Document:

Exhibit 10.4

 

MARKETING AGENT AGREEMENT

 

THIS AGREEMENT is made and entered
into as of ___________________________, by and amongVS Trust, Delaware trust (the “Trust”), Volatility
Shares LLC, a Delaware limited liability company (the “Sponsor” and collectively with the Trust, as “Client”),
and Foreside Fund Services, LLC, a Delaware limited liability company (“Foreside”).

 

WHEREAS, the Sponsor
is registered with the Commodity Futures Trading Commission (the “CFTC”) as a commodity pool operator, is a member of
the National Futures Association (“NFA”), and is subject to the Commodity Exchange Act, as amended (the “CEA”),
and all of the relevant rules and regulations promulgated thereunder (collectively, the “Commodities Rules”) and serves
as the commodity pool operator of the Trust;

 

WHEREAS, the Trust
is a statutory trust organized under the laws of the State of Delaware, and is organized with separate and distinct series (each
series a “Fund” and collectively the “Funds”);

 

WHEREAS, the Client
has filed with the U.S. Securities and Exchange Commission (the “SEC”) a Registration Statement (including a Prospectus
(“Prospectus”) for each Fund under the Securities Act of 1933, as amended (the “1933 Act”) (collectively,
“Registration Statement”);

 

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

 

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

 

WHEREAS, the Client
desires to retain Foreside to provide certain services in connection with the creation and redemption of Shares of the Funds listed
on Exhibit A (as amended from time to time); and

 

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

 

     

     

    

 

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

 

		1.	Definitions.

 

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

 

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

 

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

 

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

 

		2.	Duties of Foreside

 

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

 

(i) work
with the Index Receipt Agent/Transfer Agent to review and approve orders placed by Authorized Participants and transmitted to the
Index Receipt Agent/Transfer Agent.

 

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

 

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

 

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

 

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

 

		3.	Duties of the Client

 

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

 

(ii) The
Client agrees that it will take all actions necessary to register, and maintain the registration of, the Shares under the 1933
Act.

 

    2

     

    

 

(iii)
Foreside acknowledges and agrees that the Trust reserves the right to suspend sales and Foreside’s authority to review and
approve orders for Creation Units on behalf of the Trust. Upon due notice to Foreside, the Trust shall suspend Foreside’s
authority to review and approve Creation Units if, in the judgment of the Trust, it is in the best interests of the Trust to do
so. Suspension will continue for such period as may be determined by the Trust.

 

(iv)  The Client shall
arrange to provide the listing exchanges with copies of Prospectuses and product descriptions to be provided to purchasers in
the secondary market.

 

(v) The
Client will make it known that Prospectuses and product descriptions are available by making sure such disclosures are in all marketing
and advertising materials prepared by the Client.

 

		4.	Representations, Warranties and Covenants of the Client.

 

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

 

		(i)	it is duly organized and validly existing under the laws of the jurisdiction of its organization,
and is and at all times will remain duly authorized to carry out its obligations as contemplated herein;

 

		(ii)	the execution, delivery and performance of this Agreement are within its power and have been duly
authorized by all necessary action;

 

		(iii)	its entering into this Agreement does not conflict with or constitute a default or require a consent
under or breach of any provision of any agreement or document to which the Client is a party or by which it is bound;

 

		(iv)	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;

 

		(v)	the Registration Statement and each Fund’s Prospectus have been prepared, and all marketing
materials shall be prepared, in all materials respects, in conformity with the 1933 Act, the rules and regulations of the SEC,
and any other applicable laws, rules, or regulations;

 

		(vi)	the Registration Statement and each Fund’s Prospectus contain, and all marketing materials
shall contain, all statements required to be stated therein in accordance with the 1933 Act and any other applicable laws, rules,
and regulations;

 

		(vii)	all statements of fact contained therein, or to be contained in all marketing materials, are or
will be true and correct in all material respects at the time indicated or the effective date, as the case may be, and none of
the Registration Statement, any Fund’s Prospectus, nor any marketing materials shall include any untrue statement of a material
fact or omit to state a material fact required to be stated therein or necessary to make the statements therein, in the case of
each Fund’s Prospectus in light of the circumstances in which made, not misleading;

 

		(viii)	except as otherwise noted in the Registration Statement and Prospectus, the offering price for
all Creation Units will be the aggregate net asset value of the Shares per Creation Unit of the relevant Fund, as determined in
the manner described in the Registration Statement and Prospectus;

 

    3

     

    

 

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

 

		5.	Representations, Warranties and Covenants of Foreside.

 

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

		(i)	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;

 

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

 

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

 

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

 

		(vi)	Foreside agrees to comply with all FINRA rules applicable to its duties and obligations under this
Agreement.

 

		6.	Compensation.

 

(i) Foreside
shall be entitled to receive compensation from the Client related to its services hereunder or for additional services as may be
agreed to between the parties, in accordance with Exhibit B attached hereto.

 

    4

     

    

 

(ii)
The Client shall bear the cost and expenses of: (i) the registration of Shares for sale under the 1933 Act; and (ii) the costs
related to any filings required pursuant to the Commodities Rules, as applicable.

 

		7.	Indemnification.

 

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

 

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

 

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

 

    5

     

    

 

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

 

(v) No
indemnified party shall settle any claim against it for which it intends to seek indemnification from the indemnifying party, under
the terms of section 7(i) or 7(ii) above, without prior written notice to and consent from the indemnifying party, which consent
shall not be unreasonably withheld. No indemnified or indemnifying party shall settle any claim unless the settlement contains
a full release of liability with respect to the other party in respect of such action. This section 6 shall survive the termination
of this Agreement.

 

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

 

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

 

		10.	Duration and Termination.

 

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

 

    6

     

    

 

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

 

		11.	Confidentiality.

 

During the term of this
Agreement, Foreside and the Client may have access to non-public or proprietary confidential information relating to such matters
as either party’s business, trade secrets, systems, procedures, manuals, products, contracts, personnel, and clients. As
used in this Agreement, “Confidential Information” means information belonging to one of the parties that is of value
to such party and the disclosure of which could result in a competitive or other disadvantage to such party. Confidential Information
includes, without limitation, non-public or proprietary information that may be financial information, proposals and presentations,
reports, forecasts, inventions, improvements and other intellectual property; trade secrets; know-how; designs, processes or formulae;
software; market or sales information or plans; customer lists; and business plans, prospects and opportunities (such as possible
acquisitions or dispositions of businesses or facilities). Confidential Information includes information developed by either party
in the course of engaging in the activities provided for in this Agreement, unless: (i) the information is or becomes publicly
known through lawful means; (ii) the information is disclosed to the other party without a confidential restriction by a third
party who rightfully possesses the information and did not obtain it, either directly or indirectly, from one of the parties, as
the case may be, or any of their respective principals, employees, affiliated persons, or affiliated entities. The parties understand
and agree that all Confidential Information shall be kept confidential by the other both during and after the term of this Agreement.
Each party shall maintain commercially reasonable information security policies and procedures for protecting Confidential Information.
The parties further agree that they will not, without the prior written approval by the other party, disclose such Confidential
Information, or use such Confidential Information in any way, either during the term of this Agreement or at any time thereafter,
except as required in the course of this Agreement and as provided by the other party or as required by law. Upon termination of
this Agreement for any reason, or as otherwise requested by the Client, all Confidential Information held by or on behalf of the
Client shall be promptly returned to the Client, or an authorized officer of Foreside will certify to the Client in writing that
all such Confidential Information has been destroyed. This section 14 shall survive the termination of this Agreement.

