
Custodian and pertaining to Securities being held by the Fund with respect to optional tender or exchange offers, calls for redemption
or purchase or expiration of rights or other similar transactions (collectively, “Corporate Events”). If the Trust,
on behalf of a Fund, desires to take action with respect to any tender offer, exchange offer or other similar transaction, the
Fund shall notify the Custodian at least three Business Days prior to the date on which the Custodian is to take such action (the
“Notification Deadline”); provided, however, that if the Trust notifies the Custodian in connection with Corporate
Events on or after the Notification Deadline, the Custodian shall use reasonable efforts to take any such action or exercise any
such rights in respect of Corporate Events on or after the Notification Deadline.

 

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3.16 The Trust, on
behalf of a Fund, will provide or cause to be provided to the Custodian all relevant information for any Security which has unique
put/option provisions at least three Business Days prior to the beginning date of the tender period.

 

ARTICLE IV.

 

PURCHASE AND SALE OF INVESTMENTS OF THE
FUNDS

 

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

 

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

 

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

 

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

 

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

 

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

 

ARTICLE V.

 

SALE AND REDEMPTION OF FUND SHARES

 

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

 

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

 

ARTICLE VI.

 

SEGREGATED ACCOUNTS

 

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

 

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

 

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

 

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

 

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

 

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

 

ARTICLE VII.

 

COMPENSATION OF CUSTODIAN

 

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

 

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

 

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ARTICLE VIII.

 

REPRESENTATIONS AND WARRANTIES

 

8.01 Representations
and Warranties of the Trust. The Trust hereby represents and warrants to the Custodian, which representations and warranties
shall be deemed to be continuing throughout the term of this Agreement, that:

 

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

 

		(b)	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;
and

 

		(c)	It is conducting its business in compliance in all material respects with all applicable laws and regulations, both state and
federal, and has obtained all regulatory approvals necessary to carry on its business as now conducted; there is no statute, rule,
regulation, order or judgment binding on it and no provision of its charter, bylaws or any contract binding it or affecting its
property which would prohibit its execution or performance of this Agreement.

 

8.02 Representations
and Warranties of the Custodian. The Custodian hereby represents and warrants to the Trust, which representations and warranties
shall be deemed to be continuing throughout the term of this Agreement, that:

 

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

 

		(b)	This Agreement has been duly authorized, executed and delivered by the Custodian in accordance with all requisite action and
constitutes a valid and legally binding obligation of the Custodian, enforceable in accordance with its terms, subject to bankruptcy,
insolvency, reorganization, moratorium and other laws of general application affecting the rights and remedies of creditors and
secured parties; and

 

		(c)	It is conducting its business in compliance in all material respects with all applicable laws and regulations, both state and
federal, and has obtained all regulatory approvals necessary to carry on its business as now conducted; there is no statute, rule,
regulation, order or judgment binding on it and no provision of its charter, bylaws or any contract binding it or affecting its
property which would prohibit its execution or performance of this Agreement.

 

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ARTICLE IX.

 

CONCERNING THE CUSTODIAN

 

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

 

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

 

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

 

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

 

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

 

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

 

The Custodian shall perform its duties hereunder
in compliance with all applicable laws and regulations and provide any sub-certifications reasonably requested by the Trust in
connection with any certification required of the Trust pursuant to the Sarbanes-Oxley Act of 2002 or any rules or regulations
promulgated by the SEC thereunder, provided the same shall not be deemed to change the Custodian’s standard of care as set
forth herein.

 

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ARTICLE X.

 

INDEMNIFICATION

 

10.01 Indemnification
by Trust. Each Fund, severally and not jointly, shall indemnify and hold harmless the Custodian, any Sub-Custodian and any
nominee thereof (each, an “Indemnified Party” and collectively, the “Indemnified Parties”) from and against
any and all claims, demands, losses, reasonable expenses and liabilities of any and every nature (including reasonable attorneys’
fees) that an Indemnified Party may sustain or incur or that may be asserted against an Indemnified Party by any person arising
directly or indirectly (i) from the fact that Securities are registered in the name of any such nominee, (ii) from any
action taken or omitted to be taken by the Custodian or such Sub-Custodian (a) at the request or direction of or in reliance
on the advice of the Fund, or (b) upon Proper Instructions, or (iii) from the performance of its obligations under this
Agreement or any sub-custody agreement, provided that in all cases neither the Custodian nor any such Sub-Custodian shall be indemnified
and held harmless from and against any such claim, demand, loss, expense or liability arising out of or relating to its refusal
or failure to comply with or act in accordance with the terms of this Agreement (or any sub-custody agreement), or from its bad
faith, fraud, negligence or willful misconduct in the performance of its duties under this Agreement (or any sub-custody agreement).
This indemnity shall be a continuing obligation of the Fund, its successors and assigns, notwithstanding the termination of this
Agreement. As used in this paragraph, the terms “Custodian” and “Sub-Custodian” shall include their respective
directors, officers and employees. The Custodian shall endeavor to provide a Fund such reasonable estimates, including reasonable
estimates related to amounts incurred for services provided hereunder, in connection with claims for which the Custodian seeks
indemnity from the Fund, provided that the Fund’s continuing obligations to indemnify the Custodian after the termination
of this Agreement shall relate to solely those claims, demands, losses, expenses, and liabilities of any and every nature (including
reasonable attorneys’ fees) sustained in connection with the Custodian provision of services pursuant to this Agreement.