 

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

 

    7

     

    

 

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

 

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

        Attn: Legal Department

        Three Canal Plaza, Suite 100

        Portland, ME 04101

        Telephone: (207) 553-7110

        Facsimile: (207) 553-7151

        Email: legal@foreside.com

         

        With a copy to:

        etp-services@foreside.com

	
        VS Trust

        Attn: Justin Young

        100 South Bedford Road, Suite 340

        Mt. Kisco, NY 10549

        Phone: 646-499-0917

        Email: jyoung@volatilityshares.com

 

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

 

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

 

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

 

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

 

		17.	Survival.
The provisions of Sections 7, 8, 9, 11, 14, 17, 18 and
19 of this Agreement shall survive any termination
of this Agreement.

 

		18.	Limitation of Liability.

 

		(a)	Foreside agrees that, pursuant to Section 3804(a)
of the Delaware Statutory Trust Act, the liabilities of each Fund shall be limited such that (a) the debts, liabilities, obligations
and expenses incurred, contracted for or otherwise existing and relating to this Agreement with respect to a particular Fund shall
be enforceable against the assets of that particular Fund only, and not against the assets of the Trust generally or the assets
of any other Fund and (b) none of the debts, liabilities, obligations and expenses incurred, contracted for, or otherwise existing
and relating to this Agreement with respect to the Trust generally and any other Fund shall be enforceable against the assets
of such particular Fund.

 

		(b)	Obligations of the Trust or any Fund entered into
in the name or on behalf thereof by the Sponsor, members managers, officers, representatives or agents are made not individually,
but in such capacities, and are not binding upon any of the Sponsor, members, managers, or officers, representatives or agents
personally.

 

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

 

    8

     

    

 

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

 

	VS Trust	 
	 	 	 
	By:	                    	 
	Name:	 	 
	Title:	 	 
	 	 	 
	VolatilityShares LLC	 
	 	 	 
	By:	 	 
	Name:	 	 
	Title:	 	 
	 	 	 
	Foreside Fund Services, LLC	 
	 	 	 
	By:		 
	Mark Fairbanks, Vice President	 

    9

     

    

 

EXHIBIT A

 

Funds:

 

-1x Short UIX Futures ETF (SVIX)

 

 

 

    A-1

     

    

 

EXHIBIT B

 

Compensation

 

 

 

 

B-1Exhibit 10.5

 

ADVANTAGE FUTURES CLIENT AGREEMENT

  

In consideration of Advantage
Futures LLC (“Advantage”) accepting and maintaining for the undersigned Client (“Client”) one or more accounts
(collectively referred to as “the Account”) and Advantage’s agreement to act as broker for the Client for execution
clearing, and/or carrying of transactions as Advantage agrees to accept for the purchase and sale of futures contracts, options
on futures, foreign exchange transactions, physical or cash commodities, and exchange for physical (“EFP”,) or any
similar instruments which may be purchased, sold or cleared by or through a futures commission merchant (individually a “Contract”
or collectively, “Contracts”). Client agrees to the terms and conditions as set forth below in this Futures Client
Agreement (“Agreement”):

 

1. Applicable Rules
and Regulations.

All transactions in the Account
shall be subject to (a) the terms of this Agreement and all related agreements, (b) the laws, regulations, rules, and interpretations
of any applicable governmental, regulatory, or self-regulatory authority, exchange, market, and any associated clearing organization
on which such transactions are executed, cleared and/or carried, and (c) customs and usages of trade (all of the foregoing, as
in force from time to time, collectively referred to as “rule or law”).

 

If
any term or provision of this Agreement is, or at any time becomes, inconsistent with any present or future rule or law or otherwise
is invalid or unenforceable, the inconsistent term or provision shall be deemed amended or superseded to conform with such rule
or law, but in all other respects this Agreement shall continue in full force and effect. None of Advantage, its Affiliates (as
hereinafter defined), officers, directors, employees, delegates, or agents shall be liable to Client as a result of any action
reasonably taken by Advantage, its Affiliates, officers, directors, employees, delegates, or
agents to comply with such rule or law. Advantage’s violation or alleged violation of any rule or law shall not provide Client
in any legal, reparation, arbitration, or other proceeding with a defense to a claim by Advantage for money or other property due
under this Agreement money or other property is due from Advantage. The term “Affiliates” shall mean all entities,
present and future, which are controlling, controlled by, or under common control with Advantage, including but not limited to
Advantage Securities LLC.

 

    	Rev 08/20/2018	1	Advantage Futures Client Agreement

     

    

 

2. Payment Obligations
of Client.

Client agrees to pay promptly
to Advantage and Client authorizes Advantage to charge the Account (a) all customary brokerage charges, give-up fees, commissions,
and service fees as Advantage may from time to time charge; (b) all exchange, clearing house, clearing member, National Futures
Association (“NFA”), Securities and Exchange Commission (“SEC”), and applicable regulatory and self-regulatory
fees or charges; and (c) any applicable tax imposed on transactions in Contracts. In addition, Client agrees to pay to Advantage
on demand (a) the amount of any trading losses in the Account; (b) any debit balance or deficiency in the Account; (c) interest
on any debit balances or deficiencies in the Account at the rate customarily charged by Advantage, together with costs and reasonable
attorneys’ fees incurred in collecting any such debit balance or deficiency; (d) any fees or charges associated with a failure
to deliver or failure to receive securities; and (e) any other amounts owed by Client to Advantage with respect to the Account
or any transactions therein. All payments required to be made by Client shall be made by wire transfer (or by check if permitted
by Advantage in its sole and absolute discretion) of immediately available funds only to the Account of Advantage as set forth
in the instructions accompanying this Agreement. Client agrees when requested, whether by telephone or other communication to furnish
to Advantage names of bank officers and information necessary to enable Advantage to confirm for immediate verification of such
wire transfers.

 

3. Acknowledgment
of Risks.

Client acknowledges trading
in Contracts is a speculative activity involving leverage and rapidly fluctuating markets. Despite such risks, Client is willing
and able to assume the financial risks and other exposures of trading in Contracts.

 

4. Risk
of Loss; Limitation of Liability.

(a) All transactions
effected for the Account and all fluctuations in the market prices of the Contracts carried in the Account are at
Client’s risk, and Client shall be solely liable therefore under all circumstances. Client represents, warrants, and
acknowledges that Client is willing and financially able to sustain such losses, and the trading of Contracts is suitable for
Client. Advantage is not responsible for the obligations of any person(s) with whom Client’s transactions are effected,
nor is Advantage responsible for the performance or non-performance by any contract market, exchange, trading system,
clearing house, clearing firm, or other third party (including floor brokers and banks) in respect of any Contracts or other
property of Client, or for delays in the transmission, delivery, or execution of Client’s orders due to malfunctions of
communications facilities or systems or other causes beyond Advantage’s reasonable control or anticipation. Advantage
is not responsible for the actions or non-actions of delegates selected by Advantage in good faith or appointed at the
request of Client, whether such action and/or non-action amounts to negligence or inability on the part of the relevant
delegate.

 

(b) Client consents to Advantage’s
use of automated systems or service bureaus in conjunction with the Account, including, but not limited to, automated order entry,
order routing, and/or order execution; recordkeeping, reporting, and Account reconciliation; and risk management (collectivity,
“Automated Systems”). Client understands the use of Automated Systems entails risks, including, but not limited to,
interruption of service, system or communications failure, delays in service, and errors in the design or functioning of such
Automated Systems (collectively, a “System Failure”), could cause substantial damage, expense or liability to the
Client. 

 

    	Rev 08/20/2018	2	Advantage Futures Client Agreement

     

    

 

ADVANTAGE
MAKES NO REPRESENTATION OR WARRANTY OF ANY KIND, EXPRESS OR IMPLIED, WITH RESPECT TO THE SELECTION, DESIGN, FUNCTIONALITY, OPERATION,
TITLE, OR NON-INFRINGEMENT OF ANY AUTOMATED SYSTEM, AND MAKES NO EXPRESS OR IMPLIED WARRANTY OF MERCHANTABILITY OR FITNESS FOR
A PARTICULAR PURPOSE, TITLE AND/OR NON-INFRINGEMENT, AND SPECIFICALLY DISCLAIMS ANY IMPLIED WARRANTY WITH RESPECT THERETO. WITHOUT
LIMITING THE FOREGOING, ADVANTAGE EXPRESSLY DISCLAIMS ANY REPRESENTATION THAT ANY AUTOMATED SYSTEM WILL OPERATE UNINTERRUPTED
OR BE ERROR-FREE.

 

EXCEPT AS PROVIDED IN THE RULES
OF THE VARIOUS EXCHANGES, AND EXCEPT IN INSTANCES WHERE THERE HAS BEEN A FINDING OF WILLFUL OR WANTON MISCONDUCT, IN WHICH CASE
THE PARTY FOUND TO HAVE ENGAGED IN SUCH CONDUCT CANNOT AVAIL ITSELF OF THE PROTECTIONS UNDER SUCH RULES, NEITHER ADVANTAGE, ITS
AFFILIATES, ANY THIRD PARTY PROVIDER OF AUTOMATED SYSTEMS, NOR ANY OF THEIR RESPECTIVE OFFICERS, DIRECTORS, EMPLOYEES, DELAGATES,
OR AGENTS SHALL BE LIABLE TO ANY PERSON, INCLUDING BUT NOT LIMITED TO CLIENT, FOR ANY LOSS, DAMAGE, COST, OR EXPENSE (INCLUDING,
BUT NOT LIMITED TO, LOSS OF PROFITS, LOSS OF USE, OR DIRECT, INDIRECT, INCIDENTAL, OR CONSEQUENTIAL DAMAGES), ARISING FROM (1)
ANY FAILURE OR MALFUNCTION, INCLUDING BUT NOT LIMITED TO, ANY INABILITY TO ENTER OR CANCEL ORDERS, OF THE AUTOMATED SYSTEMS, OR
SERVICES OR FACILITIES USED TO SUPPORT THE AUTOMATED SYSTEMS, REGARDLESS OF WHETHER SUCH ORDER(S) ARE ORIGINALLY INITIATED VERBALLY,
ELECTRONICALLY, OR OTHERWISE, OR (2) ANY FAULT IN DELIVERY, DELAY, OMISSION, SUSPENSION, INACCURACY, OR TERMINATION, OR ANY OTHER
CAUSE, IN CONNECTION WITH THE FURNISHING, PERFORMANCE, MAINTENANCE, REPAIR, USE OF, OR INABILITY TO USE, ALL OR ANY PART OF THE
AUTOMATED SYSTEMS, OR ANY SERVICES OR FACILITIES USED TO SUPPORT THE AUTOMATED SYSTEMS. THE FOREGOING SHALL APPLY REGARDLESS OF
WHETHER A CLAIM OR CAUSE OF ACTION ARISES IN CONTRACT, TORT, NEGLIGENCE, STRICT LIABILITY, OR OTHERWISE.

 

(c)
In addition, Advantage and its officers, directors, employees, delegates, and agents will have no liability whatsoever for any
claim of loss, cost, expense, damage, or liability of Client or any third person arising out of or relating to any System Failure,
regardless of whether such claim is based on contract, tort, strict liability, or any other theory. Advantage and its officers,
directors, employees, delegates, and agents are not responsible or liable for the actual or alleged insufficient exercise of care
in selecting any sub-agents or in selecting, monitoring, or operating any Automated System, for any failure or delay in informing
Client of any System Failure, or in taking action to prevent or correct any such System Failure. In no event will Advantage and
their officers, directors, employees, delegates, or agents have any liability for any incidental, special, or consequential damages,
including, but not limited to, loss of profits or loss of use, even if Advantage was aware of the likelihood of such damages. Advantage
has no responsibility
to inform Client of (i) any decision to use, not use, or cease using any Automated System, (ii) the characteristics, functions,
design, or purpose of any Automated System, or (iii) any specific risks inherent in any Automated System.

 

    	Rev 08/20/2018	3	Advantage Futures Client Agreement

     

    

  

5. Remedies.

In the event (a) Client dies
or becomes incapacitated; (b) Advantage is unable to contact Client due to Client’s unavailability or due to unforeseeable
breakdown in communications systems or facilities; (c) Client terminates, dissolves, suspends its usual business, or any material
portion thereof; (d) a petition for insolvency, bankruptcy, assignment for the benefit of creditors or receivership is filed by
or against Client or Client is generally unable to pay debts as they become due (or Client admits such inability in writing); (e)
the Account is attached; (f) Client fails to perform any material obligation under this Agreement; (g) Client fails to satisfy
any margin call or debit balance in the Account; (h) Client fails to maintain margin as required by Advantage; (i) Client makes
any representation to Advantage that is incorrect or misleading; or (j) Advantage in its sole and absolute discretion deems it
necessary for its protection; Advantage shall have the right, in addition to any other remedy available at law or in equity, to
(1) apply any Collateral or sell any such Collateral and apply the proceeds therefrom toward amounts payable by Client hereunder;
(2) cover or liquidate any position or risk Client may have with Advantage including but not limited to whole or partial liquidations
of the Account, buying and/or selling of any property, establishing new positions, exercising of any option, or spread, straddle,
hedging existing open positions; and/or (3) cancel any or all pending orders and refuse to accept new orders; all of the foregoing
without liability on Advantage’s part to the Client or any third party. The above remedies are solely for Advantage’s
protection and any non-resort or partial resort to those remedies shall not relieve Client of any of its obligations under this
Agreement.