 

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

 

10.03 Security.

 

		(a)	If the Custodian advances cash or Securities to a Fund for any purpose, either at the Fund’s request or as otherwise
contemplated in this Agreement the Custodian shall have a continuing interest and right of set-off against such Securities and
the proceeds thereof until such time as the Custodian is repaid the amount of such advance.

 

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		(b)	In the event that a Fund is, except as provided in Section 10.03(a) above, otherwise indebted to the Custodian or its
nominee in connection with its performance under this Agreement, any claim, demand, loss, expense or liability (including reasonable
attorneys’ fees) (except such indebtedness as may arise from its or its nominee’s bad faith, negligence, fraud or willful
misconduct), then, in any such event, the Custodian shall have the right to retain or set-off against any property at any time
held for the account of the Fund, provided that (i) the Custodian shall furnish the Fund with a detailed invoice which reasonably
describes the indebtedness at least two Business Days prior to the date on which the Custodian intends to exercise such set-off
rights and (ii) the Fund has failed to promptly to repay the Custodian prior to the date on which the Custodian indicated
it intended to exercise its set-off rights, then the Custodian shall be entitled to exercise its set-off rights hereunder and utilize
available cash of such Fund and to dispose of other assets of such Fund to the extent necessary to obtain reimbursement for such
indebtedness.

 

10.04 Miscellaneous.

 

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

 

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

 

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

 

		(d)	Notwithstanding anything to the contrary contained in this Agreement, any amounts owed or liabilities incurred by a Fund, shall
be satisfied solely from the assets of the Fund and not any other entity or person. In no event shall Custodian, any Sub-Custodian
or any of either of their affiliates have recourse, whether by set-off or otherwise, with respect to any such amounts owed or liabilities
incurred, to or against (i) any other series of the Trust other than the applicable Fund to which such obligations relate,
(ii) any assets of any person or entity under the management of the Adviser of the Fund or (iii) any assets of the Adviser
of the Fund or any affiliate of such Adviser. Neither the Trust and nor any of its series, other than the Fund, are obligated to
make contributions, loans or otherwise provide funding to the Fund.

 

    19

     

    

 

ARTICLE XI.

 

FORCE MAJEURE

 

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

 

ARTICLE XII.

 

PROPRIETARY AND CONFIDENTIAL
INFORMATION

 

12.01 The Custodian
agrees on behalf of itself and its directors, officers, and employees to treat confidentially and as proprietary information of
the Trust, all records and other information relative to the Trust and prior, present, or potential Fund shareholders (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 the Custodian may be exposed to civil or criminal contempt proceedings for
failure to comply; (ii) when requested to divulge such information by duly constituted governmental or regulatory authorities with
jurisdiction over the Custodian, although the Custodian will promptly report such disclosure to the Trust if disclosure is permitted
by applicable law and regulation; or (iii) when so requested by the Trust. Records and other information which have become known
to the public through no wrongful act of the Custodian or any of its employees, agents or representatives, and information that
was already in the possession of the Custodian prior to receipt thereof from the Fund or its agent, shall not be subject to this
paragraph.

 

    20

     

    

 

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

 

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

 

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

 

ARTICLE XIII.

 

EFFECTIVE PERIOD; TERMINATION

 

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

 

13.02 Termination.
This Agreement may be terminated effective at the end of the initial term by either party upon giving 90 days prior written notice
to the other party or such shorter notice period as is mutually agreed upon by the parties. Subsequent to the end of the two (2)
year period, this Agreement continues until one party gives 90 days prior written notice to the other party or such shorter notice
period as is mutually agreed upon by the parties. Notwithstanding the foregoing, this Agreement may be terminated by either 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. In addition, the Trust may, at any time, immediately terminate this Agreement in the event
of the appointment of a conservator or receiver for the Custodian by regulatory authorities or upon the happening of a like event
at the direction of an appropriate regulatory agency or court of competent jurisdiction.

 

    21

     

    

 

13.03 Early Termination.
In the absence of any material breach of this Agreement, should the Trust elect to terminate this agreement prior to the end of
the two (2) year term, the Trust agrees to pay the following fees:

 

		(a)	All monthly fees through the life of the Agreement including the repayment of any negotiated discounts;

 

		(b)	All miscellaneous 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, as agreed upon by both parties;

 

		(d)	All reasonable and documented costs associated with (a) thru (c) above.