 

Client acknowledges that
in the event that Client does not maintain margin as required by Advantage or that Client’s Account has zero equity or is
equity deficit at any time, Advantage has the right without prior notice to liquidate all or any part of the Client’s positions
or to purchase or sell contracts that Advantage, in its sole discretion, determines will reduce or offset any risk or positions
in Client’s Account, reduce margin requirements, or reduce any risk to Advantage.

 

6. Margin
Requirements.

		(a)	Client will maintain at all
times sufficient equity to meet margins and premiums for the Account as required by Advantage. Margin requirements may be greater
than exchange and clearing house requirements and Advantage has no obligation to apply uniform margin requirements among Clients
or products. Advantage may modify margin requirements for any or all customers for any open or new positions at any time in Advantage’s
sole and absolute discretion. Client shall monitor his, her or its account so that at all times the account contains sufficient
equity to meet Margin Requirements.

  

    	Rev 08/20/2018	4	Advantage Futures Client Agreement

     

    

 

		(b)	Advantage
has no obligation to notify Client of any failure to meet Margin Requirements before Advantage exercises its rights under this
Agreement. Client agrees that Advantage is authorized to liquidate account positions or to establish positions that Advantage,
in its sole discretion, determines will offset existing risks or positions or reduce margin in Client’s account without
prior notice.

 

		(c)	If Advantage does not, for any reason, liquidate under-margined
positions, and issues a margin call, Client must satisfy such call immediately by depositing funds. Client acknowledges that even
if a call is issued, Advantage still may liquidate positions at any time.

 

		(d)	Margin deposits shall be made by wire transfer (or by check
if permitted by Advantage in its sole and absolute discretion) of immediately available funds and shall be deemed made when received
by Advantage. Advantage’s failure at any time to request a deposit of margin shall not constitute a waiver of Advantage’s
rights to do so at any time thereafter, nor shall it create any liability of Advantage to Client.

 

7. Market
Information and Recommendations.

Any trading recommendation or
market information furnished to Client by Advantage is incidental to the conduct of Advantage’s business as a futures commission
merchant and shall not serve as the primary basis for Client’s trading decisions. Client acknowledges any recommendations
or market information provided by Advantage, its officers, directors, employees, delegates, or agents, while based upon information
from sources Advantage believes to be reliable, may be incomplete, inaccurate, or unverified and Advantage makes no representation,
warranty, or guarantee as to the accuracy of any such information. Client acknowledges recommendations given to Client at any given
time may be different from recommendations given to other Clients of Advantage and such recommendations may not be consistent with
the recommendations or positions of Advantage, or any of its Affiliates, officers, directors, employees, delegates, and agents.
Advantage shall have no responsibility or liability hereunder as a result of any suggestion, prediction, recommendation, or advice
made or given by a representative of Advantage whether or not given at the request of Client. Any instruction given by Client or
trading decision made by Client is based upon Client’s own independent and informed decision and not in reliance on any recommendations,
advice, or statement made by any Advantage officers, directors, employees, delegates, or agents. Client recognizes and acknowledges
guarantees of profits or limitations of loss are impossible, and further confirms Client has not received any guarantee from Advantage
or others, and if such assertions have been made, Client is not entering into this Agreement in reliance on any such guarantees.

 

8. Recording.

Client
consents to the recording of conversations between Client and Advantage, its officers, directors, employees, delegates, or agents.
Recordings may be made by Advantage, with or without the use of an automatic tone-warning device, or other notification. Advantage
is not required to make or retain such recordings, and Client irrevocably consents to such recordings and to Advantage’s
use of such recordings in any proceeding or as Advantage otherwise deems appropriate.

 

    	Rev 08/20/2018	5	Advantage Futures Client Agreement

     

    

  

9. Foreign Currency.

If any transaction for the Account
is effected on any exchange or in any market on which transactions are settled in a foreign currency (a) any profit or loss arising
as a result of a fluctuation in the rate of exchange between such currency and the United States dollar shall be entirely for the
Account and Client’s risk; (b) all initial and subsequent margin deposits required or requested by Advantage shall be in
United States dollars or, if requested by Advantage, in the currency required by the applicable exchange or clearing house; and
(c) Advantage is authorized to convert funds in the Account into and from such foreign currency at rates of exchange prevailing
at the banking and other institutions with which Advantage normally conducts business.

 

10. Interest.

Advantage shall be under no
obligation to pay or account to Client for any interest income or benefits derived from the investment of Client funds.

 

11. Security Agreement.

(a)
Client hereby grants to Advantage a first priority perfected security interest in, and right of set-off against, all property of
Client in the Account or otherwise held by or for Advantage or any of its Affiliates, including without limitation Contracts, cash,
government securities, other securities, warehouse receipts, and commodities represented by such receipts, and other property (each
or collectively referred to as “Collateral”), and the proceeds thereof, and all obligations, whether or not due, which
are held, carried, or maintained by Advantage or its Affiliates or in the possession or control of Advantage or its Affiliates
or which are, or may become, due to Client (either individually or jointly with others or in which Client has any interest) and
all rights Client may have against Advantage or its Affiliates as security for the performance of all Client’s obligations
to Advantage or its Affiliates. Client acknowledges Advantage and its Affiliates act as agents for each other in respect of the
assets subject to the security interest as described above. Advantage may, in its discretion and without notice to or consent from
Client, deduct any amounts from the Account and apply or transfer any of Client’s Collateral interchangeably between the
Account and any of Client’s accounts with Advantage’s Affiliates, each of which constitutes unconditional security
for all obligations of Client. For purposes of Articles 8 and 9 of the Illinois Uniform Commercial Code (“UCC”), Client
agrees that to the extent that it is effecting transactions in government securities, Advantage is acting as Client’s securities
intermediary and Client’s account is a Securities Account. Further, to the extent that Client has any control with respect
to any assets held by Advantage, upon the occurrence of an Event of Default (as defined below), Client shall no longer have any
control over such assets. Advantage and Client agree that all such assets credited to any securities account maintained on the books of Advantage
shall be treated as a financial asset for purposes of the UCC.

 

    	Rev 08/20/2018	6	Advantage Futures Client Agreement

     

    

  

(b) Client further agrees Advantage may,
in its discretion at any time and from time to time, verbally or in writing require Client to deliver Collateral to margin and
secure Client’s performance of any obligation(s) to Advantage. Such Collateral shall be delivered, within 24 hours of request
or such shorter time as may be specified by Advantage, in such amount and form and to such Account or recipient as Advantage shall
specify. If delivery of Collateral is not made within 24 hours, Client shall pay a fee on the unpaid indebtedness at a rate customarily
charged by Advantage plus service charges and all costs of collection, including without limitation reasonable attorneys’
fees. Client hereby grants Advantage the right to borrow, pledge, repledge, hypothecate, rehypothecate, loan, or invest any of
the Collateral, including utilizing the Collateral to purchase United States Government Treasury obligations pursuant to repurchase
agreements or reverse repurchase agreements with any party, in each case without notice to Client, and without any obligation to
pay or account to Client for any interest, income or benefit that may be derived therefrom except as may be separately agreed in
writing. The rights of Advantage set forth above shall be qualified and subject to any applicable requirements for segregation
of Client’s property under applicable rules or laws.

 

12. Trading Authorization.

Advantage is authorized to purchase
and sell Contracts for the Account in accordance with Client’s oral, written, or electronic instructions. Advantage also
is authorized, in its discretion, to delegate execution, clearance, and/or settlement of orders or positions in Contracts to such
persons as Advantage in good faith deems appropriate, including designated contract markets, brokers, clearing and non-clearing
members, and floor brokers, whether or not affiliated or related to Advantage (each, a “delegate,” and collectively,
the “delegates”). Client understands if it wishes to transmit order instructions electronically, it will comply with
Advantage’s Electronic Access Policy.

 

13. User Name and
Password Security.

Client acknowledges responsibility
of maintaining the security and confidentiality of any user names and passwords provided by Advantage allowing access to trading
platforms or other online services. Any unauthorized use of user name and password or unauthorized user access to trading platform
or other online services should be reported immediately to Advantage. Client remains responsible for all transactions entered using
the Client’s user name and password.

 

    	Rev 08/20/2018	7	Advantage Futures Client Agreement

     

    

  

14. Sales.

Any
sales of Collateral made pursuant to Sections 5 or 11 hereof may be made according to Advantage’s good faith judgment and
at its commercially reasonable discretion, on or subject to the rules of the exchange or any other market where such business usually
is transacted, or at public or private sale, without advertising the same, including, without limitation, through
exchange for physical (“EFP”) transactions. For purposes of this paragraph, Client expressly authorizes Advantage to
act as broker for Client or as principal opposite Client with respect to such EFP transactions and to execute such physical commodity
transactions and documents on behalf of Client as may be necessary to effect such EFP transactions. Client recognizes such EFP
transactions are not competitively executed by open outcry on an exchange, but will be executed at the market price then available
to Advantage. In the event Advantage’s position would not be jeopardized thereby, Advantage will make reasonable efforts
to notify Client prior to taking any such actions. At any sale, Advantage may purchase the whole or any part thereof free from
any right of redemption, and Client shall remain liable for and shall promptly pay Advantage the amount of any deficiency. Client
understands a prior tender, demand or call of any kind from Advantage, or prior notice from Advantage of the time and place of
such sale, shall not be considered a waiver of Advantage’s right to sell any Financial Instrument or other Collateral. Failure
to act in such circumstances will not constitute a waiver of Advantage’s right to do so at any time thereafter, nor shall
it impose any liability on Advantage nor create a defense for Client to any liability to Advantage.

 

15. Trading Limitations.

Client agrees Advantage may,
in its sole and absolute discretion, refuse to accept or execute any order from Client, including, but not limited to, in the event
Advantage believes the acceptance or execution of Client’s order would be in contravention of any rule or law. In addition,
Advantage may at any time, in its sole and absolute discretion, limit the number or types of positions Client may maintain or acquire
through Advantage, and Client agrees not to exceed such limits. Advantage is under no obligation to effect any transaction for
the Account that would create positions in those accounts in excess of the limit Advantage has set. If Client exceeds position
limits imposed by Advantage, the Commodity Futures Trading Commission (“CFTC”), or a commodity exchange, Advantage
shall have the right to liquidate positions in excess of the applicable position limit. In addition, Advantage shall have the right
to liquidate Client’s positions in government securities at any time without notice to Client.

 

16. Liquidation
Instructions for Expiring Futures Contracts.

Client
shall provide Advantage with liquidating instructions on open futures positions maturing in a current month five (5) business
days prior to the last trading day or alternatively, Client shall provide to Advantage sufficient funds to take delivery or necessary
delivery documents by such deadline. Unless Client provides such instructions, funds or documents to Advantage by such deadline,
Advantage may at any time during the five (5) day period prior to expiration and without notice, liquidate Client’s position
or make or receive delivery on Client’s behalf upon such terms and conditions as Advantage deems advisable, and neither
Advantage’s actions nor its timing shall impose any liability on Advantage or create a defense for Client to any liability
of Client. If Advantage elects to make delivery on Client’s behalf, Client authorizes Advantage, in its sole discretion,
to borrow or purchase and execute and deliver the necessary delivery documents, and to guarantee and hold Advantage harmless against
any costs, losses, damages, or premiums it may incur in making such delivery or may sustain from its inability to borrow or purchase
the delivery documents. In the event Advantage takes delivery of any property for the Account, Client agrees to pay all delivery,
storage, insurance, interest, and related charges, and to guarantee and hold Advantage harmless against any loss Advantage may
suffer, directly or indirectly, from a decline in the value of such property. Client expressly acknowledges that in volatile markets
the making or accepting of delivery may involve a higher degree of risk than liquidating a position by offset.

 

    	Rev 08/20/2018	8	Advantage Futures Client Agreement

     

    

  

17. Options
Provisions.

With respect to short options
positions, Client understands that some short option positions are subject to assignment at any time, including positions established
on the same day exercises are assigned, and Advantage randomly allocates exercise notices among clients with short positions that
are subject to exercise. With respect to long options positions, Client understands and acknowledges the exchanges and clearing
houses have established certain deadlines for the tender of exercise notices or delivery instructions, that Advantage may establish
earlier deadlines, and Client’s option positions may be automatically exercised or become worthless if Client does not tender
exercise notice or delivery instructions by the designated deadlines.

 

18. Notices
and Communications.

Client shall make all payments,
except with regard to wire transfers discussed in Section 6, and deliver all notices and any other communications to the offices
of Advantage Futures LLC at 231 S. LaSalle St., Suite 1400, Chicago, Illinois 60604. All communications from Advantage to Client
will be sent to Client at the electronic mail (“email”) address provided by Client on the Client Account Application
form or to such other mail address as Client hereafter directs in writing. Notices to the email on file will assume to be effective
unless client provides written notification of new email.

 

Confirmations of trades, statements
of Account, and any other notices sent to Client shall be binding on Client for all purposes, unless Client calls any such error
to Advantage’s attention (a) in the case of oral reports of executions, at the time received by Client or its agent, and
(b) in the case of a written report (whether transmitted by mail, electronic mail, messenger, or otherwise), prior to opening of
trading on the next business day following receipt of the report.

 

Client consents to delivery
of required or optional reports by email, web site, or other electronic means, subject to compliance with any applicable law. Documents
delivered electronically are deemed to be “in writing”.