 

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

 

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

 

    22

     

    

 

ARTICLE XIV.

 

CLASS ACTIONS

 

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

 

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

 

ARTICLE XV.

 

MISCELLANEOUS

 

15.01 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, the CEA, the Internal Revenue Code of 1986, the Sarbanes-Oxley Act of 2002, the USA
Patriot Act of 2001 and the policies and limitations of the Fund relating to its portfolio investments as set forth in its Prospectus
and statement of additional information. The Custodian’s services hereunder shall not relieve the Trust of its responsibilities
for assuring such compliance with respect thereto.

 

The Trust shall immediately notify the Custodian
if the investment strategy of any Fund materially changes that causes the Fund to file an amended prospectus with the SEC, or if
it (or any Fund) becomes subject to any new law, rule, regulation, or order of a governmental or judicial authority of competent
jurisdiction that materially impacts the operations of the Trust or any Fund or the services provided under this Agreement

 

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

 

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

 

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

 

    23

     

    

 

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

 

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

 

15.07 Invalidity.
Any provision of this Agreement which may be determined by competent authority to be prohibited or unenforceable in any jurisdiction
shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining
provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable
such provision in any other jurisdiction. In such case, the parties shall in good faith modify or substitute such provision consistent
with the original intent of the parties.

 

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

 

Notice to the Custodian shall
be sent to:

 

U.S. Bank N.A.

U.S. Bank Tower

425 Walnut Street, Cincinnati,

OH 45202 | CN-OH-W6TC

Attn: Global Fund Custody Support Services

Phone: 513.632.2443

Fax: 844.206.1025

Email: Trust.-.Fund.Custody.Conversion.Team@usbank.com

 

Notice to the Trust shall be
sent to:

 

VS Trust

Attn: Justin Young

100 S Bedford Rd., Suite 340

Mt. Kisco, NY 10549

 

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

 

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

 

    24

     

    

 

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

 

15.12 Insurance.
The Custodian shall maintain a fidelity bond covering larceny and embezzlement, an insurance policy with respect to directors and
officers errors and omissions coverage and electronic data processing insurance coverage, in amounts that are appropriate in light
of its duties and responsibilities hereunder. Upon the request of the Trust, the Custodian shall provide evidence that coverage
is in place. The Custodian shall notify the Trust should its insurance coverage with respect to professional liability or errors
and omissions coverage be reduced or canceled. Such notification shall include the date of cancellation or reduction and the reasons
therefore. The Custodian shall notify the Trust promptly of any material claims against it with respect to services performed under
this Agreement, whether or not they may be covered by insurance, and shall notify the Trust promptly should the total outstanding
claims made by the Custodian under its insurance coverage materially impair, or threaten to materially impair, the adequacy of
its coverage.

 

15.13 Entire Agreement.
This Agreement, together with any exhibits, attachments, appendices or schedules expressly referenced herein, sets forth the sole
and complete understanding of the parties with respect to the subject matter hereof and supersedes all prior agreements relating
thereto, whether written or oral, between the parties.

 

15.14. Trust Limitations.
This Agreement is executed by the Trust with respect to each of the Funds and the obligations hereunder are not binding on any
of the officers or shareholders of the Trust individually but are binding only on the Fund to which such obligations pertain and
the assets and property of such Fund. All obligations of the Trust under this Agreement shall apply only on a Fund-by-Fund basis,
and the assets of one Fund shall not be liable for the obligations of another Fund.

 

15.15 Construction.
Any reference in this Agreement to a form, statute or regulation shall include any successor thereto.

 

SIGNATURES ON THE FOLLOWING PAGE

 

    25

     

    

 

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 last date written below.

 

VS TRUST

 

	By:	 	 
	 	 	 
	Name: 	 	 
	 	 	 
	Title:	 	 
	 	 	 
	Date:	 	 

 

U.S. BANK NATIONAL ASSOCIATION

 

	By:	 	 
	 	 	 
	Name: 	 	 
	 	 	 
	Title:	 	 
	 	 	 
	Date:	 	 

 

    26

     

    

 

EXHIBIT A

 

AUTHORIZED PERSONS –

 

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

 

	Name	 	Telephone/Fax Number	 	Signature
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 

 

    27

     

    

 

EXHIBIT B

 

Separate Series of VS Trust

 

Name of Series

 

    28

     

    

  

Exhibit D to the Custody Agreement

 

SHAREHOLDER COMMUNICATIONS ACT AUTHORIZATION

 

VS Trust

 

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

 

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

 

Your “yes” or “no” to disclosure will
apply to all securities U.S. Bank holds for you now and in the future, unless you change your mind and notify us in writing.

 

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

 

VS TRUST

 

	
        By:
	 	 
	 	 	 
	Title:	 	 
	 	 	 
	Date:	 	 

 

 

29

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