 

    	Rev 08/20/2018	9	Advantage Futures Client Agreement

     

    

  

Margin
calls shall be deemed conclusively correct if not objected to by Client by notice to Advantage in writing, within 24 hours of
delivery of such margin call. None of these provisions, however, will prevent Advantage upon discovery of any error or omission,
from correcting it. The parties agree that such errors, whether resulting in profit or loss, will be corrected and the Account
will be credited or debited so it is in the same position it would have been in if the error had not occurred, it being understood
in no event shall Advantage be liable for any consequential or incidental damages arising out of such error. Whenever a correction
is made, Advantage will promptly make written notification to Client. Notices by electronic communication will be considered “in
writing.” All communications sent to Client by Advantage to such address, whether by mail, telephone, facsimile, electronic
mail, messenger, or otherwise, shall be deemed given to Client personally whether or not actually received by Client, and Client
hereby waives all claims resulting from failure to receive such communications. In the event there is a disruption in the ability
of Advantage to transmit to Client any communication electronic mail, Advantage reserves the right to transmit such communications
by any means it deems reasonably appropriate, including by mail or overnight courier.

 

19. Client
Documents.

Client represents that the information
on the Client Application Form is true and complete and the representations in this Agreement and any applicable ancillary documents
are accurate and that Advantage and its agents are entitled to rely on such information and representations for all purposes, unless
Advantage receives notice in writing of any change. Communications delivered electronically, by email or upload, are deemed “in
writing”. Client shall promptly notify Advantage of any material change in such information or representations. To the extent
certain ancillary documents are applicable, executed and delivered in connection with this Agreement; any or all such ancillary
documents are incorporated herein by reference. In the event any term or provision of any of such ancillary documents should conflict
with any term or provision of this Agreement, the terms and provisions of this Agreement, shall control and prevail. Advantage
may store and retain account documents electronically and such stored documents represent true and genuine records.

 

20. Joint
Accounts.

Joint account holders each will
have the authority, without notice to other joint account members, to issue instructions with respect to the account and generally
deal with Advantage fully and completely without consulting with other members of the joint account, including allowing each holder
to buy or sell contracts, receive confirmations and correspondence about the account, and receive or dispose of money, securities
or other assets in the account. Any Advantage notices to any joint account participant shall constitute notice to all holders of
the joint account. Advantage is not responsible for inquiring or confirming instructions from a joint account participant with
other individuals associated with the joint account.

 

In
the event of the death of any Client having an interest in a joint account at Advantage, the survivor(s) shall give immediate written
notice to Advantage. Before or after notice is given, Advantage may take actions as deemed advisable to protect Advantage against
losses or liabilities related to the account. The estate(s) of a Client who has died shall be liable, and each survivor will be
jointly and severally liable to Advantage for any debit balance or loss in the Account in any way resulting from the completion
of transactions initiated prior to the receipt of the written notice of the death of the decedent, or which occurred
during liquidation of the Account of the interests of the respective parties.

 

    	Rev 08/20/2018	10	Advantage Futures Client Agreement

     

    

  

21. Termination.

This Agreement may be terminated
by either party at any time upon written notice to the other party. In the event of such notice, Client shall either close out
open positions in the Account or arrange for such open positions to be transferred to another futures commission merchant. Upon
satisfaction by Client of all Client’s liabilities, Advantage shall transfer to another entity all Contracts, if any, then
held for the Account, and shall transfer to Client or to another entity, as Client may instruct, all cash, securities, and other
property held in the Account, whereupon this Agreement shall terminate. Termination of this Agreement and/or transfer of Contracts
shall not relieve either party of any obligation in connection with any debit or credit balance or other liability or obligation
incurred prior to such termination and/or transfer.

 

22. Representations.

Client represents and warrants
(which representations and warranties shall remain in effect during the term of this Agreement) that: (a) if a natural person,
Client is of legal age, under no legal incapacity, and is not restricted from entering into this Agreement and effecting purchases
and sales of Contracts by virtue of employment or otherwise; (b) if an entity, Client is duly organized and in good standing in
the jurisdiction of its formation, and it may lawfully and is duly authorized and empowered to enter into this Agreement and to
effect purchases and sales of Contracts; (c) this Agreement is binding on Client and enforceable against Client in accordance
with its terms; (d) it is in compliance with any applicable registration requirements or exemptions therefrom under the Commodity
Exchange Act and the Securities Exchange Act of 1934, the regulations of the CFTC and any applicable membership requirements of
the NFA; (e) to the extent that it effects transactions in government securities hereunder, all such transactions shall be for
the purpose of: (i) effecting delivery pursuant to a futures contract; or (ii) risk reduction or arbitrage of existing or contemporaneously
created positions in futures contracts and/or options thereon; or (iii) exchange of futures for physical transactions where Advantage
acts as principal or agent in connection therewith; (f) no one other than Client has an ownership interest in the Account with
Advantage unless such other persons are disclosed in the Client Application Form; and (g) Advantage is entitled to rely upon all
actions taken and instructions given by any person with apparent authority to act on Client’s behalf, and any person specifically
designated to act on Client’s behalf.

 

23. Special
Provisions for Managed Accounts.

If
the Account is being managed by a third party, Client acknowledges and agrees that Advantage is responsible only for the execution,
clearing and/or carrying of transactions in the Account and Advantage has no responsibility or obligation regarding any conduct,
action, representation, or statement of any such third party in connection with the Account or any transactions therein. In accordance
with NFA Compliance Rule 2-8, Client
will deliver to Advantage a copy of such third party’s written trading authorization or Client’s acknowledgment of
such authorization in a form acceptable to Advantage.

 

    	Rev 08/20/2018	11	Advantage Futures Client Agreement

     

    

  

24. Client Information.

Client shall provide to Advantage
such information regarding Client as Advantage may from time to time reasonably request. Client agrees to notify Advantage immediately
but in no case not later than one business day following such change of any material adverse change in its financial condition.
Advantage is authorized at any time to make inquiries, including with Client’s banks or any credit agency, for purposes of
verifying information contained on the Client Account Application Form or otherwise supplied to Advantage.

 

25. Privacy Notice.

Client acknowledges that Advantage
is subject to all applicable regulations relating to the protection of data capable of identifying individuals under applicable
privacy laws, including, where applicable, under the General Data Protection Regulation (“GDPR”) and other UK and European
privacy laws and applicable US privacy laws (the “Privacy Laws”). Client personal information shall be held and processed
by the Advantage for the purposes of the administration and management of its businesses and for compliance with applicable procedures,
laws and regulations (including Privacy Laws) as notified to Client in Privacy Notice in Futures Client Disclosures and Notices
and as amended from time to time. The Privacy Notice shall not form part of this Client Agreement and may be amended at any time
at the sole discretion of Advantage.

 

26. USA Patriot
Notice.

Client acknowledges that Advantage
is subject to federal laws, including the Customer Identification Program (CIP) requirements under the USA Patriot Act and its
implementing regulations, pursuant to which Advantage must obtain, verify and record information that allows Advantage to identify
Client. Accordingly, prior to opening account hereunder, Advantage will ask Client to provide certain information including, but
not limited to, name, physical address, tax identification number, and other information that will assist Advantage to identify
and verify Client identity such as organizational documents, certificate of good standing, license to do business, or other pertinent
identifying information to assist Advantage in identifying and verifying Client’s identity.

 

27. Inactive Accounts.

Client acknowledges Advantage
may place Accounts in which there is no trading activity on inactive status and Client agrees to provide whatever information
and execute such additional documentation Advantage may reasonably require upon Client’s request to reactivate such inactive
Account. 

 

    	Rev 08/20/2018	12	Advantage Futures Client Agreement

     

    

 

28. Binding
Effect of Agreement.

This Agreement may only be assigned
by Client with the prior written consent of Advantage. Advantage shall have the right upon notice to Client to transfer or assign
this Agreement and the Account to any successor entity or to another properly registered futures commission merchant in its sole
and absolute discretion without obtaining the consent of Client. This Agreement shall be binding upon and inure to the benefit
of Advantage and its successors and assigns, and Client’s personal representatives and permitted successors and assigns.

 

29. Modifications.

Except as provided in Section
1, no change in or waiver of any provision of this Agreement shall be binding unless it is in writing, dated subsequent to the
date hereof, and signed by the party intended to be bound. No agreement or understanding of any kind shall be binding upon Advantage
unless it is in writing and signed by an authorized officer of Advantage.

 

30. Governing Law.

This Agreement shall be governed
by and construed in accordance with the laws of the State of Illinois, without regard to principles of choice of law.

 

31. Consent to Jurisdiction.

(a) ALL
ACTIONS, DISPUTES, CLAIMS, OR PROCEEDINGS, INCLUDING, BUT NOT LIMITED TO, ANY ARBITRATION PROCEEDING, INCLUDING NFA ARBITRATIONS,
ARISING DIRECTLY OR INDIRECTLY IN CONNECTION WITH, OUT OF OR RELATED TO OR FROM THIS AGREEMENT, ANY OTHER AGREEMENT BETWEEN THE
CLIENT AND ADVANTAGE OR ANY ORDERS ENTERED OR TRANSACTIONS EFFECTED FOR THE ACCOUNTS WHETHER OR NOT INITIATED BY ADVANTAGE SHALL
BE ADJUDICATED ONLY IN COURTS OR OTHER DISPUTE RESOLUTION FORUMS WHOSE SITUS IS WITHIN THE COUNTY OF COOK, STATE OF ILLINOIS, AND
CLIENT HEREBY SPECIFICALLY CONSENTS AND SUBMITS TO THE JURISDICTION OF ANY STATE OR FEDERAL COURT OR ARBITRATION PROCEEDINGS LOCATED
WITHIN THE COUNTY OF COOK, STATE OF ILLINOIS.

 

(b)
CLIENT WAIVES ANY CLAIM CLIENT MAY HAVE THAT (i) CLIENT IS NOT PERSONALLY SUBJECT TO THE JURISDICTION OF ANY STATE OR FEDERAL
COURT OR ARBITRATION PROCEEDINGS LOCATED WITHIN THE STATE OF ILLINOIS, (ii) CLIENT IS IMMUNE FROM ANY LEGAL PROCESS WHETHER
THROUGH SERVICE OR NOTICE, ATTACHMENT PRIOR TO JUDGMENT, ATTACHMENT IN AID OF EXECUTION, EXECUTION OR OTHERWISE WITH RESPECT
TO CLIENT OR CLIENT’S PROPERTY, (iii) ANY SUCH SUIT, ACTION, OR PROCEEDINGS IS BROUGHT IN AN INCONVENIENT FORUM, (iv)
THE VENUE OF ANY SUCH SUIT, ACTION, OR PROCEEDING IS IMPROPER OR (v) THIS CONSENT OR THE CLIENT AGREEMENT BETWEEN
CLIENT AND ADVANTAGE MAY NOT BE ENFORCED IN OR BY SUCH COURT OR ARBITRATION PROCEEDING.

 

    	Rev 08/20/2018	13	Advantage Futures Client Agreement

     

    

  

32. Waiver of Jury
Trial.

CLIENT HEREBY WAIVES A TRIAL
BY JURY IN ANY ACTION ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY TRANSACTION IN CONNECTION HEREWITH.

 

33. Limitation of
Actions.

Client agrees no action or arbitration
demand arising out of transactions under this Agreement may be brought by Client more than one year after the cause of action arose.
This time limitation may be substantially shorter than provided by federal or state law or the arbitration rules of the NFA or
other self-regulatory organizations.

 

34. Risk Acknowledgement.

Client acknowledges trading
Contracts is speculative, involves a high degree of risk and may be appropriate only for persons who can assume risk of loss in
excess of their margin deposits, options premiums, and transaction costs. Client acknowledges and understands that because of the
low margin ordinarily required to trade Contracts, price changes may result in significant losses, which may significantly exceed
Client’s margin deposits.

 

35. Indemnification.

Client agrees to indemnify,
defend, and hold harmless Advantage, its Affiliates, officers, directors, delegates, and agents from and against any liability,
loss, cost or expense including without limitation reasonable legal fees and expenses, costs of collection of debit balances, interest,
and any fines imposed by any exchange, self-regulatory organization, or governmental body arising from (a) any failure of Client
to perform its obligations under this Agreement; (b) any failure of Client to comply with any rule or law; or (c) any representation
or warranty made by Client in this Agreement or in the forms attached hereto which is or which at any time becomes untrue or inaccurate.

 

36. Indemnification
and Payment of Advantage Litigation Expenses.

In
addition to the terms in Section 34 of this Agreement, Client agrees to indemnify, defend, and hold harmless Advantage, its affiliates
and their respective officers, directors, employees, delegates, and agents, (collectively “Advantage Indemnified Parties”)
from and against any and all liabilities, losses, damages, including without limitation, incidental, consequential, special, indirect
or punitive damages, claims arising in contract or tort, costs and expenses, including without limitation, accountants’ and
attorneys’ fees incurred by any of the Advantage Indemnified Parties, arising out of or relating to this Agreement, any related
agreement or the Account, except to the extent caused directly by the gross negligence or willful misconduct of the Advantage Indemnified
Parties seeking indemnification. Client also agrees to indemnify, defend and hold harmless the Advantage Indemnified
Parties from and against any all liabilities, losses, damages, including without limitation, incidental, consequential, special,
indirect or punitive damages, claims whether in contract or tort, costs and expenses, including without limitation, accountants,
and attorneys’ fees, incurred by any of the Advantage Indemnified Parties in expending and enforcing any of the provisions
of this Agreement or any related agreement.

 

    	Rev 08/20/2018	14	Advantage Futures Client Agreement

     

    

  

If Client initiates a legal
action or proceeding against any of the Advantage Indemnified Parties or an Advantage introducing broker, and the Client does not
prevail, Client shall indemnify any such Advantage Indemnified Parties and Advantage introducing brokers for all costs and expenses,
including reasonable attorneys’ fees incurred by such Advantage Indemnified Parties to defend themselves.

 

37. Advantage
Affiliates.

Client acknowledges Advantage
is a wholly owned subsidiary of Advantage Financial LLC, and Advantage is a separate and independent corporate entity, distinct
from its parent and Affiliates. The Contracts offered, executed, cleared, or carried by Advantage and the Collateral associated
with such Contracts are not bank deposits, are not insured by the FDIC, are not guaranteed by a bank affiliated with Advantage,
and are not otherwise an obligation or responsibility of an affiliated bank. Advantage Futures LLC is not a broker dealer and Client
funds are not covered by Securities Investor Protection Corporation (“SIPC”).

 

38. Banking.

Client understands and agrees
Advantage is not providing banking services or otherwise acting as a bank for purposes of the Illinois Funds Transfer Act, or any
other applicable or comparable state or federal law. For the avoidance of doubt, Client agrees and covenants that Client will not
assert any claims under Article 4A of the Illinois Uniform Commercial Code, 810 ILCS 5/4A-102, 104, (collectively, Article 4A)
or any similar or comparable state or federal law applicable to banking institutions or financial institutions considered to be
engaged in the business of banking. Furthermore, Client agrees that Advantage, its subsidiaries, and affiliates are not engaged
in banking and are not subject to Article 4A, or any applicable or comparable state law in any other jurisdiction. If a court of
competent jurisdiction enters a finding by judgment against Advantage on the basis of Advantage resulting in a banking or otherwise
engaged in banking activities, Client agrees to indemnify Advantage from all such liability or losses as provided under paragraph
34 and 35 of this Agreement.

 

39. Headings.

The headings of each provision
in this Agreement are for descriptive purposes only and shall not be deemed to modify or qualify any of the rights or obligations
set forth in each provision. 

 

    	Rev 08/20/2018	15	Advantage Futures Client Agreement

     

    

 

40.
Acknowledgment by Clients of Introducing Brokers (“IB”) and Commodity Trading Advisors (“CTA”).

IF THE ACCOUNT IS INTRODUCED
BY AN IB OR BY A CTA, IT IS BEING CARRIED ON ADVANTAGE’S BOOKS ON A “FULLY DISCLOSED BASIS.” CLIENT UNDERSTANDS
THAT NEITHER IB NOR CTA ARE AGENTS OF ADVANTAGE. CLIENT UNDERSTANDS THAT ADVANTAGE IS ENGAGED BY CLIENT TO PERFORM CERTAIN BOOKKEEPING,
AND OPERATIONAL FUNCTIONS WITH REGARD TO THE ACCOUNT. CLIENT UNDERSTANDS THAT ADVANTAGE IS RESPONSIBLE CLEARING AND/OR CARRYING
TRANSACTIONS EFFECTED FOR THE ACCOUNT; SEGREGATING FUNDS IN ACCORDANCE WITH THE RULES AND REGULATIONS PROMULGATED BY THE CFTC;
AND DELIVERING CLIENT STATEMENTS AND REPORTS OF ALL TRANSACTIONS. CLIENT UNDERSTANDS AND AGREES THAT IB MAY BE RESPONSIBLE AND
CTA IS RESPONSIBLE FOR ENTERING ORDERS FOR THE ACCOUNT AND RISK; SUPERVISING SALES PRACTICES; AND COLLECTING FUNDS ON CLIENT’S
BEHALF BY MEANS OF CHECKS PAYABLE TO ADVANTAGE ONLY. CLIENT AGREES TO INDEMNIFY, DEFEND, AND HOLD HARMLESS THE ADVANTAGE PARTIES
FROM AND AGAINST ANY AND ALL LOSSES ARISING FROM OR RELATED TO THE CONDUCT OF IB OR CTA.

 

41. Acknowledgment
Relating to Government Securities Transactions.

CLIENT ACKNOWLEDGES THAT ADVANTAGE
IS NOT REGISTERED AS A BROKER-DEALER OR AS A GOVERNMENT SECURITIES BROKER-DEALER WITH THE SEC PURSUANT TO AN EXEMPTION FROM REGISTRATION,
WHICH PERMITS ADVANTAGE TO EFFECT TRANSACTIONS IN GOVERNMENT SECURITIES AS AGENT FOR ITS CLIENTS UNDER LIMITED, CIRCUMSTANCES WITHOUT
SUCH REGISTRATION. ACCORDINGLY, THE SEC’S FINANCIAL RESPONSIBILITY AND CLIENT PROTECTION RULES ARE NOT APPLICABLE TO ADVANTAGE.
MOREOVER, ANY GOVERNMENT SECURITIES POSITIONS (AND ANY PROPERTY RELATED THERETO) CARRIED FOR CLIENT WILL NOT BE SUBJECT TO THE
SEGREGATION REQUIREMENTS SET FORTH IN THE COMMODITY EXCHANGE ACT. FINALLY, CLIENT WILL NOT BE ENTITLED TO THE PROTECTIONS AFFORDED
TO CLIENTS OF A REGISTERED BROKER-DEALER UNDER THE SECURITIES INVESTOR PROTECTION ACT OF 1970, AS AMENDED.

 

    	Rev 08/20/2018	16	Advantage Futures Client Agreement

     

    

  

42. Client Acknowledgments.

CLIENT HEREBY ACKNOWLEDGES TO HAVE RECEIVED AND UNDERSTANDS
THE FOLLOWING RISK DISCLOSURE STATEMENTS PRESCRIBED BY THE CFTC AND OTHER RISK DISCLOSURES AND INFORMATION FURNISHED HEREWITH:

 

		●	Risk
Disclosure Statement for Futures and Options

 

		●	CFTC
Rule 1.55 Disclosure Document - Advantage Futures LLC

 

		●	Electronic
Trading and Order Routing Systems Disclosure Statement

 

		●	Direct
Order Transmittal Client Disclosure Statement

 

		●	Disclosure
Pursuant to Commodity Futures Trading Commission Rule 1.46 (e)(1)

 

		●	Privacy
Notice

 

		●	Advantage
Futures LLC Electronic Access Policy

 

		●	NFA
Investor Advisory -Futures and Virtual Currencies Including Bitcoin

 

		●	CFTC
Customer Advisory: Understanding the Risks of Virtual Currency Trading

 

		●	Electronic
Trading Guidelines – Montreal Exchange

 

		●	Australian
Securities and Investments Commission Notification

 

		●	Special
Notice or Foreign Brokers and Foreign Traders (For non-US accountsonly)

 

43. Acceptance of Agreement.

This Agreement shall constitute an effective contract
between Advantage and Client upon acceptance and execution by an officer of Advantage.

 

	VS TRUST	 	 
	Name of Client – Please Print	 	 
	 	 	 
	 	 	NOV, 22, 2019
	Signature	 	Date
	 	 	 
	 	 	 
	Name & Title – For Entity Accounts – Please Print	 	 
	 	 	 
	STUART BARTON, MANAGER, VOLATILITY SHARES	 	 
	Name of Joint Client – Please Print	 	 
	 	 	 
	 	 	 
	Signature of Joint Client	 	Date
	 	 	 
	For Internal Purpose Only

        Accepted and Approved by:
	 	 
	Authorized Officer of Advantage Futures LLC	 	 
	 	 	 
	 	 	 
	 	 	Date
	 	 	 
	 	 	 
	 	 	Date

 

 

 

	Rev 08/20/2018	17	Advantage Futures Client Agreement

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00313-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00313-of-00352.parquet"}]]